TCRAP_Public/040527.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

             Thursday, May 27, 2004, Vol. 7, No. 104

                           Headlines

A U S T R A L I A

BRAMBLES INDUSTRIES: Reaffirms Outlook For Year
NATIONAL AUSTRALIA: Details Subordinated Debt Issue
NOVUS PETROLEUM: Directors Approve $1.90 Medco Offer


C H I N A  &  H O N G  K O N G

ADMOPEACE PROPERTIES: Issues Debt Claim Notice to Creditors
CHAN KAM: Enters Bankruptcy Proceedings
CHEUNG KAM: Creditors Meeting Set Slated for May 28
CHU MAN: Creditors Meeting Set for May 28
GRAND PLAN: Issues Debt Claim Notice to Creditors

HILLSEED INVESTMENT: Creditors Must Submit Claims by June 11
HO TAK: Schedules Creditor's Meeting
HO WAIKWAN: Enters Bankruptcy Proceedings
LAU WAN: Enters Bankruptcy Proceedings
LING YAP: Schedules Creditors Meeting May 28

NEW CATHAY: Enters Voluntary Liquidation
SEA MIND: Issues Notice to Creditors to Prove Debts
TONG CHI: Issues Bankruptcy Order Notice
TREASURE WORLD: Releases Notice to Creditors to Prove Debts
WAH SANG: Delays Third Quarter Financial Results

YIP WING: Creditors Meeting Set for May 28


I N D O N E S I A

BANK RAKYAT: S&P Raises Rate To Bpi From CCCpi


J A P A N

FUJITSU LIMITED: Aims to Post JPY100B Profit in 2006
ISHIKAWAJIMA-HARIMA: R&I Assigns BBB+ Rating
NIPPON CREDIT: Court Orders Former Executives to Pay JPY4B
UFJ HOLDINGS: Toyota May Provide Assistance
UFJ HOLDINGS: Posts JPY402.9B Loss

* Japan Unveils New Bankruptcy Law


K O R E A

HANARO TELECOM: Samsung Electric Selling Shares
HANBO IRON: Bidders Down to Seven


M A L A Y S I A

ANCOM BERHAD: Buys Back 9,000 Units Of Shares
ANTAH HOLDING: Issues Debt Restructuring Update
ANTAH HOLDINGS: New Subsidiaries To Be Listed
CHASE PERDANA: Presents First Quarter Consolidated Report
CONSOLIDATED FARMS: Liquid Eggs Unit Gets Demand Notice

CSM CORPORATION: Reveals Agenda For 24 June AGM
EMICO HOLDINGS: Completes Debt Restructuring
GENERAL SOIL: Winding Up Petition Withdrawn
HAP SENG: Buys Back More Ordinary Shares
HO WAH: Reports Bigger Losses For First Quarter

I-BERHAD: Makes China Debut
KRAMAT TIN: Appoints Joint Secretary
MALAYSIA AIRLINES: Posts Highest Profit On Record
METROPLEX BERHAD: Informs of Eastern Sun Unit's Dissolution
POS MALAYSIA: New Shares Granted Listing

PROTON HOLDINGS: Posts Lower Profits For FY2004
PROTON HOLDINGS: Buying Stake In MV Augusta Motor
TANJONG PUBLIC: Announces Listing Of New Shares


P H I L I P P I N E S

CEBU PLAZA: To Reopen After Metrobank Finalizes Talk With Buyer
MANILA ELECTRIC: Returns To Profitability
NATIONAL BANK: Releases 1Q 2004 Financial Statement
NATIONAL STEEL: Lot Owner Files Petition To Prevent Sale
PHILIPPINE LONG: A Better 2004 Entails Dividend Payment Increase

UNIVERSAL RIGHTFIELD: Issues Clarification On News Article


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Enters Deal on Chip Design
MEDECHAIN PTE: Creditors Must Submit Claims by June 22
S & C NEW: Issues Winding up Order Notice
SEATOWN CORPORATION: Answers SGX Query
SHS HOLDINGS: Creditors Must Submit Claims by June 21


T H A I L A N D

RAIMON LAND: Releases Report On Capital Increase Results

     -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Reaffirms Outlook For Year
------------------------------------------------
Brambles Industries Ltd. announced in a press release that its
outlook for the year ended 30 June 2004 remains unchanged from
the Interim Results' statement on February 25, 2004.

KEY POINTS

- CHEP is expected to deliver strong growth in profit in the
second half of 2004 (compared with both first half 2004 and
second half 2003) due to good performance in all regions.

- Cleanaway's profit in the second half of 2004 is expected to
be better than the first half, due mainly to stronger results in
the UK operations more than offsetting lower profits in Germany.

- Recall's profit for the second half of 2004 is also expected
to be better than the first half, but the full year will be
approximately 7% lower than last year mainly due to pricing
pressures in Europe.

- Brambles Industrial Services continues to perform well and is
expected to generate solid profit growth for the full year 2004.
Regional Businesses are expected to show good improvement in
profit in the second half 2004 over the first half.

- The continuing focus on Brambles Value Added (BVA) is expected
to result in a strong operating cash flow after capital
expenditure for the full year.

CHEP

CHEP Americas is expected to achieve strong growth in profit for
the second half due to sales growth; a continuing focus on cost
reductions and non recurrence of one-off costs incurred in the
first half.

Sales in CHEP Europe are growing, the business is continuing to
make good progress in restructuring its operations and is
expected to have solid growth in profit in the second half.

Pricing initiatives are being implemented to ensure that CHEP is
more appropriately reflecting the cost to serve each of the
customer segments. These are progressing well and will continue
for the remainder of the calendar year. The two new regional
administration centers in the UK and Spain are now operational.

CHEP in the rest of the world is expected to continue to deliver
good sales and profit growth.

CLEANAWAY

As expected, Cleanaway UK is performing well in the second half
and profit growth (compared with the first half) is expected to
be strong, more than offsetting the impact of lower second half
profits in Germany mainly due to the outcome of retenders.

The restructuring of the UK Commercial & Industrial business
together with improved pricing are contributing to the stronger
second half in that market. The Municipal business in the UK is
also continuing to grow.

RECALL

Recall continues to grow revenue, and although profits in the
second half are expected to be stronger than the first half,
profits for the full year will be approximately 7 percent lower
than last year mainly due to performance in Europe.

In North America, full year revenue and profits are expected to
grow, with margins in line with last year.

In Europe, profits are expected to be lower than last year
principally due to ongoing pricing pressures in the UK and in
part due to the receipt last year of an insurance payment
associated with the fire in France in 2002.

In the rest of the world Recall is continuing to grow.

A focus on operating efficiencies and customer service across
Europe and North America is expected to lead to a resumption of
Recall's profit growth in 2005.

BRAMBLES INDUSTRIAL SERVICES

Brambles Industrial Services continues to win additional
contracts in both its Australian and Northern Hemisphere
businesses and is expected to generate solid profit growth for
the full year.

OPERATING CASH FLOW

The continuing focus on BVA is expected to result in a strong
operating cash flow after capital expenditure for the full year.
Capital expenditure for the group is expected to be below last
year.

The results for Brambles for the year ending 30 June 2004 will
be released on August 31 2004.

Notes:

(a) Profit is defined as profit before interest, tax, goodwill
amortisation and exceptional items.

(b) Relative revenue and profit performances in this statement
are based on constant currency comparisons. Constant currency is
calculated by translating foreign currency results at the
exchange rates applicable during the last year. Relative
operating cash flow performance is based on the exchange rates
applicable during each year.

