TCRAP_Public/040504.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

            Tuesday, May 4, 2004, Vol. 7, No. 87

                            Headlines

A U S T R A L I A

BELL GROUP: Faces Winding Up Petition
MAYNE GROUP: Completes Acquisition of German Pharmaceutical Co.
NATIONAL AUSTRALIA: Directors Likely to Resign
QANTAS AIRWAYS: To Appeal Court's Decision


C H I N A  &  H O N G  K O N G

HAINAN AIRLINES: Posts 1.3B Yuan Loss
HIGH AIM: Date For Hearing of Petition Set
HONOR FAITH: Court Sets Hearing Date
KONGWELL ENGINEERING: Hearing Scheduled For 19 May
RICHWISH LIMITED: Winding Up Hearing Set By Court


J A P A N

FUJI PHOTO: Returns To Profitability
MITSUBISHI MOTORS: To Continue Producing Pajero Units
MITSUBISHI MOTORS: Working on US$2.3B Revival Plan
MITSUBISHI MOTORS: DaimlerChrysler Keeps 37% Stake
TOKYO ELECTRON: Returns To Profit


K O R E A

HYNIX SEMICONDUCTOR: Shares On The Rise
KOOKMIN BANK: Shares Drop Due To Foreign Sales
SK CORPORATION: To Hold Overseas Investor Relations

* KOREAN CARDS: Delinquency Rate Falls


M A L A Y S I A

AKTIF LIFESTYLE: Issues Update To Proposed Disposals
ANCOM BERHAD: Corrects Effects of Rights Issue on NTA
BERJAYA SPORTS: Announces Second Interim Dividend
CRIMSON LAND: Aspenmas Unit Changes Name
GULA PERAK: Reports Listing and Quotation of New Shares

HAP SENG: Announces Resale and Cancellation of Treasury Shares
HAP SENG: Buys Back 44,100 Ordinary Shares
HAP SENG: Reveals Share Buy-back
MALAYSIA MINING: Sing Steel Unit Removed from Registar
MALAYSIAN AIRLINES: Launches Brunei Flight

MANGIUM INDUSTRIES: Announces March Production Figures
PROTON: In No Hurry to Get Foreign Partner


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Purchases Common Voting Shares
BENPRES HOLDINGS: Sets Annual Stockholders Meeting
FIRST PHILIPPINE: Issues Sale of Shares
INTERNATIONAL CONTAINER: Unveils Annual Stockholders Meeting
NEGROS NAVIGATION: Issues Confirmation of News Article

PHILIPPINE LONG: Mobile Unit Extends Deadline of Exchange Offer
PHILIPPINE LONG: Issues Clarification of News Article


S I N G A P O R E

ASIA SECURITY: Issues Notice To Creditors
DOLPHIN CATERING: Liquidators Appointed
GLOBAL FACADE: Announces the Appointment of Liquidators
IMC TECHNOLOGIES: Appoints Liquidators
TRANS-SEND CARGO: Liquidators Appointed


T H A I L A N D


PAE: Unveils Board of Directors Meeting

* BOND PRICING: For the Week 3 May - 7 May 2004

     -  -  -  -  -  -  -  -

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


BELL GROUP: Faces Winding Up Petition
-------------------------------------
The Australian Securities and Investments Commission (ASIC) has
revealed that The Federal Court of Australia ordered on
Wednesday, 28 April, Private Equity Asset Management Pty Ltd
(PEAM) and Spinofrere Pty Ltd (Spinofrere) be wound up on the
grounds that they are insolvent, following orders sought by the
ASIC.

The Court has appointed Mr. Gregory John Keith, of Grant
Thornton, liquidator of both companies.

PEAM and Spinofrere did not oppose ASIC's application.

The proceeding to wind up PEAM and Spinforere in insolvency was
commenced by ASIC following the appointment of Mr. Keith as an
interim receiver of PEAM and Spinofrere on 6 December 2002 in
separate proceedings commenced by ASIC in October 2002.

Mr. Keith, as interim receiver, expressed the opinion that PEAM
and Spinofrere were unable to pay their debts and were
insolvent. The auditor of the companies confirmed this view.

In the separate proceedings, commenced by ASIC in October 2002,
ASIC is seeking a number of orders, including the winding up of
Marshall Bell Hawkins Ltd. (Marshall Bell Hawkins) and Strategic
Project Marketing Ltd. (Strategic Project Marketing) on the just
and equitable ground, declarations that PEAM, Spinofrere,
Marshall Bell Hawkins, Strategic Project Marketing and Mr. Tony
Bell operated unregistered managed investment schemes, and
injunctions restraining all of the companies, other than
Strategic Project Marketing, from carrying on a financial
services business.

In December 2002, the Court made interim orders preventing
Marshall Bell Hawkins, Strategic Project Marketing and Mr. Bell
from generally dealing with their assets otherwise than in the
ordinary course of business to protect the interests of over 70
investors. This order remains on foot.

Mr. Bell is the sole director of PEAM and Spinofrere, as well as
a co-director of Marshall Bell Hawkins and Strategic Project
Marketing.

Those proceedings commenced in October 2002 are continuing and
will return to the Court on 4 June 2004.


MAYNE GROUP: Completes Acquisition of German Pharmaceutical Co.
---------------------------------------------------------------
Mayne Group Ltd. announced to the Australian Stock Exchange on
Monday that it had signed and completed the acquisition of all
the shares and the injectable pharmaceutical manufacturing
business of Wasserburger Arzneimittelwerk Dr. Madaus GmbH
(Wasserburger) from Madaus AG, Cologne, Germany.

