TCRAP_Public/040512.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

             Wednesday, May 12, 2004, Vol. 7, No. 93

                            Headlines

A U S T R A L I A

COLES MYER: Customers Can Now Redeem FlyBuys Points
DUKE ENERGY: Fitch Revises Rating From Stable To Negative
NATIONAL AUSTRALIA: APRA Says PwC Report Is Satisfactory
NATIONAL AUSTRALIA: Forecasts Weak 1H Earnings
QANTAS AIRWAYS: Chief Considers Jetstar's Launch Most Successful

XSTRATA ALLOYS: Closes Windimurra Vanadium Operation


C H I N A  &  H O N G  K O N G

ASIAN INFORMATION: Widens 1Q04 Net Loss to HK$4.096M
BLU SPA: Widens 9-Month Net Loss to HK3.59M
CHINA PROFIT: Schedules Winding up Hearing
CSF CONSULTANCY: SFC Prosecutes Firm Under Securities Ordinance
EURO-ASIA AGRICULTURAL: Hong Kong Court OKs Liquidation

FLYING DRAGON: Winding Up Hearing Set June 9
FULL YEAR: Faces Winding up Hearing
KWAN SUK: Enters Bankruptcy Proceedings
LUK LAI: Enters Bankruptcy Proceedings
MAJOR HARMONY: Winding up Hearing Set June 2

NGAN WAI: Issues Notice of Bankruptcy Order
PRIME INTERNATIONAL: Winding up Hearing Slated for June 23


I N D O N E S I A

INDOFARMA: Inks Agreement With PT Dexa Medica


J A P A N

ALL NIPPON: Fitch Unveils Liquidity, Debt Structure
DAIEI INC.: Unveils Three-Year Reconstruction Plan
FURUKAWA ELECTRIC: Posts Net Loss, Sees Turnaround Ahead
ISHIKAWAJIMA-HARIMA: Wins US$44.8M Orders for Power Facilities
JAPAN AIRLINES: Posts FY03 Net Loss of Y88.62B

NANGOKU HOTERU: Hotel Goes Bankrupt
SOFTBANK CORPORATION: Sinks Deeper Into Red
SONODAKOMUTEN K.K.: Civil Engineering Firm Enters Bankruptcy


K O R E A

DAEWOO HEAVY: 26 Investors Submit Bid
HYNIX SEMICONDUCTOR: Citigroup Unit Plans to Submit Formal Bid
LG CARD: Normalization May Take 18 Months, Says Dongwon


M A L A Y S I A

ANCOM BERHAD: Purchases 75,900 Units Of Ordinary Shares
BOUSTEAD HOLDINGS: New Shares Granted Listing And Quotation
EKRAN BERHAD: Served With Writs Of Summons
FACB RESORTS: Director Intends To Deal During Closed Period
GENERAL SOIL: To Hold Scheme Creditors Meeting

HAP SENG: Buys Back Ordinary Shares
HO WAH: Director To Purchase Shares
HUME INDUSTRIES: Issues Second Interim Dividend
HUME INDUSTRIES: 3rd Quarter Net Profit Falls by 14.07%
MALAYSIA AIRLINES: Earns Over RM7.0M In Travel Fair

PROTON: In Talks With Potential Foreign Partners
TANJONG PUBLIC: New Shares To Be Listed
UCP RESOURCES: Issues Notice Of Entitlements


P H I L I P P I N E S

NATIONAL POWER: Completes Repair of Palinpinon I Power Plant
NEGROS NAVIGATION: Asks BIR For Easier Payment Terms Of Tax


S I N G A P O R E

GUAN LEONG: Creditors Meeting Set May 20
HESHE HOLDINGS: Director Susan Tay Mui Lan Resigns
LAM LEONG: Issues Winding up Order Notice
MEDIASTREAM LIMITED: Extends AGM Deadline to June 15
MHL CONSTRUCTION: Issues Winding up Order Notice

NEPTUNE ORIENT: To Wipe Out Debt, Sustain Dividend
ORCHARD PARADE: Widens Q104 Net Loss to S$2.82M
PACIFIC CENTURY: Posts Operating Profit This Year
P K S CONTRACTS: Schedules Creditor's Meeting May 25
UNIT TECHNOLOGY: Issues Notice of First Interim Dividend

XIN XIN: Winding up Hearing Set May 28


T H A I L A N D

MANAGER MEDIA: Appoints New Auditors
SAHAMITR PRESSURE: SET Lifts Notice Pending Sign
TONGKAH HARBOUR: Increases Registered Capital
TONGKAH HARBOUR: Purchases 187,200 Shares From Sea Minerals
TPI POLENE: Plans Out-Of-Court Settlement With Creditors

     -  -  -  -  -  -  -  -

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


COLES MYER: Customers Can Now Redeem FlyBuys Points
---------------------------------------------------
Coles Myer announced in a press release on Sunday that from June
1 customers who had a Coles Myer Source MasterCard with FlyBuys
points EXTRA FAST would be able to redeem FlyBuys points for
fuel or other items at Coles Express service stations or Coles
Myer gift vouchers.

"We have connected the loyalty loop, offering our customers the
opportunity to redeem 6000 FlyBuys points for $40 of Coles
Express fuel or convenience store items or a $40 gift voucher
which can be used in any other Coles Myer store," Coles Myer
Chief Executive Officer, Mr. John Fletcher said.

The offer commences on June 1 and is being made available until
December 31, 2004.  "Customers who have a Coles Myer Source Card
with FlyBuys are able to accrue points extra fast - 7 points for
every $5 spent in Coles Myer stores, 5 points for $5 spent
wherever MasterCard is accepted worldwide.

"Coles Myer Source Cards with FlyBuys points EXTRA FAST
turbocharges your FlyBuys, with customers able to collect more
points quicker so that they can enjoy more rewards sooner - like
a tank of Coles Express fuel or a Coles Myer gift voucher.

"In the past some customers have complained that their FlyBuys
points expired before they could accumulate enough to be
eligible for a reward - not anymore. Every time you've got 6000
points you can fill your tank with quality fuel from Coles
Express or get a $40 Coles Myer gift voucher."

The Source Card - FlyBuys - Coles Express fuel redemption offer
is in addition to the Coles Express fuel discount program which
offers customers who spend $30 or more in Coles, Bi-Lo,
Liquorland or Coles Online a four cent per litre discount at any
one of 595 Coles Express service stations Australia-wide.

Mr. Fletcher said the offer demonstrated how Coles Myer's three-
pronged loyalty offer could be leveraged to delight customers.
"Our three pronged loyalty program is unique to Coles Myer. Each
element of the program - a fuel discount, FlyBuys and the Source
MasterCard - are compelling loyalty programs in their own right
but we also have the unique flexibility of being able to connect
them in different ways to delight our customers," Mr. Fletcher
said.

Contact:

Scott Whiffin
Telephone: 0407 850 709


DUKE ENERGY: Fitch Revises Rating From Stable To Negative
---------------------------------------------------------
Fitch Ratings, the international rating agency, has affirmed on
Monday the Long-term and Short-term ratings assigned to Duke
Energy Australia Pty Ltd's (DEA) AUD750 million multi-currency
combined medium-term note (MTN) and commercial paper (CP)
programme at 'BBB-' (BBB minus) and 'F3' and revised the Rating
Outlook to Stable from Negative.

