TCRAP_Public/040519.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, May 19, 2004, Vol. 7, No. 97

                            Headlines

A U S T R A L I A

MITSUBISHI AUSTRALIA: Fate Of Adelaide Plants Yet To Be Decided
NATIONAL AUSTRALIA: Rogue Trader To Release Autobiography
QANTAS AIRWAYS: Applies For Additional Capacity To UK


C H I N A  &  H O N G  K O N G

BRILLIANT HONOUR: Schedules Winding up Hearing
CHAN KAM: Creditors Meeting Set May 21
CHENG CHAK: Creditors Meeting Slated for May 21
CHU PUI: Schedules Creditors Meeting May 21
CHU WAI: Creditors Meeting Slated for May 21

JILIN CHEMICAL: Answers HKSE Query
LINEA TRADING: Winding up Hearing Set for June 16
NEW SKYLAND: Schedules Winding up Hearing June 16
PRIME VIEW: Enters Winding up Petition
SEAQUEST INTERNATIONAL: Winding up Hearing Slated for June 16

YU HON: Enters Bankruptcy Proceedings


I N D O N E S I A

BANK MANDIRI: S&P Revises Outlook To Positive  


J A P A N

ISHIKAWAJIMA-HARIMA: Net Loss Widens to JPY38.35B
MITSUBISHI FUSO: Recalls 410 Canter Guts Trucks
MITSUBISHI MOTORS: Gifu Pajero Factory Closure Likely
MITSUBISHI MOTORS: Discloses 2003 Earnings Result May 21
SHUGETSUNINGYOCHEN K.K.: Japanese Toy Retailer Goes Bankrupt


K O R E A

CHOHUNG BANK: To Be Delisted in Early July, Says Shinhan
HANBO IRON: Founder Vows to Repay Debts
SSANGYONG MOTOR: Union Demands Big Role in Management Decision


M A L A Y S I A

ANCOM BERHAD: Buys Back Ordinary Shares
CHASE PERDANA: Seeks Extension For Warrants Expiry
CONSOLIDATED FARMS: Presents Accounts Due
HAP SENG: Pays RM88,528.46 For Ordinary Shares
HO HUP: Reveals Closed Period Dealings By Directors

HO WAH: Informs Of Director's Closed Period Dealings
HO WAH: Director Disposes 2M of 3M Shares
HUME INDUSTRIES: Reports Higher Profits
MALAYSIA AIRLINES: Smaller Profits Predicted By Analysts
PANGLOBAL BERHAD: Minerals Unit Releases Production Figures

PSC INDUSTRIES: Announces Results Of 17 May EGM
PSC INDUSTRIES: Expects to Reduce Debts
TANJONG PUBLIC: Additional 29,000 New Shares Granted Listing
WING TIEK: To Be Requoted In July


P H I L I P P I N E S

ABS-CBN BROADCASTING: Elaborates On Stockholders Meeting Results
BENPRES HOLDINGS: Posts 1Q Financial Report
NEGROS NAVIGATION: Posts PhP15.65 Net Loss For 1Q


S I N G A P O R E

CHARTERED SEMICONDUCTOR: S&P Revises Outlook to Stable
HITACHI LEASING: Issues Dividend Notice
HOLA DEVELOPMENT: Issues Winding Up Order Notice
HONG LAI: Receives Writ of Summon from Maybank
HUMAN SPACE: Creditors Meeting Set May 25

TAN LEE: Releases Dividend Notice
TEH TEONG: Issues Dividend Notice


T H A I L A N D

ASIA HOTEL: SET Posts NR Sign On Securities
BANGKOK RUBBER: SET Suspends Trading  
CAPETRONIC INTERNATIONAL: SET Posts NP Sign On Securities
DATAMAT PCL: Releases 1Q Operating Results
EASTERN WIRE: SET Posts NR Sign On Securities

MANAGER MEDIA: SEC Waives Submission Of Financial Statement
THAI DURABLE: SET Lifts Notice Pending Sign
THAI GERMAN: SET Posts NR On Securities

     -  -  -  -  -  -  -  -

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


MITSUBISHI AUSTRALIA: Fate Of Adelaide Plants Yet To Be Decided
---------------------------------------------------------------
The outcome of the meeting of Mitsubishi Motors Corp. in Tokyo
on Monday is described as constructive.  However, the company
has yet to determine the future of its company's operations in
Australia, its Adelaide operations or its 3500 South Australian
employees, The Sydney Morning Herald reports.

"Any decision on the Australian operations will have to be made
within the overall context of the ongoing revitalization of MMC,
which is facing its toughest challenge ever," Mitsubishi Motors
president Yoichiro Okazaki said.

Federal Industry Minister Ian Macfarlane said in an interview
that they outlined all the reasons why operations in South
Australia should continue, but at this stage they have made no
decision about any components of Mitsubishi Motors Corp.
globally.

According to Mr. Macfarlane, "The next step from here is
Mitsubishi will announce their business plan within the next
week or so, and on the basis of that both South Australian and
Federal governments will then respond."

However, Mr. Macfarlane and South Australian Treasurer Kevin
Foley who also attended refused to relate the talks' details.

The government also shows concern, pledging to do everything it
can to save the Adelaide engine plant at Lonsdale and the
assembly factory at Clovelly Park.

"Our main concern is the welfare of the workforce and the
continuity of their employment," Prime Minister John Howard told
Brisbane Radio 4BC.

Treasurer Peter Costello admits that Mitsubishi is faced by a
problem much bigger than Australia.

"The issue at the moment has got nothing to do with Mitsubishi
Australia, it's the Mitsubishi Corporation of Japan and in part,
whether or not the owners ... are able to pay extra capital or
find somebody else who will pay extra capital," Mr. Costello
said.

