/raid1/www/Hosts/bankrupt/TCRAP_Public/040518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 18, 2004, Vol. 7, No. 96

                           Headlines

A U S T R A L I A

CARTER HOLT: Unit's Consultation Outcome Confirms Closure
MITSUBISHI AUSTRALIA: Word of Plant Closure Merely Speculation
NATIONAL AUSTRALIA: Mr. Stewart Expects Rivals To Target Clients
ODYSSEY AUTO: New South Wales SC Appoints Liquidator
QANTAS AIRWAYS: Enters Alliance With IBM and Telstra

VILLAGE ROADSHOW: ASIC Sells 23,923,878 Shares
WOODSIDE PETROLEUM: Hardman Resources Place Additional Share


C H I N A  &  H O N G  K O N G

ARIBA LIMITED: Creditors Must Submit Claims by June 14
BRILLIANT BRIGHT: Schedules Winding up Hearing
CHEUNG YUK: General Meeting Set for May 21
KENNINGTON (HOLDINGS): Winding up Hearing Set June 30
KING TEAM: Winding up Hearing Slated for June 16

KWAN LIK: Enters Winding up Petition
LI CHUN: Schedules Creditor's Meeting May 21
LO HO: Schedules Creditor's Meeting May 21
MAK WAI: Enters Bankruptcy Proceedings
WONG CHUN: Creditors Meeting Slated for May 21


I N D O N E S I A

ASTRA INTERNATIONAL: To Refinance US$200M Debt This Year
INDOFOOD SUKSES: To Issue Bonds Worth Rp1 Trillion  


J A P A N

DAIWA HOUSE: Returns to Profit in 2003
MITSUBISHI MOTORS: Ombudsman Group to Sue MHI Over Support
MITSUBISHI MOTORS: May Cut 10% of Workforce
MITSUBISHI MOTORS: To Raise Capital by US$3.9B
NTT DOCOMO: Liquidates Subsidiary


K O R E A

HYNIX SEMICONDUCTOR: Develops Industry-first Memory Module
HYNIX SEMICONDUCTOR: Narrows Gap With Micron


M A L A Y S I A

ANCOM BERHAD: Buys Back Shares
AOKAM PERDANA: Reveals April Production Figures
BOUSTEAD HOLDINGS: New Shares To Be Listed On 18 May
CSM CORPORATION: Bursa Malaysia Waiting For SC Decision
FACB RESORTS: Announces Change Of Address By Registrar

HAP SENG: Buys Back 24,000 Units Of Ordinary Shares
HO HUP: Informs Of Closed Period Dealings
INNOVEST BERHAD: SC Rejects Appeal
MALAYSIA AIRLINES: To Fly To Siem Reap Starting On 3 June
MBF CORPORATION: SC Approves Time Extension

METAL RECLAMATION: Amends SPA And PGA With Nutek Private
PARK MAY: Announces Resignation Of Managing Director
POS MALAYSIA: New Shares Granted Listing
PROTON HOLDINGS: Submits Corporate Information


P H I L I P P I N E S

DAILY SAVINGS: Issues Notice To Creditors
PHILIPPINE AIRLINES: Back In Debt Due To Fuel Price Increase
PHILIPPINE LONG: Lists Additional 1,289,745 Common Shares


S I N G A P O R E

CHAI SOON: Issues Dividend Notice
CHON HWA: Creditors Meeting Set June 1
LIN SIN: Releases Winding up Order Notice
L&M GROUP: Calls Off Share Placement Plan
MICROTRONICA PTE: Creditors Must Submit Claims by June 14

PAPERCHASE PTE: Issues Winding up Order Notice


T H A I L A N D

CAPETRONIC INTERNATIONAL: Clarifies Late Submission Of 1Q FS  
MANAGER MEDIA: Reports Progress of Amended Rehabilitation Plan
PAE THAILAND: Releases 1Q 2004 Performance

* BOND PRICING: For The Week 17 May - 21 May 2004

     -  -  -  -  -  -  -  -  -

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


CARTER HOLT: Unit's Consultation Outcome Confirms Closure
---------------------------------------------------------
Carter Holt Harvey (CHH) announced in a company press release on
Monday that its Kinleith Surfacer facility will close around
June 17th.

CHH Woodproducts Chief Executive Tom Nickels said the company
has been consulting with the 17 affected employees since March
29th, when it first announced a proposal to close the facility.

"Despite close consultation with employees and the EPMU, and
fully investigating a number of new options for production, it
has not been possible to identify a viable future for the
facility," Mr. Nickels said.

All 17 employees are eligible for redundancy payments, however
it may be possible to place some qualified employees in roles at
nearby CHH facilities.

Mr. Nickels said the Kinleith Surfacer facility would be
mothballed rather than dismantled, as it may be used in
occasional product development trials by other CHH businesses in
the future.

"We recognize the impact that closure will have on affected
employees. CHH will be providing access to support specialists
and a dedicated job-seeking program," Mr. Nickels said.

Background

Kinleith Surfacer re-saws, packages and grades sawmill-processed
timber. The Kinleith Surfacer was one of CHH's appearance timber
businesses affected by downturns in international markets and
adverse foreign exchange movements. This included the Tokoroa
Sawmill, a key supplier of the Kinleith Surfacer, which closed
in December last year.

Carter Holt Harvey (www.chh.com) is Australasia's leading forest
products company, with significant interests in wood products,
pulp, paper, packaging and tissue, supported by forests.  
Leading Carter Holt Harvey brands include Customwood, Pinex,
Bestwood and Kopine, and the company's packaging can be found in
most supermarket aisles.  Carter Holt Harvey is listed on both
the NZX and ASX, and employs approximately 10,400 people across
New Zealand, Australia and Asia. The company's head office is in
Auckland, New Zealand.

Contact:

Bridget Beaurepaire
Acting Manager, Corporate Affairs
Carter Holt Harvey
Telephone: +64 9 262 6175/+64 274 993 760
Email: Bridget.Beaurepaire@chh.com


MITSUBISHI AUSTRALIA: Word of Plant Closure Merely Speculation
--------------------------------------------------------------
A newspaper report in Japan stating the closure of two plants in
Adelaide Australia as part of a the Company's global
restructuring is merely another speculative theory, according to
Mitsubishi Australia's Corporate Affairs Manager, Charles Iles,
as quoted by The Courier-Mail.

The Japanese newspaper Nihon Keizai Shimbun reported on Saturday
that either the company's Australian engine plant or assembly
factory would close under a major restructuring.

The newspaper claims to have obtained a copy of Mitsubishi's
revival plan, which outlines closure of a plant in Australia and
another one in Japan, however it did not disclose whether it
would be the engine plant at Lonsdale or the assembly factory at
Clovelly Park.

