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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, May 20, 2004, Vol. 7, No. 98

                            Headlines

A U S T R A L I A

AMP LIMITED: Holds Annual General Meeting Today
CARTER HOLT: Completes Tissue Sale
WOODSIDE PETROLEUM: Eksdale-2 Plugged And Abandoned As Planned


C H I N A  &  H O N G  K O N G

A & P INTERNATIONAL: Schedules Winding up Hearing
CHAN KA: Issues Bankruptcy Order Notice
CHAN KING: Creditors Meeting Set May 21
FUNG CHONG: Creditors Meeting Slated for May 21
FUNG WAI: Schedules Creditor's May 21

GOOD LUCK: Schedules Winding up Hearing June 16
KIMBERLY GOLD: Winding up Hearing Slated for June 16
KO TSUI: Creditors Meeting Set May 21
LEE CHI: Files for Bankruptcy
LINEA TRADING: Faces Winding up Petition

SUN FUNG: Winding up Hearing Set for June 23
YU YUNG: Enters Bankruptcy Proceedings
ZHU ZIWEN: Releases Bankruptcy Order Notice


I N D O N E S I A

BANK PERMATA: No Official Announcement On Sale Yet


J A P A N

DAIEI INC.: Sales Down 3% in April
MITSUBISHI MOTORS: Defense Agency Isolates Carmaker
NISSAN DIESEL: Posts 2003 Net Loss of JPY40.27B
SEGA CORORATION: Sammy to Buy Videogame Maker for US$1.8B

* Japan April Corporate Bankruptcies Down 21.5%


K O R E A

CHOHUNG BANK: Shares Down On Delisting News
DAEWOO HEAVY: Investors Submit LOIs For Stake Sale
DAEWOO HEAVY: Union Staging Strike Friday to Protest Sale
HANARO TELECOM: Plans to Issue US$600M Bonds


M A L A Y S I A

ACTACORP HOLDINGS: MITI Approves Restructuring Revisions
AKTIF LIFESTYLE: SC Approves Disposal of Lifestyle Stores
ANCOM BERHAD: Buys Back 229,200 Units Of Ordinary Shares
BANDAR SUNGAI: Served With Winding Up Petition
BERJAYA GROUP: To Dispose of Interests In My2020.com

BOUSTEAD HOLDINGS: First Quarter Profit Pegged At RM37.34M
CHASE PERDANA: Shareholders Approve Extension
CHASE PERDANA: Schedules 28th AGM For 10 June
CRIMSON LAND: Debt Restructuring Granted Extension
EMICO HOLDINGS: Presents Conversion Price For ICSLS

EPE POWER: Listing Changed To Ranhill Power
GEAHIN ENGINEERING: Issues Restructuring Updates
HAP SENG: Buys Back Ordinary Shares
HAP SENG: Informs Of Cancellation Of Shares
HO HUP: Reveals Closed Period Dealings By Directors

KEMAYAN CORPORATION: Legal Action Dropped
K.P. KENINGAU: Announces Resignations
NORTH BORNEO: Presents Losses For First Quarter
OCEAN CAPITAL: SC Approves Scheme and Private Placement
PAN PACIFIC: Announces A Default In Payment

PROMTO BERHAD: Replies To BMSB Query
PSC INDUSTRIES: SC Approves Exemptions
WOO HING: Announces Final Meetings By Subsidiaries


P H I L I P P I N E S

MANILA ELECTRIC: Creditors Approval Needed To Raise Funds
NATIONAL STEEL: LBP Says Danaharta Should Not Oppose Sale


S I N G A P O R E

DATACRAFT ASIA: Proposes Capital Reduction Scheme
NEPTUNE ORIENT: Names Senior Counsel to Board


T H A I L A N D

BANGKOK RUBBER: SEC Says Amended FS Not Necessary
M.D.X: SEC Says Amended FS Not Necessary
NAKORNTHAI STRIP: Explains Result of 1Q 2004 Operations
THAI ENGINE: SEC Says Amended FS Not Necessary
THAI NAM: Clarifies Net Profile In 1Q 2004

THAI PETROCHEMICAL: Clarifies Auditor's Opinion Of 1Q FS
THAI PETROCHEMICAL: Releases 1Q Operating Results
THAI PETROCHEMICAL: SET Gives Until May 19 To Lift SP Sign
TUNTEX: Bankruptcy Court Extends Submission Of Rehab Plan

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Holds Annual General Meeting Today
-----------------------------------------------
AMP Limited issues notice of its Annual General Meeting, which
will be held at the State Theatre, 49 Market Street, Sydney, NSW
at 10:00 a.m. (Sydney time) Today, May 20, 2004.  

Determination of entitlement to attend and vote at the meeting

AMP has determined, in accordance with the Corporations
Regulations 2001 (Cth), that the shares of AMP that are quoted
on the Australian Stock Exchange (ASX) as at 7:00 p.m. (Sydney
time) on Tuesday May 18, 2004 will be taken, for the purpose of
the 2004 Annual General Meeting, to be held by the persons who
held them at that time.  Accordingly, those persons will be
entitled to attend and vote at the meeting.

Voting by proxy

A shareholder who is entitled to attend and vote at the Meeting
may appoint a proxy to attend and vote at the meeting on behalf
of that shareholder.  A proxy does not need to be a shareholder
of AMP.  If a shareholder is entitled to cast two or more votes
at the Meeting, the shareholder may appoint two proxies and may
specify the proportion or number of votes each proxy is
appointed to exercise.  If the appointment does not specify the
proportion or the number of shareholder's votes that each proxy
may exercise, each proxy may exercise half of the shareholder's
votes on a poll.

Proxies may be lodged:

By Mail using the envelope enclosed or by posting it to AMP
Securities Registry:

Australia: Reply Paid 2980, GPO Melbourne VIC 8060
New Zealand: P.O. Box 91543, Auckland Mail Centre
United Kingdom: P.O. Box 1075, Bristol BS99 3FA
Other countries: GPO Box, Melbourne VIC 3001, Australia

To view full copy of the notice, click
http://bankrupt.com/misc/amplimited051704.pdf


CARTER HOLT: Completes Tissue Sale
----------------------------------
In a press release Carter Holt Harvey (CHH) announced that on  
May 12, 2004 the company advised the market that the agreement
to sell its Tissue business and 50 per cent interest in Sancella
to Svenska Cellulosa Aktiebolaget (SCA) had become
unconditional.

CHH is pleased to advise that it has successfully completed the
sale of its Tissue business and 50 per cent interest in Sancella
to SCA, effective May 19, 2004.

For further information please contact:

Nigel Glennie
Manager - Communications & Media
Carter Holt Harvey
Telephone: +61 3 9823 1635
Mobile: +61 410 044 514
Email: nigel.glennie@au.chh.com


WOODSIDE PETROLEUM: Eksdale-2 Plugged And Abandoned As Planned
--------------------------------------------------------------
In a press release, Woodside Petroleum Ltd., a participant in
the BHP Billiton operated WA-255-P Joint Venture, reports that
the Eskdale-2 exploration well located in the Exmouth Sub-basin
was plugged and abandoned as planned. The rig departed the well
on May 16, 2004 and moved to the Stybarrow-3 appraisal well
location. Stybarrow-3 is located approximately 2kms northeast of
Stybarrow-1.

Prior to plugging and abandoning Eskdale-2, coring operations
were completed.  The Atwood Eagle semi-submersible drilling rig
drilled the well. Eskdale-2 is approximately 2.3 kilometres
southwest of Eskdale-1. Water depth at the location is
approximately 825 metres.  All reported depths are referenced to
the rig rotary table.  Equal joint venture participants in WA-
255-P are BHP Billiton Petroleum (Australia) Pty. Ltd. and
Woodside Energy Ltd.


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


A & P INTERNATIONAL: Schedules Winding up Hearing
-------------------------------------------------
Notice is hereby given that a petition for the winding up of A &
P International Trading Limited by the High Court of Hong Kong
was on the 31 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited (the successor corporation to Sin Hua
Bank Limited pursuant to 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 9 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. 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 8 June 2004.


CHAN KA: Issues Bankruptcy Order Notice
---------------------------------------
Notice is hereby given that the Bankruptcy Order against Chan Ka
Fat (In Bankruptcy Proceedings) was made on 5 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 14 May 2004.


CHAN KING: Creditors Meeting Set May 21
---------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chan King Yin (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 11:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


FUNG CHONG: Creditors Meeting Slated for May 21
-----------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Fung Chong Kei Tony (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 11:30 in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


FUNG WAI: Schedules Creditor's May 21
-------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Fung Wai Ki Rickie (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 11:30 in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


GOOD LUCK: Schedules Winding up Hearing June 16
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Good Luck Restaurant (HK) Limited by the High Court of Hong Kong
was on the 7 April 2004 presented to the said Court by Sin Yin
Fung of Flat C, 5/F., Honeley Court, No. 94-110, Tuen Mun Heung
Sze Wui 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.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


KIMBERLY GOLD: Winding up Hearing Slated for June 16
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Kimberly Gold Limited by the High Court of Hong Kong was on the
13 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.


