TCRAP_Public/040513.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

             Thursday, May 13, 2004, Vol. 7, No. 94

                           Headlines

A U S T R A L I A

AMP LIMITED: Director Pat Handley To Retire From Board
NATIONAL AUSTRALIA: Details Half-year Results
NATIONAL AUSTRALIA: To Raise Capital
NATIONAL AUSTRALIA: UGL Secures $16M Contract To UK Unit, ATO
QANTAS AIRWAYS: To Introduce Fuel Surcharge

VILLAGE ROADSHOW: Completes On-market Shares Buy-back


C H I N A  &  H O N G  K O N G

CHAU KWAI: Enters Bankruptcy Proceedings
FIRST BOND: Winding up Hearing Slated For June 16
GOLD NAME: Winding Up Hearing Set For June 16
GRACE FAITH: Schedules Winding Up Hearing For June 2
INWORLD GROUP: Q104 Net Loss Widens To HK$1.883M

LEE YU: Creditors Meeting Set For May 14
STAR CRUISES: Unit Withdraws Proposed Notes Offering
VERTEX COMMUNICATIONS: Widens Q104 Net Loss To HK$7.845M
WONG BING: Enters Bankruptcy Proceedings


I N D O N E S I A

PUTRA SUMBER: Pefindo Downgrades Rating To idCCC


J A P A N

DAIEI INC: Links Up With Other Businesses For Survival
HASEGAWA CO: JCR Affirms Preliminary BBB- Rating
HITACHI LIMITED: Enters Alliance With Omron
MITSUBISHI FUSO: New Trucks, Buses Face Delay
NIPPON OIL: 349 Employees File For Early Retirement


K O R E A

DAEWOO HEAVY: Political Meddling May Disrupt Sale
KOOKMIN BANK: To Lower Interest On Fixed Deposits To 3%
SSANGYONG MOTOR: Debuts New Multipurpose Vehicle Rodius


M A L A Y S I A

ANCOM BERHAD: Purchases 118,500 Units Of Ordinary Shares
ANTAH HOLDINGS: Submits Litigation Updates
BOUSTEAD HOLDINGS: New Shares Granted Listing and Quotation
CONSOLIDATED FARMS: Writs Of Summons Served On Confarm and Unit
FACB RESORTS: CEO Informs Of Dealings During Closed Period

GENERAL SOIL: Level Of Operations Falls Below Par
GULA PERAK: New Ordinary Shares For Listing
HAP SENG: Buys Back 18,000 Units Of Ordinary Shares
HUME INDUSTRIES: Issues Notice Of Book Closure
KRAMAT TIN: Answers BMSB Query

MALAYSIA AIRLINES: Planning To Impose A Fuel Levy
PERNAS INTERNATIONAL: Announces Redesignation Of Director
POS MALAYSIA: New Shares Granted Listing
PROTON HOLDINGS: Shares Continue Rising
TENAGA NASIONAL: Issues RM200M Of CRIS

TRONOH MINES: Appoints New Joint Secretary
TRONOH MINES: Zelan Unit Enters Into JV With Indo Firm
UCP RESOURCES: Issues Notice Of Book Closure
YCS CORPORATION: Issues Monthly Restructuring Update


P H I L I P P I N E S

NATIONAL POWER: Considers Indonesia As Coal Source
NEGROS NAVIGATION: Parent Company Plans Spin-Off
NEGROS NAVIGATION: SEC Imposes PhP75,000 Fine
NEGROS NAVIGATION: Issues Clarification To News Article
PHILIPPINE LONG: Unit Creates U.S. Link For Polls Monitoring


S I N G A P O R E

ARCH ENGINEERING: Issues Dividend Notice
CHARTERED SEMICONDUCTOR: Unveils April 29 AGM Results
CHARTERED SEMICONDUCTOR: Enters Alliance With TriCN
DBS FACTORS: Creditors Must Submit Claims By June 8
DILIGENT AIR-CON: Issues Notice Of Winding Up Order

INTRACO LIMITED: Director Chen Seow Phun Resigns
MEDECHAIN PTE: Enters Winding Up Petition
R & N ENGINEERING: Releases Winding Up Order Notice
TECHNICDELTA ELECTRICAL: Winding Up Hearing Set May 28


T H A I L A N D

THAI PETROCHEMICAL: Posts 59% Increase In Sales Revenue

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Director Pat Handley To Retire From Board
------------------------------------------------------
AMP Limited Director Pat Handley announced in a press release,
on Wednesday that he plans to retire from the AMP Board at the
Annual General Meeting (AGM) on May 20, 2004.

Mr. Handley, who was standing for re-election at the Annual
General Meeting, has decided that he will not seek Board
reappointment.  The resolution for his re-election will
therefore not be submitted at meeting.

Mr. Handley said, "When I agreed to join the AMP Board in April
2003, the company, which is such an important institution in
Australia, urgently needed to be directed and restructured.

"Because of the extraordinary effort of many people, the
redirection of the company happened very quickly.  Post the
demerger, the AMP management team devised a strategy, which is
just now unfolding.  In my opinion, the plan will result in AMP
being a continuing, important force in the financial services
industry.  The company is now in a stronger financial position
with sound prospects for its future.  Therefore, the need for my
presence on the AMP Board is no longer necessary.

"As I leave the Board I am very proud to have played a part in
that recovery.

"I will now be freer to concentrate on a wide range or other
activities, including my position as Chairman of Pacific Brands
which is financially strong company with excellent products and
great prospects for the future.

"During my career I have always been drawn towards business
situations which require developing strong plans for
restructuring and creating growth, either internally of through
acquisitions, in order for the company to realize its true
potential.  I am looking forward to continuing to play that role
in the future," Mr. Handley said.

AMP Chairman Peter Willcox said Mr. Handley joined the Board on
April 2, 2003, a time of great challenge for the company.

"Pat made an invaluable contribution to the reconstruction of
the company.  On behalf of the Board of Directors and
shareholders of AMP, I would like to thank him for that
important contribution," Mr. Willcox said.

"Pat leaves us with our best wishes for a successful future."

On a related issue, AMP has decided that at this stage it does
not need a Director representative on the HHG PLC Board, a role
Mr. Handley previously filled.  Mr. Handley said that he will be
tendering his resignation from that Board in the near future.


NATIONAL AUSTRALIA: Details Half-year Results
---------------------------------------------
National Australia Bank Limited disclosed to the Australian
Stock Exchange its Half Year results:

FINANCIAL HIGHLIGHTS (March 04/March 03 Comparison)

Cash earnings before significant items of $1.85 billion, down
8.7 percent Net profit after significant items up 19 percent to
$2.23 billion Interim dividend of 83 cents (fully franked).

Retail banking cash earnings:
- Australia - up 10.5 percent
- New Zealand - steady (up 2.9 percent in local currency)
- Europe - down 37.1 percent (down 27.5 percent in local
currency)

Corporate & Institutional Banking cash earnings before
significant items down 12.8 percent (down 6.5 percent excluding
currency movements) Wealth Management operating profit after tax
up 37.3 percent

Asset quality sound: gross non-accrual loans to total loans
improved from 0.65 percent to 0.46 percent Return on equity
before significant items of 18.8 percent up from 16.8 percent.

Economic Value Added (EVAr) down 11.5 percent to $978 million*.

Total capital at 9.35 percent, Tier 1 at 7.47 percent and
Adjusted Common Equity ratio of 5.36 percent after the buy back
of 5.5 million ordinary shares.

*EVAr is a registered trademark of Stern Stewart & Co. It
measures the economic profit earned in excess of the Group's
cost of capital.

CHIEF EXECUTIVE'S REVIEW

"This is a disappointing result but our New Zealand and Wealth
Management businesses have made solid contributions.

"Financial Services Australia increased cash earnings although
the quality of the result was not ideal with total income up by
only 4.8%. Both Financial Services Australia and Corporate and
Institutional Banking have not surprisingly been adversely
affected by the currency options trading issue.

"We have started to work on and invest in our European
businesses to address some of the major issues we have in those
markets. Increased competition, compliance costs and adverse
currency movements further affected the Financial Services
Europe result.

"Under these circumstances we have maintained our dividend
payment.

DIVISIONAL PERFORMANCE

"Financial Services Australia increased cash earnings by 10.5
percent. Strong growth in housing lending was partly offset by a
fall in the overall net interest margin. Retail deposits
increased by 9.7 percent since March 2003.

"Agribusiness market share by lending volumes for the year to
February increased from 21.7 percent to 28.9 percent. Business
market share by lending volumes at 26.0 percent is down from
26.5 percent for the same period. (Source: Taylor Nelson
Sofrais)

"Financial Services Australia has opened 11 integrated financial
services centres this half year and is on target to achieve the
planned roll out of 42 centres by the end of the financial year.
These centres are designed to meet customers' complete financial
advice needs.

"Financial Services Europe was adversely affected by a
combination of higher pension fund expenses and currency
movements. The large fall in cash earnings is disappointing but
there are several developments underway to address this
situation.

