TCRAP_Public/040531.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

             Monday, May 31, 2004, Vol. 7, No. 106

                            Headlines

A U S T R A L I A

BRAMBLES INDUSTRIES: Shares Back at $6 Mark
HIH INSURANCE: Report on Collapse Could Help Public
MAYNE GROUP: Clarifies Specialty Pharmaceutical Division Outlook
NATIONAL AUSTRALIA: To Conduct Survey Assessing Scam Damage
QANTAS AIRWAYS: CEO Raises Aircraft Depreciation Issue


C H I N A  &  H O N G  K O N G

CENTRILINE ASIA: Appoints Joint Liquidators
CHAN KWOK: Schedules Creditors Meeting
CHAN YOK: Enters Bankruptcy Proceedings
COMROAD LIMITED: Creditors Meeting Set for June 11
CWT TEXTILE: Creditors Meeting Slated for June 23

HOOVER CAPITAL: Winding up Hearing Slated for July 7
LUI LAI: Releases Bankruptcy Order Notice
MAXSON RESOURCES: Luen Yau Initiates Winding up Petition
PACIFIC KING: Enters Winding Up Petition
SING WAI: Enters Winding up Petition

SINO TRUTH: Creditors Must Submit Claims by June 21
TANG SHU: Issues Bankruptcy Order Notice
TOWRY LAW: Shuts Down International Units
TRUMP VANTAGE: Winding up Hearing Set June 30
VICTORIA INTERNATIONAL: Winding up Hearing Set July 7

V.R. HK ENTERPRISES: Schedules Winding up Hearing
WING KONG: Schedules Winding Up Hearing
WONG LAI: Releases Bankruptcy Order Notice


I N D O N E S I A

ANEKA TAMBANG: Seeks Partner For $220M Project
BANK NEGARA: To Postpone Issuance Of Sub-debt Bonds
PERTAMINA: Cash Flow Dries Up


J A P A N

KANEBO LIMITED: Shares Down 38.8% Thursday
KANEBO LIMITED: Seeks JPY140B Financial Aid
NIPPON CREDIT: Three Former Execs Goes to Jail
SOFTBANK CORPORATION: S&P Assigns 'BB-' Rating


K O R E A

HANARO TELECOM: Enters Deal With TV Operator Joongang MSO
HANBO IRON: Selects INI Steel-Hyundai Group as Preferred Bidder


M A L A Y S I A

BOUSTEAD HOLDINGS: Lists Additional 1,030,000 Ordinary Shares
FOUNTAIN VIEW: Lists 2,656,640 Ordinary Shares
GLOMAC BERHAD: Lists Additional 10,000 Ordinary Shares  
HONG LEONG: Releases First Quarterly Report
LANKHORST BERHAD: Lists Additional 800,000 Ordinary Shares

PILECON ENGINEERING: Releases Full Quarterly Report
PRINSIPTEK CORPORATION: Lists Additional 57,000 Ordinary Shares
SELOGA HOLDINGS: Replies To Bursa Malaysia's Query


P H I L I P P I N E S

MANILA ELECTRIC: PCCI To Oppose Refund Scheme
METRO PACIFIC: Issues News Article Clarification
NEGROS NAVIGATION: Issues News Article Clarification


S I N G A P O R E

CYCAD PTE: Issues Winding Up Order Notice
L&M GROUP: Answers SGX Query
MEDIASTREAM LIMITED: E&Y Audits 2003 Financial Statement
SEATOWN CORPORATION: Court OK's Scheme of Arrangement


T H A I L A N D

THAI PETROCHEMICAL: To Discuss Restructuring With Minister

     -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Shares Back at $6 Mark
-------------------------------------------
For the first time in almost two years, the shares of Bramble
Industries rose to $6 from 21c Thursday after the company
announced Wednesday that its troubled CHEP pallet division was
finally positioned to "deliver strong growth in profit", relates
the Sydney Morning Herald. The last time Bramble shares have hit
the $6 mark was in November 2002, the same month the company
disclosed serious problems, which included a few million missing
pallets, in its CHEP business across Europe.

The jump in shares was the first positive news from Brambles
since its disastrous dual-listing and merger with GKN three
years ago when the shares were around $12. Since the update, the
company's shares have soared 7.4 percent. From a low of $3.77 in
February last year, Brambles shares have now recovered 58
percent.

Continuing cost reductions and strong sales growth in US pallets
are the most encouraging signs, according to Citigroup's Mr.
Smith, who upgraded his 2003-04 profit forecasts by $6 million
to $381.6 million. Goldman Sachs JBWere also upgraded its 2003-
04 net profit forecast by 1.9 per cent to $368 million.

Citigroup Smith Barney, for its part, also maintained its "buy"
rating on the stock, based on the profitability of US and
European operations being bolstered by a weaker dollar, and the
"market's apparent increasing desire to believe the 'rebound
story'".


HIH INSURANCE: Report on Collapse Could Help Public
---------------------------------------------------
The Australian relates that if the federal government implements
a system of financial guarantees outlined in a report by
Melbourne University finance professor Kevin Davis on the $6.3
billion collapse of insurance firm HIH, the public would have
some measure of protection from the collapse of financial
institutions.

According to Treasurer Peter Costello Wednesday, "The Davis
report presents a well-argued case as to the possible benefits
of a limited explicit guarantee scheme and notes that
Australia's strong prudential framework suggests we would have
the capacity to implement a well-designed scheme to suit
Australia's circumstances."