The car giant took a severe blow last month when top shareholder
DaimlerChrysler AG of Germany said it would not provide its
cash-strapped partner with more funds.


NATIONAL AUSTRALIA: Rogue Trader To Release Autobiography
---------------------------------------------------------
David Bullen, one of the three traders involved in National
Australia Bank's $360 million trading scandal that triggered its
biggest crisis in its 147-year history, is telling his side of
the story, The Age reports.

Mr. Bullen is set to release his book entitled, "Fake: My Life
as a Rogue Trader" -- an autobiographical account of the high
living, high-pressured lifestyle of currency traders caught up
in a whirlwind of drugs, partying and lavish corporate
entertainment.

And even before his book hits the bookshops there are plans for
a sequel as well as a new website aimed at the media, and the
possibility of weekly online updates to his existing website on
his personal quest for enlightenment.

Mr. Bullen, warned the bank's new chief executive, John Stewart
to get out while he can because there is more to life than
running a bank.  He opined Mr. Stewart cannot change the
business culture without first changing society.  


QANTAS AIRWAYS: Applies For Additional Capacity To UK
-----------------------------------------------------
Qantas Airways Ltd. said in a company press release on Tuesday
that it had applied to the International Air Services Commission
(IASC) for the right to operate additional services to the
United Kingdom.

Executive General Manager of Qantas Airlines, John Borghetti
said that the new flights, if approved, would increase Qantas
services to the UK from 21 to 28 per week over the next two
years, including first-time flights via Hong Kong.

The additional seven services include four via Hong Kong and
three via Singapore.

Mr. Borghetti said that if the application were successful,
Qantas would operate 17 services to the UK each week via
Singapore, seven via Bangkok and four via Hong Kong.

Qantas has also applied to add a further three weekly services
via Hong Kong to the UK. These flights will not operate until
April 2006.


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


BRILLIANT HONOUR: Schedules Winding up Hearing
----------------------------------------------
Notice is hereby given that a petition for the winding up of
Brilliant Honour Development Limited by the High Court of Hong
Kong was on the 15 April 2004 presented to the said Court by
Bank of China (Hong Kong) Limited (the successor corporation to
The China State 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 is directed to be heard before the Court at 9:30
a.m. on the 23 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.

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.


CHAN KAM: Creditors Meeting Set May 21
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chan Kam Hung (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.


CHENG CHAK: Creditors Meeting Slated for May 21
-----------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Cheng Chak Yim (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.


CHU PUI: Schedules Creditors Meeting May 21
-------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chu Pui Man (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.


CHU WAI: Creditors Meeting Slated for May 21
--------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chu Wai Tat (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.


JILIN CHEMICAL: Answers HKSE Query
----------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from Jilin Chemical Industrial Company Limited, which is
reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited."

"The Company have noted the recent increases in the trading
volume of the shares of the Company and wish to state that it is
not aware of any reasons for such increase."

"Jilin also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under rule 13.23, neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09, which is or may be of a price-sensitive nature."

Jilin Chemical Industrial Company Limited incurred a net profit
of RMB424 million for the first quarter in 2004, versus a net
loss of RMB1.012 billion a year earlier, TCR-AP Vol. 7 No. 80
reports.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Company suffered a loss for three consecutive years coupled with
intensifying competition in the market. The Company adopted the
following strong and effective measures in 2003 to achieve a
turnaround from loss making to profitability.


LINEA TRADING: Winding up Hearing Set for June 16
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
Linea Trading Company Limited by the High Court of Hong Kong was
on the 22 March 2004 presented to the said Court by the
Petitioner Chan Woon Fui residing at Flat A, 8th Floor, Block D,
The Paragon, 9 Shan Yin Road, New Territories, Hong Kong. The
said petition will be heard before the Court at 9:30 a.m. on the
16 June 2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

CHUNG, FONG & CO.
Solicitors for the Petitioner,
Suites 427-429, 4th Floor, Prince's Building
10 Chater 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.


NEW SKYLAND: Schedules Winding up Hearing June 16
-------------------------------------------------
Notice is hereby given that a petition for the winding up of New
Skyland International Limited by the High Court of Hong Kong was
on the 2 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 9:30 a.m. on the 16 June 2004. Any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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.
    

PRIME VIEW: Enters Winding up Petition
--------------------------------------
Notice is hereby given that a petition for the winding up of
Prime View Industrial Limited by the High Court of Hong Kong was
on the 2 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 9:30 a.m. on the 16 June 2004. Any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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.


SEAQUEST INTERNATIONAL: Winding up Hearing Slated for June 16
-------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Seaquest International Development Limited by the High Court of
Hong Kong was on the 19 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 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.


YU HON: Enters Bankruptcy Proceedings
-------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Yu Hon Kau (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.


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


BANK MANDIRI: S&P Revises Outlook To Positive  
---------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Friday
on the foreign and local currency long-term counterparty credit
ratings on Indonesia's PT Bank Mandiri Persero (Mandiri) and PT
Bank Danamon Indonesia Tbk. (Danamon) to positive from stable.
At the same time, Standard & Poor's affirmed its foreign and
local currency counterparty credit ratings at B/B and B+/B,
respectively, on the banks.

The outlook revision on Mandiri and Danamon reflects
expectations that the improvements in the banks' financial
profile, as characterized by better operating profitability and
capitalization is sustainable, in an improved operating
environment attributed to the continued progress in Indonesia's
macroeconomic stability.

"While the banks' financial risks have improved with higher
profitability, asset quality will represent one of their key
challenges, particularly as their intermediary function in the
economy picks up in line with growth in the consumer and small
to midsize enterprise segments," said Standard & Poor's credit
analyst Adrian Chee, Associate Director in the Financial
Services Ratings Group.