"An extensive product renewal program has been completed,
including the introduction of a new current account, savings
accounts, mortgages, loans and insurance.

"The first four Financial Services Centres have been opened in
Liverpool, Bristol, Reading and Southampton and generated 1.2
million in revenue in the half year. A further four centres are
planned to open in Oxford, Milton Keynes, Maidstone and
Guildford this year.

"Financial Services New Zealand increased net interest income by
5.8 percent in local currency terms based on strong growth in
business and personal lending as well as retail deposits.

"Cash earnings were steady reflecting a fall in the net interest
margin and a higher charge to provide for doubtful debts.

"Highlights of the half year include the launch of the 'Campus
Pack' in conjunction with Student Card (a New Zealand student
discount scheme) which increased the number of tertiary students
banking with Bank of New Zealand by 60 percent.

"Bank of New Zealand increased home lending since March 2003 by
19 percent compared to market growth of 16 percent. Bank of New
Zealand was the only bank to increase customer satisfaction
according to Auckland University's customer survey for 2003.

"Corporate & Institutional Banking has obviously faced a
difficult half due to the impact of the foreign currency options
trading situation and subsequent events. A higher charge for
doubtful debts, adverse currency movements and reduced demand
for debt market products, due to a low US interest rate
environment, affected cash earnings.

"Despite these challenging circumstances the focus on growing
core relationships has continued and this has resulted in the
maintenance of a solid base of underlying client income.

"Corporate & Institutional Banking is actively contributing to
the program to address the remedial actions required by APRA.

"Wealth Management increased operating profit after tax by 37.3
percent reflecting strong growth in insurance business and the
improvement in equity markets which led to growth in earnings
from the investments business and investment earnings on
capital.

"The strong performance of equity markets from the March 2003
half has resulted in an 11.9 percent increase in average funds
under management with fee revenue higher in all regions.

"Wealth Management continues to be the number one provider of
retail investment platforms in Australia with a market share of
18.8 percent and number two in retail funds under management as
at December 2003. (Source: Assirt Market Share Report, December
2003)

Insurance earnings grew by 22.2 percent and Wealth Management
retained the largest share of the total Australian retail life
insurance market for both annual in-force premiums and new
retail risk annual premiums. (Source: DEXX&R Research Reports,
December 2003)

OUTLOOK

"The National is focused on creating strong, sustainable growth
in shareholder value."

"As part of our response to the foreign currency options trading
losses we are addressing the changes required by APRA as quickly
as possible.

"My future priorities are to lead the required cultural change,
review our business strategies and our approach to risk
management to make sure we have a sustainable platform for
future growth. These are the first important steps in a recovery
program that will take some time."

To view full copy of half-year results, click
http://bankrupt.com/misc/NABHALFYRRESULTS051204.pdf

To view presentation of half-year results, click
http://bankrupt.com/misc/NABHALFYR52PGS051204.pdf

For media enquiries, please contact:

Brandon Phillips
Telephone: 0419 369 058

For investor enquiries, please contact:

Hany Messieh
Telephone: 0414 446 876


NATIONAL AUSTRALIA: To Raise Capital
------------------------------------
The National Australia Bank confirms in a company press release
that it will conduct a subordinated debt raising of
approximately A$2 billion as part of its annual debt raising
program.

The National has also entered into agreements to fully
underwrite its Dividend Reinvestment Plan in respect of the
March 2004 interim dividend at a value of approximately A$1.2
billion.

In respect of the March 2004 interim dividend only, the Dividend
Reinvestment Plan will be amended to remove the 15,000-share cap
and a 2.5 percent discount will be introduced for shareholders
participating in the plan.

To access the letter to shareholders providing details of the
changes to the Dividend Reinvestment Plan, click
http://bankrupt.com/misc/nabletter051204.pdf

Contact:

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


NATIONAL AUSTRALIA: UGL Secures $16M Contract To UK Unit, ATO
-------------------------------------------------------------
Leading services company United Group Limited has secured $16
million in new and extended property management contracts with
the Australian Taxation Office and the National Australia Bank's
UK operation, National Australia Group Europe (NAGE).  United
Group's property management business, United KFPW, secured the
contracts.

United KFPW will manage a four-year contract to provide the ATO
with property management services for the ATO's 77 leased
commercial offices throughout Australia.  Services include real
estate and facility management and project management services
for a total net lettable area of approximately 450,000 m2 of
office space.

United KFPW has also extended its global property and facilities
management contract with NAG.  The European Contract's extension
option for the original 3-year contract, which expired in March
2004, has been exercised until November 2005.  In the UK, United
KFPW primarily provides a facility management service for NAG
Europe's corporate real estate portfolio of 1,100 commercial,
retail, industrial and ATM properties that are located
throughout England, Scotland and Ireland.

To view full copy of this press release, click
http://bankrupt.com/misc/NATIONALAUSTRALIA051204_2.pdf


QANTAS AIRWAYS: To Introduce Fuel Surcharge
-------------------------------------------
Qantas Airways said on Tuesday that it would introduce a fuel
surcharge on passenger tickets sold after midnight on May 17 due
to a substantial rise in jet fuel prices.

In a press release, the Chief Executive Officer of Qantas
Airways, Geoff Dixon, said jet fuel prices were currently about
US$44 a barrel, the highest level for 14 years.

"Fuel represented about 15 per cent of Qantas' costs last year,
the second largest cost to the Group after salaries and wages,"
Mr. Dixon said.

"The US dollar price of jet fuel today is almost 60 per cent
higher than it was 12 months ago - US$44 a barrel compared with
US$28 a barrel - and this has significantly increased the cost
to our business."

Mr. Dixon said the main reasons for the jump in the fuel price
were continuing tensions in the Middle East and strong global
demand, particularly from the United States of America and
China.

He said the last time Qantas introduced a passenger fuel
surcharge was in late 2000 after jet fuel prices spiked to more
than US$43 a barrel in October 2000 due to surging global
demand.

The fuel surcharge will be $6 per sector for Qantas Domestic,
QantasLink, Jetstar and domestic New Zealand services and $15
per sector for Qantas International services and Australian
Airlines.


VILLAGE ROADSHOW: Completes On-market Shares Buy-back
-----------------------------------------------------
In a company press release, the Directors of Village Roadshow
Ltd (VRL) announced that the Company has completed its on market
buy back of A Class Preference Shares, which was announced to
the market on April 7, 2004.

VRL purchased on Tuesday a total of 50 million Preference Shares
at an average price of $1.30. When combined with the buy back of
90,086,114 Preference Shares completed on 26 March 2004, VRL has
bought back a total of 140,086,114 Preference Shares at an
average price of $1.21 per share.

The Directors of VRL confirm that this now completes the
Company's current buy-back program of A Class Preference Shares.


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


CHAU KWAI: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chau Kwai Tai Sidney (In bankruptcy proceedings) will be held
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on the 14 May 2004
at 9:30 in the morning.

Dated this 7th day of May 2004

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


FIRST BOND: Winding up Hearing Slated For June 16
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
First Bond Company Limited by the High Court of Hong Kong was on
the 7 April 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 9:30 a.m. on the 16
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 said 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 15 June 2004.


GOLD NAME: Winding Up Hearing Set For June 16
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Gold Name Enterprise Company Limited by the High Court of Hong
Kong was on the 6 April 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 9:30
a.m. on the 16 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 15 June 2004.


GRACE FAITH: Schedules Winding Up Hearing For June 2
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Grace Faith International 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 said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building
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.


INWORLD GROUP: Q104 Net Loss Widens To HK$1.883M
------------------------------------------------
Inworld Group Limited incurred a net loss of HK$1.883 million in
the first quarter of 2004, according to Infocast. In the three
months ended September 30, 2003, the company posted a net loss
of HK$1.61 million. The loss per share (LPS) was 0.15 cent. No
dividend was declared.


LEE YU: Creditors Meeting Set For May 14
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Lee Yu Hung Rainbow (In bankruptcy proceedings) will be held
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on 14 May 2004 at
9:30 in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


STAR CRUISES: Unit Withdraws Proposed Notes Offering
----------------------------------------------------
Further to the announcement of Star Cruises Limited dated 23
April 2004, the Company announces that in view of current market
conditions, NCL Corporation Ltd. (NCLC), a direct wholly owned
subsidiary of the Company, has withdrawn its Proposed Notes
Offering.

In a disclosure to the Hong Kong Stock Exchange Limited, the
Company further updates the Shareholders and prospective
investors of the status as follows.

The Proposed Notes Offering was intended to take advantage of
the favorable interest rate environment to raise funds for
repayment of bank loans and for general corporate purposes of
NCLC and its subsidiaries. However, in view of the current
market conditions, which have made notes offering less
attractive at the moment, NCLC has decided to withdraw the
Proposed Notes Offering and consider other available financing
and re-financing alternatives.