The rating action follows the Outlook revisions to US-based Duke
Energy Corp. (Duke Energy) and its wholly owned subsidiary Duke
Capital Corp. (Duke Capital) as detailed in the accompanying
press release on Duke Energy and Duke Capital.

While Duke Energy's Australian assets were acquired by Alinta
Limited in April 2004, the outstanding securities issued under
DEA's MTN/CP program remain subject to an unconditional and
irrevocable guarantee from Duke Capital rated 'BBB-' (BBB
minus)/'F3' by Fitch. The underlying credit quality of the DEA
securities is also supported by a fully funded cash trust, which
has been established to pay the interest and principal of the
remaining bonds as required. The DEA securities mature around
September 15, 2004.

Contact:

Carolyn Martin or James Reynolds,
Brisbane
Telephone: +617 3222 8611

Robert Hornick,
New York
Telephone: +1 212-908-0523


NATIONAL AUSTRALIA: APRA Says PwC Report Is Satisfactory
--------------------------------------------------------
The Australian Prudential Regulation Authority (APRA) sees
nothing in its decision to use some data gathered by
PricewaterhouseCoopers (PwC) in its second investigation of
National Australia Bank Ltd's forex trading scandal, Dow Jones
reports, citing the Australian Financial Review.

APRA Executive Group Chairman John Laker said that the move was
appropriate for it would avoid double handling, adding further
that the investigative work of PwC was satisfactory so it
doesn't make sense to do an inquiry of their own.

Earlier, former bank director Catherine Walter has criticized
the PwC report for lack of integrity.


NATIONAL AUSTRALIA: Forecasts Weak 1H Earnings
----------------------------------------------
The effect of National Australia Bank Ltd's forex trading
scandal is seen to take its toll on the bank's first-half
earnings, which is expected to fall by nine percent, another
contributing factor is the weak UK earnings, Reuters reports.

After the resignation of director Catherine Walter, new chief
John Stewart is expected to focus on putting the business back
on track.

Rivals Westpac Banking Corp., Australia & New Zealand Banking
Group and St. George Bank have all posted strong first-half
earnings in the past two weeks, buoyed by improved business
lending, a strong economy, lower bad debts and robust home
lending.


QANTAS AIRWAYS: Chief Considers Jetstar's Launch Most Successful
----------------------------------------------------------------
Chief Executive Alan Joyce considers the launch of Qantas
Airways' subsidiary, Jetstar the most successful among other
low-cost carriers, based on the 98,000 bookings on the airlines'
website on the day of its launch, The Sydney Morning Herald
reports.

Mr. Joyce said the launch could set up a world record for any
start up with a low-cost airline.

"Navitaire, who are the people that gave us the reservation
system, host a whole series of airlines.

"They gave us a plaque to celebrate that we were the most
successful launch airline in their history and they are the
reservation system that host carriers like JetBlue. They host
Ryanair, they have EasyJet as a customer [and] they have Virgin
Blue as a customer.

"And we've got a plaque on our doorway as you get into the head
office celebrating the most successful launch in their history,"
Mr. Joyce said.

According to Mr. Joyce, Qantas has dodged the mistakes full-
service airlines such as KLM and British Airways had in
launching low-cost subsidiaries, however, he admits that a lot
of work still has to be done to make Jetstar a long-term
success.

But Virgin Blue's David Huttner said Mr. Joyce's claims of the
success of the Jetstar launch were misleading, referring to the
$100 million and fleet of 717s set aside in setting up the
airline.

"If you were gifted 14 aircraft that moved out of a mother fleet
you would have some success," Mr. Huttner said. "For a rooster
that is yet to fly, he [Alan Joyce] is doing a lot of crowing."


XSTRATA ALLOYS: Closes Windimurra Vanadium Operation
----------------------------------------------------
Xstrata Alloys confirms the permanent closure of the Windimurra
vanadium operation in Western Australia, which has been on care
and maintenance since production was suspended in February 2003.
The decision follows a thorough assessment of the operation's
future financial robustness and an estimate of the costs of
returning the plant to operation and of addressing a number of
projects critical to its long-run profitability.

In a press release, Mr. Peet Nienaber, Xstrata Alloys Chief
Executive, said, "While there is an understandable perception
that it would be attractive to restart Windimurra to capitalise
on the current high vanadium prices, it would be irresponsible
to our shareholders and other stakeholders, particularly any new
workforce, to do so without confidence in the operation's long-
term future.

The current vanadium spot price is unlikely to be sustainable
and cannot be used as a realistic long-run average price,
particularly as Windimurra's return to production would itself
be likely to impact the vanadium price negatively.  In addition,
the stronger Australian dollar and the structural shift in the
industry from the production of vanadium pentoxide to
ferrovanadium have impacted negatively on the Project's
potential profitability.

"Regrettably, therefore, we have come to the conclusion that
Windimurra is not an economically viable operation and a
decision to invest capital and restart the operation cannot be
justified. We have managed the closure of the plant with
scrupulous attention to our responsibilities, especially in
respect of the environment and our employees, and have met all
the costs and obligations associated with closure.

The Xstrata Group remains a significant investor in the
Australian resources industry and we are keen to build upon the
asset base and positive working relationships we have to the
benefit of all stakeholders."

Mr. Tony Simpson, Chief Executive of Windimurra, said, "We are
disappointed that Windimurra was not able to realise its
potential. Xstrata has spent in excess of AUD180 million on
Windimurra and has honoured all of its commitments from day one.
Given the very significant investment we have made, we have been
more motivated than any other party to make the Project a
success and we would have liked to see it restart."

However, there are significant costs associated with bringing
the plant back into production.  In addition, a number of
critical factors prevented the Windimurra operation from
achieving desired cash costs previously and these would have to
be addressed - at considerable cost - in any restart.

These include the redesign of equipment to bring recovery rates
of magnetite up to levels envisaged in the original feasibility
study; a re-configuration of the power plant in order to lower
operating costs; and the management of emissions to meet current
environmental expectations."

The closure will have no balance sheet implications for Xstrata
plc, and total closure costs, to be expensed in 2004, are
estimated at around US$8 million.

Contacts:

Marc Gonsalves                   Tony Simpson
Telephone:  +44 20 7968 2812     Chief Executive Officer
Mobile: +44 7775 662 348         Windimurra Pty. Ltd.
Email: mgonsalves@Xstrata.com    Telephone: +61 8 9451 5030
                                 Mobile: +61 409 309 827
                                 Fax: +61 8 9350 5367

Brigitte Mattenberger
Telephone: +41 41 726 6071
Mobile: +41 793 811 823
Email:  bmattenberger@Xstrata.com
Website: www.xstrata.com


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


ASIAN INFORMATION: Widens 1Q04 Net Loss to HK$4.096M
----------------------------------------------------
Asian Information Resources (Holdings) Limited incurred a net
loss of HK$4.096 million in the first quarter of this year,
versus a net loss of HK$3.575 million for the same period last
year, according to Infocast News. Loss per share was HK$0.0086.
No dividend was declared.


