TCRAP_Public/040521.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

             Friday, May 21, 2004, Vol. 7, No. 100

                            Headlines

A U S T R A L I A

AMP LIMITED: Releases Chairman And CEO's Address To Shareholders
MAYNE GROUP: Schedules Date Of Global Specialty Presentation
NOVUS PETROLEUM: Panel Receives Application From Sunov
WOODSIDE PETROLEUM: Partners Approve Otway Gas Project


C H I N A  &  H O N G  K O N G

401 HOLDINGS: Enters Third State of Delisting Procedures
BILLION PEARL: Schedules Winding up Hearing
DYNAMIC VICTORY: Faces Winding up Petition
FOK KING: Creditors Meeting Set May 21
GOOD NICE: Winding up Hearing Slated for June 23

I-CHINA HOLDINGS: Unveils FY03 Financial Results
LAM CHUN: Releases Bankruptcy Order Notice
LAM HEUNG: Enters Bankruptcy Proceedings
LAM KAM: Creditors Meeting Set Today
LAU CHI: Releases Bankruptcy Order Notice

LEE CHI: Schedules Creditor's Meeting Today
MASS VINNER: Winding up Hearing Set June 23
NG SHUK: Creditors Meeting Slated for Today
STRONG EAGLE: Schedules Winding up Hearing
WU YA: Enters Bankruptcy Proceedings

YIM MING: Holds Creditor's Meeting Today


I N D O N E S I A

BANK NIAGA: Reverse Stock Split To Boost Dividend Payment


J A P A N

ALL NIPPON: Names Senior V.P. For The Americas
COLUMBIA MUSIC: Narrows FY03 Net Loss to Y745M


K O R E A

DACOM CORPORATION: Sells Headquarters For US$91.5M to Cut Costs
DAEWOO HEAVY: KAMCO Pushes Ahead With Sale Plan
LG CARD: Plans First ABS Issue in 10 Months
LG CARD: Enters Relisting on the KSE

* Debt Insolvency Rate Drops in April


M A L A Y S I A

AMTEL HOLDINGS: To Acquire Interests In Permata Makur
ANCOM BERHAD: Buys Back Shares
BANDAR SUNGAI: Parent Company Answers BMSB Query
BOUSTEAD HOLDINGS: New Ordinary Shares Granted Listing
CONSOLIDATED FARMS: Announces Changes In The Audit Committee

CONSOLIDATED FARMS: To Revise Proposed Rights Issue
CONSOLIDATED FARMS: Issues Company Status Update
CRIMSON LAND: Presents Third Quarter Financial Report
EPE POWER: Presents First Quarter Profits
GEAHIN ENGINEERING: Unveils Results Of EGM And Members' Meeting

GEAHIN ENGINEERING: Issues Clarification Re Restraining Order
GULA PERAK: 20,000 New Shares To Be Listed
HAP SENG: Purchases More Ordinary Shares
HO WAH: Director Acquires More Shares
MALAYSIAN RESOURCES: Replies To BMSB Query Re Zelleco Disposal

MBF CORPORATION: Leisure Commerce Aids Leisure Holidays
TANJONG PUBLIC: Ultimate Corporation Shares Changes Registry
TANJONG PUBLIC: Shares Undergo Change In Registry
TANJONG PUBLIC: Director Changes Share Registry
TANJONG PUBLIC: New Shares Up For Listing

TENAGA NASIONAL: Gets New Chief Executive Officer
UNISEM BERHAD: New Ordinary Shares Granted Listing
UNZA HOLDINGS: Presents Restructuring Scheme To Bursa Malaysia
WOO HING: Approves Voluntary Liquidation Of Golden Linear


P H I L I P P I N E S

NATIONAL POWER: Three More Power Plants Scheduled For Sale
PHILIPPINE LONG: Iloilo Council Won't Give in to Request


S I N G A P O R E

L&M GROUP: Releasing Half-Year Financial Results Soon


T H A I L A N D

ADVANCE AGRO: Senior Unsecured Debt Rating Raised to Caa1
EASTERN WIRE: Details Amendment On Articles Of Association
THAI PETROCHEMICAL: SEC Says Amended FS Not Necessary

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  -

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


AMP LIMITED: Releases Chairman And CEO's Address To Shareholders
----------------------------------------------------------------
AMP Limited furnished the Australian Stock Exchange a copy of
its chairman Peter Willcox and Chief Executive Officer Andrew
Mohl's address to shareholders during the Annual General Meeting
held on Thursday, May 20, 2004.

To view full copy of the document, click
http://bankrupt.com/misc/AMPLIMITED052004.pdf

Contact:  AMP Limited (Australian: AMP )
          33 Alfred St.
          Sydney, 2000, Australia
          Phone: +61-2-9257-5000
          Fax: +61-2-9257-7886
          Website: http://www.ampgroup.com


MAYNE GROUP: Schedules Date Of Global Specialty Presentation
------------------------------------------------------------
In a disclosure to the Australian Stock Exchange (ASX), Mayne
Group advised that on Monday, May 24, 2004, it would be
presenting to the UBS Global Specialty Pharmaceutical conference
in New York, U.S.A. The presentation slides will be lodged with
the ASX and be available via Mayne's website www.maynegroup.com
prior to the presentation being delivered.  A copy of the
presentation script will also be lodged with the ASX and made
available on Mayne's website once the presentation has
concluded.

The audio transmission will be available live on Monday, May 24,
2004 at 11:30 a.m. (Eastern Standard Time-U.S.A) and by replay.
The replay will begin three hours after the presentation and
will be available until June 25, 2004.

To access the audio webcast-go to www.ibb.ubs.com, find the
conferences icon link in the centre of the page.  Click on the
icon and on the conferences web page click the link for Webcast
under the Global Specialty Pharmaceutical Conference heading.
You do not need a password to access the webcast.


NOVUS PETROLEUM: Panel Receives Application From Sunov
------------------------------------------------------
In a disclosure to the Australian Stock Exchange, the Panel
announced that it has received an application from Sunov Pty.
Petroleum Ltd., pursuant to sections 657A and 657D of the
Corporations Act 2001 (Cth) for a declaration of unacceptable
circumstances and final orders in relation to the affairs of
Novus Petroleum Ltd.

Novus is currently the subject of two competing takeover bids.
Medco Energi (Australia) Pty. Ltd., a wholly owned subsidiary of
PT Medco Energi Internasional Tbk (collectively, Medco)
announced a conditional take over bid for Novus on December 22,
2003.  Medco's bid is currently due to close on June 8, 2004.
Sunov subsequently announced a conditional takeover bid for
Novus on January 19, 2004, which is currently due on June 3,
2004.

Sunov alleges that they have seen a number of press reports
attributing statements to Medco or its executives, in and
outside Australia, which have indicated that Medco would be
deciding whether to increase its bid price by a nominated date,
but that Medco has let that date pass without making any
announcements regarding an increase.  Sunov submit that these
statements were "last and final statements" as defined in
Australian Securities and Investment Commission (ASIC) Policy
Statement 25 (Truth in Takeovers) and that to date Medco has not
done what it publicly said it would do in those statements,
namely announce a decision in relation to its bid price by the
specified date.

Sunov has requested that the Panel make final orders that Medco
prominently and clearly announce its intentions, by way of
issuing a supplementary bidder's statement or making an
announcement to ASX, either that it will increase its bid to a
specified price of that its current price of $1.74 will not be
increased.

The Panel has not decided whether to conduct proceedings in
relation to the application and makes no comment on the merits
of the application. It also notes that it has not received
submissions from the other parties to the application, it is
therefore unaware of their views.

The President of the Panel is appointing a sitting Panel to
consider the application.

Contact:

George Durbridge
Director, Takeovers Panel
Level 48, 80 Collins Street
Melbourne, VIC 3000
Telephone: +61 3 9655 3553
Email: george.durbridge@takeovers.gov.au


WOODSIDE PETROLEUM: Partners Approve Otway Gas Project
------------------------------------------------------
In a press release Woodside Petroleum Ltd. announced that joint
venturers in the Woodside-operated Otway Gas Project have
approved development of the A$1.1 billion Thylacine and
Geographe gas fields off Victoria in southern Australia.

The project involves initial expenditure of A$810 million on the
Thylacine gas field in Tasmanian permit T/30P, about 70km south
of Port Campbell. Construction, which is expected to begin in
October 2004, will involve a remotely operated platform,
offshore and onshore pipelines, and a new gas plant to be built
near the Iona gas plant, 6km north of Port Campbell.

The Geographe field, 55km south of Port Campbell in Victorian
permits Vic/P43, will be connected to the main offshore pipeline
in a later development phase.  Over the Project's life, the
Thylacine and Geographe gas fields are expected to supply 950
billion cubic feet of raw gas, 885 petajoules of sales gas, 12.2
million barrels of condensate and 1.7 million tonnes of LPG at
the Probable (including Proved) level.

