TCRAP_Public/040528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, May 28, 2004, Vol. 7, No. 105

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Finalizes Contract For CEO
NATIONAL AUSTRALIA: Presents Half-Year Investor Pack
NOVUS PETROLEUM: Sunov Extends Offer Period
QANTAS AIRWAYS: No Definite Plans Yet On Offshore Employment
WMC RESOURCES: To Conduct A Study On Olympic Dam Expansion

* ASIC: Winds Up Pubasia International And Monkey Ale House


C H I N A  &  H O N G  K O N G

CHENG HONG: Enters Bankruptcy Proceedings
CHENG WAN: Schedules Creditors Meeting
CHINA POINT: Schedules Winding up Hearing
GALA WIN: Creditors Must Submit Claims by June 11
GOLDWELL PROPERTIES: Winding up Hearing Set for June 2

GOLDWORLD PROPERTY: Issues Notice to Creditors to Prove Debts
IP KWOK: Schedules Creditor's Meeting Today
LAM KWAI: Releases Bankruptcy Order Notice
NGAI CHU: Releases Bankruptcy Order Notice
NG KAM: Creditors Meeting Slated for Today

NG MAN: Issues Bankruptcy Order Notice
TSE WAI: Creditors Meeting Set for Today
TWINESPLICE PROPERTIES: Issues Debt Claim Notice to Creditors
WONG CHIN: Schedules Creditors Meeting
WONG MEI: Enters Bankruptcy Proceedings


I N D O N E S I A

BANK RAKYAT: To Repay US$73M Maturing Debt


J A P A N

JAPAN AIRLINES: May Hike International Airfares
MITSUBISHI FUSO: Discloses More Recalls
MITSUBISHI MOTORS: Unveils Production Figures for April 2004
MITSUBISHI MOTORS: Phoenix Eyes Turnaround in 3-5 Years
MITSUBISHI MOTORS: Chrysler to Stop Using U.S. Plant


K O R E A

DACOM CORPORATION: Ministry OKs Local Telephone Service
HANARO TELECOM: Awards US$10M Contract to Datacraft
LG CARD: Shares Up 6.3% on Lower Delinquency Ratio

* Four Bidders Keen To Buy Investment Trust Firms


M A L A Y S I A

BERJAYA GROUP: Issues Second Interim Dividend
FARLIM GROUP: Unveils Quarterly Report Ending March 31
GULA PERAK: Grants Listing of 43,000 New Shares
HAP SENG: Issues Notice of Share Buy-back
METACORP BERHAD: Shareholders OK Proposals

OILCORP BERHAD: Appoints New Audit Committee Member
OSK HOLDINGS: Issues Notice of Share Buy-back
PANCARAN IKRAB: Court OKs Restructuring Proposal


P H I L I P P I N E S

MANILA ELECTRIC: Plans To Sell Stake In Non-Core Asset
NATIONAL BANK: Answers Request Of PSE's Mr. Zabala
NATIONAL BANK: Union Seeks For A Salary Increase
NATIONAL STEEL: National Government To Grant Ecozone Status
NEGROS NAVIGATION: Undergoing Rehab Talks With Creditors

NEGROS NAVIGATION: Unveils Annual Stockholders Meeting's Outcome
PHILIPPINE LONG: Issues Confirmation Of News Article


S I N G A P O R E

DE BOER: Creditors Must Submit Claims by June 21
FLEXTECH HOLDINGS: Dissolves Dormant Subsidiary
MEASUREX HOLDINGS: Creditors Meeting Set June 21
NIPPON MACHINE: Schedules Winding up Hearing
SWEE HONG: Issues Winding up Order Notice


T H A I L A N D

TPI POLENE: Creditors Okay Debt Buy Back

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Finalizes Contract For CEO
----------------------------------------------
The Chairman of National Australia Bank, Mr. Graham Kraehe,
announced in a press release on Thursday that the Board of
Directors had finalized Mr. John Stewart's contract as Chief
Executive Officer and Managing Director.

Mr. Kraehe said the terms and conditions of Mr. Stewart's
contract were in line with industry best practice.  The key
terms and conditions of the new contract include:

- A three-year term until February 2007 with the option of
annual renewal thereafter;

- Salary to be fixed at $2.23 million until October 2005;
a large proportion of total remuneration to be at-risk linked to
the National's performance;

- Target short-term at-risk remuneration of $2.23 million (100%
of annual salary), at least half of which to be delivered as
deferred shares;

- Long term incentives in the form of options and performance
rights with an annualized value of $2.68 million; and

- Defined termination rights and payments to ensure certainty
about the way entitlements will be treated.

Mr. Kraehe said the Board was delighted with John Stewart's
performance to date and was pleased to finalize a new contract
providing an appropriate balance of fixed and performance based
remuneration.

"John is providing strong leadership to the National and I am
confident he will rebuild pride among employees and restore the
reputation of the National," he said.

A summary of Mr. Stewart's new employment contract is attached.
It is in line with ASX corporate governance guidelines.