BLU SPA: Widens 9-Month Net Loss to HK3.59M
-------------------------------------------
Blu Spa Holdings Limited posted a net loss of HK$3.588 million
for the nine months ended 31 March 2004, versus a net loss of
HK$2.481 million for in the previous year, Infocast News
reported on Tuesday. Loss per share was HK$0.0059. No third
quarter dividend was declared.


CHINA PROFIT: Schedules Winding up Hearing
------------------------------------------
Notice is hereby given that a petition for the winding up of
China Profit International Limited by the High Court of Hong
Kong was on the 18 March 2004 presented to the Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, No. 1 Garden Road, Central, Hong Kong. The petition
will be heard before the Court at 9:30 a.m. on the 19 May 2004.
Any creditor or contributory of the company desirous to support
or oppose the making of an order on the 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 company requiring the same by the
undersigned on payment of the regulated charge for the same.

TSANG, CHAN & WONG
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

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


CSF CONSULTANCY: SFC Prosecutes Firm Under Securities Ordinance
---------------------------------------------------------------
The Securities and Futures Commission (SFC), in a press release,
has successfully prosecuted CSF Consultancy Limited and its
director, Mr. Chan Wing Chuen Freeman, under the Securities
Ordinance and the Protection of Investors Ordinance. Two CSF
employees were acquitted after trial.

CSF was prosecuted for acting as investment advisor while
unregistered and issuing unauthorized invitations to the public
to invest in securities. Chan was prosecuted for consent to and
connivance in CSF's unregistered activities and issuance of
unauthorized invitation, and acting as investment adviser while
unregistered.

The investigation revealed that CSF has never been registered
with the SFC. Between June 2001 and December 2002 while
registered as an investment adviser of another corporation, Chan
was promoting investment products on behalf of CSF.

In addition, between June 2002 and November 2002, CSF posted on
its internet website unauthorized advertisements inviting the
public in Hong Kong to invest in investment products or schemes
such as mutual funds, bonds and stocks.

The case was heard before Mr. Sham Siu-Man at Kowloon City
Magistracy on 7 May 2004. CSF and Chan were found guilty to two
and three summonses respectively after trial. CSF and Chan were
fined $10,000 each. Sentence on one summons against Chan is
outstanding and the case has been adjourned to 21 May 2004,
pending his Community Services Order Suitability Report.


EURO-ASIA AGRICULTURAL: Hong Kong Court OKs Liquidation
-------------------------------------------------------
Hong Kong's High Court has approved the liquidation of Euro-Asia
Agricultural (Holdings) Co., the Asian Wall Street Journal
reports. The Hong Kong Stock Exchange (HKSE) is expected to
delist the company this month, Derek Lai, the provisional
liquidator at Deloitte Touche Tohmatsu, said Monday.

The Company's shares were suspended from trading September 30,
2002, following the arrest in China of the company's former
Chairman, Yang Bin, for alleged commercial crimes. HKSE said in
November it would cancel Euro-Asia's listing if it was unable to
meet a May 1 deadline for a valid proposal for it to resume
trading.


FLYING DRAGON: Winding Up Hearing Set June 9
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Flying Dragon Engineering Limited by the High Court of Hong Kong
was on the 2 April 2004 presented to the Court by Wong Chun Kong
of Room 3002, 30/F., Block A, Yau Hong House, Tin Yau Court, Tin
Shui Wai, New Territories, Hong Kong. The petition will be heard
before the Court at 10 a.m. on the 9 June 2004. Any creditor or
contributory of the company desirous to support or oppose the
making of an order on the 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 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 so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.


FULL YEAR: Faces Winding up Hearing
-----------------------------------
Notice is hereby given that a petition for the winding up of
Full Year Jewellery Company Limited by the High Court of Hong
Kong was on the 27 April 2004 presented to the Court by Diarough
(Hong Kong) Limited whose registered office is situate at Room
A1, 15th Floor, China Insurance Building, 48 Cameron Road,
Tsimshatsui, Kowloon Hong Kong. The petition will be heard
before the Court at 10 a.m. on the 23 June 2004. Any creditor or
contributory of the company desirous to support or oppose the
making of an order on the 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 company requiring the same by the undersigned on payment
of the regulated charge for the same.

S.M. CHIU & CO.
Solicitors for the Petitioner,
Unit B, 11th Floor, Wing on Cheong Building
5 Wing Lok Street, Central
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 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 21 June 2004.


KWAN SUK: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that a bankruptcy order against Kwan Suk
Han Susan was made on 26 April 2004. All debts due to the
Company should be paid to its official receiver E.T. O'Connell.

The Standard announcement is dated 7 May 2004.


LUK LAI: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that bankruptcy order against Luk Lai Man
was made on 26 April 2004. All debts due to the Company should
be paid to its official receiver E.T. O'Connell.

The Standard announcement is dated 7 May 2004.


MAJOR HARMONY: Winding up Hearing Set June 2
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Major Harmony Limited by the High Court of Hong Kong was on the
25 March 2004 presented to the Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
petition will be heard before the Court at 10 a.m. on the 2 June
2004. Any creditor or contributory of the company desirous to
support or oppose the making of an order on the 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 company requiring the same by
the undersigned on payment of the regulated charge for the same.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
24-25 Connaught Road Central
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 so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1 June 2004.


NGAN WAI: Issues Notice of Bankruptcy Order
-------------------------------------------
Notice is hereby given that a bankruptcy order of Ngan Wai Chung
was made on 1 April 2004. All debts due to the Company should be
paid to its official receiver E.T. O'Connell.

The Standard announcement was dated 7 May 2004.


PRIME INTERNATIONAL: Winding up Hearing Slated for June 23
----------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Prime International (H.K.) Company Limited by the High Court of
Hong Kong was on the 13 April 2004 presented to the Court by the
Petitioners, Roco Investment Limited and Exact Grow Development
Limited both registered offices are situate at Top Floor,
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong. The petition will be heard before the Court at 9:30
a.m. on the 23 June 2004. Any creditor or contributory of the
company desirous to support or oppose the making of an order on
the 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 company
requiring the same by the undersigned on payment of the
regulated charge for the same.

FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Roms 1202-1206, 12th Floor
Wheelock House
20 Pedder Street, Central
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 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 21 June 2004.


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


INDOFARMA: Inks Agreement With PT Dexa Medica
---------------------------------------------
Pharmaceutical firm PT Indofarma has entered into an alliance
with drug maker PT Dexa Medica to use its production unit to
manufacture 20 million pills per month, according to the Jakarta
Post on Monday.

The alliance will maximize the installed capacity of Indofarma's
production units and will reduce its fixed costs, eventually
improving its margin.


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


ALL NIPPON: Fitch Unveils Liquidity, Debt Structure
---------------------------------------------------
On April 27, 2004, Fitch Ratings assigned a BB- senior unsecured
rating to All Nippon Airways Co. Limited (ANA). The rating
reflects both a series of external shocks and the intensified
domestic competition, which have weakened the airline's revenue
base and cash flow generation, in turn further undermining its
poor financial profile. Positive factors reflected in the rating
include ANA's ongoing ability to manage liquidity and the
stabilization of its operating profile, as well as the Japanese
airline industry's positive structural features, such as the
limited capacity of the two main Japanese airports (Haneda and
Narita), and the scarcity of staff and resources available for
air transportation operations in Japan.