Brambles' global headquarters are in Sydney, Australia

Contact:

Australia
Investor
John Hobson, Head of Investor Relations
Telephone: +61 (0) 2 9256 5216
Mobile: +61 (0) 414 239 188

Media
Jeannette McLoughlin    
Group General Manager
Corporate Communications
Telephone: +61 (0) 2 9256 5255
Mobile: +61 (0) 401 990 425

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


NATIONAL AUSTRALIA: Details Subordinated Debt Issue
---------------------------------------------------
In a press release on Wednesday, National Australia Bank Ltd.
(NAB) priced a 10-year non-call 5-year, A$670 million Lower Tier
2 subordinated debt issue of fixed and floating rate notes.

The issue details are:

Fixed rate tranche:

Instrument:                A$ fixed rate notes

Issue amount:              A$450 million

Issue spread:              Swap (mid) + 42 basis points

Margin to CGS (Sep-09):    Plus 83 basis points

Yield:                     6.56 percent

Coupon:                    6.50 percent

Maturity date:             June 2, 2014

Call Date:                 June 2,  2009

Floating rate tranche:

Instrument:                A$ floating rate notes

Issue amount:              A$220 million

Issue spread:              3 month BBSW mid +42 basis points

Coupon:                    3 month BBSW mid +42 basis points

Maturity date:             June 2, 2014

Call Date:                 June 2, 2009

Settlement is for Wednesday, 2nd June 2004.  The subordinated
debt issue will be rated A+ / A1 by Standard & Poor's and
Moody's, respectively.

National Australia Bank is rated AA- / Aa3 (stable) by Standard
& Poor's and Moody's, respectively.

National Australia Bank and UBS Investment Bank are Joint Lead
Managers to the issue.

Co-managers are Citigroup and RBC Capital Markets.

Contact:

Randolph Morrison              George Polites
Senior Manager Group Funding   Director, Debt Capital Markets
Telephone: 03 8641 3638        National Australia Bank
                               Telephone: 03 8641 2769

Nicholas Ross
Head of Debt Capital Markets - Australia & NZ
UBS Investment Bank
Telephone: 02 9324 3943


NOVUS PETROLEUM: Directors Approve $1.90 Medco Offer
----------------------------------------------------
Indonesian oil and gas company PT Medco Energi Internasional Tbk
announced on Wednesday 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 Limited (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 today 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 copy of the media release issued by Medco Energi on Wednesday
is also 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.

Click to view a copy of Medco Energi press release
http://bankrupt.com/misc/medcopr052504.pdf


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


ADMOPEACE PROPERTIES: Issues Debt Claim Notice to Creditors
-----------------------------------------------------------
Notice is hereby given that the creditors of Admopeace
Properties Limited (In Creditors' Voluntary Liquidation), which
is being voluntarily wound up, are required on or before the
close of business on 11 June 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors to the Joint and Several
Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co.,
5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, Hong Kong. In default thereof, they will be excluded
from the benefit of any distribution before such debts are
proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


CHAN KAM: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that the Bankruptcy Order against Chan
Kam Shun (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 21 May 2004.


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

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


CHU MAN: Creditors Meeting Set for May 28
-----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chu Man Fai (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 24 May 2004.


GRAND PLAN: Issues Debt Claim Notice to Creditors
-------------------------------------------------
Notice is hereby given that the creditors of Grand Plan
Industries Limited (In Creditors' Voluntary Liquidation), which
is being voluntarily wound up, are required on or before the
close of business on 11 June 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the Joint and
Several Liquidators of the Company at Messrs. Kennnic L.H. Lui &
Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, Hong Kong. In default thereof, they will be
excluded from the benefit of any distribution before such debts
are proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


HILLSEED INVESTMENT: Creditors Must Submit Claims by June 11
------------------------------------------------------------
Notice is hereby given that the creditors of Hillseed Investment
Limited (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before the close of
business on 11 June 2004, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors to the Joint and Several Liquidators of the
Company at Messrs. Kennic L.H. Lui & Co., 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong.
In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


HO TAK: Schedules Creditor's Meeting
------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ho Tak Ching (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 21 May 2004.


HO WAIKWAN: Enters Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Ho
Waikwan Trading As Kwan Kee Engineering Co. (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 21 May 2004.


LAU WAN: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that the Bankruptcy Order against Lau Wan
Lam (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 21 May 2004.


LING YAP: Schedules Creditors Meeting May 28
--------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ling Yap Cham (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 11:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


NEW CATHAY: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that the creditors of New Cathay Hotel
Limited (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before the close of
business on 11 June 2004, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors to the Joint and Several Liquidators of the
Company at Messrs. Kennic L.H. Lui & Co., 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong.
In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


SEA MIND: Issues Notice to Creditors to Prove Debts
---------------------------------------------------
Notice is hereby given that the creditors of Sea Mind Industries
Limited (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before the close of
business on 11 June 2004, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors to the Joint and Several Liquidators of the
Company at Messrs. Kennnic L.H. Lui & Co., 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, Hong Kong.
In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


TONG CHI: Issues Bankruptcy Order Notice
----------------------------------------
Notice is hereby given that the Bankruptcy Order against Tong
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 21 May 2004.


TREASURE WORLD: Releases Notice to Creditors to Prove Debts
-----------------------------------------------------------
Notice is hereby given that the creditors of Treasure World
Industries Limited (In Creditors' Voluntary Liquidation), which
is being voluntarily wound up, are required on or before the
close of business on 11 June 2004, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors to the Joint and Several
Liquidators of the Company at Messrs. Kennnic L.H. Lui & Co.,
5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, Hong Kong. In default thereof, they will be excluded
from the benefit of any distribution before such debts are
proved.

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators
Dated 21 May 2004


WAH SANG: Delays Third Quarter Financial Results
------------------------------------------------
Further to the announcements of Wah Sang Gas Holdings Limited
dated 13 February 2004 and 31 March 2004 respectively, the Board
considers that the announcement of the results of the Group for
the nine months ended 31 December 2003 (the Thirdly Quarterly
Results) and the dispatch of the quarterly report for the same
period of the Group are delayed until further notice as the
Company is still in the process of compiling the necessary
information required by its auditors for the purpose.

In a disclosure to the Stock Exchange of Hong Kong Limited, such
delay will constitute a breach of Rule 18.66 of the Rules
Governing the Listing of Securities on the Growth Enterprise
Market of The Stock Exchange of Hong Kong Limited (the "GEM
Listing Rules"). The Stock Exchange reserves its right to take
appropriate actions against the Company and/or its directors in
respect of such breach.

The Board will inform the shareholders of the Company as soon as
practicable when the Company is able to announce the Third
Quarterly Results and dispatch the 2004 third quarter report.    

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


YIP WING: Creditors Meeting Set for May 28
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Yip Wing Shun (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 21 May 2004.


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


BANK RAKYAT: S&P Raises Rate To Bpi From CCCpi
----------------------------------------------
Standard & Poor's Ratings Services on Monday (24/5) raised its
public information (pi) rating on P.T. Bank Rakyat Indonesia
(Persero) (BRI) to 'Bpi' from 'CCCpi'.

The upgrade reflects the bank's improved financial profile,
characterized by its satisfactory profitability, and adequate
asset quality and capitalization. The public information rating
also reflects the bank's strong franchise as Indonesia's fourth-
largest bank. These factors are, however, moderated by the
fragile operating environment, which may pose a challenge to
BRI's future loan quality.

"BRI's asset quality remains satisfactory in comparison with its
industry peers, given the gradual diversification of its revenue
sources, the reduced reliance on government recapitalization
bonds, and the move toward higher yielding loan assets," said
Standard & Poor's credit analyst WeeKiat Sim.

BRI's net nonperforming assets (NPA) ratio was among the lowest
in the domestic banking sector at about negative 1 percent in
2003, and the ratio was supported by its satisfactory loan loss
reserves. Going forward, BRI faces the challenge of maintaining
asset quality as it further diversifies its asset profile
through growing its loan book.