KO TSUI: Creditors Meeting Set May 21
-------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ko Tsui Fung (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 11:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


LEE CHI: Files for Bankruptcy
-----------------------------
Notice is hereby given that the Bankruptcy Order against Lee Chi
Wah (In Bankruptcy Proceedings) was made on 5 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 14 May 2004.


LINEA TRADING: Faces Winding up Petition
----------------------------------------
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.


SUN FUNG: Winding up Hearing Set for June 23
--------------------------------------------
Notice is hereby given that a petition for the winding up of Sun
Fung Industrial (H.K.) 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 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 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.


YU YUNG: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Yu Yung Ting (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 11:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


ZHU ZIWEN: Releases Bankruptcy Order Notice
-------------------------------------------
Notice is hereby given that the Bankruptcy Order against Zhu
Ziwen (In Bankruptcy Proceedings) was made on 5 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 14 May 2004.


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


BANK PERMATA: No Official Announcement On Sale Yet
--------------------------------------------------
Eventhough a verbal mandate was given on Monday, nothing
official has been announced yet on the sale of Bank Permata,
Finance Asia reports.

According to the report, the government of Indonesia is believed
to have mandated UBS and Danareksa to advise it on the sale of
the bank.  But either of the banks has not yet issued
confirmation on the mandate.

Other banks understood to be bidding for the Permata advisory
role include CSFB, Merrill Lynch, Morgan Stanley and ABN AMRO.

The mandate could be perhaps the last of the big bank sales, a
process that has been underway since March 2002 when IBRA sold
its stake in BCA to the Farallon Consortium. Since then four
further strategic stake sales have been completed for Bank
Niaga, Bank Danamon, BII and Lippo Bank, as well as the
IPOs of Bank Mandiri and Bank Rakyat Indonesia.

Bank Permata is 93 percent owned by the Indonesian government.  
Only three percent is publicly traded.  Trade price is at Rp40
per share, which gives it a value of 13.33 times earnings, 4.52
times book value and 2.2 times its revenue.


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


DAIEI INC.: Sales Down 3% in April
----------------------------------
Daiei Inc. store sales fell 3 percent in April compared to the
same period a year earlier, Bloomberg News reported on Tuesday.
In March, the retailer reported a 5 percent decline in sales
than a year earlier because of fewer weekend shopping days and
cool weather.  

Debt-ridden Daiei Inc. has begun adapting its stores to suit the
needs of local shoppers, as part of its three-year
reconstruction plan, TCR-AP Vol. 7 No. 93 reports. Daiei is
trying to create stores closely oriented to local communities.


MITSUBISHI MOTORS: Defense Agency Isolates Carmaker
---------------------------------------------------
The Japanese Defense Agency said it would bar Mitsubishi Motors
Corporation and Mitsubishi Fuso Truck & Bus Corporation from
bidding for the agency's ordinary vehicle orders for one year
starting Tuesday, Kyodo News reports. The announcement came
after former executives of companies were arrested for their
alleged attempt to cover up a key wheel hub defect.


NISSAN DIESEL: Posts 2003 Net Loss of JPY40.27B
-----------------------------------------------
Nissan Diesel Motor Co. posted a net loss of 40.27 billion yen
in the year ended March 31, 2004, Dow Jones reports.

           Year Ended March 31: In Billion Yen

GROUP                       2004             2003

Sales                    Y452.97B       Y381.32B
Operating Profit           28.25B         11.46B
Pretax Profit              19.12B          6.02B
Net Loss                  (40.27B)        (3.35B)
Per share

Earnings               (159.61B)       (12.94B)

Figures in parentheses are losses.

Results are based on Japanese accounting standards.


SEGA CORORATION: Sammy to Buy Videogame Maker for US$1.8B
---------------------------------------------------------
Sammy Corporation plans to acquire struggling videogame maker
Sega Corporation, in a stock deal that values Sega at about
US$1.8 billion, the Wall Street Journal reports. The combined
company will be one of Japan's largest game makers by sales.

For Sega, the takeover will provide an important financial boost
after years of losses and shrinking sales. For Sammy, the deal
brings the game-making expertise and brand clout of Sega, a
longtime videogame powerhouse and the creator of Sonic the
Hedgehog.

Sega reported that its group net profit nearly tripled for the
fiscal year ended March 31 to 8.76 billion yen from 3.05 billion
yen a year earlier, as a result of strong sales of arcade game
machines in Japan and cost cutting. But Sega's group sales for
the year slipped 3 percent to a total of 191.26 billion yen on
slumping overseas sales.

Under the agreement, to be submitted at the companies'
shareholder meetings in June, both firms will transfer their
shares to a new holding company. Each share of Sammy will be
swapped for one share of the holding company, while each Sega
share will be swapped for 0.28 share. The deal values Sega at
about 212 billion yen-- more than a 20% premium to the previous
day's closing capitalization of about 175 billion yen.


* Japan April Corporate Bankruptcies Down 21.5%
-----------------------------------------------
Japanese corporate bankruptcies in April fell 21.5 percent as
companies reduced borrowing to avoid risk, Dow Jones reports,
citing private credit research agency Teikoku Databank.

The number of bankruptcy cases declined 21.5 percent last month
from a year earlier to 1,189, the agency said. Debt left behind
by firms that folded was down 32.2 percent on year to 611.93
billion yen.


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


CHOHUNG BANK: Shares Down On Delisting News
-------------------------------------------
Chohung Bank shares decreased 355 won, or 14 percent on Tuesday
after news that its stock will be delisted from the Korea Stock
Exchange by July, Dow Jones reports.

Bank shares will be halted from trading from June 18 until they
are delisted in early July, said the financial holding company
Shinhan Financial Group Co. in a statement late Monday.

Shinhan Financial has said previously it will increase its stake
in Chohung Bank to 100 percent from the current 81.15 percent by
the end of June. Shinhan Financial took over Chohung Bank last
year.


DAEWOO HEAVY: Investors Submit LOIs For Stake Sale
--------------------------------------------------
A total of 11 investors from South Korea and abroad have
submitted letters of intent (LOI) regarding the takeover of
Daewoo Heavy Industries and Machinery Ltd. (DHI) by the Tuesday
deadline, Dow Jones reports.

State run-corporate restructuring agency the Korea Asset
Management Corporation (KAMCO), which is the biggest shareholder
of Daewoo Heavy with a 35 percent stake, aims to sell 51 percent
or more of the Daewoo stake currently held by creditors.

Daewoo Heavy makes defense products, industrial vehicles,
engines and machine tools.

KAMCO didn't reveal the identity of the possible bidders or the
value of the deal, but local news agency Yonhap News, quoting
creditor sources, reported that South Korean rail car maker
Rotem, Tongil Heavy Industries Co. and Design Limit took part in
the preliminary bid for Daewoo Heavy's defense products
division.

A Pantech Co.-led consortium, Doosan Construction & Engineering
Co. and Hyosung Corporation are also known to have put in bids
for Daewoo Heavy's remaining businesses.

According to the report, the total value of the stake sale could
be as high as 950 billion won.


DAEWOO HEAVY: Union Staging Strike Friday to Protest Sale
---------------------------------------------------------
Labor union members at Daewoo Heavy Industries and Machinery
Ltd. (DHI) have threatened to go on strike Friday to protest the
government's decision to sell off the Company, Yonhap News
reports. About 4,400 unionized workers will gather in front of
the National Assembly in Yeouido, Seoul in a show of their
opposition.


HANARO TELECOM: Plans to Issue US$600M Bonds
--------------------------------------------
Hanaro Telecom Inc. plans to issue up to US$600 million in bonds
to strengthen its financial position, according to Reuters. The
U.S.-dollar-denominated bonds would probably carry a maturity of
five, seven or 10 years, the Company said.

Hanaro Telecom, Inc. announced the implementation of its second-
stage organizational restructuring, filed with the Korea
Securities Dealers Association Automated Quotation Market on
April 19, 2004, TCR-AP Vol. 7 No. 81 reports.

In an effort to strengthen its market competitiveness, the
Company announced on April 19 that it would reorganize the
current organizational structure from 4 divisions, 22 units, and
68 teams to 6 divisions, 24 units and 75 teams. The new
structure is expected to facilitate the implementation of the
MBO (management by objectives) system, as well as enhance its
operational efficiency and financial transparency.