The acquisition price is approximately Eur25.0 million and Mayne
will assume approximately Eur15.0 million in debt related to the
facility.  Having signed the deal on April 30, 2004, Mayne took
control on May 1, 2004.  The acquired company is located in
Wasserburg, Germany, employs over 200 people, and specializes in
the manufacture of freeze-dried and solution vial products for
contract customers.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James, said that the acquisition is another building
block in Mayne's international growth strategy by providing an
alternative source of manufacturing capacity at a price that
could not have been achieved if Mayne had decided to build its
own equivalent facility.

"This world class pharmaceutical manufacturing business will
provide Mayne with immediately needed manufacturing capacity as
well as the expertise and physical resources to support out
growth ambitions in the future," he said.

To view full copy of this disclosure, click
http://bankrupt.com/misc/MAYNEGROUP.pdf


NATIONAL AUSTRALIA: Directors Likely to Resign
----------------------------------------------
National Australia Bank directors will gather on Thursday, 6
May, for a two-day board meeting. The meeting is the last of the
monthly scheduled board meetings before the May 21 extraordinary
general meeting, The Australian reports.

The board meeting will likely announce the early departure of Ed
Tedwell, Ken Moss and Geoff Tomlinson.  Mr. Tedwell has been a
director since 1998 and Mr. Tomlinson and Mr. Moss joined the
board in 2001.

Chairman Graham Kraehe is said to be announcing the date of his
own departure earlier than expected. The source said that the
EGM is unlikely proceed, although Mr. Kraehe will not chair it
if the meeting occurs, for his own position is in jeopardy.


QANTAS AIRWAYS: To Appeal Court's Decision
------------------------------------------
Qantas Airways will appeal to a court in Sydney for the approval
of a planned alliance with Air New Zealand, The Sydney Morning
Herald reports.

Qantas Airways last year planned to acquire 22.5 percent stake
in Air New Zealand for about $500 million but regulators in New
Zealand and Australia rejected the plan, saying the alliance
would be anti-competitive.

The airlines could not proceed with the deal because it has to
seek the approval of both countries' courts.

According to The Australian newspaper the Australian Competition
Tribunal will hear the appeal in the Federal Court in Sydney, in
a case which could take up to four weeks.

Air New Zealand finds the alliance significant in order to
protect its key trans-Tasman business, threatened by increased
competition.

New Zealand's national carrier has warned in the past that the
deal was vital for its survival and that a war of attrition
between itself and Qantas could follow if the deal did not go
ahead.

Air New Zealand and Qantas dominate the trans-Tasman route, but
competition is heating up with the arrival of Virgin's Pacific
Blue and Dubai-based Emirates Airline


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


HAINAN AIRLINES: Posts 1.3B Yuan Loss
-------------------------------------
Hainan Airlines reported a loss of 1.3 billion yuan last year
brought about by increased fuel costs and SARS, which severely
dampened demand for business and leisure travel.

In 2002, Hainan Airlines made profits equivalent to 181.2
million yuan.

George Soros of the United States is the airline's biggest
shareholder.


HIGH AIM: Date For Hearing of Petition Set
------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
High Aim Limited by the High Court of Hong Kong was on 22 March
2004 presented to the said Court by Cheung So of Room 1516, Yung
Yuen House, Chuk Yuen North Estate, Wong TaiSin, Kowloon, Hong
Kong. And that the said Petition is directed to be heard before
the Court at 9:30 am on 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; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 1 June 2004.


HONOR FAITH: Court Sets Hearing Date
------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Honor Faith Development Limited by the High Court of Hong Kong
was on 23 March 2004 presented to the said Court by Lee Sun Fa
of Room 621, Hei Wo House, Tai Wo Estate, Tai Po, New
Territories, Hong Kong. And that the said Petition is directed
to be heard before the Court at 9:30 am on 19 May 2004. Any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose; and a copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

(Thomas E. Kwong)
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 to do so. 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 18 May 2004.


KONGWELL ENGINEERING: Hearing Scheduled For 19 May
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Kongwell Engineering Limited by the High Court of Hong Kong was
on 23 March 2004 presented to the said Court by Lee Sun Fa of
Room 621, Hei Wo House, Tai Wo Estate, Tai Po, New Territories,
Hong Kong. And that the said Petition is directed to be heard
before the Court at 9:30 am on 19 May 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

(Thomas E. Kwong)
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 to do so. 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 18 May 2004.


RICHWISH LIMITED: Winding Up Hearing Set By Court
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Richwish Limited by the High Court of Hong Kong was on 2 April
2004 presented to the said Court by To Kwai Lan of Room 3208, Po
Tak House, Po Lam Estate, Tseung Kwan O, New Territories, Hong
Kong. And that the said Petition is directed to be heard before
the Court at 10 am on 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; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 8 June 2004.


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


FUJI PHOTO: Returns To Profitability
------------------------------------
Japan's top photographic film producer and leading maker of
digital cameras, Fuji Photo Film has said its group net income
for the January-March period totaled 10,83 billion yen (US$98.45
million).

Asia Pulse reports the company's return to profitability is
brought about by rising sales of materials used in flat panel
displays and the growing popularity of combination copier-
printer machines.