Thanks to recent liquidity support and import credit guarantee
programs provided by the Japanese government through its wholly
owned financial institutions, ANA has been able to maintain
sufficient liquidity. Despite a slow recovery in domestic
passenger yields and international passenger volumes, ANA has
maintained a stable cash balance with ongoing support from the
government.

This has helped to reduce concerns over ANA's creditworthiness
in capital markets and to facilitate financing activities. Fitch
believes the credit support from the government will allow ANA
to focus on and tackle fundamental operational issues, such as
yield management and operating profitability and to help bring
tangible benefits in the long term.

Although ANA has been making progress in its efforts on yield
management and profitability, its turnaround requires a recovery
in passenger volumes to boost its revenues and cash flow. In
view of the tough domestic business environment and the
prolonged weak demand for international travel services, Fitch
does not expect ANA's operations to recover immediately.
Although the current rating takes into account the improving
financial results in evidence during the first three quarters of
FYE04, it may take a great deal longer for fundamental
improvements that would further raise ANA's credit profile to
materialize.

Analysts
Satoru Aoyama
+81 3 3288 2691
satoru.aoyama@fitchratings.com
Osamu Kobayashi
+81 3 3288 2747
osamu.kobayashi@fitchratings.com

All Nippon Airways (ANA) reported a consolidated net profit of
24.7 billion yen (US$225 million) for the fiscal year 2003, on
total revenues of 1.21 trillion yen (US$11 billion), TCR-AP
reported recently. The result represents a dramatic improvement
on the 28.2 billion yen net loss that ANA reported for the 2002
fiscal year, and means that it will be able to resume dividend
payments to shareholders this year, at 3 yen per share.


DAIEI INC.: Unveils Three-Year Reconstruction Plan
--------------------------------------------------
Debt-ridden Daiei Inc. has begun adapting its stores to suit the
needs of local shoppers, as part of its three-year
reconstruction plan, Japan Times reports.

Daiei is trying to create stores closely oriented to local
communities because there is a limit to the head office-oriented
business philosophy of its founder, Isao Nakauchi. More clothing
other fashionable goods are stocked in stores in the major
cities, where there are many customers from distant places.

Its store in Tatsuno, Hyogo Prefecture, was remodeled in 2003,
and stocks locally produced goods, including seasonings by soy
sauce brewers. Its store in Kitamoto, Saitama Prefecture, was
remodeled in November, and has a beverage corner on the first
floor that is popular with high school students returning home.

Monthly sales at both stores are enjoying double-digit growth
over the previous year.


FURUKAWA ELECTRIC: Posts Net Loss, Sees Turnaround Ahead
--------------------------------------------------------
Furukawa Electric Co. Ltd incurred a net loss of 140.1 billion
yen for the business year ended March 31, compared with a loss
of 114.0 billion yen a year ago, according to Reuters. The
Company is expected to return to profit in the current business
year as demand for fibre-optic cable and other network equipment
crept up.

Furukawa suffered a sudden fall in demand for fibre-optic cables
late last year after Japan's biggest telecoms carrier, Nippon
Telegraph and Telephone Corporation, slashed investment.


ISHIKAWAJIMA-HARIMA: Wins US$44.8M Orders for Power Facilities
--------------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. (IHI) has received 5
billion yen (US$44.8 million) worth of orders from Thailand for
the purchase and installation of power generation facilities,
Asia Pulse reports, citing the Nihon Keizai Shimbun.

The deal involves delivering 45,000kw gas turbines and related
facilities to two industrial parks on the outskirts of Bangkok
and installing them, with an aim to bring them on stream within
the current fiscal year ended March 31, 2005.

IHI logged gas turbine sales of 15.9 billion yen in fiscal 2003.
This year, with the new orders from Thailand, the figure is
estimated to jump to 20 billion yen.


JAPAN AIRLINES: Posts FY03 Net Loss of Y88.62B
----------------------------------------------
Japan Airlines System (JAL) swung to a group net loss of 88.62
billion yen (US$789.6 million) for the year ended March 31,
versus a year-earlier profit of 11.65 billion yen, citing the
effects of severe acute respiratory syndrome and the Iraq war
last year, Dow Jones reports.

"The losses were the biggest ever" on an annual basis, even if
the airline goes back to the records of the former JAL and Japan
Air System (JAS), said Haruka Nishimatsu, Executive Officer in
Charge of Finance and Investor Relations.

Mr. Nishimatsu estimated that the combined financial effect of
the Iraq war and SARS last year and the spread of bird flu this
year pushed down the airline's profitability by 147 billion yen
in the business year.


NANGOKU HOTERU: Hotel Goes Bankrupt
-----------------------------------
Nangoku Hoteru K.K. has entered bankruptcy, according to Teikoku
Databank America. The hotel, which is located at Awa-gun, Chiba
Japan, has total liabilities of US$36.30 million.


SOFTBANK CORPORATION: Sinks Deeper Into Red
-------------------------------------------
Softbank Corporation posted a net loss of 107.1 billion yen in
the fiscal year 2003, versus a net loss of 99.99 billion yen a
year earlier, Japan Times reported on Tuesday. The firm is ready
to rack up more losses as it continues to spend heavily on
promotional activities to attract new subscribers.

Softbank Chief Executive Masayoshi Son said he is confident that
the Company is nearing a return to profitability, but declined
to elaborate on timing. He pledged to log a profit on a monthly
basis during the latter half of the current fiscal year.


SONODAKOMUTEN K.K.: Civil Engineering Firm Enters Bankruptcy
------------------------------------------------------------
Sonodakomuten K.K. has entered bankruptcy, according to Teikoku
Databank America. The general civil engineering and construction
firm, which is located at Minamikawachi-gun, Osaka Japan, has
total liabilities of US$26.08 million.


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


DAEWOO HEAVY: 26 Investors Submit Bid
-------------------------------------
A total of 26 investors have submitted letters of intent for the
takeover of Daewoo Heavy Industries and Machinery (DHI), the
Korea Times reported on Monday.

The aspiring bidders include seven to eight Korean firms and 18
to 19 strategic investors from abroad.

With the preliminary bidding scheduled to last until May 18, at
least 10 more investors are expected to present written interest
in DHI. After the May 18 deadline, creditors will allow the
bidders to conduct due diligence for 30 to 45 days before
receiving formal investment proposals in July.


HYNIX SEMICONDUCTOR: Citigroup Unit Plans to Submit Formal Bid
--------------------------------------------------------------
Citigroup Venture Capital Equity Partners will submit a formal
bid by Tuesday to purchase the non-memory operations of Hynix
Semiconductor Inc. for 925 billion won (US$789.2 million), up 75
percent from the price that the financial group had formerly
offered, the Wall Street Journal reports.

After Citigroup makes its formal bid, creditor institutions
would meet to seek approval. The sale of the non-memory
operations will require the approval of Hynix's board and
shareholders.

The move to sell Hynix's non-memory operations is part of a
restructuring plan mapped out by creditor banks two years ago to
help the company stay afloat after accumulating massive losses.
At the time, creditors also agreed to swap 1.9 trillion won of
Hynix debt into equity, roll over maturing debt until 2006,
write down capital at a ratio of 21-to-1 and sell non-core
assets.