BRI's underlying profitability in 2003 was satisfactory, as
measured by the ratio of preprovision net operating income to
average assets of 3.5 percent. This was aided by loan growth in
the higher yielding microfinance sector, an improvement in the
bank's interest margin dynamics due to the bank's access to low-
cost, third-party funds, and the high proportion of fixed-rate
government recap bonds that it holds (74 percent of its
government recap bonds).

BRI's capitalization is adequate, as demonstrated by its
adjusted common equity-to-average assets ratio, which improved
to 9.3% in 2003 from 6.5% in 2002. This was due to the
improvement in internally generated capital and increased paid-
up capital in 2003.


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


FUJITSU LIMITED: Aims to Post JPY100B Profit in 2006
----------------------------------------------------
Fujitsu Limited aims to post a group net profit of 100 billion
yen and an operating profit of 300 billion yen for the fiscal
year ending March 2007, Dow Jones reported on Wednesday. For
this fiscal year, the Company estimates a group net profit of 70
billion yen and operating profit of 200 billion yen.

After two years of heavy losses, the Company booked a group net
profit of 49.70 billion yen for the year that ended March 31, as
special profits from the return of part of its employee pension
fund to the government and sales of shareholdings offset heavy
losses from restructuring.


ISHIKAWAJIMA-HARIMA: R&I Assigns BBB+ Rating
--------------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned a
long-term debt rating of BBB+ in Ishikawajima-Harime Heavy
Industries Co. Limited issued under the shelf registration
scheme.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (Mn)
Unsec. Str. Bonds No. 30 Jun 03, 2004 Jun 03, 2009 Yen 15,000

RATIONALE:

Ishikawajima-Harima Heavy Industries (IHI) is a major
comprehensive manufacturer of heavy machinery and handles a wide
range of businesses, including power plants, aircraft engines,
industrial machinery, and shipbuilding. The operational base of
the company is strong, demonstrated by its approximate 70% share
of the domestic jet engine market. Nevertheless, shadows are
appearing on earning potential, primarily in the power plant
business, which was a stable source of earnings in the past.
This is the result of reductions in investment and greater
efficiency in the procurement of equipment and materials by
power companies and the cut in public budgets. IHI is attempting
to restore earning potential through active involvement in
overseas project and the engineering business. However, at the
same time, R&I believe that business risk is also increasing. In
particular, long-term, large-scale projects involve variations
in specifications, performance and the user's specification
environment for each project, and it is difficult to forecast
the risk inherent in a project based simply on past experience
and probability.

Moreover, it is hard to say that projects in which risk is not
evident at the current time does not include any risk because
there are some cases where a company only incurs large
additional costs when a project ends. In the fiscal year ended
March 2004, IHI recorded a 38.4 billion yen net loss, and the
shareholders' equity fell to 151.6 billion yen because it set
aside large amount of accrued loss on sales contracts. Earning
potential of IHI is becoming weaker, and it cannot be said that
the level of IHI's risk buffer is adequate. Therefore, R&I will
be aware of the latent risk in the future.


NIPPON CREDIT: Court Orders Former Executives to Pay JPY4B
----------------------------------------------------------
The Tokyo District Court has ordered ten former executives of
collapsed Nippon Credit Bank (NCB) to pay 4 billion yen in
damages to Resolution and Collection Corporation (RCC) for
causing heavy loan losses to the Company, Kyodo News reports.
RCC has taken over NCB's loans.

Former NCB Chairman Shiro Egawa, 81, and the others provided
massive loans, despite expecting that they would become
irrecoverable, violating the bank's internal lending
regulations, the court said. The names of other executives were
not mentioned in the report.

Meanwhile, Japan Times reported that the RCC filed the 4 billion
yen damages suit against the ten after taking over non-
performing loans from NCB, which failed and was put under state
control in 1998. It was renamed Aozora Bank in 2001.


UFJ HOLDINGS: Toyota May Provide Assistance
-------------------------------------------
Toyota Motor Corporation said Tuesday that the automaker might
consider assisting the ailing banking group UFJ Holdings Inc. if
requested, according to Kyodo News.

"UFJ has stronger ties with Toyota's dealers and parts makers
than with Toyota itself. But if there is something requested,
Toyota might have to consider it," Toyota Motor Corporation
Chairman Hiroshi Okuda said in an interview with a group of
reporters.


UFJ HOLDINGS: Posts JPY402.9B Loss
----------------------------------
UFJ Holdings Inc. said its top three executives will quit after
a third annual loss in as many years forced the bank to sell one
of two main businesses to shore up capital, Bloomberg News
reports. UFJ is selling UFJ Trust Bank Ltd. to raise at least
300 billion yen to cover loan losses.

The lender posted a net loss of 402.8 billion yen (US$3.6
billion) for the year ended March 31, versus a 608.9 billion yen
loss a year earlier. UFJ Vice President Ryosuke Tamakoshi will
take over as President in June, replacing Takeshi Sugihara who
resigned after only two years in the post. For the current
business year, UFJ predicted net income of 330 billion yen.


* Japan Unveils New Bankruptcy Law
----------------------------------
The new Bankruptcy Law, aimed at providing protection for
employees of bankrupt firms and speeding up bankruptcy
procedures in Japan, was enacted Tuesday, according to Japan
Times. The law is scheduled to take effect within one year of
its promulgation.

The new law will give priority to payment of salaries due for
the three months before a court decides to initiate bankruptcy
procedures as well as the payment of retirement allowances
equivalent to three months' salary.

In the event of a major bankruptcy, defined as the collapse of a
company with at least 1,000 creditors, it allows a company,
regardless of its location, to file for bankruptcy proceedings
with the Tokyo and Osaka District courts, which have better
resources and more expertise on bankruptcy technicalities than
other courts.

Currently, procedures may be started in a court that has
jurisdiction over the area where the company's main operations
are located. Under the new law, courts will also be empowered to
issue orders to protect the assets of a bankrupt company.


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


HANARO TELECOM: Samsung Electric Selling Shares
-----------------------------------------------
Samsung Electronics Co. plans to dispose of its equity holdings
in telecommunications firms Dacom Corporation and Hanaro Telecom
Inc. (HANA) within a year, according to Dow Jones.

As of Tuesday, Samsung Electronics, owns 2.45 million shares,
equivalent to about a 6.6 percent stake, in Dacom. It owns 8.37
million shares, equivalent to about a 2 percent stake, in
Hanaro.

In a filing to the Financial Supervisory Service, Samsung
Electronics will sell the stake in the companies by May 25, 2005
to shed unnecessary assets.

Hanaro Telecom Inc. plans to issue up to US$600 million in bonds
to strengthen its financial position, according to a report from
the TCR-AP, Vol. 7 No. 98. The U.S.-dollar-denominated bonds
would probably carry a maturity of five, seven or 10 years, the
Company said.


HANBO IRON: Bidders Down to Seven
---------------------------------
The competition for the takeover of Hanbo Iron & Steel has been
reduced to seven consortiums, Asia Pulse reported on Wednesday.
The seven finalists include a POSCO-Dongkuk Steel Mill
consortium, an INI Steel-Hyundai Hysco consortium and an
alliance between Japan's Yamato Steel Co. and U.S. investment
fund Newcore.

Last month, Samil PriceWaterhouseCoopers, lead manager for the
sale of Hanbo, chose 10 bidders as participants in on-site
inspections of the ailing steelmaker. But sources at Samil
PriceWaterhouseCoopers said only seven consortiums presented
letters of proposal for Hanbo Iron, while three firms, including
LNM of the Netherlands and CVC Asia Pacific Fund, pulled out of
the race.

The steel firm has been up for sale since its bankruptcy in
January 1997. It reported record annual revenues of 437 billion
won last year, demonstrating its successful recovery.


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


ANCOM BERHAD: Buys Back 9,000 Units Of Shares
---------------------------------------------
Ancom Berhad has bought back 9,000 units of ordinary shares of
RM1.00 each on 25 May 2004.

