TCRAP_Public/040525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 25, 2004, Vol. 7, No. 102

                            Headlines

A U S T R A L I A

BRAMBLES INDUSTRIES: Appoints New Non-Executive Director
EPIC ENERGY: Resumes Sale Of Dampier-To-Bunbury Pipeline
MITSUBISHI AUSTRALIA: To Launch New Models In 2005
NATIONAL AUSTRALIA: Issues $500M Worth Of Subordinated Debt
NATIONAL AUSTRALIA: Enters Alliance With AXA

NATIONAL AUSTRALIA: Launches Seminar Dubbed "Let's Talk"
NOVUS PETROLEUM: Releases Response To Medco Announcement
WMC RESOURCES: S&P Revises Outlook To Stable


C H I N A  &  H O N G  K O N G

CHUNG YA: Enters Bankruptcy
CROWN STATES: Schedules Winding up Hearing
EARNSMATE LIMITED: Winding up Petition Slated for June 16
FLANNEL LIMITED: Appoints Inspection Committee
GOLD WORLD: Schedules Winding up Hearing June 9

KO HUNG: Schedules Creditor's Meeting June 3
LAI FOR: Issues Bankruptcy Order Notice
LAU MING: Creditors Meeting Set for May 28
LI CHI: Enters Bankruptcy Proceedings
LIK CHUNG: Winding up Hearing Slated for June 30

PAK TAK: Winding Up Petition Set For June 9
PROSPERITY CONSTRUCTION: Winding up Hearing Slated for June 23
SHEK CHUN: Creditors Meeting Slated for May 28
SUN LING: Issues Appointment of Liquidators
TAI HOI: Creditors Meeting Set for May 28

TANG CHE: Creditors Meeting Set for June 3
TRANSMARCO LIMITED: Creditors Must Submit Claims by June 8
WILMORE MANUFACTURING: Enters Winding up Petition
WONG CHI: Files for Bankruptcy Protection
WONG SOO: Releases Bankruptcy Order Notice


I N D O N E S I A

BANK BNI: PEFINDO Removes Creditwatch With Negative Implication


J A P A N

EIE INTERNATIONAL: Shinsei Bank Pays JPY21.8B
KANEBO LIMITED: Shares Down 11.3%, Shareholders May Share Burden
KANEBO LIMITED: Seeks More Than Y100B Aid
MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain
MITSUBISHI MOTORS: Sells JPY100B Preferred Stock

MITSUBISHI MOTORS: Toyota Likely to Take on 1,800 Workers
MITSUBISHI MOTORS: Taiwan Firm Buys Preferred Shares for JPY10B
MITSUBISHI MOTORS: S&P Cuts Rating to CC
MITSUBISHI MOTORS: Bailout Plan Includes New Funding, Job Cuts
RESONA HOLDINGS: FY03 Net Loss Widens to JPY1.66 Trillion


K O R E A

HANARO TELECOM: SK Telecom Raises Stake to 4.78%
HYNIX SEMICONDUCTOR: Citigroup Ups Bid to W954.3B


M A L A Y S I A

ACTACORP HOLDINGS: Restraining Order Extended Anew
ANCOM BERHAD: Amends Notice of Shares Buy Back Form 28A
ANCOM BERHAD: Buys Back More Shares
ARUS MURNI: Jernih Unit Announces Production Figures
ARUS MURNI: Confident of Meeting PN10 Requirements

ARUS MURNI: Earns Profit For First Quarter Of FY2004
BOUSTEAD HOLDINGS: New Shares Granted Listing
EPE POWER: Permit For Listing Of RPower Shares Deferred
FACB RESORTS: Director Discloses Closed Period Dealing
HAP SENG: Buys Back Ordinary Shares

HO HUP: Informs Of More Closed Period Dealings
MANGIUM INDUSTRIES: Presents First Quarter Results
NYLEX BERHAD: Shareholders Approve Resolutions
PERNAS INTERNATIONAL: FIC Approves Proposed Disposal
PERNAS INTERNATIONAL: Share Sale Agreement Extended Anew

PILECON ENGINEERING: Transbay Unit Requests Extension
SRI HARTAMAS: Posts Lower Loss For Third Quarter
UCP RESOURCES: Findings Of Investigative Audit Released
UCP RESOURCES: Completes Restructuring
UCP RESOURCES: Listing Taken Over By JMR


P H I L I P P I N E S

NATIONAL STEEL: SEC Okays Sale To Indian Steelmaker
PHILIPPINE AIRLINES: Yet to Schedule Fare Increase
PILIPINO TELEPHONE: BSP Eases Rule On Creditors FX Holdings


S I N G A P O R E

FHTK HOLDINGS: Net Loss Widens to S$4.83M
HO WAH: Issues Stockholder's Agreement Update
INFRONTIER PTE: Issues Winding up Order Notice
LEAP HONG: Releases Winding up Order Notice
L&M GROUP: Narrows First Half Net Loss to S$13.2M

PACIFIC BINDING: Issues Dividend Notice
STALLONE MARINE: Issues Notice of Winding up Order
SUK-A ENGINEERING: Schedules Winding up Hearing


T H A I L A N D

THAI WAH: Issues Update On Sale Of Non-Core Assets

* BOND PRICING: For the Week 24 May to 28 May 2004

     -  -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Appoints New Non-Executive Director
--------------------------------------------------------
Brambles Industries announced in a press release on Monday that
Mr. Stephen Johns will join the Board as a Non-executive
Director, effective August 1, 2004.  Mr. Johns has had a long
and distinguished career as a senior Executive and Director of
the Westfield Group, the world's largest listed retail property
group, with significant operations in Australia, New Zealand,
the United States and the United Kingdom.

Mr. Johns was Finance Director of the Westfield Group from 1985
until 2002, when he was appointed to the role of Executive
Director, Capital Markets. In late 2003, he became a Non-
Executive Director of Westfield Holdings, Westfield Trust and
Westfield America Trust and, since then, has had an advisory
role with respect to the financial affairs of the Westfield
Group.

At Westfield, Mr. Johns established a strong relationship with
the investment community and had extensive experience in
developing and implementing corporate strategy, with particular
expertise in financial and capital management.  He holds a
Bachelor of Economics degree from the University of Sydney and
is a fellow of the Institute of Chartered Accountants in
Australia.

Commenting on the appointment, Mr. Don Argus, Chairman of
Brambles, said: "We welcome the addition of Stephen Johns to the
Brambles Board. In addition to the obvious capabilities and
experience Stephen brings to Brambles, this represents a further
important step in the Board's ongoing program of renewal,
announced in November 2003, and follows the announcement in
March this year of the appointment of Jac Nasser to the Brambles
Board."

Contact:
Australia
Investor John Hobson
Telephone:  +61 (0) 2 9256 5216

Head of Investor Relations
Telephone: +61 (0) 414 239 188 (mobile)

Media Jeannette McLoughlin
Telephone: +61 (0) 2 9256 5255

Group General Manager Corporate Communications
Telephone: +61 (0) 401 990 425 (mobile)

UK
Investor Sue Scholes, Head of Investor Relations
Telephone: +44 (0) 20 7659 6012

Media Richard Mountain, Financial Dynamics
Telephone: +44 (0) 20 7269 7291

Brambles' global headquarters is in Sydney, Australia


EPIC ENERGY: Resumes Sale Of Dampier-To-Bunbury Pipeline
--------------------------------------------------------
Monday marks the opening of the data room for potential bidders
of Epic Energy Inc.'s Dampier-to-Bunbury pipeline, which was
placed in receivership over a A$1.85 billion debt in late April,
Dow Jones reports citing various newspapers.

Ernst & Young partner Martin Madden, joint receiver of the
pipeline, told Dow Jones Newswires that the sale has reopened
after a pause following his appointment last month.

"We're aiming to have the bids in by the end of July - that is
the timetable set by UBS who are still running the sale," Mr.
Madden said in an interview.

Epic is majority-owned by U.S. power companies El Paso Corp.
(EP) and Dominion Resources Inc., each with 33 percent.


MITSUBISHI AUSTRALIA: To Launch New Models In 2005
--------------------------------------------------
Mitsubishi Motors Australia and Mitsubishi Motors Corporation
Japan announced in a press release on Friday that they will
continue to manufacture cars in Australia.

The Company stated its commitment to manufacture cars is best
judged by its investment of over $600 million to manufacture the
2005 model replacement of the Magna and Verada range.

A further indication of the commitment to Australia is the fact
that we will be working with a network of over 200 dealers to
launch four completely new models in Australia by the end of
this year.

These new models are the Grandis, Lancer Evo VIII, Colt and the
Lancer Sportswagon. Three significantly upgraded models will
also be introduced later this year: the Magna VR-X Quadtec; the
2005 model Pajero and the 2005 model Outlander.

A number of these new models will feature a revolutionary MIVEC
engine. MIVEC stands for Mitsubishi Innovative Valve timing and
lift Electronic Control system.

But what it really means is the engines produce significantly
more power yet operate with much greater fuel efficiency.

