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

                     A S I A   P A C I F I C

             Wednesday, May 26, 2004, Vol. 7, No. 103

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Releases First Half Trading Update
AUSTRALIAN GAS: Unit Concludes Gas Agreements with Shell
NOVUS PETROLEUM: Medco Increases Offer


C H I N A  &  H O N G  K O N G

AU YEUNG: Enters Bankruptcy Proceedings
CHAN WING: Issues Bankruptcy Order Notice
CHAN YUK: Enters Bankruptcy
CHENG KIU: Schedules Creditor's Meeting
GOLD GOOD: Winding up Hearing Slated for June 2

GUANGDONG ENTERPRISES: Consultant Completes Sale of Properties
HOK KWOK: Creditors Meeting Set for May 28
IP CHI: Creditors Meeting Set for May 28
KOK SIU: Schedules Creditor's Meeting
KUAN TAT: Schedules Winding Up Hearing

LEUNG TSAN: Releases Bankruptcy Order Notice
OCEAN TIME: Faces Winding up Petition
TINSON INTERNATIONAL: Winding up Hearing Slated for June 2
TOP PREMIER: Winding up Hearing Set for June 2
WAH SANG: SFC Suspends Shares Trading

WAH SANG: Issues Default in Loan Repayment
WAH SANG: Chairman Shum Ka Sang Resigns
WONG CHING: Enters Bankruptcy Proceedings
WONG KWONG: Enters Bankruptcy Proceedings
YEUNG YIN: Issues Bankruptcy Order Notice

YU CHI: Creditors Meeting Set for May 28


I N D O N E S I A

INDOFOOD SUKSES: Schedules Bond Issuance For June  
MATAHARI PUTRA: To Pay Dividends Using 30.5% Of 2003 Net Profit
SEMEN GRESIK: Shares Most Likely To Be Suspended  


J A P A N

AIENSU AUTO: Auto Sales Firm Goes Bankrupt
KANEBO LIMITED: Withdraws From Natural Fiber Operations
MITSUBISHI FUSO: Unveils Internal Investigation Update
MITSUBISHI MOTORS: Unveils FY03 Financial Results
MITSUBISHI MOTORS: Discloses Business Revitalization Plan


K O R E A

HANBO IRON: Optimism Rises Over Sale
HYNIX SEMICONDUCTOR: Creditors OK Sale to Citigroup


M A L A Y S I A

ACTACORP HOLDINGS: Extends Share Sale Agreement
AMSTEEL CORPORATION: Unveils Quarterly Report Ending March 31
AMSTEEL CORPORATION: Discloses Revaluation of Shopping Malls
ANCOM BERHAD: Issues Notice of Shares Buy Back
CONSOLIDATED FARMS: Issues Practice Note 1/2001 Update

HAP SENG: Issues Notice of Shares Buy Back
KRAMAT TIN: Announces a Change of Registrar
POS MALAYSIA: Schedules General Meeting June 16
POS MALAYSIA: Issues Book Closure Notice
SIN KEAN: Issues Update to SKB Metal Civil Suit


P H I L I P P I N E S

MANILA ELECTRIC: Releases Annual Stockholders Meeting Results
NATIONAL BANK: Unveils Annual Stockholders Meeting Outcome
NEGROS NAVIGATION: Receiver Says Spin-Off Needs Clarification
NEGROS NAVIGATION: Aims To Be Debt Free By 2011
PHILIPPINE LONG: Issues AGM Notice

PILIPINO TELEPHONE: Submits Amendment To Disclosure


S I N G A P O R E

FOMCAS BUILDERS: Creditors Meeting Set for June 1
NEW CIVILBUILD: Issues Dividend Notice
SAN HAI: Winding up Hearing Slated for June 11
SEMBAWANG DEVELOPMENT: Creditors Must Submit Claims by June 8


T H A I L A N D

CAPETRONIC INTERNATIONAL: SET Suspends Trading
EASTERN WIRE: Submits Tender Offer Report
THAI GERMAN: Releases Progress Report On Reorganization Plan

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Releases First Half Trading Update
------------------------------------------------------
Aristocrat Leisure Limited (ASX: ALL) announced in a press
release on Tuesday that based on preliminary, unaudited
management results for May 2004 and the near term outlook, the
Company expects to report a first half profit after tax for the
period ending June 30, 2004 in the region of $50 million to $60
million compared with the $32.9 million loss after tax reported
in the first half of 2003.

Adjusting for one-off items in the prior year, the normalized
result for the first half of 2003 was a profit after tax of $4.3
million.

The first half result is expected to include sales of 42,000 -
45,000 units in Japan, predominantly representing the newly
released game "Daruma-Neko".

The first half result remains subject to a number of variables
including:

- Confirmation of the final, actual management results for May
2004;

- The timing of product approvals in a number of jurisdictions,
in both Australia and elsewhere;

- Trading in June, which has generally been one of the larger
trading months of the year, although management do not expect
the extent of prior year seasonal peaks to be repeated;

- Any unforeseen hardware/software warranty issues;

- The outcome of the litigation against the former CEO (for
which no provision for an adverse finding has been included in
the outlook); and

- Board, management and audit review of the final half-year
financial results.

The Chief Executive Officer of Aristocrat, Mr. Paul Oneile, said
that the Company was pleased with its current performance.

"These results reflect the continuing underlying strength of the
business and the progress that the Company continues to make in
positioning itself as the leading global provider of gaming
solutions."

The Company will release its first half results on August 24,
2004.

Contact:

Media Inquiries: Margot McKay
                 Telephone: 0412 132 769


AUSTRALIAN GAS: Unit Concludes Gas Agreements with Shell
--------------------------------------------------------
NGC Holdings Limited said in a press release on Monday it has
finalized agreements with Shell New Zealand to buy approximately
105 petajoules (PJ) of gas from the Pohokura and Kapuni fields.

The agreements include a settlement of a gas supply indemnity
arrangement dating from 1992, initially with Fletcher Challenge
Energy, and subsequently with Shell following its acquisition of
Fletcher Challenge Energy in 2001. As previously reported, NGC
had exercised an option under the indemnity to purchase up to
70PJ of gas from Shell, and the parties had been negotiating a
detailed contract.

Under the agreements, NGC will purchase Pohokura gas in the
period following commissioning of the field production
facilities, expected to be in July 2006, until 2010. Purchases
of Kapuni gas from Shell will be in the period 2005 to 2013.

The exact volume of Pohokura gas to be purchased by NGC will
depend on the Pohokura joint venture obtaining a field-mining
permit, the start of post-commissioning production, the amount
of gas actually produced and supply to higher priority
customers. The amount of Kapuni gas purchased from Shell will
depend on the level of Pohokura gas deliveries.

The gas purchase price under the agreements is commercially
confidential. It includes commodity and nominated capacity
charges and will be paid monthly on a price per gigajoule basis.

NGC Chief Executive Phil James said the agreements together
represented an important and positive event for the Company and
for the New Zealand gas industry. NGC was particularly happy to
now have clarity around the delivery of gas under the indemnity
agreement.

"While discussions around final delivery arrangements for
remaining Maui gas reserves have yet to be completed, it has
been very pleasing to work closely with Shell to resolve the
historic indemnity issue and to facilitate the delivery of
Pohokura gas to the market at the earliest possible time."

Mr. James added the agreements would strengthen NGC's ability to
supply customers in the post-Maui period.

Contact:

Keith FitzPatrick
Manager External Relations
NGC Holdings Limited
Phone: 04-462 8704
Mobile: 027-443 8349
    

NOVUS PETROLEUM: Medco Increases Offer
--------------------------------------
Indonesian oil and gas company PT Medco Energi Internasional Tbk
disclosed to the Australian Stock Exchange on Tuesday that its
wholly owned Australian subsidiary Medco Energi (Australia) Pty
Ltd (together, Medco Energi) has increased its cash offer for
all the issued ordinary shares in Novus Petroleum Ltd. (Novus)
to A$1.90 per share, up from its previous offer of A$1.74 per
share.

Medco Energi has also declared the offer unconditional.

The Independent Directors of Novus (Messrs David Blair, Steve
Mann and Jim Hornabrook) noted on Tuesday that they believe that
the revised Medco Energi offer is a superior offer to that of
rival bidder Sunov Petroleum Pty Ltd (Sunov).

The Independent Directors therefore recommend that Novus
shareholders ACCEPT the revised Medco Energi offer and intend to
ACCEPT the revised Medco Energi offer for their own Novus
shares, in both cases in the absence of another offer emerging
for all of the Novus shares which the Independent Directors
consider superior.

The Independent Directors have also withdrawn their
recommendation of the Sunov offer.