To view a summary of the contract of employment, click
http://bankrupt.com/misc/NATIONALAUSTRALIA052704.pdf

For further information please contact:

Brandon Phillips
Group Manager
Group Corporate Relations
Telephone: 03 8641 3857
Mobile: 0419 369 058

Samantha Evans
Group Communications Advisor
Group Corporate Relations
Telephone: 03 8641 4982
Mobile: 0404 883 509


NATIONAL AUSTRALIA: Presents Half-Year Investor Pack
----------------------------------------------------
National Australia bank announced in a press release that a copy
of the Equity Roadshow presentation to overseas investors by its
Managing Director and Chief Executive Officer, Mr. John Stewart
and the Chief Financial Officer, Mr. Richard McKinnon can be
obtained from:

http://www.nabgroup.com/or at
http://bankrupt.com/misc/NATIONALAUSTRALIA052704_2.pdf


NOVUS PETROLEUM: Sunov Extends Offer Period
-------------------------------------------
In a notice submitted to the Australian Stock Exchange on
Wednesday, Sunov Petroleum Pty Ltd. disclosed that it has
extended its offer period for Novus Petroleum Ltd., which is
scheduled to close at 6:00 p.m. (Sydney time) on June 17, 2004.

To view full copy of the notice click
http://bankrupt.com/misc/NOVUSPETROLEUM052604.pdf


QANTAS AIRWAYS: No Definite Plans Yet On Offshore Employment
------------------------------------------------------------
Qantas Airways has plans to move around flight attendant job
overseas as a cost-cutting measure of the company. The move
would earn the flag carrier hotel and meal costs, The Sydney
Morning Herald reports.

Some 370 Qantas flight attendants are already living overseas.
According to the airline's chief executive officer Geoff Dixon,
moving the said jobs abroad could save Qantas more than $20
million a year.

Because of the proposal, the union was planning to stage an
industrial action if the airline would approve of it, but Mr.
Dixon said no final talks has been done, and Qantas still has to
discuss the issue with 250 senior managers at a meeting on
Tuesday.

However Mr. Dixon said offshore employment is a sensitive issue
but it is inevitable as part of efforts to maintain the
airline's international competitiveness.


WMC RESOURCES: To Conduct A Study On Olympic Dam Expansion
----------------------------------------------------------
WMC Resources Ltd. announced in a press release on Wednesday
that it will invest a further $50 million over two years in a
major study to determine whether there should be a multibillion
expansion of the Olympic Dam mine in South Australia's mid-
north.

Premier Mike Rann says the SA Government is giving its full
support to the study, which will help WMC determine whether it
should double the capacity of the mine at a cost of between $2
billion and $4 billion by the end of the decade.

"The potential for the Olympic Dam mine is huge. "An expansion
of this size could lead to the creation of hundreds of jobs and
further growth in the population of the Roxby Downs township,
which is already 4,000.

"This would also help the State achieve many of the targets laid
out in the State Strategic Plan including increasing minerals
production to $3 billion and increasing minerals processing by a
further $1 billion by 2020 as well as increasing SA's population
to 2 million by 2050.

"It should also help us in our target of trebling the value of
SA's export income to $25 billion by 2013.

"At present, the Olympic Dam is the world's eighth largest
copper deposit and largest known uranium deposit. Last year, it
generated $670 million in export income for Australia.

"This has the potential to double if the expansion goes ahead,"
Mr. Rann said.  WMC has already invested $4 billion in
developing Olympic Dam, including $600 million in the past three
years and another $80 million during this year in mine
development.

Major activities for the next phase of the Study include:

- An additional 72 km of drilling to improve understanding of
the undeveloped southern deposit

- The assessment of mining and processing methods for the
southern deposit and development of a `whole-of-deposit' mine
plan;

- Environmental studies, including the scoping of a new
Environmental Impact Statement;

- A detailed investigation of options for future water and
energy supply to the operation;

- Preparation of a logistics plan for the operation, including
the possibility of linking Olympic Dam to the rail network; and

- Identification of future land requirements, support for the
Roxby Downs township and associated infrastructure WMC Resources
CEO, Andrew Michelmore says Olympic Dam is already Australia's
largest underground mine and mineral processing operation.

"Olympic Dam currently has an annual production capacity of
235,000 tonnes of copper, 4 500 tonnes of uranium and 100 000
ounces of gold.

"Studies so far have shown that by extending underground mining,
Olympic Dam could produce up to 350,000 tonnes of copper per
year.

"Open pit mining, when added to continuing underground
operations, could increase copper production to in excess of
500,000 tonnes per annum.

"By 2006, WMC will be in a position to identify a single
preferred life of mine development plan for the total resource.
That option would become the subject of a final feasibility
study," Mr. Michelmore said

The development study work will be in addition to ongoing
assessment of Olympic Dam's future energy needs, including the
option of connecting Olympic Dam to a natural gas network.