As at the date of this announcement, the Board of Directors of
the Company comprises four Executive Directors, namely Tan Sri
Lim Kok Thay, Mr. Chong Chee Tut, Mr. William Ng Ko Seng and Mr.
David Colin Sinclair Veitch and three Independent Non-executive
Directors, namely Mr. Alan Howard Smith J.P., Mr. Tan Boon Seng
and Mr. Lim Lay Leng.

Last month, Standard & Poor's Ratings Services assigned its "BB"
credit ratings to cruise companies, NCL Corporation Limited, and
its 100 percent parent, Star Cruises Limited. The outlook on
both ratings is stable.

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

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


VERTEX COMMUNICATIONS: Widens Q104 Net Loss To HK$7.845M
--------------------------------------------------------
Vertex Communications & Technology Group Limited incurred a net
loss of HK$7.845 million in the first quarter of this year,
versus a net loss of HK$6.747 a year earlier. Infocast reports
that loss per share (LPS) was pegged at HK$0.016. No dividend
was declared.


WONG BING: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Wong Bing Chiu (In bankruptcy proceedings) will be held at
the Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 14 May 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


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


PUTRA SUMBER: Pefindo Downgrades Rating To idCCC
------------------------------------------------
Pefindo downgraded the ratings for PT Putra Sumber Utama Timber
(PSUT or the Company) and its Bond I/2003 of IDR200 billion from
"idBBB+" to "idCCC" and still put the ratings on CREDITWATCH
with Negative Implication.

The downgrade reflects the Company's serious cash flow problem
for the upcoming fourth coupon payment, which would be due on
May 13, 2004. This problem is mainly due to the delay payment
from its insurance claims for damages resulting from the big
flood disaster last December 2003.

The Company's internal cash flow also cannot generate an
adequate cash support, as the resumption of company's operation
could not perform as well as expected due to the shortage in
working capital and recent employee strike in April 2004.

The Company has had an informal meeting with some major
bondholders to postpone the coupon payment and utilize the 10-
day grace period from the due date. As a consequence of the
rating downgrade, pursuant to the trusty agreement, the Company
will have to remit 10 percent of the bond principal to a
designated bank account as a sinking fund.

Pefindo sees that this requirement will generate another cash
flow pressure unless the Company gets bondholders' approval to
waive or postpone such requirement.


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


DAIEI INC: Links Up With Other Businesses For Survival
------------------------------------------------------
Daiei Inc. will collaborate with other businesses for the sake
of its survival after nearly collapsing three years ago, Japan
Times reports. Through mutual collaboration in sales methods,
both sides can obtain benefits, company officials said.

If the partner is a manufacturer, it carries out marketing on
the sales floor on its own for the development of new goods, and
the Company can increase sales by attracting customers.

In the field of food, it plans to create a sales floor to teach
customers how to prepare spectacular dishes in cooperation with
Tsuji Academy, a cooking school in the city of Osaka and a major
food producer.


HASEGAWA CO: JCR Affirms Preliminary BBB- Rating
------------------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the preliminary
BBB- rating for Hasegawa Co. Limited.

RATIONALE:

Hasegawa is Japan's largest retailer for Buddhist altars. It has
changed its policy from expansion to the profit-oriented policy
through enhancement of the existing stores. Hasegawa plans to
improve the earnings structure via closure of unprofitable
stores and thorough cost reductions while strengthening sales of
altars and gravestones by allocating the employees to Tokyo.

Disposal of non-core business has been made in fiscal 2003 when
the two large investments in Vietnam were liquidated. The
interest-bearing debt has been reduced. However, disposal
impaired the equity capital. It will take time for the company
to stabilize the financial structure. Market for the products
will not grow largely over the intermediate to long term. JCR
considers it necessary to watch carefully the pace of
achievements and effectiveness of the current strategy assuming
a smaller business size.


HITACHI LIMITED: Enters Alliance With Omron
-------------------------------------------
Hitachi Limited and Omron Corporation, in a press release,
decided the outline of a joint venture for combining their ATM
and other information equipment businesses. The decision is
based on an agreement between the two companies that was reached
on January 26, 2004.

The new company, to start operations on October 1, 2004, will be
called Hitachi-Omron Terminal Solutions, Corp. and will be
responsible for the planning, development, manufacture and sales
of ATMs and other self-service machines, terminal systems and
other information equipment as well as for the modules and
solutions businesses.

Aiming for a globally competitive position, in an information
equipment market expected to see growth during the ubiquitous
era, the new company will fulfill broad customer needs by
providing optimal solutions based on recognition and handling
technologies for cash, cards, passbooks, forms, etc. and other
human interface technologies that enable simple operation for
customers and end-users.

REORGANIZATION OVERVIEW OF HITACHI-OMRON TERMINAL SOLUTIONS,
CORPORATION.

1. Schedule for the Corporate Separation:

May 11, 2004: Approval by executive officers of corporate
separation agreement (Hitachi)

Approval by directors of corporate separation agreement (Omron)

Conclusion of corporate separation agreement

June 24, 2004: Approval of corporate separation agreement by
shareholders (Omron, planned)

October 1, 2004: Date of corporate separation (tentative)
Registration of corporate separation (tentative)

2. Method Used for Corporate Separation:

a) Method used for corporate separation:

Hitachi and Omron will transfer their business units to a new
company jointly established by them through a joint corporate
separation. Hitachi will conduct a simple corporate separation
in accordance with Article 374-6 of the Commercial Code of
Japan.

b) Reason for using this method:

Hitachi and Omron have agreed to jointly establish a company
with the aims of increasing the efficiency of information
equipment and module development, stabilizing the information
equipment and module businesses, and bolstering business
activities in Japan and overseas, including the solutions
business. The method was chosen to ensure a smooth transition of
business activities to the new company.

3. Stock Allocation

a) Allocation ratio

To ensure that the allocation ratio is fair and appropriate,
Hitachi and Omron each asked third parties to examine the value
of their respective business to be separated. Based on
discussions by the two companies concerning the results of these
examinations, Hitachi and Omron agreed on a ratio of 55:45.

b) Stock allocation

Hitachi will receive 55,000 shares of common stock to be issued
by the new company. Omron will receive 45,000 shares of common
stock to be issued by the new company.

c) Basis for calculations, calculation method and results of
third-party calculations.

The third parties analyzed the shareholder value on a
consolidated basis of the two companies' businesses that are to
be separated, and calculated the allocation ratio based on a
comprehensive consideration of the results of applying the
discounted cash flow method, peer company comparisons and other
methods. The two parties as well as discussions conducted this
process based on an examination of various documents regarding
separation that were provided with the two parties.

4. Payments

There will be no payments with regard to the allocation of
shares.

5. Rights and obligations transferred to the new company:

Hitachi and Omron will transfer to the new company all property,
intellectual property rights, debtors and creditors and rights
and obligations related to contractual status of the businesses
to be separated.

6. Outlook for fulfillment of financial obligations

Hitachi and Omron have judged that all obligations to be assumed
by each company will be fulfilled.

7. Newly appointed directors of the new company

Chairman of the Board: Kunihiro Kamiya (General Manager, E-
Solutions Division of Hitachi's Information & Telecommunication
Systems)

President & CEO: Akihiko Otani (Senior Managing Officer of
Omron, President of Financial Systems Business Company)

Director and Vice President: Tetsuji Shimojou (General Manager,
Mechatronics Systems Division of Hitachi's Information &
Telecommunication Systems)

Director: Tadao Tateisi (Senior Managing Director of Omron)

Director: Masahiro Hayashi (Executive Officer, Chief Executive
Officer of Hitachi's Information & Telecommunication Systems)

Auditor Kazunori Tsukamoto (Assistant to President and Director
of Hitachi Asahi Electronics Co., Ltd.)

Auditor Tsutomu Ozako (Corporate Auditor of Omron)

Auditor Toshitake Hasunuma (Senior Manager, Finance Management
Office of Hitachi's Information & Telecommunication Systems)

8. Description of Business Operations to be Separated

HITACHI, LTD.

Development, design and manufacture of ATMs and other
information equipment for domestic and overseas markets of the
Mechatronics Systems Division, overseas sales of same handled by
the Information & Telecommunication Systems and activities
related to these operations.

OMRON CORPORATION

Development, design, manufacture, sales, and service operations
for information equipment in Japan and overseas of the Financial
Systems Business Company, and activities related to these
operations

9. Assets and liabilities to be transferred (tentative) (As of
March 31, 2004)

HITACHI, LTD.

Assets          Book value    Liabilities            Book value

Current assets                Current liabilities
Fixed assets   Y24.2 bil.     Long-term liabilities    Y5.1 bil.

OMRON CORPORATION

Assets         Book Value       Liabilities          Book value

Current assets                 Current liabilities
Fixed assets  Y27.2 bil.       Long-term liabilities  Y3.0 bil.


10. Status of Companies Following Corporate Separation

a) There will be no changes in the names, business activities
(except for the businesses to be separated), head offices or
CEOs of Hitachi or Omron. Moreover, this transaction will not
reduce the paid-in capital of the two companies.

b) Impact on operating results

The corporate separations will have a negligible impact on the
consolidated and non-consolidated operating results of Hitachi
and Omron for the fiscal year ending March 31, 2005.