A break fee agreement has been entered into between Novus and
Medco Energi in connection with Medco Energi's revised offer.  A
copy of that agreement is attached.

A further supplementary Target's Statement containing the
response and formal recommendation of the Independent Directors
to the revised Medco Energi offer is expected to be distributed
to Novus shareholders in the near future.

For more information, click
http://bankrupt.com/misc/NOVUSPETROLEUM052504_2.pdf


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


AU YEUNG: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that the Bankruptcy Order against Au
Yeung Mei King (In Bankruptcy Proceedings) was made on 5 May
2004. All debts due to the estate should be paid to its Official
Receiver E.T. O'Connell.

The Standard announcement is dated 14 May 2004.


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

The Standard announcement is dated 14 May 2004.


CHAN YUK: Enters Bankruptcy
---------------------------
Notice is hereby given that the Bankruptcy Order against Chan
Yuk Kin (In Bankruptcy Proceedings) was made on 11 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 21 May 2004.


CHENG KIU: Schedules Creditor's Meeting
---------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Cheng Kiu Sum (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.


GOLD GOOD: Winding up Hearing Slated for June 2
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Gold Good Properties Limited by the High Court of Hong Kong was
on the 18 March 2004 presented to the said Court by Zhu Kuan
(Hong Kong) Company Limited (Provisional Liquidators Appointed)
of 7th floor, Allied Kajima Building, 138 Gloucester Road, Hong
Kong. The said petition will be heard before the Court at 9:30
a.m. on the 2 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.

WHITE & CASE
Solicitors for the Petitioner,
9th Floor, Gloucester Tower, The Landmark
11 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 1 June 2004.


GUANGDONG ENTERPRISES: Consultant Completes Sale of Properties
--------------------------------------------------------------
Consultant Jones Lang LaSalle has completed the sale of the
entire property portfolio of the bankrupt Guangdong Enterprises
(Holdings) for HK$1.04 billion, the Standard reported on
Tuesday.

There were more than 30 properties in the portfolio, including
residential buildings, office towers, agricultural land,
shopping centers and industrial premises, were sold through
private treaty, public and private tenders and auctions.

Jones Lang LaSalle was appointed by Hong Kong Property Company
to act as sole marketing agent. It worked closely with the
corporate adviser, PricewaterhouseCoopers.

The portfolio also attracted interest of developers such as Sun
Hung Kai Properties, Kerry Properties, Shun Ho Resources
Holdings and Henderson Land Development.


HOK KWOK: Creditors Meeting Set for May 28
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Hok Kwok Luen (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.


IP CHI: Creditors Meeting Set for May 28
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ip Chi Wing (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.


KOK SIU: Schedules Creditor's Meeting
-------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Kok Siu Wah (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.


KUAN TAT: Schedules Winding Up Hearing
--------------------------------------
Notice is hereby given that a petition for the winding up of
Kuan Tat Development Company Limited by the High Court of Hong
Kong was on the 18 March 2004 presented to the said Court by Zhu
Kuan (Hong Kong) Company Limited (Provisional Liquidators
Appointed) of 7th floor, Allied Kajima Building, 138 Gloucester
Road, Hong Kong. The said petition will be heard before the
Court at 9:30 a.m. on the 2 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.

WHITE & CASE
Solicitors for the Petitioner,
9th Floor, Gloucester Tower, The Landmark
11 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 1 June 2004.


LEUNG TSAN: Releases Bankruptcy Order Notice
--------------------------------------------
Notice is hereby given that the Bankruptcy Order against Leung
Tsan Chung (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.


OCEAN TIME: Faces Winding up Petition
-------------------------------------
Notice is hereby given that a petition for the winding up of
Ocean Time Development Limited by the High Court of Hong Kong
was on the 18 March 2004 presented to the said Court by Zhu Kuan
Group Company Limited (Provisional Liquidators Appointed) of 7th
floor, Allied Kajima Building, 138 Gloucester Road, Hong Kong.
The said petition will be heard before the Court at 9:30 a.m. on
the 2 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.

WHITE & CASE
Solicitors for the Petitioner,
9th Floor, Gloucester Tower, The Landmark
11 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 1 June 2004.


TINSON INTERNATIONAL: Winding up Hearing Slated for June 2
----------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Tinson International Limited by the High Court of Hong Kong was
on the 18 March 2004 presented to the said Court by Zhu Kuan
(Hong Kong) Company Limited (Provisional Liquidators Appointed)
of 7th floor, Allied Kajima Building, 138 Gloucester Road, Hong
Kong. The said petition will be heard before the Court at 9:30
a.m. on the 2 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. And 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.

WHITE & CASE
Solicitors for the Petitioner,
9th Floor, Gloucester Tower, The Landmark
11 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 1 June 2004.


TOP PREMIER: Winding up Hearing Set for June 2
----------------------------------------------
Notice is hereby given that a petition for the winding up of TOP
Premier Development Limited by the High Court of Hong Kong was
on the 18 March 2004 presented to the said Court by Zhu Kuan
(Hong Kong) Company Limited (Provisional Liquidators Appointed)
of 7th floor, Allied Kajima Building, 138 Gloucester Road, Hong
Kong. The said petition will be heard before the Court at 9:30
a.m. on the 2 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.

WHITE & CASE
Solicitors for the Petitioner,
9th Floor, Gloucester Tower, The Landmark
11 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 1 June 2004.


WAH SANG: SFC Suspends Shares Trading
-------------------------------------
The Securities and Futures Commission (SFC) has informed the
Board of Directors Wah Sang Gas Holdings Limited that it has
directed the suspension of trading in the shares of the Company
on 6 April 2004 in light of its concerns regarding the accuracy
of the profit levels of some of the Company's subsidiaries.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
SFC has also raised concerns regarding suspicious fund flows
involving some of the Company's subsidiaries in the PRC, the
manner in which the Group is being run and that the published
accounting records of the Company may contain false and
misleading information. The Company is taking the matter
seriously and is actively ascertaining the situations related to
the concerns raised by the SFC.

The Board passed a resolution on 8 April 2004 to appoint a sub-
committee of the Board with responsibilities for, among other
things, assisting the Board to address issues arising out of the
suspension of trading in shares of the Company and coordinating
the Company's responses to the inquiry by the SFC pursuant to
section 179 of the SFO, with a view to protecting the interests
of all shareholders of the Company.

The Company is in the process of instructing
PricewaterhouseCoopers to perform certain procedures on the
Company's accounting records and review the overall financial
position of the Company and to assist the Company in addressing
financial-related issues raised by the SFC.

The Company has not received any proposal from its shareholders
for restructuring of the Company. It will inform its
shareholders and the public of the development of the matters
mentioned in this announcement as and when appropriate.

Trading in the shares of the Company will remain suspended until
further notice.

By Order of the Board of
Wah Sang Gas Holdings Limited
ZHANG Hongru
Chairman
Hong Kong, 21 May 2004


WAH SANG: Issues Default in Loan Repayment
------------------------------------------
Due to liquidity problems, Wah Sang Gas Holdings Limited has
defaulted in making the repayment of principal of HK$55 million
due on 10 May 2004 pursuant to an agreement for a syndicated
loan arranged by Citic Ka Wah Bank Limited dated 5 November 2002
but has repaid an amount of HK$10 million plus the total
interest payment of approximately HK$120,000.00.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
bank syndicate has in principle (though with no legal binding
effect) agreed to grant time for the Company to conduct the
necessary investigations and to come up with a debt repayment
proposal.

China Merchants Bank Co., Ltd., Hong Kong Branch has also
declared that the Company is in default under a bank facility
letter dated 18 March 2003 of HK$25,000,000 but has not
indicated any immediate threat of legal enforcement action.

Apart from the above, the Company has not received any demand
for early repayment from other bank creditors.

By Order of the Board of
Wah Sang Gas Holdings Limited
ZHANG Hongru
Chairman
Hong Kong, 21 May 2004


WAH SANG: Chairman Shum Ka Sang Resigns
---------------------------------------
Pursuant to a letter of resignation from Mr. Shum Ka Sang
received by the Board of Wah Sang Gas Holdings Limited on 4 May
2004, Mr. Shum Ka Sang has resigned as the Chairman and the
Chief Executive Officer of the Company with effect from 29 April
2004 but will remain as an Executive Director.

Pursuant to a letter of resignation from Mr. Shen Yi received by
the Board on 4 May 2004 (of which the Board was informed on 3
May 2004), Mr. Shen Yi (the Chief Operating Officer and an
Executive Director) has resigned as an Executive Director with
effect from 2 May 2004 and as the Chief Operating Officer of the
Company with effect from 19 May 2004 for personal reason.