According to the notice submitted by Ancom Berhad to the Bursa
Malaysia Securities Berhad, each share was purchased for
RM0.800.

To date, the company has 1,371,900 units in cumulative net
outstanding treasury shares.


ANTAH HOLDING: Issues Debt Restructuring Update
-----------------------------------------------
Antah Holdings Berhad informed the Bursa Malaysia Securities
Berhad of developments regarding the status of the company's
Proposed Debt Restructuring Scheme.

In the communication dated 25 May 2004, Antah Holding revealed
that it is currently at an advanced stage of finalizing the
detailed terms of the Proposed Debt Restructuring Scheme with
its lenders and creditors.

The company adds that the scheme has elicited positive feedback
from certain lenders and creditors.


ANTAH HOLDINGS: New Subsidiaries To Be Listed
--------------------------------------------
Antah Holdings Berhad announced on 25 May 2004, that
subsidiaries involved in the pharmaceutical and healthcare
industry will be listed on the MESDAQ Market of the Bursa
Malaysia Securities Berhad (BMSB).

The notice submitted by Antah Holdings to the BMSB identified
these subsidiaries as Antah Sri Radin Sdn Bhd, Antah Pharma Sdn
Bhd and Bumimedic (Malaysia) Sdn Bhd.

The planned listing is part of the group's proposed
restructuring scheme. The company, upon finalization of the
listing's terms and conditions will make further announcements.


CHASE PERDANA: Presents First Quarter Consolidated Report
---------------------------------------------------------
Chase Perdana submitted to the Bursa Malaysia Securities Berhad
the company's consolidated financial report for the first
quarter ending 31 March 2004 of the financial year to end on 31
December 2004. The company wishes to note that the presented
figures have not yet been audited.

The company reported a net profit of RM440,000 for the period,
which is a vast improvement from a net loss of RM9.5 million for
the same period last year.

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

http://bankrupt.com/misc/ChasePerdanaReport27May2004.xls

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

http://bankrupt.com/misc/ChaseNotes27May2004.doc

To read an update on the status of Chase Perdana Berhad Group's
material litigations, click on the following link:

http://bankrupt.com/misc/ChaseLitigation27May2004.doc


CONSOLIDATED FARMS: Liquid Eggs Unit Gets Demand Notice
-------------------------------------------------------
A Notice pursuant to Section 218 of the Companies Act 1965 has
been served on Consolidated Liquid Eggs Sdn Bhd (CLESB), a
subsidiary of Consolidated Farms Berhad.

According to the communication dated 25 May to the Bursa
Malaysia Securities Berhad from Consolidated Farms Berhad, the
notice was issued by Messrs Skrine for Obayashi Corporation and
demanded payment for works performed with respect to a contract
between CLESB and Obayashi. Obayashi is claiming for
RM1,040,937.53.

The demand notice specified that in case CLESB fails and/or
refuses to make payment for its debt within three weeks of the
Notice or fails to secure or compound for it to the satisfaction
of Obayashi, CLESB will be considered unable to pay its debts
within the meaning of Section 218 of the Companies Act, 1965.

After which, winding-up proceedings shall be filed against
CLESB.


CSM CORPORATION: Reveals Agenda For 24 June AGM
-----------------------------------------------
Notice is hereby given that the Thirty-Fifth Annual General
Meeting of CSM Corporation Berhad (CSM or the Company) will be
held at Ballroom 1, Main Wing, Tropicana Golf & Country Resort,
Jalan Kelab Tropicana, Off Jalan Tropicana Utama, Persiaran
Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan on
Thursday, 24 June 2004 at 10 a.m. for the following purposes:

A G E N D A

As Ordinary Business

1. To receive and adopt the Audited Financial Statements of the
Company for the financial year ended 31 December 2003 and the
Reports of the Directors and Auditors thereon.  (Resolution 1)

2. To approve the payment of Directors' Fees of RM20,000.00 for
the financial year ended 31 December 2003.  (Resolution 2)

3. To re-elect Mr Tan Tien Kok, the Director who retires in
accordance with Article 103(2) of the Articles of Association of
the Company.  (Resolution 3)

4. To re-appoint Messrs Horwath as Auditors of the Company for
the ensuing year and to authorise the Directors to fix their
remuneration.  (Resolution 4)

As Special Business

5. To consider and if thought fit, to pass the following as an
Ordinary Resolution:

Ordinary Resolution
Proposed Authority To Issue Shares Pursuant To Section 132D of
the Companies Act, 1965

"That pursuant to Section 132D of the Companies Act, 1965 and
subject to the approvals of the relevant governmental/regulatory
authorities, the Directors be and are hereby empowered to issue
shares in the Company, at any time and upon such terms and
conditions and for such purposes as the Directors may in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10
percent of the issued share capital of the Company for the time
being;

And that the Directors be and are hereby also empowered to
obtain the approval from Bursa Malaysia Securities Berhad for
the listing of and quotation for the additional shares so
issued;

And that such authority shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company."  
(Resolution 5)

By Order of the Board
Chen Li Fang (MAICSA 7025460)
Chan Lai Har (MAICSA 7050024)
Company Secretaries

Petaling Jaya
26 May 2004

Notes:

1. A member of the Company entitled to attend and vote at this
meeting may appoint a proxy to attend and vote in his/her stead.
A member shall not be entitled to appoint more than two (2)
proxies to attend and vote at the same meeting PROVIDED THAT
where a member of the Company is an authorized nominee as
defined in accordance with the provisions of the Securities
Industry (Central Depositories) Act 1991, it may appoint at
least one (1) proxy in respect of each securities account it
holds with ordinary shares of the Company standing to the credit
of the said securities account.

2. Where a member appoints two (2) proxies to attend and vote in
his/her stead, the appointments shall be invalid unless he/she
specifies the proportions of his/her holdings to be represented
by each proxy.

3. A proxy may, but need not be a member of the Company. A
member may appoint any person to be his/her proxy and the
provisions of Section 149(1)(b) of the Companies Act, 1965 shall
not apply to the Company. That is to say, if the proxy is not a
member of the Company, he/she need not be an advocate, an
approved company auditor or a person approved by the Registrar
of Companies in a particular case.

4. Where the appointment is executed by a corporation, it must
be executed either under its Common Seal or the hand of its
officer or attorney duly authorized.

5. The instrument appointing a proxy together with the power of
attorney (if any) under which it is signed or a certified copy
thereof must be deposited at the registered office of the
Company at Suite 8.2, 8th Floor, Menara CSM, Jalan Semangat,
46100 Petaling Jaya, Selangor Darul Ehsan at least forty eight
(48) hours before the time appointed for holding the meeting or
any adjourned meeting at which the person named in the Form of
Proxy proposes to vote.

6. Explanatory Note on Special Business

Ordinary Resolution - Proposed Authority to Issue Shares
pursuant to Section 132D of the Companies Act, 1965

The Ordinary Resolution as proposed under Agenda 5 if passed,
will empower the Directors of the Company to issue and allot new
ordinary shares from the unissued share capital of the Company
for such purposes as the Directors consider would be in the best
interest of the Company, without having to convene a general
meeting.

Notwithstanding the existence of a resolution pursuant to
Section 132D of the Companies Act, 1965, the Company must ensure
that it shall not issue any shares or convertible securities if
the nominal value of those shares or convertible securities,
when aggregated with the nominal value of any such shares or
convertible securities issued during the preceding twelve (12)
months, exceeds 10% of the nominal value of the issued and paid-
up share capital of the Company, except where the shares or
convertible securities are issued with the prior approval of the
shareholders in general meeting of the precise terms and
conditions of the issue.