Hynix's creditor banks include Korea Development Bank; Chohung
Bank Ltd.; Woori Bank, a unit of Woori Finance Holdings Co.; and
Hana Bank, as well as Citigroup.


LG CARD: Normalization May Take 18 Months, Says Dongwon
-------------------------------------------------------
Despite posting profits in the first quarter of this year and a
drop in its delinquency ratio last month, LG Card may need at
least 18 months to become fully normalized, the Korea Times
reports, citing Dongwon Securities.

``Currently, LG Card has set aside about 4.5 trillion won in
loan loss provisions. But it is still not enough considering
that the card firm needs an additional 1 trillion won in
provisions to fully weather the delinquency from overdue loans,"
Lee Jun-jae, an analyst at Dongwon, said.

LG Card reported a net profit of 121 billion won in the fourth
quarter of this year, versus a net loss of 4.5 trillion won a
year earlier. However, the card firm suffered operating losses
of 616 billion won.


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


ANCOM BERHAD: Purchases 75,900 Units Of Ordinary Shares
-------------------------------------------------------
Ancom Berhad, said on Monday, 10 May 2004, that the company
bought back 75,900 units of ordinary shares of RM1.00 each for a
total cash consideration of RM58,256.50.

In the announcement made to the Bursa Malaysia Securities
Berhad, Ancom also said the minimum price paid for each share
was RM0.765 while the maximum price paid was pegged at RM0.780.

To date the company has 75,900 units of cumulative net
outstanding treasury shares.


BOUSTEAD HOLDINGS: New Shares Granted Listing And Quotation
-----------------------------------------------------------
Boustead Holdings Berhad announced in a notice submitted to the
Bursa Malaysia Securities Berhad on 10 May 2004 that the
company's additional 532,000 new ordinary shares of RM0.50 each,
issued pursuant to the Bstead-Employees' Share Option Scheme
will be granted listing and quotation effective 9 am on
Wednesday, 12 May 2004.


EKRAN BERHAD: Served With Writs Of Summons
------------------------------------------
The Board of Directors of Ekran Berhad announced in a notice
dated 10 May 2004 and submitted to the Bursa Malaysia Securities
Berhad that the company was served with Writs of Summons on 30
April 2004.

KL High Court       Plaintiff       Defendants         Claim
Suit No.                                             Amount (RM)

D-3-22-377-2004   Pengurusan      1. Woodhouse Sdn 28,426,953.08
                  Danaharta           Bhd
                  National Bhd    2. Ekran Berhad

D-3-22-378-2004   Danaharta       1. Woodhouse Sdn 1,217,535.25
                  Managers Sdn Bhd   Bhd
                                  2. Ekran Berhad

D-3-22-379-2004   Danaharta Urus  1. Woodhouse Sdn 29,535,045.28
                  Sdn Bhd            Bhd
                                  2. Ekran Berhad

The claims from Danaharta are from credit facilities granted to
Woodhouse Sdn Bhd (Woodhouse) in 1993 and 1996 respectively
secured against Corporate Guarantees executed by Ekran Berhad
(Ekran).

Ekran has instructed its solicitors, Messrs Chor Pee Anwarul &
Company to defend the Company against the legal actions. The
solictors have already entered an Appearance in respect of the
Suits.


FACB RESORTS: Director Intends To Deal During Closed Period
-----------------------------------------------------------
FACB Resorts Berhad informed the Bursa Malaysia Securities
Berhad on 10 May 2004 that the company had received on 5 May, a
notification from its Chief Executive Officer and Director, Tan
Sri Dr Chen Lip Keong, of his intention to deal in the
securities of the Company during the Closed Period of the
Company as defined in the Listing Requirements of the Malaysia
Securities Exchange Berhad (MSEB).

Tan Sri Dr Chen Lip Keong's direct and indirect shareholdings
stands at 767,681,432 (37.82 percent) ordinary shares and
215,028,451 (10.59 percent) ordinary shares respectively.

The notification was issued in accordance with Chapter 14.08 of
the MSEB Listing Requirements.


GENERAL SOIL: To Hold Scheme Creditors Meeting
----------------------------------------------
General Soil Engineering Holdings Berhad (Gensoil) wishes to
refer to the company's 19 March announcement pertaining to the
Proposed Restructuring Scheme.

Avenue Securities Sdn Bhd, on behalf of Gensoil, announced the
following on 10 May 2004 on the Bursa Malaysia Securities
Berhad:

(a) Gensoil has on 10 May 2004 issued a notice to convene the
meetings of scheme creditors of Gensoil to be held on 1 June
2004 pursuant to the provisions of Section 176 of the Companies
Act, 1965 (Act) for the purpose of considering the Proposed
Restructuring Scheme and if thought fit to approve the same with
or without modification(s); and

(b) Explanatory Statement, together with the aforesaid notice,
has also been dispatched and issued to scheme creditors pursuant
to Section 177(1)(a) of the Act on 10 May 2004.


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 10 May 2004
to the Bursa Malaysia Securities Berhad, announced that the
company bought back on the same date 1,000 units of ordinary
shares of RM1.00 each for a total cash consideration of
RM2,599.52.

Hap Seng paid RM2.580 for each share.

To date, the company holds 32,931,000 units of cumulative net
outstanding treasury shares.


HO WAH: Director To Purchase Shares
-----------------------------------
Ho Wah Genting Berhad informed the Bursa Malaysia Securities
Berhad on 10 May 2004 that the company had received notification
from the company's Executive Director Mr. Lim Ooi Hong of his
intention to purchase approximately 5,000,000 ordinary shares of
Ho Wah Genting Berhad during the Company's closed period from 27
April 2004 to 31 May 2004.

Mr. Lim Ooi Hong currently does not hold any shares in the
company.


HUME INDUSTRIES: Issues Second Interim Dividend
-----------------------------------------------
Hume Industries (Malaysia) Berhad, in a disclosure dated 10 May
2004 to the Bursa Malaysia Securities Berhad, announced that the
company will be issuing a second interim dividend.

Details are as follow:

EX-date:                    17 June 2004
Entitlement date:                   21 June 2004
Entitlement time:                        4 PM
Entitlement subject:                     Second interim dividend
Entitlement description:

Gross second interim dividend of 4 sen per share tax exempt and
10 sen per share less tax

Period of interest payment:              to
For year ending/Period ending/ended:     30 June 2004

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements:                            to

Registrar's name, address, telephone no:

Hong Leong Nominees Sendirian Berhad
Level 5, Wisma Hong Leong
18 Jalan Perak
50450 Kuala Lumpur
Tel No. 03-21641818

Payment date:                            29 June 2004

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 21 June 2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit:

c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable) :
Entitlement indicator:                  RM
Entitlement in RM (RM):                 0.14
Remarks


HUME INDUSTRIES: 3rd Quarter Net Profit Falls by 14.07%
-------------------------------------------------------
Hume Industries (M) Berhad's net profit dropped by 14.07 percent
in the first nine months of the fiscal year 2004.