The revival plan is to be detailed on Friday and comes as high-
powered Australian delegations fly to Japan to fight for the
South Australian plants' future.

Australia however, has vowed to make it as expensive as possible
for the car maker to quit Australia, including repayment of
funds committed two years ago as part of an 85 million
Australian dollar (63 million US dollar) rescue package to try
to ensure its survival.

The Japanese parent firm is crippled with debt and needs to
restructure after German-based DaimlerChrysler refused to pour
more money into its 37 percent-owned subsidiary.


NATIONAL AUSTRALIA: Mr. Stewart Expects Rivals To Target Clients
----------------------------------------------------------------
National Australia Bank Ltd. (NAB) Chief Executive John Stewart
said that the bank's clients have been incredibly loyal, but
they still don't know how much damage has done to its reputation
and how many customers it has lost, The West Australian reports.

According to him, `you would not know until later on that losing
customers would equally affect revenues also.'

He also said that it is expected that competitors will target
its customers as a result of boardroom chaos and its
disappointing first half results. Customer confidence and the
bank's reputation could be affected significantly.

Concerning rival banks' possible customer targeting, Mr. Stewart
said, "I think it is dreadful. I think they should be ashamed of
themselves,"

Mr. Stewart said the banks's European operations, recovery could
take them close to three years, prompting analysts to reduce
their earnings forecast for NAB.

"We do believe that NAB is a turnaround story, however, the time
frame is at least 12 to 18 months before we see signs of
benefits and investors are not being paid to wait," Goldman
Sachs JBWere analyst James Freeman told clients.

CSFB analyst Nick Selvaratnam maintained his neutral rating on
NAB after the results announcement, but revised down his cash
earnings per share forecasts for 2004-05 and 2005-06 by 5 per
cent.

"Negative features of the result appeared to heavily outweigh
the positives," he said.

According to the report, some analyst question whether Mr.
Stewart has inflated the time it would take to rebuild NAB to
ensure he comes in ahead of schedule.

"We are cognizant that John Stewart may have a self-serving
interest to lower expectations and guidance in the hope of over-
delivering," Mr. Selvaratnam said.

Mr. Stewart said he was not adopting that kind of strategy--
there is no point saying a turn around will occur in six months
because he cannot probably recruit people in six months.

Contact:

National Australia Bank Limited (NYSE: NAB [ADR])
Fl. 24, 500 Bourke St.
Melbourne, 3000, Australia
Phone: +61-3-8641-4200
Fax: +61-3-8641-4927
Website: http://www.national.com.au


ODYSSEY AUTO: New South Wales SC Appoints Liquidator
----------------------------------------------------
The Supreme Court of New South Wales has ordered an official
liquidator be appointed to wind up a Newcastle based company,
Odyssey Auto Sports Pty Limited (Odyssey), following orders
sought by the Australian Securities and Investments Commission
(ASIC).

Justice Campbell ordered Mr. David Lombe of Deloitte Touche
Tohmatsu be appointed as Odyssey's official liquidator. On May
14, 2004, ASIC applied to the Supreme Court to grant orders to
wind up Odyssey and to appoint a liquidator.

The winding up of Odyssey is part of the enforcement activities
associated with ASIC's National Insolvency Coordination Unit.

ASIC commenced inquiries into Odyssey and its sole director, Mr.
Christopher Kevin McIntosh, following allegations that Odyssey
was insolvent and unable to pay its creditors. It was also
alleged that Mr. McIntosh had become an undischarged bankrupt,
and was therefore disqualified from being a director.

Mr. McIntosh assisted ASIC by providing a consent to ASIC's
winding up application to the Court.

'ASIC will take steps to wind-up companies where it is in the
community's interest to ensure that limited liability companies
do not continue to operate when they are insolvent,' Deputy
Executive Director Enforcement, Mr. Allen Turton said.


QANTAS AIRWAYS: Enters Alliance With IBM and Telstra
----------------------------------------------------
Qantas Airways disclosed to the Australian Stock Exchange on
Monday that it has entered agreements with IBM and Telstra for
its future Information Technology Infrastructure, which provides
a wide range of IT and network services for the company.

Chief Information Officer, Fiona Balfour said existing
infrastructure and facilities could no longer meet Qantas'
growing IT needs including the data centre, which the company
had maintained for more than 40 years.

"Qantas' reliance on technology has grown exponentially in
recent years," Ms. Balfour said.  "Everything we do depends on
technology, from our online booking engine and ticketing to load
and departure control, as well as the technological advances
onboard our aircraft and at airports.  

"International airlines no longer build their own data centres,
instead they turn to service providers that have the latest
technology, scale and expertise to run these operations," she
said.  "These agreements with IBM and Telstra will ensure we
stay at the forefront of technology and offer the best service
to our customers."

Under a $650 million agreement, IBM will acquire and manage the
delivery of data centre operations, mainframe and mid-range
computing and other managed services over 10 years.  Telstra
will be responsible for domestic data, voice and desktop
services over seven years under a $750 million agreement.  More
than half of the 192 staff affected have accepted positions with
the service providers or been redeployed within Qantas.

Ms. Balfour said the transition of the services would begin on
May 31 and implementation would be completed within two years.  
The agreements follow a year-long review of the existing
services and detailed evaluations with IBM and Telstra of their
capacity to meet Qantas' needs.  Qantas used the services of the
worldwide sourcing consultants TPI to advise it through the
evaluation and decision.

"This partnership with IBM and Telstra will also enable us to
build our own capabilities and modernize our network to the
condition required for new generation systems and technology as
the Qantas Group shows and changes," she said.

"We will continue to develop, manage and control all business
systems with a 700-strong IT workforce providing systems
delivery and overseeing these managed services."

In recent years, Qantas has forced strategic alliances with
Telstra for its domestic communications network and desktop
services, IBM and Oracle for business e-enablement, SITA for
international network, and Amadeus for ticketing, reservations,
inventory and departure control.  

Contact:

Qantas Airways Limited (Australian: QAN )
Qantas Centre, Level 9, Bldg. A, 203 Coward St.
Mascot, New South Wales 2020, Australia
Phone: +61-2-9691-3636
Fax: +61-2-9691-3339
Website: http://www.qantas.com.au


VILLAGE ROADSHOW: ASIC Sells 23,923,878 Shares
----------------------------------------------
The Australian Securities and Investments Commission (ASIC) sold
on Thursday the Village Roadshow Limited shares vested in it
under an order of the Takeovers Panel made on 17 February 2004.
The orders were varied on April 1 and May 4, 2004.

The 23,923,878 Village Roadshow shares were sold by means of a
book build conducted by Deutsche Securities Australia Limited.
The price achieved under the book build was $1.72 per share.