This authority unless revoked or varied by the Company at a
general meeting, will expire at:

(a) the conclusion of the annual general meeting commencing next
after the date on which the approval was given; or

(b) the expiration of the period within which the next annual
general meeting after that date is required by law to be held;

whichever is the earlier.


EMICO HOLDINGS: Completes Debt Restructuring
--------------------------------------------
Affin Merchant Bank Berhad, on behalf of Emico Holdings Berhad,
announced on the Bursa Malaysia Securities Berhad that Emico
Holdings completed its Proposed Debt Restructuring Scheme and
Proposed Employee Share Option Scheme on 24 May 2004.

The exercise was completed with the issuance of loan stocks
amounting to RM108,297,832 to the lenders (as specified in the
Debt Restructuring Agreement dated 8 August 2001) and the
Supplementary Agreement dated 21 April 2004.

The issued loan stocks compose of RM68,297,832 nominal value 4
percent, 5 year redeemable secured loan stocks; and RM40,000,000
nominal value of 4 percent, 5 year irredeemable convertible
secured loan stocks.


GENERAL SOIL: Winding Up Petition Withdrawn
-------------------------------------------
General Soil Engineering Holdings Berhad informed the Bursa
Malaysia Securities Berhad on 25 May 2004 that Indah Water
Konsortium Sdn Bhd has withdrawn the Winding Up Petition served
on General Soil.

Indah Water, however, retains the right to file a fresh petition
pending settlement.

The winding up petition was served on General Soil Engineering
Sdn Bhd on 31 October 2003 claiming damages amounting to
RM100,300.41 for a damaged public sewer line.


HAP SENG: Buys Back More Ordinary Shares
----------------------------------------
Hap Seng Consolidated Berhad has bought back an additional 3,000
units of ordinary shares of RM1.00 each for a total cash
consideration of RM7,556.00.

According to the notice submitted by Hap Seng to the Bursa
Malaysia Securities Berhad, the purchase price for each share
was placed at RM2.500.

To date, the company has a total of 33,017,900 units in
cumulative net outstanding treasury shares.

The purchase was completed on 25 May 2004.


HO WAH: Reports Bigger Losses For First Quarter
-----------------------------------------------
Ho Wah Genting Berhad reports a net loss of RM6,212,000 for the
first quarter ending 31 March 2004 for the financial year to end
31 December 2004. This is a 101 percent increase from the posted
loss of RM3,086,000 for the same period last year.

To read a copy of the financial report submitted to the Bursa
Malaysia Securities Berhad, click on the following link:

http://bankrupt.com/misc/HoWahReport27June2004.xls

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

http://bankrupt.com/misc/HoWahNotes27May2004.doc


I-BERHAD: Makes China Debut
---------------------------
I-Berhad's i digital products are set to make their debut in
China's "Showcase Malaysia in China" expo in Beijing later this
week.

According to a The Edge Daily report dated 26 May 2004, I-Berhad
will be presenting the i-pocket DV (digital camera), i-pocket
cinema (portable DVD player), i-flash (a HDD storage watch), i-
partyTime (an MP3 watch) and its range of i-digital cameras.

I-Berhad says its expansion into China is fuelled by the
country's increasing appetite for consumer products as the
number of Chinese citizens with more disposable income grows.

The company said it is still looking for partners to establish a
distribution network in China.


KRAMAT TIN: Appoints Joint Secretary
------------------------------------
Kramat Tin Dredging Berhad, in a notice dated 25 May 2004 to the
Bursa Malaysia Securities Berhad, announced the appointment of
Sazlin Ayesha binti Abdul Samat as joint secretary.

He takes the place of Muhammad Firdaus Bin Abdullah who has
resigned.

The appointment took effect on Tuesday, 25 May 2004.


MALAYSIA AIRLINES: Posts Highest Profit On Record
-------------------------------------------------
Malaysia Airlines, in announcing this year's financial results,
has delivered its best profit since listing in 1985 and is able
to declare successful implementation of its turnaround strategy,
despite the unprecedented onset of SARS in the first quarter of
last year. Following the restructuring exercise, it embarked on
its turnaround program in 2002 and was able to declare its first
profit in November of the same year. With full recovery
achieved, it is now poised for the next phase of expansion and
growth.

Fourth Quarter Results

Malaysia Airlines recorded an operating profit of RM171.7
million for the fourth quarter ended 31 March 2004, continuing
the improved momentum experienced in the third quarter. This is
an improvement of RM70.6 million over the same quarter last
year.

The improved final quarter result has been achieved as a result
of increased passenger numbers, more cargo carried, improved
yield and revenue.

In the quarter, 01 January to 31 March 2004, total passenger
revenue increased by RM276.0 million compared to the same
quarter last year, largely contributed by an increase in
international revenue of RM 246.3 million or 16.5%. Domestic
revenue recorded an increase of RM29.7 million or 9.8%,
commensurate with total Malaysia Airlines operations. Cargo
revenue increased by RM 43.8 million or 11.3% to RM429.9 million
compared to the same quarter last year.

The profit before tax for the fourth quarter was RM171.3
million, an improvement of RM98.4 million over the same quarter
last year.

International traffic rose 9.5% for the quarter to 8,972.4
million passenger kilometers against a capacity increase of
4.3%. Cargo traffic rose 2.1% for the quarter to 536.1 million
load ton kilometers against capacity increase of 12.0%.

International passenger load factor rose by 3.3% points to
70.5%, whereas domestic passenger load factor increased by 4.1%
points to 71.9%. The overall passenger load factor for the
quarter increased by 3.4% points to 70.7%. Cargo load factor
decreased by 5.8% points to 60.4%. Overall load factor increased
by 0.1% point to 66.8%.

Total expenditure increased by RM357.8 million to RM2, 303.2
million, or 18.4% for the quarter over the same quarter last
year, mainly due to increasing fuel costs, appreciating exchange
rates of the Euro, GBP, AUD and JPY, and an aggressive,
strategically targeted advertising campaign to raise Malaysia
Airlines' positioning and visibility overseas and thus increase
sales.

Full Year Results

The Group also announced today a net profit after tax of RM461.1
million for the financial year ended 31 March 2004 compared to a
net profit after tax of RM336.5 million in the last financial
year.

Total revenue managed for the full financial year is RM9.9
billion, an increase of 7.6%, despite the sharp contraction in
operations caused by SARS in the first quarter of the financial
year.

During the financial year, international passenger traffic
increased by 0.3% to 33,084.7 million passenger kilometres while
domestic traffic decreased by 2.1% to 4,574.3 million passenger
kilometers. Cargo traffic increased by 5.5% to 2,187.1 million
load ton kilometers.

Dividends

The Directors propose that a final dividend of 2.5 sen tax
exempt, amounting to RM 31.3 million in respect of the financial
year ended 31 March 2004, subject to approval of shareholders at
the forthcoming Annual General Meeting. If approved, this will
be the first dividend to be paid to shareholders in four years,
another indication of the success of the turnaround program.

Prospects

While the fourth quarter has seen a welcome continuation in
rising traffic demand, it also heralds a significant rise in the
price of oil, with barrel prices reaching a record high. While
carriers optimize loads and increase efficiencies, there is a
need for the airlines to keep the issue under constant review.

Successful in its bid to secure the Haj charter business it
pioneered in 1974, the national airline is poised to operate
this highly regulated and time critical service, which
contributed RM44.2 million to group revenue. Malaysia Airlines
is committed to continue the business and to provide the best
service to pilgrims. The airline also operates tourist and
special request charter services and will seek to further
develop this area of the business.