In the Davis report, it is suggested that the guarantee scheme
would cover three groups of financial products, namely: deposit
products, and the capital guaranteed savings products offered by
deposit-taking institutions, including building societies,
credit unions and life insurance offices; risk protection
products, such as motor vehicle, house and term life insurance
policies; and guaranteed income stream products, such as
annuities and pensions offered by superannuation funds and life
companies.

However, only consumers of products supplied by institutions
supervised by the Australian Prudential Regulatory Authority
would be protected, and that the guarantee would only be open to
retail consumers who were considered unable to make an
assessment of the creditworthiness of the financial institutions
or products being offered.

The HIH collapse left the federal government the distinction of
being the company's largest creditor, when it was forced to use
public funds to rescue the company.


MAYNE GROUP: Clarifies Specialty Pharmaceutical Division Outlook
----------------------------------------------------------------
Given recent comment, Mayne Group Limited (ASX: MAY) in a press
release, wishes to clarify the near-term growth and earnings
outlook and the long-term trend for its specialty pharmaceutical
division.

Mayne expects that the long-term annual growth rate in revenues
for its injectable specialty pharmaceutical division will be
approximately 15-20 percent per annum and that its earnings
before interest, tax and amortisation margin (EBITA margin) will
be in the range of 17-20 percent. This outlook is broadly
consistent with the historical results generated from this
business over the last three to five years.

Regarding the current year, Mayne reiterates the guidance for
fiscal 2004 given at its first half results presentation in
February. For the second half of fiscal 2004 Mayne anticipates
that earnings before interest and tax (EBIT) for the specialty
pharmaceutical business will be consistent with the first half.
Mayne also advises that based on second half results to date,
revenues for this division are anticipated to be approximately
$500 million for the full year and will generate EBITA margins
consistent with the long-term trend of approximately 17-20
percent.

Regarding the near-term outlook, with respect to fiscal 2005, as
a result of the high level of acquisitions undertaken in fiscal
2004, Mayne expects that its specialty pharmaceutical revenues
will grow above the long-term rate for that year and will be at
least 30 percent higher than fiscal 2004.  Mayne also advises
that EBITA margins are expected to be consistent with the long-
term guidance at 17-20 percent.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in pharmaceuticals (the manufacture of
specialty pharmaceuticals for distribution to more than 50
countries, pharmacy services, and health-related consumer
products) and diagnostic services (pathology, diagnostic imaging
and medical centres).

Media and investor enquiries
Larry Hamson
Telephone: 03 9868 0380
Mobile: 0407 335 907


NATIONAL AUSTRALIA: To Conduct Survey Assessing Scam Damage
-----------------------------------------------------------
The Sydney Morning Herald reports that National Australia Bank
has plans of conducting a survey among opinion makers, clients
and investors that would reveal how their relationship with the
bank was influenced by the recent boardroom turmoil and the
US$360 million foreign exchange trading scandal.

A so-called "stakeholder relationship index" which seeks to
measure "the four distinct dimensions of relationships": trust,
commitment, satisfaction and "mutuality of control", will be
created out of the findings of the initial survey, which will be
conducted by Marketing & Research Associates via 30-minute face-
to-face interviews. The index also intends to benchmark the
quality of the relationship of the bank on a continuing basis.

The review will also complement the "Let's Talk" program of
chief executive John Stewart, which encourages bank staff to
attend seminars and express views on how to improve management
and the bank's culture, an essential recommendation by the
Australian Prudential Regulatory Authority and
PricewaterhouseCoopers reports on the bank's foreign-exchange
losses.

In a letter sent to some 100 members of the media, government,
opinion makers and the broader community, the bank said the
research "will capture views on the health of our relationship,
perceptions of our reputation and any issues of concern". "All
responses will be combined to form a total picture of views and
experiences."


QANTAS AIRWAYS: CEO Raises Aircraft Depreciation Issue
------------------------------------------------------
The CEO of Australian carrier Qantas Airways said last week that
if only the airline were allowed to depreciate planes at the
same rate as Singapore Airlines (SIA), more than $1.25 billion
will be saved on aircraft purchases, relates The Australian.

Qantas CEO Geoff Dixon said that SIA extracted a major
competitive benefit from the tax regime in which it operated.
"Singapore tax law allows airlines to enjoy accelerated
depreciation on their aircraft - three years in comparison to
the 10-year depreciation schedule Qantas has under Australian
taxation law," he said. "That's a major advantage. In fact, the
present value benefit of the decreased tax liability to Qantas,
if we were able to take advantage of a three year write-off
period, would be $1.25 billion."

In Mr. Dixon's estimate, some two-thirds of other airlines with
Australia flights are either fully or partly owned by their
respective governments, which meant cheaper and easier access to
debt capital for them.

He cited the case of Emirates, which does not pay corporate tax
in Dubai, a marked contrast from the $1.3 billion corporate tax
Qantas has paid since it was privatized.

However, a spokesman for Transport Minister John Anderson said
last Wednesday the government had no plans to change either
depreciation rules or the Qantas Sales Act.


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


CENTRILINE ASIA: Appoints Joint Liquidators
-------------------------------------------
By the order of the High Court of Hong Kong on the 21 April
2004, Messrs. David John Kennedy and Stephen Briscoe, both of
RSM Nelson Wheeler Corporate Advisory Services Limited, 7/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong,
have been appointed Joint and Several Liquidators of Centriline
Asia Limited (In Compulsory Liquidation) with a Committee of
Inspection.

David John Kennedy
Stephen Briscoe
Joint and Several Liquidators

This Quamnet Gazette announcement is dated 28 May 2004.