In its Study, WMC will work closely with the SA Economic
Development Board and the State Government Task Force for
further development of Olympic Dam, appointed by the Premier in
2002.

Contact:

WMC Resources Ltd. (NYSE: WMC [ADR])
Level 16, IBM Centre, 60 City Rd.
Southbank, Victoria 3006, Australia
Phone: +61-3-9685-6000
Fax: +61-3-9686-3569
http://www.wmc.com.au


* ASIC: Winds Up Pubasia International And Monkey Ale House
-----------------------------------------------------------
The Federal Court in Adelaide ordered on Wednesday that Pubasia
International Pty Ltd and The Monkey Ale House Pty Ltd be wound
up on the application of the Australian Securities and
Investments Commission (ASIC).

The two South Australian companies were wound up with the
consent of their sole director, secretary and shareholder, Mr.
Paul Raymond Williams.

ASIC made the application after becoming concerned that the
companies were insolvent.

ASIC was also concerned that the companies had no registered
office or principal place of business. The companies did not
have the consent of the occupier of the premises listed as their
registered office on the public database that ASIC maintains of
all companies in Australia.

The court appointed Mr. Timothy Paul Burfield of Ernst and
Young, Level 20, 91 King William Street, Adelaide, as liquidator
of both companies.

"ASIC will take all reasonable steps to protect the integrity of
the data it maintains on the public register for the benefit of
consumers of public information acquired from ASIC", said Mr.
Allen Turton, ASIC Deputy Executive Director of Enforcement.


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


CHENG HONG: Enters Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Cheng
Hong Yee (In Bankruptcy Proceedings) was made on 12 May 2004.
All debts due to the estate should be paid to its Official
Receiver E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


CHENG WAN: Schedules Creditors Meeting
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chen Wan Ling (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 5 June 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


CHINA POINT: Schedules Winding up Hearing
-----------------------------------------
Notice is hereby given that a petition for the winding up of
China Point Finance Limited by the High Court of Hong Kong was
on the 18 March 2004 presented to the 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 1 June 2004.


GALA WIN: Creditors Must Submit Claims by June 11
-------------------------------------------------
Notice is hereby given that the creditors of Gala Win 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, 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


GOLDWELL PROPERTIES: Winding up Hearing Set for June 2
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Goldwell 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 1 June 2004.


GOLDWORLD PROPERTY: Issues Notice to Creditors to Prove Debts
-------------------------------------------------------------
Notice is hereby given that the creditors of Goldworld Property
Investments 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


IP KWOK: Schedules Creditor's Meeting Today
-------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ip Kwok 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 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


LAM KWAI: Releases Bankruptcy Order Notice
------------------------------------------
Notice is hereby given that the Bankruptcy Order against Lam
Kwai Chor (In Bankruptcy Proceedings) was made on 12 May 2004.
All debts due to the estate should be paid to its Official
Receiver E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


NGAI CHU: Releases Bankruptcy Order Notice
------------------------------------------
Notice is hereby given that the Bankruptcy Order against Ngai
Chu Wan (In Bankruptcy Proceedings) was made on 12 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


NG KAM: Creditors Meeting Slated for Today
------------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Ng 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 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


NG MAN: Issues Bankruptcy Order Notice
--------------------------------------
Notice is hereby given that the Bankruptcy Order against Ng Man
Yuk Trading (In Bankruptcy Proceedings) was made on 12 May 2004.
All debts due to the estate should be paid to its Official
Receiver E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


TSE WAI: Creditors Meeting Set for Today
----------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Tse Wai Keung (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.


TWINESPLICE PROPERTIES: Issues Debt Claim Notice to Creditors
-------------------------------------------------------------
Notice is hereby given that the creditors of Twinesplice
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, 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


WONG CHIN: Schedules Creditors Meeting
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Wong Chin To (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 5 June 2004 at 9:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


WONG MEI: Enters Bankruptcy Proceedings
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Mei Veii (In Bankruptcy Proceedings) was made on 12 May 2004.
All debts due to the estate should be paid to its Official
Receiver E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


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


BANK RAKYAT: To Repay US$73M Maturing Debt
------------------------------------------
Bank Rakyat Indonesia (BRI) said it can repay its US$73 million
maturing debt on June 1 despite the rising value of the U.S.
dollar against the rupiah, for it has set aside funds for
payment before the fluctuation of exchange rates, Asia Pulse
reports, citing BRI President Rudjito.

The rupiah fell to the level of more than 9,000 per dollar
lately after long being stable at the level of 8,500.

BRI Finance Director Wayan Alit Antara said the bank has no
history of failing to repay its debt on maturity date.


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


JAPAN AIRLINES: May Hike International Airfares
-----------------------------------------------
Japan Airlines System Corporation will ask the government to
approve hikes in its international airfares after recent
increases in jet fuel costs, Kyodo News reports, citing JAL
President Isao Kaneko. Mr. Kaneko said the Company would
consider hiking fares to some extent. The airline raised its
domestic airfares in July last year.