Woodside's Gas and Commercial Business Unit Director, David
Maxwell, said the project demonstrated Woodside's commitment to
establishing a significant gas business in eastern Australia.

"The Otway Gas Project will initially produce about 60
petajoules of sales gas a year, which is equivalent to about 10%
of south-eastern Australia's current annual gas demand," Mr
Maxwell said.  "With production scheduled to begin in mid-2006,
the Otway Gas Project will make a significant contribution to
Woodside's overall production."

State and Commonwealth Government environmental approvals have
been obtained and the joint venturers have received notices of
intention to grant production licenses over the fields.

Technip Oceania Pty Ltd has been awarded two major contracts.
These are for the engineering, procurement, installation and
construction of the onshore gas processing plant and onshore
pipeline, and the offshore platform facilities. The offshore
pipelay and subsea tie-in contract has been awarded to Allseas
Construction Contractors S.A.

The horizontal directional drilling shore-crossing contract has
been awarded to DrillTec Australia Pty Ltd. The remaining major
contract in the process of being awarded is for the drilling of
production wells. Other materials and service contracts will
also be awarded during the construction phase.

Woodside signed a gas sales agreement with TXU on 14 April 2004
for Woodside's share of sales gas production, around 30
petajoules a year for more than 10 years. Condensate from the
project is expected to be sold to an Australian refinery, while
liquefied petroleum gas is expected to be sold to distributors
operating in Victoria.

Woodside holds a 51.55% interest in the project. The other joint
venturers are Origin Energy Resources Limited (29.75%), Benaris
International N.V. (12.7%) and CalEnergy Gas (Australia) Limited
(6.0%).

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


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


401 HOLDINGS: Enters Third State of Delisting Procedures
--------------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that 401
Holdings Limited has been put into the third stage of the
Delisting Procedures effective from May 18, Infocast News
reported on Wednesday. Pursuant to the Delisting Procedures, it
will be given a final six months for the submission of a valid
resumption proposal to the Stock Exchange. If the company does
not put forward a valid resumption proposal by November 18, the
Stock Exchange intends to cancel the listing of the company.

Trading in the shares of the Company has been suspended since 28
March 2003.  At the end of the second stage of the Delisting
Procedures, the Company has not submitted any valid resumption
proposal and has been unable to demonstrate its compliance with
the requirements stipulated under Rule 13.24 of the Listing
Rules. Accordingly, the company will now be placed in the third
stage of the Delisting Procedures.


BILLION PEARL: Schedules Winding up Hearing
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Billion Pearl Investments 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.


DYNAMIC VICTORY: Faces Winding up Petition
------------------------------------------
Notice is hereby given that a petition for the winding up of
Dynamic Victory 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 on 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.


FOK KING: Creditors Meeting Set May 21
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Fok King Ying (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 NICE: Winding up Hearing Slated for June 23
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Good Nice Enterprises Limited by the High Court of Hong Kong was
on the 16 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.


I-CHINA HOLDINGS: Unveils FY03 Financial Results
------------------------------------------------
The Board of Directors of I-China Holdings Limited announces
that the audited consolidated results of the Company and its
subsidiaries (the Group) for the year ended 31 March 2004
together with the comparative figures as follows:

                                            2004      2003

                                    Notes  HK$'000   HK$'000

Turnover                                    359       2,544
Direct operating expenses                  (543)     (2,012)
Other operating income                      513        198
Selling and administrative expenses        (957)     (10,007)
Other operating expenses              5     -        (148,900)
Loss from operations                  6     (628)    (158,177)
Finance costs                            (47,212)    (23,723)
Loss before taxation                     (47,840)    (181,900)
Taxation                              7     -        (1,825)
Net loss for the year                    (47,840)    (183,725)
Loss per share - basic                8  HK$(0.38)    HK$(1.45)

Notes:

1. GENERAL

The trading of the shares in the Company on the Stock Exchange
of Hong Kong Limited (the Stock Exchange) has been suspended
since 15 January 2002 and was resumed on 27 April 2004.

On 5th December, 2002, Messrs. Cosimo Borrelli and Fan Wai Kuen,
of RSM Nelson Wheeler Corporate Advisory Services Limited were
appointed by the High Court of Hong Kong (the High Court) as
joint and several provisional liquidators of the Company (the
Former Provisional Liquidators) to, amongst other things,
protect the assets of the Company and to facilitate a
restructuring of the Company.

On 20 November 2003, the Company, acting through the Former
Provisional Liquidators, entered into an agreement for the
implementation of a restructuring proposal (the Restructuring
Agreement), amongst others, with Wai Kee Holdings Limited (Wai
Kee, a company incorporated in Bermuda with limited liability
and the shares of which are listed on the Stock Exchange). The
restructuring involves, amongst other things, the capital
restructuring, the debt restructuring, the subscription, the
Group reorganization and the injection of assets by Wai Kee (the
Restructuring).

Details of the Restructuring are set out in a document jointly
issued by the Company and Wai Kee dated 24 February 2004 (the
Document).

A special general meeting has been held by the shareholders of
the Company on 18th March, 2004 pursuant to which all necessary
resolutions relating to the Restructuring has been passed by the
independent shareholders of the Company.

On 23 April 2004, the Restructuring Agreement has been completed
and, thereafter, Wai Kee became the ultimate holding company of
the Company. Each of the Former Provisional Liquidators were
released and discharged as joint and several provisional
liquidators of the Company pursuant to the order of the Supreme
Court of Bermuda and the Court of First Instance of the High
Court (the Courts).

By Order of the Board
Zen Wei Peu, Derek
Chairman
Hong Kong, 19 May 2004

For more information, go to
http://bankrupt.com/misc/tcrap_ichina0521.pdf

This is a Hong Kong Stock Exchange announcement.


LAM CHUN: Releases Bankruptcy Order Notice
------------------------------------------
Notice is hereby given that the Bankruptcy Order against Lam
Chun Kit (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.


LAM HEUNG: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that the Bankruptcy Order against Lam
Heung 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.


LAM KAM: Creditors Meeting Set Today
------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Lam Kam Hung Marco (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.


LAU CHI: Releases Bankruptcy Order Notice
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Lau Chi
Wing (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.


LEE CHI: Schedules Creditor's Meeting Today
-------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Lee Chi Ming (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.


MASS VINNER: Winding up Hearing Set June 23
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Mass Vinner Trading Limited by the High Court of Hong Kong was
on the 23 April 2004 presented to the said Court by Poaparsit
Thippawan of Flat A, 5/F., Block A, Fortune Court, 10 Sai On
Lane, Sai Ying Pun, Hong Kong. The said petition will be heard
before the Court at 10 a.m. on the 23 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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 21 June 2004.


NG SHUK: Creditors Meeting Slated for Today
-------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ng Shuk 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 11:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


STRONG EAGLE: Schedules Winding up Hearing
------------------------------------------
Notice is hereby given that a petition for the winding up of
Strong Eagle Limited by the High Court of Hong Kong was on the 7
April 2004 presented to the said Court by Mok Yiu Man of Room
819, 8/F., Block 7, Verbena Heights, 8 Mau Tai Road, Tseung Kwan
O, New Territories and Ho Kwong Lau of Room 0, 2/F., Chung Nam
Mansion, 70 Ma Tau Chung Road, Tokwawan, Kowloon, 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.


WU YA: Enters Bankruptcy Proceedings
------------------------------------
Notice is hereby given that the Bankruptcy Order against Wu Ya
Hui (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.


YIM MING: Holds Creditor's Meeting Today
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Yim Ming Kou (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.


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


BANK NIAGA: Reverse Stock Split To Boost Dividend Payment
---------------------------------------------------------
Indonesia's PT Bank Niaga plans to pay a cash dividend of Rp705
for every existing share.  The dividends will be paid on June 30
to shareholders that registered as of June 16, Dow Jones
reports.

According to the report, the reverse stock split would boost the
dividend payment hence the bank is planning to execute it on May
25.  Without the reverse split, the dividend payout would be
IDR0.75 a share.


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


ALL NIPPON: Names Senior V.P. For The Americas
----------------------------------------------
All Nippon Airways (ANA), in a press release, has appointed
Hiroyuki Fujii as Senior Vice President and General Manager The
Americas, based in New York.

He replaces Osamu Kawabata, ANA Executive Vice President and
General Manager in New York since April 2001, who returns to ANA
headquarters in Tokyo.

Mr. Fujii comes to New York from the ANA Los Angeles office,
where he was Regional Vice President and General Manager the
past three years. In his new position he is responsible for all
ANA offices and operations in the Americas.