                             
CHAN KWOK: Schedules Creditors Meeting
--------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Chan Kwok Wai (In bankruptcy proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on the 4 June 2004 at 10:30 in
the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 24 May 2004.


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

The Standard announcement is dated 24 May 2004.


COMROAD LIMITED: Creditors Meeting Set for June 11
--------------------------------------------------
Notice is hereby given that the first meeting of the creditors
of ComRoad (Far East) Limited (In Voluntary Liquidation) will be
held at 805, Capitol Centre, 5-19 Jardine's Bazaar, Causeway
Bay, Hong Kong on 11 June 2004 at 11 o'clock in the morning.

Creditors may either vote in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at 805, Capitol Centre,
5-19 Jardine's Bazaar, Causeway Bay, Hong Kong not later than 4
p.m. on the day before the meeting.

By Order of the Board,
Mr. YUEN Sik Ming, Patrick, the representative of ML Consultants
Limited Director

This Quamnet Gazette announcement is dated 28 May 2004.


CWT TEXTILE: Creditors Meeting Slated for June 23
-------------------------------------------------
Notice is hereby given that the annual meeting of the members
and creditors of CWT Textile Supplies Company Limited (In
Creditors' Voluntary Liquidation) will be held at the office of
Grant Thornton, 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong on 23 June 2004 at 11 a.m. and
11:30 a.m., respectively, for the purpose of having an account
laid before the meetings by the liquidators of their acts and
dealings and of the conduct of the winding-up during the year
ended 25 March 2004.

Forms of general proxy to be used at the meetings must be lodged
at our office at 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong or sent by facsimile to 2218
3537 not later than 4 p.m. on the day before the meetings.  
Proxies need not be members or creditors of the Company.

Alan Chung Wah Tang
Alison Wong Lee Fung Ying
Joint & Several Liquidators

This Quamnet Gazette announcement is dated 28 May 2004.


HOOVER CAPITAL: Winding up Hearing Slated for July 7
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Hoover Capital Limited by the High Court of Hong Kong was on the
12 May 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said petition will be heard before the Court at 9:30 a.m. on the
7 July 2004. Any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

TONG & TSOI
Solicitors for the Petitioner,
Rom 3402, 34th Floor Bank of America Tower
12 Harcourt Road, Central
Hong Kong

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


LUI LAI: Releases Bankruptcy Order Notice
-----------------------------------------
Notice is hereby given that the Bankruptcy Order against Lui Lai
San (In Bankruptcy Proceedings) was made on 11 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


MAXSON RESOURCES: Luen Yau Initiates Winding up Petition
--------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Maxson Resources Limited by the High Court of Hong Kong was on
the 7 April 2004 presented to the said Court by Luen Yau Company
whose registered office is situated at Room 2208-9, Witty
Commercial Building, Nos. 1A-1L Tung Choi Street, Mongkok,
Kowloon, Hong Kong. The said petition will be heard before the
Court at 9:30 a.m. on the 16 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

EDMUND CHEUNG & CO.
Solicitors for the Petitioner,
20th Floor, Asia Standard Tower
59-65 Queen's Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15 June 2004.


PACIFIC KING: Enters Winding Up Petition
----------------------------------------
Notice is hereby given that a petition for the winding up of
Pacific King (Hong Kong) Limited by the High Court of Hong Kong
was on the 20 April 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said petition will be heard before the Court at
10 a.m. on the 16 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

MESSRS. DEACONS
Solicitors for the Petitioner,
5th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15 June 2004.


SING WAI: Enters Winding up Petition
------------------------------------
Notice is hereby given that a petition for the winding up of
Sing Wai Technology Development Company Limited by the High
Court of Hong Kong was on the 11 May 2004 presented to the said
Court by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong. The said petition will be heard
before the Court at 10 a.m. on the 30 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

MESSRS. WAT & CO.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong

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


SINO TRUTH: Creditors Must Submit Claims by June 21
---------------------------------------------------
Notice is hereby given that the creditors of Sino Truth
Resources Limited (In Members' Voluntary Liquidation), which is
in Members' Voluntary Liquidation, are required on or before the
close of business on 21 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 Liquidators of the
company. In default thereof, they will be deemed to waive all of
such debts or claims and the Liquidators will be entitled, seven
days after the above date, to distribute any and all surplus
assets or funds available or any part thereof to the members.

Dated 21 May 2004

Suen Pui Yee
Iain Feruson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


TANG SHU: Issues Bankruptcy Order Notice
----------------------------------------
Notice is hereby given that the Bankruptcy Order against Tang
Shu Lun (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.


TOWRY LAW: Shuts Down International Units
-----------------------------------------
Towy Law, the troubled international financial adviser,
announced the closure of its Towry Law International (TLI)
subsidiaries in the Middle East and Japan, the Standard reported
on Friday.

``There have been difficult market conditions and the results
were not up to requirement. In the Middle East, because of the
current situation and war, our investments have been hit hard.
Last year Hong Kong was hit with SARS. Besides, there has been
the legacy of problems with some of the external funds we
distributed,'' according to Towry Law Group Managing Director
John Simmonds.

The Securities and Futures Commission (SFC) has been
investigating for more than a year whether Towry Law violated
the Securities Ordinance and defrauded customers. An SFC refused
to comment citing legal reasons.