Fitch Ratings recently assigned a senior unsecured 'BB-' (BB
minus) rating to Japan Airlines System Corporation (JALS) with a
stable outlook, according to TCR-AP Vol. 7 No. 94.

The rating reflects both a series of external shocks and
intensified domestic competition that have weakened its revenue
base and cash flow generation, which in turn have further
aggravated its poor financial profile.


MITSUBISHI FUSO: Discloses More Recalls
---------------------------------------
Mitsubishi Fuso Bus & Truck Corporation will recall about 75,200
large vehicles because of defective clutch housings that have
caused a number of accidents, according to Japan Times on
Thursday.

Mitsubishi Fuso admitted last Thursday that it covered up clutch
housing defects between 1996 and 2000. Chief Executive Wilfried
Porth blamed the company's past management for what he described
as a corporate culture of concealment.

Seven former senior officials of Mitsubishi Motors Corporation,
including Takashi Usami, former Vice President, were arrested
earlier this month for alleged professional negligence resulting
in death and injury as well as filing false reports with
authorities.

Mitsubishi Fuso was the truck and bus division of Mitsubishi
Motors Corporation until it was spun off in January 2003.


MITSUBISHI MOTORS: Unveils Production Figures for April 2004
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Thursday announced
production, domestic sales, and export results for April 2004.

In a company press release, global production in April totaled
116,039 units, down 7.7 percent from a year earlier.

Output in Japan grew 2.7 percent on year to 51,564 units as
production of commercial vehicles such as the Minicab Series and
Delica Series surged 44.8 percent to more than offset a decline
in passenger car production of 2.9 percent.

Offshore production, meanwhile, decreased 14.6 percent to 64,475
units. Output in Asia dipped 13.4 percent to 42,867 units, North
American production shrank 35.3 percent to 11,149 units, and
European production inched down 1.1 percent to 5,790 units.

Domestic sales for the month declined 19 percent to 16,286
units. Of this, registrations, which exclude 660cc minicars,
dropped 20.7 percent on year to 5,759 units, while minicars
totaled 10,527 units, down 18.1 percent on year. MMCs Japanese
market share in April was 4.4 percent, down from 5.3 percent a
year ago.

To beef up its product lineup in Japan and expand sales, MMC
this week launched the eK Active minicar, the latest model in
the popular eK Series, which brings a touch of SUV-styling to
the minicar class. MMC also added a sporty edition to its
Grandis minivan offering and released minor changes to other
Grandis models on Tuesday. The product lineup was also extended
with a total of six special edition models for the Colt compact,
Pajero, Pajero Mini, and Airtrek SUVs.

Exports from Japan grew for the first time in five months,
gaining 4.7 percent on year to 28,218 units. By region, exports
to Asia shot up 126.3 percent on year to end at 7,795 units,
while Europe-bound vehicles gained 15.8 percent to 7,146.
Shipments to North America, however, slipped 41.9 percent
compared to last April to 4,682 units.


MITSUBISHI MOTORS: Phoenix Eyes Turnaround in 3-5 Years
-------------------------------------------------------
Phoenix Capital Co., aiming to acquire a 40 percent stake in
Mitsubishi Motors Corporation, hopes to revive the automaker in
the next three to five years, according to Kyodo News on
Thursday.

Yasushi Ando, President of Phoenix Capital, said that the Tokyo-
based investment fund plans to sell its interest in Mitsubishi
Motor to another domestic or overseas automaker after recovering
the investment.


MITSUBISHI MOTORS: Chrysler to Stop Using U.S. Plant
----------------------------------------------------
DaimlerChrysler will stop building Dodge and Chrysler cars at
Mitsubishi Motors Corp.'s U.S. plant next year, Dow Jones
reports.

The decision comes at the end of a five-year agreement, and is
not related to recent financial problems at Mitsubishi Motors,
plant spokesman Dan Irvin said.

The Illinois auto plant produced 156,800 vehicles in the fiscal
year that ended in March. Of those, 18,769 were Dodge Stratus
cars and 9,966 were Chrysler Sebrings. The plant also produces
the Galant, Eclipse and Endeavor for Mitsubishi.


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


DACOM CORPORATION: Ministry OKs Local Telephone Service
-------------------------------------------------------
Dacom Corporation received approval from the Ministry of
Information and Communication to enter the nation's local call
service market, Dow Jones reports. The Company will start
offering local phone services beginning January 2005.

It will begin pilot services geared for corporations beginning
in October this year. The ministry is expected to issue a
license in July.


HANARO TELECOM: Awards US$10M Contract to Datacraft
---------------------------------------------------
Hanaro Telecom has awarded Datacraft Asia Limited a US$10
million contract to upgrade the broadband operator's Internet
infrastructure, Dow Jones reported on Wednesday.

Datacraft, which installs computer and network infrastructure in
13 Asian markets, said the deal follows the completion of an
infrastructure deal last year for Hanaro.

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.