A graduate of Yokohama City University in Japan, Mr. Fujii
joined ANA in 1972 and has held management positions in Japan
and overseas, including in Hong Kong, where he was the first ANA
airport director when service from Tokyo began in 1987, and in
Sydney, where he was General Manager from 1997 to 1999.


COLUMBIA MUSIC: Narrows FY03 Net Loss to Y745M
----------------------------------------------
Columbia Music Entertainment Inc. posted a net loss of 745
million yen in 2003, versus a net loss of 1.25 billion yen in
the same period a year earlier, Kyodo News reports.

The company incurred a group pretax loss of 825 million yen in
the year ended March 31, a turnaround from a profit of 6 million
yen the preceding year, despite a 4.5 percent rise in the group
sales to 31.21 billion yen.


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


DACOM CORPORATION: Sells Headquarters For US$91.5M to Cut Costs
---------------------------------------------------------------
Dacom Corporation plans to sell its headquarters in southern
Seoul for 107.5 billion won (US$91.5 million) to cut costs and
reduce its huge debts, Yonhap News reported on Thursday.

The South Korea's second-largest long-distance telephone and
Internet service provider will take out a lease on the 20-story
building after its sale to local construction company Patra, the
Company said in a statement.


DAEWOO HEAVY: KAMCO Pushes Ahead With Sale Plan
-----------------------------------------------
Korea Asset Management Corporation has vowed to push ahead with
the sale of Daewoo Heavy Industries and Machinery (DHI) despite
protests by workers, AFP Asia reports. The planned sale has
attracted 11 preliminary bids from foreign and domestic
investors who are interested in the Company.

DHI workers have threatened to go on strike today, insisting the
company should stand on its own as a defense-related firm which
produces construction equipment industrial vehicles, armored
vehicles and missile systems.

The government instead hopes to sell most of its 57.9 percent
stake in DHI, which was rescued with state funds in 2000
following the collapse of its parent, Daewoo Group.


LG CARD: Plans First ABS Issue in 10 Months
-------------------------------------------
LG Card plans to issue 775 billion won (US$654.5 million) in its
first asset backed securities (ABS) in 10 months, according to
Reuters. The ABS will carry a yield around the four percent
level, which are about 40 basis points higher than triple A
rated corporate bonds. The latest ABS will be issued on May 28.

The proceeds will be used to replace maturing three-month
commercial paper. LG issued such short-term paper to refinance
maturing ABS because its financial status was not healthy enough
to issue longer-dated debts. Of the total, 525 billion won will
be issued as senior ABS, while 250 billion won will be junior
ABS.

The credit card issuer narrowly escaped bankruptcy in January
because of a US$4.5 billion bailout by creditors and the LG
Group.


LG CARD: Enters Relisting on the KSE
------------------------------------
LG Card Co., which was relisted on the Korea Stock Exchange on
Wednesday after its capital reduction, found itself riding a
roller coaster, JoongAng Daily reports.

The value of each LG Card common share was estimated at 22,800
won. Trading started at 20,050 won, the pre-opening offering
price, and at one point the stock soared its 15 percent daily
limit to 23,050 won, but then plummeted 13 percent to 17,500 won
and closed at 17,550 won.

"Shares held by LG Card's creditors have not gone on the market
yet, and the capital reduction cut the amount of shares," said
Jeon Jae-gon of Daishin Economic Research Institute. LG Card's
capital was reduced by a ratio of 43.4 to 1.

"The small amount of available shares led to huge movements in
prices," Mr. Jeon said. "Investors should pay more attention,
because there are speculators aiming at short-term gains."


* Debt Insolvency Rate Drops in April
-------------------------------------
South Korea's April debt insolvency rate edged down from a year
ago, the Korea Herald reports, citing the Bank of Korea in a
statement.

The debt default rate in April was 0.06 percent, unchanged from
March and slightly higher than 0.05 percent seen in February.
But it was lower than the 0.08 percent reported in April last
year shortly after SK Global was rocked by a US$1.2 billion
accounting scandal.

The number of companies starting new businesses in eight major
cities fell to 2,573 in April from 2,931 in March. The number of
failed companies also fell to 355 from 391.

The insolvency rate represents defaults as a percentage of all
commercial paper, corporate bonds issued for settlement,
including financial market transactions.


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


AMTEL HOLDINGS: To Acquire Interests In Permata Makur
-----------------------------------------------------
In a disclosure dated 19 May 2004 to the Bursa Malaysia
Securities Berhad, the Board of Directors of Amtel Holdings
Berhad (AHB) announced that on 17 May 2004, AHB entered into a
Sale and Purchase agreement (SPA) with its wholly-owned
subsidiary, Amtel Industries Sdn Bhd (AISB) to acquire from AISB
its 50 percent interests comprising 1,150,000 ordinary shares of
RM1.00 each in Permata Makmur Sdn Bhd (PMSB) for a total
consideration of RM6,970,000/- payable by way of a credit
against amount owing by AISB to AHB (the Acquisition).

The Acquisition is deemed a non-related party transaction and
none of the Directors and substantial shareholders of AHB and
persons connected with them has any direct or indirect interest
in the transaction.

1. The Acquisition

1.1. Particulars of the assets being acquired

PMSB was incorporated in Malaysia on 19 June 1989 and has an
issued and paid-up share capital of RM2,300,000 comprising
2,300,000 ordinary shares of RM1.00 each.

1.2. Description of the business carried on

PMSB is principally engaged in manufacturing and trading in
semi-processed rubber wood timber.

1.3. The aggregate value of consideration, explaining how this
was arrived at and will be satisfied, including the terms of any
arrangement for payment on a deferred basis.

The consideration of RM6,970,000 is payable by way of set-off
against amount owing by AISB to AHB. The consideration was
arrived at on a willing buyer-willing seller basis after taking
into consideration of AISB's investment cost of RM4,510,800 in
PMSB, the net tangible assets of PMSB of RM12,279,668 as at 30
November 2003 and PMSB's potential future earnings.

1.4. Financial information on the assets which are the subject
matter of the transaction, including but not limited to net
profits attributable to assets and the net tangible assets or
net book value of the assets.

For the financial year ended 30 June 2003, PMSB recorded a
profit before tax of RM2,355,687. Shareholders' funds and net
tangible assets as at that date stood at RM12,279,668.

1.5. The effects of the transaction on the listed issuer, which
includes the effect of the transaction of the earning per share,
net tangible assets per share, share capital and substantial
shareholders' shareholding of the listed issuer

(i) Earning per share

The Acquisition will not have any effect on the Group's earnings
per share.

(ii) Net tangible assets
The Acquisition will not have any effect on the Group's net
tangible assets.

(iii) Share capital

The Acquisition will not have any effect on the issued and paid-
up share capital of AHB.

(iv) Substantial shareholders' shareholding

The Acquisition will not have any effect on AHB's substantial
shareholders' shareholdings.

2. In the case of an acquisition:

(i) where consideration is to be satisfied in whole or in part
by an issue of securities of the listed issuer:

Not applicable.

(ii) where the purchase consideration is to be satisfied by
cash, the source of funding and details of the vendors:

Not applicable.

(iii) particulars of all liabilities to be assumed by the listed
issuer, arising from the transaction:

There is no liability to be assumed pursuant to the Acquisition.

(iv) the original cost of investment to the vendor and the date
of such investment:

     Vendor:                              AISB
     Total no. of shares held in PMSB:    1,150,000 ordinary
                                          shares of RM1.00 each
     Original cost of investment:         RM4,110,000
     Date of investment:                  25 June 1998
     Subscription for increase in share
     capital:                             RM400,000
     Date of allotment:                   27 August 2002

3. In the case of a disposal:

Not applicable.

4. Where the consideration is in the form of equity share
   capital:

Not applicable.

5. Whether the transaction is subject to the approval of
   shareholders and relevant government authorities:

The Acquisition is not subject to the approval of the Company's
shareholders or relevant government authorities.

6. Whether the directors and/or major shareholders and/or person
   connected with a director or major shareholder have any
   interest, direct or indirect, in the transaction and the
   nature and extent of their interest:

None of the directors and/or major shareholders of AHB and/or
persons connected with them have any direct or indirect interest
in the Acquisition.

7. The rationale for the transaction:

Following the acquisition of the entire equity interest, PMSB
becomes the direct 50 percent associated company of AHB as part
of the Group's restructuring exercise to rationalize its
operations.

8. The salient features of the agreement and valuation report,
if any, and the time and place where such documents may be
inspected:

The said shares are acquired free of all liens, charges, pledges
and/or encumbrances whatsoever and with all rights, benefit and
advantage attaching thereto and accruing thereon.

A copy of the Sale and Purchase Agreement is available for
inspection at the registered office of AHB at No. 7, Jalan PJS
7/19, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan
during normal business hours on any working day for a period of
three months from the date of this announcement.