The company also said rapidly growing sales of televisions and
personal computers with liquid crystal displays lifted its
earnings because these products use a special film manufactured
by Fuji that helps prevent images on their screens from
appearing distorted.

For the full fiscal year through next March, however, Fuji Photo
said it expects its net income to stay flat at 82.5 billion yen
(US$750 million), due to restructuring costs and increased
research spending.

During the same period last year, Fuji Photo Film reported a net
income loss of 10.88 billion yen.


MITSUBISHI MOTORS: To Continue Producing Pajero Units
-----------------------------------------------------
Japan's troubled Mitsubishi Motors Corporation will continue
producing the Pajero sport utility vehicle, Dow Jones reports,
citing the Nihon Keizai Shimbun.

This move comes as MMC President Yoichiro Okazaki announced the
company will be scrapping the rehabilitation plan mapped out by
top shareholder DaimlerChrysler AG.

Okazaki also described the original turnaround plan as based on
"Daimler's global strategy" and vowed to "search for a way to
stay in business as a Japanese automaker."

To this end, the troubled firm has decided not to abandon the
Pajero, a move proposed under the original DaimlerChrysler-led
plan, since the vehicle represents "Mitsubishi Motors'
identity."

Under DaimlerChrysler's plan, MMC was to focus on subcompact
cars, an area where DaimlerChrysler has a weak presence. Okazaki
now says, "we will restudy which Mitsubishi models sell well in
each market.

Mitsubishi Motors will also put on hold its plans to shut down
the Australian factory and the domestic subsidiary that makes
the Pajero.

"We're now reviewing our production structure based on
competitiveness in each market, and have yet to decide what to
do with each plant," he said.


MITSUBISHI MOTORS: Working on US$2.3B Revival Plan
--------------------------------------------------
Sources inside Mitsubishi Group have revealed that Mitsubishi
Motors Corporation (MMC) is working on a 250 billion yen (US$2.3
billion) revival plan. Reuters reports the plan aims for MMC to
expand in Southeast Asia and to keep its plants in Japan
operational.

Details of the plan will be announced by the end of May, company
officials said.

Cost of the funding is expected to come in the form of a capital
boost through the purchase of new shares by the three Mitsubishi
companies -- Mitsubishi Heavy Industries, Mitsubishi Corp and
Bank of Tokyo-Mitsubishi -- but MMC will also seek external
help, company sources added.

The sources, who are involved in the rescue talks, said MMC
would not close its Pajero SUV plant in Japan, as had been
planned under DaimlerChrysler's lead.

It would also seek to strengthen its operations in the promising
Southeast Asian market, investing tens of billions of yen to
raise output capacity in the Philippines by more than 10 times
to 200,000 units a year, they said.

Mitsubishi Motors is currently under pressure to come up with a
workable restructuring plan after top shareholder
DaimlerChrysler AG recently pulled out of multi-billion dollar
bail-out plan.

Industry analysts have said that MMC would need to tie up with
another carmaker if DaimlerChrysler decides to sell its 37
percent stake in MMC.

Hopes rose on Friday, 30 April, when The Nihon Keizai newspaper
reported the Mitsubishi Group was looking towards Toyota Motor
Corporation for financial and employment support. Both MMC and
Toyota have since denied the report.


MITSUBISHI MOTORS: DaimlerChrysler Keeps 37% Stake
--------------------------------------------------
Despite its decision to cut off funding to Mitsubishi Motors
Corporation, DaimlerChrysler will keep its 37 percent stake in
the ailing car company, according to Asia Pulse.

In a letter to company staff, DaimlerChrysler CEO Juergen
Schrempp says the decision to cut off Mistsubishi last week "has
not altered our strategic goal of establishing firmly our
presence in Asia."

He reiterated that the U.S.-German automaker will continue to
work on joint projects involving Mitsubishi and the Chrysler and
Smart brands.

"And we will, of course, continue to maintain our holding in
Mitsubishi Motors," he said.

DaimlerChrysler initially left the future of its Mitsubishi
stake unclear. Schrempp said he wrote the letter to address
concerns brought up in "extensive media coverage" of the
Mitsubishi decision.

DaimlerChrysler previously announced that it would not bail out
Mitsubishi followed a meeting of its supervisory board.
Mitsubishi holders were baffled and angry at DaimlerChrysler's
decision and worried the company might pull out completely from
MMC.

Schrempp's letter defended the decision, saying company leaders
had weighed it carefully.

"The Japanese market is far too important to take such a matter
lightly," Schrempp said.

"Besides which, we also enjoy an excellent working relationship
with our partners at Mitsubishi," he said. "But in the end, we
simply couldn't guarantee that the financial investment required
would, in the foreseeable future, result in an acceptable return
for our shareholders."


TOKYO ELECTRON: Returns To Profit
---------------------------------
Tokyo Electron, the world's second-largest manufacturer of chip
equipment, posted a group net profit of 8.3 billion yen for the
year ending 31 March, Reuters reports. This is compared to a net
loss of 41.55 billion yen in 2002/2003 when it had to pay for
job cuts and other measures to cope with low demand from chip
makers.

Tokyo Electron said it planned a full-year dividend of 30 yen
this year versus last year's 10 yen payout. Tokyo Electron's
dividend yield thus triples to 0.45 percent but that is still
far below 0.87 percent, the average rate for Nikkei 225
companies.