Further, with effect from 3 May 2004, Ms. Qian Mingjin (an
Executive Director) has resigned as an Executive Director for
personal reason and all her executive roles are suspended.

Both Mr. Shen Yi and Ms. Qian Mingjin have confirmed that there
are no matters relating to their resignations that need to be
brought to the attention of the Shareholders.

With a view to ensure and strengthen the business operation and
management of the Company, on 3 May 2004 the Board resolved to
appoint:

(i) Dr. Zhang Hongru as an Executive Director and the Chairman
of the Company in replacement of Mr. Shum as the Chairman of the
Company with effect from 3 May 2004; and (ii) Mr. Wang Gang as
an Executive Director and the Chief Executive Officer of the
Company in replacement of Mr. Shum as the Chief Executive
Officer of the Company with effect from 3 May 2004.

Dr. Zhang Hongru, aged 47, is a senior economist, a PRC attorney
and a part-time professor of Nankai University, and was an
arbitrator of the Tianjin Economic Arbitration Committee. Dr.
Zhang is an executive director and the General Manager of
Tianjin Development Holdings Limited, a company listed on the
Main Board of the Stock Exchange and a substantial shareholder
of the Company. He is also the director and general manager of
Tsinlien Group Company Limited, which is the holding company of
Tianjin Development Holdings Limited.

Mr. Wang Gang, aged 38, has ample professional experience in
thermal engineering and is the Chairman and General Manager of
Tianjin TEDA Gas Co. Ltd., a subsidiary of Tsinlien Group
Company Limited and a fellow subsidiary of Tianjin Development
Holdings Limited (a substantial shareholder of the Company)
operating gas supply business in Tianjin.

By Order of the Board of
Wah Sang Gas Holdings Limited
ZHANG Hongru
Chairman
Hong Kong, 21 May 2004

This is a Hong Kong Stock Exchange announcement.


WONG CHING: Enters Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Ching Fong (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 KWONG: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Kwong Sai (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.


YEUNG YIN: Issues Bankruptcy Order Notice
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Yeung
Yin Ching (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.


YU CHI: Creditors Meeting Set for May 28
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Yu Chi Man Terry (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.


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


INDOFOOD SUKSES: Schedules Bond Issuance For June  
-------------------------------------------------
The world's largest instant noodle maker, PT Indofood Sukses
Mumar plans to issue bonds up to Rp1 trillion (US$111 million),
with a five-year maturation period, in order to refinance part
of its maturing debts, according to the Jakarta Post.

"We plan to sign a preliminary contract with Indofood this week
for the bond issue," Head of listing division for the Surabaya
Stock Exchange (BES) Umi Kalsum said, adding that the bond was
expected to be issued in June.

Trimegah, Danareksa and Bahana Securities are appointed as
underwriters for the issuance.


MATAHARI PUTRA: To Pay Dividends Using 30.5% Of 2003 Net Profit
---------------------------------------------------------------
According to Danny Kojongian, PT Matahari Putra Prima's
corporate secretary, the company would pay a total of Rp35
billion in dividends or Rp 13 per share, Asia Pulse reports.

The funds for the dividend payment would be taken from 30.5
percent of its 2003 net profit, which was decided at the
company's general shareholder's meeting.

Earlier the company issued Rp450 billion worth of bonds wherein
around Rp350 billion would be allocated for the construction of
five more supermarkets and department stores, the report says.


SEMEN GRESIK: Shares Most Likely To Be Suspended  
------------------------------------------------
PT Semen Gresik fears that it would not be able to submit its
audited 2003 financial report in time for the deadline which
would cause a suspension of its shares from trading on the
Jakarta Stock Exchange (JSX), The Jakarta Post reports.

"It is difficult for us to meet the deadline and avoid
suspension ... as of now we haven't completed the financial
report yet," Gresik president Satriyo said.

Mr. Satriyo did not provide a reason for the delay, but the
company has been facing difficulties for the past couple of
years due to its subsidiary, PT Semen Padang in West Sumatra,
which has been opposing the government's privatization program.

However, if the cement maker could provide an explanation for
the delay, the Exchange would not suspend trading of its shares,
according to the report citing JSX listing director Harry
Wiguna.


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


AIENSU AUTO: Auto Sales Firm Goes Bankrupt
------------------------------------------
Aiensu Auto K.K. has entered bankruptcy, according to Teikoku
Databank America. The auto sales company, which is located at
Takatsuki-shi, Osaka Japan, has total liabilities of US$39.17
million.


KANEBO LIMITED: Withdraws From Natural Fiber Operations
-------------------------------------------------------
Kanebo Limited has withdrawn from its natural fiber business and
largely cut back its synthetic fiber operations under a new
reconstruction program, Kyodo News reported on Tuesday. The
struggling Company decided to drastically scale down its
businesses as it aims to revive with the help of the state-
backed Industrial Revitalization Corporation of Japan.


MITSUBISHI FUSO: Unveils Internal Investigation Update
------------------------------------------------------
On May 20, 2004, President & CEO of Mitsubishi Fuso Truck & Bus
Corporation (MFTBC), Wilfried Porth, announced the following
issues to the public:

Four quality cases, the result of rigorous internal
investigations as announced before. In one of the four cases,
there remained a possibility that quality problems contributed
to a fatal accident in Yamaguchi Prefecture in October 2002. The
President & CEO paid his deepest respects to the spirit of the
victim and apologized to the surviving members of the victim's
family.

Furthermore, the President & CEO pointed out:

MFTBC agreed with the Ministry of Land, Infrastructure and
Transport (MLIT) to implement a recall campaign with utmost
effort as soon as possible.

Customers were informed by direct mail to implement initial
measures as soon as possible.

At the same time MFTBC started working on the final confirmation
of permanent countermeasures.

The four quality cases:

The first case concerns a propeller shaft detachment due to
loosening of nuts for the heavy-duty truck Super-Great. The
company implemented a recall in 2003 but now found out that the
development of the countermeasures was not sufficient.
Production number is around 8,000, 12 PQR reported up to now.

The second and third cases concern heavy-duty sightseeing
busses. One case is also a propeller shaft problem, and the
other case concerns the parking brake. Production numbers in
these cases are 250 and 4,000 respectively. There are 6 and 48
PQRs reported up to now.

Finally, the clutch housing case in the heavy-duty trucks, the
Great, produced from 1983 to 1996. In case of excessive
vibration of the propeller shaft the engine transmission
compound starts vibrating. This can lead to a crack in the
clutch housing. The danger is that in extreme situations parts
of the propeller shaft can be separated from the vehicle. This
can result in damage to the vehicle itself such as the brake
hose or become a hazard to other road users.

A clear countermeasure was defined: addition of stiffener
between engine and clutch and tighter fitting of the
transmission spline. Production number is around 170,000 but the
figure of vehicles still remaining in the field is only about
the half. About 70 PQRs have been detected. Three physical
injuries were reported, including the above-mentioned fatal
accident.

The President & CEO pointed out that the matter should clearly
have been treated as a recall back in 1996. However, only
limited modifications were ordered leaving the failure without
resolution. This was the result of the corporate culture of
concealment. But concerned employees have spoken up and conveyed
this long time hidden failure. This clearly shows that the new
transparent corporate culture, which MFTBC has continuously
strengthened over time under the new management, is working. It
also demonstrated that MFTBC has systematically improved its
quality management system since early 2003. Organizational and
systematic changes are increasingly accompanied by a new
attitude within our organization.

The Clutch Housing Case also included the cover-up of facts. As
the President & CEO pointed out: any cover-up of safety related
facts is totally unacceptable to MFTBC's customers, society but
also for today's management and employees of MFTBC. However,
with the new management in place since 2003 including recent
changes, a different attitude has emerged throughout the
company. The process of coming up with the newest findings is
best proof of this, according to MFTBC.

This is a company press release.


MITSUBISHI MOTORS: Unveils FY03 Financial Results
-------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
announced its financial results for the year ended March 31,
2004, a forecast for results for the year ending March 31, 2005,
and a business revitalization plan aimed at shoring up the
company's financial base and returning it to profitability.  

FISCAL 2003 FINANCIAL RESULTS

Despite steady growth in unit sales in Japan, Europe, and
Asia/Rest of the World, the company saw consolidated net sales
decline to 2.519 trillion yen (US$ 22 billion, euro 19 billion)
from 2.736 trillion yen in fiscal 2002. This is mainly due to a
marked decrease in unit sales in the US as the company tightened
its credit policy and faced an intensely competitive market.