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


ACTACORP HOLDINGS: MITI Approves Restructuring Revisions
--------------------------------------------------------
PM Securities Sdn Bhd, on behalf of the Board of Directors of
Actacorp Holdings Berhad, announced on the Bursa Malaysia
Securities Berhad on Tuesday, that the Ministry of International
Trade and Industry (MITI) has approved the company's Revised
Proposed Restructuring Scheme which was submitted to MITI on 8
April 2004.

In a letter dated 17 May 2004 to Actacorp, MITI said the
approval is subject to the condition that the Securities
Commission also approves the proposed revisions. The revisions
should also comply with the Guidelines on Acquisition of Assets,
Mergers and Take-overs.


AKTIF LIFESTYLE: SC Approves Disposal of Lifestyle Stores
---------------------------------------------------------
In a disclosure dated 18 May 2004 to the Bursa Malaysia
Securities Berhad, Hwang-DBS Securities Berhad (Hwang-DBS), on
behalf of the Board of Directors of Aktif Lifestyle Corporation
Berhad, announced that the Securities Commission (SC) has, via
its letter dated 17 May 2004 (Approval Letter), approved the
Proposed Disposal under Section 32(5) of the SC Act 1993,
subject to the following term and conditions:

Term:

Disposal of the entire issued and paid-up capital of ALS of
RM31,000,000 comprising 31,000,000 ordinary shares of RM1.00
each to CP for a nominal cash consideration of RM1.00.

Conditions:

(i) Aktif should disclose in the circular to shareholders
detailed justification regarding the basis of determining the
disposal price of ALS and its subsidiaries;

(ii) Aktif should submit a comprehensive proposal to the SC to
regularise its financials within six (6) months from the date of
the Approval Letter;

(iii) Hwang-DBS/Aktif should fully comply with all the relevant
requirements of the Policies and Guidelines on Issue/Offer of
Securities (Issues Guidelines) regarding the implementation of
the Proposed Disposal; and

(iv) Upon completion of the Proposed Disposal, Hwang-DBS/Aktif
should confirm to the SC that Aktif has complied with the term
and conditions as stated in the Approval Letter and other
relevant requirements as stipulated in the Issues Guidelines.

The Proposed Disposal is still subject to an approval from the
shareholders of Aktif at an extraordinary general meeting.


ANCOM BERHAD: Buys Back 229,200 Units Of Ordinary Shares
--------------------------------------------------------
Ancom Berhad announced to the Bursa Malaysia Securities Berhad
on 18 May 2004 that the company had bought back 229,200 units of
ordinary shares of RM1.00 each.

The minimum price paid per share was RM0.760 while the maximum
price paid was RM0.765. Total cash consideration was not
specified.

The company to date, has 855,700 units in cumulative net
outstanding treasury shares.

The transaction was completed on 18 May 2004.


BANDAR SUNGAI: Served With Winding Up Petition
----------------------------------------------
Bandar Sungai Buaya Sdn Bhd was, on 17 May 2004, served with a
Winding Up Petition by a house purchaser in respect to a total
claim of RM54,577.27. Hearing date has been set for 4 August
2004.

According to the notice filed with the Bursa Malaysia Securities
Berhad on 18 May 2004, the claim comprises a judgement sum of
RM51,426.98 together with a 8 percent per annum interest rate
and cost of RM1,248.00.

The petitioner is seeking damages for the late delivery of a
terrace house bought by the purchaser from Bandar Sungai based
on a judgement made by the Sessions Court in Kuala Lumpur on 7
Oct 2003.

On 21 October, Bandar Sungai filed an appeal against the
judgement and liquidated damages granted by the Court. Hearing
is scheduled for 11 June 2004.

Bandar Sungai Buaya sdn Bhd is a wholly owned subsidiary of Land
and General Berhad. Land and General says the winding up
petition on Bandar Sungai will not have any financial or
operational impact on the L&G Group.


BERJAYA GROUP: To Dispose of Interests In My2020.com
----------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad dated 18
May 2004, the Board of Directors of Berjaya Group Berhad (BGroup
or the Company) announced that the Company had on 18 May 2004
entered into a Share Sale Agreement (SSA) to dispose 1,100,000
ordinary shares of RM1.00 each representing the Company's entire
equity interest in My2020.Com Sdn Bhd (My2020) to Mr Poh Hee
Hong @ Foo Hee Hong (Mr Poh or the Purchaser) for a cash
consideration of RM1.00 (Disposal).

1.0 DETAILS OF THE DISPOSAL

Bgroup, on 18 May 2004 entered into a SSA with Mr Poh for the
disposal of 1,100,000 ordinary shares of RM1.00 each
representing its entire 55 percent equity interest in My2020 for
a cash consideration of RM1.00. The cash consideration of RM1.00
was paid upon the signing of the SSA and the Disposal was deemed
completed on the agreement date. The shares were disposed free
from all encumbrances, liens and with all rights attached.

The Disposal price of RM1.00 was arrived at after taking into
consideration the net tangible liabilities of My2020 based on
the management account as at 31 January 2004 of RM4,621,773. The
original cost of investment of BGroup in My2020 is RM1,232,000.

2.0 INFORMATION OF MY2020 AND THE PURCHASER

2.1 My2020

My2020 was incorporated in Malaysia under the Companies Act 1965
on 11 December 1999. Its principal activities are the provision
of internet related services and facilities. Its present
authorized share capital is RM5,000,000 comprising 5,000,000
ordinary shares of RM1.00 each of which 2,000,000 shares have
been issued and fully paid-up.

2.2 The Purchaser

Mr. Poh is an entrepreneur engaged in the business of provision
of internet related services and consultancy.

3.0 EFFECTS OF THE DISPOSAL

3.1 On Share Capital and Substantial Shareholders' Shareholding

The Disposal will not have any effect on the share capital and
substantial shareholders' shareholdings of BGroup.

3.2 On Earnings and Net Assets

The Disposal will result in an exceptional group gain of
approximately RM1.736 million or 0.12 sen per BGroup share for
the financial year ended 30 April 2004. The Disposal will not
have any material effect on the net tangible assets of BGroup.

4.0 RATIONALE FOR THE DISPOSAL

The Disposal is part of the rationalization plan to divest non-
profitable business and to streamline the activities of the
Berjaya Group of Companies.

5.0 CONDITION OF THE DISPOSAL

The Disposal is not conditional upon any approval to be obtained
from the relevant authorities

6.0 DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors, major shareholders and persons connected
with the Directors or major shareholders of BGroup has any
interest, direct or indirect, in the Disposal.

7.0 DIRECTORS' RECOMMENDATION

The Board of Directors of BGroup is of the opinion that the
Disposal is in the best interest of the Group.

8.0 DOCUMENT AVAILABLE FOR INSPECTION

A copy of the Share Sale Agreement will be available for
inspection during normal business hours at the Registered Office
of the Company at 11th Floor, Menara Berjaya, KL Plaza, 179,
Jalan Bukit Bintang, 55100 Kuala Lumpur from Mondays to Fridays
(except public holidays) for a period of three (3) months from
the date of this announcement.


BOUSTEAD HOLDINGS: First Quarter Profit Pegged At RM37.34M
----------------------------------------------------------
Riding on the wave of higher palm oil prices and bigger
contributions from its property units, Boustead Holdings Berhad
reported a profit of RM37.34 million for the first quarter
ending 31 March 2004.

According to The Edge Daily, this figure more than doubles the
profit of RM18 million achieved for the same period last year.

"Given our positive start for the fiscal year, we are confident
the group will continue to deliver satisfactory results
especially from its plantations and property divisions,"
Boustead group managing director Tan Sri Lodin Wok Kamaruddin
said.

"Strong palm oil prices, which averaged RM1,768 per tonne, and
improved efficiencies in yield and cost management coupled with
the 18% increase in our mature plantation area has provided this
division with enhanced earnings prospects for the remaining part
of the year," he said in a press release.

The Group's plantation division posted the highest returns
amounting to RM35.75 million followed by the finance and
investment division which turned in a profit of RM13.98 million.


CHASE PERDANA: Shareholders Approve Extension
---------------------------------------------
Shareholders of Chase Perdana Berhad have approved the Proposed
Warrants Extension in an Extraordinary General Meeting held on
Tuesday, 18 May, according to a notice submitted by the company
to the Bursa Malaysia Securities Berhad.

However, warrantholders have yet to approve the proposed
extension as the Warrantholders' Meeting, supposedly to be held
on the same day as the EGM, did not push through because of
insufficient quorum. Another Warrantholders' meeting is  
scheduled soon.

According to TCR-AP dated 19 May 2004, the Proposed Warrants
Extension calls for the extension of the duration and exercise
of Chase Perdana's outstanding warrants 1999/2004 by five years
from 17 June 2004 to 17 June 2009.