Tokyo Electron also said sales growth in Japan and Taiwan
contributed to revenue gains last year and it forecast that chip
equipment sales in China and Southeast Asia would double this
year. The company cited strong sales of chip equipment to outfit
new semiconductor factories that use 300-mm (12-inch) silicon
wafers, which yield more than twice as many chips per wafer as
the standard 200-mm variety.


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


HYNIX SEMICONDUCTOR: Shares On The Rise
---------------------------------------
Shares in Hynix Semiconductor Inc went up by 5.16 percent to
11,200 won. According to Reuters, the increase came after the
chipmaker announced a turn to a quarterly net profit.

Thanks to an unexpected rise in chip prices, the world's third-
largest maker of computer memory chips earned 351.1 billion won
($304.8 million) in net profit for the first quarter.


KOOKMIN BANK: Shares Drop Due To Foreign Sales
----------------------------------------------
Shares in South Korea's top lender, Kookmin Bank dropped by five
percent to 43,000 won, underperforming both the banking sector
and overall market, on heavy foreign selling, Reuters reports.

Net foreign sales in South Korean shares have reached 299.5
billion won so far on Friday, 30 April, mostly attributed to
concerns over a possible slowdown in China's economy and the
prospect of higher interest rates in the United States.


SK CORPORATION: To Hold Overseas Investor Relations
---------------------------------------------------
South Korea's top refiner, SK Corporation said on Sunday, 2 May,
that it will hold an overseas investor relations session in the
United States late this month, as reported by Asia Pulse, citing
Yonhap News.

The first road show will be held in New York and four other U.S.
cities from May 24-29. A second overseas show will be held at
the end of August after the release of the company's first-half
financial results.

The overseas investor relations sessions will allow SK
Corporation to brief U.S. institutional investors and
shareholders on the company's first-quarter performance,
improvements in its governance structure and the progress in
restructuring.


* KOREAN CARDS: Delinquency Rate Falls
--------------------------------------
The Financial Supervisory Service (FSS) said on Sunday, 2 May,
that the rate of bills overdue one month and longer for South
Korea's seven credit card companies fell to 12.18 percent from
15 percent in February. Yonhap News says the drop is due to the
companies' massive disposal of bad debts.

"After reaching a peak, the delinquency rate at credit card
firms is expected to continue to drop in light of a fall in new
overdue payments," the FSS said.

Only BC Card Company's delinquency rate increased, from 8.41
percent to 9.09 percent. The remaining seven card issuers'
overdue payment rates dipped.

The delinquency rate of LG Card fell to 15.15 per cent from
19.68 per cent; Samsung Card, to 10.63 per cent from 11.25 per
cent; Hyundai Card, to 6.78 per cent from 8.36 per cent; Lotte
Card, to 1.7 per cent from 2.33 per cent; and Woori Card, to
16.16 per cent from 20.4 per cent.


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


AKTIF LIFESTYLE: Issues Update To Proposed Disposals
----------------------------------------------------
Aktif Lifestyle Corporation Berhad would like to refer to the
company's previous announcements dated 3 November 2003 and 7
April 2004 in relation to the Proposed Disposal of the entire
issued and paid-up capital of RM31,000,000 comprising of
31,000,000 ordinary shares of RM1.00 each to CP Properties Sdn
Bhd, a wholly owned subsidiary of Lion Diversified holdings
Berhad (formerly known as Chocolate Products (M) Bhd) for a
nominal cash consideration of RM1.00.

Aktif Lifestyle, in a Stock Exchange disclosure dated 30 April
2004, announced that Bursa Malaysia had advised that they would
await the outcome of Aktif's applications to the relevant
authorities and therefore the issue of extension of time to
obtain the approvals from the relevant authorities does not
arise.

The Company also wished to announce the parties to the Proposed
Disposal today mutually agreed that the period for fulfillment
of the conditions precedent under the Sale and Purchase of
Shares Agreement dated 31 October 2003 (SPA) which expired on 30
April 2004 shall be extended to 31 July 2004.

The conditions precedent to be fulfilled as of the date of this
announcement are:

1. the approval of the shareholders of Aktif at an extraordinary
general meeting to be convened; and

2. the approval of the Securities Commission for the sale of ALS
by Aktif.

The terms used herein shall, unless the context otherwise
require, bear the same meaning as those defined in the previous
announcements in relation to the Proposed Disposal.

Save as disclosed above, the other terms and conditions of the
SPA remain unchanged.

The Company will keep its shareholders informed of any pertinent
development.

c.c. Securities Commission


ANCOM BERHAD: Corrects Effects of Rights Issue on NTA
-----------------------------------------------------
Ancom Berhad would like to refer to the company's announcement
dated 29 April 2004 in relation to the proposed rights issue of
100,928,383 warrants at an issue price of RM0.02 per warrant on
the basis of one warrant for every two existing ordinary shares
of RM1.00 each (Ancom Shares) held.

The company wishes to inform that the effects of the Proposed
rights Issue on the Net Tangible Assets of Ancon Group should
have read differently.

To view the correct copy of the Effects of the Proposed Rights
Issue on the NTA, click on the following link:

http://bankrupt.com/misc/AncomNetEffects4May2004.doc


BERJAYA SPORTS: Announces Second Interim Dividend
-------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad is pleased
to announce that a second interim dividend of 20% per share less
28% income tax has been declared in respect of the financial
year ended 30th April 2004 (Previous financial year ended 30
April 2003: 5% per share less 28% income tax).