Thanks to the support of the parent company and the general
public, the Company is able to put uncertainty behind it and
focus on an exciting future for Mitsubishi in Australia.


NATIONAL AUSTRALIA: Issues $500M Worth Of Subordinated Debt
-----------------------------------------------------------
National Australia Bank Ltd. has launched a 10-year non-call
five-year, lower Tier Two subordinated debt issue consists of
both fixed and floating rate tranches worth at least $500
million, to mature on June 2, 2014 and callable on June 2, 2009,
The Age reports.

The price launch of the issue would have a range of 40-43 basis
points over the five-year semi-annual swap rate for the fixed
rate tranche, and 40-43 basis points over the 90-day bank bill
swar rate (BBSW) for the floating rate tranche, the report says.

NAB and UBS Investment Bank are the managers for the issue with
the Citigroup and RBC Capital Markets as the co-managers.

Pricing is expected around 1500 AEST Tuesday May 25, 2004 for
settlement on Wednesday June 2, 2004.


NATIONAL AUSTRALIA: Enters Alliance With AXA
--------------------------------------------
In a press release, National Australia Bank and AXA announced on
Friday details of a new strategic alliance to offer AXA
commercial insurance products and services to customers of the
National's three UK banks.

From July, business customers of the National's Clydesdale,
Yorkshire and Northern Banks will be offered AXA commercial
insurance products and services.

It is anticipated that employees currently working within the
National's commercial insurance division will transfer across to
AXA.

Garry Mulcahy, CEO of the National's Wealth Management Europe
division, said "Our strategic alliance with AXA will not only
ensure that we offer our customers a competitive suite of
commercial insurance products, but will also ensure that our
energies and resources are devoted to our strengths of customer
relationship management and distribution.

"The agreement with AXA is another step in our aim in the UK to
drive organic growth from strategic alliances in our insurance
operations. In the past year we have launched new home and motor
offerings, life insurance and mortgage and critical illness
protection. We are excited to embark on an alliance with AXA to
grow our commercial insurance operations."

Alan Beal, Director of AXA Direct Commercial said:

"This is a great opportunity for AXA to build a really
successful alliance with the National and further develop our
already strong commercial insurance business and credentials
with the Banking sector. We're looking forward to welcoming the
new team from the National and working together to deliver a
fantastic service for customers."

The agreement with AXA follows a range of other developments in
the National's UK insurance operations. Last year the National
announced an alliance with Legal & General to offer life
assurance and protection and also formed an alliance with
Junction, a part of the UK's Budget Group of Companies, to
provide product and administration services for its home and
motor insurance operations.

About The National Group

The National Group is an international financial services group
operating across four continents and 15 countries including
Australia, the United States, the United Kingdom, New Zealand
and Asia.  As at 30 September 2003, the National had total
assets of over 165 billion, assets under management and
administration of almost 30 billion, assets under custody and
administration of 130 billion, almost eight million banking and
more than 2.8 million wealth management customers globally and
was ranked as one of the 50 largest financial services companies
in the world by profit.

Members of the Group in Europe include Clydesdale Bank PLC in
Glasgow, Yorkshire Bank PLC in Leeds, Northern Bank Limited in
Belfast and National Irish Bank Limited in Dublin.  The
National's UK operations also include its Wealth Management
Europe division, which provides financial planning, investments
and insurance services to customers of its UK banks, as well as
portfolio implementation systems and business consulting to
financial advisers.

About AXA

AXA is a world leader in financial protection and wealth
management, with major operations in Western Europe, North
America and the Asia/Pacific area. AXA employs 130,000 staff and
tied agents and, as of 31 December 2003, had ?775 billion in
assets under management. Reported total revenues for 2003 were
approximately ?72 billion.

AXA ordinary shares are listed on the Paris Stock Exchange; AXA
American Depositary Shares (ADSs) are listed on the NYSE under
the ticker symbol AXA.

For further information, please contact:

In the UK:
Yolande Stratford
National Australia Bank
Tel: +44 (0) 20 7710 2361
yolande.stratford@eu.nabgroup.com

In Australia:
Zoe Viellaris
Corporate Affairs, MLC
Tel: +61 2 9964 3983 or 0414 881 177
zoe_viellaris@wm.national.com.au


NATIONAL AUSTRALIA: Launches Seminar Dubbed "Let's Talk"
--------------------------------------------------------
National Australia Bank Ltd. Chief Executive John Stewart drew
1800 staff to a get-together at the Melbourne Concert Hall
dubbed "Let's Talk" on May 21, the previously scheduled date of
the extraordinary meeting cancelled two weeks ago after the
announcement of its dissident Director Catherine Walter,
according to the Advertiser.

In a 40-minute address, Mr. Stewart acknowledged the horrors the
NAB had endured since its $360 million foreign exchange
disaster, but also reassured staff the worst was over. He then
answered questions, informing one staffer that the promised
cultural change would be "revolutionary rather than
evolutionary."


NOVUS PETROLEUM: Releases Response To Medco Announcement
--------------------------------------------------------
In a press release Novus Petroleum Ltd. through its Independent
Director confirm that it received the announcement made by Medco
Energi (Australia) Pty Ltd. on May 21, 2004 on its proposal to
increase its bid price to $1.90 per Novus Share.  One of the
preconditions to that bid price increase is the finalization of
a funding package to fund the revised consideration.

The Independent Directors will be assessing:

- The status of finalisation of that funding package; and

- The status of each of the conditions to Medco's bid.

The Independent Directors wish to obtain that information
preferably earlier than May 31, 2004 so that they can make a
fully informed assessment of Medco's announcement and advise
shareholders and the market accordingly.


WMC RESOURCES: S&P Revises Outlook To Stable
--------------------------------------------
Standard & Poor's Ratings Services said on Monday that its
'BBB/A-2' corporate credit ratings on WMC Resources Ltd. and its
associated debt ratings were affirmed. The outlook was revised
to stable from negative.

"The stable outlook incorporates our expectation that WMC
Resources will experience a very profitable year in 2004 under
extremely favorable metal pricing scenarios, and that the
operational performance concerns at the company's Olympic Dam
copper and uranium mine have been addressed, with the operations
on track to produce 230,000 tonnes of copper in fiscal 2004 up
from 160,080 in fiscal 2003" said Peter Stephens, credit analyst
in Standard & Poor's Corporate & Infrastructure Ratings Group.
The ratings on WMC Resources reflect the company's portfolio of
low-cost operations, long-life assets, and product and
geographic diversity.

WMC Resources is also expected to maintain a moderately
conservative financial profile. However, the company remains
subject to volatile metal prices, capital-intensive operations,
and single-site risks present at the company's Olympic Dam
copper operations and the Queensland fertilizer operations.

WMC Resources is a globally competitive, diversified mining
company with low-cost nickel and copper operations. Although the
nickel business is on a large scale and well integrated, it is
exposed to highly volatile prices and has high ongoing capital
requirements to remain competitive.

Following a number of operational disruptions at Olympic Dam, a
reliability review of the smelter and acid plant was undertaken.

It identified a number of minor issues, which are receiving
management attention, but in essence operations were found to be
technically capable and well designed.

WMC Resources' stable outlook is supported by the expectation
that the company will generate sound credit-protection measures
and maintain moderately conservative financial policies through
the commodity price cycle.

The company's strong cash flow generation and low-cost
production profiles of its nickel and copper operations are
driven by reliable and available production capabilities.
However, given past production disruptions, Standard & Poor's
will monitor management initiatives that have been implemented
to maintain consistent, steady state operations, and
management's ability to commission capital projects within
scheduled timeframes and cost parameters.

Standard & Poor's will continue to monitor the company's
commitment to the greenfield Corridor Sands project in
Mozambique as it could expose the company to higher sovereign
risks and significant capital expenditure.


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


CHUNG YA: Enters Bankruptcy
---------------------------
Notice is hereby given that the Bankruptcy Order against Chung
Ya Lo (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.


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

FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Roms 1202-1206 Wheelock House
20 Pedder Street, Central
Hong Kong

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


EARNSMATE LIMITED: Winding up Petition Slated for June 16
---------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Earnsmate Limited by the High Court of Hong Kong was on the 7
April 2004 presented to the said Court by Muhammad Farman of
3/F., Yuk Chuen House, 218-220 Johnston Road, Wanchai, 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.


FLANNEL LIMITED: Appoints Inspection Committee
----------------------------------------------
Flannel Limited (Formerly Known As Hsin Chong (Foundations)
Limited) announced the appointment of a Committee of Inspection
as follows:

By an order of the High Court of the Hong Kong Special
Administrative Region Court of First Instance, dated 15 April
2004, a Committee of Inspection in this winding-up comprising
the followings members:

1. Hong Kong Housing Authority
2. China Overseas Foundation Engineering Ltd; and
3. Hsin Chong Construction (BVI) Ltd

David John Kennedy
Joint and Several Liquidator

This Quamnet Gazette announcement is dated 21 May 2004.