According to The Edge Daily, Hume Industries drew in only
RM61.69 million for the three quarters ending 31 March 2004
compared to last year's RM71.79 million.

The company's revenue declined substantially to RM405.10 million
from RM1.77 billion previously, but earnings per share improved
to 37.06 sen from 34.32 sen a year ago.

For a full copy of the third quarter financial report, click on
the following link:

http://bankrupt.com/misc/Hume3rdQReport12May2004.doc


MALAYSIA AIRLINES: Earns Over RM7.0M In Travel Fair
---------------------------------------------------
Malaysia Airlines System (MAS) assistant general manager for
marketing and support Raja Nordiana Zainal Shah says MAS gained
over RM7.0 million during its two-day Travel Fair held at the
Mid Valley Megamall.

"We have served close to 5,000 customers over the two-day fair,"
she said.

Bali, Indonesia turned out to be the favorite international
destination as MAS sold seats to 1,938 passengers thus earning
RM1.4 million for the company. The Australian cities of Brisbane
and Sydney came next with revenues amounting to RM701,000.

According to the Malaysian National News Agency, Bernama, the
travel fair also featured Golden Holidays, which is Malaysia
Airline's travel brand, as well as a consortium of 18 travel
agents promoting a total of 70 packages to local and
international destinations.


PROTON: In Talks With Potential Foreign Partners
------------------------------------------------
Perusahaan Otomobil Nasional (Proton) is close to completing
discussions with potential foreign partners, the Malaysian
National News Agency- Bernama reports. However, it is not
rushing the process, as the national carmaker has to make sure
that the eventual partner is of strategic relevance.

"We don't have to be in a hurry (to find a foreign partner), we
need to evaluate things very carefully. If you get the wrong
partner, you'll get into worse trouble," said Proton's adviser,
Tun Dr Mahathir Mohamad.

"We should give ourselves time to consider these things
properly. There is no rush. No need to rush as Proton is still
healthy. Proton is still viable so we have to be selective," he
added.

Mahathir also said that finding a partner was not a question of
money but rather of "strategic relevance."

"There are still other proposals coming in but we should give
ourselves time to consider things properly, no rush," he added.

Dr Mahathir also declared that Proton would not agree to a
minority shareholding in the event a partnership is forged.
Mahathir said Proton must not give control of the company to the
foreign strategic partner, as it will lead to the latter
dictating terms to the company. A worse case scenario would be
if the partner would ask Proton to produce non-Proton vehicles.

"We should have faith in ourselves. Give ourselves a little bit
of value," he said.

Dr Mahathir hopes to close the deal for a foreign partner by the
end of the year.


TANJONG PUBLIC: New Shares To Be Listed
---------------------------------------
Tanjong Public Limited Company announced on 10 May 2004 on the
Bursa Malaysia Securities Berhad that the Company's additional
11,000 new ordinary shares of 7.5 pence each, issued pursuant to
the Tanjong-Employees' Share Option Scheme will be granted
listing and quotation effective 9 am on Wednesday, 12 May 2004.


UCP RESOURCES: Issues Notice Of Entitlements
--------------------------------------------
UCP Resources Berhad issued a notice dated 10 May 2004 to the
Bursa Malaysia Securities Berhad, informing of the closure of
books subject to the entitlement of shares.

EX-date:                                12 May 2004
Entitlement date:                          14 May 2004
Entitlement time:                          5 PM
Entitlement subject:                       Others

Entitlement description:

Closure of books relating to the entitlement for the share
exchange of 39,900,000 ordinary shares of RM1.00 each in UCP
Resources Berhad (UCP) (UCP Shares) for 3,990,000 new ordinary
shares of RM1.00 each in JMR Conglomeration Berhad (formerly
known as Goldenseal Resources Sdn Bhd) (JCB) (JCB Shares) on the
basis of one (1) new JCB Share for every ten (10) UCP Shares
held by the existing shareholders of UCP

Period of interest payment:               to
For year ending/Period ending/ended:
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements:                             to

Registrar's name, address, telephone no:

Insurban Corporate Services Sdn Bhd
149 Jalan Aminuddin Baki
Taman Tun Dr Ismail
60000 Kuala Lumpur

Tel: 03-7729 5529/ 7727 3873

Payment date:

a) Securities transferred into the Depositor's Securities
Account before 4 pm in respect of transfers: 14 May 2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit: 12 May 2004

c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable):
Entitlement indicator:                    Ratio
Ratio:                                    1 : 10
Rights Issues/Offer Price:
Remarks


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


NATIONAL POWER: Completes Repair of Palinpinon I Power Plant
------------------------------------------------------------
State-owned National Power Corp. (Napocor) has completed the
repair of Palinpinon I Geothermal power plant's generator six
days ahead of the May 10 target date which could increase the
reserves of the Visayas grid by at least 30 megawatts (MW) as
part of Napocor's effort to prevent a possible power shortage in
the Cebu-Negros-Panay grid, The Philippine Star reports.

The Rotor generator of the power plant was shipped to Kawasaki
Japan last December for repair by suppliers Fuji and Kanematsu
Corporation and was delivered back last April 28, after a two-
week shipment delay.

The 112.5 MW power plant located in Valencia, Negros Oriental is
consists of three units with a rated capacity of 37.5 MW each.


NEGROS NAVIGATION: Asks BIR For Easier Payment Terms Of Tax
-----------------------------------------------------------
Negros Navigation Co's. (Nenaco) receiver, Sulficio O. Tagud Jr.
wrote to the Bureau of Internal Revenue (BIR), seeking for
easier terms for the settlement of some PhP424.5 million in
taxes, according to the Philippine Star.

In his letter to Internal Revenue Commissioner Guillermo Parayno
Jr. dated May 3, Mr. Tagud said Nenaco had estimated tax
liabilities amounting to PhP424.497 million as of Feb. 29. Under
the company's rehabilitation, Nenaco proposes to pay its tax
liabilities using cash available from operations after servicing
dry-docking expenses, capital expenditures and allocations for
income tax payable and minimum cash balance.

On May 7, 2004, Mr. Tagud submitted his initial report on the
rehabilitation, informing the Internal Revenue Commissioner
Guillermo Parayno Jr. to consider the shipping firm's poor cash
position, which has affected its ability to pay taxes on time,
the report says.

"Commissioner Parayno created a committee for the purpose of
determining a payment plan for the outstanding tax obligations
of the petitioner which will hold weekly meetings with the
rehabilitation receiver, the first two of which were held on
April 27 and May 4," Mr. Tagud said citing the response of the
commissioner to his letter.


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


GUAN LEONG: Creditors Meeting Set May 20
----------------------------------------
Take notice that a meeting of creditors in Guan Leong
Construction Pte Ltd (In Liquidation) will be held at 18 Cross
Street, #08-01 Marsh & McLennan Centre, Singapore 048423 on 20
May 2004 at 3 o'clock in the afternoon.

AGENDA

(1) To consider and if thought fit to appoint a committee of
inspection; and (2) Any other business.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

(1) Proxies to be used at the meeting must be lodged not later
than 4 p.m. on 19 May 2004.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidators not later than 4 p.m. on 19 May 2004 if you
have not submitted your proof earlier.

This Singapore Government Gazette announcement is dated 10 May
2004.