TRUMP VANTAGE: Winding up Hearing Set June 30
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Trump Vantage International Limited by the High Court of Hong
Kong was on the 10 May 2004 presented to the said Court by Lam
Fung Mei of Room B1707, King Lok House, Shan King Estate, Tuen
Mun, New Territories, Hong Kong. The said petition will be heard
before the Court at 10 a.m. on the 30 day of June 2004. Any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


VICTORIA INTERNATIONAL: Winding up Hearing Set July 7
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Victoria International Trading Company Limited by the High Court
of Hong Kong was on the 12 May 2004 presented to the said Court
by Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong. The said petition will be heard before the
Court at 9:30 a.m. on the 7 July 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

TONG & TSOI
Solicitors for the Petitioner,
Rom 3402, 34th Floor Bank of America Tower
12 Harcourt Road, Central
Hong Kong

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


V.R. HK ENTERPRISES: Schedules Winding up Hearing
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
V.R. Hong Kong Enterprises Limited by the High Court of Hong
Kong was on the 14 April 2004 presented to the said Court by
Chiu May Yuk of Room 1403, Kai Lok House, Kai Yip Estate,
Kowloon, Hong Kong. The said petition will be heard before the
Court at 10 a.m. on the 16 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do. The notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15 June 2004.


WING KONG: Schedules Winding Up Hearing
---------------------------------------
Notice is hereby given that a petition for the winding up of
Wing Kong Restaurant Limited by the High Court of Hong Kong was
on the 19 April 2004 presented to the said Court by Cho Man Chu
of Room 319, Choi Man House, Ho Man Tin Estate, Kowloon, Hong
Kong. The said petition will be heard before the Court at 10
a.m. on the 16 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15 June 2004.


WONG LAI: Releases Bankruptcy Order Notice
------------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Lai Sze (In Bankruptcy Proceedings) was made on 11 May 2004. All
debts due to the estate should be paid to its Official Receiver
E.T. O'Connell.

The Standard announcement is dated 24 May 2004.


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


ANEKA TAMBANG: Seeks Partner For $220M Project
----------------------------------------------
PT Aneka Tambang (Antam) plans to sell non-productive asset to
finance its bauxite-mining project in Tayan, West Kalimantan,
which has the potential to rake in US$10 million, The Jakarta
Post reports, citing Antam president director, Dedi Aditya
Soemanegara.

Mr. Dedi said after the company's shareholder's meeting on
Thursday that Antam had appointed investment bank Citigroup as
its advisor to scout and review for alternatives to raise funds
for the $220 million project.

Other companies in Malaysia are also considered to become a
possible partner for the project.  The company said that they
are looking for long term contracts to buy the products from the
project to assure revenues.

"There are three companies including us and the share pattern is
40 percent for us, but we're open to new partners. The agreement
is scheduled to be completed by the end of this year, but
remember that such an agreement is complex because it requires
approval from all shareholders," Mr. Dedi said.

In the same meeting, Antam's shareholders have agreed to
allocate 32 percent of the company's 2003 net profit of Rp38.6
per share in dividends this year.  

Antam is 65 percent owned by the government and the remainder by
the investing public.


BANK NEGARA: To Postpone Issuance Of Sub-debt Bonds
----------------------------------------------------
State-controlled Bank Negara Indonesia's plan to issue around
US$300 million in sub-debt bonds would likely be postponed on
the third quarter of the year because the bank fears that its
investors would demand overly high yields, thus raising the
borrowing cost, according to The Jakarta Post, citing the bank's
president Sigit Pramono.

"We may not get the maximum benefit if we issue the bonds based
as scheduled in June. The market is just not favorable. We fear
that we will have to pay higher rates and costs for the issue,"
Mr. Sigit said after a meeting with legislators on Thursday.


PERTAMINA: Cash Flow Dries Up
-----------------------------
PT Pertamina director of finance Alfred Rohimone said that the
state energy's cash flow is in critical condition, the company's
expenditure is surpassing its income due to its obligation to
meet domestic demand with fuel oil bought at higher prices on
the international market, according to Asia Pulse.

"With a liquidity position below Rp2 trillion (US$215 million),
the company is already bleeding," Mr. Rohimone added.

According to the report, Pertamina was recently forced to spend
Rp 40 billion to buy crude oil at US$35 per barrel.


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


KANEBO LIMITED: Shares Down 38.8% Thursday
------------------------------------------
Shares in Kanebo Limited dropped 38.8 percent on Thursday after
the Nihon Keizai Shimbun newspaper reported that 99 percent of
the Company's equity would be wiped out in return for new
finance from the Industrial Revitalization Corporation of Japan
(IRCJ) and from some of its 100 creditor banks.

Kanebo issued a statement saying a revival plan was still being
hammered out, and denying that anything had been decided.

Bankers say Kanebo will be forced to sell off some of its
businesses, many of which are small. Its pharmaceutical
division, for example, has already drawn interest from potential
buyers.


KANEBO LIMITED: Seeks JPY140B Financial Aid
-------------------------------------------
Ailing textile and drug maker Kanebo Limited will ask for a
financial support totaling 140 billion yen, Dow Jones reported
on Thursday, citing the Yomiuri Shimbun newspaper.

The move is the result of rigorous assessment of the company's
assets as it cobbled up a recovery plan under the support of the
Industrial Revitalization Corporation (IRCJ). The assessment
revealed that the Company's debts exceeded its assets by 140
billion yen even after incurring 350 billion yen in profits from
the sale of its cosmetic business.

Of the 140 billion yen aid, Kanebo will ask for a 100 billion
yen debt waiver from the Sumitomo Mitsui Banking Corporation,
and for a 40 billion yen debt-equity swap from the bank and IRC.
The IRCJ will also buy 10 billion yen of new Kanebo shares, thus
gaining control of its management.