Malaysia Airlines will continue to focus its network strategy on
India and China in a program of new destinations and additional
services in selected growth areas, as it confirms its position
as a global airline with strong international presence and
regional dominance. Frequencies will be increased on services to
Beijing and Xiamen, Hong Kong, Osaka, Dhaka, Hyderabad,
Bangalore, Bombay, Saigon, Phnom Penh, Vienna and Paris. New
destinations in India will be Kolkata, Ahmedabad and Cochin, and
Siem Reap in Cambodia. In this anniversary year celebrating 30
years of diplomatic relations between China and Malaysia, the
airline will add Kunming, Wuhan and Chengdu in China before the
end of the financial year, bringing the total number of
destinations in the Malaysia Airlines network to 105.

Within the next six months, Malaysia Airlines will begin an
extensive refurbishment program on 32 aircraft in its fleet
serving long and medium haul services, with the first refitted
aircraft scheduled to re-enter service in November 2004. The
airline will continue its program of innovation and will soon
unveil plans to overhaul the inflight meals service,
complementing the upgrade in cabin accommodation.

The airline is heartened by the increase in domestic revenue and
passenger numbers, in the fourth quarter. Competition is
expected to increase in the short haul business and Malaysia
Airlines will monitor this area of operations, examining options
as appropriate.

In line with MASKargo strategy, cargo capacity has registered
constant increase to prepare for future volume, and prospects
remain favorable with a much higher trade volume forecast for
2004. MASKargo is also expected to benefit from additional belly
space on increased passenger services to Asia and extra
freighter space to Europe and China.

Malaysia Airlines Managing Director, Dato' Ahmad Fuaad Dahlan
said, "The results this year have proven the resilience of
Malaysia Airlines. Recovery is almost complete and we are firmly
on course. I would especially like to thank the staff for their
commitment, which has driven the turnaround program with such
notable success. We will continue our strategy of growth,
striving for excellence in service standards and quality,
prudent cost management and improved connectivity. Subject to
current concerns over fuel prices, we cautiously anticipate
another promising year for the airline. "

To read Malaysia Airlines' 4th Quarter Financial Result for the
Period Ended 31 March 2004, click on the following link:

http://bankrupt.com/misc/MalaysiaAirlineq4result.pdf

For more information on this release, media members may contact:
Jacqui Christi (60) 3 7840 2004 (60) 19 231 0028

Issued by :
CORPORATE COMMUNICATIONS DEPARTMENT
MALAYSIA AIRLINES, KUALA LUMPUR

For more media information, please contact:

Media Relations Unit
Malaysia Airlines
2nd Floor, Corporate Services Building
Complex B, Subang Airport
47200, Subang, Selangor Darul Ehsan

Telephone: 603 7840 2004
Fax: 603 7846 1067
Email: media@mas.com.my


METROPLEX BERHAD: Informs of Eastern Sun Unit's Dissolution
-----------------------------------------------------------
Eastern Sun Shipping Limited (ESSL) has been involuntarily
dissolved and annulled in accordance with the laws of the
Republic of Liberia.

In a notice submitted to the Bursa Malaysia Securities Berhad,
Metroplex Berhad said ESSL, which is an indirect subsidiary of
Metroplex, was involved in casino and gambling operations and
incorporated in Liberia in 1994. It ceased operations on March
2002 and had since remained dormant.


POS MALAYSIA: New Shares Granted Listing
----------------------------------------
POS Malaysia and Services Holdings Berhad announced on the Bursa
Malaysia Securities Berhad on 25 May 2004 that the company's
additional 125,000 new ordinary shares of RM1.00 each, arising
from the conversion of RM225,000 nominal value 5 year 8 percent
irredeemable convertible unsecured loan stocks 1999/2004; and
352,000 new ordinary shares of RM1.00 each, arising from the
Employee Share option Scheme will be granted listing and
quotation effective 9 am on Thursday, 27 May 2004.


PROTON HOLDINGS: Posts Lower Profits For FY2004
-----------------------------------------------
As car sales plummeted, Proton Holdings Berhad's profits nose-
dived as well.

According to a report by The Daily Edge, Proton Holdings posted
a net profit of RM510.47 million for the financial year ending
31 March 2004, down 54 percent from last year's profit of RM1.11
billion.

Car sales went down by 29.4 percent to 152,648 units in FY2004
from the previous year's 216,083 units.

Accordingly, revenue also plunged to RM6.47 billion, down by
30.2 percent from RM9.27 billion in FY2003.

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

http://bankrupt.com/misc/ProtonResults27May2004.pdf


PROTON HOLDINGS: Buying Stake In MV Augusta Motor
-------------------------------------------------
The Board of Directors of Proton Holdings Berhad (Proton) has
authorized Proton to make an offer to acquire a controlling
stake in MV Agusta Motor S.p.A.

According to the company notice submitted to the Bursa Malaysia
Securities Berhad, MV Augusta Motor is a leading motorcycle
manufacturer with global operations based in Schiranna (Varese),
Italy. It is the producer of MV Agusta, Cagiva and Husqvarna
motorcycles.

Proton will be making a binding offer to subscribe for new
shares of MV Agusta subject to the following conditions:

(i) definitive documentation,

(ii) the approval of MV Agusta's creditors as the company has
been subject to "controlled administration", a court supervised
reorganization procedure under the Bankruptcy Law of Italy since
November 2002 and

(iii) applicable regulatory approvals.

The offer, when made, is expected to expire on June 30, 2004
unless extended by Proton. Proton expects that final documents
will be signed within 60 days of the acceptance of its offer.


TANJONG PUBLIC: Announces Listing Of New Shares
-----------------------------------------------
Tanjong Public Limited Company announced that the company's
additional 29,000 new ordinary shares of 7.5 pence each will be
granted listing and quotation effective 9 am on Thursday, 27 May
2004.

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


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


CEBU PLAZA: To Reopen After Metrobank Finalizes Talk With Buyer
---------------------------------------------------------------
Influx of tourists in Cebu prompted plans of reopening Cebu
Plaza Hotel because the region has been experiencing a shortage
in hotel accommodations, for it has become a major tourist
destination in the Visayas, Asia Pulse reports, citing
Department of Tourism regional director Patria Aurora Roa.

Ms. Roa said Cebu Plaza might be opening under a new management
and name.  She added that the Peninsula international chain of
hotels is interested in taking over the operation of the hotel.

"The hotels creditor bank, Metropolitan Bank and Trust Co.,
through its president Antonio S. Abacan Jr. is exerting efforts
to find a buyer to have Cebu Plaza reopened." Ms. Roa said.

Earlier, Mr. Abacan said that several buyers have been talking
with Metrobank over the possibility of acquiring the Cebu Plaza
Hotel property.

Metrobank foreclosed Cebu Plaza property after Pathfinder
Holdings Phils. Inc. offered the property in lieu of payment of
its loan to the bank through "dacion en pago" or "payment in
kind" arrangement, however Metrobank did not continue the
hotel's operations due to lack of experience in hotel
management, thus it was opened for sale to interested buyers.

Cebu Plaza Hotel has become a landmark in Cebu since it was the
first ever world-class hotel in the region.


MANILA ELECTRIC: Returns To Profitability
-----------------------------------------
In a press release submitted to the Philippine Stock Exchange,
Manila Electric Co. (Meralco) said on Tuesday that it returned
to profitability in 2003 after it registered a net income of
PhP907 million from a net loss of PhP28.18 billion in 2002.

In its report to its stockholders during its annual stockholders
meeting at the company's main headquarters in Pasig City, the
power service provider said the year 2003 brought about welcome
"regulatory relief" in addition to increased sales.

Meralco President and Chief Operating Officer Jesus Francisco
cited primarily ERC's May 30 order on Meralco's unbundling
filing which was consolidated with its April 2002 petition for a
30 centavos rate increase.  The order "allowed us to adjust
Meralco charges by PhP0.0865 per kWh effective June 2003," he
said.

Mr. Francisco also referred to the lifting of the ERC's Cease
and Desist Order in December 2002.  Commercial customers
registered the highest growth at 5.2 percent, followed by
residential customers at 4.6 percent and industrial customers at
3.5 percent.