CHASE PERDANA: Schedules 28th AGM For 10 June
---------------------------------------------
Chase Perdana Berhad announced to the Bursa Malaysia Securities
Berhad on Tuesday that the company will be holding its 28th
Annual General Meeting at 9:30 am on Thursday, 10 June 2004.

Venue is set for Suite 5.2, 5th Floor, Wisma Chase Perdana, Off
Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur.

To read the full copy of the Notice of the 28th Annual General
Meeting, click on the following link:

http://bankrupt.com/misc/ChaseAGMNotice20May2004.doc


CRIMSON LAND: Debt Restructuring Granted Extension
--------------------------------------------------
Crimson Land Berhad says that the company will be extending the
last date for the implementation of the company's debt
restructuring agreement with PICA (M) Corporation Berhad from 30
June 2004 to 30 June 2005.

According to a notice submitted by Alliance Merchant Bank to the
Bursa Malaysia Securities Berhad on behalf of Crimson Land, PICA
had agreed to the said extension.

In 27 November 2002, PICA had entered a debt restructuring
agreement with Crimson land and its subsidiaries, namely Holcolm
Sdn Bhd, Baris Bahagia Sdn Bhd and Crimson resorts Sdn Bhd. The
agreement had specified that Crimson would restructure debts
owed by Crimson to PICA amounting to RM11.054.369 starting 30
June 2001. Restructuring was to be completed by 30 June 2004.


EMICO HOLDINGS: Presents Conversion Price For ICSLS
---------------------------------------------------
The Board of Directors of Emico Holdings Berhad have determined
the conversion price for the conversion of the company's
Irredeemable Convertible Secured Loan Stocks into new ordinary
shares of RM1.00 each in Emico.

According to the announcement made by Affin Merchant Bank Berhad
on behalf of Emico Holdings, the conversion price was fixed at
par value of RM1.00.

The price was determined based on the weighted average market
quotation of the existing ordinary shares of RM1.00 each in
Emico for the five market days preceding the date of price
fixing, minus a discount of up to 10 percent; or on its par
value of RM1.00, whichever is higher.

The 5 day weighted average of Emico share price from 11 May to
17 May was RM0.47 per share while the price par value was
RM1.00.


EPE POWER: Listing Changed To Ranhill Power
-------------------------------------------
Bursa Malaysia (the Exchange) announced in a press release that
EPE Power Corporation Berhad's listing name on the Second Board/
Industrial products would be changed to Ranhill Power Berhad.

The company's ordinary shares bearing the name EPE Power
Corporation Berhad and stock short name EPE will be changed to

New name:                 Ranhill Power Berhad
New Stock Short Name:     Rpower

The company's stock number remains unchanged at No. 9067.

The change will take effect at 9 a.m. on Thursday, 20 May 2004.

Howver, trading in the shares of RPOWER will remain suspended
until further notice.


GEAHIN ENGINEERING: Issues Restructuring Updates
------------------------------------------------
In a disclosure dated 18 May 2004 to the Bursa Malaysia
Securities Berhad, Geahin Engineering Berhad announced that the
company had, on that day, obtained from the High Court of Malaya
in Melaka the following Order, inter alia:

1) The time period to hold the members' meeting to consider and
approve the restructuring scheme under Section 176 (1) of the
Companies Act 1965, pursuant to the Order dated 18 May 2004 be
extended by a period of one hundred and eighty (180) days from
29 April 2004 to 25 October 2004 for the purpose of holding the
meeting,

2) Restraining Order pursuant to Section 176 (10) of the
Companies Act 1965 for a further period of one hundred and
eighty (180) days from the expiry of the one hundred and eighty
(180) days from 14 January 2004, and

3) That the Court approved Mr. Chua Yong Giap to act as a
director of the Company under Section 176 (10A) of the Companies
Act 1965.


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad informed the Bursa Malaysia
Securities Berhad that on 18 May 2004, the company bought back
4,000 units of ordinary shares of RM1.00 each for a total cash
consideration of RM10,147.46.

The company says the minimum price paid for each share was
RM2.490 while the maximum price paid was RM2.550.

To date, the company has 32,954,600 units in cumulative net
outstanding treasury shares.


HAP SENG: Informs Of Cancellation Of Shares
-------------------------------------------
Hap Seng Consolidated Berhad has announced that the company has
cancelled 75,000 units of treasury shares on Tuesday, 18 May
2004.

According to the notice submitted to the Bursa Malaysia
Securities Berhad, the company has a total of 32,954,600 units
in cumulative net outstanding treasury shares to date.

After cancellation, the adjusted issued capital stands at
589,705,400 shares per unit.


HO HUP: Reveals Closed Period Dealings By Directors
---------------------------------------------------
Ho Hup Construction Company Berhad, in a notice dated 18 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:            17 May 2004
Price per share:             RM1.65
Number of shares acquired:   19,800 (*Indirect)
Percentage of issued share
Capital (%):                 0.0194

Low Teik Kien

Transaction Date:            17 May 2004
Price per share:             RM1.65
Number of shares acquired:   19,800 (*Indirect)
Percentage of issued share
Capital (%):                 0.0194

*Deemed interested through Low Chee Estate.


KEMAYAN CORPORATION: Legal Action Dropped
-----------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
the Bursa Malaysia Securities Berhad on 18 May 2004 that the
Bank Pertanian Malaysia has dropped its case against the company
and its former subsidiary, Kemayan Horticulture Sdn. Bhd.

On 27 April of this year the Bank of Pertanian Malaysia (BPM)
had served a Writ of Summons on Kemayan and its former
subsidiary, Kemayan Horticulture Sdn Bhd pertaining to a loan
facility amounting to RM2,600,000 granted by the Bank on 5
October 1995.

The Bank claimed that Kemayan Horticulture had defaulted in
payment amounting to RM1,427,222.65 as of 29 February 2004.
Kemayan Corporation was included in the Writ as the company had
provided corporate guarantee for the facility.

Kemayan Corporation Berhad originated as a plantation concern
developing oil palm plantations in Sabah. From 1993 to 1995, the
company undertook company exercises to focus on construction and
property related activities. The group is also involved in other
activities like timber logging, saw milling, food manufacturing,
retailing and trading, education, aviation, hotel and tourism.

The 1997/1998 economic crisis severely affected the group's
cashflow and operations. Consequently, the company is presently
undertaking a proposed restructuring team.


K.P. KENINGAU: Announces Resignations
-------------------------------------
K.P. Keningau Berhad, in a notice dated 18 May 2004 to the Bursa
Malaysia Securities Berhad, announced the resignation of the
company's chairman and director Dato' Cecil W M Abraham.
Concurrently, Cecil also tendered his resignation as member of
the company's audit committee.

The resignation took effect on 17 May 2004.


NORTH BORNEO: Presents Losses For First Quarter
-----------------------------------------------
The North Borneo Corporation Berhad submitted to the Bursa
Malaysia Securities Berhad on Tuesday, 18 May, the company's
unaudited financial results for the first quarter ending 31
March 2004 of the financial year to end 31 December 2004.

The Company reports a smaller pre-tax loss of RM1.3 million
compared to RM2.76 million for the same period last year.

To view a full copy of the report, click on the following link:

http://bankrupt.com/misc/NorthBorneo1stQ20May2004.xls

To read supplemental notes to the report, click on the following
link:

http://bankrupt.com/misc/NorthBorneoNotes20May2004.doc


OCEAN CAPITAL: SC Approves Scheme and Private Placement
-------------------------------------------------------
In a disclosure dated 18 May 2004 to the Bursa Malaysia
Securities Berhad, Hwang-DBS Securities Berhad (Hwang-DBS), on
behalf of the Board of Directors of Ocean, announced that the
Securities Commission (SC) has, vide its letters dated 13 May
2004, which were received on 17 May 2004, approved:

(i) the Proposed Restructuring Scheme and Proposed Private
Placement:

(a) under Section 32(5) of the SC Act 1993 (SCA), subject to the
terms and conditions which are disclosed in Section 2.1of this
announcement; and

(b) under the Foreign Investment Committee's Guidelines for the
Acquisition of Assets, Mergers and Takeovers, 1974 (FIC
Guidelines); and

(ii) the Proposed Exemption, without any conditions.