PROFILE OF HITACHI-OMRON TERMINAL SOLUTIONS, CORPORATION

Business content: Planning, development, design, manufacture,
sale and services for ATMs and other information equipment

Established: October 1, 2004 (tentative)

Head office location: Ohsaki New City, Bldg. No.3, 1-6-3 Ohsaki,
Shinagawa-ku, Tokyo

President: Akihiko Otani, President & CEO

Capital stock: 8,500 million yen

Number of shares held: 100,000

Shareholders' equity: 43,200 million yen

Total assets: 51,400 million yen

Settlement term: March 31

Number of employees (unconsolidated basis): 1,440 (tentative)

Principal customers: Public sector; Manufacturing and non-
manufacturing industries as well as government agencies both
domestic and overseas, Hitachi, Ltd., and Omron Corporation

Major shareholders and holdings: Hitachi, Ltd.      55.00%
                               Omron Corporation    45.00%

Primary transaction banks: To be decided

Significant Relationships

Capital: Hitachi and Omron Hitachi are the owners of the new
company.

Human resources: Hitachi plans to transfer 1,020 of its
employees to the new company.

Omron plans to transfer 420 of its employees to the new company.

Transactions: The new company will sell products to Hitachi,
Hitachi Group companies, Omron Group companies as well as offer
maintenance services on an outsourcing basis.

ABOUT HITACHI, LTD.

Hitachi, Ltd. (NYSE: HIT), headquartered in Tokyo, Japan, is a
leading global electronics company, with approximately 340,000
employees worldwide. Fiscal 2002 (ended March 31, 2003)
consolidated sales totaled 8,191.7 billion yen ($68.3 billion).
The company offers a wide range of systems, products and
services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services.

ABOUT OMRON CORP.

Headquartered in Kyoto, Japan, OMRON Corporation (TSE: 6645; US:
OMRNY) is a global leader in the field of automation.
Established in 1933 and headed by CEO Hisao Sakuta, Omron has
more than 23,000 employees in over 35 countries working to
provide products and services to customers in a variety of
fields including industrial automation, electronic components,
social systems (ticket gate machines, ticket vending machines,
cash dispensers, and traffic control), and healthcare. The
company is divided into five regions and head offices are in
Japan (Kyoto), Asia Pacific (Singapore), China (Shanghai),
Europe (Amsterdam) and US (Chicago). The European organization
has its own development and manufacturing facilities, and
provides local customer support in all European countries.

Hitachi Ltd.'s cash and cash equivalents as of December 31, 2003
amounted to 614.5 billion yen (US$5.744 billion), a net decrease
of 94.4 billion yen (US$883 million) during the third quarter,
TCRAP reported recently.

Debt as of December 31, 2003 stood at 2.797 trillion yen
(US$26.141 billion), 94.4 billion yen (US$883 million) higher
than at September 30, 2003 as a result of an increase in short-
term debt.

Contact:

Hitachi, Ltd.
Ms. Fusako Hayakawa
+81-3-3258-2056
E-mail: fusako_hayakawa@hdq.hitachi.co.jp

Omron Corporation
Mr. Takayuki Nakamura,
Christopher Udell
+81-3-3436-7202
E-mail: takayuki_nakamura@omron.co.jp
E-mail: christopher_udell@omron.co.jp


MITSUBISHI FUSO: New Trucks, Buses Face Delay
---------------------------------------------
The Ministry of Land, Infrastructure and Transport will not
certify any new truck or bus from Mitsubishi Fuso Truck & Bus
Corporation equipped with its latest "F-type" wheel hub until
the hub's safety is verified, Kyodo News reports, citing unnamed
ministry officials.

Last month, the Mitsubishi Fuso Truck & Bus Corporation filed
with the Ministry of Land, Infrastructure and Transport a recall
report related to rear hubs on heavy-duty trucks and large
buses.

According to the TCR-AP, Vol. 7, No.76, the recall covered a
total of 21,700 vehicles: 19,900 heavy-duty trucks (some models
excluded) produced between August 1989 and June 1992; and 1,800
buses produced between May 1990 and November 1992.


NIPPON OIL: 349 Employees File For Early Retirement
---------------------------------------------------
Nippon Oil Corporation said that 349 workers, including some at
its oil refining subsidiary Nippon Petroleum Refining Co., would
voluntarily retire on July 1, as part of its early retirement
program, according to Japan Times. The companies launched the
program in April to cut back their combined workforce of about
5,700 by 500, or about 9 percent.

The companies will pay special retirement money in addition to
regular retirement benefits to the retirees. It will also bear
some of the expenses they might incur in finding new jobs, they
said.

Nippon Oil will book an extraordinary loss of 12.1 billion yen
in connection with the program for the business year ended March
31.


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


DAEWOO HEAVY: Political Meddling May Disrupt Sale
-------------------------------------------------
The sale of state-run Daewoo Heavy Industries & Machinery Ltd.
faces a roadblock, as South Korea's pro-labor political party
has demanded that the government remove unfavorable conditions
attached to the sale, the Korea Herald reported on Monday, 10
May.

The controversy erupted when DHI's trade union and other
employee groups expressed an intention to join the bidding. The
Democratic Labor Party claims the sale has "unfavorable"
conditions that discriminate against the workers and urged the
government to remove them.

"The government requires a bidder to purchase more than a 50
percent stake in the company. But the condition will raise the
purchase costs tremendously and thus block any possibility of
the DHI workers joining the bidding process," T.K. Song, policy
director of the party, told The Korea Herald.

"Moreover, the government said that to retain their bidder
status, the workers must not stage any further strikes or
demonstrations. It is a serious infringement of workers'
rights," he said. The party will advise the DHI workers to
withdraw from the bidding unless the "unfair" conditions are
removed. It also demands that the entire sale plan be
reconsidered and amended.

The Company has drawn plenty of attention from investors after
the government unveiled a plan to sell the company in June. The
DHI union and office workers also announced a plan to purchase
the company to guarantee job security.


KOOKMIN BANK: To Lower Interests On Fixed Deposits To 3%
--------------------------------------------------------
Kookmin Bank will lower interests for fixed deposits with a one-
year maturity period to the 3 percent level, the Maeil reports.
This is the first time that the bank has lowered rates on 1-year
fixed deposits to below the 4 percent level, industry watchers
said.

Kookmin Bank posted a net profit of 169 billion won (US$145.85
million) in the first quarter of this year, up 311.4 percent
from 2003, TCR-AP reported recently in its 82nd issue. Operating
profit before setting aside loan loss provisions also increased,
by 0.6 percent to 1.38 trillion won, during the three-month
period.

Kookmin Bank revised its 2003 loss to 753.3 billion won
(US$639.5 million) after an audit by finance regulators found
the lender hadn't paid all its taxes related to trust accounts.


SSANGYONG MOTOR: Debuts New Multipurpose Vehicle Rodius
-------------------------------------------------------
Ssangyong Motor Co. launched Tuesday its new premium
multipurpose vehicle (MPV), called Rodius, during a launching
ceremony at a Seoul hotel, Yonhap News reports. Rodius, a name
derived from combining "road" and "Zeus" to denote "Emperor of
the Road," is a new-concept MPV that simultaneously offers the
comfort of a sedan, power of a sports utility vehicle and
multifunctional aspect of a minivan.

Chohung Bank, the main creditor of Ssangyong Motor Co., said
that several automakers had shown interest in the carmaker after
the breakdown of talks to sell it to China National Bluestar
Corporation, TCR-AP reported recently. Ssangyong creditors
dropped Bluestar as its preferred bidder last month after it
failed to submit information on a firm price and a letter of
support from the Beijing government.


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


ANCOM BERHAD: Purchases 118,500 Units Of Ordinary Shares
--------------------------------------------------------
Ancom Berhad, in a notice dated 11 May 2004 to the Bursa
Malaysia Securities Berhad, announced that the company on the
same date, bought back 118,500 units of ordinary shares of
RM1.00 each for a total cash consideration of RM90,797.50.

The minimum price paid was pegged at RM0.760 while the maximum
price paid was RM0.780.

The company to date has 194,400 units of cumulative net
outstanding treasury shares.


ANTAH HOLDINGS: Submits Litigation Updates
------------------------------------------
The Board of Directors of Antah Holdings Berhad, submitted on 11
May 2004 to the Bursa Malaysia Securities Berhad, updates on the
status of Antah's involvement in litigation for the period from
11 April 2004 to 10 May 2004.

The involvement in litigation has been divided into three
categories, namely: financial institutions, non-financial
institutions and corporate guarantees.

The Board would like to inform that Antah is currently at an
advanced stage of finalizing with the lenders and creditors on
the detailed terms of the Proposed Debt and Restructuring Scheme
(the Scheme). Certain lenders and creditors have indicated
positive feedback on the Scheme. The Company is expected to make
an appropriate announcement in due course upon finalization of
the Scheme.