The Board of Directors of the Company also wishes to inform that
with the above second interim dividend, no final dividend will
be recommended for the financial year ended 30 April 2004.

The second interim dividend of 20% per share together with the
first interim dividend of 8% per share paid on 23 February 2004
will bring the total dividend for the year ended 30 April 2004
to 28% per share less 28% income tax or a total net payment of
approximately RM193.3 million (Previous financial year ended 30
April 2003: 38% per share less 28% income tax amounting to
RM207.3 million).

The Entitlement date for the second interim dividend has been
fixed on 21 May 2004 and payment will be made on 31 May 2004.

This Bursa Malaysia announcement is dated 30 April 2004.


CRIMSON LAND: Aspenmas Unit Changes Name
----------------------------------------
The Board of Directors of Crimson Land Berhad announces that
Aspenmas (M) Sdn Bhd, a wholly owned subsidiary, has changed its
name to Crimson Ria Management Services Sdn Bhd.

This Bursa Malaysia announcement is dated 30 April 2004.


GULA PERAK: Reports Listing and Quotation of New Shares
-------------------------------------------------------
Gula Perak Berhad announces that the company's additional 27,000
new ordinary shares of RM1.00 each issued pursuant to the
conversion of 27,000 irredeemable convertible secured loan
stocks will be granted listing and quotation effective 9 am on
Thursday, 6 May 2004.

This Bursa Malaysia announcement is dated 30 April 2004.


HAP SENG: Announces Resale and Cancellation of Treasury Shares
--------------------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 30 April
2004 to the Bursa Malaysia, announced that on the same date, the
company cancelled 55,000 units of treasury shares.

The company to date has cumulative net outstanding treasury
shares of 32,881,700 units.

The adjusted issued capital after cancellation/ resale is
589,779,300 shares.


HAP SENG: Buys Back 44,100 Ordinary Shares
------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 30 April
2004 to the Bursa Malaysia, announced that on the same date, the
company bought back 44,100 units of Ordinary Sahres of RM1.00
each for a total cash consideration of RM115,246.26.

Minumum price paid for each unit was RM2.550 while maximum price
paid was RM2.630.

The company to date has cumulative net outstanding treasury
shares of 32,881,700 units.


HAP SENG: Reveals Share Buy-back
--------------------------------
Hap Seng Consolidate Berhad, in a disclosure dated 30 April 2004
to the Bursa Malaysia, announces that the company has bought
back a total number of 84,000 units of ordinary shares in the
period between 19 April 2004 to 23 April 2004.

Minimum price paid for the shares was Rm2.580 while the maximum
price was RM2.640.

The company to date has 32,841,500 units in total number of
shares retained in treasury.


MALAYSIA MINING: Sing Steel Unit Removed from Registar
------------------------------------------------------
The Board of Directors of Malaysia Mining Corporation Berhad
(MMC), in a notice dated 30 April 2004 to the Bursa Malaysia,
announced that the Singapore Steel Pte ltd (SSPL), following an
application to the Singapore's Registrar of Companies has been
de-registered pursuant to subsection (4) of Section 344 of the
Companies Act of Singapore.

Singapore Steel, which has been dormant since January 2001, is a
wholly-owned subsidiary of MMC Metal Industries Sdn Bhd (MMC
Metal), which in turn is a subsidiary of Malaysia Mining
Corporation Berhad. The company was involved in the trading of
steel castings, forging and precision castings.

The de-registration is pursuant to the reorganization and
streamlining of MMC Metal's group structure and it has no
material impact on the Group's operations and results.


MALAYSIAN AIRLINES: Launches Brunei Flight
------------------------------------------
Malaysian Airline System Berhad said on Friday, 30 April, that
it will be adding another flight to the Kuala Lumpur-Bandar Seri
Bagawan Route on May 2.

According to Dow Jones, this will be the third flight between
Kuala Lumpur and Brunei and will use a 144-passenger Boeing 737-
400 aircraft.


MANGIUM INDUSTRIES: Announces March Production Figures
------------------------------------------------------
Mangium Industries Berhad and its subsidiaries, posted at the
Bursa Malaysia on 30 April 2004, the monthly production figures
for March 2004. This is in accordance with Paragraph 9.29 of
Chapter 9 of the Bursa Malaysia Securities Berhad Listing
Requirements.

M3
Mangium Sawmill Sdn. Bhd. (Formerly known as Kilang Papan
Dasatu Sdn. Bhd.)

1. Production of sawn timber -

2. Production of finger joint timber -


Mangium Plantations Sdn. Bhd. (Formerly known as Serisar
Forest Plantation & Products Sdn. Bhd.)

1. Production of logs 22,355.14
          Total 22,355.14

The Mangium Group's principal activities are timber
manufacturing and marketing of timber and timber-related
products. In a joint venture with the Sabah Forestry Development
Authority (Safoda), the Group undertakes planting, replanting,
harvesting and marketing of acacia mangium logs in the Pitas
District, Sabah.

Other activities of the Group are provision of printing
services, trading in alcoholic beverages and general trading.
The Group's products are exported either directly or indirectly
with approximately 90 percent mainly to Thailand, Korea, Japan
and Philippines. The remainder is sold locally to retailers in
Kota Kinabalu and Kota Marudu.