Under the varied orders, ASIC is required to account to ANZ
Nominees Limited and Citicorp Nominees Pty Limited for the
proceeds of the sale, less the costs and expenses of the sale.
The ATO has advised ASIC that it is required to retain 47 per
cent of the proceeds for taxation purposes, for which ANZ and
Citicorp, or the persons for whom they are acting, may be liable
in respect of the sale of the shares. The varied orders also
authorize ASIC to retain these amounts.

Background

The Takeovers Panel made the orders after finding that
Swissfirst Bank AG, Schroders and Co Zuerich and 001Invest World
Currency Fund Ltd, who had an interest in the shares as
nominees, had failed to comply with section 672B of the
Corporations Act in connection with the shares.

Section 672B of the Corporations Act requires a person who has a
relevant interest in voting shares to disclose information
regarding the shares in response to a notice, including the
identity of any other party who has a relevant interest in the
shares or has given the person instructions regarding the
shares.

Contact:

Village Roadshow Limited (Australian: VRL )
206 Bourke St.
Melbourne, 3000, Australia
Phone: +61-3-9667-6666
Fax: +61-3-9639-1540
Website: http://www.villageroadshow.com.au


WOODSIDE PETROLEUM: Hardman Resources Place Additional Share
------------------------------------------------------------
Hardman Resourcement Ltd. disclosed to the Australian Stock
Exchange that it is making a further placement of 2,657,938
shares to Woodside Petroleum Ltd. at $1.10 per share.  This
placement is in addition to the shares placed by the company on
April 13, 2004.  This placement will raise an additional amount
of $2,923,732.  The shares to be alloted in this placement will
not participate in the non-renounceable entitlement issue, which
the company is currently making.

Prior to the placement earlier this month and the issue of the
prospectus for the non-renounceable entitlement issue, the
company and Woodside held discussions resulting in the execution
of the Cooperation Agreement referred to in the entitlement
issue prospectus.  Woodside's desired outcome from its
participation in the fundraising was to achieve a shareholding
level of 10.5 percent, however in the circumstances of the
raising it did not prove possible to satisfy this objective.  
The directors consider the relationship with Woodside is of
strategic benefit to the company and that this further placement
is in the company's and its shareholders' best interests.

Ted Ellyard
Managing Director
Hardman Resources Ltd.

Contact:

Woodside Petroleum Ltd. (OTC: WOPEY)
No. 1 Adelaide Terrace
Perth, 6000, Australia
Phone: +61-8-9348-4444
Fax: +61-8-9348-4142
Website: http://www.woodside.com.au


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


ARIBA LIMITED: Creditors Must Submit Claims by June 14
------------------------------------------------------
Notice is hereby given that the creditors of Ariba (China)
Limited, which is in Members' Voluntary Liquidation, are
required on or before 14 June 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the liquidators of
the said Company, and, if so required by notice in writing from
the said Liquidators, are personally or by their solicitors 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 deemed to waive all of such debts or
claims and the Liquidators will be entitled, seven days after
the above date, to distribute any and all surplus assets or
funds available or any part thereof to the members.

Dated this 14th day of May 2004

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


BRILLIANT BRIGHT: Schedules Winding up Hearing
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Brilliant Bright Development Limited by the High Court of Hong
Kong was on the 26 April 2004 presented to the said Court by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong. The said petition
will be heard before the Court at 10 a.m. on the 23 June 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

K.W. NG & CO.
Solicitors for the Petitioner,
11/F., Wings Building
110 Queen's Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21 June 2004.


CHEUNG YUK: General Meeting Set for May 21
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Cheung Yuk Sang (In bankruptcy proceedings) will be held at
the Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


KENNINGTON (HOLDINGS): Winding up Hearing Set June 30
-----------------------------------------------------
Notice is hereby given that petition for the winding up of
Kennington (Holdings) Company Limited by the High Court of Hong
Kong was on the 3 May 2004 presented to the said Court by Bank
of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167)) of 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said petition is directed to be heard before the Court at 9:30
a.m. on the 30 June 2004 and any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29th day of June
2004.


KING TEAM: Winding up Hearing Slated for June 16
------------------------------------------------
Notice is hereby given that a petition for the winding up of
King Team Development Limited the High Court of Hong Kong was on
the 13 April 2004 presented to the said Court by Bank of China
(Hong Kong) Limited (the successor corporation to The National
Commercial Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167)) of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong. The said
petition will be heard before the Court at 10 a.m. on the 16
June 2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15 June 2004.


KWAN LIK: Enters Winding up Petition
------------------------------------
Notice is hereby given that a petition for the winding up of
Kwan Lik Sewing Machine Company Limited by the High Court of
Hong Kong was on the 4 May 2004 presented to the said Court by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong. The said petition
will be heard before the Court at 9:30 a.m. on the 30 June 2004.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.  A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

MESSRS. WAT & CO.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 29 June 2004.


LI CHUN: Schedules Creditor's Meeting May 21
--------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Li Chun Keung (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


LO HO: Schedules Creditor's Meeting May 21
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Lo Ho Yan (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 10:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


MAK WAI: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Mak Wai Kit Terence (In bankruptcy proceedings) will be held
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on the 21 May 2004
at 10:30 in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


WONG CHUN: Creditors Meeting Slated for May 21
----------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Wong Chun Kit (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 21 May 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


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


ASTRA INTERNATIONAL: To Refinance US$200M Debt This Year
--------------------------------------------------------
Director John S.A Slack, PT Astra International's finance
director said on Thursday that the Indonesian holding company
plans to refinance its debt worth US$200 million this year,
according to Asia Pulse.

The company targets 2006 as the original date for the
refinancing of the debt, but the management decided to do it
this year.  However, decision on prepayment has to be made,
contrary to what is reported that the company would reissue new
bonds, the report says.

Astra's debt is reduced this year to US$247 million from US$541,
after several repayments were made early last year.


INDOFOOD SUKSES: To Issue Bonds Worth Rp1 Trillion  
--------------------------------------------------
PT Indofood Sukses Makmur plans to settle its foreign debt from
80 percent of the funds it would raise from the proceeds of its
bond sale worth Rp1 trillion, the remaining 20 per cent will be
used to repay rupiah debt to a number of local banks, according
to Asia Pulse, citing Indofood's company secretary Joko Wibowo.

Mr. Joko said the world's largest producer of instant noodles
has debts in foreign exchange to a number of foreign banks and
financial institutions. The amount was not disclosed.

"The move to settle fully its foreign debt is to reduce the risk
of loss because of the rising trend of interest rates on foreign
exchange loans," Mr. Joko said.

The company plans to issue bonds valued at Rp1 trillion with an
annual coupon of 10.75 percent-11.5 percent.