1. PROPOSED RESTRUCTURING SCHEME AND PROPOSED PRIVATE PLACEMENT

The approval by the SC for the Proposed RS and Proposed Private
Placement, as contained in the SC's letter dated 13 May 2004, is
subject to the following terms and conditions:

1.1 Terms:

(i) Capital reconstruction comprising the following:

(a) reduction of the issued and paid-up share capital of Ocean
from RM39,900,000 comprising 39,900,000 ordinary shares of
RM1.00 each to RM7,980,000 comprising 39,900,000 ordinary shares
of RM0.20 each, vide the cancellation of RM0.80 of the par value
of each of the ordinary shares; and

(b) consolidation of the Ocean shares (after the capital
reduction) on the basis of five (5) ordinary shares of RM0.20
each into one (1) ordinary share of RM1.00 each;

(ii) Scheme of arrangement pursuant to Section 176 of the
Companies Act 1965 (CA) involving the exchange of 7,980,000
Ocean shares (after the capital reduction and consolidation) by
the Ocean shareholders for 7,980,000 new ordinary shares of
RM1.00 each in Premium Acme Sdn Bhd (PASB) on the basis of one
(1) new ordinary share of RM1.00 each in PASB (PASB share) for
every one (1) ordinary share of RM1.00 each held in Ocean after
the capital reduction and consolidation;

(iii) Scheme of arrangement pursuant to Section 176 of the CA,
involving the exchange of up to 11,563,094 Ocean warrants by the
Ocean warrantholders for up to 1,930,000 new warrants in PASB on
the basis of one (1) new PASB warrant for every six (6)
outstanding Ocean warrants held;

(iv) Acquisition by PASB of 20,000,000 ordinary shares of RM1.00
each, representing 100% equity interest in PHK for a purchase
consideration of RM106,250,000 to be satisfied by the issuance
of 106,250,000 new PASB shares at par;

(v) Divestment by Ocean of its entire equity interests in all
its eighteen (18) subsidiary companies for a cash consideration
of RM1.00;

(vi) Rights issue of 11,970,000 new PASB shares together with
11,970,000 new PASB warrants on the basis of three (3) new PASB
shares with three (3) new PASB warrants for every two (2) PASB
shares held after the capital reconstruction and share exchange
but before the acquisition of PHK;

(vii) Placement by the vendor of PHK, i.e. TSF of 43,100,000
PASB shares to Bumiputera and other investors to be identified
at a later date;

(viii) Transfer of the listing status of Ocean on the Second
Board of Bursa Malaysia Securities Berhad (formerly known as
Malaysia Securities Exchange Berhad) ("Bursa Malaysia") to PASB;

(ix) Transfer of the listing status of PASB from the Second
Board to the Main Board of Bursa Malaysia;

(x) Private placement of up to 30,000,000 new PASB shares to
placees to be identified within one (1) year after the
completion of the restructuring scheme; and

(xi) Listing of and quotation for the PASB shares and PASB
warrants to be issued pursuant to the above-mentioned proposals,
and the new PASB shares to be issued upon the exercise of the
warrants, on the Main Board of Bursa Malaysia.

1.2 Conditions:

(i) PASB should be converted into a public company prior to the
implementation of the proposals;

(ii) Ocean/PASB should obtain the approvals of all relevant
authorities and its secured creditors, where applicable, prior
to the implementation of the proposals;

(iii) All trade debts exceeding the normal credit period and all
non-trade debts owing to PHK by its directors, substantial
shareholders and other companies controlled by the directors and
substantial shareholders must be settled prior to the
implementation of the acquisition of PHK;

(iv) Ocean/PASB should fully disclose the following in its
circular to shareholders:

(a) Detailed reasons for the losses incurred by the Ocean Group
throughout the years, and the steps taken/to be taken to
mitigate/recover the losses;

(b) Basis used in arriving at the purchase consideration for the
acquisition of PHK. In this regard, Hwang-DBS should comment on
the purchase consideration;

(c) Detailed commentary/views regarding the viability and future
prospects of PHK;

(d) Details of the assets lease agreements and sale of stocks
agreements entered into by PHK with the retailing subsidiary
companies of Ocean/Industrial Metropal Sdn Bhd ("IMSB"), and the
tenancy agreements entered into by PHK/the retailing subsidiary
companies of Ocean with the respective landlords of the outlets;
and

(e) Details of the tax investigation on PHK, and the indemnity
by TSF to PHK that, in the event of any liabilities arising from
the investigation, the liabilities will be borne by TSF;

(v) With regard to the inventories of PHK, Ocean/PASB should
fully disclose the following in its circular to shareholders:

(a) Latest available position of PHK's inventories;

(b) Method used by PHK to monitor its inventories and to prevent
obsolescence; and

(c) Comments by the directors of PHK on the saleability of the
inventories and the adequacy of provision for obsolescence for
the inventories.

In addition, the directors of PHK should confirm to the SC,
prior to the implementation of the proposals, that the
inventories are fairly stated and full provision has been made
to the accounts/forecast/projections for inventory obsolescence;

(vi) With regard to the trade creditors of PHK, Ocean/PASB
should fully disclose the following in its circular to
shareholders:

(a) Latest available position of PHK's trade creditors
(including the ageing analysis); and

(b) Comments by the directors of PHK on the payments of its
trade creditors;

(vii) With regard to the borrowings of PHK, Ocean/PASB should
fully disclose the following in its circular to shareholders:

(a) Details on the past utilisation of the proceeds of the
commercial papers issued by PHK; and
(b) Comments by the directors of PHK on how PHK intends to
finance the repayments of the principal amount and interests of
the commercial papers;

(viii) Moratorium on disposal is imposed on 53,125,000 PASB
shares to be held by TSF, whereby TSF is not allowed to sell,
transfer or assign the PASB shares under moratorium for one (1)
year from the listing date of the PASB shares. In addition, the
individual shareholders of TSF must each provide an undertaking
that he will not sell, transfer or assign his shareholding in
TSF for the period of the moratorium;

(ix) Ocean/PASB should allocate 30% of the private placement
shares to Bumiputera investors or increase its Bumiputera equity
by 5.12% of its enlarged issued and paid-up share capital within
two (2) years from the date of implementation of the
restructuring scheme and private placement;

(x) In the event that Combine Strategy Sdn Bhd and Fasa Mahsuri
Sdn Bhd do not subscribe in full for their entitlement under the
rights issue, which would affect the Bumiputera equity
structure, further equity condition may be imposed by the SC;

(xi) Hwang-DBS/PASB should inform the SC upon completion of the
restructuring scheme and private placement, and should provide a
list of placees to the SC pursuant to the private placement;

(xii) With regard to the utilization of the proceeds from the
rights issue and private placement:

(a) Ocean/PASB should provide detailed breakdown of the
proceeds, which are proposed to be utilized for working capital,
and to disclose the time frame for the utilization of the
proceeds, in the circular to shareholders. Any extension of time
for the completion of the utilization of the proceeds from that
determined earlier should be approved by a clear resolution by
the board of directors of Ocean/PASB and fully disclosed to
Bursa Malaysia; and

(b) Ocean/PASB should disclose the status of the utilization of
the proceeds in its quarterly and annual reports until the
proceeds are fully utilized;

(xiii) Ocean/PASB should appoint an independent firm of auditors
(which is experienced in conducting investigative audits and is
not the existing or previous firm of auditors of the Ocean
Group) to conduct an investigative audit within two (2) months
from the SC's letter dated 13 May 2004 so as to ascertain the
reason(s) for the losses incurred by the Ocean Group, including
taking necessary actions to recover the past losses, and lodging
reports to the relevant authorities for any breach of
laws/regulations. The directors and management of Ocean/PASB
should provide all necessary assistance to the auditors during
the course of the investigative audit. The said investigative
audit should be completed within six (6) months from the date of
appointment of the independent firm of auditors. Four (4) copies
of the investigative audit report should be submitted to the SC
after the completion of the audit and the results of the audit
should be announced;

(xiv) The proposed directors and substantial shareholders of
PASB who are involved in full-time capacity in the PASB Group
should not be involved in a full-time capacity in their personal
businesses;

(xv) The proposed directors and substantial shareholders of PASB
should not, in the future, carry out any businesses which will
compete directly or indirectly and be in conflict with the
business of the PASB Group; and

(xvi) Hwang-DBS/Ocean/PASB should fully comply with all the
relevant requirements of the Policies and Guidelines on
Issue/Offer of Securities relating to the implementation of the
proposals.

2. PROPOSED EXEMPTION

In respect of the Proposed Exemption, the SC takes note of the
following:

(i) Ocean intends to undertake a restructuring exercise for the
Ocean Group, which involves, among others, the Proposed
Acquisition of PHK;

(ii) Pursuant to the Proposed Acquisition of PHK, TSF will hold
93.01% of the issued and paid-up capital of PASB and its
shareholdings will be diluted to 40.43% pursuant to the Proposed
Rights Issue, Proposed Offer for Sale and Proposed Private
Placement. This will result in TSF being obligated to undertake
a mandatory offer for the remaining voting shares in PASB under
Section 33B(2) of the SCA and Section 6(4) of the Takeover Code;
and

(iii) Ocean has satisfied the conditions under Practice Note
2.9.3 of the Takeover Code including, inter-alia:

(a) having net assets per Ocean share that is less than 50% of
the par value of Ocean shares;

(b) the debt-equity ratio of Ocean is more than 3:1; and

(c) the operations to restore Ocean will be beneficial to the
minority shareholders of Ocean.