GOLD WORLD: Schedules Winding up Hearing June 9
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold World Limited by the High Court of Hong Kong was on the 27
March 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said petition will be heard before the Court at 9:30 am 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.


KO HUNG: Schedules Creditor's Meeting June 3
--------------------------------------------
Notice is hereby given that the General Meeting of Creditors of
Ko Hung Wai will be held at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong on
3 June 2004 at 10 o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 21 May 2004.


LAI FOR: Issues Bankruptcy Order Notice
---------------------------------------
Notice is hereby given that the Bankruptcy Order against Lai For
Hei (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.


LAU MING: Creditors Meeting Set for May 28
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Lau Ming Yuen (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 10:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


LI CHI: Enters Bankruptcy Proceedings
-------------------------------------
Notice is hereby given that the Bankruptcy Order against Li Chi
Ming (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.


LIK CHUNG: Winding up Hearing Slated for June 30
------------------------------------------------
Notice is hereby given that a petition for the winding up of Lik
Chung Group (Investments) Limited by the High Court of Hong Kong
was on the 28 April 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said petition will be heard before the Court at
9:30 a.m. on the 30 June 2004. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

GALLANT Y.T. HO & CO.
Solicitors for the Petitioner,
4th Floor, Jardine House
No. 1 Connaught Place, Central
Hong Kong

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


PAK TAK: Winding Up Petition Set For June 9
-------------------------------------------
Notice is hereby given that a petition for the winding up of Pak
Tak Mahjong Entertainment Limited by the High Court of Hong Kong
was on the 2 April 2004 presented to the said Court by Tong Yue
Heung of Room 1115, Chu Fung House, Fung Tak Estate, No. 111
Fung Tak Road, Kowloon, 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.

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 8 June 2004.


PROSPERITY CONSTRUCTION: Winding up Hearing Slated for June 23
--------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Prosperity Construction And Decoration Limited by the High Court
of Hong Kong was on the 22 April 2004 presented to the said
Court by Construction Industry Training Authority of No. 95, Yue
Kwong Road, Aberdeen, 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.

KENNEDYS
Solicitors for the Petitioner,
Suite 1304, 13/F. The Hong Kong Club Building
3A Chaer 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.


SHEK CHUN: Creditors Meeting Slated for May 28
----------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Shek Chun Kei (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


SUN LING: Issues Appointment of Liquidators
-------------------------------------------
By order of the High Court of Hong Kong Special Administrative
Region, dated 27 April 2004, Bruno Arboit and Simon Richard
Blade of 12/F, China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road Central, Hong Kong, have been appointed Joint and
Several Liquidators of Sun Ling Motors Company Limited without a
committee of inspection.

This Quamnet Gazette announcement is dated 21 May 2004.


TAI HOI: Creditors Meeting Set for May 28
-----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Tai Hoi Pun (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 28 May 2004 at 10:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 14 May 2004.


TANG CHE: Creditors Meeting Set for June 3
------------------------------------------
Notice is hereby given that the General Meeting of Creditors of
Tang Che Hung will be held at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong on 3 June 2004 at 10 o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 21 May 2004.


TRANSMARCO LIMITED: Creditors Must Submit Claims by June 8
----------------------------------------------------------
Notice is hereby given that the creditors of Transmarco (H.K.)
Limited (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
the 8 June 2004 to prove by affidavit their debts or claims by
sending in their names, addresses and descriptions and full
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the names and addresses
of their Solicitors (if any) to the undersigned Liquidators of
the said Company, and, if so required by notice in writing from
the said Liquidators, are personally or by their Solicitors or
duly authorized Representative, to come and prove their said
debts or claims and to establish any title they may have to
priority at such time and place as shall be specified in such
notice. In default of complying with this Notice, such creditors
will be excluded from the benefit of any distribution made
before such debts or claims are proved and/or from objecting to
any distribution made before such priorities are established.

Susan Y H LO & Natalia K M SENG
Joint and Several Liquidators
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

This Quamnet Gazette announcement is dated 24 May 2004.


WILMORE MANUFACTURING: Enters Winding up Petition
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
Wilmore Manufacturing Limited by the High Court of Hong Kong was
on the 13 May 2004 presented to the said Court by Wonderful
Light Precision Manufacturer Limited whose registered office is
situated at Room 30, 15th Floor, Thriving Indusrial Centre, 26-
38 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong. The
said petition will be heard before the Court at 10 a.m. on the 7
July 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.

KO AND CO
Solicitors for the Petitioner,
Room 2410 Wing On Centre
111 Connaught Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 6 July 2004.


WONG CHI: Files for Bankruptcy Protection
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Chi Sang (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.


WONG SOO: Releases Bankruptcy Order Notice
------------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Soo Lan (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 BNI: PEFINDO Removes Creditwatch With Negative Implication
---------------------------------------------------------------
Indonesia's PEFINDO Rating removed "the Creditwatch with
negative implication" from Bank BNI (BBNI)'s senior debt rating
of " idBBB" and subordinated debt rating of " idBBB-" and at the
same time put the ratings into Stable Outlook.

Following the bank's extraordinary general shareholders meeting
on December 15, 2003, the bank's management has been mostly
changed. Eight new directors and three new commissioners were
appointed to improve the supervision at the bank.

The bank's new management has committed to make a restructuring
program, consisting of stabilization, recovery and
transformation process starting from January 2004. Up to 1Q04,
the bank had succeeded to improve its risk management system by
setting up Compliance and Loan Recovery Divisions, activating
Risk and Capital Committee, developing policy on incentive
program for credit recovery, conducting risk assets due
diligence with PWC, and finalizing "zero fraud tolerance
policy".

In addition, the bank has held a program to develop and improve
its human resources quality through training program focusing on
integrity development and a comprehensive staffing strategy
across the bank's organization.

A leading international consultant has been engaged along with
separate advertising and Public Relation (PR) consultants to
create the new bank's corporate identity and work out
communications platform around the new identity.

Despite the efforts, PEFINDO believes that the bank's existing
problem in human resources qualities and cultures will not be
able to be resolved in the short term. Meantime, the good
impacts from the training program remains to be seen going
forward.

With respect to the L/C fraud transactions, in which several
operating procedures and rules were found to have been breached,
the bank has provided allowance for possible losses expenses
amounting to IDR1.32 tn, which represented a fully provided
allowance for possible losses from the un-drawn and outstanding
L/Cs of USD85.28 million and EUR56.1 million.

As a result, the bank's total provisions in FY03 rose to IDR2.97
trillion from IDR517.9 billion in FY02, and thus the bank's
operating profit steeply declined to only IDR0.8 trillion in
FY03 from IDR2.5 trillion in FY02.


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


EIE INTERNATIONAL: Shinsei Bank Pays JPY21.8B
---------------------------------------------
Shinsei Bank Limited will pay an out-of-court settlement of 21.8
billion yen to the bankruptcy administrator of failed resort
developer EIE International to end a dispute over the sales of
the developer's properties by Shinsei Bank's predecessor, Dow
Jones reports.

EIE International claimed that the Long-Term Credit Bank of
Japan, presently called Shinsei Bank, deliberately sold several
hotels at unfairly low prices in order to quickly recover the
bank's loans.


KANEBO LIMITED: Shares Down 11.3%, Shareholders May Share Burden
----------------------------------------------------------------
Kanebo Limited shares fell as much as 11.3 percent on Sunday
after the Industrial Revitalization Corporation of Japan (IRCJ)
said shareholders may have to take responsibility for putting
its finances in order, according to Bloomberg News.

The IRCJ may ask Kanebo's lenders to provide 150 billion yen
(US$1.3 billion) to help the cosmetics maker restructure. The
agency will begin talks with creditor banks, including main
lender Sumitomo Mitsui Banking Corporation, this week, the
report said.


KANEBO LIMITED: Seeks More Than Y100B Aid
-----------------------------------------
Kanebo Limited will seek financial aid totaling more than 100
billion yen from financial institutions and other parties to
help finance restructuring, Kyodo News reports. The decision
followed Kanebo's action to spin off its profitable cosmetics
division on May 7, making it into Cosmetics Inc.


MATSUSHITA ELECTRIC: To Close Vacuum Cleaner Company in Spain
-------------------------------------------------------------
Matsushita Electric Industrial Co. Ltd., best known for its
"Panasonic" brand products, announced plans to discontinue
operations at its subsidiary Matsushita Electric Espana, S.A.
(MAES) at the end of December, 2004, after which it will begin
closing/liquidation procedures, Business Wire reports.

MAES, which is responsible for production of vacuum cleaners for
the European market, recorded decreased profitability due to
intensified competition and price declines in its market. To
further expand sales of vacuum cleaners in the European market,
Matsushita will shift production to factories in China.

MAES was established in Barcelona in September 1973 through the
purchase of shares of Anglo Espanola, a Spanish manufacturer of
TVs and other electric appliances. MAES has supplied
approximately 13.5 million vacuum cleaners over the past 28
years, since its start of production in 1975.