In fiscal year 2003, Mandiri and Danamon improved profitability
again their after-tax profit return on average assets (ROAA)
increased to 1.8 percent and 3.1 percent from 1.4 percent and
1.9 percent, respectively. The banks' underlying profitability
has remained satisfactory, as measured by its ratio of
preprovision net operating income to average assets, with
Mandiri's at 3.01 percent and Danamon's at 5.85 percent at
December 2003, compared with 2.15 percent and 2.84 percent in
the previous fiscal year. These improvements are mainly
underpinned by the banks' success in lowering their cost of
funds as well as managing a more efficient asset-liability mix.

The asset quality of Mandiri and Danamon continues to be
significantly related to the Indonesian government's credit
risk, as a result of their holding of local currency Indonesian
government recapitalization bonds, which constituted about 49
percent and 40 percent, respectively, of their total assets in
December 2003. The proportion of loans to assets at Mandiri and
Danamon grew to 33 percent and 40 percent at the end of fiscal
2003, from 27 percent and 39 percent the year before.

In terms of the credit quality of their loan portfolios, Mandiri
and Danamon have continued their restructuring and recovery
process on their nonperforming assets (NPA), while writing off
more of their hardcore nonperforming loans. This is reflected in
Mandiri's and Danamon's net NPA (includes restructured loans and
foreclosed properties) ratio, which improved to 26 percent and
negative 2.03 percent in fiscal 2003, from 36 percent and
negative 1.7 percent in 2002. The two banks will continue to
focus on improving the quality of their growing loan portfolios.

Mandiri and Danamon have continued to build their capitalization
positions. At December 2003, their capitalizations remain
satisfactory, as denoted by their adjusted common equity to
average assets ratio, which stood at 7.68 percent and 11.42
percent, respectively.


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


ISHIKAWAJIMA-HARIMA: Net Loss Widens to JPY38.35B
-------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. posted a net loss of
38.35 billion yen in the fiscal year 2003 ended March 31, versus
a net loss of 9.67 billion yen a year earlier, Kyodo News
reported on Tuesday. The shipbuilder and heavy machinery maker
lost profitability in the shipbuilding and marine construction
business and the energy and plant engineering division.


MITSUBISHI FUSO: Recalls 410 Canter Guts Trucks
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall 410 of its
Canter Guts trucks to fix defective brake equipment, according
to Kyodo News, citing a report from the Ministry of Land,
Infrastructure and Transport. The automaker received nine
reports since December that the Canter Guts trucks did not stop
when the drivers pressed the brake pedal.


MITSUBISHI MOTORS: Gifu Pajero Factory Closure Likely
-----------------------------------------------------
Mitsubishi Motors Corporation is considering closing its Pajero
sports utility plant in Japan as part of a 450 billion yen
restructuring plan to revive the ailing carmaker.

According to Kyodo News, the struggling automaker will shift
production of the popular sports vehicle from the plant in
Sakahogi, Gifu Prefecture, which is owned by Pajero
Manufacturing Co., a Mitsubishi subsidiary, to the Mitsubishi
plant in Okazaki, Aichi Prefecture.


MITSUBISHI MOTORS: Discloses 2003 Earnings Result May 21
--------------------------------------------------------
Mitsubishi Motors Corporation will announce its earnings results
for 2003 and a medium-term business plan on May 21, according to
Reuters.

Chief Executive Officer Yoichiro Okazaki and Chief Financial
Officer Keiichiro Hashimoto will attend the news conference,
which will start at 4.30 p.m. (0730 GMT) at its headquarters in
Tokyo.

The struggling automaker has been scrambling to map out a new
business plan with three Mitsubishi group companies since April
after DaimlerChrysler AG abandoned plans to inject new capital
into the Company.


SHUGETSUNINGYOCHEN K.K.: Japanese Toy Retailer Goes Bankrupt
------------------------------------------------------------
Shugetsuningyochen K.K. has entered bankruptcy, according to
Teikoku Databank America. The Japanese toy retailer, which is
located at Taito-ku, Tokyo Japan, has total liabilities of
US$30.83 million.


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


CHOHUNG BANK: To Be Delisted in Early July, Says Shinhan
--------------------------------------------------------
Shinhan Financial Group said it would delist Chohung Bank in
early July, after the group closed on Monday an offer to buy
some of the remaining stock it does not already own in the bank,
according to Reuters.

Shinhan, the financial services group, which owned 81.15 percent
of Chohung had made a public tender offer to buy another 3.77
percent. Shinhan had offered to buy 27.1 million Chohung shares
from the market at 3,500 won ($2.95) apiece, or a 38 percent
premium to the market price. The offer was part of steps to
complete its buyout of Chohung Bank, which it took over in 2003
from the government.

Chohung Bank, which was nationalized after the 1997-98 Asian
financial crisis, now accounts for about 23 percent of Shinhan
in asset terms.

The Troubled Company Reporter-Asia Pacific Vol. 7, No. 76
reported last month that Standard & Poor's Ratings Services
raised its long-term and short-term credit ratings on Chohung
Bank to 'BBB' from 'BBB-' and 'A-2' from 'A-3', respectively. At
the same time, Standard & Poor's affirmed its 'BBB/A-2' long-
term and short-term credit ratings on Shinhan Bank. The outlooks
on both banks' long-term ratings are stable.

On April 14, 2004, Shinhan Financial Group Co. Ltd. (SFG)
announced its decision to acquire the remaining common shares
(18.85%) of Chohung by the end of June 2004 through a combined
small-scale share swap and tender offer.

Shinhan and Chohung's liquidity, measured by their loan to
deposit ratio, has deteriorated gradually for the past few
years, but remains satisfactory at about 110%. Liquid assets,
including some cash and invested securities, account for about
22% of SFG's total liabilities on a consolidated basis, which
remains adequate.