PROTON: In No Hurry To Get Foreign Partner
------------------------------------------
Malaysian former Prime Minister and Perusahaan Otomobil Nasional
Berhad (Proton) adviser Mahathir Mohamad has said the national
carmaker is not in any rush to sign up a foreign partner, AFP
reports.

This comes only days after the International Trade and industry
Minister Rafidah Aziz urged the company to speed up its search
for a foreign partner. A new partner can help the struggling
carmaker expand and compete in the regional and global markets.

Mahathir, on his part, says that Proton must be allowed, in its
own time, to choose a foreign partner that will be compatible
with and contribute positively to the company.

"It is an important step but you must study it carefully and not
just because people say so," Mahathir says. "Everyone says
Proton needs a strategic partner but this doesn't ensure that
you will succeed."

Mahathir said Proton must learn from foreign carmakers doing
well in Malaysia how to be competitive and cut costs.

"Proton must look at how other countries can produce cheap cars
and how some of them are able to import cars to Malaysia at
prices that are below the cost of the raw materials to make
them," he said. "We must learn how to produce very cheap cars."

Mahathir said that Proton was evaluating several offers from
"big automotive companies". It was an attractive catch for
potential partners because it could offer access to the
Malaysian car market, which is the second biggest in Southeast
Asia, he said.

State investment arm Khazanah Nasional, the single largest
shareholder, is said to be considering plans to allow a foreign
carmaker to hold up to 20 percent equity in Proton to boost its
competitiveness and improve sales eroded by foreign rivals.

Mahathir, who created Proton in 1983 as part of Malaysia's drive
into heavy industry, was recently appointed adviser to the
company after retiring as prime minister last October.


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


BACNOTAN CONSOLIDATED: Purchases Common Voting Shares
-----------------------------------------------------
Bacnotan Consolidated Industries Inc. informed the Philippine
Stock Exchange that on April 30, 2004 the company purchased from
various sharesholders 354,875 common voting shares of stock of
Pamantasan ng Araullo (Araullo University) Inc., an educational
institution duly organized under existing law (Araullo
University), constituting 55.4% of the issued and outstanding
voting capital stock of Araullo University for PhP92,843,596.42.
The investment constitutes less than 1% of the consolidated
assets of the Corporation.


BENPRES HOLDINGS: Sets Annual Stockholders Meeting
--------------------------------------------------
Benpres Holdings Corp. furnished the Philippine Stock Exchange a
copy of its SEC Form 17-IS (Prelimimary Information Statement)
in connection with its Annual Stockholder's Meeting which will
be held on June 7, 2004, at 8:00 a.m. at teh Meralco Theater,
Lopez Building, Meralco Avenue Pasig City.

As previously announced, "(a)ll stockholders of record as of May
3, 2004 are entitled to notice and to vote at the Annual
Stockholders Meeting."

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


FIRST PHILIPPINE: Issues Sale of Shares
---------------------------------------
First Philippine Holdings Corp. informs the Philippine Stock
Exchange that Mr. Augusto Almeda-Lopez, Vice Chairman of the
company bought 15,000 shares of stock on April 26, 2004.


INTERNATIONAL CONTAINER: Unveils Annual Stockholders Meeting
------------------------------------------------------------
International Container Terminal Services Inc. disclosed to the
Philippine Stock Exchange its Annual Stockholders Meeting held
on April 30, 2004. The stockholders re-elected the following as
Directors:

-Enrique K. Razon Jr.
-Eduardo J. Soriano
-Ramon J. Alegre
-Jose C. Ibazeta
-Stephen A. Paradies
-Dante K. Cuyegkeng

The stockholders have also re-elected Octavio Victor R. Espiritu
as independent Director.

The stockholders have, likewise approved all other resolutions
detailed in the Stockholder's Agenda.

In the organizational meeting held after the Annual Meeting of
Stockholders, the Board of Directors re-elected the Company's
Executive Officers namely:

-Enrique K. Razon Jr., President
-Edgardo Q. Abesamis, Executive Vice President
-Geoffrey J. Pegg, Senior Vice President-Business Development
-Francis M. Andrews, Senior Vice President and MCT General
Manager

These have no direct bearing on the company's operations of
financial position.

International Container Terminal Services, Inc.
Edgardo Q. Abesamis
Executive Vice President


NEGROS NAVIGATION: Issues Confirmation of News Article
------------------------------------------------------
Negros Navigation Co. submits to the Philippine Stock Exchange
confirmation of the news article entitled "Marina Releases
Nenaco ships" published in the April 30, 2004 issue of the
BusinessWorld (Internet Edition).

The article reported "The Maritime Industry Authority (Marina)
revoked on Thursday ground order it issued on five vessels of
Negros Navigation Company (Nenaco). Marina administrator Oscar
Sevilla said there were mistakes in the financial statements
submitted earlier by Nenaco which served as basis for the
grounding of its vessels."

Nenaco in its letter to the Exchange dated May 3, 2004 stated
that:

"The company confirms the veracity of the information contained
in the above-mentioned article.  The Maritime Industry Authority
(Marina) granted a permit which allowed all Nenaco vessels to
operate."