(Reference)


                           Company Overview

1. Basic Information (as of March 31, 2004)

Company name: Matsushita Electric Espana, S.A.

Representative: Norikazu Yamada, Managing Director

Location of head office: Poligono Industrial de Celra, 17460,
Celra(Girona), Espana

Date of incorporation: September 7, 1973

Principal business: Manufacture and sales of vacuum cleaner

Share capital: Euros 3,000,000

Financial closing date: March 31

Number of employees: 216

Total number of outstanding shares: 1,000,000 shares

Shareholder's equity: Euros 29,328,654

Total assets: Euros 60,032,934

Shareholders (% ownership):

Matsushita Electric Industrial Co., Ltd. (99.99%)
Matsushita Electric Europe (Headquarters) Ltd. (0.01%)

Principal customers: Panasonic sales companies in Europe

Bank references: Bankinter. Girona

2. Financial Results (for the most recent three fiscal years)

(thousands of Euros, except per share amounts, which are in
Euros)

Fiscal year ended:          March 2002  March 2003  March 2004
  -------------------------------------------------------------
Sales *                     73,513      54,663     28,484
  -------------------------------------------------------------
Income (loss) before taxes *  1,131      (3,097)    (3,359)
  --------------------------------------------------------------
Net income (loss) *           1,090      (2,545)    (3,948)
  --------------------------------------------------------------
Net income (loss) per share    1.09       (2.54)     (3.95)
  --------------------------------------------------------------
Cash dividends per share       0.22       21.88       0.00
  --------------------------------------------------------------
Share holders' equity per share 57.92     55.16      29.33
  --------------------------------------------------------------

(Note) * Amounts less than 1,000 Euros have been omitted.

This matter will have no material effect on MEI's consolidated,
or parent-alone financial position or performance.
Contacts

For Matsushita Electric Industrial Co., Ltd.
Media:
Yoshihiro Kitadeya (Japan)
(Tel: 06-6949-2293)

or

Investor Relations:
Ryuichi Tsuruta
Investor Relations
(Tel: 06-6908-1121)

or

Akihiro Takei
Panasonic Finance (America), Inc.
(Tel: +1-212-698-1365)
or

Norio Iino
Panasonic Finance (Europe) plc
(Tel: +44-20-7562-4400)


MITSUBISHI MOTORS: Sells JPY100B Preferred Stock
------------------------------------------------
Mitsubishi Motors Corporation is selling 100 billion yen of
preferred stock that converts into common shares in three years,
according to Bloomberg News. The automaker will pay investors
additional shares to compensate them for losses of up to 50
percent if its stock price falls.

The inducement underscores the Company's need for capital to
help recover from a US$1.9 billion loss in the year ended March
31 and the bigger loss it predicts for this year.

Executives at Mitsubishi Motors and J.P. Morgan Chase & Co.,
which will underwrite the preferred share sale, declined to
comment on details of the transaction.


MITSUBISHI MOTORS: Toyota Likely to Take on 1,800 Workers
---------------------------------------------------------
Toyota Motor Corporation plans to hire some 1,800 workers from a
Mitsubishi Motors domestic factory due to be closed under its
restructuring plan, Channel News Asia reported on Sunday.

Mitsubishi also plans to cut its global back-office employees by
30 percent to 18,800 by the end of March 2007 and move its
headquarters from Tokyo to Kyoto as part of efforts to cut
costs.

The automaker posted a group net loss of 215.42 billion yen for
the year to March, versus a net profit of 37.36 billion the
previous year, on sales of 2.52 trillion yen, down 35.1 percent.


MITSUBISHI MOTORS: Taiwan Firm Buys Preferred Shares for JPY10B
---------------------------------------------------------------
Taiwan's China Motor Corporation said it bought Mitsubishi
Motors Corp.'s preferred shares worth 10 billion yen as part of
the 450 billion yen bailout for ailing automaker, according to
Dow Jones. The preferred shares in Mitsubishi Motors are
convertible to common stock upon expiration, China Motors said
late Friday.

Mitsubishi unveiled plans for a major overhaul of its ailing
business involving huge job cuts, factory closures and aid from
the Mitsubishi group and outside investors. It expects to swing
to a profit in 2005.


MITSUBISHI MOTORS: S&P Cuts Rating to CC
----------------------------------------
Standard & Poor's has lowered its long-term corporate credit
rating on Mitsubishi Motors Corporation to CC from CCC-minus
following the release earlier in the day of a 450 billion yen
bailout plan for the ailing carmaker, Kyodo News reports. The
credit rating agency attributed the downgrade to a debt-for-
equity swap for the automaker's bank borrowings featured in the
bailout plan.


MITSUBISHI MOTORS: Bailout Plan Includes New Funding, Job Cuts
--------------------------------------------------------------
Mitsubishi Motors Corporation, which unveiled Friday a three-
year workout plan, vowed to boost performance in North America
and China by launching new models and cutting costs, the Wall
Street Journal reports. The struggling automaker will receive a
bailout package of about 450 billion yen (US$4 billion) from the
Mitsubishi Industrial Group to cut costs by 240 billion yen,
close a plant and reduce its global work force by 10,000, or 22
percent.


RESONA HOLDINGS: FY03 Net Loss Widens to JPY1.66 Trillion
---------------------------------------------------------
Resona Holdings Inc. posted group loss of 1.66 trillion yen
(US$14.8 billion) in the year ended March 31, versus a net loss
of 837.6 billion a year earlier, Bloomberg reported on Monday.
The Osaka-based bank will write down its capital by 75 percent
to 327.2 billion yen to cover the loss.

Resona's shares have more than tripled in the past 12 months
after the Japanese government took control of the lender last
year in a 1.96 trillion yen bailout. Resona sold some non-
banking businesses, including half of brokerage Cosmo Securities
Co., since the June bailout to revamp its business.


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


HANARO TELECOM: SK Telecom Raises Stake to 4.78%
------------------------------------------------
SK Telecom Co. has increased its stake in Hanaro Telecom Inc. to
4.78 percent from 1.78 percent, Dow Jones reports, citing a
Company filing to the Financial Supervisory Service.
SK Telecom purchased Friday 13.87 million common shares of
Hanaro Telecom, worth 39.3 billion won.

The stock purchase is to prepare SK Telecom for a possible
strategic alliance with Hanaro Telecom as it needs an alliance
in the fixed-line business.

Currently, American International Group Inc. (AIG) and Newbridge
Capital is the largest shareholder of Hanaro Telecom with a 39.6
percent stake.


HYNIX SEMICONDUCTOR: Citigroup Ups Bid to W954.3B
-------------------------------------------------
Creditors of Hynix Semiconductor Inc. are currently reviewing a
proposal to sell its non-memory operations to Citigroup Venture
Capital for 954.3 billion won, officials at creditor banks told
Dow Jones Newswires Monday.

According to the officials, Citigroup raised its bid for the
system large-scale integrated circuit business of Hynix from
KRW925 billion previously to reflect the improving financial
status of Hynix and its asset value in the first quarter.

As part of Citigroup's offer, the company has asked creditor
banks to finance KRW379.3 billion of the purchase in the form of
loans.

Hynix's creditor banks include main creditor Korea Exchange
Bank, Korea Development Bank, Chohung Bank, Woori Bank, and Hana
Bank, as well as Citigroup.

At the end of March, Hynix's total liabilities were KRW5.42
trillion, far exceeding its cash and cash equivalents total of
KRW766 billion.


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


ACTACORP HOLDINGS: Restraining Order Extended Anew
--------------------------------------------------
Actacorp Holdings Berhad has announced that the company has
obtained an extension of the Restraining Order from the Kuala
Lumpur High Court via Suit No: D6-24-86-2003.

According to the communication dated 21 May 2004 to the Bursa
Malaysia Securities Berhad, the extension is granted for a
further ninety (90) days until the 20th of August 2004.

The Restraining Order has been initially granted in May 2003
pursuant to Section 176(1) and Section 176(10A) of the Companies
Act 1965.


ANCOM BERHAD: Amends Notice of Shares Buy Back Form 28A
-------------------------------------------------------
Ancom Berhad has issued an amended announcement with reference
to a Notice of Shares Buy Back by a Company Pursuant To Form 28A
issued on 20 May 2004 and reported in TCR-AP 24 May 2004, Volume
7, No. 101.

In the amended announcement forwarded to the Bursa Malaysia
Securities Berhad on 21 May 2004, Ancom Berhad specified that
the company paid a total of RM662,836.22 for the 855,700 units
of ordinary shares bought back from 10 May to 18 May 2004.

This brings the company's total issued capital as diminished to
201,856,767 ordinary shares of RM1.00 each.


ANCOM BERHAD: Buys Back More Shares
-----------------------------------
Ancom Berhad, on 21 May 2004, bought back an additional 143,600
units of ordinary shares of RM1.00 each.

In the notice forwarded by Ancom to the Bursa Malaysia
Securities Berhad, the company said it paid a minimum price of
RM0.780 for each share while the maximum price was placed at
RM8.00.