1. Financial Institutions

To read full details of the status of claims made by financial
institutions, please click on the following link:

http://bankrupt.com/misc/AntahFinancialInstitutions13May2004.doc

2. Non-Financial Institutions

To read full details of the status of claims made by non-
financial institutions, please click on the following link:

http://bankrupt.com/misc/AntahNonFinance13May2004.doc

3. Corporate Guarantee

The status in respect of the claims made by the following
corporate guarantee, which have been provided by Antah.

No.                    Case No.                 Status

1.           Kuala Lumpur High Court Suit   12 July 2004/ Case
             No. D2-22-653-03               Management
             Bank Pertanian Malaysia-vs-
             Pacific Asia Fishing Sdn Bhd
             And Antah Holdings Berhad

There are no material developments to the claims against
companies where corporate guarantees have been provided by
Antah.


BOUSTEAD HOLDINGS: New Shares Granted Listing and Quotation
-----------------------------------------------------------
Boustead Holdings Berhad, in a notice dated 11 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the company's
additional 107,000 new ordinary shares of RM0.50 each issued
pursuant to the Boustead-Employees' Shares Option Scheme will be
granted listing and quotation effective 9 am on Thursday, 13 May
2004.


CONSOLIDATED FARMS: Writs Of Summons Served On Confarm and Unit
---------------------------------------------------------------
The Board of Directors of Consolidated Farms Berhad (Confarm),
in a disclosure dated 11 May 2004 to the Bursa Malaysia
Securities Berhad, announced that the company together with its
wholly owned subsidiary, Consolidated Feedmill Sdn Bhd (CFSB),
have been named as defendants in two Writs of Summons, both
dated 28 April 2004. The summons were filed by Gladron Chemicals
Sdn Bhd (Gladron) in the High Court of Kuala Lumpur and served
on Confarm and CFSB, respectively on 10 May 2004.

The suits are in respect of goods sold and delivered to Confarm
and CFSB. Gladron had claimed for the amount of RM259,940.00
from Confarm and RM440,870.00 from CFSB together with interest
of 1.5 percent per month from date of filing of the Writs until
full resolution, costs and any other relief to be granted by the
Court.

The Company and CFSB had appointed lawyers to defend the suit.
The Company will seek the indulgence of the plaintiff for an
abeyance in the proceedings pending the review by the Board of
Directors of Confarm to ascertain its financial position before
deciding the way forward for the Confarm Group.


FACB RESORTS: CEO Informs Of Dealings During Closed Period
----------------------------------------------------------
FACB Resorts Berhad informed the Bursa Malaysia Securities
Berhad on 11 May 2004, that the company had received
notification from the Chief Executive Officer and Director of
the company, Tan Sri Dr Chen Lip Keong of his dealings in the
company's securities during the Closed Period.

Date of Transaction:                7 May 2004
Nature of Transaction:              Disposal in open market
No. of Shares:                      32,000,000
                                    (Direct Shareholding)
Percentage:                         1.576 percent
Price transacted:                   RM0.11
Total consideration:                RM3,520,000

Date of transaction:                7 May 2004
Nature of transaction:              Disposed in open market
No. of Shares:                      33,400,000
                                    (Indirect Shareholding)
Percentage:                         1.645 percent
Price transacted:                   RM0.11
Total Consideration:                RM3,564,000

Date of transaction:                7 May 2004
Nature of transaction:              Disposed in open market
No. of shares:                      32,400,000
                                    (Indirect shareholding)
Percentage:                         1.596 percent
Price transacted:                   RM0.11
Total Consideration:                RM3,564,000

Following the abovementioned transactions, shares held by Tan
Sri Dr Chen Lip Keong directly and indirectly in the Company
stand at 797,441,932 (39.28 percent) ordinary shares and
87,367,951 (4.30 percent) ordinary shares respectively.


GENERAL SOIL: Level Of Operations Falls Below Par
-------------------------------------------------
The Board of Directors of General Soil Engineering Holdings
Berhad (Gensoil or Company), in a disclosure dated 11 May 2004,
announced that the Bursa Malaysia Securities Berhad (Bursa
Malaysia) had via its letter dated 30 April 2004, notified
Gensoil that the company has been determined by the Bursa
Malaysia as having an inadequate level of operations (Affected
Listed Issuer) pursuant to Practice Note 10/2001.

1. Determination of Adequacy of Level of Operations

1.1 Practice Note 10/2001, which came into effect on 1 July
2001, states that the level of operations of a listed company
must be adequate to warrant continued trading and/or listing on
the Official List pursuant to paragraph 8.16 of the Listing
Requirements (LR).

The following are some of the circumstances, the occurrence of
any one of which, may lead the Bursa Malaysia to determine a
listed issuer as having inadequate level of operations pursuant
to paragraph 8.16 of the LR:

(a) where the assets of the listed issuer on a consolidated
basis consist of 70 percent or more of cash and/or short term
investment.

(b) the listed issuer has suspended or ceased all of its
business or its major business or its entire or major
operations.

For the purpose of this paragraph, "major" means such proportion
that contributes or generates 70 percent or more of the listed
issuer's revenue on a consolidated basis based on its latest
annual audited accounts; or

(c) the listed issuer has an insignificant business or
operations i.e. business or operations which generate revenue on
a consolidated basis that represents 5 percent or less of the
issued and paid-up capital (excluding any redeemable preference
shares) of the listed issuer based on its latest audited
accounts.

Bursa Malaysia has notified via its letter dated 30 April 2004
(Notice), that Gensoil is deemed to be an Affected Listed Issuer
pursuant to Paragraph 2.1 of Practice Note 10/2001 (PN10) as
highlighted above.

1.2 For the eighteen (18) month financial period ended 30 June
2002, Gensoil and its subsidiaries (Gensoil Group)'s turnover
has dropped by 88.1 percent to RM4.4 million.

The declining business operations of the Gensoil is due to the
sluggish pace of the construction industry which generally means
a dearth of new projects following the completion of some
sizable projects by the Company over the said financial period.
The adverse financial position of the Company has prevented
the Company from securing more contracts and has also hindered
the commencement of works for secured projects.

The Gensoil Group's turnover continued to deteriorate in the
financial year ended 30 June 2003 where its turnover is reduced
to RM2.9 million. For the six (6)-month period ended 31 December
2003, the Gensoil Group did not generate any turnover and is not
expected to generate significant turnover commencing 1 January
2004.

Gensoil is also an affected issuer pursuant to Practice Note 4
(PN4), hence the requirements and obligations set our in PN4
will prevail. Gensoil is therefore required to strictly comply
with the provisions of PN4, particularly the timeframe
prescribed in PN4 for the regularization of Gensoil's financial
condition. As such, the timeframe stipulated under PN10 for the
Company to regularize its level of operations would not be
applicable to the Company. The Company's regularization plan
pursuant to PN4 as announced on 14 October 2003 and 13 February
2004 shall also ensure that the Company has adequate level of
operations to warrant continued listing on the Official List of
Bursa Malaysia.


GULA PERAK: New Ordinary Shares For Listing
-------------------------------------------
Gula Perak Berhad announced on 11 May 2004 to the Bursa Malaysia
Securities Berhad that the company's additional 3,500 new
ordinary shares of RM1.00 each, issued pursuant to the Gperak-
Conversion of RM3,500 irredeemable convertible secured loan
stocks, will be granted listing and quotation effective 9 am on
Thursday, 13 May 2004.


HAP SENG: Buys Back 18,000 Units Of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad, in a notice dated 11 May 2004 to
the Bursa Malaysia Securities Berhad, announced that the company
on the same date, bought back 18,000 units of ordinary shares of
RM1.00 each for a total cash consideration of RM46,167.31.

The minimum price paid for each share was RM2.520 while the
maximum priced was placed at RM2.560.

To date, the company has 32,949,000 units of cumulative
outstanding treasury shares.


HUME INDUSTRIES: Issues Notice Of Book Closure
----------------------------------------------
Hume Industries (M) Berhad, announced on the Bursa Malaysia
Securities Berhad on 11 May 2004, that pursuant to the company's
issuance of a second interim dividend, Hume Industries
securities will be traded and quoted (Ex-Dividend) as from 17
June 2004.

The last day of filing is 21 June 2004 with the dividends
payable on 29 June 2004.


KRAMAT TIN: Answers BMSB Query
------------------------------
Kramat Tin Dredging Berhad has issued a reply to the letter from
the Bursa Malaysia Securities Berhad dated 11 May 2004
pertaining to the increase in the company's share price.

The Query letter reads as follows:

We draw your attention to the sharp increase in price in your
Company's shares today.

In accordance with paragraph 9.11 of Bursa Malaysia Securities
Berhad (the Exchange) Listing Requirement's Corporate Disclosure
Policy on Response To Unusual Market Activity, you are requested
to furnish the Exchange with an announcement for public release
after a due enquiry seeking the cause of the unusual market
activity in the Company's securities.

When considering your response and when making the required
announcement, your attention is particularly drawn to the
continuing disclosure requirements set out in Chapter 9 of the
Exchange's Listing Requirements.