Operating results turned negative in fiscal 2003 with the
company recording an operating loss of 96.9 billion yen (US$ 843
million, euro 745 million) compared to an operating profit of 84
billion yen the year before. While MMC saw its European
operations turn positive for the first time ever, the overall
negative result comes on the back of the drop in US unit sales,
which was further compounded by higher incentive costs and high
credit loss provisions taken by the company's US captive
financing unit Mitsubishi Motors Credit of America, Inc. (MMCA).

Ordinary income came to minus 110.3 billion yen (US$ 959
million, euro 848 million) compared to ordinary profit of 67.4
billion yen in fiscal 2002. Net income for the period declined
to minus 215.4 billion yen (US$ 1.9 billion, euro 1.7 billion)
from a net profit of 43.9 billion yen. A reversal of all US and
Japan deferred tax assets led to a net loss in fiscal 2003 far
below the previous forecast.

Unit sales in Japan returned to growth for the first time in
eight years, adding 5,000 units on year to total 359,000. A
stronger product lineup and solid growth in Eastern Europe
helped push European volume to 214,000 units, up 14,000 units on
year, marking the first year-on-year increase in four years. A
jump of 60,000 units in China to 151,000 units offset a decrease
in volume in other parts of Asia/Rest of the World for a total
of 681,000 units, a slight increase of 1,000 units compared to
fiscal 2002. North American volume, however, declined to 273,000
units from 343,000 the year before. This decline impacted total
worldwide sales, which dropped by 50,000 units to 1.53 million.

FISCAL 2004 FORECAST

Fiscal 2004 marks the start of MMC's revitalization plan, which
calls for a number of restructuring measures and efforts to
improve the company's operations. While MMC plans to implement
measures in fiscal 2004 to drastically reduce costs and
reorganize part of its operations, the company expects only a
limited effect for the year. Further, fiscal 2004 forecasts
include a one-off loss the company expects to book for the
period as a result of restructuring costs.

As such, MMC expects consolidated net sales of 2.25 trillion yen
(US$ 21 billion, euro 18 billion), a decline of 269.4 billion
yen; an operating loss of 120 billion yen (US$ 1.1 billion, euro
960 million), a 23.1 billion yen decline; an ordinary loss of
150 billion yen (US$ 1.4 billion, euro 1.2 billion), or a
further 39.7 billion yen decline; and a 14.6 billion yen drop in
net income to 230 billion yen (US$ 2.2 billion, euro 1.8
billion). These forecasts are based on foreign exchange
assumptions of 105 yen/dollar and 125 yen/euro.

In terms of unit sales, MMC expects to see its total retail
sales volume decline by 74,000 units to 1.453 million. By
region, MMC expects volume in Europe to jump by 46,000 units to
260,000 thanks to the launch of the European Colt. In Japan,
meanwhile, volume is expected to decrease 59,000 units to
300,000. North American volume is forecast to slip by 40,000
units to 233,000, while the company expects to sell 660,000
units in Asia/Rest of the World, or a decline of 21,000 units.


MITSUBISHI MOTORS: Discloses Business Revitalization Plan
---------------------------------------------------------
Although Mitsubishi Motors Corporation (MMC) was able to achieve
the original targets for cost reductions set out in its
Turnaround mid-term business plan drawn up in fiscal 2001, the
operating profit margin was off target, the Company said in a
statement. This result, in addition to the huge loss in trust
incurred by the Mitsubishi Fuso recalls, has placed MMC in a
crisis that threatens the future of the company.

Speaking on the revitalization plan at a press conference in
Tokyo this on 21 May 2004, MMC Chairman, President and CEO
Yoichiro Okazaki said: "This plan is our last chance for
survival as an automaker. Everyone in the Mitsubishi Motors
group is determined to rally together and bring the company back
to health through a self-supported revival."

To shore up MMC's financial standing, a capital enhancement of
450 billion yen will be carried out with 270 billion yen coming
from Mitsubishi group companies, 10 billion yen from MMC's
strategic partner China Motor Corporation (CMC), and 170 billion
yen from the market. Preferred shares totaling 140 billion yen
will be issued to Mitsubishi Heavy Industries, Mitsubishi
Corporation, The Bank of Tokyo-Mitsubishi, and other Mitsubishi
group companies, while The Bank of Tokyo-Mitsubishi and
Mitsubishi Trust & Banking Corporation will swap 130 billion yen
of debt for equity. Funds procured from the market will come
from plans to issue 70 billion yen1 in common stock to Phoenix
Capital and 100 billion yen in preferred shares to J.P. Morgan
Securities.

In a Company press release, MMC will use 130 billion yen of the
funds to pare debts and 320 billion yen will go towards
revitalizing the company's operations.

MMC today resolved to issue preferred shares for Mitsubishi
group companies and CMC with payment due in late June. The
common stock, which is estimated to be 100 yen per share, will
be issued to Phoenix Capital after being approved at MMC's
annual shareholders' meeting. The preferred shares for J.P.
Morgan Securities will be issued at the same time as the common
stock is issued to Phoenix Capital and payment is expected to be
due around mid to late July.

Three types of preferred shares will be issued, all of which can
be converted to common stock in the future. However, the
preferred shares issued to Mitsubishi group companies and CMC
are designed to be held for a relatively long period.

Okazaki also explained that the plan must achieve the minimum
targets of pushing ordinary income into the black in fiscal 2005
and turning a net profit in fiscal 2006. The company's financial
targets for fiscal 2006 are: consolidated net sales of 2.49
trillion yen, operating profit of 120 billion yen, ordinary
income of 100 billion yen, net profit of 70 billion yen, and a
4.8 percent operating profit margin. Other numerical targets set
out in the plan include:

85 billion yen in fixed cost savings by FY06. This will be
achieved by:

Reducing production capacity by 17 percent by FY06 and raising
the overall capacity utilization rate to 97 percent

Reducing indirect personnel by 30 percent by FY06 (from 26,400
at beginning of FY04 to 18,800 by end of FY06)

Reducing the number of platforms from 15 to 6 by FY10
154 billion yen in savings for variable costs by FY06

Reducing staff at Japanese headquarters by 30 percent
Global sales volume of 1.7 million units by fiscal 2006

Over 40 percent reduction in interest-bearing debts by FY06;
debt-to-equity ratio below 2.5:1.

To reduce total production capacity by 17 percent, the company
will finish production at its Okazaki plant in Japan to
consolidate its three domestic assembly plants into two. MMC
will also wind down operations at its engine manufacturing plant
in Australia in 2005. However, today's revitalization plan
confirms MMC's commitment to continue its manufacturing
operations in Australia and the production of a new model in
2005.

In line with its target to slash variable costs by 154 billion
yen by fiscal 2006, MMC intends to cut back material costs by 15
percent by stepping up initiatives in the Mitsubishi Cross-
Functional Project (MXP), a company-wide project charged with
cutting material costs across the board. MXP will also be
introduced to offshore plants. Other moves include promoting
global sourcing, reducing die costs, and increasing commonality
of parts to keep the cost of indirect materials down.

To cut headquarters staff in Japan by 30 percent, MMC will shift
its headquarters to Kyoto in order to make maximum use of its
assets. This will make way for yearly savings of 2 billion yen.

MMC has also mapped out new product and regional strategies
geared towards growth, with a renewed focus on China and a
continued emphasis on revitalizing the North American market.
The firm will launch a raft of new cars between fiscal 2004 and
fiscal 2007 including 16 in Japan, 10 in Europe, 7 in North
America, and 11 in China. The new cars will be steeped in
"Mitsubishi Motors DNA," which is best summed up by MMC's SUVs-
as typified by the Pajero-and the sporty, driver-oriented traits
found in the Lancer Evolution. To clarify responsibility in
product development, Product Executives will be elected for each
product to oversee issues related to the whole lifecycle of
their product from initial conception through development,
production and sales.

In Japan, the plan aims for a renewed customer-centric sales
approach. MMC will successively launch new "Mitsubishi Motors
DNA" cars-4 in fiscal 2004 and 5 in fiscal 2005-focused on
customer needs. Other steps include offering customers free
inspections of their vehicle and 24-hour support, building
relations with customers on a company wide basis, improving the
company's sales structure by refurbishing dealer outlets and
using infrastructure laid out for information technologies.

Profitability in North America will be achieved by maintaining a
balance between supply and demand. In particular, MMC will
review an adjustment to production capacity at its Illinois
plant, cut back on incentives and the ratio of fleet sales, and
launch new and special edition cars: 3 models in fiscal 2005.

MMC will also review its captive financing company in the US.
All possibilities, including the potential exit from the captive
sales financing business, will be considered, keeping the
interests and needs of dealers and customers first. No matter
what option is selected, the need for adequate financing support
in the North American market is recognized and seen as a top
consideration in this evaluation. Other plans on the table
include downsizing assets and looking into possible strategic
alliances with external partners.