LG CARD: Shares Up 6.3% on Lower Delinquency Ratio
--------------------------------------------------
Shares of LG Card Co. increased 6.3 percent on Tuesday on news
that its delinquency ratio fell for the second consecutive
month, Dow Jones reports, citing Jang Seung-Hoon, an analyst at
SK Securities.

"A drop in delinquency ratio means that its bad assets aren't
increasing, but it is too early to say that its business is back
on a recovery track," said Jang Seung-Hoon.

LG Card escaped bankruptcy after creditors agreed in January to
provide about a KRW5 trillion bailout package.


* Four Bidders Keen To Buy Investment Trust Firms
-------------------------------------------------
Four of the seven bidders for Korea Investment & Securities and
Daehan Investment are showing strong interest in acquiring these
companies, according to Dow Jones.

The four bidders are a consortium comprising Kookmin Bank and
J.P. Morgan Chase & Co. (JPM); a consortium comprising Hana Bank
(002860.SE) and Goldman Sachs Group Inc. (GS); Dongwon Financial
Holding Co. (071050.SE), and Prudential PLC (PUK).

Meanwhile, the remaining three bidders - Woori Finance Holdings
Co., American International Group Inc. (AIG) and Carlyle Group
L.P. - haven't shown as much interest in the takeover.

The South Korean government is then expected to name preferred
bidders for the two companies by the end of June.


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


BERJAYA GROUP: Issues Second Interim Dividend
-----------------------------------------------
Berjaya Group Berhad, in a disclosure dated 26 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the company
would be issuing a loan stock interest.

Details are as follows:

EX-date: 11/06/2004
Entitlement date: 15/06/2004
Entitlement time: 04:00:00 PM
Entitlement subject: Loan Stock Interest

Entitlement description: Ninth interest payment for the
RM640,025,128 nominal amount of 5% irredeemable convertible
unsecured loan stocks 1999/2009.

Period of interest payment: 02/01/2004 to 30/06/2004

For year ending/Period ending/ended:

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: to Registrar's name ,address, telephone no:

Berjaya Registration Services Sdn Bhd, Lot C1-C3, Block C, 2nd
Floor, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur.
Tel No.: 21450533

Payment date: 01/07/2004

a) Securities transferred into the Depositor's Securities
Account before 4 p.m. in respect of transfers: 15/06/2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit:

c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable):

Entitlement indicator: Percentage
Entitlement in percentage (%): 5


FARLIM GROUP: Unveils Quarterly Report Ending March 31
------------------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Farlim
Group (Malaysia) 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
   48,095
   39,143
   48,095
   39,143

2) Profit/(loss) before tax
   -5,306
   -8,941
   -5,306
   -8,941

3) Profit/(loss) after tax and minority interest
   -4,014
   -6,204
   -4,014
   -6,203

4) Net profit/(loss) for the period
   -4,014
   -6203
   -4,014
   -6,203

5) Basic earnings/(loss) per shares (sen)
   -3.35
   -5.17
   -3.35
   -5.17

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

7) Net tangible assets per share (RM

  As at the end of current quarter: 0.8300
  As at preceding financial year end: 0.8600

For more information, go to
http://bankrupt.com/misc/tcrap_farlim1QReport26May2004.xls
http://bankrupt.com/misc/tcrap_farlim26MayInterimreport.doc


GULA PERAK: Grants Listing of 43,000 New Shares
-----------------------------------------------
Gula Perak Berhad, in a notice submitted to the Bursa Malaysia
Securities Berhad on 27 May 2004, announced that the company's
additional 43,000 new ordinary shares of RM1.00 each will be
granted listing and quotation effective 9 a.m. on Friday, 28 May
2004.

These new shares were issued pursuant to the Gperak-Conversion
of RM43,000 Irredeemable Convertible Secured Loan Stocks.


HAP SENG: Issues Notice of Share Buy-back
-----------------------------------------
Hap Seng Consolidated Berhad posted the following notice
announcing the buy back of shares with the Bursa Malaysia on 26
May 2004.

Date of buy back: 26/05/2004
Description of shares purchased:  Ordinary shares of RM1.00 each
Total number of shares purchased (units): 15,000
Minimum price paid for each share purchased (RM): 2.440
Maximum price paid for each share purchased (RM): 2.500
Total consideration paid (RM): 37,516.39
Number of shares purchased retained in treasury (units): 15,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 33,032,900
Adjusted issued capital after cancellation (no. of shares)
(units): 0

Remarks:
cc: Securities Commission


METACORP BERHAD: Shareholders OK Proposals
------------------------------------------
Commerce International Merchant Bankers Berhad refers to its
announcement made on behalf of Metacorp Berhad dated 29 April
2004 in relation to the Proposals.

On behalf of Metacorp Berhad, Commerce International Merchant
Bankers Berhad wishes to announce that the resolutions as set
out in the Notice of Extraordinary General Meeting (EGM) dated
30 April 2004 in relation to the Proposals have been approved by
the shareholders of the Company at the EGM held on 26 May 2004.