HANBO IRON: Founder Vows to Repay Debts
---------------------------------------
Mr. Chung Tae-soo, founder and former chairman of Hanbo Iron &
Steel, is willing to pay back the bankrupt steel maker's debt
totaling 6.1 trillion won (US$5.17 billion), if he is allowed to
regain control of its management, Yonhap News reported on
Tuesday. Mr. Chung said he and his business partners would be
able to repay 1.5 trillion won of the steel maker's 6.1 trillion
won debt in three years.


SSANGYONG MOTOR: Union Demands Big Role in Management Decision
--------------------------------------------------------------
Labor union members of Ssangyong Motor Co. on Monday demanded
its formal participation in key management decisions, including
the establishment of offshore plants, raising concerns about a
fierce labor-management dispute at the ailing automaker, Yonhap
News reports.

The union has asked the company management to reflect unionized
workers' opinions in decisions on the building and operation of
overseas plants, outsourcing, introduction of new cars and other
crucial issues.


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


ANCOM BERHAD: Buys back Ordinary Shares
---------------------------------------
Ancom Berhad announced in a notice dated 17 May 2004 to the
Bursa Malaysia Securities Berhad, that the company had on the
same date, bought back 194,000 units of ordinary shares of
RM1.00 each.

Minumum price paid for each share was placed at RM0.750 while
the maximum price paid was RM0.785. Total cash consideration was
not specified.

To date, the company has a total of 626,500 units in cumulative
net outstanding treasury shares.


CHASE PERDANA: Seeks Extension For Warrants Expiry
--------------------------------------------------
Chase Perdana Berhad (Chase), submitted to the Bursa Malaysia
Securities Berhad on 17 May 2004, a proposal to extend the
duration and exercise period of the company's outstanding
Warrants by 5 years. Chase is asking that the expiry date be
moved from 17 June 2004 to 17 June 2009.

The Extension is subject to the approval of the Securities
Commission, the shareholders and the warrantholders of Chase.

The company says that approval from the Securities Commission
was obtained last April 1. However, shareholders and
warrantholders yet have to discuss the matter in an
extraordinary general meeting and a warrantholders' meeting to
be held on 18 May 2004. At least 75 percent of the shareholders
and warrantholders present must vote in favor of the Proposed
Warrants Extension in order for it to be approved and passed.

In case the Proposed Warrants Extension is not approved, then
trading of the Warrants will be suspended on Wednesday, 2 June.
The Warrants will expire at 5 pm on Thursday, 17 June 2004 and
will be removed from the Official List of the Exchange effective
9 am on Friday, 18 June 2004.


CONSOLIDATED FARMS: Presents Accounts Due
-----------------------------------------
The Board of Consolidated Farms Berhad has confirmed that the
Group is unable to pay the additional principal in respect to
its banking facilities.

Additional Amount of Principal Due From 6 May to 17 May 2004:

Lender:                    Bumiputra-Commerce Bank Berhad (BCBB)
Borrower:                  Confarm
Additional Amount Due
From 6 may-17 may 2004
(RM'000):                  937.00
Type of Facilities:        Bankers' Acceptance (BA)

Lender:                    Malayan Banking Berhad
Borrower:                  Confarm
Additional Amount Due
From 6 may-17 may 2004
(RM'000):                  576.00
Type of facilities:        BA

Lender:                    BCBB
Borrower:                  Consolidated Feedmill Sdn Bhd
Additional Amount Due
From 6 may-17 may 2004
(RM'000):                  675.00
Type of Facilities:        BA

Total Borrowings:          RM2,188,000.00

Note: Figures are based on the respective companies' records and
exclude any penalty interest that may be charged by the
respective lenders.

In the disclosure dated 17 May 2004 to the Bursa Malaysia
Securities Berhad, the Board of Directors said it is currently
undertaking a thorough review to assess the group's financial
position.


HAP SENG: Pays RM88,528.46 For Ordinary Shares
----------------------------------------------
Hap Seng Consolidated Berhad announced on the Bursa Malaysia
Securities Berhad on 17 May 2004 that the company had bought
back 36,200 units of ordinary shares of RM1.00 each for a total
cash consideration of RM88,528.46.

The minimum price paid for each share was RM2.370 while the
maximum price paid was RM2.480.

The transaction was completed on Monday, 17 May 2004.

To date, the company has a total of 33,025,600 units in
cumulative net outstanding treasury shares.


HO HUP: Reveals Closed Period Dealings By Directors
---------------------------------------------------
Ho Hup Construction Company Berhad, in a notice dated 17 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:            14 May 2004
Price Per Share:             RM1.70
Number of Shares Acquired:   5,000 (Direct)
Percentage of Issued Share
Capital (%):                 0.005

Transaction Date:            14 May 2004
Price per share:             RM1.69
Number of shares acquired:   32,700 (*Indirect)
Percentage of issued share
Capital (%):                 0.032

Low Teik Kien

Transaction Date:            14 May 2004
Price per share:             RM1.69
Number of shares acquired:   32,700 (*Indirect)
Percentage of issued share
Capital (%):                 0.032

*Deemed interested through Low Chee Estate.


HO WAH: Informs Of Director's Closed Period Dealings
----------------------------------------------------
Ho Wah Genting Berhad (HWGB) announced to the Bursa Malaysia
Securities Berhad on 17 May 2004 that the company's executive
director Mr. Lim Ooi Hong had acquired an additional 2 million
ordinary shares of RM1.00 each in HWGB for a total cash
consideration of RM1,300,000.

The shares, which represent 0.76 percent of the total number of
ordinary shares were bought for RM0.65 each and are currently
held by JB Nominees (Tempatan) Sdn Bhd in a pledged securities
account for Mr. Lim.

The transaction was completed on the same day as the
announcement.

Mr. Lim had previously purchased a total of 8 million units of
ordinary shares of RM1.00 each.