PAN PACIFIC: Announces A Default In Payment
-------------------------------------------
In compliance with Practice Note No. 1/2001, Pan Pacific Asia
Berhad announced the default in payment, as of 30 April 2004 by
Pan Pacific and its subsidiaries to the Bursa Malaysia
Securities Berhad in a notice dated 18 May 2004.

To review a copy of the facilities in default, click on the
following link:

http://bankrupt.com/misc/defaultpaymentppabApr04.xls


PROMTO BERHAD: Replies To BMSB Query
------------------------------------
Promto Berhad submitted its reply to the query letter from the
Bursa Malaysia Securities Berhad on 18 May 2004.

The query letter reads as:

We refer to your announcement dated 12 May 2004 in respect of
the restraining order.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

(1) The details of the events leading to the grant of the court
order.

(2) The details of your Company's proposed scheme.

Yours faithfully

Tan Yew Eng
Sector Head, Issues & Listing
LPY/zm
Copy :Securities Commission
Listing Officers remark

Promto Berhad's reply reads as:

Further to our announcement dated 12 May 2004, we furnish the
following additional information for public release:

1. The details and sequence of the events leading to the grant
of the Restraining Order are set out in Appendix I.

2. The details of the Proposed Restructuring Scheme (PRS) is
being finalized. A brief summary of the PRS is as follows:

A. Proposed Scheme of Arrangement with Promto Berhad (Promto)
Shareholders

The Proposed Scheme of Arrangement with Promto Shareholders will
be effected pursuant to Sections 64 and 176 of the Companies Act
1965, is as follows:

(a) proposed reduction and consolidation of up to 90% of the
existing issued and paid-up share capital of Promto which will
then undergo a proposed cancellation of the entire issue and
paid-up share capital of Promto;

(b) in consideration for the proposed cancellation, Newco, a
company incorporated or to be incorporated to serve as the
holding company to facilitate the implementation of the PRS,
shall allot and issue to the shareholders of Promto new Newco
Shares at par; and

(c) forthwith and contingent upon the proposed cancellation,
Promto shall apply out the credit reserve arising in paying full
at par value of Promto Shares which shall be allotted and
issued, credited as fully paid-up to Newco.

B. Proposed Scheme of Arrangement with Scheme Creditors
Promto proposes to enter into discussions with its
creditors/lenders to reach an agreement and/or compromise on the
liabilities (including contingent liabilities) owing by Promto
to its creditors/lenders via inter-alia, the issuance of up to a
certain number of Newco Shares by Newco to the Company's
creditors/lenders.

C. Proposed Acquisitions

Newco shall acquire the entire equity interest in each of the
companies in the White Knight. The details of the proposed
acquisition are still in the midst of finalization.

D  Proposed Listing Transfer

It is proposed that the entire issued and paid-up share capital
of Promto be delisted from the Official List of the Second Board
of the Bursa Malaysia and that Newco be admitted to the Official
List of the Second Board of the Bursa Malaysia with the listing
of and quotation for the entire enlarged issued and paid-up
share capital after the PRS.

Further details of the PRS as well as the information pertaining
to the White Knight Group will be announced upon the execution
of the definitive agreements.

Appendix I

Chronology of events leading to Section 176 Restraining Order

Date                           Event
June 2003 - April 2004 Series of discussions and creditors'
                       meetings on the debt restructuring
                       proposals.

15 March 2004          Ms Kuan Mei Ling of Messrs RSM Nelson
                       Wheeler Teo Corporate Advisory Services
                       Sdn Bhd have been appointed as the
                       Receivers and Managers on following eight
                      (8) subsidiary companies of Promto:

                 1. Louvre Products Industries Sdn Bhd
                       2. Ipoh Pipe Industries Sdn Bhd
                       3. Chee Keong (Malaysia) Sdn Bhd
                       4. Fuller CMS Sdn Bhd
                       5. Jasa Timor Sdn Bhd
                       6. Syarikat Lee Engineering (Kota Bahru)
                          Sdn Bhd
                       7. Goodlite Trading Sdn Bhd
                       8. Milnes Technology Sdn Bhd

                       by Affin Merchant Bank Berhad under
                       powers created in the Debenture.

7 April 2004           Ms Kuan Mei Ling of Messrs RSM Nelson
                       Wheeler Teo Corporate Advisory Services
                       Sdn Bhd as the Receivers and Managers
                       closed the operations and terminated the
                       services of the employees of two (2) of
                       Promto's subsidiary companies, Syarikat
                       Lee Engineering (Kota Bahru) Sendirian
                       Berhad and Jasa Timor Sendirian Berhad.

7 May 2004              Kuala Lumpur High Court granted a
                        restraining order (RO) to Promto Berhad
                        and its following subsidiary companies:

                        1. Promto Properties Sdn. Bhd.
                        2. Syarikat Lee Engineering (Kota Bahru)
                           Sendirian Berhad
                        3. Promto-Sikojaya Sdn. Bhd.
                        4. Chee Keong (Malaysia) Sdn. Bhd.
                        5. Ipoh Pipe Industries Sdn. Bhd.
                        6. Milnes Technology Sdn. Bhd.
                        7. Jasa Timor Sendirian Berhad
                        8. Fuller CMS Sdn. Bhd.
                        9. Louvre Products Industries Sdn. Bhd.
                        10. Goodlite Trading Sdn. Bhd.

                        for a period of 90 days effective from
                        7 May 2004 to 4 August 2004 pursuant to
                        Section 176(10) of the Companies Act
                        1965.


PSC INDUSTRIES: SC Approves Exemptions
--------------------------------------
In a disclosure dated 18 May 2004 to the Bursa Malaysia
Securities Berhad, Avenue Securities Sdn Bhd, on behalf of PSC
Industries Berhad (PSCI), announced that the Securities
Commission (SC) had, vide its letter dated 14 May 2004 (received
on 17 May 2004) approved the Proposed Exemption subject to the
following conditions:

(i) The issuance of the Redeemable Convertible Loan Stocks
(RCLS) by PSCI is not transferable or tradable except for the
transfer between Business Focus Capital Sdn Bhd (BF Capital) and
the Financier (and/or nominated parties of the Financier)
(Nominees) and vice versa (in the event the loan provided by the
Financier to BF Capital is repaid in full by BF Capital). The
RCLS is also not transferable or tradable by the Financier
and/or the Nominees;

(ii) Avenue is required to inform the SC in writing as soon as
the Financier and/or the Nominees have been identified;

(iii) Avenue is required to inform the SC of the transfer of the
RCLS from BF Capital to the Financier and/or the Nominees;

(iv) Avenue is required to provide a full and clear disclosure
of the information pertaining to the selling restriction of the
RCLS in the Real Time Electronic Transfer of Funds and
Securities System and Bond Information and Dissemination System;

(v) Avenue is required to submit a written confirmation as
stated under Paragraph 7.02 of the PDS Guidelines and to confirm
that both BF Capital and the Financier do not require a rating
for the RCLS; and

(vi) Avenue is required to give a written confirmation to the SC
in relation to the compliance of the abovementioned conditions.
This announcement is dated 18 May 2004.


WOO HING: Announces Final Meetings By Subsidiaries
--------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad
says the notice of final meeting by the members and creditors
for each of the eleven wholly owned subsidiaries (under
creditors' voluntary liquidation) have been issued.

According to an announcement dated 18 May 2004 on the Bursa
Malaysia Securities Berhad, the Liquidator Mr. Michael Joseph
Monteiro issued the notices.

No. Subsidiary Company          No.     Final Meeting Date Time

1   Luxury Graph Sdn Bhd       381626-T    22 June 2004 10.15 am
2   The Watch Gallery Sdn Bhd  150588-A    22 June 2004 11.00 am
3   Variawati Corporation
    Sdn Bhd                    367409-V    22 June 2004 11.45 am
4   Media Direction Sdn Bhd    419057-A    22 June 2004 2.00 pm
5   Victorian Deluxe Sdn Bhd   406919-V    22 June 2004 2.45 pm
6   Alfamaxi Sdn Bhd           419068-U    23 June 2004 9.30 am
7   Pan Viva Sdn Bhd           418142-T    23 June 2004 10.15 am
8   Scanwide Corporation
    Sdn Bhd                    419636-U    23 June 2004 11.00 am
9   Seroja Menarik Sdn Bhd     379940-M    23 June 2004 11.45 am
10  Seroja Kembangan Sdn Bhd   381203-P    23 June 2004 2.00 pm
11  The Brown Boutique Sdn Bhd  152153-T   23 June 2004 2.45 pm

The meetings will be held at 22-M, Jalan Tun Sambanthan 3, 50470
Kuala Lumpur.