Indofood's debt has reached Rp2.5 trillion with an annual
interest rate of 16.5 percent, according to Bisnis Indonesia
newspaper.


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J A P A N
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DAIWA HOUSE: Returns to Profit in 2003
--------------------------------------
Daiwa House Industry Co. said its group net balance returned to
profit in the year to March 31, versus a net loss of 91.39
billion yen a year earlier, Japan Times reported on Saturday.

The Osaka-based house-seller reported a consolidated net profit
of 37.26 billion yen for fiscal 2003. On a parent-only basis, it
reported sales of 1.08 trillion yen, up 3.7 percent from the
previous year.

The company will pay a per-share dividend of 15 yen for the
reporting year, up from the previous year's 10 yen.


MITSUBISHI MOTORS: Ombudsman Group to Sue MHI Over Support
----------------------------------------------------------
Kabushiki (Shareholders) Ombudsman, an Osaka-based group that
monitors private companies, plans to file a lawsuit with the
Tokyo District Court against the President of Mitsubishi Heavy
Industries, Ltd. (MHI) this month, demanding that it not extend
financial support to Mitsubishi Motors Corp., Yomiuri Shimbun
reports.

The ombudsman group contends that it is illegal for MHI to
provide a huge amount of financial support to MMC, which has not
come up with measures to prevent a repetition of its failure to
report faults in its products.

An unnamed member of the group said, "The amount of the
financial support MMC plans to receive is huge, and MHI might
suffer an irreparable loss by offering MMC funds."

In the suit, the group will claim that MMC's corporate culture
has not changed at all, and that it is highly likely that the
firm's reconstruction plan will fail. The group also claims that
the huge amount of funds MHI will have to inject into MMC may
inflict an irrecoverable loss on MHI, thus violating MHI
Directors' duty of care.

The group, headed by Professor Koji Morioka of Kansai
University, filed a lawsuit on behalf of a representative of the
shareholders against the then management of MMC asking for about
1.1 billion yen in damages in 2001, when it was revealed that
the firm had failed to report to the government complaints about
its vehicles. The two sides reached a settlement in December and
then the management of MMC paid 180 million yen in damages.


MITSUBISHI MOTORS: May Cut 10% of Workforce
-------------------------------------------
Mitsubishi Motors Corporation is considering a 10 percent cut to
its workforce and closure of two domestic plants, the Japan
Times reports.

The struggling automaker is working out a new restructuring plan
because slower sales in the domestic market have lowered its
capacity utilization rate. It had a workforce of 13,727 on an
unconsolidated basis as of the end of March.

Meanwhile, the daily Asahi Shimbun said that Phoenix Capital is
expected to provide 200 billion yen and gain effective control
of MMC.


MITSUBISHI MOTORS: To Raise Capital by US$3.9B
----------------------------------------------
Mitsubishi Motors Corporation will announce a financial
assistance program this week, including a 450 billion yen
(US$3.9 billion) capital increase, through new-share sales and
debt-for-equity swaps, Channel News Asia reports citing the
Nihon Keizai Shimbun.

Other Mitsubishi group firms and some rehabilitation funds have
already agreed to buy the new shares. Mitsubishi Motors has been
hit by slumping sales in the key North American market, heavy
debt and recall scandals.


NTT DOCOMO: Liquidates Subsidiary
---------------------------------
NTT DoCoMo, Inc. (DoCoMo) decided to liquidate its subsidiary,
Trynotes, Inc., UK Wire reports. Details of the decision are as
follows.

1. Outline of the subsidiary

  Company name:                      Trynotes, Inc.
  Address:                           2-22-24  Akasaka Minato-ku,
                                     Tokyo
  Representative:                    Kouji Morita
  Business:                          Operation and maintenance
                                     of music distribution
                                     servers
  Date established:                  February 2000
  Capital:                           980 million yen
  Number of shares issued:           19,600 shares
  Fiscal year-end:                   March 31
  Number of employees:               5 (as of March 31, 2004)
  Major business partner:            NTT DoCoMo, Inc.
                                     NIPPON TELEGRAPH AND
                                     TELEPHONE EAST CORPORATION
                                     Panasonic Mobile
                                     Communications
                                     Co., Ltd.
                                     NI and C Co., Ltd.
                                     IBM Japan, Ltd.
                                     Sony Corporation

Major Shareholder:                   NTT DoCoMo, Inc. (55.0%)
                                     Panasonic Mobile
                                     Communications Co., Ltd.
                                     (20.0%)
                                     Sony Corporation (20.0%)
                                     ITOCHU Corporation (5.0%)

2. Reasons for Liquidation

Although DoCoMo established Trynotes to provide support for
mobile music distribution services, it was decided to liquidate
the subsidiary due to changes within the business environment,
which have made continuation of the business difficult.

3. Schedule

Liquidation will be completed by December 2004.

4. Impact on DoCoMo's Results of Operations

The liquidation is not expected to have any significant impact
on DoCoMo's consolidated or non-consolidated results of
operations. The liquidation does not affect the forecast of
DoCoMo's results of operations for the fiscal year ending March
31, 2005.

For more information, please contact:

NTT DoCoMo, Inc.
Public Relations Department
Susumu Takeuchi or Takumi Suzuki
Tel: +81-3-5156-1366 (9:30-19:00 Japan Standard Time)
Fax: +81-3-5501-3408
E-mail: press_dcm@nttdocomo.com
Web site: http://www.nttdocomo.com

About NTT DoCoMo

NTT DoCoMo is the world's leading mobile communications company
with more than 48 million customers. The company provides a wide
variety of leading-edge mobile multimedia services. These
include i-mode(R), the world's most popular mobile internet
service, which provides e-mail and internet access to over 41
million subscribers, and FOMA(R), launched in 2001 as the
world's first 3G mobile service based on W-CDMA. In addition to
wholly owned subsidiaries in Europe and North and South America,
the company is expanding its global reach through strategic
alliances with mobile and multimedia service providers in Asia-
Pacific, Europe and North America. NTT DoCoMo is listed on the
Tokyo (9437), London (NDCM), and New York (DCM) stock exchanges.
For more information, visit www.nttdocomo.com

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.

NTT DoCoMo's FOMA service is available only to subscribers in
Japan.


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


HYNIX SEMICONDUCTOR: Develops Industry-first Memory Module
----------------------------------------------------------
Hynix Semiconductor Inc. (www.hynix.com) announced the
availability of its industry-first 1Gb based 2GB DDR2 registered
dual in-line memory module (RDIMM) for high performance and
high-density DDR2 server and workstation applications, the
Business Wire reports.

Hynix began delivery of its 2GB DDR2 RDIMM to major server
manufacturers in April and will begin mass production in June to
coincide with the release of various server and workstation DDR2
chipsets by Intel.