9. The date on which the terms of the transaction were agreed
   upon:

17 May 2004.

10. Statement by the Board of Directors:

The Directors of AHB are of the opinion that the Acquisition of
the 50 percent equity interest in PMSB is in the best interest
of AHB and its group of companies.

11. The prospects and risk factors of the assets, businesses or
interest to be acquired:

Not applicable.

12. The estimated timeframe for the completion of the
transaction:

The Acquisition was completed on 17 May 2004.

13. A statement whether the intended transaction has depart from
the Securities Commission's Policies and Guidelines on Issue/
Offer of Securities:

The acquisition complies with the Commission's Policies and
Guidelines on Issue/Offer of Securities in particular paragraph
17.05 - Acquisition by Cash.

14. Any other information that is necessary to enable an
investor to make an informed decision:

None.

About Amtel

The Amtel Group's main focus is telecommunications-related
activities. Other activities involve the wood-based and
agricultural industries and investment holding. In the area of
telecommunication-related activities, the Group is involved in
infrastructure projects, distribution and servicing of hand-
phones and communication products and marketing of starter
packs, various prepaid air-time cards and reload cards in the
local market. The Group is also an appointed distributor for the
distribution of ASTRO equipment and service centre to provide
warranty and non-warranty services to its customers. Besides
this, the Group is involved in telecommunications infrastructure
projects, entailing the provision of design services and the
implementation and management of telecommunications systems to
local and overseas markets. The Group has many years of
experience in installation, jointing and testing of
telecommunications, utilities and fibre optic cables for voice
data and image transmission. In addition, the Group is a second-
tier contract manufacturer, focusing on the assembly of
mechanical, electronic and plastic parts for multinational
electronics and electrical companies. Semi-processed rubberwood
products are produced from the Group's diversification into the
wood-based and agriculture industries. Agricultural testing
products are also manufactured for export.

The company is currently undergoing a restructuring and
rationalization exercise.


ANCOM BERHAD: Buys Back Shares
------------------------------
Ancom Berhad announced on the Bursa Malaysia Securities Berhad
that the company had bought back 219,200 units of ordinary
shares of RM1.00 each.

The company says it paid a minimum price of RM0.760 for each
share while the maximum price paid was RM0.780. Total cash
consideration was not specified.

To date, the company has 1,074,900 units in cumulative net
outstanding treasury shares.

The transaction was completed on 19 May 2004.


BANDAR SUNGAI: Parent Company Answers BMSB Query
------------------------------------------------
Land & General Berhad (L&G) has answered the query letter sent
by the Bursa Malaysia Securities Berhad pertaining to the
winding up petition served on its wholly owned subsidiary Bandar
Sungai Buaya Sdn Bhd (BSB).

The query letter reads:

We refer to your announcement dated 18 May 2004, in respect of
the winding up petition served on Bandar Sungai Buaya Sdn Bhd.

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

1. The expected losses, if any arising from the winding-up
proceedings;

2. Where BSB is a major subsidiary, a statement whether the
Company is solvent i.e. that no contingent or other liability
has become or is likely to become enforceable within the period
of twelve (12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet their
obligations as and when they fall due;

3. Where BSB is a major subsidiary, an undertaking to provide to
the Exchange a solvency declaration executed by the directors of
the Company within seven (7) days (where such declaration can be
made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully

WAN RAHIEL HJ WAN RAMLI
Manager
Issues & Listing
Group Regulations
WR/KHB
Copy to: Securities Commission (via fax)

L&G's reply reads:

We refer to your query dated 19 May 2004 on the above subject.

The total claim relating to the Petition amounts to only
RM54,577.27, which is very minor and hence the Directors of L&G
are of the opinion that the Winding-up Petition on BSB will not
have any financial and operational impact on the L&G Group.

BSB is not a major subsidiary of L&G in either profit
contribution or in total assets employed.

Whilst we have appealed this Petition, we are confident that we
can settle this matter without any detrimental effect.


BOUSTEAD HOLDINGS: New Ordinary Shares Granted Listing
------------------------------------------------------
Boustead Holdings Berhad has announced that the company's
additional 125,000 new ordinary shares of RM0.50 each will be
granted listing and quotation effective 9 am on Friday, 21 May
2004.

According to the notice submitted to the Bursa Malaysia
Securities Berhad, the new shares were issued pursuant to the
Bstead-Employees' Share Option Scheme.


CONSOLIDATED FARMS: Announces Changes In The Audit Committee
------------------------------------------------------------
Consolidated Farms Berhad announced in a notice dated 19 May
2004 and submitted to the Bursa Malaysia Securities Berhad the
resignation of Dato' Cecil Abraham as chairman of the Audit
Committee.

Tan Sri Dato' Dr. Ahmad Mustaffa bin Hj Babjee has been
appointed in his place. Ahmad Mustaffa is also appointed
Chairman of the Nomination and Renumeration Committee.

He is the President of AMB Exhibitions Sdn. Bhd. and is also a
Director of Comsa Farms Berhad. He has held senior positions in
Government, University and International Organizations.

With these changes, the Audit Committee is now composed of:
1) Tan Sri Dato' Dr Ahmad Mustaffa Bin Hj Babjee, Chairman of
Audit Committee, Independent Non-executive director; 2) Puan
Hajah Rahaiah bte Baheran, Independent Non-executive director;
3) Dato' Jegathesan A/L Jegasothy, Independent Non-executive
director; and 4) Heng Keah Yong, Chief Executive Officer, Non-
independent executive director.


CONSOLIDATED FARMS: To Revise Proposed Rights Issue
---------------------------------------------------
In an announcement dated 29 April 2004 to the Bursa Malaysia
Securities Berhad (the Exchange), the Board of Consolidated
Farms Berhad said that the Group was facing difficult financial
position in respect of meeting its cashflow requirement. The
Board was of the view that the Group's business and financial
position necessitated a review to be conducted and that the
Company proposes to complete the audit of its financial
statements for the financial year ended 31 January 2004 to move
forward.

The Company also announced on 19 May that Confarm is an affected
listed issuer under Paragraph 2.1(c) of Practice Note No.4/2001
of the Listing Requirements of Bursa Malaysia Securities Berhad
with the auditors' disclaimer opinion in respect of Confarm's
going concern in the audited financial statements for the year
ended 31 January 2004.

As at 31 January 2004, the audited shareholders' funds for the
Company and the Group were RM(9.29) million (deficit) and
RM2.206 million respectively.

In a notice dated 19 May to the Exchange, the company referred
to the existing Proposed Rights Issue which entails a first call
of RM0.75 per Rights Share payable in cash on application and
the second call of RM0.25 per Rights Share payable out of the
Company's revaluation reserves and/or retained profits.

Confarm has been advised by its legal advisers that the proposed
application of the revaluation reserves in paying up the second
call of RM0.25 per Rights Share will be illegal in view of its
audited deficit shareholders' funds of RM9.290 million as at 31
January 2004. The Company's and Group's net losses for the
financial year ended 31 January 2004 were RM54.698 million
(2003:RM6.052 million) and RM42.715 million (2003:RM6.116
million) respectively. This resulted in the Company's and
Group's audited accumulated retained losses as at 31 January
2004 to be RM50.751 million and RM39.381 million respectively.
In view of these factors, the proposed capitalisation of
reserves for the second call of RM0.25 per Rights Share cannot
be implemented.

Accordingly, the Board proposes to revise the existing terms of
the Proposed Rights Issue. The details of the revised Proposed
Rights Issue will be announced upon finalisation and approval by
the Board. The authorities, shareholders and other necessary
approvals will be sought for the revision and implementation of
the Proposed Rights Issue, where applicable. Appropriate
announcements will be made on the outcome of the said approvals
and shareholders will be kept informed of the latest status.

Shareholders may refer to the Company's announcement on even
date for further information on the Company's latest financial
position.


CONSOLIDATED FARMS: Issues Company Status Update
------------------------------------------------
In a disclosure dated 19 May 2004 to the Bursa Malaysia
Securities Berhad, the Board of Directors of Consolidated Farms
Berhad (Confarm) announced:

A. Deviation of Net Loss After Tax and Minority Interest
(NLATAMI) from 4th Quarter Unaudited Results and Audited NLATAMI
for Financial Year ended 31 January 2004

The unaudited NLATAMI for the Confarm Group for the 4th Quarter
has deviated from the audited NLATAMI for the financial year
ended 31 January 2004 as approved by the Directors on 19 May
2004.

The unaudited NLATAMI for the Group for the 4th Quarter as
announced by the Company on 31 March 2004 was RM15.407 million.
The audited NLATAMI for the Group for the financial year ended
31 January 2004 approved by the Board of Directors on 19 May
2004 is RM42.7 million.