HESHE HOLDINGS: Director Susan Tay Mui Lan Resigns
--------------------------------------------------
The Board of Directors of Heshe Holdings Limited wishes to
announce that Ms. Susan Tay Mui Lan has resigned as a Director
of the Company. In a disclosure to the Singapore Stock Exchange,
the Board of Directors wishes to record its appreciation for her
contributions towards the Group.

For the six months ended December, loss-making Heshe Holdings
trimmed its net loss to HK$1.2 million from HK$1.7 million a
year earlier. The Company reported net assets of around HK$7.7
million or 2.41 cents per share in the same period.


LAM LEONG: Issues Winding up Order Notice
-----------------------------------------
Lam Leong Holdings Pte Ltd (formerly known as Talipot
Enterprises Pte Ltd) issued a notice of winding up order made on
the 30 April 2004.

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

RODYK & DAVIDSON
Solicitors for the Petitioners.

This Singapore Government Gazette announcement is dated 7 May
2004.


MEDIASTREAM LIMITED: Extends AGM Deadline to June 15
----------------------------------------------------
Further to the announcements made by MediaStream Limited on 3
May 2004 and 5 May 2004 on the extension of time to hold the
annual general meeting (AGM) of the Company, the board of
directors of the Company wishes to announce that the appeal of
the Company to the Accounting & Corporate Regulatory Authority
(ACRA) for the extension of time to hold its AGM has been
successful. Accordingly, ACRA has granted the Company an
extension of time up to 15 June 2004 to hold its AGM.

The Company is in the process of completing the audit for the
financial year ended 31 December 2003 and will endeavor to send
out the annual report to all shareholders as soon as possible
for the AGM to be held by 15 June 2004.

By Order of the Board
Anthony Ow Hin Jiu
Director
MediaStream Limited

Submitted by Anthony Ow Hin Jiu, Director on 10/05/2004 to the
SGX


MHL CONSTRUCTION: Issues Winding up Order Notice
------------------------------------------------
MHL Construction Pte Ltd issued a notice of winding up order
made on 30 April 2004.

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

Messrs WONG, GOPAL & RAI
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 10 May
2004.


NEPTUNE ORIENT: To Wipe Out Debt, Sustain Dividend
--------------------------------------------------
Neptune Orient Lines Limited is on the way to wiping out its
massive debts and is poised to perform strongly, the Business
Times reports, quoting Chief Executive David Lim. Mr. Lim said
more than half of NOL's record gains in 2003 resulted from moves
to reconfigure the way it conducted business.

Shareholders can expect the company to sustain dividend
payments, which resumed when it declared 3.85 Singapore cents a
share for 2003 - the first payout since June 1997.

NOL's net profit for the year ended December 26, totaling
US$428.8 million versus a US$330 million loss a year earlier.
The result was better than an average forecast by analysts of
US$393 million in net profit.


ORCHARD PARADE: Widens Q104 Net Loss to S$2.82M
-----------------------------------------------
Orchard Parade Holdings Limited posted a net loss of S$2.82
million in the first quarter of 2004, versus a net loss of
S$2.21 million a year earlier, according to Reuters. The Company
is engaged in the provision of hospitality services, property
development and investment and the operation of food and
beverage outlets.


PACIFIC CENTURY: Posts Operating Profit This Year
-------------------------------------------------
Pacific Century Regional Developments Limited recorded a profit
from operating activities in the three-month period ended 31
March 2004 of S$27.1 million as compared to a loss of S$5.5
million for the corresponding quarter a year ago. The profit
from operating activities was largely due to a significant
increase in net investment and other income from $6.4 million in
the first quarter of 2003 to $49.9 million in the current
quarter. This has been partially offset by an increase in
operating and administrative expenses of $12.6 million to $89.1
million in the quarter under review from $76.5 million in the
corresponding quarter in 2003. Most of the increase was due to
an increase in provision for future insurance liabilities of the
Group's insurance business.

In a disclosure to the Singapore Stock Exchange, the significant
increase in net investment and other income in the quarter under
review was primarily due to foreign exchange gains recorded in
the first quarter of 2004, as compared to foreign exchange
losses in the first quarter of 2003, together with an increase
in dividend and other investment income. The foreign exchange
gains for the quarter under review were mainly gains resulting
from the weakening of the United States dollar (USD) against the
Singapore dollar on USD denominated loans and bond liabilities
of the Company. Investment and other income of the Group's
insurance operations for the quarter under review was $40.7
million, representing an annualized investment yield of
approximately 12.8%. This was substantially higher than the
investment income for the corresponding quarter last year of
$17.3 million.

PROFIT BEFORE TAXATION

Profit before taxation in the quarter under review was $21.9
million as against a loss before taxation of S$10.7 million for
the corresponding quarter last year. The turn-around was
primarily the result of the 139.0% increase in net investment
and other income from PCIH and the recognition of unrealized
foreign exchange gains in the current quarter as the USD
continued to weaken.

Share of profits or losses of associated companies does not
include the Group's share of results of PCCW for the current
quarter in 2004. As explained in Section 4 above, following the
deconsolidation of PCCW and the placement of shares by PCCW in
2003 and after taking into account the audited results of PCCW
for the year ended 31 December 2003, the total losses and
movements in equity of PCCW not recognized by the Group amounted
to $0.48 billion. The Group will resume equity accounting for
PCCW's results when its share of subsequent profits and
movements in equity of PCCW exceeds $0.48 billion.

PROFIT ATTRIBUTABLE TO SHAREHOLDERS

The Group has registered a profit attributable to shareholders
of $8.1 million for the first three months for this year
compared to a loss of $12.1 million for the first three months
of last year.

By Order of the Board
Lim Beng Jin
Company Secretary
10/05/2004


P K S CONTRACTS: Schedules Creditor's Meeting May 25
----------------------------------------------------
The creditors meeting of P K S Contracts Services Pte Ltd (In
Liquidation) will be held at 18 Cross Street, #08-01 Marsh &
McLennan Centre, Singapore 048423 on 25 May 2004 at 3 o'clock in
the afternoon.

AGENDA

(1) To consider and if thought fit to appoint a committee of
inspection; and (2) Any other business.

CHEE YOH CHUANG
Liquidator.
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

(1) Proxies to be used at the meeting must be lodged not later
than 4 p.m. on 24 May 2004.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidator not later than 4 p.m. on 21 May 2004 if you
have not submitted your proof earlier.

This Singapore Gazette announcement is dated 7 May 2004.


UNIT TECHNOLOGY: Issues Notice of First Interim Dividend
--------------------------------------------------------
Uni Technology (S) Pte Ltd (In Liquidation) issued a notice of
first interim dividend:

Address of former registered office: 45A Circular Road Singapore
049400.

Court: High Court of the Republic of Singapore.

Matter: Companies Winding Up No. 207 of 2000.

Amount per centum: 15.0 percentum of all admitted ordinary
claims.

Name of liquidators: CHEE YOH CHUANG & LIM LEE MENG.

First and final or otherwise: First interim.

When payable: 11th May 2004.

Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

This Singapore Gazette announcement is dated 7 May 2004.