The said meetings will review the Liquidator's Statements of
Accounts as well as consider the disposal of the subsidiaries'
books, records and documents.


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


MANILA ELECTRIC: Creditors Approval Needed To Raise Funds
---------------------------------------------------------
The Manila Electric Co. seeks for the approval of its creditors
on its plan to tap the foreign market in order to raise funds
through the issuance of between $200 to $250 million worth of
bonds, according to the BusinessWorld online.

"We need to get consent from our existing creditors for us to
incur additional indebtedness on this particular issue before we
float a bond. In effect, they are concerned that this new loan
will impinge on Meralco's ability to pay them. So we have to get
their consent that they will allow us to do this," Daniel D.
Tagaza, senior vice-president and head for finance told
BusinessWorld.

Mr. Tagaza said Meralco is also working on the terms of the
bonds, particularly the tenor of the issuance.

"We want it longer than five years, because we have to refinance
the short-term debt, which we are thinking of extending to more
than five years -- we will not settle for less than seven. So we
are looking at a seven- to 10-year term, or as much as possible,
if there is a market for a longer tenor than 10 years, that's
much better for the company," he said.

The original schedule for the bond float was January of this
year, but was moved to March due to a Supreme Court ruling which
barred it from imposing a rate increase. But the power utility
firm decided to issue the bonds after the proclamation of a new
president because the premium of the borrowings may increase due
to uncertainties of the poll's outcome.

Contact:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone No/s:  16220 (TL); 633-4553 (Corp. Sec.)
Fax No/s:  631-5572
Email Address:  corcom@meralco.com.ph
Website: http://www.meralco.com.ph


NATIONAL STEEL: LBP Says Danaharta Should Not Oppose Sale
---------------------------------------------------------
Creditors of National Steel Corp. (NSC) sees no reason why the
Malaysian holding firm, Pengurusan Danaharta Nasional Berhad
should oppose the sale of the steel firm to Global
Infrastructure Holdings Ltd., (GIHL) The Philippine Star
reports.   

Landbank of the Philippines (LBP) first vice president Cecilia
C. Borromeo said in a press release that Danaharta could not
exercise its right to refuse the sale because the offer was more
than 80 percent of the net assessed value of the company, based
on an earlier memorandum of agreement (MOA) signed between the
local creditor banks and Danaharta in November 2002.

Global Infrastructure and NSC's creditor banks inked a deal for
the sale of the steel firm worth P13 billion.

However, Ms. Borromeo is hopeful that Danaharta would not bring
the case to court for it would jeopardize the rehabilitation of
NSC.

According to Ms. Borromeo, GIHL has already infused PhP50
million into the rehabilitation of the steel plant and has
already employed about 500 workers.


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


DATACRAFT ASIA: Proposes Capital Reduction Scheme
-------------------------------------------------
The Board of Directors of Datacraft Asia Ltd wishes to announce
that the Company is proposing to undertake the following capital
reduction (Capital Reduction) exercise pursuant to Section 73 of
the Companies Act (Cap 50) of Singapore. Although the Datacraft
Group has retained earnings of approximately S$120.5 million
(US$69.7 million) as at 30 September 2003, the Company has
accumulated losses of approximately S$45.7 million (US$26.3
million) as of the same date. The objective of the capital
reduction is to offset the deficit standing in the Company's
accumulated loss account, and hence rationalizes the Company's
balance sheet. This change to the composition of the
shareholders' equity will put the Company in a position to
declare dividends sometime in the future.

The Capital Reduction exercise will entail a reduction of the
Company's share premium account of approximately S$75.7 million
(US$43.7 million), of which approximately S$45.7 million
(US$26.3 million) will be applied against the deficit in the
Company's accumulated loss account, and the balance of
approximately S$30 million (US$17.3 million) will be transferred
to a special reserve (Special Reserve). This represents merely a
change in the composition of reserves and does not entail any
outflow of cash or change to the assets of the Company.

2. Rationale of the Capital Reduction

The purpose of the Capital Reduction exercise is to cover
approximately S$45.7 million (US$26.3 million) standing in the
accumulated loss account of the Company which arose mainly from
impairment charges to the value of investment in subsidiaries
and impairment in the value of assets of subsidiaries which had
substantially wound down their business.

The reduction of the share premium account of the Company no
longer represented by assets would rationalize the Company's
balance sheet, and upon completion of the Capital Reduction
exercise, the Company's accumulated losses of approximately
S$45.7 million (US$26.3 million) will be reduced to nil.

In addition, to the extent that the reduction in share premium
is not applied to offset the accumulated losses in the Company,
it is proposed that the balance of approximately S$30.0 million
(US$17.3 million) be transferred to a Special Reserve. The
Special Reserve shall not be treated or used by the Company as a
distributable reserve save in connection with a capitalization
of reserves in accordance with Article 142 of the Articles of
Association. This Special Reserve may be released to offset any
future accumulated losses of the Company that may arise from,
inter alia, impairment losses in the investment in subsidiaries
and assets of subsidiaries. The creation of this Special Reserve
would make it easier for the Group to declare dividends or
conduct share buybacks in the future.

3. Financial Effect

The Capital Reduction exercise is accounting procedures that
reduces the share premium account of the Company to eliminate
the deficit in the accumulated loss account and to transfer an
amount to a Special Reserve account which will not be
distributable save in connection with a capitalization of
reserves in accordance with Article 142. There will be no change
to the number of issued ordinary shares in the capital of the
Company as a result of the Capital Reduction exercise. The
exercise will not have any effect on the earnings, net tangible
assets and gearing of the Company. There will be no adjustment
made to the number and exercise price of the share options after
the Capital Reduction exercise.

4. Conditions of the Proposed Capital Reduction Exercise

The proposed Capital Reduction is subject to, inter alia, the
following:

a. The approval of shareholders at an extraordinary general
meeting (EGM) to be convened;

b. The confirmation of the High Court of Singapore; and

c. All other relevant approvals and consents being obtained.

The aforementioned approvals may be subject to conditions, which
may vary the terms of the Capital Reduction exercise as
described herein.

A circular containing further details of the Capital Reduction
exercise and convening the EGM for the purpose of seeking
shareholders' approval will be dispatched to shareholders in due
course.

Submitted by Low Beng Lan, M&A Director on 18/05/2004 to the SGX


NEPTUNE ORIENT: Names Senior Counsel to Board
---------------------------------------------
Global container transportation and logistics company Neptune
Orient Lines (NOL) Limited announced the appointment of Mr.
Christopher Lau, a Senior Counsel and Chartered Arbitrator, and
a former Judicial Commissioner of the Supreme Court of
Singapore, to its Board of Directors.

Mr. Lau has been in practice for about thirty years and has
extensive experience in maritime and commercial law. He is a
member of the Governing Board of the International Maritime Law
Institute of the International Maritime Organization (IMO).

"We are delighted that someone of Mr. Lau's standing in the
maritime and commercial law community is joining our Board,"
Chairman Mr. Cheng Wai Keung said. "Mr. Lau's appointment adds
to the excellent balance of skills and experience on our Board
and we look forward to his contributions to the Board's
deliberations."

Mr. Lau is a consultant with law firm Alban Tay Mahtani & de
Silva (ATMD) and a Fellow of the Singapore Academy of Law. He
also serves as an arbitrator both in Singapore and
internationally, belonging to a number of international
arbitration organizations, including the Singapore Institute of
Arbitrators, the Australian Centre for International Commercial
Arbitration and the Hong Kong International Arbitration Centre.

Mr. Lau's appointment takes immediate effect.

Media inquiries
Sarah Lockie
Tel: +65-63715022
E-mail: sarah_lockie@nol.com.sg

Submitted by Ms. Marjorie Wee/Ms. Wong Kim Wah, Company
Secretaries on 18/05/2004 to the SGX.


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


BANGKOK RUBBER: SEC Says Amended FS Not Necessary
-------------------------------------------------
Pursuant to posting an SP (Suspend) sign against Bangkok Rubber
PCL since the first trading session on May 18,2004 because the
listed company's auditor reported their inability to reach any
conclusion on its the first quarterly reviewed financial
statements as of March 31, 2004.

Presently, The Stock Exchange of Thailand (SET) has received the
conclusion from The Securities and Exchange Commission (SEC)
that it is not necessary to amend the captioned financial
statements on the issue that the auditor has stated.

Nevertheless, the SET has still suspended trading the company's
securities until the causes of the delisting are eliminated.