Top date, the company has 1,291,400 units in cumulative net
outstanding treasury shares.


ARUS MURNI: Jernih Unit Announces Production Figures
----------------------------------------------------
The Board of Directors of Arus Murni Corporation Berhad has
revealed the timber log production figures of its wholly owned
subsidiary Jernih Makmur Sdn Bhd for April 2004.

According to the notice submitted by Arus Murni to the Bursa
Malaysia Securities Berhad, Jernih Makmur's April production
amounted to 6,624 M3.

Jernih Makmur owns a Timber Concession located at Hutan Simpanan
Lebir, Mukim of Relai, District of Chiku, Jajahan Gua Musang,
Kelantan Darul Naim.


ARUS MURNI: Confident of Meeting PN10 Requirements
--------------------------------------------------
Arus Murni Corporation Berhad believes the company will be able
to achieve an adequate level of operations on or before the end
of the third quarter of FY 2004 and therefore comply with the
requirements of Practice Note 10/2001 as issued by the Bursa
Malaysia Securities Berhad.

According to the notice submitted by the company to the Bursa
Malaysia Securities Berhad on 21 May 2004, the company's stand
is based on its latest unaudited consolidated financial results.

PN10/2001 requires that a company must maintain an adequate
level of operations or a revenue on a consolidated basis of 5
percent or more.

Arus Murni Corporation Berhad is involved in investment
holdings, provision of management and administrative services
and securities dealings.


ARUS MURNI: Earns Profit For First Quarter Of FY2004
----------------------------------------------------
Arus Murni Corporation Berhad submitted to the Bursa Malaysia
Securities Berhad the company's condensed quarterly report for
the first quarter ending 31 March 2004 of the Financial Year to
end on 31 December 2004.

The company posted a first quarter net profit of RM1,237 million
compared to a net loss equivalent to RM572 thousand for the same
period last year.

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

http://bankrupt.com/misc/Arus1QReport25May2004.xls

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

http://bankrupt.com/misc/Arus1QNotes25May2004.doc


BOUSTEAD HOLDINGS: New Shares Granted Listing
---------------------------------------------
Boustead Holdings Berhad has announced that the company's
additional 102,000 new ordinary shares of RM0.50 each will be
granted listing and quotation effective 9 am on Tuesday, 25 May
2004.

According to the notice the company submitted to the Bursa
Malaysia Securities Berhad on 21 May 2004, the new shares were
issued pursuant to the Bstead-Employees' Share Option Scheme.


EPE POWER: Permit For Listing Of RPower Shares Deferred
-------------------------------------------------------
Commerce International Merchant Bankers Berhad announced on
behalf of Ranhill Power Berhad (formerly EPE Power
Berhad)(RPower) that the Securities Commission had approved
RPower's application for an extension of time to obtain the
permission of Bursa Malaysia Securities Berhad (BMSB) for the
listing and quotation of ordinary shares of RM1.00 each in
Rpower.

According to the disclosure made to the BMSB, the extension,
which was granted on 19 May, allowed Rpower to seek application
for permission until 1 June 2004 and is subject to the following
conditions:

(i) RPower is required to make full disclosure to Bursa Malaysia
regarding the extension of time sought for the listing of and
quotation for RPower Shares; and

(ii) RPower is required to disclose the said extension of time
in a widely circulated Bahasa Malaysia and English newspaper in
Malaysia as well as explain the reasons for requiring the
extension of time.

In respect to the above, CIMB, on behalf of RPower, announce
that the extension of time was necessary in view that RPowerd
was not able to comply with Section 52(1) of the SC Act, 1993
(SCA), which requires RPower to obtain the Permission by 29
April 2004, being six (6) weeks from the date of the abridged
prospectus of RPower.

RPower was not able to comply with Section 52(1) of the SCA
because it did not have the required public spread for the
listing of and quotation for the RPower Shares.


FACB RESORTS: Director Discloses Closed Period Dealing
------------------------------------------------------
FACB Resorts Berhad informed the Bursa Malaysia Securities
Berhad on 21 May 2004 that the company had received a
notification from the company's Chief Executive Officer and
Director Tan Sri Dr Chen Lip Keong detailing the CEO's dealings
in FACB Resorts securities during the closed period.

According to FACB, Tan Sri Dr Chane Lip Keong disposed of
7,500,000 direct shares or 0.0037 percent of total shares at
RM0.09 each for a total cash consideration of RM675,000 in the
open market on 20 May 2004.

And on 21 May 2004, he again disposed of 9 million direct shares
in the open market for a total consideration of RM900,000.

The 9 million shares were sold off for RM0.10 each and
represented 0.0044 percent of the total number of shares issued.

Following the disposal, shares held by Tan Sri Dr Chen Lip Keong
directly and indirectly in the Company stand at 780,941,932
(38.47 percent) ordinary shares and 87,367,951 (4.30 percent)
ordinary shares respectively.

All dealings during the closed period are required to be
disclosed as specified by by Chapter 14.08 of the Listing
Requirements of the Malaysian Securities Exchange Berhad.


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad has bought back an additional
15,700 units of ordinary shares of RM1.00 each for a total cash
consideration of RM39,384.14.

As specified in the notice submitted by Hap Seng Consolidated to
the Bursa Malaysia Securities Berhad, the company paid a minimum
price of RM2.480 for each share while the maximum price was
pegged at RM2.500.

To date the company has a total of 32,989,900 units in
cumulative net outstanding treasury shares.


HO HUP: Informs Of More Closed Period Dealings
----------------------------------------------
Ho Hup Construction Company Berhad, in a notice dated 21 May
2004 and submitted to the Bursa Malaysia Securities Berhad,
announced further to previous company announcements made on 6
and 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:            20 May 2004
Price Per Share:             RM1.65
Number of Shares Acquired:   10,000 (Direct)
Percentage of Issued Share
Capital (%):                 0.0098

Transaction Date:            20 May 2004
Price per share:             RM1.70
Number of shares acquired:   100,000 (*Indirect)
Percentage of issued share
Capital (%):                 0.0980

Low Teik Kien

Transaction Date:            20 May 2004
Price per share:             RM1.70
Number of shares acquired:   100,000 (*Indirect)
Percentage of issued share
Capital (%):                 0.0980

*Deemed interested through Low Chee Estate.


MANGIUM INDUSTRIES: Presents First Quarter Results
--------------------------------------------------
Mangium Industries Berhad submitted to the Bursa Malaysia
Securities Berhad its unaudited financial report for the first
quarter ending 31 March 2004 for the financial year to end on 31
December 2004.

The company reported a net loss of RM2,268,000, down 42 percent
from a net loss of RM3,914,000 for the same period last year.

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

http://bankrupt.com/misc/Mangium1QReport25May2004.xls

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

http://bankrupt.com/misc/Mangium1QNotes25May2004.doc


NYLEX BERHAD: Shareholders Approve Resolutions
----------------------------------------------
Commerce International Merchant Bankers Berhad has announced on
behalf of Nylex (Malaysia) Berhad that the shareholders of Nylex
approved all the ordinary resolutions set out in the Notice of
Extraordinary General Meeting dated 6 May 2004.

According to the communication forwarded to the Bursa Malaysia
Securities Berhad, these resolutions were approved and passed
during the EGM held on Friday, 21 May.

The ordinary resolutions passed are:

Ordinary Resolution 1

Proposed Additional Placement of up to 40,000,000 new ordinary
shares of RM0.50 each in Tamco Corporate Holdings Berhad
(Tamco), a wholly owned subsidiary of Nylex (Tamco Shares) at an
issue price of RM0.50 per share to investor(s) which may be
individuals or corporation that are able to contribute to the
growth of the Tamco Group, to be identified closer to the time
of placemenet, but which shall not at any time prior to the
placemenet be related parties to Tamco (Strategic Investor(s))
(Proposed Additional Placement).

Ordinary Resolution 2

Proposed allotment of up to 10,400,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a
wholly-owned subsidiary of Nylex (Tamco shares) to Y. bhg. Datuk
Haji Maohamad Al Amin Bin  Haji Abdul Majid, J.P., a director of
Nylex (Proposed allotment to Y. Bhg. Datuk Haji Mohamed Al Amin
Bin Haji Abdul Majif, J.P)

Ordinary Resolution 3

Proposed allotment of up to 250,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a wholly
owned subsidiary of Nylex (Tamco shares) to Y.M. Tengku Yusoff
Bin tengku Mahmud, a director of Nylex (Proposed allotment to
Y.M. Tengku Yusoff Bin Tengku Mahmud).

Ordinary Resolution 4

Proposed allotment of up to 250,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a
wholly-owned subsidiary of Nylex (Tamco shares) to Y.M. Tengku
Yusoff Bin Tengku Mahmud, a director of Nylex (Proposed
Allotment to Y.M. Tengku Yusoff Bin tengku Mahmud).