The deviation in the NLATAMI is due to the following
adjustments:
                                         RM'000         RM'000

Net loss previously announced                           (15,407)
Inventories written down                 (24,262)
Additional allowance for doubtful debts  (2,900)
Additional depreciation charge           (874)
Reversal of deferred tax liabilities      111
                                                        (27,925)
                                                        (43,332)
Add: Additional Minority Interest
share of losses                                          617
                                                        (42,715)

The above significant adjustments were necessary as the Company
undertook massive and accelerated culling of layers since April
2004. The cumulative effect of the escalating increase in the
cost of feed ingredients such as corn and soybean meal
aggravated the cash flow difficulties of the Group which
impacted adversely on feed supply and quality. This was
exacerbated by the outbreak of avian influenza when suppliers
stopped credit facilities for purchases. Being a biological
system, layers are genetically selected to grow fast, but they
also deteriorate fast. With reduced quality feeding, egg
production declined. Consequently, debtors' collection fell and
the Company was forced to undertake massive and accelerated
culling of layers since April 2004 as production had become
uneconomical. The difficulties in the cash flow position were
compounded by the unexpected refusal by a bank to re-direct the
use of certain credit facilities granted and the continued
reduced payment from debtors.

2. Qualification in Auditors' Report on Financial Statements of
Confarm Group

The auditors, KPMG, have also qualified the audited financial
statements of the Confarm Group for financial year ended 31
January 2004. The auditors reported the following:

i) The Group and the Company have failed to make payment due for
various bank borrowings of RM10,963,000 and RM5,303,000
respectively. Consequently, the Group and the Company may cross
default the entire borrowings of RM121,368,000 and RM67,951,000
respectively pursuant to the borrowing facilities agreements, as
well as the Redeemable Convertible Unsecured Loan Stocks (RCULS)
of RM5,284,000 pursuant to the instrument deed of RCULS.

In addition, as disclosed in Note 23 to the financial
statements, there are also various contingent liabilities where
the Company is contingently liable. These include the potential
transfer of certain number of Consolidated Liquid Eggs Sdn.
Bhd.'s ordinary shares held by the Company to Commerce
Technology Ventures Sdn. Bhd.

The auditors are unable to ascertain whether the contingent
liabilities will crystallize and whether any further liabilities
may arise or legal claims may be brought against the Group and
the Company.

ii) The Group and the Company incurred net losses of
RM42,715,000 and RM54,698,000 respectively for the year ended 31
January 2004, and as of that date, the current liabilities of
the Group and the Company exceeded current assets by
RM150,174,000 and RM107,586,000 respectively. The Company has
deficit in shareholders' funds of RM9,290,000 as at 31 January
2004.

In addition to reassessing the implementation of the corporate
exercise as stated in Note 29 to the financial statements, the
Directors are in the process of reviewing the operations and
financial position before deciding the way forward for the Group
and the Company.

iii) As a result of the above matters, the carrying value of the
property, plant and equipment of the Group and the Company of
RM157,340,000 and RM102,123,000 respectively and development
cost of the Group and the Company of RM6,220,000 may be impaired
because of uncertainty in future cash flows and recoverable
amounts.

Accordingly, the auditors are unable to ascertain the carrying
value of the property, plant and equipment and the development
cost and the quantum of impairment loss, if any, should these be
stated at recoverable amounts.

iv) In view of the above matters and any further commitments
(including the Share Swap Option and Put Option as disclosed in
Note 25 to the financial statements) that may crystallize, the
going concern basis of preparing the financial statements of the
Group and the Company as stated in Note 1(a) to the financial
statements may be inappropriate.

The continuation of the Group and the Company as a going concern
will be dependant on the Group and the Company achieving future
profitable operations, obtaining continuing financial support of
shareholders, bankers and creditors.

Without the continuing financial support of shareholders,
bankers and creditors and the achievement of future profitable
operations by the Group and the Company, there is a substantial
doubt that the Group and the Company would be able to operate as
a going concern and therefore as appropriate, realize their
assets and discharging their liabilities in the normal course of
business.

Consequently, adjustments will have to be made to reduce the
carrying values of the assets to their recoverable amounts, to
provide for further liabilities that may arise and to reclassify
non-current assets as current assets and non-current liabilities
as current liabilities should the Group and the Company be
unable to continue as a going concern.

In view of the significance of the matters referred to in the
preceding paragraphs, the auditors expressed a disclaimer
opinion on the financial statements for the year ended 31
January 2004.

3. Practice Note No. 4/2001 of the Listing Requirements of BMSB
(First Announcement)

With the auditors' disclaimer opinion in respect of Confarm's
going concern in the audited financial statements for the year
ended 31 January 2004, the Company is an affected listed issuer
under Paragraph 2.1 (c) of Practice Note No. 4/2001 of the
Listing Requirements of BMSB (PN 4).

The Company's obligations pursuant to PN4 are set out below:

i. announce the status of its plan to regularize its financial
condition on a monthly basis;

ii. announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4, as and when such
obligation becomes due;

iii. submit monthly reports to the BMSB as required under
Paragraph 4.1 (d) of PN4;

iv. announce a plan to regularize the financial position of the
Confarm Group within 6 months from the date of this First
Announcement (Requisite Announcement);

v. submit its plan to regularize the financial position of the
Confarm Group to the relevant authorities for approval within
two (2) months from the date of the Requisite Announcement or
the date of the First Announcement, whichever is applicable; and

vi. obtain all approvals necessary for the implementation of the
plan as set out in (iv) above within four (4) months from the
date of the submission of such plan for approval.

Should the Company fail to comply with the obligations set out
in PN4, the Company may be suspended and/or de-listed from the
Official List of BMSB.

The appointment of a monitoring accountant is not required, as
the Company does not fall within the provisions set out in
Paragraph 6.1 of PN4.

The Board of Directors is in the process of reviewing the
operations and financial position before deciding the way
forward for the Confarm Group.

4. Proposed Shareholders' Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature

The Company had on 15 December 2003 obtained shareholders'
approval for a Shareholders' Mandate to enter into Recurrent
Related Party Transactions of revenue or trading nature (RRPT).
The said Shareholders' Mandate will lapse at the conclusion of
the forthcoming Twenty-first Annual General Meeting (21st AGM).
The Company proposes to seek a renewal of the Shareholders'
Mandate in respect of the RRPT at the 21st AGM to be convened.

The Circular to shareholders of Confarm, which sets out the
details of the Proposed Shareholders' Mandate, will be issued in
due course.


CRIMSON LAND: Presents Third Quarter Financial Report
-----------------------------------------------------
Crimson Land submitted to the Bursa Malaysia Securities Berhad
its unaudited financial results for the third quarter ending 31
March 2004 of the financial year to end 30 June 2004.

To read the full report, click on the following link:

http://bankrupt.com/misc/CrimsonFinancialResults21May2004.xls


EPE POWER: Presents First Quarter Profits
-----------------------------------------
EPE Power Corporation has submitted its unaudited financial
results for the first quarter ending 31 March 2004 of the
financial year to end 31 December 2004.

According to the summary report given to the Bursa Malaysia
Securities Berhad, EPE Power posted a profit of RM56,728,000
after tax and minority interest compared to a loss of
RM1,866,000 for the same period last year.

To read the full report, click on the following link:

http://bankrupt.com/misc/EPE1QResults21May2004.doc


GEAHIN ENGINEERING: Unveils Results Of EGM And Members' Meeting
---------------------------------------------------------------
Geahin Engineering Berhad announced that the shareholders of the
Company have approved the Scheme of Arrangement under the
Proposed Restructuring Scheme Pursuant to Sections 176 and 64 of
the Companies Act 1965 (the Act). This was resolved in the
recently held Court Convened Members' Meeting, according to the
notice submitted by the company to the Bursa Malaysia Securities
Berhad on 19 may 2004.

In the same notice, Geahin Engineering also said that at
Extraordinary General Meeting held on the same date, all special
and ordinary resolutions in respect to the Proposed
Restructuring Scheme Pursuant to Sections 176 and 64 of the Act
presented by the shareholders were carried and passed.


GEAHIN ENGINEERING: Issues Clarification Re Restraining Order
-------------------------------------------------------------
Following a verbal query by an officer of Bursa Malaysia
Securities Berhad (the Exchange) on Wednesday, 19 May, Geahin
Engineering Berhad has issued a clarification pertaining to the
expiry date of the company's Restraining Order.

According to the notice submitted by Geahin to the Exchange on
the same day, the Restraining Order pursuant to Section 176(10)
of the Companies Act 1965 was further extended for another one
hundred and eighty (180) days until 7 January 2005 from the
expiry of the existing Restraining Order which by itself will
expire on 11 July 2004.