The announcement is to reach the Exchange immediately today via
the KLSE Listing Information Network (KLSE Link).

Yours faithfully

SUZALINA HARUN
Sector Head, Listing Compliance
Group Regulations
/lhm

Kramat Tin advised the Exchange that after having made due
inquiry, the company was not aware of any reason for the unusual
market activity.

Save for the announcement made on 24 April 2004, there is no
material development in Kramat Tin Dredging Berhad's business
and affairs not previously disclosed.


MALAYSIA AIRLINES: Planning To Impose A Fuel Levy
-------------------------------------------------
Malaysia Airlines System Bhd (MAS) Chief Financial Officer Low
Chee Teng says the airline is considering a levy on passenger
airfares because of increasing fuel costs.

According to Dow Jones, while citing the Star newspaper, the
fuel surcharge could be introduced as early as this week.

Twenty percent of MAS' operating costs goes to fuel allocation.


PERNAS INTERNATIONAL: Announces Redesignation Of Director
---------------------------------------------------------
Pernas International Holdings Berhad, in a disclosure dated 11
May 2004 to the Bursa Malaysia Securities Berhad, announced that
Datuk Mohd Khamil Bin Jamil has been redesignated as non-
executive director of the company with a non-independent and
non-executive directorate.

Mohd Khamil is a Barrister-at-Law with a LLB(Honors) from the
University of London and is currently a director of United
Malayan Land Berhad.

He holds 0.01 percent interest in Restu Jernih Sdn Bhd, which
wholly owns Perspective Lane Sdn Bhd which in turn holds a 32
percent stake in Pernas International Holdings Berhad.


POS MALAYSIA: New Shares Granted Listing
----------------------------------------
POS Malaysia and Services Holdings Berhad, announced in a
circular dated 11 May 2004 to the Bursa Malaysia Securities
Berhad, that the company's 283,000 new ordinary shares of RM1.00
each, issued pursuant to the conversion of RM509,400 nominal
value 5-year 8 percent irredeemable convertible unsecured loan
stocks 1999/2004 (LB); and 223,000 new ordinary shares of RM1.00
each issued pursuant to the Employee Share Option Scheme will be
granted listing and quotation effective 9 am on Thursday, 13 May
2004.


PROTON HOLDINGS: Shares Continue Rising
---------------------------------------
Shares of Proton Holdings Berhad are on a continuous upward
trend, Malaysian National news Agency, Bernama, reports. This
follows reports that its wholly owned subsidiary, Perusahaan
Otomobil Nasional Berhad (Proton) is currently negotiating to
purchase Campro engines.

The Campro engine is fitted to the recently-launched Gen.2
model. Proton chief executive officer Tan Sri Tengku Mahaleel
Tengku Ariff says the deals may be worth a minimum of 100,000
Campro engines to carmakers in Europe and Asia.

As of 11 May 2004, Proton Holdings shares were trading at RM7.95
per.


TENAGA NASIONAL: Issues RM200M Of CRIS
--------------------------------------
Tenaga Nasional Berhad would like to refer to the company's
announcements dated 22 April and 26 April 2004 and reported in
TCR-AP Volume7, Nos. 79 and 82.

On behalf of Tenaga, Commerce International Merchant Bankers
Berhad announced on 11 May 2004 in a notice submitted to the
Bursa Malaysia Securities Berhad, that RM200 million nominal
value of the CRIS were issued on 11 May 2004. The maturity date
of the CRIS shall be 8 May 2009.


TRONOH MINES: Appoints New Joint Secretary
------------------------------------------
Tronoh Mines Malaysia Berhad, announced on 11 May 2004 on the
Bursa Malaysia Securities Berhad that Raja Azmi bin Raja
Nazuddin was appointed company joint secretary on the same date.


TRONOH MINES: Zelan Unit Enters Into JV With Indo Firm
------------------------------------------------------
Tronoh Mines Malaysia Berhad (the Company), in a disclosure
dated 11 May 2004 to the Bursa Malaysia Securities Berhad,
announced that Zelan Holdings (M) Sdn Bhd (ZHSB), a wholly owned
subsidiary of the Company had on 10 May 2004 entered into a
Joint Venture Agreement (Joint Venture) with P.T. Krazu
Nusantara, an Indonesian limited liability company (PTKN) to
jointly establish, form, own and operate a limited liability
foreign investment company in Indonesia for the purposes of
securing civil construction power generation projects and any
other purposes mutually agreed by the parties.

Details of the Joint Venture

The salient terms of the Joint Venture are as follows:

(1) The Joint Venture foreign investment company shall operate
under the name of "PT ZELAN INDONESIA" or such other name as
agreed between the parties of the Joint Venture.

(2) The share equity of the parties in the Joint Venture foreign
investment company shall be in the following proportions:

ZHSB = 95 percent

PTKN = 5 percent

(3) The jointly formed Joint Venture foreign investment company
shall have an authorized capital of USD400,000.00 and a paid-up
capital of USD100,000.00

(4) PTKN was established in 1990, with main activities that
involve general trading, engineering, and construction. Its main
core business is the provision of high quality industrial
insulation services in the power generation industry, oil and
gas industry and the general construction industry.

Effects of the Joint Venture

1. The formation of the Joint Venture foreign investment company
will not have any significant impact on the issued share capital
and the net tangible assets of the Company.

2. The formation of the Joint Venture foreign investment company
will result in the establishment of an indirect subsidiary of
the Company by virtue of the Company's wholly owned interest in
ZHSB.

3. The Joint Venture is expected to contribute to the future
earnings of the Tronoh Group.


UCP RESOURCES: Issues Notice Of Book Closure
--------------------------------------------
UCP Resources Berhad announced on 11 May 2004 on the Bursa
Malaysia Securities Berhad, that pursuant to the entitlement for
the share exchange of ordinary shares in UCP Resources Berhad
for shares in JMR Conglomeration Berhad, the company's
securities will be traded and quoted (Ex-Entitlement) as from 12
May 2004. The last day of filing is 14 May 2004.

For more details on the entitlement, please refer to TCR-AP May
12, 2004, Volume 7, No. 93.


YCS CORPORATION: Issues Monthly Restructuring Update
----------------------------------------------------
YCS Corporation Berhad, in a notice posted with the Bursa
Malaysia Securities Berhad on 11 May 2004, declared that further
to the announcement made on 22 April 2004 on the approval of a
time extension to make the Requisite Announcement, the Company
would like to inform that it is currently in the midst of
negotiations to regularize its financial condition.

Further developments will be announced accordingly.


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


NATIONAL POWER: Considers Indonesia As Coal Source
--------------------------------------------------
National Power Corp. (Napocor) is in talks with other coal
sources in Indonesia for its 1,000-megawatt Sual and 600-
megawatt Masinloc coal-fired power plants, which currently gets
its coal requirement from China and Australia, according to the
BusinessWorld Online edition.

Napocor's proposal to ink long-term contracts with PT Katim
Prina, PT Indominco, PT Arutmin and Pt Gunung Bayan for the Sual
and Masinloc coal-fired power plants was raised when Napocor
President Rogelio M. Murga visited Indonesia recently.  The said
contract will commence in 2005.

"From all indications, it is apparent that [the high cost of
coal from China] will persist in the next two years Napocor is
exploring the possibility of entering into long-term contracts
with four coal companies for Sual and Masinloc in 2005 onwards,
Indonesia is the best bet because of its proximity to the
Philippines. Also, it is an ASEAN member country," the source
said.


NEGROS NAVIGATION: Parent Company Plans Spin-Off
------------------------------------------------
Metro Pacific Corp. the local flagship company of the Hong-Kong
based First Pacific Co. may spin-off subsidiary Negros
Navigation Co. (Nenaco) to protect itself from the problems
faced by the latter, The Philippine Star reports.

Manuel V. Pangilinan, First Pacific Chief Executive Officer said
Metro Pacific has no plans of infusing funds to Nenaco for the
company itself does not have funds to refinance the shipping
firm.

Metro Pacific owns 97.6 percent of Nenaco.


NEGROS NAVIGATION: SEC Imposes PhP75,000 Fine
---------------------------------------------
According to the Securities and Exchange Commission (SEC),
Negros Navigation Co. Inc. (Nenaco) failed to reflect the
liquidity position of the company by not disclosing its huge
debt problem in its third-quarter report, which violates
Nondisclosure of the debt situation under the Securities
Regulation Code's Rule 17.1, which explains why they are
imposing a PhP75,000 fine to the shipping firm, BusinessWorld
Online reports.

SEC said Rule 17.1 of the Securities Regulation's Code states
that, as part of a company's reportorial requirements, it should
disclose any known trend, event or uncertainty, which may have a
material impact on a company's liquidity.

In an April 29 letter to the SEC, Nenaco explained that it
cannot be held liable for violating the rules on financial
reporting since when it submitted its third-quarter report it
was not aware of any uncertainty that would adversely affect the
company.