"Despite the recent problems we have faced in the US, North
America remains a top priority for us. We are fully committed to
getting our North American operations back on track to pave the
way for future growth there," Okazaki said.

MMC will also seek to expand opportunities for profit in the
fast-growing Chinese market by investing further in its local
partners to change the production and sales network over to the
Mitsubishi brand.

A new strategic car for Asia will be launched to enhance the
product lineup.

The company's two engine and transmission joint ventures in
China-Shenyang Aerospace Mitsubishi Motors Manufacturing Co.,
Ltd. and Harbin Dongan Automotive Engine Manufacturing Co.,
Ltd.-will become the main bases for supplying parts to other
operations throughout Asia.

In fiscal 2008, MMC aims to have 500 Mitsubishi Motors dealers
in China with annual sales of 220,000 units (310,000 units
including local brands).

Corporate reforms to restore trust in the company are another
important aspect of the plan. The company will set up a Business
Ethics Committee, Corporate Social Responsibility (CSR)
Promotion Office, and Corporate Restructuring Committee to push
through corporate reforms and establish corporate ethics
standards under the supervision of outside members. Also,
bringing in outside capital will free up the company to
implement bold measures aimed at revitalizing its operations.

Open to public scrutiny, the Business Ethics Committee, which
will include people from outside the company who are experts in
their respective fields, will supervise the company's efforts to
comply with its pledge to place the utmost importance on
customers, safety, and quality. The Committee will also directly
advise the board of directors, thereby dramatically
strengthening the auditing of quality and governance issues. In
addition, a Quality Assurance Office will be established and
quality assurance/management consolidated.

The CSR Promotion Office will come under the direct control of
the CEO and will be charged with promoting quality auditing and
compliance issues throughout the whole company. The Office will
regularly check on quality management within the Quality
Assurance Office and implement improvements.

MMC will also be able to implement tough corporate reforms based
on the view of outside investors. A Corporate Restructuring
Committee, headed up by a Corporate Restructuring Officer
appointed by outside investors, will be established for one year
and inter-departmental teams created to focus on business
revitalization issues. Consisting mainly of younger members,
these teams will make bold proposals to the Corporate
Restructuring Committee that will reach through the entire
organization. The Committee will send proposals to respective
departments, which will be responsible for implementation. Those
in charge of operations in each region will be responsible for
achieving profit targets set out for their region.

The number of executives will be cut from 51 to 37 and the
number of departments slashed from 230 to 150 by the end of
fiscal 2004.



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


HANBO IRON: Optimism Rises Over Sale
------------------------------------
The bidding for Hanbo Iron & Steel Co. closed on Tuesday with
the steel industry confident a sale will be completed by mid-
year, the Korea Herald reports.

Ten domestic and international investors, who recently completed
due diligence studies of Hanbo, are expected to submit formal
letters of interest to Samil Accounting Co., the lead manager of
the sale. A preferred buyer is to be selected in early June and
the sale will be completed by the middle of the year.

The steel maker has been on the sale block since its bankruptcy
during the 1997-98 Asia financial crisis.


HYNIX SEMICONDUCTOR: Creditors OK Sale to Citigroup
---------------------------------------------------
Korea Exchange Bank and other major creditors of Hynix
Semiconductor Manufacturing decided to sell the non-memory
operations of the chipmaker to Citigroup Venture Capital (CVC)
for 954.3 billion won and will collect written endorsements from
creditors by May 27, Digital Chosun reports.

An official from a key creditor bank said, "Most of the creditor
banks actually agreed with the price and conditions proposed by
Citigroup, and led to compromise with the secured creditors
about the distribution of the payment. There aren't any
obstacles left in the way."

Hynix is expecting an operating profit of W 1 trillion this year
due to good conditions in the semiconductor industry.


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


ACTACORP HOLDINGS: Extends Share Sale Agreement
-----------------------------------------------
Actacorp Holdings Berhad (AHB) has given the Bursa Malaysia
Securities Berhad an update on the Share Sale Agreement between
Kumpulan Jetson Berhad, PJS Industries Sdn Bhd and AHB dated 7
April 2004. The respective parties to the Share Sale Agreement
have agreed that the date for the fulfillment or satisfaction of
the condition precedent as set out in Clause 5.1(d) of the Share
Sale Agreement relating to a commercial, financial and legal due
diligence investigation on PJSD, be extended for another 45
days, commencing 23 May 2004 and expiring 6 July 2004.

This BMSB announcement is dated 24 May 2004.

c.c. Securities Commission
Encik Kris Azman Abdullah


AMSTEEL CORPORATION: Unveils Quarterly Report Ending March 31
-------------------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Amsteel
Corporation Berhad announced its quarterly report for the
financial period ended March 31, 2004, with the following
details:

INDIVIDUAL PERIOD CUMULATIVE PERIOD

CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER
CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD

31/03/2004 RM'000
31/03/2003 RM'000
31/03/2004 RM'000
31/03/2003 RM'000

1) Revenue  
   750,641
   1,158,336
   2,085,730
   4,019,904

2) Profit/(loss) before tax  
   55,227
   1,154,241
   88,695
   1,128,024

3) Profit/(loss) after tax and minority interest  
   20,138
   850,053
   1,911
   748,423

4) Net profit/(loss) for the period
   20,138
   850,053
   1,911
   748,423

5) Basic earnings/(loss) per shares (sen)  
   1.51
   136.29
   0.14
   199.63

6) Dividend per share (sen)  
  0.00
  0.00
  0.00
  0.00

ACCOUNTING POLICIES AND METHOD OF COMPUTATION    
  
The interim financial report has been prepared in accordance
with the Malaysian Accounting Standards Board (MASB) Standard
26, "Interim Financial Reporting" and Part A of Appendix 9B of
the Listing Requirements of Bursa Malaysia Securities Berhad and
should be read in conjunction with the audited financial
statements of the Group for the financial year ended 30 June
2003.    

The accounting policies and methods of computation adopted by
the Group in this interim financial report are consistent with
those adopted in the audited financial statements for the
financial year ended 30 June 2003 except for the adoption of new
MASB standards.  

The adoption of the new MASB standards does not have any
material effect on the financial results of the Group for the
financial year-to-date.       

QUALIFICATION OF AUDIT REPORT     

There were no qualifications on the audit report of the
preceding year's financial statement.     

SEASONALITY OR CYCLICALITY      
   
The operations of the Group are not subjected to material
seasonal or cyclical effects except for the Retail division,
which normally records higher sales during the festive seasons
and school holidays.

UNUSUAL ITEMS        

There were no items affecting assets, liabilities, equity, net
income or cash flows that are unusual because of their nature,
size or incidence.        

MATERIAL CHANGES IN ESTIMATES     
   
There were no material changes in estimates of amounts reported
in prior interim period of the current financial year or in
prior financial years.       
       
DEBT AND EQUITY SECURITIES      

The Group has redeemed RM359 million of Bonds during the
quarter.

Other than the above, there were no issuance, cancellations,
repurchases, resale and repayments of debt and equity securities
for the current quarter and financial year-to-date.  

DIVIDEND PAID        

There was no dividend paid during the current quarter and
financial year-to-date.   

For a copy of the full quarterly report, go to
http://bankrupt.com/misc/tcrap_AMSTEEL3QReport26May2004.xls

For a copy of the issues affecting the joint-venture companies
of Lion Group in the People's Republic of China, go to
http://bankrupt.com/misc/tcrap_AmsteelIssues26May2004.rtf.
http://bankrupt.com/misc/tcrap_AmsteelLion26May2004.rtf
http://bankrupt.com/misc/tcrap_AmsteelSCB26May2004.rtf


AMSTEEL CORPORATION: Discloses Revaluation of Shopping Malls
------------------------------------------------------------
In the notice forwarded by Amsteel Corporation Berhad to the
Bursa Malaysia Securities Berhad, the Company said it had
carried out a revaluation of the following malls:

(i) Ipoh Parade, which is owned by Lion Ipoh Parade Sdn Bhd, a
wholly-owned subsidiary of Amsteel; and

(ii) Seremban Parade, which is owned by Lion Seremban Parade Sdn
Bhd, a 70% subsidiary of Amsteel.

It is the Company's policy to revalue its investment properties
at least once in every five years by an independent professional
valuer based on open market value. The last revaluation exercise
was in year 1999.

The revaluation was carried out by Messrs CH Williams Talhar &
Wong Sdn. Bhd. (CH Williams), an independent professional
valuer, as set out in its report dated 19 April 2004.