M.D.X: SEC Says Amended FS Not Necessary
----------------------------------------
Pursuant to posting an SP (Suspend) sign against M.D.X. PCL
since the first trading session on May 18,2004 because the
listed companies' auditor reported their inability to reach any
conclusion on the company's first quarterly reviewed financial
statements as of March 31, 2004.

Presently, The Stock Exchange of Thailand (SET) has received the
conclusion from The Securities and Exchange Commission (SEC)
that it is not necessary to amend the captioned financial
statements on the issue that the auditor has stated.

Nevertheless, the SET has still suspended the trading  
securities until the causes of delisting are eliminated.


NAKORNTHAI STRIP: Explains Result of 1Q 2004 Operations
-------------------------------------------------------
Nakornthai Strip Mill PCL disclosed to the Stock Exchange of
Thailand (SET) with reference to the financial statement of the
company for the three-month period ended March 31, 2004 and 2003
wherein the Company reported net loss of Baht 195.22 million and
Baht 173.10 million, respectively. The major items influencing
the above loss are:

General:

The Company has received the Sufficient Funds as required under
the Plan by means of the Public Offering and completed the debt-
to-equity conversion on October 31, 2003, thereby triggering the
Effective Date of the approved Rehabilitation Plan and Master
Restructuring Agreement to be on October 31, 2003.

Since the Company succeeded in its resumption of Hot Roll
production facility during December 2003, it has commenced the
normal operation by continuous improvement of the volume of
production & sale during the 1st quarter ended March 31, 2004.

(1) Sales:

The Company has recommenced the production and sales since
January 2004. The current period of sale revenue represents sale
of finished products and arising. The volume of sales during the
period ended March 31, 2004 is higher compared to the period
ended March 31, 2003, which only represented sale of inventory
items.
      
(2) Gain on foreign exchange:

The Company recorded an increase in relation to exchange gain by
THB37.42 million, due to fluctuation of Thai Baht to foreign
currencies, for the three-month periods ended March 31, 2004
over 2003.
      
(3) Cost of sales and Selling and administrative expenses:

The current cost of sales and Selling and administrative
expenses represents associated cost and all general business
expenses incurred in connection with the above mentioned
resumption of normal operation and sales during the first
quarter ended March 31, 2004.
      
(4) Interest expenses:

Interest expense represents the amount of interest due to the
holder of Restructured term loan of USD 200 million in
accordance with the approved Rehabilitation plan.

Please be informed and disseminate the above accordingly.
Yours Sincerely,
(Mr. Sawasdi Horrungruang)
Director
Maharaj Planner Company Limited
as the plan Administrator of
Nakornthai Strip Mill PCL


THAI ENGINE: SEC Says Amended FS Not Necessary
----------------------------------------------
Pursuant to posting of SP (Suspend) sign against Thai Engine
Manufacturing PCL since the first trading session on May 18,2004
the listed company's auditor reported their inability to reach
any conclusion on its first quarterly reviewed financial
statements as of March 31, 2004.

Presently, The Stock Exchange of Thailand has received the
conclusion from The Securities and Exchange Commission (SEC)
that it is not necessary to amend the captioned financial
statements on the issue that the auditor has stated.

Nevertheless, the SET has still suspended trading of the
company's securities until the causes of delisting are
eliminated.


THAI NAM: Clarifies Net Profile In 1Q 2004
------------------------------------------
With reference to the submission of the First Quarter 2004
consolidated financial statements of Thai Nam PCL and its
subsidiary companies to the Stock Exchange of Thailand (SET) and
showing a net operating profit at THB2.2 million compared to a
net loss THB0.045 million in the corresponding period of the
previous year, the Company would like to explain that it was a
result of the Company's additional total sales especially the
sales increase in the artificial leather for the automotive in
line with its industrial growth whereas sales on other general
products remained unchanged due to price competition.

On the subsidiary's operating performance which suffered at the
loss, it was not only generated from the high competition in the
domestic and re-export markets, but also derived from high
volume of imported goods and continuous increase of raw material
price. These all affected the subsidiary whose products were
general in facing constraints to adjust its possible price
increase.

Please be informed accordingly.
Faithfully Yours,
Mrs. Siriphorn Mangkornkarn
Deputy Managing Director


THAI PETROCHEMICAL: Clarifies Auditor's Opinion Of 1Q FS
--------------------------------------------------------
Thai Petrochemical Industry PCL submits to the Stock Exchange of
Thailand (SET) a clarification of the auditor's opinion on its
Interim Financial Statements ended on March 31, 2004 (1st
quarter):

(1) The auditor could not assure himself about the achievement
of the amendment of the Business Reorganization Plan, as up to
present, the negotiation between the Plan Administrator and the
Creditors has not been finalized. However, the Plan
Administrator expected the time frame for submission of the
amended plan to participating scheme creditor for voting soon.

(2) The auditor expressed concern over the company's delayed
interest payment scheme because it did not comply with the
present company's Business Reorganization Plan. Nevertheless, to
support the company's liquidity management, the committee of
creditor has agreed with the Plan Administrator to alter the
interest payment from monthly basis to quarterly basis.  

Your acknowledgement of the above mentioned clarification is
highly appreciated.
        
Yours sincerely,
(Suwit Nivartvong) for
The Plan Administrator                                                
The Thai Petrochemical Industry PCL

Contact:

Thai Petrochemical Industry PCL
TPI TOWER, FLOOR 8, 26/56 NEW JUN ROAD,
THUNGMAHAMEK, SATHON Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Website: www.tpigroup.co.th


THAI PETROCHEMICAL: Releases 1Q Operating Results
-------------------------------------------------
Thai Petrochemical Industry PCL disclosed to the Stock Exchange
of Thailand with reference to its reviewed consolidated
financial statements for the quarter ended March 31, 2004 and
its subsidiaries, please be advised that the net profit for the
first quarter was THB2,446.71 million increasing by THB2,124.18
million or 659% comparing to THB322.53 million of the same
period last year. The main reasons of the increase are:

(1) Sales revenue and Cost of Sales
   
Sales revenue for the first quarter ended March 31, 2004 of the
company and its subsidiaries was THB31,934.82 million whereas
the amount was THB21,835.88 million for the same period last
year. The increase of THB10,098.94 million or 46% was owing to
the increase of the crude oil run from 99,700 barrel per day in
the first quarter of last year to 175,000 barrel per day in the
same period this year, whilst the cost of sales increased by THB
7,499.64 million or 42%.

(2) Selling and Administrative Expenses
   
Selling and administrative expenses for the first quarter ended
March 31, 2004 of the company and its subsidiaries was
THB2,956.29 million compared to THB2,109.53 for the same period
last year.  The increase of THB846.76 million or 40% was the
result of the increase in excise tax due to the higher local
Refined Products sales.

(3) Interest Expenses
   
Interest Expenses for this quarter decreased by 296.82 or 16%
due to the decrease in interest rate paid.

Your acknowledgement of the above mentioned clarification is
highly appreciated.

Yours sincerely,
(Suwit Nivartvong) for
The Plan Administrator
The Thai Petrochemical Industry PCL


THAI PETROCHEMICAL: SET Gives Until May 19 To Lift SP Sign
----------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) has submitted to the Stock
Exchange of Thailand (SET) its reviewed financial statements for
the period ending 31 March 2004.

As the company 's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
Company.

Due to these discrepancies, the Securities and Exchange
Commission (SEC) requires the Company to amend its financial
statements on the issues raised by its auditor.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading on the securities of  TPI on May 18, 2004 to enable
shareholders and general investors to have sufficient time to
scrutinize an auditor 's report on the review of its financial
statements.

The SET will grant the above company permission to continue
trading its securities and post an NP sign on May 19, 2004 until
the Company has the opportunity to submit its amended financial
statements or the SEC concludes that it will not be necessary to
amend its financial statements.


TUNTEX: Bankruptcy Court Extends Submission Of Rehab Plan
---------------------------------------------------------
Tuntex (Thailand) PCL would like to inform that it has expedited
itself to complete the business rehabilitation plan on schedule.

The company finished a stage of drafting the business
rehabilitation plan and debt restructuring process, however,
there are some details that has to be adjusted.

Furthermore, the company as the planner and some creditors
disputes in connection to the petition for debt repayment
submitted by some creditors, which is under review by the
official receiver.

Due to the said issues the planner is unable to conclude the
total debts and category of the creditors, which is the
significance of the plan, the company has submitted a request to
Central Court of Bankruptcy to extend the period of submission
of the business rehabilitation plan for the second time.

The court has ordered to extend the time for the submission of
the business rehabilitation plan for one month starting May 20,
2004 until June 20, 2004.

The company will inform you of any further progress.

Sincerely yours,
Yang, Jin Tuu
Director and General Manager  




                            *********


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