PHILIPPINE LONG: Mobile Unit Extends Deadline of Exchange Offer
---------------------------------------------------------------
In a press release submitted to the Philippine Stock Exchange
Philippine Long Distance Telephone Co. announced that it has
granted one further extension of the deadline to accept offers
from creditors of Pilipino Telephone Corp. (Piltel) creditors to
sell their Piltel debt.  Accordingly, the deadline for Piltel
creditors to make an offer to sell their Piltel debt has been
extended to the close of business (5:00 p.m. Manila Time) on
Monday, May 31, 2004.  All other material terms of the
invitations issued by Smart on March 23, 2004 remain unchanged.

In its press release of April 21, 2004, Smart extended its
invitation to Piltel creditors to sell their Piltel debt to
Smart to Friday, April 30, 2004 and it was indicated in the same
press release that some creditors required further time to
complete their formal approvals.

Smart advises that, as of last Friday evening, some of those
creditors submitted their offers and Smart has now received
offers in respect of more than 50 percent of the aggregated
value of the Piltel debt.  This level is, however, still below
the thresholds (both in aggregate and in respect of certain
individual facilities) set by Smart.

Smart reiterates that it would not alter the economic terms upon
which it would acquire the Piltel debt.


PHILIPPINE LONG: Issues Clarification of News Article
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) disclosed to the
Philippine Stock Exchange clarification/confirmation of the news
article entitled "PLDT confirms initial talks with Thailand's
Orange" published in the May 3, 2004 issue of Today.

The company advises that it is not engaged in any discussions
for the acquisition of an interest in T.A Orange of Thailand.
The understanding is that First Pacific is exploring
opportunities in the region to expand their telecommunications
interest.  First Pacific, however, has stated it is too early to
confirm the parties that they are talking with.


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


ASIA SECURITY: Issues Notice To Creditors
-------------------------------------------
Notice is hereby given that the creditors of Asia Security
Reinsurance Agency (Singapore) Pte Ltd (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before 1 June 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 by the said Liquidator is, by their solicitors or
personally, to come in and prove their 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.

Dated this 29th day of April 2004.

Loke Poh Keun
Liquidator
C/o 18 Cross Street
#17-00 PWC Building
Singapore 048423


DOLPHIN CATERING: Liquidators Appointed
---------------------------------------
In the matter of Dolphin Catering Services Pte Ltd Winding Up
Order dated 5 April 2004, please be informed that a liquidator
has been appointed to the company.

Name and Address of Liquidator:

The Official Receiver
45 Maxwell Road #05-11 & #06-11
URA Centre (East Wing)
Singapore 069118

This Notice was submitted by

Dave Shaun Patel Partnership
Solicitors for the Petitioners


GLOBAL FACADE: Announces The Appointment of Liquidators
-------------------------------------------------------
In the matter of Global Fa‡ade (S) Pte Ltd Winding Up Order
dated 23 April 2004, please be informed that a liquidator has
been appointed to the said company.

Name and Address of Liquidator:

Mr. Don Ho Mun-Tuke
C/o Don Ho & Associates
20 Cecil Street
#12-02/03 Equity Plaza
Singapore 049705

This Notice was submitted by

Acies Law Corporation
Solicitors for the Petitioners


IMC TECHNOLOGIES: Appoints Liquidators
--------------------------------------
In the matter of IMC Technologies Pte Ltd Winding Up Order dated
23 April 2004, please be informed that a liquidator has been
appointed to the said company.

Name and Address of Liquidator:

The Official Receiver
Insolvency &Public Trustee's Office
45 Maxwell Road #05-11 & #06-11
URA Centre (East Wing)
Singapore 069118

This Notice was submitted by

Messers Straits Law Practice LLC
Solicitors for the Petitioners


TRANS-SEND CARGO: Liquidators Appointed
---------------------------------------
In the matter of Trans-Send Cargo Services Pte Ltd Winding Up
Order dated 23 April 2004, please be informed that a liquidator
has been appointed to the said company.

Name and Address of Liquidator:

The Official Receiver
45 Maxwell Road #05-11 & #06-11
URA Centre (East Wing)
Singapore 069118

This Notice was submitted by

Messers Chong Chia & Lim LLC
Solicitors for the Petitioners
20 Maxwell Road
#03-01 E/F Maxwell House
Singapore 069113


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


PAE: Unveils Board of Directors Meeting
---------------------------------------
PAE (Thailand) PCL held the company's Board of Directors Meeting
on April 29, 2004, starting from 7 a.m. and disclosed to the
Thailand Stock Exchange the resolutions passed at the meeting:

(1) The Meeting acknowledged the Central Bankruptcy Court Order
to cancel the Rehabilitation Plan dated April 28, 2004.

(2) The Meeting resolved to approve the resignation of directors
Mr. Threekwan Boonnark ,  Mr. John Henry Shenk,  Mr. Nopporn
Suwanik, and Mr. Threechat Siri-angkul,  and to appoint  Mr.
Hatasakdi Na Pombejra, Ms. Kesrin Ariyapong , Mr. Bruce Edward
Daye , and Mr. Kiat Boonyapho as  new Directors.

(3) The Meeting also approved the resignation of Mr. Narong
Yamprasert from the position of Managing Director but he will
remain the director of the Company.  The Meeting also appointed
Ms. Kesrin Ariyapong and Mr. Bruce Edward Daye to be the Co-
General Managers responsible for the day-to-day operation of the
Company.

(4) The Meeting resolved to approve the names of the Authorized
Directors who can sign to bind the Company as follows:

"Mr. Kiat Boonyapho, Mr. Bruce Edward Daye, Ms. Kesrin
Ariyapong; any two of the aforesaid three directors jointly
signed together with the company seal affixed".