Hereinafter collectively referred to as the Proposals are:

i. Proposed share split into two (2) new ordinary shares of
RM0.50 each in Metacorp (Metacorp shares) for every one
(1) existing ordinary share of rm1.00 each held in
Metacorp (proposed share split);

ii. Proposed bonus issue of up to 492,061,640 new Netacorp
shares on the basis of two (2) new Metacorp shares for
every one (1) Metacorp share held after the proposed share
split (proposed bonus issue);

iii. Proposed increase in the authorized share capital of
Metacorp from RM200,000,000 comprising 200,000,000
ordinary shares of RM1.00 each in Metacorp to
RM500,000,000 comprising 1,000,000,000 Metacorp shares
(proposed increase in authorized share capital); and

iv. Proposed amendments to the memorandum and articles of
association of Metacorp (proposed amendments to M&A)


OILCORP BERHAD: Appoints New Audit Committee Member
---------------------------------------------------
Oilcorp Berhad, in a disclosure dated 26 May to the Bursa
Malaysia Securities Berhad, announces the appointment of a
member of the audit committee. Details are as follows:

Date of change: May 26, 2004
Type of change: Appointment
Designation: Member of Audit Committee
Directorate: Independent & Non Executive
Name: Francis Ng
Age: 42
Nationality: Malaysian

Qualifications: Institute Of Chartered Secretaries &
Administrators (UK) Professional Degree

Working experience and occupation: He has 17 years of experience
in sales and marketing holding positions of increasing
responsibilities in Carlsberg Marketing Sdn Bhd (1987 to 1992),
East Asiatic Company (1992 to 1996), Strategic Portfolio (M) Sdn
Bhd (1996 to 1999), Marco Corporation (2000). He is currently
attached to a market-leading baby Products Company as the
general manager of marketing department.

Directorship of public companies (if any): NIL

Family relationship with any director and/or major shareholder
of the listed issuer: NIL

Details of any interest in the securities of the listed issuer
or its subsidiaries: NIL

Composition of Audit Committee (Name and Directorate of members
after change):

Mr. Ch'ng Kong San - Chairman, Independent, Non-
Executive
Mr. Ng Huat Tian - Member, Group Managing Director,
Non-Independent
Mr. Cho Nam Sang - Member, Independent, Non-
Executive
Mr. Francis Ng - Member, Independent, Non-Executive


OSK HOLDINGS: Issues Notice of Share Buy-back
---------------------------------------------
OSK Holdings Berhad posted the following notice announcing the
buy back of shares with the Bursa Malaysia on 26 May 2004.

Date of buy back: 26/05/2004

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

Total number of shares purchased (units): 299,000

Minimum price paid for each share purchased (RM): 1.620

Maximum price paid for each share purchased (RM): 1.680

Total consideration paid (RM): 493,997.32

Number of shares purchased retained in treasury (units): 299,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,533,000

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


PANCARAN IKRAB: Court OKs Restructuring Proposal
------------------------------------------------
In a disclosure dated 26 May 2004 to the Bursa Malaysia
Securities Berhad, Public Merchant Bank Berhad announced on
behalf of Pancaran Ikrab Berhad (PIB), that PIB had on 12 May
2004 obtained an order from the High Court of Malaya (Court
Order) sanctioning the Proposed Scheme of Arrangement in respect
of the Proposed Share Exchange.

Upon extraction of the Court Order, an office copy of the Court
Order will be lodged with the Companies Commission of Malaysia
and upon lodgment; the Court Order shall take effect.


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


MANILA ELECTRIC: Plans To Sell Stake In Non-Core Asset
------------------------------------------------------
As part of its efforts to manage its liabilities, Manila
Electric Co. (Meralco) is eyeing a sale on its non-core and
underutilized assets particularly its stake in the Batangas
Cogeneration Corp., BusinessWorld reports.

Meralco treasurer Rafael Andrada said power generation is not
the core business of the power utility firm. In its annual
report Meralco reduced its stake by 55 percent in the said asset
and will deconsolidate its financial statement for 2004.

But according to Mr. Andrada, Meralco's priority option for
raising funds is through a $200-million bond float.

Meralco's need to raise funds is due largely to a refund it
needs to service in line with the Supreme Court order which
prevented the firm from including income tax in its operation
costs, which were in turn passed on to customers.

Meralco's maturing obligation this year amounts to PhP12.954
billion. By mid-June a PhP4.5 billion short-term debt will
mature.


NATIONAL BANK: Answers Request Of PSE's Mr. Zabala
--------------------------------------------------
Philippine National Bank submitted a letter to the Philippine
Stock Exchange in response to the letter of Mr. Jasper D. Zabala
requesting confirmation of the veracity of the article published
in BusinessWold (Internet Edition) entitled "PNB expects 22
percent rise in 2004", viz:

"Philippine National Bank (PNB) expects income this year to
increase 22 percent to around PhP205 million as fee-based
revenues and interest margins remain strong, the president of
the semiprivate bank said on Wednesday.