Nenaco said when the third-quarter report was prepared as of
Sept. 30, its finances showed positive operating results. But
SEC did not merit the 2003 third-quarter report of Nenaco for it
did not contain complete and necessary information.

"In view hereof, the third-quarter report of the company for the
calendar year 2003 is deemed not filed. The company is hereby
assessed a fine of PhP75,000, computed in accordance with SEC
Memo Circular 2 Series of 2003 [Revised Scales of Fines]," the
SEC's May 4 letter to Nenaco said.


NEGROS NAVIGATION: Issues Clarification To News Article
-------------------------------------------------------
Negros Navigation Co. (Nenaco) submits to the Philippine Stock
Exchange a clarification to the news article entitled, "Nenaco
asking tax agency for easier terms on dues" published in the May
11, 2004 issue of the BusinessWorld (Internet Edition).

The article reported "Interisland shipping Negros Navigation Co.
(Nenaco) is asking the Bureau of Internal Revenue for easier
terms in settling some PhP424.5 million in taxes.  In his
initial report the rehabilitation court submitted last May 7,
Nenaco receiver Sulficion O. Tagud Jr. said he had written
Internal Revenue Commissioner Guillermo Parayno Jr. to take into
consideration the shipping firm's poor cash position which has
affected its ability to pay taxes on time.

"The receiver requested the Commissioner of the BIR for guidance
on the best way for petitioner to settle its outstanding tax
liabilities taking into consideration the fact that it is
currently under the rehabilitation and that its cash flows are
very limited," he told the court.  Mr. Tagud said according to
Nenaco's financial records, the company has not been paying its
taxes regularly.  But upon his recommendation, the company
immediately paid PhP3.9 million in taxes last month."

Negros Navigation Co. Inc. in its letter dated May 11, 2004,
confirmed that:

Mr. Sulficio O. Tagud Jr., the Rehabilitation receiver of Negros
Navigation Co. Inc., wrote the Bureau of Internal Revenue
Commissioner Guillermo Parayno Jr. requesting the Commissioner
Parayno for guidance on the best way for Nenaco to settle its
outstanding tax liabilities taking into consideration the fact
that Nenaco is under rehabilitation and that its cash flows are
very limited."


PHILIPPINE LONG: Unit Creates U.S. Link For Polls Monitoring
------------------------------------------------------------
In a press release disclosed to the Philippine Stock Exchange,
PLDT Global a fully owned subsidiary of Philippine Long Distance
Telephone Co. (PLDT) said it has recently provided facilities in
the United States to enable Filipinos abroad to view the live
webcast of the results and monitoring of the May 10, 2004
national elections.

PLDT Global activated a 45 Megabits per second (Mbps) link to
one of its servers in the U.S. to facilitate a smooth and
continuous coverage of the INQ7 Eleksyon 2004 webcast as well as
the audio streaming of GMA 7 radio station DZBB.

Alfredo S. Panlilio, PLDT Senior Vice President and Group Head
for International and Carrier Business Group, said Filipinos in
the U.S. and other countries who actively monitor the results of
the elections would benefit greatly from this.

"What we have provided our fellow Filipinos is an invaluable
tool to update them on what's going on in the Philippines,
especially with a crucial event such as the national elections,"
he said.

He explained that if all Filipinos abroad would log on to
servers in the Philippines for similar webcasts, there would be
great likelihood of congestion and network downtime.

Mario S. Lanuza, PLDT Global IT Head, said Bitstop Computers,
which is responsible for arranging these webcast services for
INQ7, approached PLDT for support.

"They told us that if Filipinos abroad would connect here, it
would be difficult and potential problems could arise.  Because
we already have the server in the U.S. and the network, we were
able to provide what they needed," he said.

The server is located in the PLDT U.S. Data Center in Los
Angeles. A 45 Mbps link to the Internet was provided to ensure
the smooth and uninterrupted webcast of INQ7 Eleksyon 2004 and
audio streaming of GMA 7 radio station DZBB.

Earlier, the PLDT Group extended full corporate support to the
National Citizen's Movement for Free Elections (NAMFREL) to help
ensure the speedy, secure and accurate canvassing of ballots.
PLDT installed more than 200 phone lines nationwide and four E1
leased lines or high-speed data communications links to enable
NAMFREL to communicate easily and pass on crucial information
quickly.  Prepaid PLDT Vibe Internet cards worth PhP300 each
were also distributed by PLDT for free to all major sites of
NAMFREL.

PLDT has also set up a monitoring and coordinating center at its
main office at the Ramon Cojuangco Building in Makati City for
the installation of telecommunications facilities in all of
NAMFREL's different chapters nationwide.

Another PLDT subsidiary, Smart Communications Inc., also plays a
crucial role in the elections since transmission of results for
the Quick Count are being done mainly via text messages that
pass through Smart's servers and then passed on to the main site
of NAMFREL's quick count at La Salle Greenhills.  Special
software is used to facilitate processing of info via text
messages.

PLDT Global provides end-to-end global telecom services by
optimizing PLDT's international assets to create new
opportunities through presence in key Filipino communities and
new markets.

Its services include wholesale switched voice services for
Philippine and Rest of the World (ROW) traffic, bandwidth
services for call center transport solutions, and retail
services that include calling cards for OFW and other ethnic
groups with critical mass in the same offshore markets where
PLDT Global operates.  Offerings of these products, especially
for retail services, are also available through the PLDT Global
On-Line web portal.  The portal serves as the shopping site not
only for telecom-related services offered by the PLDT Group but
also for other non-telecom-related services made possible
through partnerships with different entity.


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


ARCH ENGINEERING: Issues Dividend Notice
----------------------------------------
Arch Engineering Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 21 Tuas Avenue 18A
Singapore 638866.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 271 of 1996.

Amount Per Centum: 17.39%.

First and Final or otherwise: First & Final Dividend.

When Payable: 28 April 2004.

Where Payable:

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

MOEY WENG FOO
Assistant Official Receiver.

This Singapore Government Gazette announcement is 7 May 2004.


CHARTERED SEMICONDUCTOR: Unveils April 29 AGM Results
-----------------------------------------------------
On April 29, 2004 in Singapore, Chartered Semiconductor
Manufacturing Ltd. (CSM) submitted a notice to the Singapore
Exchange Securities Trading Limited relating to matters, which
were duly approved by the shareholders at the Company's
Sixteenth Annual General Meeting held on April 29, 2004. The
notice is being filed as an exhibit to this report on Form 6-K
in connection with the Company's submission to the Singapore
Exchange Securities Trading Limited.

Chartered Semiconductor Manufacturing Ltd is pleased to inform
that at its Sixteenth Annual General Meeting of shareholders
held at 11 a.m. on April 29, 2004, all resolutions relating to
the following matters as set out in the Notice of Annual General
Meeting dated 30 March 2004 were duly approved and passed by the
shareholders:

1. Adoption of the Audited Accounts and reports of Directors and
Auditors for the year ended December 31, 2003;

2. Re-election of the following Directors:

  (a) (i) Mr. Andre Borrel
    (ii) Mr. Tay Siew Choon
    (iii) Mr. Peter Seah Lim Huat

  (b) Mr. Philip Tan Yuen Fah

3. Re-appointment of Mr. Charles E. Thompson and Mr. Robert E.
La Blanc as Directors;

4. Re-appointment of KPMG as the Company's Auditors;

5. Approval of Directors' fees of US$427,125;

6. Approval of the Company's Employee Share Purchase Plan 2004;

7. Approval of the Company's Share Purchase Plan 2004 for
Employees of Silicon Manufacturing Partners Pte Ltd;

   8 (a). Authority for the Directors to allot and issue shares
in the capital of the Company;

   8 (b). Authority for the Directors to create and issue
securities; and

   8 (c). Authority to offer and grant options and to allot and
issue shares pursuant to the Company's Share Option Plan 1999.

Submitted by: Looi Lee Hwa, CSM Company Secretary.


CHARTERED SEMICONDUCTOR: Enters Alliance With TriCN
---------------------------------------------------
TriCN, a leading developer of intellectual property (IP) for
high-speed semiconductor interface technology, announced the
immediate availability of its Base I/O library in the 130
nanometer (nm) process for Chartered Semiconductor, the Business
Wire reports. Broadly applicable to a wide variety of interface
application requirements, TriCN's Base I/O library is a
comprehensive set of cells containing all elements necessary for
pad ring assembly.

TriCN's Base I/O library is particularly well suited to the
demands of high-performance interface applications. The cells
are designed to accommodate more robust power and ground
demands, allowing for an effective area gain compared to
competing libraries. All cells feature built-in noise isolation
to provide improved operation and reliability in high-
performance applications. Additionally, the library is designed
to support not only bond-wire, but also flip-chip packaging
typically found in high-speed ICs.

"We are pleased to offer support for Chartered Semiconductor
customers in the TriCN product portfolio," said Joseph Curry,
CEO of TriCN. "As one of the world's top three semiconductor
foundries, Chartered has a large and diverse group of customers
who can now take advantage of TriCN's high-performance interface
technology to achieve their frequency targets. High-speed
interface design is an increasingly complex prospect for
semiconductor companies. We are eager to work with both
Chartered and their customers to meet these challenges."