Details of the revaluation is set out in Table 1.

The revaluation will be incorporated in the financial statements
of Amsteel for the financial year ending 30 June 2004. The net
tangible assets per Amsteel share is expected to increase by
1.51 sen as a result of the revaluation surplus.

The revaluation is not subject to the approval of the Securities
Commission or any other authorities.

2. DOCUMENTS FOR INSPECTION

A copy each of the valuation report dated 19 April 2004 from CH
Williams is available for inspection at the registered office of
Amsteel at Level 46, Menara Citibank, 165 Jalan Ampang, 50450
Kuala Lumpur on Mondays to Fridays (except on Public Holidays)
during business hours from 9.00 am to 5.00 pm for a period of
three months from the date of this announcement.


Table 1  
                 Book Value
                 RM'million Current Valuation
                             by CH Williams
                             RM'million         
Surplus/(Deficit)

                                                   RM'million
Ipoh Parade          156          188                 32
Seremban Parade      93            90                 (3)


ANCOM BERHAD: Issues Notice of Shares Buy Back
----------------------------------------------
Ancom Berhad posted the following notice announcing the buy back
of shares with the Bursa Malaysia on 24 May 2004.

Date of buy back: 24/05/2004

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 71,500

Minimum price paid for each share purchased (RM): 0.780

Maximum price paid for each share purchased (RM): 0.800

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 71,500

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 1,362,900

Adjusted issued capital after cancellation (no. of shares)
(units) :  


CONSOLIDATED FARMS: Issues Practice Note 1/2001 Update
------------------------------------------------------
Consolidated Farms Berhad (Confarm) announced on 24 May 2004, on
the Bursa Malaysia Securities Berhad that the Confarm Group is
unable to pay the additional principal in respect of its banking
facilities as set out in Table 1.

The Board of Directors is currently undertaking a thorough
review to ascertain its financial position before deciding the
way forward for the Confarm Group.

TABLE 1

Additional Amount of Principal Due from 18 May 2004 to 24 May
2004

Lender    Borrower  Additional Amount
                             Due from 18 May to  
                             24 May 2004
                              (RM'000)                 

Type of Facilities                               Bankers'

Bumiputra-Commerce
Bank Berhad (BCBB) Confarm           247.0     
Acceptance (BA)
Malayan Banking Berhad Confarm       427.0        BA
BCBB Consolidated Feedmill Sdn Bhd   557.0        BA
BCBB Consolidated Breeder Farms Sdn Bhd 398.0     BA
BCBB Consolidated Liquid Eggs Sdn Bhd 51.0        BA

Total                                1,680.0  

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


HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad posted the following notice
announcing the buy back of shares with the Bursa Malaysia
Securities Berhad on 24 May 2004.

Date of buy back: 24/05/2004

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units): 25,000

Minimum price paid for each share purchased (RM): 2.430

Maximum price paid for each share purchased (RM): 2.500

Total consideration paid (RM): 62,731.53

Number of shares purchased retained in treasury (units): 25,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 33,014,900

Adjusted issued capital after cancellation (no. of shares)
(units): 0
   
Remarks:
cc: Securities Commission


KRAMAT TIN: Announces a Change of Registrar
-------------------------------------------
Kramat Tin Dredging Berhad announced on the Bursa Malaysia
Securities Berhad a change in Company registrar. Details are as
follow:

Old registrar: Pernas Charter Management Sdn Bhd

New registrar: Signet Share Registration Services Sdn Bhd

Address: Level 26, Menara Multi Purpose, Capital Square, No.8,
Jalan Munshi Abdullah, 50100 Kuala Lumpur.

Telephone No: 03-27212222

Facsimile No: 03-27212530

Effective Date: 25/05/2004  

This announcement is dated 25 May 2004.


POS MALAYSIA: Schedules General Meeting June 16
-----------------------------------------------
The 72nd Annual General Meeting of POS Malaysia & Services
Holdings Berhad will be held at Crown Princess Kuala Lumpur,
Ballroom 1, 10th Floor, City Square Centre, Jalan Tun Razak,
50400 Kuala Lumpur on 16 June 2004 at 10 a.m. for the following
purposes:

As Ordinary Business:

1. To receive and adopt the Directors' Report and Statement of
Directors, the audited Financial Statements and the Report of
the Auditors for the financial year ended 31 December 2003.
(Resolution 1)

2. To declare a first and final dividend of 5% less tax in
respect of the financial year ended 31 December 2003.
(Resolution 2)

3. To approve Directors' fees. (Resolution 3)

4. To re-elect the following Directors who retire in accordance
with the Article 102 of the Company's Articles of Association,
and being eligible, offered themselves for re-election:

(a) Tan Sri Abdul Halim bin Ali (Resolution 4)
(b) Dato' Annuar bin Maaruf (Reslolution 5)

5. To re-elect Dato' Ikmal Hijaz bin Hashim who retires in
accordance with Article 109 of the Company's Articles of
Association, and being eligible, offered himself for re-
election. (Resolution 6)

6. To appoint Messrs KPMG as Auditors of the Company in place of
the retiring Auditors, Messrs PricewaterhouseCoopers and to
authorize the Directors to fix their remuneration.

Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965, a copy of which has been received by the
Company for the nomination of Messrs KPMG, who have given their
consent to act, for appointment as Auditors and of the intention
to propose the following Ordinary Resolution:

"THAT Messrs KPMG be and are hereby appointed as Auditors of the
Company in place of the retiring Auditors, Messrs
PricewaterhouseCoopers to hold office until the conclusion of
the next Annual General Meeting at a remuneration to be
determined by the Directors." (Resolution 7)

As Special Business:

To consider and, if thought fit, pass the following resolution
as an ordinary resolution:

7. Power to allot and issue shares pursuant to Section 132D of
the Companies Act, 1965

To authorize the Directors of the Company, pursuant to Section
132D of the Companies Act 1965, to issue shares in the Company
at such time and for such consideration as they shall in their
absolute discretion deem fit in accordance with the provisions
of the Articles of Association of the Company provided always
that the new shares to be issued shall not at any time exceed
ten per centum (10%) of the issued and paid-up share capital of
the Company. (Resolution 8)

8. To transact any other business of which due notice has been
given.

This Bursa Malaysia Securities Berhad announcement is dated 25
May 2004.


POS MALAYSIA: Issues Book Closure Notice
----------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, POS
Malaysia & Services Holdings Berhad announced that a first and
final dividend of 5 percent less tax in respect of financial
year ended 31 December 2003 if approved by the shareholders at
the 72nd Annual General Meeting, will be paid on 20 August 2004
to Depositors whose names appear in the Record of Depositors on
21 July 2004.

Further notice is hereby given that the Register of Members will
be closed from 22 July 2004 to 23 July 2004 (both dates
inclusive) for the determination of first and final dividend.

A Depositor shall qualify for entitlement to the dividend only
in respect of:

(a) Shares transferred into the Depositor's securities account
before 4.00 p.m. on 21 July 2004 in respect of ordinary
transfers; and

(b) Shares bought on the Bursa Malaysia Securities Berhad on cum
entitlement basis according to the Rules of the Bursa Malaysia
Securities Berhad.

Notes:

1. A member entitled to attend and vote is entitled to appoint
one or more proxies to attend and vote in his stead. Where a
member appoints two or more proxies to attend the Meeting, the
member shall specify the proportion of his shareholdings to be
represented by each proxy. A proxy need not be a member of the
Company.

2. The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his attorney duly authorized in
writing or, if the appointor is a corporation, either under the
corporation's seal or under the hand of an officer or attorney
duly authorized.

3. The instrument appointing a proxy must be sent to Level 23,
Menara Asia Life, 189 Jalan Tun Razak, 50400 Kuala Lumpur not
later than 48 hours before the time set for the Meeting or any
adjournment thereof.

Note on Special Business:

1. The proposed Ordinary Resolution 8 if passed, is to give
Directors of the Company flexibility to issue and allot shares
for such purposes as the Directors in their absolute discretion
consider to be in the interest of the Company, without having to
convene a general meeting. This authority will expire at the
next Annual General Meeting of the Company.