Ordinary Resolution 5

Proposed allotment of up to 350,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a wholly
owned subsidiary of Nylex (Tamco Shares) to Y. Bhg. Dato' Mohd
Ismail Bin Che Rus, a director of Nylex (Proposed Allotment to
Y. Bhg. Dato' Mohd Ismail Bin Che Rus).

Ordinary Resolution 6

Proposed allotment of up to 5,000,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (tamco), a wholly
owned subsidiary of Nylex (Tamco Shares) to Shamsudin Bin Basri,
a director of Tamco (Proposed Allotment to Shamsudin bin Basri).

Ordinary Resolution 7

Proposed allotment of up to 5,000,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a wholly
owned subsidiary of Nylex (Tamco Shares) to Safrizal Bin Mohd
Said, a director of Tamco (Proposed Allotment to Safrizal Bin
Mohd Said).

Ordinary Resolution 8

Proposed allotment of up to 6,000,000 new ordinary shares of
RM0.50 each in Tamco Corporate Holdings Berhad (Tamco), a wholly
owned subsidiary of Nylex (Tamco Shares) to Mohamed Nizam Bin
abdul Razak, a director of Tamco (Proposed Allotment to Mohamed
Nizam Bin Abdul Razak).


PERNAS INTERNATIONAL: FIC Approves Proposed Disposal
-----------------------------------------------------
The Foreign Investment Committee has approved the proposed
disposal by Pernas International Holdings Berhad (PIHB or the
company) of 57,153,500 ordinary shares of RM1.00 each in United
Malayan Land Berhad (UM Land)(Sale Shares), representing
approximately 24.63 percent equity interest in the issued and
paid-up share capital of UM Land as of 7 April 2004, to Wawasan
Perangsang Mewah sdn Bhd (WPM) for a total cash consideration of
RM131,454,050.

According to the communication forwarded to the Bursa Malaysia
Securities Berhad by Commerce International Merchant Bankers
Berhad on behalf of PIHB, the FIC's approval is subject to the
condition that WPM maintains Bumiputra equity participation of
at least 30 percent at all times.

As of the moment, pending approvals still being awaited for the
Proposed Disposal include all consents required by PIHB and/or
its associated companies' lenders and financiers for the sale of
the sale shares; and the approval of any other authorities
and/or parties, if applicable.


PERNAS INTERNATIONAL: Share Sale Agreement Extended Anew
--------------------------------------------------------
Pernas International Holdings Berhad (PIHB), through
Aseambankers Malaysia Berhad has given the Bursa Securities
Berhad an update on the status of the proposed disposal of 100
percent of the issued share capital of teon Choon Realty Sdn Bhd
(TCRC) and 70 percent of the issued share capital capital of
Ladang Serasa Sdn Bhd (LSSB) from Pernas Securities Sdn Bhd
(PSSB), a wholly owned subsidiary of PIHB to Tradewinds (M)
Berhad (TWS).

So far, PSSB and TWS have exchanged letters to mutually extend
the period for securing the conditions precedent set out in the
Share Sale Agreement dated 28 April 2003 and supplemented by an
exchange of letters dated 9 June 2003, 25 September 2003, 18
December 2003 and 23 March 2004 (Share Sale Agreement). The date
for fulfillment of the conditions precedent of the Share Sale
Agreement has been extended a further 60 days from 22 May 2004
to 21 July 2004.

All the other terms and conditions in the Share Sale Agreement
remain unchanged.


PILECON ENGINEERING: Transbay Unit Requests Extension
-----------------------------------------------------
Transbay Ventures Sdn Bhd, a subsidiary of Pilecon Engineering
Berhad has requested to extend the hearing date deadline for the
application of the restraining order pursuant to Section 176(10)
of the Companies Act, 1965.

According to the notice submitted by Pilecon to the Bursa
Malaysia Securities Berhad, the adjournment will allow more time
for Transbay to modify its proposed debt restructuring scheme
which was rejected by the Kuala Lumpur High Court on 20 May
2004.


SRI HARTAMAS: Posts Lower Loss For Third Quarter
------------------------------------------------
Sri Hartamas Berhad submitted to the Bursa Malaysia Securities
Berhad its unaudited and condensed consolidated income statement
for the third quarter ending 31 March 2004.

The company reported a net loss of RM3.859 million for the third
quarter down from a net loss of RM47.029 million during the
corresponding period last year.

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

http://bankrupt.com/misc/SriHartamas3QReport25May2004.xls

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

http://bankrupt.com/misc/SriHartamasNotes25May2004.doc


UCP RESOURCES: Findings Of Investigative Audit Released
-------------------------------------------------------
Messrs Horwath, auditor for the Investigative Audit conducted on
UCP Resources Berhad, submitted its investigative report on the
company to the Securities Commission on 21 May 2004.

The following is a summary of the potential breaches in law,
regulations, guidelines and/or in UCP's Memorandum and Articles:

No:               4.1

Transaction:      Failure to keep proper accounts of
                  transactions of the company and to retain
                  records for seven years.

Value of Transaction:

Type of breaches: Proper book of accounts were not maintained
                  and kept by UCP and its subsidiaries within
                  its premises for the relevant periods of the
                  investigation. Supporting documents for
                  project costs on many projects are not
                  available for our verification. In addition,
                  details are not available for certain project
                  costs brought forward from FYE 1997.

Responsible Party(ies):

                  UCP Board of Directors and management of UCP
                  Mix Sdn Bhd and UCP Geotechnics Sdn Bhd.

Potential Breaches:

                  1. UCP Memorandum and Articles
                  2. Companies Act 1965


No:               4.2

Transaction:      Before all the conditions in the Sale and
                  purchase agreement for the proposed
                  acquisition of 70,000 ordinary shares of
                  RM1.00 each representing 70 percent of the
                  issued and paid-up share capital of Pravest
                  Sdn Bhd were fulfilled, advances were given to
                  the vendor where no commercial benefits could
                  be ascertained for making those advances.

                  The acquisition was subsequently revoked as
                  both parties failed to fulfill the condition
                  in the Sale and Purchase Agreement.

Value of the Transaction:

                  RM1.315 million

Type of Breaches: Advances made without exercising reasonable
                  Diligence

Responsible Party(ies):

                  UCP Board of Directors
Potential Breaches:

                  Companies Act 1965

No:               4.3

Transaction:      Irregularities related to contra of amount
                  owing by third party to related companies.

                  The amount was provided for allowance for
                  doubtful debts in the FYE 2003.

Value of Transaction:

                   RM194,000

Type of Breaches:  Not acting in the best interest of the UCP
                   Group

Responsible Party(ies):

                   UCP Board of Directors and Management

Potential Breaches:

                   Companies Act 1965.

An investigative audit was performed on UCP Resources in
accordance with the conditions set by the Securities Commission
for the approval of the UCP Resources' Proposed Corporate and
Debt Restructuring Scheme.


UCP RESOURCES: Completes Restructuring
--------------------------------------
UCP Resources Berhad proudly announced in a disclosure dated 21
May 2004 to the Bursa Malaysia Securities Berhad that the
company has successfully completed its restructuring exercise.


UCP RESOURCES: Listing Taken Over By JMR
----------------------------------------
Bursa Malaysia Securities Berhad issued the following press
release on Friday, 21 May 2004.

Bursa Malaysia (the Exchange) would like to announce that
Practice Note No. 4/2001 (PN4) Condition company, UCP Resources
Berhad (UCP), will be removed from the Official List of the
Exchange following the completion of the Company's Restructuring
Scheme.

As part of the Scheme, JMR Conglomeration Berhad (JMR) will be
admitted to the Official List of the Exchange in place of UCP.

JMR will be listed on the Second Board, under the "Industrial
Products" Sector with effect from 9 a.m., Monday, 24 May 2004.

Bursa Malaysia would like to emphasize that notwithstanding the
above investor protection measures, Bursa Malaysia will continue
to monitor the progress of the PN4 Condition companies in
respect of their compliance with the Listing Requirements.

The list of PN4 Condition companies is attached and also
available at www.bursamalaysia.com.


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


NATIONAL STEEL: SEC Okays Sale To Indian Steelmaker
---------------------------------------------------
National Steel Corp. (NSC) got a go signal from the Securities
and Exchange Commission (SEC) on its planned asset sale to
Indian steel maker, Global Infrastructure Holdings Ltd.(GIHL),
after the Quezon City Regional Trial Court dismissed the
landowner's claim due to lack of jurisdiction, ABS-CBN News
reports.

"A review of the January 29, 2004 memorandum of agreement, which
outlines the disposition of the plant assets, shows that it is
in accordance with policy and objectives of the approved
liquidation plan. Further, the submitted [memorandum of
agreement] shows it has been consented to and signed by majority
of the secured creditors," the SEC said.

According to the report, GIHL, the holding company of the Ispat
Group of the tandem of Pramod and Vinod Mittal, made a bid of
P13.25-billion payable in eight years for the NSC assets. The
closing date of the sale will be at the end of July.