GULA PERAK: 20,000 New Shares To Be Listed
------------------------------------------
Gula Perak Berhad, in a notice submitted to the Bursa Malaysia
Securities Berhad on 19 May 2004, announced that the company's
additional 20,000 new ordinary shares of RM1.00 each will be
granted listing and quotation effective 9 am on Friday, 21 May
2004.

These new shares were issued pursuant to the Gperak-Conversion
of RM20,000 Irredeemable Convertible Secured Loan Stocks.


HAP SENG: Purchases More Ordinary Shares
----------------------------------------
Hap Seng Consolidated Berhad has bought back an additional 4,300
units of ordinary shares of RM1.00 each.

According to the company's announcement on the Bursa Malaysia
Securities Berhad dated 19 May 2004, the company shelled out a
total of RM10,884.95 for the shares with the minimum price paid
per share pegged at RM2.460 and the maximum price at RM2.550.

To date, Hap Seng has a total of 32,958,900 units in cumulative
net outstanding treasury shares.

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


HO WAH: Director Acquires More Shares
-------------------------------------
Lim Ooi Hong, executive director of Ho Wah Genting Berhad (HWGB)
has acquired 233,000 ordinary shares of RM1.00 each in HWGB.

According to a notice submitted by the company to the Bursa
Malaysia Securities Berhad, the acquisition was made on
Wednesday, 19 May.

Mr. Lim had, on a previous date, signified his intention to
further deal in approximately 2 million shares of the company
during the closed period.

According to Section 135 of the Companies Act, 1965, all
dealings during the closed period should be disclosed to the
Exchange.


MALAYSIAN RESOURCES: Replies To BMSB Query Re Zelleco Disposal
--------------------------------------------------------------
Bursa Malaysia Securities Berhad (BMSB) sent a query letter to
Malaysian Resources Corporation Berhad (MRCB) pertaining to the
proposed disposal of the entire 70 percent equity interest in
Zelleco (M) Sdn Bhd (ZMSB) to Maxdeluxe Sdn Bhd.

The query letter reads:

We refer to your announcement dated 12 May 2004 in respect of
the aforesaid Proposed Disposal.

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

Salient terms of the Agreement For Transfer Of Shares between
Malaysian Resources Corporation Berhad (MRCB) and Maxdeluxe;

Net profit and net tangible assets of ZMSB;

Original cost of investment in ZMSB and date of such investment
thereof;

Description of major current and completed projects undertaken
by ZMSB;

Particulars of all liabilities to be assumed by Maxdeluxe, if
any;

Details of the property projects to be assigned to MRCB by
Maxdeluxe as settlement for the Proposed Disposal;

Breakdown of the cash and shares in Zelleco Construction Sdn Bhd
to be received by MRCB and the intended utilisation of proceeds
of the cash thereof;

Effects of the Proposed Disposal on the earnings of MRCB Group;

9. Whether the Proposed Disposal is subject to the approval of
shareholders of MRCB and any other relevant regulatory
authorities.

Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM

Malaysian Resources Corporation Berhad's reply to the Bursa
Malaysia Securities Berhad reads:

We refer to your letter dated 18 May 2004 and wish to provide
the following information as requested:

1. Salient terms of the Agreement for the transfer of shares
between Malaysian Resources Corporation Berhad (MRCB or Vendor)
and Maxdeluxe (Purchaser):

(i) Purchaser to purchase Vendors' shares (and with all rights
and options attached thereto) in Zelleco (M) Sdn. Bhd. and
Zelleco Group of Companies (comprising ZMSB's 75 percent equity
interest in Zelleco Construction Sdn. Bhd. (ZCSB) and 30 percent
equity interest in Zelleco Engineering Sdn. Bhd.) free from
assets and liabilities and subject to the terms of the Agreement
for Transfer of Shares (ATS)

(ii) Consideration for the ATS is RM41.8 million and to be
deemed paid in full by the Purchaser to the Vendor upon the
assignment absolutely of the Purchaser's development rights over
several properties to the Vendor.

(iii) As agreed by the Purchaser and Vendor, the latter will
then re-assign the above development rights to ZCSB to settle
the sum due and owing to ZCSB and as provision of further
advances to ZCSB.

(iv) On completion of ATS, ZCSB is expected to owe the Vendor
about RM6.8 million of which RM2.8 million will be paid in cash
whereas the balance of RM 4 million shall be settled via
issuance of new ordinary shares of RM1.00 each of ZCSB.

(v) All assets and liabilities of both ZMSB and ZCSB will be
transferred/assigned to MRCB with the exception of RM2.8 million
tax refunds from Inland Revenue Board (proceeds assigned to
Vendor as above repayment to Vendor), dividend payable to
minority shareholders, deferred tax and a sum owing from ZESB.

2. Net profit as per audited accounts for the year ended 31
December 2003 and net tangible assets on completion of ATS of
ZMSB are RM2,062,144 and RM27,033,473 respectively.

3. Original cost of investment in ZMSB and date of such
investment are as follows:

Date              No. of Shares            Cost of Investment

3 January 1994      2,100,000                 RM4,800,000
5 May 1994            700,000                 RM  700,000
22 December 1994    2,800,000                 RM2,800,000

Incidental Cost                               RM      487
Total                                         RM8,300,487

4. All projects were undertaken by ZCSB, the 75 percent
subsidiary of ZMSB. Description of the major current and
completed projects undertaken by ZCSB are as follow:

Description of the Previously Completed Major Projects

(i) Total design and construct basis of the 25-storey mixed
commercial development that includes M&E services and landscape
of the 25 Storey Mixed Commercial Development At Bandar Tun
Razak, Kuala Lumpur.

(ii) 4 x 129 MW Gas Turbine Power Station at Connaught Bridge,
Selangor

(iii) 4 x 110 MW Gas Turbine Power Station in Telok Gong,
Malacca

(iv) 720 MW Combined Cycle Power Station in Kuala Langat,
Selangor

(v) Civil Works Package for the 500kV Substations to Yong Peng,
Port Klang, Bukit Tarek & Ayer Tawar

(vi) 500kV Transmission Line Lte Package 3 from Ayer Tawar to
Junjong (122 km) Joint Venture with Hyundai Engineering &
Construction Co. Ltd

(vii) 1303 MW Combined Cycle Power Station in Lumut Perak

(viii) 25-storey Mixed Commercial Development

(ix) 500kV Transmission Line Pte Package 2 from Bukit Tarek to
Ayer Tawar (138 km) in consortium with ABB Transmission and
Distribution

(x) 25-storey Office Block at Selborn Square - Block A

(xi) Piling, Sub-structure and Basement Works to Plaza Sentral

(xii) NSTP New Printing Plant, Shah Alam

(xiii) Plaza Sentral Phase 1B - Stage B (Block C & D)

(xiv) New Tawau Airport, Sabah

(xv) Site Preparation and Piling Works at Sepang Power Plant,
Sepang, Selangor

There is no existing uncompleted project and ZCSB has not been
utilized for active operation in the current financial year.

5. Particulars of all liabilities to be assumed by Maxdeluxe are
the dividend payable to minority shareholders of RM242,400 and
deferred tax of RM40,597 respectively.

6. Details of the property projects to be assigned to MRCB by
Maxdeluxe as settlement for the Proposed Disposal:

Property Address        Land Area           Development Mix

Batu 10, Jalan Kapar     15 Acres     190 units of linked houses
                                      & 20 units of shophouses

Kampung Perepat Batu 8,
Jalan Kapar, Klang       4.5 Acres    63 units of linked houses

Kapar Town, Batu 10,
Jalan Kapar, Klang       3.25 Acres   35 units of linked house &
                                      10 units of shophouses

Mukim of Kapar, Klang    1.5 Acres    21 units of linked house

Kapar Town Centre, Klang 0.46 Acres   10 units of shophouses

Sementa (Mukim of Kapar,
District of Klang)       3.0 Acres    42 units of linked houses

Batu 13, Jalan Kapar,
Klang                    1.2 Acres     16 units of linked houses

PT Nos. 336 & 337, Mukim of Labu, District of Sepang 197.89
Acres Mixed development comprising linked houses, shophouses,
logistic park, petro site, commercial site and lakeside retail.

Sementa (Mukim of Kapar, District of Klang) 54 Acres Mixed
Development comprising low cost flats, linked house and
shophouse.

Mukim of Ijok, District of Kuala Selangor 32 Acres Mixed
Development comprising, low cost flats, linked houses,
bungalows, petrol kiosk site and shophouse.

7. The breakdown of the cash and shares in Zelleco Construction
Sdn Bhd to be received by MRCB are RM2,823,676 and 4,048,337
shares respectively. MRCB intends to use the proceeds of the
cash as working capital.