XIN XIN: Winding up Hearing Set May 28
--------------------------------------
Notice is hereby given that a petition for the winding up of Xin
Xin Packaging Pte Ltd by the High Court was on the 3 May 2004
presented by Oversea-Chinese Banking Corporation Limited of 65
Chulia Street, #29-02/04 OCBC Centre, Singapore 049513. The
petition will be heard before the Court sitting at Singapore at
10 a.m. on 28 May 2004. Any creditor or contributory of the
company desiring to support or oppose the making of an order on
the 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 Company
requiring a copy of the petition by the undersigned on payment
of the regulated charge for the same.

The Petitioners' address is at 65 Chulia Street, #29-02/04 OCBC
Centre, Singapore 049513.

The Petitioners' solicitors are Messrs RODYK & DAVIDSON of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.

Messrs RODYK & DAVIDSON
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named Messrs
RODYK & DAVIDSON of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, 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 12 o'clock noon of
the 27 May 2004 (the day before the appointed date for the
hearing of the Petition).

This Singapore Gazette announcement is dated 7 May 2004.


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


MANAGER MEDIA: Appoints New Auditors
------------------------------------
In a disclosure to the Stock Exchange of Thailand, Manager Media
Group PCL's Plan Administrator with approval from the Securities
and Exchange Commission appoint:

(1) Mr. Pipat Pusayanont: C.P.A.no. 59 working with Pipat and
Associates Co., Ltd.

(2) Mr. Boonsri Techavarutma: C.P.A.no. 3336, or

(3) Mr. Anurak Leelapiyamitr: C.P.A.no.3462, working B.D.O.
Richfield Co., Ltd., to be the auditors of the company for year
2004.

Moreover, the company kindly notifies that it terminates the
rules of the exception of proposing the quarter's balance sheet,
which commences from the year of 2004.

For your acknowledgement
Sincerely yours,
(Ms. Saowaluck  Teeranujunyong)
Plan Adminstrator


SAHAMITR PRESSURE: SET Lifts Notice Pending Sign
------------------------------------------------
Previously, the Stock Exchange of Thailand (SET) posted the
Notice Pending (NP) sign on the securities of Sahamitr Pressure
Container PCL (SMPC) from the first trading session of April 27,
2004 because the company submitted to the SET its audited
financial statements for the year 2003 ending December 31 with
the Disclaimer of Opinion from auditor.

According to the instruction from the Securities and Exchange
Commission (SEC) the company has to amend the abovementioned
financial statements, the SET has also been waiting for the
company to submit such financial statements.

The company has now submitted the amendment of its financial
statements to the SEC and the SET for disseminating to
investors, therefore, the SET has posted the Notice Received
(NR) sign on SMPC's securities for the first trading session of
May 11, 2004 to announce that the SET has received the amended
financial statements.

Contact: Sahamitr Pressure Container PCL
         72/9 MOO 7, RAMA II ROAD, SAMAEDAM,
         BANG KHUN THAIN Bangkok
         Telephone: 0-2895-4139-58, 0-2416-5568-9
         Fax: 0-2416-5534, 8954163
         Website: www.smpcplc.com


TONGKAH HARBOUR: Increases Registered Capital
---------------------------------------------
Pursuant to the Annual General Meeting (AGM) of Shareholders
held on April 26, 2004 respectively, Tongkah Harbour PCL, hereby
informs the Stock Exchange of Thailand (SET), the shareholders
and investors that on May 10, 2004 the company has register the
amendment of clause 4 of the Memorandum of Association of the
Company in line with capital increase from 505,551,570 baht to
605,551,570 baht by issuing new ordinary shares in the amount of
100,000,000 shares at 1 baht per share with the Department of
Business Development, Ministry of Commerce, the change of
company's paid-up capital are:

Capital Registration             605,551,570     Baht
Divided into                     605,551,570     Shares
Having par value per share of             1     Baht

Consisting of the amount of
The Ordinary shares of           605,551,570     Shares
The preferred shares of                  -0-     Shares
Paid-up capital                  505,551,570     Baht
Divided into                      505,551570     Shares
Having par value per share of Baht         1     Baht

Consisting of the amount of
        The Ordinary shares of   505,551,570     Shares
        The Preferred share of           -0-     Shares

Yours faithfully
Mr. Chalermchai Martmuang
Secretary to the Executive Board of Directors


TONGKAH HARBOUR:  Purchases 187,200 Shares From Sea Minerals
------------------------------------------------------------
Tongkah Harbour PCL informs the Stock Exchange of Thailand
(SET), the shareholders, and investors regarding the purchase
187,200 shares of Sea Minerals Ltd. (SML) (subsidiary company):

Transaction Date: April 30, 2004 (SCB) and May 6, 2004 (IFC)

Involved parties:

Buyer: Tongkah Harbour PCL

Seller: (1) Siam Commercial Bank PCL (SCB)

        (2) International Finance Corporation (IFC)

Objective: To increase investment in core business

Resource of Fund: Company fund

Transaction Assets: Common shares of Sea Minerals Limited

Type of Business: Mining

Registered Capital: 72 Million Baht

Paid up Capital: 72 Million Baht

Par value: 100.00 Baht per share

Transaction Description:
Purchase 72,000 common shares of SML from SCB
Purchase 115,200 common shares of SML from IFC
At price Baht 6.00 per share

Total value of the transaction was Baht 1,123,200.

Percentage of Shares: After this transaction, THL holds totaling
259,200 common shares of Sea Minerals Limited (or 36 percent of
total SML's shares).

Transaction Size: 0.12 percent of THL's net tangible assets,
hence it does not come under the SET rule on acquisition and
disposal of assets or the SET rule on connected transaction.

Please be informed accordingly.
Yours faithfully,
(Mr. Ronald Ng Wai Choi)
Managing Director

Contact:  Tongkah Harbour PCL
          MUANG THAI PHATRA OFFICE TOWER 1,
          FLOOR 7, 252/11 RACHADAPISEK ROAD,
          HUAI KHWANG Bangkok
          Telephone: 0-2695-4912-28
          Fax: 0-2695-4901


TPI POLENE: Plans Out-Of-Court Settlement With Creditors
--------------------------------------------------------
TPI Polene PCL rehabilitation plan administrator Prachai
Leophairatana will attempt to settle the cement company's debt
refinancing by holding out-of-court negotiations with its
creditors centering on his proposal submitted to the bankruptcy
court that creditors should write-off the company's unsecured
debts and waive all accrued interest worth US$150 million,
according to The Business Day newspaper.

The idea of the settlement came after the Central Bankruptcy
court removed the company from the mediation process.

Mr. Prachai his proposal was based on the same conditions
earlier proposed by Siam City Cement Plc, a local cement unit of
Switzerland-based Holcim, which had been supported by its
creditors.

Mr. Prachai also confirmed that the company would consider
issuing bonds worth $650 million to refinance debts and seeks
Krung Thai Bank as guarantor.  As part of its bid to secure $750
million TPI has submitted its corporate due diligence results to
the bank. The state-owned bank is expected to make a final
decision next month, Business Day said.

The company's major creditors include the German development
bank Kreditanstalt fur Wiederaufbau (KfW), Bangkok Bank (BBL),
Standard Chartered Nakornthon Bank and JP Morgan Chase.




                            *********


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