'Currently, 45 percent of our revenues come from fee-based
business...two-thirds of that comes from our remittance business
while one-third is from retail deposit base,' PNB President
Lorenzo V. Tan said during the stockholders meeting on
Wednesday.

The bank earlier estimated a 19 percent profit growth this year
on expectations that the economic situation will improve
following the May 10 polls."

Please be advised that the news item copied above is
substantially correct as reported.

The company trusts this satisfies the foregoing request of the
Exchange's Mr. Zabala.


NATIONAL BANK: Union Seeks For A Salary Increase
------------------------------------------------
Employees of Philippine National Bank want a share of the bank's
good fortune after a five-year losing streak because according
to them, they have been holding on to their low salaries for
years, BusinessWorld reports, citing the bank union's president,
Eduardo Serrano.

"[The] last time we had a collective bargaining agreement (CBA)
[and salary] increase was in 1999 for PhP300. For more than five
years, we have not received any increase because we don't have
any CBA. It is the right opportunity because majority of the
stockholders are here to hear our plea not to delay the CBA and
give what is due to us," Mr. Serrano said following the bank's
annual meeting the other day.

According to the report, Mariano Sorias, a former vice-president
of the union, said employees who have been with PNB longer are
the ones who suffered more. The new team has brought in new PNB
employees who Mr. Sorias claims is being paid better. Mr. Sorias
added that the new PNB team should closely examine who is doing
the dirty jobs.


NATIONAL STEEL: National Government To Grant Ecozone Status
-----------------------------------------------------------
National Steel Corp. (NSC), under its new name Global Steel
Works International Inc., will be granted an ecozone status by
the national government, in order to help revitalize the steel
manufacturer, ABS-CBN News reports.

The grant will bring lower tax liabilities for the firm under
the guidelines approved by the Board of Investments, despite the
government's bid to increase its dwindling tax revenues.

According to the source, President Macapagal Arroyo, as part of
her campaign platform, pushed the tax perk, and promised to
revive NSC's Mindanao operations.

But the lower levels of government opposed the incentives, for
it is still to be determined if the steel manufacturer has met
the requirements to be classified as an ecozone.

The move to grant tax incentives to Global Steel is bound to
raise tensions once more between the Finance and the Trade and
Industry departments. The DOF is already chafing under an
estimated PhP187.2 billion in foregone revenues annually, which
is the value of tax incentives under various BOI exemption
schemes. The tax incentives are meant to encourage foreign
investors to locate their operations in the country, the report
says.


NEGROS NAVIGATION: Undergoing Rehab Talks With Creditors
--------------------------------------------------------
Two of Negros Navigation Co. Inc.'s (Nenaco) creditor banks has
expressed support for its rehabilitation plan, Philippine Daily
Inquirer reports, citing the inter-island shipping firm's
receiver Sulficio Tagud.

According to Mr. Tagud, Nenaco owes Development Bank of the
Philippines (DBP) PhP300 million in principal debt, and PhP49.06
million in interest, which makes it its biggest creditor and
Export and Industry Bank's (EIB) collectible is less than PhP100
million, the figures are based on the company's petition to the
Regional Trial Court for a suspension of debt payments.

"Rehab talks are ongoing with creditors," Metro Pacific
president and chief executive officer Jose Maria Lim told
reporters. "We are confident that the rehab plan will be
approved. What is important to note is that this company is
qualified for rehabilitation since its cash flow is sufficient."

Nenaco's actual and opportunity losses between March and April
is estimated at PhP76.4 million pesos, arising from the impact
of debt collection filed against it by one of its suppliers.


NEGROS NAVIGATION: Unveils Annual Stockholders Meeting's Outcome
----------------------------------------------------------------
Negros Navigation Co. Inc.'s (Nenaco) Annual Stockholders'
Meeting, the following were duly nominated and elected directors
of the Corporation for the ensuing term:

(1) Daniel L. Lacson
(2) Conrado A. Carballo
(3) Edward S. Go
(4) Julio L. Ledesma IV
(5) Vivian S. Liban
(6) Jose Ma. K. Lim
(7) Jose Manuel L. Mapa
(8) Napoleon L. Nazareno
(9) Elmer D. Nitura
(10) Augusto P. Palisoc, Jr.
(11) Manuel V. Pangilinan
(12) Meliton V. Salazar
(13) Edward Tortorici


PHILIPPINE LONG: Issues Confirmation Of News Article
----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) submits to the
Philippine Stock Exchange a response to the fax letter
requesting the company to confirm the veracity of the
information contained in the news article entitled "First
Pacific may up stake in PLDT" published in Wednesday's issue of
The Philippine Star (Internet Edition).

The company is not in the position to comment on the report that
First Pacific may increase its stake in PLDT, since this is a
First Pacific matter.

Regarding the report that PLDT is expected to pay dividends to
common shareholders in 2005, we advise that PLDT's intention is
to restore payment of common dividends by the first quarter of
2005 based on PLDT's 2004 net income available to common
shareholders.