The newly introduced 2GB DDR2 RDIMM is based on a 1Gb DDR2
component manufactured on the company's leading edge 0.11-micron
process technology and will support 400MHz and 533MHz.

Hynix is leveraging its leading position on 1Gb DDR2 to bring to
market an array of high-density DIMM solutions for a variety of
applications. Hynix believes there is a clear advantage to one
rank 1Gb based 2GB DDR2 RDIMM as it allows customers to utilize
the maximum amount of memory (16GB) in high-density DDR2 server
and workstation systems while the two rank 512Mb stack based 2GB
DDR2 RDIMM option limits those same customers to only 8GB of
memory per system.

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.
  
Contact:  

Hynix Semiconductor Inc.
Ah-Young Kim, +822-3459-5355 (Korea
ahyoung.kim@hynix.com
DongHoon Kang, 408-232-8084 (US)
dhkang@us.hynix.com
Website: http://www.hynix.com
  
   
HYNIX SEMICONDUCTOR: Narrows Gap With Micron
--------------------------------------------
Hynix Semiconductor Inc. is closely trailing rival Micron
Technology Inc. in dynamic random access memory market share,
the Korea Herald reported on Monday, citing global market
research firm iSupply Corporation.

According to iSupply, Hynix narrowed the market share gap with
Micron to 1.5 percent in the first quarter from 3.3 percent in
the previous quarter. Hynix retained number-three position with
16.8 percent share, compared to Micron's 18.3 percent, while
Samsung Electronics held on to market leadership with 27.1
percent.

iSupply Corporation's principal analyst Kim Nam-hyung said
Hynix's recent performance shows the cash-strapped Korean
chipmaker may firmly be on its way to recovery.


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


ANCOM BERHAD: Buys Back Shares
------------------------------
Ancom Berhad, in a notice dated 14 May 2004 to the Bursa
Malaysia Securities Berhad, announced that the company, on the
same date, bought back 108,500 units of ordinary shares of
RM1.00 each.

Minimum price paid per share was pegged at RM0.775 while the
maximum price paid was RM0.785.

To date, the company has 432,500 units in cumulative net
outstanding treasury shares.


AOKAM PERDANA: Reveals April Production Figures
-----------------------------------------------
Aokam Perdana, in a notice submitted to the Bursa Malaysia
Securities Berhad on 14 May 2004, announced the company's
production figures for the month of April.

The company reported that 108,867.96 m2 of veneer and 154.72 m3
of mouldings were produced.


BOUSTEAD HOLDINGS: New Shares To Be Listed On 18 May
----------------------------------------------------
Boustead Holdings Berhad, in a communication dated 14 May 2004
to the Bursa Malaysia Securities Berhad, advised that the
company's 897,000 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 Tuesday, 18 May
2004.


CSM CORPORATION: Bursa Malaysia Waiting For SC Decision
-------------------------------------------------------
Bursa Malaysia (the Exchange) announced in a media release dated
Friday, 14 May, its decision to await the outcome of CSM
Corporation Berhad's (CSM) appeal to the Securities Commission
(SC) against its decision to reject CSM's application for
approval of its regularization plans.

Pursuant to Paragraph 8.14 of Bursa Malaysia's Listing
Requirements, the financial condition of a listed company on a
consolidated basis, must warrant continued listing on the
Official List of Bursa Malaysia. If the financial condition of a
public listed company does not warrant continued listing on the
Official List of Bursa Malaysia, the Exchange may de-list the
company.

The Exchange had earlier announced on 25 July 2003 that, given
the fact that CSM had on 4 July 2003 submitted its
regularization plans to the relevant regulatory authorities for
approval, the Exchange would await the outcome of CSM's
application.

CSM had announced on 24 March 2004 that the SC had decided not
to approve CSM's application in relation to the Proposed Debt
cum Restructuring Scheme. CSM had on 9 April 2004 lodged an
appeal (CSM's Appeal) to the SC.

After due consideration of all facts and circumstances of the
matter and upon consultation with the SC, Bursa Malaysia has
decided to await the outcome of CSM's Appeal.

Bursa Malaysia's decision is without prejudice to Bursa
Malaysia's right to proceed to de-list the securities of CSM
from the Official List of Bursa Malaysia in the event:

CSM's Appeal is not allowed by the SC; or

The Company fails to obtain the approval from any of the other
regulatory authorities necessary for the implementation of its
regularization plans.

In the event, CSM obtains all authorities' approval necessary
for the implementation of its regularization plans, CSM must
proceed to implement its regularization plans expeditiously
within the time frames stipulated by the relevant authorities.

Bursa Malaysia's decision is without prejudice to Bursa
Malaysia's right to proceed to de-list the securities of CSM
from the Official List of Bursa Malaysia in the event CSM fails
to implement its regularization plans within the time frame or
extended time frames stipulated by the relevant regulatory
authorities.

Bursa Malaysia also decided that in the event any one of the
circumstances set out below occurs, the de-listing of the
securities of CSM from the Official List of Bursa Malaysia will
be effected without any further representations from CSM and
without further consideration of the matter by Bursa Malaysia:

CSM's Appeal is not allowed by the SC; or

CSM fails to obtain the approval from any of the other
regulatory authorities necessary for the implementation of its
regularization plans and the securities of CSM shall be removed
from the Official List of Bursa Malaysia upon the expiry of
fourteen (14) days from the date CSM is notified by Bursa
Malaysia or such other date as may be specified by Bursa
Malaysia.

Bursa Malaysia further decided that if CSM obtains the relevant
authorities' approval but fails to implement its regularization
plans within the time frames prescribed ("the prescribed time
frames") by the relevant authorities, Bursa Malaysia will
consider any written representations that are filed by the
Company (if any) provided that the same is made within seven (7)
days from the date of expiry of the prescribed time frames and
then proceed to decide on whether the securities of CSM should
be de-listed from the Official List of Bursa Malaysia.

Status of PN4 Companies

As at 14 May 2004, there is a total of 46 PN4 Companies, which
represents 5.0 percent of the total number of 927 companies
listed on Bursa Malaysia. The aggregate market capitalization of
these 46 PN4 Companies is RM 2.07 billion, representing 0.3
percent of the total market capitalization of RM 644.17 billion
of Bursa Malaysia. A total of 28 PN4 Companies have obtained all
relevant regulatory approvals necessary for the implementation
of their restructuring plans and are at various stages of
completion.


FACB RESORTS: Announces Change Of Address By Registrar
------------------------------------------------------
FACB Resorts Berhad informed the Bursa Malaysia Securities
Berhad on 14 May, that the company's share registrar has changed
its address.