NIPPON CREDIT: Three Former Execs Goes to Jail
----------------------------------------------
The Tokyo District Court Friday handed suspended prison
sentences to three former bank executives of Nippon Credit Bank
who covered up losses that caused the bank's collapse, Dow Jones
reported on Friday.

The Japanese court gave Hiroshi Kubota, Chairman of Nippon
Credit Bank, a 16-month prison sentence that was suspended for
three years, court spokesman Yukio Higeta said. Kubota violated
securities exchange laws by hiding more than 150 billion yen in
losses, precipitating the bank's collapse.

Two other Nippon Credit executives - Shigeoki Togo, a former
President, and Tadao Iwaki, a former Vice President - were each
given one-year prison sentences that were also suspended for
three years. The defendants won't actually have to spend time in
prison unless they commit a crime during the suspension period.

Japan declared the lender bankrupt in 1998. The government sold
the bank in February 2000 to a consortium led by Japanese
Internet investor Softbank, which renamed it Aozora Bank.


SOFTBANK CORPORATION: S&P Assigns 'BB-' Rating
----------------------------------------------
Standard & Poor's Ratings Services (S&P) has placed its 'BB-'
long-term corporate and senior unsecured bond ratings on
Softbank Corporation on CreditWatch with negative implications,
following the announcement that the company will purchase Japan
Telecom Company.

Softbank plans to purchase all common stock of Japan Telecom,
which is currently owned by Ripplewood Holdings LLC and other
investment funds, on November 16, 2004. The acquisition cost of
340 billion yen includes 164 billion yen in debt that Softbank
will assume, and payment of 143.3 billion yen in cash and 32.5
billion yen in Softbank shares.

"Softbank's already weak cash flow, which was negative in fiscal
2003, could deteriorate further, given the expected cash outflow
from acquisition costs as well as the possible additional
financial burden of establishing a framework to produce synergy
effects with Japan Telecom," said Standard & Poor's credit
analyst Chizuko Satsukawa.

Softbank's ratio of total debt to capital could also
significantly deteriorate from its level of about 30 percent at
March 31, 2004, as a result of the consolidation of assumed debt
and the decrease in cash at hand.

Although Japan Telecom's equity stood at 418 billion yen at
September 30, 2003, subsequent events, including 209 billion yen
in bank borrowings and 232 billion yen in dividend payouts, are
likely to have weakened Japan Telecom's capital structure.
Softbank's total shareholders' equity was 238 billion yen at
March 31, 2004.

The rating agency will resolve the CreditWatch status after
examining in more detail the financial standing of the unlisted
Japan Telecom and the effects of the purchase on Softbank's
business and financial profiles. The ratings on Softbank could
be lowered if the acquisition significantly increases the
company's investment burden and leads to a deterioration in its
financial profile.


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


HANARO TELECOM: Enters Deal With TV Operator Joongang MSO
---------------------------------------------------------
Hanaro Telecom Co. will start selling a new service that ties
its high-speed Internet and Web-based telephony to cable
television services, Yonhap News reported on Thursday.

Starting in July, Hanaro will begin offering the "bundle" of
services under an alliance with nationwide cable TV operator
Joongang MSO, the company said in a statement.

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.


HANBO IRON: Selects INI Steel-Hyundai Group as Preferred Bidder
---------------------------------------------------------------
A consortium of INI Steel and Hyundai Hysco was selected
Thursday as the preferred bidder to acquire Hanbo Iron & Steel,
according to Yonhap News.

The consortium was among the seven finalists that included a
consortium of POSCO and Dongkuk Steel Mill and an alliance
between Japan's Yamato Steel Co. and U.S. investment fund
Newcore. The POSCO-Dongkuk Steel Mill consortium was named the
reserve bidder.

Meanwhile, the JoongAng Daily reported that the takeover price
of Hanbo is likely to be set higher than 452 billion won ($384
million).


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


BOUSTEAD HOLDINGS: Lists Additional 1,030,000 Ordinary Shares
-------------------------------------------------------------
Boustead Holdings Berhad in a notice submitted to the Bursa
Malaysia Securities Berhad on March 27, 2004, announced that the
company's additional 1,030,000 new ordinary shares of RM0.50
each will be granted listing and quotation effective 9:00 a.m.,
Monday, May 31, 2004.


FOUNTAIN VIEW: Lists 2,656,640 Ordinary Shares
----------------------------------------------
Fountain View Development Berhad in a notice submitted to the
Bursa Malaysia Securities Berhad, announced that the company's
additional 2,656,640 new ordinary shares of RM1.00 each will be
granted listing and quotation effective 9:00 a.m., Monday, 31
May 2004.

These new shares were issued pursuant to Fountain View
conversion of RM2,656,640 irredeemable convertible unsecured
loan stocks.


GLOMAC BERHAD: Lists Additional 10,000 Ordinary Shares  
------------------------------------------------------
Glomac Berhad in a notice submitted to Bursia Malaysia
Securities Berhad announced that its additional 10,000 new
ordinary shares of RM1.00 each will be granted listing and
quotation effective 9:00 a.m., Monday, May 31, 2004.


HONG LEONG: Releases First Quarterly Report
-------------------------------------------  
Hong Leong Properties Berhad submits to Bursa Malaysia
Securities Berhad its First Quarterly report for the financial
period ended March 31, 2004.