Another factor contributing to the company's profitability is
the improved performance of hte company's subsidiaries.  
Equitized earnigns were at PhP376 million, compared to a PhP265
million loss last year.

Mr. Francisco however clarified that while the regulatory
adjustment in 2003 and strong sales performance gave Meralco
some breathing room, its after-tax return on rate base (RoRB) at
6.9 percent is below the 8 percent required by its creditors.  
Furthermore, the power company still had to address the Supreme
Court's PhP30 billion-refund order and scheduled debt service
payments.  Meralco's debts as of end 2003 stood at PhP28.4
billion.

Its tight financial situation last year notwithstanding, Mr.
Francisco pointed out that the company's electric capital
investments and intensive maintenance programs, coupled with
favorable weather, have paid off in improved electric service
reliability and availability.  For the first time, Meralco's
forced Interruption Frequency Rate (IFR) and forced Cumulative
Interruption Time (CIT) were at their historic best, registering
single digit features at 9.62 and 7.11 hours, respectively, for
the year 2003.

Meralco's President said that for the implementation of the
refund, Meralco submitted to ERC a four-phase program.  Phases 1
and 2, which cover residential and general service, customers
consuming up to 300 kWh were completed last December 2003.  
Phase 3, which is for the rest of the residential and general
service customers, is being implemented this year.  Its detailed
proposal for Phase 4 covering commercial and industrial
customers still has to be submitted to the ERC.

Mr. Francisco added that the enormity of the refund resulted in
the restatement of its 2002 financial loss from PhP2.02 billion
reported previously to PhP28.18 billion.  Refunds of PhP23.82
billion covering the period up to December 2001 were treated as
extraordinary loss, net of PhP1.13 billion covering the period
January to December 2002 were treated as reversal of revenues.  
The ongoing refund, short-term loans and maturing portions of
long term loans have made cash flows a critical concern for the
near future.

"The company is currently working on a Comprehensive Liability
Management Plan (CLMP) as a permanent solution.  Meanwhile we
have successfully negotiated extensions of short-term loan
payments," said Mr. Francisco.

Meralco's President also said that operationally the company
focused on enhancing cash flow through a more intense monitoring
of arrears maintaining a delicate balance between aggressive
collection and customer satisfaction.

"Being an election year, 2004 naturally comes with
uncertainties.  But uncertainty has never deterred Meralco from
continuing to contribute to its best to help boost national
progress.  Meralco, as in the past century, remains committed to
the vision of a bright future for all Filipinos.  That
commitment will never waver," Mr. Francisco concluded.


NATIONAL BANK: Releases 1Q 2004 Financial Statement
---------------------------------------------------
Philippine National Bank furnished the Philippine Stock Exchange
a copy its 2004 First Quarter Financial Statement, period ended
March 31, 2004.

(A) Financial Condition

As of March 31, 2004 the Bank's consolidated resources
aggregated PhP213.87 billion, higher by 8 percent of PhP15.08
billion as compared to the PhP198.79 billion posted as of
December 31, 2003.  The increase in resources was fueled by
growth in customer deposits and proceeds from the Tier 2
Capital-PhP3.0 billion, 12.5 percent Subordinated Notes issued
on February 16, 2004.

To view full copy of the report click
http://bankrupt.com/misc/philippinenationalbank051704.pdf
    

NATIONAL STEEL: Lot Owner Files Petition To Prevent Sale
--------------------------------------------------------
National Steel Corp.'s sale may again be derailed because
Teofilo Cacho, the land owner where its plants in Iligan City is
located filed a petition for a temporary restraining order (TRO)
and a preliminary injunction preventing the Securities and
Exchange Commission (SEC) from implementing its decision, the
Philippine Star reports.

In a recent report from TCR-Asia Pacific, Mr. Cacho in his
complaint, noted the SEC appointed liquidator started
negotiations for the sale to and takeover of GIHL of NSC's
assets and liabilities, without securing his consent. In 2002,
Cacho demanded the NSC pay P220.83 million in accrued rental
fees, and subsequently asked the NSC to leave for failure to pay
the rent. However, the NSC did not give any reply to Mr.
Cacho's letters.

The SEC approved the sale because it found no compelling reason
to defer the disposition pending matters relating to the case
adding that the sale of NSC's assets is in line with the firm's
liquidation plan which was approved and signed by majority of
the company's secured creditors, the report says.

The SEC also pointed out that the land claimed by Cacho covers
only the portion occupied by the NSC billet plant whose value is
miniscule compared to the total value of the assets to be
transferred to GIHL. However, the commission said the planned
disposition of NSC assets should be subject to whatever rights
Mr. Cacho has under the law.


PHILIPPINE LONG: A Better 2004 Entails Dividend Payment Increase
----------------------------------------------------------------
For the first time in years, Philippine Long Distance Telephone
Co. (PLDT) is set to pay dividends from 10 percent of its 2004
earnings to its common shareholders by the first half of next
year, according to the Philippine Star citing PLDT chairman,
Manuel V. Pangilinan.

First Pacific Co. Ltd. (FPC) a 24.5 percent stake holder of PLDT
said that given the telephone company's PhP18 billion projected
2004 earnings, the 10 percent declaration will amount to about
PhP1.8 billion, but Mr. Pangilinan said if things would get
better for PLDT the guidance number could still increase.

However, First Pacific clarifies to its shareholders that it
will not return the amount to them because whatever it is
receiving from PLDT is used to pay off the latter's own debts.


UNIVERSAL RIGHTFIELD: Issues Clarification On News Article
----------------------------------------------------------
Universal Rightfield Property Holdings, Inc. submitted to the
Philippine Stock Exchange clarification of news article
entitled,"Court urged to junk rehab case of Universal
Rightfield" published in the May 25, 2004 issue of the
BusinessWorld (Internet Edition).

The article reported that investors of Universal Leisure Corp.
have asked the Mandaluyong Regional Trial Court to dismiss the
petition for rehabilitation of cash-strapped Universal
Rightfield, the real estate arm of construction firm D.M.
Consunji, Inc. (DMCI).  The investors asked the court to compel
Universal Rightfield to pay back PhP6 billion.

Universal Rightfield in its letter dated May 26, 2004, advised
the Exchange that:

"The corporation is at this moment cannot confirm the veracity
of the foregoing article, as the latter has not received any
formal communication/notice from the court.  The company shall
immediately furnish the Exchange of any developments as soon as
an official summons from the court is served."
      

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


CHARTERED SEMICONDUCTOR: Enters Deal on Chip Design
---------------------------------------------------
IBM continued its quest to conquer the sub-micron processor
marketplace with the addition of design support from some design
firms, Internetnews reported on Tuesday.

The Armonk, N.Y.-based tech giant said it has inked a deal to
expand the scope of its 90-nanometer semiconductors with the
help of Cadence Design Systems, Magma Design Automation, Mentor
Graphics Corporation, and Synopsys.

The four companies said they will supply design libraries,
electronic design automation (EDA) tools and standard foundry
reference flows for IBM and its 90-nm partner, Singapore-based
Chartered Semiconductor Manufacturing.

The deal is designed to relax IBM and Chartered customers who
may be on the fence when it comes to adopting 90-nm process,
which has a reputation for being expensive.

Industry statistics published by the 2003 edition of the
International Technology Roadmap for Semiconductors (ITRS) said
the move to 90-nm comes with an estimated $30 million price tag
per development. Researchers suggest the cost may be mitigated
in building larger sized wafers, which would fit more chips on
it per-square-millimeter.

The fabrication industry is currently shifting from 200mm to
300mm wafers. The assistance from the four design firms is also
expected to streamline operations between the IBM and Chartered
foundries. Artisan Components and Virage Logic supported the
initial cross-foundry design program.