TriCN's library is well differentiated from competing products
on the basis of the variety of cells offered, as well as the
performance and flexibility of those cells. Along with the
standard array of Corners, Breakers, Power and Ground, and
LVTTL/LVCMOS cells, TriCN's Base I/O Library includes higher
performance HSTL, SSTL-2, PCI 2.2, PCI-X 1.0, and USB 1.1, cells
currently lacking in most competitive offerings.

AVAILABILITY

TriCN's Base I/O library is immediately available for flip-chip
and bond-wire applications in the Chartered 130nm process.

ABOUT TRICN

Founded in 1997, San Francisco, California-based TriCN is a
leading developer of high-performance semiconductor interface
intellectual property (IP). The company provides a complete
portfolio of IP for maximizing data throughput on and off the
chip. All products are designed using rigorous signal integrity
and timing analysis to ensure first time power-up success.
Products include Base I/O libraries for pad-ring creation, high-
performance memory and networking interfaces, multi-function
I/O's compatible with multiple interface protocols, and multi-
gigabit SerDes products. TriCN's customers range from fabless
semiconductor to systems companies and independent design
manufacturers.

Contacts

TriCN, Inc.
Steve McConnell, 415-625-3606
steve@tricn.com
or
Dave Communications, LLC
E-mail/Tel.: Kimberly Hathaway, 415-989-0230
E-mail: kimberly@davecomm.net


DBS FACTORS: Creditors Must Submit Claims By June 8
---------------------------------------------------
Notice is hereby given that the creditors of DBS Factors Pte Ltd
(In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 8 June 2004 to send
in their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the Liquidator, and, if so required by notice in writing from
the said Liquidator, are by their solicitors, or personally, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

Ms. CHUAH SOO KIANG
Liquidator.
c/o 6 Shenton Way
#16-00 DBS Building, Tower One
Singapore 068809.

This Singapore Government Gazette announcement is dated 7 May
2004.


DILIGENT AIR-CON: Issues Notice Of Winding Up Order
---------------------------------------------------
Diligent Air-Con Engineering Pte Ltd issued a notice of winding
up order made on the 9 January 2004.

Name and address of Liquidator:

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

Messrs BILLY & ALSREE
Solicitors for the Petitioner.
RHB BANK BERHAD

This Singapore Government announcement is dated 11 May 2004.


INTRACO LIMITED: Director Chen Seow Phun Resigns
------------------------------------------------
The Board of Directors of Intraco Limited announced the
resignation of Dr. Chen Seow Phun, John as a Director of the
Company with effect from 10 May 2004. Dr. Chen will also
relinquish his position as a member of the Audit and
Remuneration Committees on the same date.

The Company wishes to express its sincere appreciation to Dr
Chen for his past contributions and services rendered to the
Company.

By Order of the Board
Lu Ling Ling
Company Secretary

Submitted by Lu Ling Ling, Company Secretary on 10 May 2004 to
the Singapore Exchange


MEDECHAIN PTE: Enters Winding Up Petition
-----------------------------------------
The Board of Directors of Parkway Holdings Limited (Parkway)
wishes to announce that Medechain Pte Ltd (Medechain), an
associated company, incorporated in Singapore had on 11 May 2004
resolved to be liquidated by way of a members' voluntarily
winding up pursuant to Section 290 of the Companies Act, Cap.
50. Ms. Low Sok Lee Mona and Mr. Cheng Soon Keong have been
appointed Liquidators of Medechain.

By Order of the Board
Submitted by June Tay Kwok Fung, Parkway Holdings Limited
Secretary on 11 May 2004 to the Singapore Exchange.


R & N ENGINEERING: Releases Winding Up Order Notice
---------------------------------------------------
R & N Engineering Construction Pte Ltd issued a notice of
winding up order made on 30 April 2004.

Name and address of Liquidator:

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

Messrs B T TAN & COMPANY
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 7 May
2004.


TECHNICDELTA ELECTRICAL: Winding Up Hearing Set May 28
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Technicdelta Electrical Engineering Pte Ltd by the High Court
was on 30 April 2004 presented by Vader Technologies Pte Ltd of
Block 5012, Ang Mo Kio Avenue 5 #04-12, TechPlace II, Singapore
569876. The said petition will be heard before the Court sitting
at the High Court in Singapore at 10 a.m. on the 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 the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is Block 5012, Ang Mo Kio Avenue 5 #04-
12, TechPlace II, Singapore 569876.

The Petitioners' solicitors are Messrs Acies Law Corporation of
1 Raffles Place, #39-01 OUB Centre, Singapore 048616.

Messrs ACIES LAW CORPORATION
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named
solicitors notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than twelve o'clock in
the afternoon of the 27 May 2004 (the day before the date
appointed for the hearing of the Petition).

This Singapore Government Gazette announcement is dated 7 May
2004.


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


THAI PETROCHEMICAL: Posts 59% Increase In Sales Revenue
-------------------------------------------------------
In a press release, Thai Petrochemical Industry PCL (TPI) said
on Monday that sales revenues for the first four months of the
year rose 59 percent from the same period last year, mainly due
to strong demand for plastic pellets and oil in the country. At
the same time, it noted that the increase in oil prices was
higher than originally projected.

TPI Chief Executive Officer Prachai Leophairatana said sales
revenues for the four-month period totaled 42.94 billion baht
compared to 27 billion baht during the same period last year.

TPI's sales revenues in April alone reached 10.7 billion baht,
higher than 6.7 billion baht in the same period last year,
Prachai said.

TPI's earnings before interest, tax, depreciation and
amortization (EBITDA) in the first four months of the year
amounted to 6.1 billion baht, a 111 percent rise from 2.89
billion baht during the same period last year, Mr. Prachai
added.

In April, TPI's EBITDA amounted to 1.5 billion baht compared to
722 million baht during the same period last year, he said.

For the whole year, TPI's total sales revenues should reach
111.22 billion baht, while the firm's EBITDA this year is
expected to be 17.65 billion baht, he said.

The sales revenues for April as well as the projected sales
revenues for a whole of the year indicate that TPI's operating
results have improved, he said.

TPI has agreed to a proposal to price TPI shares at 20 baht a
share based on book value, Mr. Prachai said. Currently, TPI has
a total of 12.5 billion shares valued at 240 billion baht, he
said. As such, TPI has the financial resources to repay its
entire debt worth 150 billion baht, said Mr. Prachai.

In case the price of TPI shares is valued at only three baht per
share under a debt-to-equity conversion as proposed by TPI plan
administrator, then total TPI shares could be valued at only 37
billion baht. Thus, TPI's creditors will have to buy TPI shares
at a lower price, he said.

As for the plan administrator's proposal for TPI's existing
shareholders to sell their shares at a lower price in exchange
for a debt reduction, Mr. Prachai said this will go against the
deal signed before the court wherein shareholders agreed not to
sell out their stakes in the firm.

TPI's existing shareholders should be allowed to exchange their
TPI shares with TPI Polene Plc's plastic pellets production
plant, Mr. Prachai said. If TPI's plan administrator fails to
abide by the deal previously arrived at, then that is not fair
for TPI's existing shareholders, he said.

As a result, TPI's existing shareholders have the right to sue
all five members in the plan administrator's team and the
government has to take full responsibility for that, he said.

Mr. Prachai also said TPI's financial adviser Phatra Securities
is currently estimating the price of TPI shares.

Besides, if TPI is in need of fresh funds, it should sell shares
it owns in other firms, including Thai Olefins Plc, he said,
adding the current prices of those firms' shares are attractive.

Mr. Prachai said he still wants TPI to raise its oil refining
and pellet plastics production to full capacity since a
significant rise in oil prices will enable the firm to increase
profits.

As for TPI Polene Plc's (TPIPL) on-going talks on debt
repayment, Prachai said it is asking state-owned Krung Thai Bank
Plc to guarantee its planned debentures of around $600 million
for debt refinancing. TPIPL wants creditors to waive about $120
million in accrued interest, a similar interest waiver formula
that creditors have used with that of Switzerland-based Holcim,
Prachai said.

TPIPL and the creditor committee will meet on May 14 to discuss
the matter, he added.

Local demand for TPIPL's cement products remain strong to the
extend that it rarely exports its cement products to overseas
markets so far this year, said Prachai.

However, the increase in the price of coal to $50 per ton from
$28 will certainly push up TPIPL's cement production cost,
Prachai said. With such a sharp increase in the price of coal,
TPIPL may not be able to maintain the cement prices at the
current level, given that its present long-term contract with
coal sellers will expire late this year, Prachai said.

TPIPL is now in talks with the Department of Internal Trade
regarding the possibility of TPIPL raising prices.

Total demand for cement products in the country totaled 25
million tons last year and is expected to rise this year to
almost 30 million tons, he said.


                            *********


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

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

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