The company is targeting to initially pay common dividends
equivalent to 10 percent of our 2004 net income available to
common shareholders. However, the actual amount to be declared
and paid will be subject to the approval of the PLDT Board of
Directors.

In making that decision, the Board will take into consideration
the actual financial performance in 2004, the amount of working
capital required, budgeted, capital expenditures and debt
service requirements of the Group. The amount of dividends to
be declared and paid also hinge on the Group's ability to meet
its deleveraging targets and financial covenants with respect to
declaration and payment of dividends under certain of PLDT's
debt instruments.


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


DE BOER: Creditors Must Submit Claims by June 21
------------------------------------------------
Notice is hereby given that the creditors of De Boer Structures
(Asia) Pte. Ltd. (Members' Voluntary Liquidation) are required
on or before June 21 to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their solicitors to the Liquidator of the Company
c/o 2 Mistri Road, #12-01 HMC Building, Singapore 079624. In
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

TEH KWANG HWEE
Liquidator.

This Singapore Government Gazette announcement is dated 21 May
2004.


FLEXTECH HOLDINGS: Dissolves Dormant Subsidiary
-----------------------------------------------
The Board of Directors of Flextech Holdings Limited wishes to
announce that Vertex Test Inc. (Vertex), a dormant subsidiary
incorporated in the British Virgin Islands wholly-owned by Spire
Technologies Pte Ltd (Spire), has been recently wound up and
dissolved voluntarily.

Spire is an 80 percent-owned subsidiary of the Company,
incorporated in Singapore.

The dissolution of Vertex is not expected to have a material
effect on the earnings and net tangible asset per share of the
Flextech group of companies for the financial year ended 31
December 2004.

By Order of the Board
Chow Kek Tong
Chief Financial Officer

Submitted by Chow Kek Tong, Chief Financial Officer on
26/05/2004 to the SGX


MEASUREX HOLDINGS: Creditors Meeting Set June 21
------------------------------------------------
Notice is hereby given that the first meeting of the creditors
in Measurex Holdings Pte Ltd will be held at Ernst & Young, 10
Collyer Quay, #06-05 Ocean Building, Singapore 049315, at 11
a.m. on 21 June 2004.

AGENDA

1. To receive the liquidators' report on the progress of the
liquidation.

2. To appoint a committee of inspection, if necessary.

3. Any other matters.

To entitle you to vote thereat, your proof of debt must be
lodged with me not later than 5 p.m. on 4 June 2004. Proxies to
be used at the meeting must be lodged with me not later than 5
p.m. on 17th June 2004.

ONG YEW HUAT
Liquidator.
Measurex Holdings Pte Ltd.
Address: c/o Ernst & Young
10 Collyer Quay
#23-05 Ocean Building
Singapore 049315.

This Singapore Government Gazette announcement is dated 26 May
2004.


NIPPON MACHINE: Schedules Winding up Hearing
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Nippon Machine Tool Pte Limited by the High Court of Singapore
was on the 14 May 2004 presented by the United Overseas Bank
Limited. The petition will be heard before the Court sitting at
the High Court at 10 o'clock in the forenoon on the 11 June
2004. Any creditor 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 themselves or their Counsel for
that purpose. 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 Petitioner's address is 80 Raffles Place, UOB Plaza 1, 12th
Floor, Singapore 048624.

The Petitioner's solicitor is Messrs Tan Kok Quan Partnership of
No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the solicitors for the
Petitioner, notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person 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 12 o'clock noon of the
10th day of June 2004 (the day before the day appointed for the
hearing of the Petition).

This Singapore Government Gazette announcement is dated 21 May
2004.


SWEE HONG: Issues Winding up Order Notice
-----------------------------------------
Swee Hong Investment Pte Ltd issued a notice of winding up order
made on the 14 May 2004.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 26 May
2004.


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


TPI POLENE: Creditors Okay Debt Buy Back
----------------------------------------
Thai cement maker TPI Polene PCL has been given by its creditors
a go signal in principle to allow the company to buy back debt
worth up to $110 million, Dow Jones reports, citing the
company's executive and one of its creditors on Monday.

"Creditors have agreed with our debt buyback plan. However, they
didn't accept our request for a reduction of accrued interest,"
TPI Polene Chief Executive Prachai Leophairatana said at a press
conference.

The initial agreement was reached early this month and is
allowed to buy back debt worth no more than $110 million.  The
company may use surplus funds from its share sale to buy more
debt in the future, the creditor said.

However, no formal agreement has been reached on the sale of
debt back to the company.

Mr. Prachai said that after the debt buyback, TPI Polene is
likely to be able to repay the remaining principal within five
years, and that further refinancing of the remaining debt should
reduce the company's interest burden.

TPI Polene is undertaking a restructuring of debt worth $950
million in principal and $150 million in accrued interest, under
the auspices of the country's bankruptcy court.





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

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

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

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


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


JAPAN
-----

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

MALAYSIA
--------

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


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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

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






                            *********


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

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

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

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

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

                 *** End of Transmission ***