HO WAH: Director Disposes 2M of 3M Shares
-----------------------------------------
Mr. Goh Sin Huat, Group Executive Chairman of Ho Wah Genting
Berhad (HWGB) disposed of 2 million ordinary shares of RM1.00
each in HWGB on 17 May 2004 for RM0.65 each for a total cash
consideration of RM1,300,000. The shares are currently being
held by OSK Nominees (Tempatan) Sdn Bhd in a pledged securities
account for Goh Sin Huat.

According to an announcement made to the Bursa Malaysia
Securities Berhad, the transaction was completed on 17 May 2004.

Mr. Goh has previously signified his intention to dispose of a
total of 3 million ordinary shares of the company.


HUME INDUSTRIES: Reports Higher Profits
---------------------------------------
Hume Industries (Malaysia) Berhad has released its financial
results for the 3rd quarter ending 31 March 2004, reporting a
profit of RM26.8 million compared to RM19.7 million for the same
period last year.

According to Asia Pulse, this is an increase of 24.7 percent
from the preceding quarter's takings.

In a statement, Hume attributed the company's higher profits to
increased contributions including an insurance claim by an
associated company.

Hume Industries main business involves the manufacture and sale
of concrete products.

The company is a member of the Hong Leong Group Malaysia.

For a full copy of the 3rd Quarter Financial Results, click on
the following link:

http://bankrupt.com/misc/Hume3rdQReport19May2004.pdf


MALAYSIA AIRLINES: Smaller Profits Predicted By Analysts
--------------------------------------------------------
In a survey conducted by Thomsom First Call, 15 analysts
predicted Malaysia Airlines System's (MAS) profits for FY2004 to
fall by 22 percent. According to Dow Jones, they place the
average net profit at RM312 million compared to last year's
RM399.1 million.

However, the analysts pointed out that the bulk of last year's
gains (approximately RM299.5 million) were the result of the
airline's corporate and debt restructuring exercise.

Before 2003, Malaysia Airline went through five years of
straight losses, peaking at RM835.6 million for FY2002.

However, the air travel industry has since rebounded following
the September 11 terrorist attack and the Severe Acute
Respiratory Syndrome outbreak with the passenger load factor or
the percentage of seats filled per trip going beyond 70 percent.
At the height of the SARS outbreak last year, passenger load
factor stood at only approximately 50 percent.

Malaysia Airlines is expected to release its full-year results
this week.


PANGLOBAL BERHAD: Minerals Unit Releases Production Figures
-----------------------------------------------------------
PanGlobal Berhad announced on 17 May 2004 on the Bursa Malaysia
Securities Berhad the coal production volume of its wholly owned
subsidiary, Global Minerals (Sarawak) Sdn Bhd.

Global Minerals produced a total of 47,094.12 mt of coal for the
month of April 2004.

Aside from coal mining, the PanGlobal group, with its
subsidiaries, is involved in general insurance business,
extraction of logs, sawmilling and the manufacture of veneer.
The group also engages in property investment and development,
rental of office and commercial premises and the operation of
hotel apartments.

The company is currently undergoing a proposed composite debt
arrangement scheme.


PSC INDUSTRIES: Announces Results Of 17 May EGM
-----------------------------------------------
Avenue Securities Sdn Bhd, announced on 17 May 2004 in a notice
submitted to the Bursa Malaysia Securities Berhad on behalf of
the Board of Directors of PSC Industries Berhad, that the
ordinary resolutions relating to the Proposals as stated in the
Notice of Extraordinary General Meeting dated 30 April 2004 was
duly passed at the Extraordinary General Meeting of the Company
held on Monday, 17 May 2004 at Anggerik Room, 4th Floor, Hotel
Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala
Lumpur.

To review the resolutions, please refer to the May 3, 2004 issue
of TCR-AP, to the story entitled "PSC INDUSTRIES: Discloses
Agenda For 17 May EGM."


PSC INDUSTRIES: Expects to Reduce Debts
---------------------------------------
Ishak Osman, group executive director of PSC Industries Berhad
(PSCI) said on Monday, 17 May, with the help of the proposed
debt restructuring plan, the company is expecting its debts to
go down to RM387.4 million from RM887.12 million by next month.

According to the Malaysian National News Agency- Bernama, the
plan involves the issuance of new shares as well as a proposal
by Business Focus Sdn Bhd (BFSD) to acquire RM382.001 million of
the company's debt from Affin Bank Bhd (ABB). BFSB also proposes
to dispose of a portion of the Affin Bank debt amounting to
RM262.011 million to various investors.

BFSB is a substantial shareholder of PSCI.

The outstanding debt will then be converted by PSCI into
Redeemable Convertible Stock Loans (RCLS).

"This (the completion of debt restructuring) will help PSC
Industries to be more profitable," Ishak said.


TANJONG PUBLIC: Additional 29,000 New Shares Granted Listing
------------------------------------------------------------
Tanjong Public Limited Company submitted a notice to the Bursa
Malaysia Securities Berhad on 17 May 2004 stating that the
company's additional 29,000 new ordinary shares of 7.5 pence
each, issued pursuant to the Tanjong-Employee' Share Option
scheme will be granted listing and quotation effective 9 am on
Wednesday, 19 May 2004.


WING TIEK: To Be Requoted In July
---------------------------------
After 7 years of continuous losses, Wing Tiek Holdings Berhad
will be requoted on the Bursa Malaysia Securities Berhad, the
Malaysian National News Agency- Bernama reports.

Chen Cheong Fat, Wing Tiek's managing director says this will
come upon the completion of the company's Corporate Debt
Restructuring Scheme (CDRS) in July. At that time, Wing Tiek's
listing will be taken over by JAKS Resources Berhad.

Wing Tiek has entered into several agreements with JAKS
Resources in order to implement the CDRS.