Lipkland Managament and Consultancy Sdn Bhd has moved from Level
19, Menara PanGlobal, No. 8, Lorong P. Ramlee, 50250 Kuala
Lumpur to 2nd Floor, No. 118, Jalan Semangat, 46300 Petaling
Jaya, Selangor Darul Ehsan.

They may be contacted through telephone number 03-7968 1001 and
facsimile number 03-7958 8013.

The change came into effect on 17 May 2004.


HAP SENG: Buys Back 24,000 Units Of Ordinary Shares
---------------------------------------------------
Hap Seng Consolidated Berhad, in a disclosure dated 14 May 2004
to the Bursa Malaysia Securities Berhad, announced that the
company had on the same date, bought back 24,000 units of
ordinary shares of RM1.00 each for a total cash consideration of
RM60,399.81.

The minimum price paid for each share was RM2.430 while the
maximum price was RM2.530.

To date, the company has a total of 32,989,400 units in
cumulative net outstanding treasury shares.


HO HUP: Informs Of Closed Period Dealings
-----------------------------------------
Ho Hup Construction Company Berhad, in a notice dated 14 May
2004 and submitted to the Bursa Malaysia Securities Berhad,
announced further to a previous company notice made on 7 May
2004, that the company has been notified by Dato' Low Tuck Choy
and Mr Low Teik Kien, both principal officers of the company, of
their dealings in the securities of Ho Hup during the Closed
period.

Dato' Low Tuck Choy

Transaction Date:            13 May 2004
Price Per Share:             RM1.76
Number of Shares Acquired:   5,000 (Direct)
Percentage of Issued Share
Capital (%):                 0.005

Transaction Date:            13 May 2004
Price per share:             RM1.771
Number of shares acquired:   43,700 (*Indirect)
Percentage of issued share
Capital (%):                 0.043

Low Teik Kien

Transaction Date:            13 May 2004
Price per share:             RM1.771
Number of shares acquired:   43,700 (*Indirect)
Percentage of issued share
Capital (%):                 0.043

*Deemed interested through Low Chee Estate.


INNOVEST BERHAD: SC Rejects Appeal
----------------------------------
Innovest Berhad, in a communication dated 14 May 2004 to the
Bursa Malaysia Securities Berhad, announced the decision of the
Securities Commission (SC) regarding the company's appeal to the
SC's decision.

Innovest Berhad would first like to refer to the announcement
made on 11 February 2004, where it was announced that the
Securities Commission (SC) had rejected the Company's
application for the exemption from the requirements of
Paragraphs 6.13(a)(iv) and 6.14(a) of the SC's Policies and
Guidelines on Issue/Offer of Securities (SC Guidelines) pursuant
to the Proposed Rescue Scheme (SC Decision). Subsequently, on 4
March 2004, Innovest made an appeal on the SC Decision (Appeal).

On behalf of the Board of Directors of Innovest, Southern
Investment Bank Berhad (SIBB) wishes to announce that the SC,
via its letter dated 27 April 2004, which was received by SIBB
on 13 May 2004, did not approve the Appeal.


MALAYSIA AIRLINES: To Fly To Siem Reap Starting On 3 June
---------------------------------------------------------
Malaysia Airlines, in a press release dated 13 May 2004,
announced the airline is adding another international
destination to its network by inaugurating scheduled air
services linking Kuala Lumpur with Siem Reap, Cambodia's gateway
to Angkor Wat, a UNESCO World Heritage Site.

Effective 3 June 2004, Malaysia Airlines will operate three
weekly flights on Monday, Thursday and Saturday between Kuala
Lumpur and Siem Reap. The outbound flight departs Kuala Lumpur
at 1100 hours to reach Siem Reap at 1210 hours. The return
flight departs Siem Reap at 1300 hours and transits Phnom Penh
at 1345 hours before proceeding to arrive Kuala Lumpur at 1720
hours on the same day.

A two-class configured Boeing 737-400 aircraft with 16 Business
and 128 Economy Class seats will be used for this new service
injecting a total capacity of 432 seats per week per direction.

In conjunction with this new service Malaysia Airlines' Golden
Holidays, is offering passengers specially developed packages
from Malaysia starting from an attractive share-twin rate of RM
861 per adult for a 4days/3nights holiday experience in Siem
Reap.

Malaysia Airlines is also offering a 7-day validity promotional
adult economy class return travel airfare of RM 630.00 on the
Kuala Lumpur/Siem Reap/Kuala Lumpur route, valid for travel from
03 June 2004 till 31 August 2004, available from both its
ticketing offices and appointed agents in Malaysia.

With the introduction of this new service, Siem Reap becomes
Malaysia Airlines' 2nd Cambodian destination Phnom Penh, which
was linked to the airline's network since 15 July 1992.

Passengers can contact Malaysia Airlines' toll-free number for
1-300-88-3000 for reservations and enquiries on this new
service.

For further enquiries on this release, media members may
contact:
Anbarasu S. 03-78402034 019-2310346

Issued by:
Corporate Communications Department
Malaysia Airlines, Subang

For more media information, please contact:

Media Relations Unit
Malaysia Airlines
2nd Floor, Corporate Services Building
Complex B, Subang Airport
47200, Subang, Selangor Darul Ehsan

Tel: 603 7840 2004
Fax: 603 7846 1067
Email: media@mas.com.my


MBF CORPORATION: SC Approves Time Extension
-------------------------------------------
MBF Corporation Berhad would like to refer to the announcement
dated 22 May 2003 made by Alliance Merchant Bank Berhad
(Alliance), on behalf of MBf Capital Berhad, a wholly owned
subsidiary of MBf Corp.

Alliance, on behalf of the Board of MBf Corp, announced on 14
May 2004 in communication to the Bursa Malaysia Securities
Berhad, that the SC had, via its letter dated 11 May 2004,
approved an extension of time for six (6) months from 1 April
2004 to 30 September 2004 for Summerset to obtain the approvals
for the layout and building plans for the construction of the
Marine Hotel on Lots PT 2547 to 2560 in Rompin, Pahang.


METAL RECLAMATION: Amends SPA And PGA With Nutek Private
--------------------------------------------------------
Further to the announcement dated 28 April 2004, Hwang-DBS
Securities Berhad (Hwang-DBS), on behalf of Metal Reclamation
Berhad (MRB), announced on 14 May 2004 to the Bursa Malaysia
Securities Berhad, that the Company has entered into the
following supplemental agreements with Nutek Private Limited
(Nutek) to vary certain terms of the sale and purchase agreement
(SPA) and profit guarantee agreement (PGA) both dated 28 April
2004 entered into between the same parties respectively:

(i) first supplemental agreement (First Supplemental SPA)
entered into between MRB and Nutek; and

(ii) first supplemental profit guarantee agreement (First
Supplemental PGA) entered into between MRB and Nutek.