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
    91,847
    17,976
    162,286
    71,906

(2) Profit/(loss) before tax
    34,620
     1,434
    39,082
     7,418
  
(3) Profit/(loss) after tax and minority interest
    31,248
        87
    32,164
     1,150

(4) Net profit/(loss) for the period
    31,248
        87
    32,164
     1,150

(5) Basic earnings/(loss) per shares (sen)
    4.46
    0.01
    4.59
    0.16

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

AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END

(7) Net tangible assets per share (RM)  
    1.0600
    1.0200

For more information, click
http://bankrupt.com/misc/HONGLEONG052704.xls
http://bankrupt.com/misc/HONGLEONG52704_2.doc


LANKHORST BERHAD: Lists Additional 800,000 Ordinary Shares
----------------------------------------------------------
Lankhorst Berhad in a notice submitted to Bursa Malaysia
Securities Berhad announced that its additional 800,000 new
ordinary shares of RM1.00 each will be granted listing and
quotation with effect from 9:00 a.m., Monday, May 31, 2004.


PILECON ENGINEERING: Releases Full Quarterly Report
---------------------------------------------------
Pilecon Engineering Berhad submits to Bursa Malaysia Securities
Berhad, its full quarterly report for the period ended March 31,
2004.

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
    12,017
    12,625
    12,017
    12,625

(2) Profit/(loss) before tax
    -1,149
     1,482
    -1,149
     1,482
(3) Profit/(loss) after tax and minority interest
    -1,743
       875
    -1,743
       875
(4) Net profit/(loss) for the period
    -1,743
       875
    -1,743
       875

(5) Basic earnings/(loss) per shares (sen)  
    -0.44
     0.22
    -0.44
     0.22

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

AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END

(7) Net tangible assets per share (RM)
   0.2200
   0.2300


For more information, click
http://bankrupt.com/misc/PILECONENGINEERING052705.pdf


PRINSIPTEK CORPORATION: Lists Additional 57,000 Ordinary Shares
---------------------------------------------------------------
Prinsiptek Corporation Berhad in a notice submitted to Bursa
Malaysia Securities Berhad announced that its additional 57,000
new ordinary shares of RM0.50 each would be granted listing and
quotation with effect from 9:00 a.m., Monday, May 31, 2004.

These new shares were issued pursuant to Prinsiptek conversion
of RM57,000 nominal value of irredeemable convertible unsecured
loan stocks 2003/2006.


SELOGA HOLDINGS: Replies To Bursa Malaysia's Query
--------------------------------------------------
With reference to Bursa Malaysia Securities Berhad's query
letter dated May 27, 2004 on article entitled "Seloga gets
Turkish jobs" appearing in The Edge, Financial Daily, page 2 on
Thursday, May 27, 2004, the Directors of Seloga wish to clarify
that the Company has not secured any project in Turkey.

However, after making due and diligent enquiries with all
directors and major shareholders, the Company was informed by
Timecall Sdn Bhd, a substantial shareholder of the Company that
the Turkey project was secured by Tan Sri Halim Saad through his
privately held company. The parties are in the initial stage of
negotiation to involve Seloga in the Turkey project. As of date,
nothing has been confirmed.

Timecall further confirmed that the projects in Turkey include
the construction of a bridge and housing estate development.

Query Letter content:

The Exchange refers to the above article appearing in The Edge,
Financial Daily, page 2 on Thursday, May 27, 2004, a copy of
which is enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as:

"SELOGA Holdings Bhd....is believed to have secured
infrastructure projects worth between RM4 billion and RM5
billion in Turkey."

"A source says the projects include the construction of a bridge
and housing estate development in Turkey."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect.

In the event you deny the above sentences or any other part of
the above article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same. In the
event you confirm the above sentences or any other part of the
above article, you are required to set forth facts sufficient to
support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM


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


MANILA ELECTRIC: PCCI To Oppose Refund Scheme
---------------------------------------------
Business group Philippine Chamber of Commerce and Industry
(PCCI) plans to file a petition after Manila Electric Co.
(Meralco) submits its refund proposal to the Energy Regulatory
Commission, BusinessWorld reports.

The power utility firm plans to refund its big industrial
customers through the issuance of 63-month zero-coupon notes,
which PCCI opposed because they believe that it would only drain
Meralco's finances, PCCI executive vice president Donald G. Dee
said.

"What we want is for Meralco to emerge out of this as a stronger
power distribution utility," Mr. Dee told reporters.

Meralco has spent a total of PhP1.7 billion for Phase 1 of the
refund, covering consumers of up to 100 kilowatt-hours of
electricity a month.  Phase 2 of the refund was completed last
December costing PhP4.6 billion, covering consumers of up to 300
kwh.  This year it expects to complete Phase 3 of the refund
covering 301 kwh to 1,600 kwh segment.


METRO PACIFIC: Issues News Article Clarification
------------------------------------------------
Metro Pacific Corp. disclosed to the Philippine Stock Exchange
with reference to the news article entitled "Metro Pacific may
undergo major corporate restructuring" published in the May 27,
2004 issue of The Philippine Star (Internet Edition).  

The article reported, "a major corporate restructuring to
enhance the value of Metro Pacific Corp. (MPC) is being
considered.  Such restructuring which may include spinning off
and listing money-making subsidiary Landco Pacific Corp.
entirely different entity parallel to MPC to raise funds for
several Landco real estate development projects, and spinning
off beleaguered unit Negros Navigation Co. (Nenaco).