(5) The Meeting resolved the call for the Extra-ordinary
Shareholders Meeting No. 1/2004 on June 8, 2004 and set the
closing date for the registration of Shares Transfer at 12:00
a.m. on May 17, 2004.

Please be informed accordingly.
Respectfully yours,
(Mr. Narong Yamprasert)
Director


* BOND PRICING: For The Week 3 May - 7 May 2004
-----------------------------------------------


  Issuer                                Coupon   Maturity  Price
  -----                                  ----   --------  -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   61
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    8
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    7
Fletcher Building Ltd                 8.300%    10/31/06    7
Fletcher Building Ltd                 8.500%     4/15/04    7
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility         8.500%     9/15/13    8
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   72
NPT Capital Ltd                       9.500%    11/30/04    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   72
Richmond Ltd                         10.750%    12/15/04   11
Salomon Smith Barney Australia        4.250%       2/1/09     9
Sapphire Securities                   9.250%     12/20/06     9
Sky Network Television Ltd            9.300%     10/29/49     7
Straits Resources Ltd                10.000%     12/31/03     1
Strathfield Group Ltd                11.000%     12/31/05     1
Tower Finance Ltd                     8.750%     10/15/07     8
TrustPower Ltd                        8.300%      9/15/07     7
TrustPower Ltd                        8.500%      9/15/12     8
Vision Systems Ltd                    9.000%     12/15/08     2


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

China Government Bond                  2.900%      5/24/32   63
China Government Bond                  2.600%      9/20/07   73
China Government Bond                  3.400%      4/17/23   75
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   60
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
-------

Alliance Bank Bhd       7.750%     06/20/11    5
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    2
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%      12/24/05   1
Killinghall Bhd                        5.000%       4/13/09   1
Kretam Holdings Bhd                    1.000%       8/10/10   1
Kumpulan Emas Bhd                      7.000%      11/15/04   1
Kumpulan Jetson                        5.000%      11/28/12   1
Lebar Daun Bhd                     2.000%        1/6/07   3

LBS Bina Group Bhd                     4.000%      12/31/06   2
LBS Bina Group Bhd                     4.000%      12/31/07   2
LBS Bina Group Bhd                     4.000%      12/31/08   1
Lingkaran Trans Kota Holdings          7.150%      10/23/10  10
Media Prima Bhd                        2.000%       7/18/08   1
Mithril Bhd                            3.000%        4/5/12   1
Mithril Bhd                            8.000%        4/5/09   1
Mutiara Goodyear Development Bhd       2.500%       1/15/07   1
MWE Holdings                           5.500%       10/7/04   1
NAM Fatt Corporation Bhd               2.000%       6/24/11   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
OSK Holdings Bhd                       3.500%        3/1/05   1
OSK Holdings Bhd                       6.000%        3/1/05   1
Pahlawan Power                         5.150%       1/31/05  10
Pantai Holdings                        5.000%       3/28/07   1
Patimas Computer Bhd                   6.000%       2/19/06   1
Poh Kong Holdings                      3.000%       1/20/07   1
Prinsiptek Corporation Bhd             2.000%      11/20/06   1
Puncak Niaga Holdings Bhd              2.500%      11/20/16   1
POS Malaysia & Services Holdings Bhd   8.000%      11/26/04   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
Rashid Hussain Bhd                     0.500%      12/23/12   1
Rashid Hussain Bhd                     3.000%      12/23/12   1
Rhythm Consolidated Bhd                5.000%      12/17/08   1
Silver Group Bhd                       1.000%       2/15/09   1
Southern Steel Bhd                     5.500%       7/31/08   2
Tanah Emas Corporation Bhd             2.000%       12/9/06   1
Talam Corporation Bhd                  7.000%       7/19/05   1
Talam Corporation Bhd                  7.000%       4/19/06   1
Tap Resources Bhd                      2.000%       6/29/06   1
Time Engineering Bhd                   2.000%      12/25/05   1
VTI Vintage Bhd                        4.000%       8/22/06   1
Wah Seong Corporation Bhd              3.000%       5/21/12   3
Yu Neh Huat Bhd                        3.000%        9/2/08   1


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

Bacnotan Consolidated Industries, Inc.  5.500%      6/21/04  46
Benpres Holdings Corp.       7.875%     12/19/02  55


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Housing and Dev. Board                 3.875%      2/11/04    1
Rabobank Singapore                     1.000%      1/15/13   70
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd           6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11   1
Tincel Ltd                             7.400%      6/13/11   1


THAILAND
--------

Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank                             4.589%     3/3/04   64
Bangkok Land              3.125%    3/31/01   15
Bangkok Land                             4.500%   10/13/03   20
Siam Commercial Bank PCL                 3.250%    1/24/04   64


Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a
Variety of outside sources during the prior week we think are
reliable.  Those sources may not, however, be complete or
accurate.  The Tuesday Bond Pricing table is compiled on the
Saturday prior to publication.  Prices reported are not intended
to reflect actual trades.  Prices for actual trades are probably
different.  Our objective is to share information, not make
markets in publicly traded securities. Nothing in the TCR-AP
constitutes an offer Or solicitation to buy or sell any security
of any kind.  It is likely that some entity affiliated with a
TCR editor holds some position in the issuers' public debt and
equity securities about which we report.


                            *********


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.

                 *** End of Transmission ***