The First Supplemental SPA and First Supplemental PGA are
hereinafter collectively referred to as the Supplemental
Agreements.

1. SALIENT TERMS OF THE SUPPLEMENTAL AGREEMENTS

On 14 May 2004, MRB and Nutek entered into the Supplemental
Agreements whereby it was mutually agreed that with effect from
the date of the Supplemental Agreements, the SPA and PGA shall
be varied as follows:

(i) The audited net profit after tax or results as referred to
in the SPA and PGA shall mean the consolidated audited profit
after tax or results of Nutek and its subsidiaries (Nutek
Group), instead of Nutek previously.

With this, the profit after tax guaranteed by the Vendor for the
financial years ending 30 June 2004 and 30 June 2005 shall be
based on the consolidated audited profit after tax of the Nutek
Group; and

(ii) MRB shall be entitled to nominate a wholly owned subsidiary
to perform its obligations under the SPA, and upon nomination,
the wholly owned subsidiary shall be deemed to be the purchaser
to perform its obligations under the SPA. Therefore, the
reference to purchaser in the SPA and PGA shall refer to MRB or
its nominated wholly owned subsidiary, as the case may be.

Other than the above, all other terms and conditions in the SPA
and PGA remain unchanged.

2. FINANCIAL EFFECTS

There will be no material financial effect arising from the
Supplemented Agreements.

3. APPROVALS REQUIRED

The approvals required from the relevant authorities in respect
of the Proposed Nutek Acquisition as set out in the previous
announcement dated 28 April 2004 remain unchanged.

4. DIRECTORS' RECOMMENDATION

The Board of Directors of MRB is of the opinion that the
variations to the terms of the SPA and PGA are in the best
interest of MRB.

5. DOCUMENTS FOR INSPECTION

Copies of the Supplemental Agreements can be inspected at the
registered office of MRB at 22-2, Jalan Tun Sambanthan 3, 50470
Kuala Lumpur Mondays to Fridays (except public holidays) during
business hours from 9 a.m. to 5 p.m. for a period of three (3)
months from the date of this announcement.


PARK MAY: Announces Resignation Of Managing Director
----------------------------------------------------
Park May Berhad, in a disclosure dated 14 May 2004 to the Bursa
Malaysia Securities Berhad, announced the resignation of
Managing Director Adnan Mohamad.

The Board of Directors of the Company on 14 May 2004 resolved to
accept the resignation of Encik Adnan Mohamad as Director and
Managing Director of the Company effective 15 May 2004.

The management and operation of the Company will be covered by
the Executive Director, YM Tengku Mohd Hasmadi bin Tengku
Hashim, a member of the Board's Executive Committee.


POS MALAYSIA: New Shares Granted Listing
----------------------------------------
POS Malaysia and Services Holdings Berhad, in a notice submitted
to the Bursa Malaysia Securities Berhad on 14 May 2004, advised
that the company's additional 192,000 new ordinary shares of
RM1.00 each issued pursuant to the POSHldg-Employee Share Option
Scheme will be granted listing and quotation effective 9 a.m. on
Tuesday, 18 May 2004.


PROTON HOLDINGS: Submits Corporate Information
----------------------------------------------
Further to the announcement dated 12 April 2004 by Commerce
International Merchant Bank (CIMB) on behalf of Perusahaan
Otomobil Nasional Berhad (Proton), we wish to confirm that with
effect from 16 April 2004, Proton Holdings Berhad has assumed
the listing status of Proton on the Main Board of the Bursa
Malaysia Securities Berhad.

The corporate information of Proton Holdings Berhad is attached
for information and may be viewed by clicking on the following
link:

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

This announcement was submitted to the Bursa Malaysia Securities
Berhad by Proton Holdings on 14 May 2004.


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


DAILY SAVINGS: Issues Notice To Creditors
-----------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation, as Liquidator of Daily Savings Bank, will submit to
the Liquidation Court (Regional Trial Court, Branch 134 - Makati
City) on May 28, 2004 at 9:00 a.m. the "Motion for Approval of
Partial Project of Distribution of the Assets of Daily Savings
Bank".  

PHILIPPINE DEPOSIT INSURANCE CORPORATION          
Liquidator   

   
PHILIPPINE AIRLINES: Back In Debt Due To Fuel Price Increase
------------------------------------------------------------
Philippine Airlines (PAL) expected a net profit of PhP1 billion
in its fiscal year ending March compared to the same period of
the previous year of PhP295 million, but high cost of oil prices
has affected the financial performance of the flag carrier,
according to ABS-CBN News Interactive.  

The airline company is said to incur a PhP500 million net loss
in its fiscal year 2003, however, PAL refused to neither confirm
nor deny the reported loss when asked for a comment on Friday.

According to the report, PAL President Avelino Zapanta said,
"Barring any more problems in the coming fiscal year and given
the favorable environment for travel, we could post a least PhP1
billion in net income next fiscal year. People are hungry to
travel after being denied the pleasure when the SARS scare was
prevalent. We think the coming fiscal year would be favorable,"
Mr. Zapanta earlier said.

PAL, felt the full impact of the SARS scare from April to
November 2003 when the company incurred losses of P1.6 billion,
Mr. Zapanta said.

Currently PAL is suffering from the rising cost of aviation
fuel.  In May of last year fuel cost $28.24 per barrel compared
to $46.87 per barrel, which it reached May 13.

PAL's debt had been reduced to $1.3 billion from $2.3 billion
when it restructured payments and went into a 10-year financial
rehabilitation in 1999. PAL is now in its sixth year of
rehabilitation.

However, according to the International Air Transport
Association, "The industry is on track to outperform our
forecast of 6.9-percent growth in passenger volumes over 2003
levels. More importantly, the industry is showing clear signs of
its ability to match capacity to demand."

                                
PHILIPPINE LONG: Lists Additional 1,289,745 Common Shares
---------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
to list additional 1,289,745 common shares, with a par value of
PhP5.00 per share, to cover the Executive Stock Option Plan
(ESOP) of the company, at an exercise price of PhP814.00 per
share.

In this connection, please be advised that a total of 1,700
common shares is set for Tuesday, May 18, 2004.  This brings the
number of common shares listed under the ESOP to a total of
24,474 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its book the above number of shares.

For more information, click
http://bankrupt.com/misc/philippinelong051704.pdf

Contact:

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


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


CHAI SOON: Issues Dividend Notice
---------------------------------
Chai Soon Heng Builders Pte Ltd. issued a notice of intended
preferential dividend as follows:

Address of Registered Office: Formerly of 46 Zion Road Singapore
247777.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 600146 of 2001.

Last Day for Receiving Proofs: 28 May 2004.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

SUNARI BIN KATENI
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated 14 May
2004.