MPC President and CEO Jose Ma. Lim said that in order to finance
ongoing projects of high-end property development unit Landco
including the 350 hectare Costa Madera project in Batangas, MPC
management is considering either spinning off Landco and
undertaking an initial public offering (IPO) in order to raise
funds or to create an entirely separate entity that will be
parallel and not under MPC to undertake the fund-raising
activity.  

MPC director Manuel V. Pangilinan said the plan also includes
bringing down MPC's debt levels from the present PhP4 billion
down to PhP500 million by year-end.  'Metro Pacific is not in a
dead state.  The challenge for us is to prove that we can turn
around the company,' Mr. Pangilinan managing director and chief
executive officer of HongKong based First Pacific Co. Ltd. which
has an 80.6 percent interest in MPC said.

The corporate restructuring of MPC, Mr. Pangilinan explained,
will take advantage of the company's property assets in order to
develop cash flows.  'We are confident that MPC will be in a
better position next year,' he stressed.  

Mr. Lim said the reduction of the debt level to PhP500 million
by yearend will be accomplished via a dacion en pago (payment in
kind) to MPC creditors using shares in Bonifacio Land Corp.
According to pay off the former's debts. Another mode to reduce
debts is by offering units in MPC-owned Pacific Plaza Towers to
creditors holding promissory notes."

Metro Pacific Corp. in its letter to the Exchange dated May 28,
2004 stated that:

The company confirms the content of the article.  Metro Pacific
is indeed engaged in a substantive and serious discussion
regarding possible avenues to accelerate its potential to create
and enhance value.  However, these discussions are still at an
early stage and have not advanced to a point requiring approval
by the Board of Directors.

Metro Pacific will make appropriate disclosures as material
events in this regard may warrant."


NEGROS NAVIGATION: Issues Clarification To News Article
-------------------------------------------------------
Negros Navigation Co. Inc. (Nenaco) disclosed to the Philippine
Stock Exchange clarification to the news article entitled,
"Nenaco gets two creditors in rehab plan" published in the May
27, 2004 issue of the Manila Times.  

The article reported, "Two creditor banks have agreed to Negros
Navigation Co.'s 10-year rehabilitation plan, a positive
indication that the rehabilitation receiver's decision on August
7 would be favorable to the company.  

At the shipping firm's annual stockholders meeting in Makati on
Wednesday, Nenaco's receiver Sulficio O. Tagud Jr. said the
Development Bank of the Philippines and the Export and Industry
Bank have indicated support on the rehabilitation plan when he
met with bank representatives earlier this month."

Nenaco in its letter to the exchange dated May 28, 2004
clarified that:

The company is not in the position to confirm the above-
mentioned newspaper report because the same quotes our
Rehabilitation Receiver, Mr. Sulficio Tagud Jr. as regards his
meetings with the representatives of the Development Bank of the
Philippines and Export and Industry Bank which the company did
not attend.

Further, in other publications, particularly the May 27, 2004
issues of The Philippine Daily Inquirer and BusinessWorld, Mr.
Tagud was quoted in saying that the said banks were merely
'indicated support for the company's rehabilitation proposal'
and that 'no agreements have been signed yet on the
rehabilitation."


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


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

Name and Address of Liquidator: Mr. Long Tun
c/o JM Partners
10 Anson Road
#11-01 International Plaza
Singapore 079903.

Messrs A.ANG, SEAH & HOE
Solicitors for the Petitioner.


L&M GROUP: Answers SGX Query
---------------------------
Further to the announcement made by L & M Group Investments Ltd
on 21 May 2004, the Singapore Exchange Limited has made several
queries for which the Board wishes to reply as follows:

(a) Question

Paragraphs 1(a), 1(c) and 6 of Appendix 7.2 require the Company
to disclose a comparative statement for the corresponding period
of the immediately preceding financial year. We note that the
corresponding comparative period presented for the income
Statement, the cash flow statement and EPS table was for 6
months ended 30 June 2003 instead of the corresponding
comparative period of 6 months from 1 October to 31 March 2003,
the comparative period for the current reporting period. To
disclose the information for the comparative corresponding
periods as required.

Answer

On the disclosure of comparative statement for the corresponding
period of the immediately preceding financial year, the Board
wishes to refer to the announcement made on 4th September 2003
on the change in financial year-end from 31st day of December to
the 30th day of September of each year with effect from 30th
September 2003. As a result of this change the Company has
applied the most appropriate 6 months comparative period, which
had been previously announced i.e. the 6 months period ended
30th June 2003.

(b) Question

The SGX noted that trade receivables rose $5.1 million to $38.1
million from $33.0 million as at 30 June 2003 despite a fall in
revenue of $12.7 million. Please disclose the reasons for this
and advise whether the Company is aware of any factors which may
affect the collectibility of these debts. To advise whether
sufficient provision for doubtful debts has been made in the
Company's 1H04 Results.

Answer

On the increase of $5.1 million of trade receivables to $38
million, the breakdown is as follows:


                  31 March 2004  30 June 2003   Increase
                        S$            S$            S$

Current receivables  25,367,000   21,964,000     3,403,000
Contract retention   12,755,000   11,052,000     1,703,000
Total Trade receivables 38,122,000 33,016,000    5,106,000  

Geotechnic Division had secured more jobs as sub-contractors
rather than as the main contractor. As sub-contractors, payments
typically take a longer time to be received because the main
contractor will have to finalize the job with the employer
before making payments to the sub-contractor. In addition these
sub-contracts are of longer contract duration.

The management of the respective subsidiaries has reviewed the
trade receivables and is not aware of any factors, which may
affect the collectibility of these debts and are of the opinion
that as at 31st March 2004 adequate provisions were made.

