TCRAP_Public/040601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, June 1, 2004, Vol. 7, No. 107

                            Headlines

A U S T R A L I A

QANTAS AIRWAYS: Jetstar Needs Travel Agents' Support


C H I N A  &  H O N G  K O N G

ESPRIT CONTAINER: Winding Up Hearing Scheduled On June 23
KOKSUN DEVELOPMENT: Court Issues Winding Up Petition
LEE CONTRACTORS: Court Issues Winding Up Petition
LEVISTA 1968: Court Schedules Winding Up Hearing On June 23
LUCKY SOURCE: Winding Up Petition Slated For Hearing On June 16

MASTER MACHINERY: Court Issues Winding Up Petition
MAYLITE FASHION: Court Issues Winding Up Petition
PROSPERITY CONSTRUCTION: Court Issues Winding Up Petition
RED EAGLE: Winding Up Slated For Hearing On June 30
S.Y.H. FASHION: Court Issues Winding Up Petition

WING KEY: Court Issues Winding Up Petition


I N D O N E S I A

PERTAMINA: Experts Link Woes to Hasty Liberalization


J A P A N

MITSUBISHI FUSO: Ministry Missed Hub Defects In '02 List-Report  
MITSUBISHI MOTORS: To Be Rescued by Phoenix Capital


K O R E A

DAEWOO HEAVY: Union To Seek Injunction Against Sale


M A L A Y S I A

ACTACORP HOLDINGS: Releases Unaudited 1Q Report
FURQAN BUSINESS: Sets Annual General Meeting On June 21
HAP SENG: Sets Annual General Meeting On June 22
KUMPULAN HARTANAH: Clarifies Error On 2003 Annual Report
LII HEN: Bursa Malaysia Suspends Trading Of Shares

LII HEN: Unit Acquires Factory Leasehold
SURIA CAPITAL: Inks Joint Venture Agreement With Hikmat Asia
TALAM CORPORATION: Releases Shares Buy Back Notice
TANJONG PUBLIC: Sets Annual General Meeting
YCS CORPORATION: Releases Full Quarterly Report


P H I L I P P I N E S

NATIONAL POWER: Operating Costs to Rise With Oil Price Hikes
NATIONAL POWER: To Increase Mindanao Power Reserves
PILIPINO TELEPHONE: Debt Swap 'Uncertain' Says Chair
PHILIPPINE LONG: Reorganization Looms on Public Listing
PHILIPPINE LONG: Internet Shop To Open Abroad This Month

PHILIPPINE REALTY: Recommended for Restructuring by Receiver


S I N G A P O R E

HORIZON EDUCATION: Unveils Result Of Extraordinary Meeting
HOTEL PROPERTIES: Acquires 45% Additional Shares In M.A.T.
HO WAH: Court Grants Order Re Unsecured Creditors Meeting
HO WAH: Releases Development On Deed Of Assignment Of Loan
OILCORP BERHAD: Releases Info on Nomination Committee Members  

UNITED OVERSEAS: Releases Changes To CAR
YONGNAM HOLDINGS: Issues Notice On EGM


T H A I L A N D

SIAM SYNTECH: Issues Registration Of New Name
                            
* BOND PRICING: For the Week 31 May to 4 June 2004

     -  -  -  -  -  -  -  -

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


QANTAS AIRWAYS: Jetstar Needs Travel Agents' Support
----------------------------------------------------
Australian daily The Age reports that without the support of
travel agents, Jetstar, Qantas Airways' new budget carrier, has
little chance of surviving long, says the chief of Australia's
largest retail travel group Flight Centre.

According to Flight Centre Chief Graham Turner, Jetstar's
numbers, loadings and yield would be affected by the airline's
decision not to enlist the help of travel agents in
distribution. He said that Jetstar, which has just launched
flights last week, "just won't be able to get the yield without
having a multi-distribution channel system."

He, however, expressed his belief that the carrier would change
their minds on the matter. "I think they'll change their mind on
this, (it will) probably take about six or eight months but I
think that you'll find that their losses will be so large, not
just on numbers and loadings but it'll be on yield," Mr. Turner
said.

Still, despite the lack of a distribution deal, Flight Centre is
selling Jetstar, although it isn't selling much of it, said Mr.
Turner. He also warned that attempts by other airlines to
operate without travel agent support had not worked anywhere
else in the world except for Ryanair and Easyjet in the UK.


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


ESPRIT CONTAINER: Winding Up Hearing Scheduled On June 23
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Esprit Container Transportation Ltd. by the High Court of Hong
Kong was on the 23rd day of April, 2004 present to the said
Court by Chan Kam Wing of Flat 4, 3/F., Kwai Yue House, Kwai
Chun Court, Kwai Chung, New Territories, Hong Kong. The said
Petition is directed to be heard before the Court at 9:30 am on
the 23rd day of June 2004 and 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.

(THOMAS E. KWONG)
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 21st day of June
2004.