For one, Chen said the CDRS involved the liquidation of Wing
Tiek and its subsidiaries save for Wing Tiek Pipe Sdn Bhd.

At the EGM held on Monday, 17 May, 99.92 percent of Wing Tiek's
shareholders voted in favor of the company's resolutions
pertaining to the proposed CDRS.

Among the resolutions approved by shareholders were the proposed
disposal of nine pieces of land and building to JAKS Resources
for RM75 million to be satisfied by the issuance of 40.0 million
new ordinary shares of RM1 each in Jaks Resources at par and the
issuance by JAKS Resources of RM35 million nominal value
redeemable convertible secured loan stock at 100 percent of its
nominal value (proposed Wing Tiek land acquisition).

The second resolution was the proposed disposal of 45.913
million ordinary shares of RM1.00 each in Wing Tiek Steel Pipe
for a cash consideration of RM1.00, while the final resolution
was on the proposed scheme of arrangement between Wing Tiek, its
shareholders and JAKS Resources whereby the entire issued and
paid-up share capital of Wing Tiek will be exchanged for new
JAKS Resources Shares on the basis of one new JAKS Resources
share for every eight ordinary shares of RM1.00 each in Wing
Tiek held on a date to be determined later.

According to Wing Tiek's Proposed Transfer of Listing Status,
the entire enlarged issued and paid-up share capital of JAKS
Resources will be listed in place of the issued and paid-up
capital of Wing Tiek and JAKS Resources will thereby take over
the listing status of Wing Tiek on the Main Board of the Bursa
Malaysia.

Shareholders of Wing Tiek will then become shareholders of JAKS
Resources.

JAKS Resources is involved in water supply construction projects
such as reservoirs, water reticulation works and laying pipe.


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


ABS-CBN BROADCASTING: Elaborates On Stockholders Meeting Results
----------------------------------------------------------------
ABS-CBN Broadcasting Corp. submitted to the Philippine Stock
Exchange additional information of its Annual Stockholders
meeting held on April 29, 2004.

Please be informed that the following matters were also
approved:

(1) Management Report and Audited Financial Statements for the
Year Ended December 31, 2003.

(2) Ratification of all acts of the Board of Directors,
Executive Committee and Management for the period covering
January 1, 2003 through December 31, 2003 adopted in the
ordinary course of business, including but not limited to:

(a) Approval of investments
(b) Treasury matters related to opening of accounts and bank
transactions; and
(c) Appointment of signatories and amendments thereof.

(3) Re-appointment of SyCip Gorres Velayo and Co., as the
External Auditors of the company.

The company likewise confirms that it only has an Audit
Committee with Mr. Roberto F. de Ocampo as its Chairman, and it
does not have a Compensation and Nomination Committee.

The company trusts that it has sufficiently addressed your
concerns.

For more information click
http://bankrupt.com/misc/abscbn051704.pdf


BENPRES HOLDINGS: Posts 1Q Financial Report
-------------------------------------------
Benpres Holdings Corp. submitted to the Philippine Stock
Exchange its first quarter financial report for the period ended
March 31, 2004.

Unaudited Consolidated revenues of Benpres increased to PhP1.865
billion from PhP562 million in the same period last year,
reflecting the consolidation of Maynilad Water Services, Inc.  
Benpres only began consolidating Maynilad operations in its
financial statements in August 2003.  

Cost and Expenses, in particular cost of sales and services (to
PhP978 million from PhP24 million) and general and
administrative expenses (to PhP462 million from PhP92 million),
increased for the same reason.

Equity in earnings of investees improved to PhP550 million from
PhP342 million due to the strong performance of the subsidiaries
in power generation [First Philippine Holdings Corp. (FPHC)] and
media [ABS-CBN Broadcasting Corp. (ABS-CBN)].  On the other
hand, interest and other expenses rose to PhP729 million from
PhP260 million, inclusive of foreign exchange losses.  Benpres
recorded losses on the depreciation of the peso from PhP53.604
per US dollar in 1q03 to PhP56.216 per US dollar in 1q04.

As a result, Benpres posted a net loss of PhP142 million the
period versus a net income of PhP133 million in the first three
months of 2003.

To view full copy of the first quarter report click
http://bankrupt.com/misc/benpresholdings051704.pdf


NEGROS NAVIGATION: Posts PhP15.65 Net Loss For 1Q
-------------------------------------------------
Negros Navigation Co. Inc. (Nenaco) submitted to the Philippine
Stock Exchange its first quarter results.

Nenaco reported revenue of PhP521.6 million compared to PhP604.5
million in the same period last year.  Operating costs and
expenses totaled PhP431.2 million. While it posted a net loss of
PhP15.65 million pesos compared to a profit of PhP10.5 million
of the same period last year.

To view full copy of the financial results, click
http://bankrupt.com/misc/negrosnavigation051704.pdf


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


CHARTERED SEMICONDUCTOR: S&P Revises Outlook to Stable
------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on
its corporate credit rating on Chartered Semiconductor
Manufacturing Ltd. to stable from negative. At the same time,
the 'BBB-' rating on Chartered was affirmed.

"The outlook revision reflects the expected improvement in
Chartered's cash flow as a result of the current recovery in the
semiconductor industry. Despite its expected aggressive
expansion plans in the next two years, the improvement in the
company's cash flow is expected to support its credit quality,"
said Standard & Poor's credit analyst Erly Witoyo.

"The outlook change also reflects the expected improvement in
Chartered's operating performance over the medium term due to
its strategic alliances and management's cost reduction
efforts."

Chartered's exchange rate risk is minimal as its U.S. dollar
revenues provide a natural hedge to its predominantly U.S.
dollar operating expenses, debts, and capital expenditures.