8. MRCB will record a gain of RM22.5 million from the proposed
disposal.

9. The Proposed Disposal is not subject to the approval of
shareholders of MRCB and any relevant regulatory authorities.


MBF CORPORATION: Leisure Commerce Aids Leisure Holidays
-------------------------------------------------------
In a disclosure dated 19 May 2004 to the Bursa Malaysia
Securities Berhad, MBF Corporation Berhad (MBF Corp) announced
that its subsidiary company, Leisure Commerce Square Sdn Bhd
(LCS) has provided a short term facility of RM1.2 million as
financial assistance to Leisure Holidays Berhad (LHB), a 76.48
percent subsidiary of MBF Corp, as working capital with interest
bearing.

Rationale for the Financial Assistance

The financial assistance is to assist LHB to meet their
operational working capital for the timeshare membership
business.

Financial Effects

The financial assistance will not have any material effect on
the earnings, net tangible assets, the substantial shareholders'
shareholdings and liquidity of the Group.

Approval Required

The financial assistance does not require the approvals of the
shareholders of MBF Corp nor any regulatory authorities.

Interest of directors, substantial shareholders and persons
connected

Dato' Loy Teik Ngan (DLTN) is a director of MBF Corp, LHB and
LCS. DLTN is deemed interested in the financial assistance by
virtue of his indirect interests in LHB and LCS through Leisure
Holidays Holdings Sdn Bhd, a company controlled by his mother,
Puan Sri Ling Mah Lee @ Ling Lee Hung, which is the substantial
shareholder of MBF Corp.

Save as disclosed above, none of the other directors,
substantial shareholders of MBF Corp, has any interest, direct
or indirect in the provision of financial assistance.

Statement by the board of directors of MBF Corp

DLTN abstained and shall continue to abstain from the Board
deliberations and voting in respect of the financial assistance
in which he is deemed interested.

The Board of Directors of MBF Corp with the exception of DLTN,
is of the opinion that the financial assistance is fair and
reasonable to the Company and is not to the detriment of the
Company and its minority shareholders.


TANJONG PUBLIC: Ultimate Corporation Shares Changes Registry
------------------------------------------------------------
Tanjong Public Limited Company has informed the Bursa Malaysia
Securities Berhad that the company received on Tuesday, 18 May,
a notification of interest in shares of the company pursuant to
section 198 of the United Kingdom companies Act, 1985 (UKCA).

The notice stated that Ultimate Corporation Sdn Bhd's indirect
interest amounting to 30,356,320 shares of the Company is now
registered in the name of CIMSEC Nominees (Tempatan) Sdn. Bhd.

The shares were previously registered in the name of RHB Capital
Nominees (Tempatan) Sdn Bhd.

Ultimate Corporation has more than 3 percent interest in the
share capital of Tanjong Public.

To read the notification in full, click on the following link:

http://bankrupt.com/misc/TanjongNotice21May2004.doc


TANJONG PUBLIC: Shares Undergo Change In Registry
-------------------------------------------------
Tanjong Public Limited Company has informed the Bursa Malaysia
Securities Berhad that the company received on Tuesday, 18 May,
a notification of interest in shares of the company pursuant to
section 198 of the United Kingdom companies Act, 1985 (UKCA).

The notice stated that Khoo Teng Bin's indirect interest
amounting to 30,356,320 shares of the Company is now registered
in the name of CIMSEC Nominees (Tempatan) Sdn. Bhd.

The shares were previously registered in the name of RHB Capital
Nominees (Tempatan) Sdn Bhd.

Khoo Teng Bin has more than 3 percent interest in the share
capital of Tanjong Public.

To read the notification in full, click on the following link:

http://bankrupt.com/misc/Tanjong2Notice21May2004.doc


TANJONG PUBLIC: Director Changes Share Registry
-----------------------------------------------
Tanjong Public Limited Company has informed the Bursa Malaysia
Securities Berhad that the company received on Tuesday, 18 May,
notifications of interest in shares of the company pursuant to
sections 324 and 198 of the United Kingdom companies Act, 1985
(UKCA).

Under Sections 324 and 198, the notice stated that Khoo Teik
Chooi's indirect interest amounting to 30,356,320 shares of the
Company is now registered in the name of CIMSEC Nominees
(Tempatan) Sdn. Bhd.

The shares were previously registered in the name of RHB Capital
Nominees (Tempatan) Sdn Bhd.

Khoo Teik Chooi is a director of Tanjong Limited and holds more
than 3 percent interest of the company's share capital.

For details of the notification under Section 324, click on the
following link;

http://bankrupt.com/misc/Tanjong3ANotice21May2004.doc

For details of the notification under Section 198, click on the
following link:

http://bankrupt.com/misc/Tanjong3BNotice21May2004.doc


TANJONG PUBLIC: New Shares Up For Listing
-----------------------------------------
Tanjong Public Limited Company says the company's additional
9,000 new ordinary shares of 7.5 pence each will be granted
listing and quotation effective 9 am on Friday, 21 May 2004.

According to the notice submitted to the Bursa Malaysia
Securities Berhad on 19 May 2004, the new shares were issued
pursuant to the Tanjong-Employess' Share Option Scheme.


TENAGA NASIONAL: Gets New Chief Executive Officer
-------------------------------------------------
The Yang Berhormat Minister of Finance/ Prime Minister of
Malaysia has appointed Che Khalib Mohamad Noh the new Chief
Executive Officer of Tenaga Nasional Berhad (TNB).

According to a company disclosure to the Bursa Malaysia
Securities Berhad, the appointment takes effect on 1 July 2004,
for a period of three years thereafter.

The Board of Directors of TNB has endorsed his appointment.


UNISEM BERHAD: New Ordinary Shares Granted Listing
--------------------------------------------------
Unisem (M) Berhad says the company's additional 1,000 new
ordinary shares of RM1.00 each will be granted listing and
quotation effective 9 am on Friday, 21 May 2004.

According to a notice submitted to the Bursa Malaysia Securities
Berhad on 19 May 2004, these new shares were issued pursuant to
the Unisem-Employees' Share Option Scheme.


UNZA HOLDINGS: Presents Restructuring Scheme To Bursa Malaysia
--------------------------------------------------------------
On 17 March 2004, Hwang-DBS Securities Berhad (Hwang-DBS), on
behalf of the Board of Directors (Board) of Unza Holdings Berhad
(UHB or the Company), announced that Bursa Malaysia Securities
Berhad (formerly known as Malaysia Securities Exchange Berhad)
(Bursa Malaysia) had classified UHB as an "affected listed
issuer" under Practice Note No. 10/2001 (PN10) issued by Bursa
Malaysia (Initial Announcement). The above classification has
arisen as UHB has ceased the operations of all of its businesses
with the transfer of its domestic businesses to Unza Nusantara
Sdn Bhd (formerly known as Annexe Profile Sdn Bhd) (UNSB) and
the transfer of its overseas businesses to Kat Kiera Pte Ltd
(KKPL), which were completed on 27 February 2004.

As an "affected listed issuer" under PN10, UHB is required to,
among others, within nine (9) months from the date of the
Initial Announcement, make an announcement to Bursa Malaysia of
a detailed proposal, the implementation of which will enable UHB
to ensure a level of operations that is adequate to warrant
continued trading and/or listing on the Official List of Bursa
Malaysia.

In a disclosure dated 19 May 2004 to the Bursa Malaysia, Hwang-
DBS, on behalf of UHB, announced that the company has come up
with a Proposed Corporate Restructuring Scheme.

To read the Proposal in full, click on the following link:

http://bankrupt.com/misc/UNZAProposals21May2004.doc

To view tables related to the proposals, click on the following
link:

http://bankrupt.com/misc/UnzaTables21May2004.doc


WOO HING: Approves Voluntary Liquidation Of Golden Linear
---------------------------------------------------------
Shareholders of Golden Linear Marketing Sdn Bhd, namely Persona
Biru Sdn Bhd and Woo Hing Brothers (M) Berhad (Special
Administrators Appointed) have approved the special resolution
for the creditors' voluntary liquidation of the company.

According to the announcement submitted by Special Administrator
Bradley Norman to the Bursa Malaysia Securities Berhad on 19 May
2004, the special resolution was approved and passed during the
Extraordinary General Meeting held on 19 May 2004.

The liquidation of Woo Hing's subsidiaries is provided under the
Special Administrators' Workout Proposal.


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


NATIONAL POWER: Three More Power Plants Scheduled For Sale
----------------------------------------------------------
Nine local firms have expressed an interest to bid for three of
the power plants of National Power Corporation (Napocor) that is
scheduled for sale starting next week, ABS-CBN News reports
citing Energy Secretary Vincent Perez.