KOKSUN DEVELOPMENT: Court Issues Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Koksun Development Ltd. by the High Court of Hong Kong was on
the 12th day of May 2004 present to the said Court by Bank of
China (Hon Kong) Limited whose registered office is situate at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said Petition is directed to be heard before the
Court at 9:30 am on the 7th day of July 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

GALLANT Y.T. HO & CO.
Solicitors for the Petitioner,
5th Floor, Jardine House
No. 1 Connaught Place, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 6th day of July
2004.


LEE CONTRACTORS: Court Issues Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Lee
Contractors Co. Ltd. by the High Court of Hong Kong was on the
14th day of May, 2004 present to the said Court by Vu, Thi Mai
Hong of Flat 217, Tin Yee House, Tin Ping Estte, Sheung Shui,
New Territories, Hong Kong. The said Petition is directed to be
heard before the Court at 10:00 am on the 7th day of July 2004
and 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 6th day of July
2004.


LEVISTA 1968: Court Schedules Winding Up Hearing On June 23
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Levista 1968 Ltd. by the High Court of Hong Kong was on the 22nd
day of April 2004 present to the said Court by New World
Telecommunications Limited whose registered office is situate at
17th Floor, Chevalier Commercial Centre, 8 Wang Hoi Road,
Kowloon Bay, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 am on the 23rd day of June 2004
and 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.

JOHNSON STOKES & MASTER
the Petitioner,
18th Floor, Prince's Building
10 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 21st day of June
2004.


LUCKY SOURCE: Winding Up Petition Slated For Hearing On June 16
---------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lucky Source Co. Ltd. by the High Court of Hong Kong was on the
15th day of April 2004 present to the said Court by Peregrine
Investments Holdings Limited (in Compulsory Liquidation) whose
registered office is situate at 21st Floor, Prince's Building,
10 Chater Road, Central, Hong Kong. The said Petition is
directed to be heard before the Court at 10:00 am on the 16th
day of June 2004 and 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.

CLIFFORD CHANCE
Solicitors for the Petitioner,
29th Floor, Jardine House
1 Connaught Place, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 15th day of June
2004.


MASTER MACHINERY: Court Issues Winding Up Petition
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Master Machinery Engineering Ltd. by the High Court of Hong Kong
was on the 12th day of May 2004 present to the said Court by Chu
Tik Kwong of 2/F., 66A, Muk Kiu Tau Tsuen, Yuen Long, New
Territories, Hong Kong. The said Petition is directed to be
heard before the Court at 9:30 am on the 7th day of July 2004
and 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.

DAVID HUI & COMPANY
Solicitors for the Petitioner,
7th & 20th Floors, CNT House
120 Johnson Road, 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 6th day of July
2004.


MAYLITE FASHION: Court Issues Winding Up Petition
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Maylite Fashion Jewelleries Factory Ltd. by the High Court of
Hong Kong was on the 12th day of May 2004 present to the said
Court by Bank of China (Hon Kong) Limited whose registered
office is situate at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong. The said Petition is directed
to be heard before the Court at 9:30 am on the 7th day of July
2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

GALLANT Y.T. HO & CO.
Solicitors for the Petitioner,
5th Floor, Jardine House
No. 1 Connaught Place, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 6th day of July
2004.


PROSPERITY CONSTRUCTION: Court Issues Winding Up Petition
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Prosperity Construction and Decoration Ltd. by the High Court of
Hong Kong was on the 26th day of March 2004 present to the said
Court by Simmons & Simmns (a firm) of 35th Floor, Cheung Kong
Center, No. 2 Queen's Road Central, Hong Kong.  The said
Petition is directed to be heard before the Court at 9:30 am on
the 9th day of June 2004 and 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.

SIMMONS & SIMMONS
the Petitioner,
25th Floor, Cheung Kong Center
No. 2 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 8th day of June
2004.


RED EAGLE: Winding Up Slated For Hearing On June 30
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Red
Eagle International Limited, by the High Court of Hong Kong was
on the 5th day of May 2004 present to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situate at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said Petition is directed to be heard before the
Court at 10:00 am on the 30th day of June 2004 and 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. T.H. KOO & ASSOCIATES
Solicitors for the Petitioner,
Room A2, 15th Floor, United Centre
No. 95 Queensway
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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 29th day of June
2004.


S.Y.H. FASHION: Court Issues Winding Up Petition
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
S.Y.H. Fashinon Ltd. by the High Court of Hong Kong was on the
12th day of May 2004 present to the said Court by Bank of China
(Hon Kong) Limited whose registered office is situate at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the Court
at 9:30 am on the 7th day of July 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

GALLANT Y.T. HO & CO.
Solicitors for the Petitioner,
5th Floor, Jardine House
No. 1 Connaught Place, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 6th day of July
2004.