By Order of the Board,
Thean Siew Hein
MAICSA 7002315
Company Secretary
Kuala Lumpur
25 May 2004


SIN KEAN: Issues Update to SKB Metal Civil Suit
-----------------------------------------------
On 20 May 2003, Sin Kean Boon Group Berhad (SKBG) had announced
that Sin Kean Boon Metal Industries Sdn Bhd (SKBMI), a wholly-
owned subsidiary of SKBG had on 20 May 2003 received from Messrs
Choy & Associates, solicitors for SKB Metal Sdn Bhd (SMSB), a
Writ Saman Dan Penyata Tuntutan issued by the Penang High Court
(No. 2) Guaman Sivil No: 22-267-2003. By the said Writ, SMSB has
claimed against SKBMI for the following reliefs:

a) The sum of RM972,300.00 and RM74,078.39 being the arrears of
rent and the interest accrued thereon respectively for a portion
of the Premises known as Lot 466 & 472, Jalan Perusahaan Baru
Satu, Prai Industrial Estate 3, 13600 Prai, Penang, together
with interest accrued thereon at the rate of 8% per annum from
21 March 2003 until full settlement;

b) Vacant possession of the said Premises known as Lot 466 &
472, Jalan Perusahaan Baru Satu, Prai Industrial Estate 3, 13600
Prai, Penang occupied by the Defendant within one (1) month from
the date of the Order of Court;

c) Mesne profits of RM92,600.00 per month from 1 April 2003 up
to the date of delivery of vacant possession;

d) Costs; and

e) That there be such further relief's and/or orders as may be
deemed just and necessary.

On 20 May 2003, SKBG had also announced that in the Penyata
Tuntutan, SMSB alleged that the tenancy has been terminated due
to SKBMI's failure to pay rent from July 2001 to March 2003
(inclusive).

SKBG had on 20 May 2003 also announced that they had instructed
their lawyers to defend this suit as all monthly rental from
July 2001 to date has been paid to the solicitors as
stakeholders as previously agreed pending the tenancy dispute of
the premises. Further, the counterclaim in Penang High Court
Civil Suit: 22-104-2002 is in respect of the same tenancy
dispute is still pending trial.

On 28 May 2003, Sin Kean Boon Group Berhad announced that the
solicitors had on 28 May 2003, filed a Memorandum Kehadiran to
the Penang High Court.

On 30 June 2003, Sin Kean Boon Group Berhad announced that it
has on 30 June 2003 received a copy of sealed Saman Dalam Kamar
dated 30 May 2003 and Affidavit affirmed by Sin Kheng Chuan on
30 May 2003.

The Saman Dalam Kamar is the Plaintiff's (SMSB) application for
summary judgment for the sum of RM972,300.00 and RM74,078.39 and
interest at 8% p.a. from 21 March 2003 to date of full
settlement and costs. The Plaintiff's application was fixed for
hearing on 17 July 2003.

The Defendant Sin Kean Boon Metal Industries Sdn Bhd (SKBMI)
will be resisting this application.

SKBG had on 17 July 2003 announced that the matter fixed for
hearing on 17 July 2003 was adjourned and the Court had fixed
the final hearing date for Summary Judgment on 15 September
2003.

On 15 September 2003, SKBG announced that the Court has
postponed this matter pending its preparations to relocate to
its new premises at Northam Tower and the Court will write to
parties to inform of the new hearing date.

SKBG had on 14 January 2004 announced that the Court has fixed
the matter for hearing of the Plaintiff's application for
Summary Judgment on 11 February 2004.

On 15 January 2004, SKBG announced that SKBMI's application for
suit no: 22-267-2003 to be stayed pending the hearing of SKBG's
Counterclaim in suit no: 22-104-2002, alternatively, for both
the suit no: 22-267-2003 and SKBG's counterclaim in suit no: 22-
104-2002 to be consolidated or heard together has been fixed on
11 February 2004 which is the same day as the Plaintiff's
application for summary judgment.

On 11 February 2004, SKBG announced that the matter had been
adjourned to a date to be fixed later.

On 12 March 2004 SKBG announced that the Court has fixed the new
hearing date of this matter on 6 April 2004.

On 6 April 2004, SKBG announced that its solicitors had informed
the Court that the Defendant's application for consolidation of
the matters, ie for Plaintiff's summary judgment to be heard
together with the Defendant's counterclaim or alternatively for
stay of Plaintiff's suit pending disposal of the Defendant's
counterclaim (enclosure 11) has not been disposed off yet.

As such the Court directed that parties file Written Submission
for both the application. The mention dates following the above
are:

1) 21/04/04 - For Defendant to file reply to Plaintiff's written
submissions to enclosure 3 (Summary Judgement). Also for
Defendant to file written submissions to enclosure 11
(consolidation).

2) 13/05/04 - For Plaintiff to file reply to Defendant's written
reply to enclosure 3.

- Also for Plaintiff to file reply to Defendant's written
submissions for enclosure 11.

3) 27/05/04 - For Defendant to file reply to Plaintiff's reply
to enclosure 11.

4) 04/06/04 - Decision of enclosure 3 and 11.

On 22 April 2004, SKBG announced that the solicitors have
informed that the written submissions as directed by the Court
have been duly filed. The solicitors have also informed that the
next date 13 May 2004 is maintained.

On 13 May 2004, SKBG announced that the Plaintiff's solicitors
have requested for extension of time to file the Plaintiff's
written reply submission.

Today SKBG wishes to announce that their solicitors have
received the Plaintiff solicitors' Reply Written Submissions.
The solicitors will be writing to Court for an extension of time
of 2 weeks to enable them to file the Defendant's reply to the
same.

Yours faithfully
Lam Voon Kean (MIA 4793)
Joint Secretary

This Bursa Malaysia Securities Berhad announcement is dated 24
May 2004.


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


MANILA ELECTRIC: Releases Annual Stockholders Meeting Results
-------------------------------------------------------------
Manila Electric Co. disclosed to the Philippine Stock Exchange,
the results of its Annual Stockholders Meeting held on Tuesday,
May 25, 2004.

The stockholders appointed Sycip, Gorres, Velayo and Co. (SGV)
as the registrant's external auditors.

At the said annual meeting, the following persons were elected
directors to serve for the ensuing year and until the election
and qualification of their successors:

(1) Felipe B. Alfonso
(2) Jesus P. Francisco
(3) Winston F. Garcia
(4) Manuel M. Lopez
(5) Christian S. Monsod
(6) Juan B. Santos
(7) Washington Z. Sycip
(8) Margarito B. Teves
(9) Edmundo M. Varona
(10) Emilio A. Vicens
(11) Cesar E.A. Virata


NATIONAL BANK: Unveils Annual Stockholders Meeting Outcome
----------------------------------------------------------
Philippine National Bank submits to the Philippine Stock
Exchange the result of its Annual Stockholders Meeting held on
Tuesday, May 25, 2004, the PNB stockholders took up and approved
the following:

(1) The election of the following as Directors of the Bank to
serve as such for a period of one year or until their
successor(s) have been elected and qualified:

- Domingo T. Chua
- Francisco A. Dizon
- Vicente L. Panlilio
- Santiago S. Cua, Jr.
- Cielo M. Salgado
- Washington Z. SyCip
- Lorenzo V. Tan
- Lucio C. Tan
- Ricardo M. Tan
- Florencio G. Tarriela
- Macario U. Te

The independent directors are Ms. Salgado and Mr. SyCip.

(2) Appointment of SGV & Co. as the Bank's external auditor.

At the organizational meeting of hte Board of Directors
immediately after the Annual Stockholders Meeting, the following
were elected to the position(s) set forth after their names:

- Francisco A. Dizon   - Chairman of the Board
- Lorenzo V. Tan       - Vice Chairman & President
- Sylvia Chan-Lim      - Treasurer
- Renato J. Fernandez  - Corporate Secretary
- Alvin C. Go          - Chief Legal Counsel
-Cris S. Cabalatungan  - Internal Auditor

Should you wish any clarification on any matter contained
herein, please do not hesitate to let us know.


NEGROS NAVIGATION: Receiver Says Spin-Off Needs Clarification
-------------------------------------------------------------
Sulficio Tagud court-appointed receiver of Negros Navigation Co.
said it would not be possible for stakeholder Metro Pacific
Corp. to spin-off the shipping company because it has been a
separate company eversince, BusinessWorld Online edition
reports.

"My understanding is Nenaco has been a separate company all
along. Nenaco is a publicly listed, stand-alone company and
Metro Pacific is a stockholder," Mr. Tagud said.  However, he
has not received word from Metro Pacific regarding the spin-off.

"As receiver, I am not yet aware of such plans. But if ever, I
will seek clarification from them (Metro Pacific) because I do
not understand how a separately operating company can be spun
off," Mr. Tagud said.


NEGROS NAVIGATION: Aims To Be Debt Free By 2011
-----------------------------------------------
Negros Navigation Co. (Nenaco) currently has a debt amounting to
PhP2.5 billion, but according to Manuel Pangilinan, Managing
Director of First Pacific Co. Ltd. a unit of major stakeholder
Metro Pacific Corp. it should be debt free by year 2011,
according to ABS-CBN News Interactive.