These strengths are offset by the above-average risk of the
semiconductor industry, which is highly cyclical, capital
intensive, and subject to rapid technological changes. Although
the semiconductor industry has started to recover, factors such
as a slowdown in global economic growth or weak demand from end-
markets could derail the expected strong recovery.

"Chartered's aggressive financial profile is another factor that
constrains the rating. Its gearing is expected to deteriorate in
the medium term, as the company is likely to require additional
funding for its capacity expansion," said Mr. Witoyo.

In the next two years, the company is projected to spend about
US$1.5 billion to equip its new wafer fabrication facility, Fab
7, and to fully ramp up the capacity of Fab 6 (by end-2004).
This is expected to increase its net gearing to about 40% by
2005, from 17% at the end of fiscal 2003.

Chartered has a weak competitive position. The company faces
formidable competition from Taiwan Semiconductor Manufacturing
Corp. (TSMC) and United Microelectronics Corp. (BBB/Stable/--),
which have a combined global market share of about 65%, compared
with Chartered's share of about 5% in 2003.

The company's short-term liquidity is strong, with a cash
balance of US$696 million and available committed bank
facilities of US$320 million at March 31, 2004. In comparison,
the company only has US$224 million of debt due in the near
term.

However, the company's liquidity could deteriorate over the near
term, as a significant amount of its cash balance may be used to
support its planned capital expenditure.

Contact: Erly Witoyo, Singapore (65) 6239-6321; Ee-Lin Tan,
Singapore (65) 6239-6394


HITACHI LEASING: Issues Dividend Notice
---------------------------------------
Hitachi Leasing (S) Pte Ltd. issued a notice of final dividend
as follows:

Address of Registered Office: 268 Orchard Road #11-01, Singapore
238856

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 358 of 1998

Amount per centrum: 0.6978%

First or final or otherwise: Final

Where payable: Singapore

Last Day of Receiving Proofs: 17 May 2004.

For more information, go to
http://bankrupt.com/misc/TCRAP_HitachiLeasing.pdf

This Singapore Government Gazette announcement is dated 14 May
2004.


HOLA DEVELOPMENT: Issues Winding Up Order Notice
------------------------------------------------
Hola Development Pte Ltd issued a notice of winding up order
made on the 10 May 2004.

Name and address of Liquidators: Mr. Goh Boon Kok
c/o 1 Stadium Walk
Level 2, Kallang Theatre Building
Singapore 397688.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Note:

(a) All creditors of the company should file their proof of debt
with the liquidators who will be administering all affairs of
the company.

(b) All debts due to the company should be forwarded to the
liquidators.

This Singapore Government Gazette announcement is dated 17 May
2004.


HONG LAI: Receives Writ of Summon from Maybank
----------------------------------------------
The Directors of PDC Corporation Limited wish to announce that
the Company and its subsidiaries, Hong Lai Huat Realty Pte Ltd
and Macro Machinery International Pte Ltd, have received Writs
Of Summons from Maybank on 14 May 2004, claiming against:

1. Macro Machinery International Pte Ltd as principal debtor,
and PDC Corp Ltd and Hong Lai Huat Realty Pte Ltd as guarantors,
the amount of S$224,521.45; and

2. PDC Corporation Limited and Hong Lai Huat Realty Pte Ltd as
guarantors, the amount of S$1,536,683.71; the claim is a result
of the banking facilities provided by Maybank to Hong Lai Huat
Construction Pte Ltd (under Judicial Management).

The Company is reviewing its legal position, and shall notify
shareholders of any further material developments in the matter.

Submitted by PDC Corporation Executive Chairman Chan Yeuk Wai on
17/05/2004 to the SGX.


HUMAN SPACE: Creditors Meeting Set May 25
-----------------------------------------
Notice is hereby given that the Meeting of Creditors of Human
Space Interior Pte Ltd (In Creditors' Voluntary Winding Up) will
be held at 15-IA Jalan Riang, Singapore 358987 on 25th May 2004
at 11.30 a.m. for the purposes as stated in sections 296, 297,
and 298 of the Companies Act, Cap. 50.

LIU BUONG KEON
Provisional Liquidators.
THAM POK LEONG
Director.

This Singapore Government Gazette announcement is dated 14 May
2004.



TAN LEE: Releases Dividend Notice
---------------------------------
Tan Lee & Partners issued a notice of final dividend as follows:

Address of Registered Office: 79 Robinson Road #23-00 CPF
Building Singapore 068897.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 358 of 1998

Amount per centrum: 0.6978%

First or final or otherwise: Final

Where payable: Singapore

Last Day of Receiving Proofs: 17 May 2004.

This Singapore Government Gazette announcement is dated 14 May
2004.


TEH TEONG: Issues Dividend Notice
---------------------------------
Teh Teong Guan issued a notice of final dividend as follows:

Address of Registered Office: c/o Teh Lim & Partners 7500A Beach
Road #04-313/314, The Plaza Singapore 199591.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 358 of 1998

Amount per centrum: 0.6978%

Where payable: Singapore

First or final or otherwise: Final

Last Day of Receiving Proofs: 17 May 2004.

This Singapore Government Gazette announcement is dated 14 May
2004.



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


ASIA HOTEL: SET Posts NR Sign On Securities
-------------------------------------------
The Stock Exchange of Thailand (SET) has posted an NR (Notice
received) sign on the securities of Asia Hotel PCL (ASIA)
effective from the first trading session of May 18, 2004 to
announce that the SET has received the Securities and Exchange
Commission's conclusion that it is not necessary to amend ASIA's
financial statements on the issues so stated by the company's
auditor.

However, the SET has still suspended trading on the securities
of ASIA because the Companies must prepare a rehabilitation
plan.

Previously, the SET had posted the NP (Notice pending) sign on
Asia Hotel PCL (ASIA) effective from the first trading session
of May 18, 2004. This is because in the Company's reviewed
financial statements for the period ending March 31, 2004 as
submitted to the SET, the companies' auditors were unable to
reach any conclusion on the financial statements and the SET was
waiting for the SEC'S conclusion on this matter.