The Power Sector Assets and Liabilities Management Corp. has
acquired board approval for the sale of Barit, and the Cawayan
power plants respectively which will start by the end of this
month. Another plant scheduled for sale this month is the Agusan
power plant.

According to the report, proceeds from the sale will be used to
repay Napocor's outstanding obligations to significantly reduce
the government's borrowing requirements that would eventually
lower electricity rates.

Contact:  National Power Corp.
          NPC Building
          Corner Quezon Avenue & Agham Road
          Quezon City NCR
          Telephone: +63 (2) 921 28 12
          Website: http://www.tiaoqui@energy.com.ph


PHILIPPINE LONG: Iloilo Council Won't Give in to Request
--------------------------------------------------------
Philippine Long Distance Telephone Co's. (PLDT) request to waive
its 10 -million peso tax surcharge was denied by the Iloilo City
Council through the recommendation of the committee on ways and
means headed by Councilor Antonio Pesina, Sun-Star Daily
reports.

PLDT's senior manager in the Iloilo Business Zone, Jesus
Querubin, cited the ruling of the Bureau of Local Government
Finance dated June 2, 1998 on the interpretation of Sec. 23 of
Republic Act 7925 for its request.

The ruling states "PLDT shall be exempted from the payment of
franchise and business taxes imposable by the local government
unit under sections 137 and 143, respectively, of the Local
Government Code, when R.A. 7925 takes effect on March 16, 1998.

However Mr. Pesina's committee defended their decision based on
the Supreme Court ruling in the case of "PLDT versus City of
Davao and Adelaida B. Barcelona" which states, "The fact that
after petitioner's tax exemption by RA 7082 had been withdrawn
by the Local Government Code, no amendment to re-enact its
previous tax exemption has been made by congress."

It further states: "Considering that the taxing power of local
government units under RA 7160 (Local Government Code) is clear
and is ordained by the Constitution, petitioner has the heavy
burden of justifying its claim by a clear grant of exemption."

According to the committee, (t)ax exemptions should be granted
only by clear and unequivocal provision of law on the basis of
language too plain to be mistaken. And they cannot be extended
by mere implication or influence."

As of February 17, 2004, PLDT owes Iloilo City a total of
P10,091,662.

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


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


L&M GROUP: Releasing Half-Year Financial Results Soon
-----------------------------------------------------
The Board of Directors of L&M Group Investments Ltd wishes to
announce that it will soon be releasing the Company's un-audited
half year financial results for the period ended 31 March 2004
together with a statement on the status of the Company as a
going concern in view of the unsuccessful placement exercise and
the losses sustained by the Company up to 31 March 2004.

The Company and its Chief Executive Edwin Soeryadjaya are
presently in negotiations with the United Overseas Bank Limited
to obtain further capital and/or financial support for the
Company. The directors believe from the progress of the
negotiations that there is a reasonable probability that funds
will be made available to the Company for it to continue as a
going concern.

By Order of the Board

Attlee Hue
Company Secretary
19 May 2004

Submitted by Attlee Hue, Company Secretary on 19/05/2004 to the
SGX


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


ADVANCE AGRO: Senior Unsecured Debt Rating Raised to Caa1
---------------------------------------------------------
Moody's Investors Service upgraded Advance Agro's senior
unsecured debt rating to Caa1 from Caa3 after the company's debt
restructuring.  The outlook for the rating is stable.

Bangkok-based Advance Agro restructured debt of approximately
THB16 billion in June 2003.  Advance Agro Capital B.V. is a
finance subsidiary to issue the senior unsecured debentures due
2007, which are guaranteed by Advance Agro.

Moody's believe the company's debt maturity profile has been
lengthened and its near-term refinancing risk reduced as a
result of the restructuring.

Advance Agro's scheduled repayment was stretched over the nine
years until 2012, and Moody's think the company could repay the
debts if the pricing trends remain at the current level.  Should
that happens, Moody's said it will upgrade the ratings.

On the other hand, Moody's indicated to downgrade the rating
should prices for pulp and paper decline by greater than 15% in
the same period.  But it sees the possibility remote at present.


EASTERN WIRE: Details Amendment On Articles Of Association
-----------------------------------------------------------
With reference to the Annual General Shareholders' Meeting held
on the 18th of May 2004, which resolved to amend the Articles of
association of Eastern Wire Public Company (EWC), EWC would like
to submit new Articles of Association with the following
details:

(1) Items of Articles of Association which have been changed
only the wording but the contents remain unchanged the company
has prepared details of new and existing Articles of Association
in comparison by item.  The following are the items which have
amended only the wording but the contents remain unchanged:

(a) Item 4th: Issue of shares
(b) Item 6th: Issue of share certificates
(c) Item 7th: Period of issuing new share certificates
(d) Item 8th: Issue new share certificates in event of damage or
obliteration
(e) Item 11th: Shares transfer limitation
(f) Item 12th: Transfer of shares
(g) Item 13th: Request for issuing new share certificates
(h) Item 25th: Directors' meeting
(i) Item 33rd: Call for shareholders' meeting
(j) Item 34th: Notice of shareholders'meeting

(2) Items of Articles of Association, which have amended the
contents, the company has prepared details of new and existing
Articles of Association in comparison by item. Items, which have
amended the contents, are:

(a) Item 5th: Payment of shares and set-off the payment of
shares with the Company
(b) Item 9th: Fee of issuing new share certificates
(c) Item 10th: Pledge and repurchase of shares
(d) Item 11th: Shares transfer limitation
(e) Item 14th: Request for issue new share certificates in event
of death or bankruptcy
(f) Item15th: Prohibition of shares transfer registration before
Shareholders' meeting date
(g) Item 16th: Number of Directors
(h) Item 18th: The cease to be a director
(i) Item 21st: Election of director in event of vacancy
(j) Item 24th: The authorized signatories
(k) Item 27th: Directors meeting venue
(l) Item 29th: Appointing other persons for operating business
(m) Item 36th: Method of shareholders' meeting
(n) Item37th: Reasons identification for resolution made by
              Shareholders' meeting
(o) Item 47th: Connected transactions
(p) Item 48th: Assignment of shares registrar
(q) Item 19th: The cease to be a director

(3) Items of Articles of Association which have been amended
only the item order but the wording and contents remain
unchanged

(a) Item 1st: Articles of Association
(b) Item 2nd: Definition of "the Company"
(c) Item 3rd: Application to the provisions of law
(d) Item 17th: Election of directors
(e) Item20th: Resignation of directors
(f) Item 22nd: Director removal at shareholders' meeting
(g) Item 23rd: Election of chairman
(h) Item 26th: Board of directors' meeting
(i) Item 28th: Call for board of directors' meeting
(j) Item 30th: Directors' duties
(k) Item 31st: Directors' business
(l) Item 32nd: Directors' interest
(m) Item35th: Quorum of shareholders' meeting
(n) Item 38th: Appropriate business operation
(o) Item 39th: Accounting period
(p) Item 40th: Account keeping
(q) Item 41st: Balance sheet and profit and loss statement
(r) Item42nd: Delivery of shareholders' meeting document
(s) Item 43rd: Profit appropriation and dividend payment
(t) Item 44th: Net profit appropriation
(u) Item 45th: The Company's seal

Please be considered accordingly,
Yours  sincerely,
(Pirom Pariyawat)
Managing Director


THAI PETROCHEMICAL: SEC Says Amended FS Not Necessary
-----------------------------------------------------
Previously, the SET has posted the NP (Notice Pending) sign on
the securities of  Thai Petrochemical Industry PCL (TPI) since
May 19, 2004 because the company submitted to the Stock Exchange
of Thailand (SET) its  financial statements ending 31 March 2004
because its auditor was unable to reach any conclusion.

The SET was waiting for the conclusion whether the company has
to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend TPI's financial
statements on the issue that the auditor stated, therefore, the
SET has posted the NR (Notice Received) sign on TPI's securities
on May 20, 2004 to announce that the SET has received the
conclusion from the SEC


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                        Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

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

Jinan Qingoi Motorcycle
Co., Ltd.                      600698    (-193.08)     113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600946    (-193.08)     113.96
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       (50.67)     393.92
PT Smart Tbk                    SMAR      (-37.38)     398.89


JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Kanebo Limited                  3102        (40.44)   5820.67
Prime Systems                   4830      (-100.79)     130.2

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL0      (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (26.62)      96.21
Asia Hotel PCL                  ASIA/F     (26.62)      96.21
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime-F PCL            JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL-F       NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-14.84)      13.32
Thai Wah Public
Company Limited                 TWC       (-43.88)     168.15
Thai Wah Public
Company Limited-F               TWC/F     (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX    (-50.94)     398.25
Tuntex (Thailand) PCL-F         TUNTEX/F  (-50.94)     398.25









                            *********


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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