About PhP600 million of the said debt is owed to lenders,
particularly to the Development Bank Philippines.  The remaining
amount is owed to suppliers, which includes Tsuneishi Heavy
Industries Inc. for dry docking services rendered.

Currently, Nenaco is experiencing a dispute with Aboitiz
Transport Systems Corp. who own 20 percent of Tsuneishi, wherein
Nenaco's sales and ability to settle its debt is affected.

On his comment about the Aboitiz conflict, Mr. Pangilinan
explained, "We just wanted peace and quiet [in running Nenaco's
business]. It was true that we did not conduct complete due
diligence [in taking over Nenaco]. We were not in the shipping
industry but we went ahead with the acquisition anyway because
we were asked to help."

According to the report, Nenaco had claimed it made regular
payments totaling PhP27 million to Tsuneishi for past services
and had anticipated an amicable renegotiation of payment terms.
Still, Tsuneishi attempted to seize a Nenaco ship with 700
passengers onboard to force immediate repayment of a further P35
million in past accounts.

"The Cebu courts directed Tsuneishi-Aboitiz to sit down with us
and work out an amicable payment plan, but we have yet to
receive any response from them. Instead, Tsuneishi-Aboitiz seems
determined to bully and disrupt our ability to earn cash needed
for the servicing of our debts instead of negotiating what is
really just an ordinary commercial dispute," Conrado A.
Carballo, Nenaco president and general manager earlier said.

However, Nenaco has received approval from the court to undergo
a rehabilitation program to be able to settle its debts and
trade payables while preserving its assets for cash generation
and future growth.


PHILIPPINE LONG: Issues AGM Notice
----------------------------------
Notice is hereby given that the Annual Stockholders Meeting of
the Philippine Long Distance Telephone Co. (PLDT) will be held
at the Grand Ballroom, Dusit Hotel Nikko, Ayala Center, Makati
City, Philippines on Tuesday, June 8, 2004 at 4:00 p.m.

The Agenda of the meeting is as follows:

(1) Call to order

(2) Certification of service of notice and quorum

(3) President's report

(4) Approval of the audited financial statements for the period
ended, December 31, 2003 contained in the Company's 2003 Annual
Report.

(5) Election of directors for the ensuing year

(6) Other business as may properly come before the meeting and
at any adjournment thereof

The Board of Directors has fixed April 19, 2004 as the record
date for the determination of stockholders entitled to notice of
and to vote at said Annual Meeting.

The stock and transfer books of the Company will not be closed.

Although holders of record shares of preferred stock as the
Record Date are not entitled to vote at said Annual Meeting,
they are however, welcome to attend said meeting.


PILIPINO TELEPHONE: Submits Amendment To Disclosure
---------------------------------------------------
Pilipino Telephone Corp. disclosed to the Philippine Stock
Exchange amendment of its disclosure on May 13, 2004:

The Chairman of the Nominations Committee is Mr. Victor S.
Chiongbian, not Mr. Napoleon L. Nazareno as previously reported.  
All others remain as disclosed.


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


FOMCAS BUILDERS: Creditors Meeting Set for June 1
-------------------------------------------------
Fomcas Builders Pte Ltd (In Liquidation) hereby gives notice
that a meeting of creditors will be held at 141 Market Street,
Level 13 Room Prince, 1 AEC Centre, International Factor
Building, Singapore 048944 on the 1 June 2004 at 9:30 in the
morning.

AGENDA

(1) To consider and if thought fit to appoint a committee of
inspection;

(2) To approve the remuneration of the liquidator;

(3) To consider and if thought fit to dispose of the shares of a
public listed company issued to the Company as repayment of debt
by debtor;

(4) To cause legal actions against debtors; and

(5) Any other business.

GOH NGIAP SUAN
Liquidator.
c/o 336 Smith Street
#06-308 New Bridge Centre
Singapore 050336.

(1) Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged not later than
9:30 a.m. on 30 May 2004.

(2) To entitle you to vote thereat, your proof must be lodged
with the liquidator not later than 9:30 a.m. on 30 May 2004 if
you have not submitted your proof earlier.

(3) The accounts of the liquidator have been made up to 12
January 2004 and they may be inspected at the office of the
liquidator between 9:30 a.m. to 1 p.m. on 31 May 2004.

This Singapore Government Gazette announcement is dated 21 May
2004.


NEW CIVILBUILD: Issues Dividend Notice
--------------------------------------
New Civilbuild Pte Ltd. issued a notice of intended preferential
dividend with the following details:

Address of Registered Office: Formerly of 37 Kallang Pudding
Road #09-02 Tong Lee Building Singapore 349315.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 123 of 1998.

Last Day for Receiving Proofs: 4 June 2004.

Name & Address of Liquidator: 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.


SAN HAI: Winding up Hearing Slated for June 11
----------------------------------------------
Notice is hereby given that a petition for the winding up of San
Hai Marine & Construction Pte Ltd by the High Court was, on the
13 May 2004 presented by Goldstrong Technology Pte Ltd, a
creditor of the company, and that the petition is directed to be
heard before the Court sitting at the High Court in Singapore at
10 a.m. on the 11 June 2004. Any creditors or contributory of
the 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; and a copy of the petition will be
furnished to any creditor or contributory of the company
requiring the copy of the petition by the undersigned on payment
of the regulated charge for the same.

The Petitioners' address is No. 80 Tuas Avenue 1, Singapore
693525.

The Petitioners' Solicitors are Messrs Patrick Chin, Syn & Co.
of 67A Pagoda Street, Singapore 059226.

PATRICK CHIN, SYN & CO.
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named Messrs
Patrick Chin, Syn & Co. notice in writing of his intention so to
do. 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 solicitors (if any) and
must be served, or, if posted, must be sent by post in
sufficient time to reach the above named not later that
12 o'clock in afternoon of the 10 June 2004, (the day before the
date appointed for hearing of the petition).


SEMBAWANG DEVELOPMENT: Creditors Must Submit Claims by June 8
-------------------------------------------------------------
Notice is hereby given that the creditors of Sembawang
Development and Management Pte Ltd. (In Members' Voluntary
Liquidation), which is being wound up voluntarily, are required
on or before the 8 June 2004 to send in their names and
addresses with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said Company, and if so
required by notice in writing from the said Liquidator, are by
their solicitors, or personally, to come in and prove their said
debts or claims at such time and place as shall be specified in
such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

TEO BAN SENG
Liquidator.
c/o 3 Lim Teck Kim Road
#12-01 Singapore Technologies Building
Singapore 088934.

This Singapore Government Gazette announcement is dated 25 May
2004.


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


CAPETRONIC INTERNATIONAL: SET Suspends Trading
----------------------------------------------
Previously, the Stock Exchange of Thailand  (SET) posted an NP
(Notice Pending) sign on the securities of Capetronic
International (Thailand) Plc. (CAPE) effective May 18, 2004
because it failed to submit its financial statements as of March
31, 2004, the deadline specified by the SET.

The SET posted an SP (Suspension) sign to temporary suspend the
trading of CAPE's securities because of its failure to submit
its financial statements for more than five working days.

Therefore, this suspension will remain in effect from May 25,
2004 until the company submits the required financial
statements.


EASTERN WIRE: Submits Tender Offer Report
-----------------------------------------
Mr. Pirom Priyawat had made a tender offer to purchase all of
the ordinary shares of Eastern Wire Plc. (EWC) from April 7,
2004 to May 18, 2004.

In order to comply with the Notification of the Securities and
Exchange Commission No.GorJor.53/2545 regarding Rules,
Conditions and Procedures for Acquisition of Securities for
Business Takeovers dated November 18, 2002, the company would
like to submit a copy of tender offer report (Form 256-2) to
purchase the company's securities of the tender offerors to the
Stock Exchange of Thailand:

Sincerely yours,
(Mr.Pirom Priyawat)
Managing Director

To view full copy of the report of Tender Offer Result, click
http://bankrupt.com/misc/EWC052504.htm


THAI GERMAN: Releases Progress Report On Reorganization Plan
------------------------------------------------------------
Thai German Products PCL submits to the Stock Exchange of
Thailand its fifth progress report of the Reorganization Plan.

The creditor meeting has approved the third amendment of the
Business Reorganization Plan (The Plan).  The Central Bankruptcy
Court is going to consider agreeing on the plan on May 31, 2004.  
The plan administrator hereby submits to you the summary report
of The Plan.
                                                                       
Yours Sincerely,                                                       
(Mr.Apinun Ratchatasombat)
Executive Planner Representation

To view full copy of the summary report, click
http://bankrupt.com/misc/tgpro052504.htm








                            *********


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