BANGKOK RUBBER: SET Suspends Trading  
------------------------------------
Bangkok Rubber PCL has publicly submitted to the Stock Exchange
of Thailand its reviewed financial statements for the period
ending March 31, 2004.  

Since their auditors were unable to reach any conclusion on
their financial statements, it can be considered that the
numbers (indicating the financial status and operating results
of the company presented in their financial statements) did not
reflect the actual position of the company. The Securities and
Exchange Commission (SEC) probably issued an instruction that
Bangkok Rubber is obliged to amend its financial statement.

The Stock Exchange of Thailand posts an SP (Suspended Trading)
sign on the securities of Bangkok Rubber PCL from the first
session of May 18, 2004 to enable shareholders and general
investors to have sufficient time to scrutinize the auditors'
report relating to the results in financial statements.  


CAPETRONIC INTERNATIONAL: SET Posts NP Sign On Securities
---------------------------------------------------------
The Stock Exchange of Thailand (SET) has posted NP (Notice
Pending) signs on the securities of Capetronic International
(Thailand) PCL effective from the first trading session of May
18, 2004 due to its failure to submit the financial statements
for the period ending March 31, 2004 by the deadline specified
by the SET.

The aforementioned NP signs indicate to the general public that
the SET is currently waiting the receipt of the required
financial statements.


DATAMAT PCL: Releases 1Q Operating Results
------------------------------------------
Datamat PCL would like to provide the Stock Exchange of Thailand
additional information on the operational performance of the
first quarter of 2004 in comparison to that of 2003:

During the first quarter of this year, there was the beginning
period of new budget of government and private sectors, as well
as auctions for procurement.  The Company has joined and won
many auctions and is in the process of execution of contracts.  
The income from these projects will be realized in the second
quarter of this year.

The Company's financial statements show a loss in the
operational performance of THB32 million, an increment of THB27
million or 467 percent, due to a decrement in total sales of the
group of THB183 million or 58 percent. The first quarter of 2003
showed sales of the Company's subsidiary in Malaysia of THB215
million or 68 percent of the total income.  If the Company
included the sales of the subsidiary, the total sales during the
first quarter of 2004 would have been THB147 million.

However, on January 2, 2004 the subsidiary in Malaysia increased
its capital by Rights Issue of shares but the Company did not
increase it investments.  As a result, the Company's holding
decreased from 51 percent to 38.25 percent.  

In comparison, the first quarter of 2003 showed a profit of the
subsidiary of THB12 million (THB6 million if calculated by the
new holding ratio) while the first quarter of 2004 shows a loss
of THB2 million, due to the beginning period of new budget also.

Sincerely Yours,
Kusol Sangkananta
Director and Secretary of the Board


EASTERN WIRE: SET Posts NR Sign On Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) has posted an NR (Notice
received) sign on the securities of Eastern Wire PCL (EWC)
effective from the first session May 18, 2004 to announce that
the SET has received the Securities and Exchange Commission's
conclusion that it is not necessary to amend EWC's financial
statements on the issues so stated by the company's auditor.

However, the SET has still suspended trading on the securities
of EWC because the Company must prepare a rehabilitation plan.

Previously, the SET had posted the NP (Notice pending) sign on
Eastern Wire Public Company Limited (EWC) effective from the
first session May 18, 2004. This is because in the Company's
reviewed financial statements for the period ending 31 March
2004 as submitted to the SET, the company's auditors were unable
to reach any conclusion on the financial statements and the SET
was waiting for the SEC'S conclusion on this matter.


MANAGER MEDIA: SEC Waives Submission Of Financial Statement
-----------------------------------------------------------
The Stock Exchange of Thailand (SET) would like to announce that
Manager Media Group PCL has been waived by the Office of
Securities and Exchange Commission (SEC) to submit its audited
financial statements for the period ending March 31, 2004 within
60 days from the ending date of the quarter. This is because the
SEC has suspended the approval of the company's auditor.


THAI DURABLE: SET Lifts Notice Pending Sign
-------------------------------------------
Referring to NP (Notice Pending) sign posted against the
securities of Thai Durable Group PCL (TDT) effective from the
first trading session of May 18, 2004 because TDT have publicly
submitted to the Stock Exchange of Thailand its reviewed
financial statement for the first quarter ending March 31, 2004
with unable to reach any conclusion on its financial statement  
and the conclusion regarding the amendment is pending.

Presently, The Securities and Exchange Commission (SEC) has now
informed the SET that it is not necessary to amend the captioned
financial statements on the issue that the auditor has stated.
Therefore, NR (Notice Received) sign is posted on securities of
TDT effective from the first trading session of May 18, 2004 to
announce that the SET has received the conclusion from the SEC.  


THAI GERMAN: SET Posts NR On Securities
---------------------------------------
The Stock Exchange of Thailand (SET) has posted an NR (Notice
received) sign on the securities of Thai-German Products PCL
(TGPRO) effective from the first session May 18, 2004 to
announce that the SET has received the Securities and Exchange
Commission's (SEC) conclusion that it is not necessary to amend
TGPRO 's financial statements on the issues so stated by the
company's auditor.

However, the SET has still suspended trading on the securities
of TGPRO because the Company must prepare a rehabilitation plan.

Previously, the SET posted the NP (Notice pending) sign on
Thai-German Products PCL (TGPRO) effective from the first
session on May 18, 2004. This is because in the Company's
reviewed financial statements for the period ending March 31,
2004 as submitted to the SET, the company's auditors were unable
to reach any conclusion on the financial statements and the SET
was waiting for the SEC'S decision on this matter.






                            *********


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
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                 *** End of Transmission ***