(c) Question

The Company reported an increased operating loss of S$7.9
million to $13.1 million. In addition, we note that the Company
continued to report net liabilities (even after adjusting for
the completion debt restructuring announced on 15 April 2004)
and negative shareholders' funds. Please advise the Directors'
views on the Company's ability to operate as a going concern and
provide the basis for their views.

Answer

The Company will address its going concern in a separate
announcement upon completion of negotiations with the bank.

(d) Question

The Company stated in its prospects statement in paragraph 10 of
its 3Q03 Results, that, inter alia, "The Group's order book as
at 30th September 2003 was S$196 million of which S$101 million
from Geotechnic Division and S$95 million from the Structural
Systems Division. The projects that will contribute to FY2004
revenue will be MRT Circle Line C823, Fusionpolis, Visioncrest,
Law Enforcement Institute and Sewer Rehab Phase 1 Contract 7
from Geotechnic Division and Bartley Road, Kim Chuan Depot and
HDB Term Contract Batch 4 from Structural Systems Division". As
the Company had previously made statements on its prospects, to
disclose the reason why the Company stated "not applicable" in
paragraph 9 of its 1H04 Results, which requires the Company to
disclose whether there were any variance between its prospects
statement and actual results. Accordingly, please disclose
whether there is any variance.

Answer

With reference to paragraph 10 of the announcement for the
financial period ended 30th September 2003 and paragraph 9 for
the half-year ended 31st March 2004 the Board wishes to say that
there was no forecast made by the Company on its prospects in
the announcement made in respect of financial period ended 30th
September 2003. There is therefore no applicable variance to be
announced in paragraph 9 for the half-year ended 31st March
2004. The Company wishes to announce as additional information
the Group's Order book as follows:

Order Book    Geotechnic        Structural   Total
              Division          Systems      S$
                S$              Division
                                S$
Balance as at
30 September
2003           101 mln          95 mln        196 mln  

Recognised in
the 1st half
(contribution to
FY2004 revenue) (47 mln)         (22 mln)       (69 mln)

New Contracts
Secured          27 mln           4 mln          31 mln  

Disposal of
Subsidiary L&M
Pipeline Services
Pte Ltd         (18 mln)          -            (18 mln)

Balance as
at 31 March
2004             63 mln          77 mln           140 mln

By Order of the Board
Attlee Hue
Company Secretary

Submitted by Attlee Hue, Company Secretary on 27/05/2004 to the
SGX


MEDIASTREAM LIMITED: E&Y Audits 2003 Financial Statement
--------------------------------------------------------
The Board of Directors of MediaStream Limited wishes to announce
that the Auditors of the Company has stated an audit
qualification in the Auditors Report in the accounts of the
Company and the Group for the year ended 31 December 2003.

For a copy of the full text of the Auditors' report, go to
http://bankrupt.com/misc/tcrap_mediastream0531.pdf

By Order of the Board

George Thia Peng Heok
Executive Chairman
MediaStream Limited

Submitted by George Thia Peng Heok, Executive Chairman on
27/05/2004 to the SGX.


SEATOWN CORPORATION: Court OK's Scheme of Arrangement
-----------------------------------------------------
Further to the announcement issued by the Board of Directors of
Seatown Corporation Ltd on 17 March 2004, the Board of Directors
of Seatown Corporation wish to further announce that the Scheme
of Arrangement between Seatown Construction Pte Ltd and its
creditors was sanctioned by the High Court of Singapore on 14
May 2004.

For a copy of the scheme of arrangement dated 27 February 2004,
go to http://bankrupt.com/misc/tcrap_seatownscheme0531.pdf.


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


THAI PETROCHEMICAL: To Discuss Restructuring With Minister
----------------------------------------------------------
Prachai Leophairatana, Thai Petrochemical Industry PCL's (TPI)
Chief Executive Officer will soon present the details of his
debt restructuring plan to Minister of Finance, Somkid
Jatusripitak, Businessday reports.

"I will soon hold discussions with Mr. Somkid as he is regarded
as the real administrator of TPI's plan. Personally, I don't
agree with the revised debt-restructuring plan presented to Mr.
Somkid recently by a debt restructuring team. So debtors will
also present their own plan to Somkid for consideration," said
Mr. Prachai.

Mr. Prachai claims that the proposal of the debtors in the
debt-restructuring plan will benefit all parties and most likely
gain the approval of Mr. Somkid.

"As debtors, we oppose the debt-restructuring plan as proposed
by TPI's creditor committee. But we want to purchase the shares
back from creditors. "Should the creditor committee agree to the
plan, then it amounts to a win-win resolution for all parties
concerned," Mr. Prachai added.

Mr. Prachai's debt restructuring includes a proposal to decrease
TPI's debt to US$500 million from $2.64 billion, and the total
amount would then be converted into 5.85 billion shares, the
report says.

The plan further includes a proposal to pay an interest rate of
3.50 percent a year for baht-based debts, while interest rates
for foreign debts would be based on London Interbank Offered
Rate (LIBOR+) of one percent.

According to the report the plan also allows International
Finance Corp to exercise their rights by converting debts into
convertible debentures with an interest rate of 6 percent
annually during the specified debt repayment period of four
years. Otherwise, IFC could opt to convert debts at 50 baht
apiece, said Mr. Prachai.

Thai Petrochemical is restructuring $2.6 billion of debts with
the Ministry of Finance as acting plan administrator




                            *********


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 ***