GIHL immediately opened NSC's Iligan City Facilities following
the signing of an agreement with NSC's creditors in January.
However, the signing of an asset purchase agreement last April
did not push through after Danaharta objected to the
transaction. The creditor banks have given GIHL another 90 days
to finalize this agreement. The creditor banks have given GIHL
another 90 days to finalize this agreement.


PHILIPPINE AIRLINES: Yet to Schedule Fare Increase
--------------------------------------------------
Reports have said that there would be another fuel price
increase, despite that, Philippine Airlines (PAL) has not
planned increasing its air fares yet, however they are reviewing
on the impact of the continued increase in jet fuel prices in
its operations, according to the Philippine Daily Inquirer
online edition.

"We are closely monitoring the situation. We are studying what
options to take," PAL vice president for corporate
communications Rolando Estabillo said.

Aviation fuel price has reached $46.03 a barrel in May from
$28.24 a year ago.  PAL spends about a billion pesos each month
for fuel alone; the flag carrier hedges half of its fuel
requirements against fluctuating foreign exchange rates and
world crude prices.

"(Raising rates) is not that simple.  We also have to know its
impact on our passenger traffic," according to the report citing
a PAL spokesperson.

PAL is worried that a fare increase would trigger a slowdown in
sales and reverse the improving trend started in December of
2003.

In a recent financial report, PAL reported that escalating price
of aviation fuel affected its earnings for the fiscal year
ending last March.


PILIPINO TELEPHONE: BSP Eases Rule On Creditors FX Holdings
-----------------------------------------------------------
The Central Bank of the Philippines (Bangko Sentral ng
Pilipinas-BSP) grants an exemption to creditor banks of Pilipino
Telephone Corp. (Piltel) from a rule limiting their foreign
exchange holdings, it also gives the creditors the option of
booking the swap as part of their foreign currency deposit
units.  The said grant was to clear the way for the PhP20
billion swap that will allow the rehabilitation of the
telecommunications company, Dow Jones reports, citing the
Philippine Star.

Bank of the Philippine Islands and Land Bank of the Philippines,
Piltel's two biggest creditors sought the exemption who had
asked the central bank to exempt the transaction that would swap
their Piltel debt into either 10-year Smart Communications Inc.
debt or 12-year low-yield, sovereign-backed bonds.

Piltel is a debt-laden affiliate of Philippine Long Distance
Telephone Co. (PLDT), while Smart is a profitable mobile phone
unit of PLDT.

Contact:  Pilipino Telephone Corporation
          25/F, Smart Tower
          6799 Ayala Ave., Makati City
          Telephone No/s: 511-6121/6241
          Fax No/s: 817-3345
          Email Address: dntan@smart.com.ph


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


FHTK HOLDINGS: Net Loss Widens to S$4.83M
-----------------------------------------
FHTK Holdings Ltd. posted a net loss of S$4.83 million in the
three months to March 31, 2004, according to Reuters.

                                  Q3 2004      Q3 2003

Pre-tax profit/(loss)             (4.82)  vs   (1.08)
Net profit/(loss)                 (4.83)  vs   (1.08)
Group shr (cents)                 (0.39)  vs   (0.09)
Turnover                          26.20   vs   27.66

                                  9m 2004      9m 2003

Pre-tax profit/(loss)            (13.18)  vs   (3.03)
Net profit/(loss)                (13.11)  vs   (3.07)
Group shr (cents)                 (1.07)  vs   (0.25)
Turnover                          73.57   vs   66.70
Dividend (pct)                      nil   vs     nil

FHTK Holdings Ltd is engaged in the importing, exporting,
wholesaling, retailing, sourcing, processing, refrigeration,
packing and distribution of fruits, vegetables and other
agricultural products.


HO WAH: Issues Stockholder's Agreement Update
---------------------------------------------
Further to the announcement made by Ho Wah Genting International
Ltd on 5 May 2004 in relation to the Investment Agreement (the
Investment Agreement) entered into between the Company and Ariel
Singapore Pte Ltd (Ariel Singapore), the Company is pleased to
announce as follows:

1. STAKEHOLDERS AGREEMENT

One of the conditions to the investment by Ariel Singapore was
the entry into a Stakeholders Agreement within 10 days of the
date of the Investment Agreement. This Stakeholders Agreement
has been entered into, pursuant to which, TSMP Law Corporation
has been appointed as stakeholders to hold the Deposit (as
defined in the Investment Agreement, and described in the
announcement of 5th May 2004).

2. SCHEME OF ARRANGEMENT

2.1 Court procedures commenced

It is also a condition of Ariel Singapore's investment in the
Company, under the terms of the Investment Agreement, that all
the outstanding indebtedness of the Company be
settled/restructured on terms acceptable to Ariel Singapore and
the Company. In this connection, the Company is pleased to
announce that it has filed an Originating Summons (dated 18 May
2004) with the High Court of Singapore (the Court) under Section
210 of the Companies Act for a meeting of the unsecured
creditors of the Company to be convened to consider and approve
a scheme of arrangement (the Scheme). Under the Scheme, Mr. Chee
Yoh Chuang of Messrs Chio Lim & Associates will be appointed
Scheme Administrator.

The hearing to obtain the leave of Court to convene the
creditors meeting for the purpose of the Scheme has been fixed
for Friday, 28 May 2004 at 10 a.m.

2.2 Terms and conditions of the Scheme

The Scheme, if approved as provided under Section 210 of the
Companies Act, would require Ariel Singapore to pay to each of
the participating creditors a sum equivalent to 10% of their
claims (as may be admitted by the Scheme Administrator), against
which such creditors will be required to assign to Ariel
Singapore the entire debt due from the Company to them. The
payment of creditors under the Scheme will be conditional upon
the Scheme being (a) approved by the requisite majority of
unsecured creditors in the meeting to be called, as required
under Section 210 of the Companies Act, (b) the High Court's
sanction of the Scheme thereafter, and (c) the fulfillment of
the conditions precedent set out in the Scheme documents.

2.3 Rationale for the Scheme

2.3.1 The Company is proposing the Scheme as a result of the
serious financial crisis it is currently faced with. The
Company's primary business activity in recent years has been
that of a holding company. However, the businesses of all its
subsidiary companies have ceased due to, among other reasons,
losses stemming from a decline in the volume of business and
unprofitable ventures. The adverse economic conditions in recent
years have contributed to and exacerbated the problem. As a
result, the Company has been making losses for at least last 5
years, and numerous creditors are now making claims against the
Company.

2.3.2 The Company does not have any realizable assets and is
therefore unable to pay its debts.

2.3.3 The Company has numerous unsecured creditors with a total
liability of almost S$10,000,000. Some of these creditors have
commenced legal proceedings against the Company. Judgments have
already been obtained against the Company in a number of these
proceedings, and it is likely that execution proceedings will
follow. In fact, one of the Company's creditors has already
presented a petition to wind up the Company. The Company is
therefore faced with the risk of being liquidated as a result.

2.3.4 However, a liquidation of the Company will not be
beneficial to the unsecured creditors of the Company as they are
unlikely to be able to recover any part of their debts. Based on
the Company's un-audited management accounts for the financial
year ending 31 December 2003, the Company has net liabilities of
S$9,957,805. As the Company has no realizable assets, there will
be no monies available from the proceeds of a liquidation of the
Company for payment to its unsecured creditors. A judicial
management would not be feasible nor appropriate since the
Company and its subsidiaries have no more business operations.

2.3.5 The Directors of the Company believe that the Company is
not in a position to continue to function as a going concern
without any injection of funds or assets.

2.3.6 For the reasons mentioned above, on 5 May 2004, the
Company entered into the Investment Agreement with Ariel
Singapore.

2.3.7 The obligations of Ariel Singapore under the Investment
Agreement are subject to certain conditions precedents, which
includes the settlement or restructuring of all outstanding
indebtedness of the Company, on terms acceptable to Ariel
Singapore and the Company. The Company and Ariel Singapore have
agreed that to restructure such indebtedness effectively, it is
necessary for the Company to enter into a Scheme of Arrangement
with its Creditors pursuant to section 210 of the Companies Act.

2.3.8 As part of the Scheme, Ariel Singapore is therefore
prepared, subject to the fulfillment of the Conditions Precedent
(as defined in the Scheme), to make payment to the Participating
Creditors (as defined in the Scheme) of a sum equivalent to 10%
of each of their Approved Claims (as defined in the Scheme), in
consideration of which each such Participating Creditor will be
required to assign to the Ariel Singapore the entire debt due
from the Company.

2.3.9 The objectives of the Scheme are:

2.3.9.1 To avoid a compulsory winding up of the Company;

2.3.9.2 To enable the creditors to receive a higher return than
they would otherwise receive if the Company is placed into
liquidation, judicial management or other form of insolvency
administration by its creditors. The creditors will not be able
to recover any part of their outstanding Claims against the
Company in a liquidation; and

2.3.9.3 To restructure all the Company's outstanding
indebtedness in fulfillment of the conditions precedent under
the Investment Agreement, to pave the way for a new investment
by a White Knight investor into the Company, so that the Company
may start afresh.