"It is critical that we continue to develop and support a global
technology platform that gives our customers access to the
industry's most advanced 90nm process and do it in a way that
makes moving between our two foundries transparent," Tom Reeves,
vice president, semiconductor products and solutions, IBM
Systems & Technology Group said in a statement. "By working
closely with experts that are deeply involved with issues such
as power, signal integrity, timing closure and design for
manufacturing, we can streamline the development process for our
mutual customers."

For the partners, Cadence said it would contribute its RTL-to-
GDSII reference flow based on the Encounter digital IC design
platform; Magma is supplying its design enablement kit with RTL-
to-GDSII reference flow for its Blast Create, Blast Plan and
Blast Fusion advanced IC design tools; Mentor is serving up its
Calibre design-to-silicon platform support for physical design
verification; and Synopsys is also offering its RTL-to-GDSII
implementation flow based on the Galaxy Design Platform and
verification based on the Discovery Verification Platform.

IBM has been at the forefront of nanotechnology development. The
company's work with carbon nanotube logic circuits and molecular
electronics, for example, is squarely aimed at maintaining its
commercial edge through the release of more powerful computers
five, 10 or 15 years into the future and beyond.

What is really different about IBM is the company's resources.
Most other nanotech initiatives and companies, even the U.S.
National Nanotechnology Initiative's $600 million budget, pale
in comparison.

IBM has, and is, investing billions in nano. Its $2.5 billion
foundry in East Fishkill, N.Y. is IBM's main playground for sub-
micron development. The company is currently shipping 90-nm with
much progress being made in chips produced at 65-nm, 45-nm and
30-nm levels.


MEDECHAIN PTE: Creditors Must Submit Claims by June 22
------------------------------------------------------
Notice is hereby given that the creditors of Medechain Pte Ltd
(In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required, on or before the 22 June 2004 to send
in their names and addresses, with particulars of their debts
and claims, and the names and addresses of their solicitors (if
any) to the undersigned, the liquidators of the said Company. In
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

LOW SOK LEE MONA
CHENG SOON KEONG
Liquidators.
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807.
Dated 20 May 2004.


S & C NEW: Issues Winding up Order Notice
-----------------------------------------
S & C New Strategy Pte Ltd issued a notice of winding up order
on the 14 May 2004.

Mr. Kong Sik Chuen of 108 Robinson Road, GMG Building, Tower A
Level 7, Singapore 068900 was appointed Liquidator.

Messrs KUMAR & LOH
Solicitors for the Petitioner.

This Singapore Gazette announcement is dated 21 May 2004.


SEATOWN CORPORATION: Answers SGX Query
--------------------------------------
Seatown Corporation Limited released its audited financial
statements for the year ended 30 September 2003 together with
the Auditors' Report on 15 May 2004.

The Company has received a request from Singapore Exchange
Securities Trading Ltd (SGX) to clarify specific matters, which
are set out in this announcement. The questions set out in SGX's
request are reproduced below, against the Company's responses.

1. Please provide the percentage of shareholding held in the
hands of the public as required under Rule 1207(9)(e) and
confirm that Rule 723 is complied with.

The percentage of shares in the Company's issued capital that is
held in the hands of the public (as defined in the Listing
Manual of the SGX) as at 21 April 2004 is 45.57%. The Company
confirms that Rule 723 of the Listing Manual of the SGX which
requires the Company to ensure that at least 10% of equity
securities (excluding preference shares and convertible equity
securities) in a class that is listed is at all times held by
the public, has been complied with.

2. The SGX noted several discrepancies between the cash flow
statement in the Annual Report and in the Company's Full Year
results announcement on 14 April 2004. Please provide
explanations for the following items together with detailed
breakdowns:

(i)  Net cash generated from operating activities
(ii) Net cash generated from investing activities
(i)  Net cash generated from operating activities S$'000 S$'000
      Balance as per announcement                         2,558
    
Less: Reclassification for fixed deposit pledged         (11)
    
Less: Reclassifications:   
Revaluation deficit on freehold land              (201)  
Loss on disposal of fixed assets                  (215)  
Write off of fixed assets                          2  
Depreciation of fixed assets                       142   (272)
Balance as per annual report                             2,275
    
(ii) Net cash generated from investing activities         S$'000
Balance as per announcement                              6,781
Reclassification as above                                272
Exchange difference                                      42
Balance as per annual report                             7,095
    
3. Paragraph 7 of the Auditors' Report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due is
dependent on several factors. In this respect, please provide a
monthly update on the Company's financial situation and factors
(with specific reference to each of the factors set out in
paragraph 7 of the Auditors' Report) set out in the Auditors
Report in accordance with Rule 704(21) of the Listing Manual. If
any material development occurs between the monthly updates,
please make an announcement immediately. Your first update for
the month of May should be announced by 1 June 2004. For each
subsequent month the update should be made on the first working
day of the following month.

This request is noted and the Company shall comply with the
same.
    
4. On 29 March 2004, the Exchange approved the Company's
application for an extension of up to 26 August 2004 to submit a
resumption proposal pursuant to Rule 1304(1) of the Listing
Manual. This is subject to, inter alia, the Company announcing,
as soon as practicable, the outcome of the discussion between
the Company and Hui Yuan Investment Limited to extend the
Investment Agreement. We noted in paragraph 5 of the Auditors'
Report that the Company is still negotiating with Hui Yuan
Investment Limited regarding the Investment Agreement. In your
monthly updates, please also provide the status of the
negotiations.

The progress in the Investment Agreement has been delayed due to
the difficulty in raising the necessary funding to pay key
professionals to act as advisors to this transaction. Several
meetings have been held with representatives of Hui Yuan
Investment Limited (HY Investment) in an effort to resolve the
funding issue. The latest of such meetings was scheduled to take
place on 4 May 2004. However for various reasons the
representatives of HY Investment were unable to attend the
meeting. The resolution of the funding of the advisors remains
an issue of considerable difficulty and, if a solution is not
found, the successful completion of the Investment Agreement
will be very challenging. The Company has therefore continued to
actively pursue other potential investors, and has entered into
advanced discussions with a number of parties in this respect.

Submitted by The Board of Directors, Seatown Corporation Ltd on
26/05/2004 to the SGX


SHS HOLDINGS: Creditors Must Submit Claims by June 21
-----------------------------------------------------
Notice is hereby given that the creditors of SHS Holding (Pte)
Limited (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 21 June 2004
to send in their names and addresses and the particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the Liquidator of the said Company. in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

SIM GUAN SENG
Liquidator.
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.

This Singapore Gazette announcement is dated 21 May 2004.


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


RAIMON LAND: Releases Report On Capital Increase Results
--------------------------------------------------------
Raimon Land PCL submits to the Stock Exchange of Thailand a
report on the Results of the Offering of the Capital Increase of
Ordinary Shares dated November 12, 2003.

(1) Information Related to the Shares Offering

Types of Shares offered: Capital increase ordinary shares

Number of Shares offered: 224,930,555 shares

Offered to: Existing Shareholders

Price per Share: 1 Baht

Subscription and Payment Period: May 17, 2004 to May 21, 2004

(2) The Result of the Shares Sale

[ ] Totally Sold

[/] Partly Sold with- ___shares remaining

(3) Details of the Shares Sale

          Thai Investors        Foreign Investors       Total
          Juristic/Individual   Juristic/Individual    
               Persons                Persons

Number of       
Persons         4/48                 7/7                  66

Number of
Subscribed
Shares     81,251,714/7,089,536  2,589,423/16,328,561   
107,259,234

Percentage
of Total
Shares Offered  36.12/3.15           1.15/7.26           47.68

(4) Amount of Money Received from Shares Sale

Total amount: 107,259,234 Baht

Less expense: -Baht

Net amount received: 107,259,234 Baht

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.

Raimon Land Public Company Limited
Nigel John Cornick
Chief Executive Offer






                            *********


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