CHON HWA: Creditors Meeting Set June 1
--------------------------------------
Notice is hereby given that the first meeting of the creditors
of Chon Wa Construction Pte Limited (In Liquidation) will be
held at AEC Centre, 141 Market Street, International Factors
Building, Singapore 048944 on Tuesday, 1st June 2004 at 11.00 am
for the following purposes:

AGENDA

1. To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
company.

2. To appoint a Committee of Inspection if deemed necessary.

3. Any other matters.

MR DON M HO, CPA
Liquidator.
Messrs Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

Note: To entitle you to vote thereat, your proof of debt must be
lodged with me not less than forty-eight hours before the time
for that purpose in the notice convening the meeting at which it
is to be used.

This Singapore Government Gazette announcement is dated 13 May
2004.


LIN SIN: Releases Winding up Order Notice
-----------------------------------------
Lin Sin Trading Pte Ltd issued a notice of winding up order made
on 30 April 2004.

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

Messrs WONG PARTNERSHIP
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 13 May
2004.


L&M GROUP: Calls Off Share Placement Plan
-----------------------------------------
L&M Group Investments called off its planned placement of up to
one billion new ordinary shares because of current unfavorable
market conditions, renewing concerns over further glitches to
its debt restructuring, the Business Times reported on Monday.

The placement was part of a debt restructuring in the
Soeryadjaya family controlled business, which has been mired in
debt. UOB Kay Hian, the placement agent, was to place out the
shares at 1.28 cents each.

As at September 30, 2003, the construction company had a
negative equity position of S$49.7 million, net current
liabilities of S$96.8 million, negative cash flow from
operations of $788,000, and a negative cash position of S$1.1
million. It also has debts worth S$98.4 million repayable within
one year or less.


MICROTRONICA PTE: Creditors Must Submit Claims by June 14
---------------------------------------------------------
Notice is hereby given that the creditors of Microtronica (S)
Pte Ltd, In Members' Voluntary Liquidation, are required on or
before the 14 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 undersigned, the
Liquidator of the said Company, and, if so required by notice in
writing from the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

RAMASAMY SUBRAMANIAM IYER
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

This Singapore Government Gazette announcement is dated 14 May
2004.


PAPERCHASE PTE: Issues Winding up Order Notice
----------------------------------------------
Paperchase 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
The URA Centre (East Wing)
45 Maxwell Road #05/#06-11
Singapore 069118.

ASIA LAW CORPORATION
Solicitors for the Petitioners.

This Singapore Government Gazette announcement is dated 13 May
2004.


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


CAPETRONIC INTERNATIONAL: Clarifies Late Submission Of 1Q FS  
------------------------------------------------------------
Capetronic International (Thailand) PCL submits to the Stock
Exchange of Thailand the resolutions of its Board of Directors'
Meeting held on May 14, 2004 between 5:00 p.m. to 7:30 p.m.:

(1) That the Minutes of Board of Directors' Meeting No. 2/2004,
held on March 30, 2004 be confirmed.

(2) Note the unreviewed Financial Statements for first quarter
ended March 31, 2004 and will consider the Financial Statements
for first quarter ended March 31, 2004 after the auditor of the
Company completes their review, which is delayed due to the
change of the Company's auditor from KPMG Phoomchai Audit Ltd.
to office of D.I.A. International Auditing,  therefore the
company could not submit its 2004 First Quarter financial
statement on time.

Please be informed accordingly.
Yours sincerely,
(Mr.Seni  Sudsawad)
Director of Financial and Accounting


MANAGER MEDIA: Reports Progress of Amended Rehabilitation Plan
--------------------------------------------------------------
Manager Media Group PCL disclosed to the Stock Exchange of
Thailand, that pursuant to the Rehabilitation Case, the Civil
Court asked to hear a consideration of the amendment of the
Rehabilitation Plan on May 10, 2004.

The Civil Court examined the file and it appeared that all
creditors knew the mentioned date of the Court's hearing and no
any creditors objected to such amendment.  The consideration was
completely finished and the Court asked to hear its order on
June 7, 2004 at 09:00 a.m.

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


PAE THAILAND: Releases 1Q 2004 Performance
------------------------------------------
PAE Thailand PCL (PAE) disclosed to the Stock Exchange of
Thailand its performance of first quarter 2004.

In the first quarter of 2004 the company's net gain is THB2.99
million compared to THB9.96 million in the same period of 2003.

This is due to:

(1) Revenue from sales and construction works in the first
quarter of 2004 is THB5.70 million which has decreased by 29.19
percent or THB2.35 million.

(2) In the first quarter of 2004 cost of sales and construction
work was THB8.65 million, which represents 151.75 percent of
revenue from sales and construction. Cost of sales and
construction in the first quarter of 2003 was THB12.91 million
or represents 160.37 percent of revenue from sales and
construction.

(3) The selling and administration expenses in the first quarter
of 2004 were THB5.25 million or an increase by 35.36 percent
from the same period of last year. Interest expenses were still
high with an amount of THB64,203 million or a decrease by 99.84
percent.
   
(4) Current assets exceed current liabilities by THB47,502
million because of the achievement of debt restructuring plan.

The Company has completed the major steps as stipulated in the
restructuring plan with relation to the increase in share
capital, repaid parts of its debts and also received the
redemption of the rest; therefore, the Company recorded gain
from debt restructuring, amounting to THB2,994 million by
presenting as extraordinary item in income statement.

On April 28, 2004, the Central Bankruptcy Court ordered the
cancellation of restructuring of PAE (Thailand) Co. Ltd. because
of the achievement of debt restructuring plan.

Yours faithfully
PAE (THAILAND) PCL
Kesrin Ariyapongse
General Manager


* BOND PRICING: For The Week 17 May - 21 May 2004
-------------------------------------------------

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


AUSTRALIA
---------

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


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

China Government Bond                  2.900%      5/24/32   60
China Government Bond                  2.600%      9/20/07   71
China Government Bond                  3.400%      4/17/23   72
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   53
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------
Alliance Bank Bhd       7.750%     06/20/11    5
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    2
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    2
Hong Leong Industries Bhd              4.000%      6/28/07    1
Hubline Bhd        4.000%      1/10/06    2
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
Lebar Daun Bhd                     2.000%       1/6/07    3
LBS Bina Group Bhd                     4.000%     12/31/06    2
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lingkaran Trans Kota Holdings          7.150%     10/23/10   10
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1  
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pahlawan Power                         5.150%      1/31/05   10
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1    
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1


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

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


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Housing and Dev. Board                 3.875%      2/11/04    1
Rabobank Singapore                     1.000%      1/15/13   68
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd           6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11   1
Tincel Ltd                             7.400%      6/13/11   1


THAILAND
--------

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



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




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***