2.3.10 The Scheme also provides for a moratorium on, inter alia,
any action in Court or arbitration proceedings against the
Company in respect of relevant claims existing as at 5 May 2004.
It mandates that creditors will not, without the Company's
written permission, take steps to effect the winding up or
judicial management of the Company or the adjudication of any
relevant claims against the Company. This includes, without
limitation, applications to enforce judgments, levy distress,
amend terms of guarantees or call in or exercise a banking
facility or guarantee in relation with the Company.

3. The White Knight Investor

As mentioned, the Company has acute financial difficulties and
its shares have been suspended for nearly 3 years. Ariel
Singapore, in entering into the Investment Agreement, hopes to
be able to provide the "White Knight" investment solution for
the Company, which would have the concurrent benefits of:

(i) Resolving issues with the Company's secured and unsecured
creditors which would be acceptable to them, and which would
represent a higher return for them than they would currently
obtain if the Company was liquidated (which appears to be the
alternative scenario if an investor is not found);

(ii) Improving the financial position of the Company, upon the
investment by Ariel Singapore of S$1 million under the
Investment Agreement taking place; and

(iii) Finding a way for the Company to develop a business plan
for the future (which, if applicable, would be subject to
requisite consents of the shareholders and regulatory
authorities).

Under the terms of the Investment Agreement, Ariel Singapore
will invest S$1,000,000 in cash (by subscribing for new shares
in the Company) in the Company. This investment requires the
Company to first restructures and rationalizes its capital and
its outstanding indebtedness, by way of a capital reduction
exercise and the debt restructuring contemplated in the Scheme.
In addition, as United Overseas Bank Limited is a secured
creditor, and therefore cannot be treated as the same class of
creditors as the unsecured creditors to whom the Scheme applies,
Ariel Singapore has been in discussions with United Overseas
Bank Limited to restructure the bank's secured debt. It is a
condition precedent of the Scheme that this secured debt is
appropriately restructured.

Upon the capital and debt restructuring being completed, Ariel
Singapore will look into how best to assist the Company to
develop a business plan for its future prospects, as the Company
(including its subsidiaries) does not presently have any viable
businesses. Any such future plans will require the requisite
approvals of the authorities (including the Singapore Exchange
Securities Trading Limited) as well as the shareholders of the
Company (as applicable).

The Company hopes that it will be able to work with Ariel
Singapore to structure and implement a strategy for the future
business of the Company that will be in the best interests of
the Company and all its shareholders.

The Company will make further announcements on developments as
appropriate.


By Order of the Board
Mr. Wong Chin Chong David
Director
18 May 2004

Submitted by Wong Chin Chong David, Director on 18/05/2004 to
the SGX.


INFRONTIER PTE: Issues Winding up Order Notice
----------------------------------------------
Infrontier (Singapore) Pte Ltd issued a notice of winding up
order made on 7 May 2004.

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

YEO-LEONG & PEH LLC
Solicitors for the Petitioner.

The Singapore Government Gazette announcement is dated 21 May
2004.


LEAP HONG: Releases Winding up Order Notice
-------------------------------------------
Leap Hong Construction Co Pte Ltd issued a notice of winding up
order notice made on the 14 May 2004.

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

Name and Address of the Petitioner or its solicitors:
Messrs FOO, LIEW & PHILIP LAM
No. 151 Chin Swee Road
#07-08/10 Manhattan House
Singapore 169876.

This Singapore Government Gazette announcement is dated 21 May
2004.


L&M GROUP: Narrows First Half Net Loss to S$13.2M
-------------------------------------------------
L&M Group Investments Limited posted a net loss of S$13.20
million in the six months to March 31, 2004, versus a net loss
of S$22.52 million a year earlier, according to Reuters.

              Six months to March 31, 2004
            (in millions of S$ unless stated)

                                 H1 2004       H1 2003
Operating profit/(loss)         (13.14)   vs   (5.25)
Exceptional items                 1.68    vs  (16.04)
Pre-tax profit/(loss)           (13.13)   vs  (23.41)
Net profit/(loss)               (13.20)   vs  (22.52)
Group shr (cents)                (0.67)   vs   (1.38)
Turnover                         70.62    vs   83.28
Dividend (pct)                    nil     vs    nil

L & M Group Investments Ltd is engaged in general and specialist
engineering and contracting, manufacture of construction
products, trading in construction equipment and materials,
property development and investment.

The exceptional gain was attributed to a provision for amount
owing by a former associated corporation, gain on disposal of
the associated corporation and a subsidiary, as well as a gain
on de-consolidation of a dormant subsidiary.


PACIFIC BINDING: Issues Dividend Notice
---------------------------------------
Pacific Binding Pte Ltd. issued a notice of preferential
dividend as follows:

Address of Registered Office: Formerly of 10 Collyer Quay
#23-01 Ocean Building Singapore 049315.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 73 of 1994.

Amount Per Centum: 70.70%.

First and Final or otherwise: Preferential Dividend.

When Payable: 14 May 2004.

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

KAREN LOH
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated 21 May
2004.


STALLONE MARINE: Issues Notice of Winding up Order
--------------------------------------------------
Stallone Marine Pte Ltd issued a notice of winding up order made
the 14 May 2004.

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

DREW & NAPIER LLC
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 21 May
2004.


SUK-A ENGINEERING: Schedules Winding up Hearing
-----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Suk-A Engineering Pte Ltd by the High Court was on the 8 April
2004 presented by Peri-Hory Asia Formwork Pte Ltd, a company
incorporated in the Republic of Singapore and having its
registered office address at 1 Sims Lane #06-10, Singapore
387355. The said petition will be heard before the Court sitting
at 10 a.m. on the 30 April 2004. Any creditor or contributory of
the said company desiring to support or oppose the making of an
order on the Petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the Petition
will be furnished to any creditor or contributory of the said
company requiring the copy of the Petition by the undersigned on
payment of the regulated charge for the same.

The Petitioners' address is 1 Sims Lane #06-10, Singapore
387355.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioners.

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
Messrs Tan Kok Quan Partnership notice in writing of his
intention to do so. The notice must state the name and address
of the person or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 29th day of April 2004
(the day before the day appointed for the hearing of the said
Petition).

This Singapore Government Gazette announcement is dated 21 May
2004.


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


THAI WAH: Issues Update On Sale Of Non-Core Assets
--------------------------------------------------
With reference to the letters of the Stock of Exchange of
Thailand dated April 21 and 22, 2004 submitted by Class B
Director of Thai Wah Group Planner Co Ltd. (TWPL) as a Plan
Administrator of Thai Wah PCL.

The company would like to provide an update on the status of the
sale of non-core assets.  Thai Wah advises that there has been
delays in finalizing the terms and conditions in the agreement
with the potential investor.

These delays have been caused by the creditors of Thai Wah Plaza
Ltd. (TWPL) approving a Business Reorganization Plan of TWPL on
April 27, 2004 that allows for a debt to equity conversion which
will cause a massive dilution of the Company's stake in TWPL, a
subsidiary of the Company and a significant asset to be sold to
the potential investor.  The Bankruptcy Court is scheduled to
consider this plan on May 25, 2004.

Yours sincerely,
Ian Pascoe
Class B Director of Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.
THAI WAH GROUP PLANNER COMPANY LIMITED


* BOND PRICING: For the Week 24 May to 28 May 2004
--------------------------------------------------

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



AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   61
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04   10
BIL Finance Ltd                       8.750%    10/15/04   10
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04   10
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04   10
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Citigold Corp.     12.000%   3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    7
Fletcher Building Ltd                 8.500%     4/15/04    7
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility         8.500%     9/15/13    8
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   72
NPT Capital Ltd                       9.500%    11/30/04    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   73
Richmond Ltd                         10.750%    12/15/04   11
Salomon Smith Barney Australia        4.250%      2/1/09    9
Sapphire Securities                   9.250%    12/20/06    9
Sky Network Television Ltd            9.300%    10/29/49    7
Straits Resources Ltd                10.000%    12/31/03    1
Strathfield Group Ltd                11.000%    12/31/05    1
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    7
TrustPower Ltd                        8.500%     9/15/12    8
Vision Systems Ltd                    9.000%    12/15/08    2


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

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


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   54
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------
Alliance Bank Bhd       7.750%     06/20/11    5
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    2
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
Hubline Bhd        4.000%      1/10/06    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
Lebar Daun Bhd                     2.000%       1/6/07    2
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lingkaran Trans Kota Holdings          7.150%     10/23/10   10
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pahlawan Power                         5.150%      1/31/05   10
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rothmans Pall Mall Bhd                 7.900%      11/2/07   15
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    2
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1

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

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

SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Housing and Dev. Board                 3.875%      2/11/04    1
Rabobank Singapore                     1.000%      1/15/13   69
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd           6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11   1
Tincel Ltd                             7.400%      6/13/11   1


THAILAND
--------

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



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






                            *********


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

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

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

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

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

                 *** End of Transmission ***