WING KEY: Court Issues Winding Up Petition
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Key Construction Co. Ltd. by the High Court of Hong Kong
was on the 9th day of March 2004 present to the said Court by
Walson Investment Company Limited whose registered office is
situate at Block A, 7/F., Safer Industrial Building, No. 28 Sze
Shan Street, Yau Tong, Kowloon, Hong Kong. The said Petition is
directed to be heard before the Court at 9:30 am on the 9th day
of June 2004 and 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.

H.H. LAU & CO.
Solicitors for the Petitioner,
Room 404, 4th Floor, Lap Fai Building
Nos. 6-8 Pottinger 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of the 8th day of June
2004.


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


PERTAMINA: Experts Link Woes to Hasty Liberalization
----------------------------------------------------
The liberalization in Indonesia's oil and gas sector has
contributed to the troubles besetting Indonesian state oil and
gas company Pertamina after an increase in oil prices, according
to noted economist Mohammad Sadli and energy expert Kurtubi.

According to a report by local newspaper The Jakarta Post, both
experts said over the weekend that the government failed to make
adjustments to the gasoline pricing policy when it dismantled
Pertmina's regulatory function and turned it into a limited
liability company in 2003. Mr. Sadli, a former energy minister
in the 1970s, said this move has been "shrouded in political
motivations".

"It is not beneficial because Pertamina is responsible for
distributing oil-based fuel but the government controls the
prices," said Mr. Sadli, adding, "Logically, the (current)
gasoline prices must go up. But politically, the government is
unable to do that."

Last week's skyrocketing international oil prices to more than
US$41 a barrel has put heavy pressure on the finances of the
company, which has to sell crude at home at a lower price as
dictated by the government. The government, which did not raise
fuel prices for the public during the current general election
year, may have provided a fuel subsidy of IDR14.5 trillion in
the current budget, but Pertamina has said that this is "far
from sufficient" to cover the higher expenses.

For his part, Mr. Kurtubi said Pertamina should not be turned
into a limited liability company if the public was not yet ready
to pay for gasoline at the market price. He added that some of
its monopoly privileges should be reinstated to allow the
company to obtain a higher income.

Both experts also agree that an energy crisis is "inevitable if
Pertamina's financial problems linger.

Pertamina, which imports some 300,000 barrels of crude and fuel
products a day, turned into a limited-liability company last
year following the introduction of Law No. 22/2001 on oil and
gas. The law scrapped Pertamina's monopoly over the oil and gas
sector to lure new oil and gas investors into the country.


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


MITSUBISHI FUSO: Ministry Missed Hub Defects In '02 List-Report  
---------------------------------------------------------------
A report by Japanese news service Kyodo News reveals that
Japan's transport ministry had already obtained a list of
defective components from Mitsubishi Motors Corp. (MMC) that
included rear-wheel hubs as early as 2002, but failed to take
note of the problem at that time, which has resulted in the
delay in the recall of trucks and buses with defective rear-
wheel hubs until April this year.

According to Dow Jones, the list obtained by the transport
ministry was compiled from complaints lodged by Mitsubishi
Motors' truck and bus users in June 2002 during a regular
inspection of the automaker. The rear-wheel hub defects,
however, went unnoticed because it was placed by the automaker
in the lowest priority rank on the list, according to ministry
officials Monday.

Mitsubishi Fuso Truck & Bus Corp., which was spun off from
Mitsubishi Motors in 2003, said rear-wheel hubs manufactured at
that time are thinner than usual and could develop a rupture, an
occurrence which was repeated 65 times since the first one was
discovered in September 1990.

Mitsubishi Fuso announced in April it was recalling some 9,100
large vehicles manufactured between December 1989 and December
1990, and about 1,500 buses produced between June 1990 and
February 1991.

Earlier this year, the automaker recalled some 112,000 large
vehicles with defective front-wheel hubs, which caused the
January 2002 accident in which a wheel came off a speeding truck
and killed a woman and injured her two young sons. In connection
with this accident and the automaker's alleged presentation of
false reports on the hubs, prosecutors indicted Mitsubishi
Motors, its former vice president and four other former
executives last week.


MITSUBISHI MOTORS: To Be Rescued by Phoenix Capital
---------------------------------------------------
Troubled Japanese automaker Mitsubishi Motors Corp. (MMC) may
yet have its sagging fortunes turned around with the recent
announcement by Tokyo-based corporate revival fund Phoenix
Capital Co. that it is considering formulating a plan that will
rehabilitate the company, reports The Japan Times.

According to Phoenix Capital President Yasushi Ando, who has
been appointed chairman of a key in-house committee tasked to
revive MMC's profitability, measures to rebuild MMC's corporate
philosophy and brand will be featured in the corporate
rehabilitation plan which would possibly be devised by the end
of the year. He also said the fund wants to bolster the
corporate value of the automaker in three to five years.

In recent months, MMC has suffered a slew of recalls and vehicle
defect cover-ups involving the trucks of its affiliate
Mitsubishi Fuso Truck & Bus Corp.

Mr. Ando said that the committee he heads "will set tasks to be
incorporated into the rehabilitation plan in the next two months
and devise specific measures during a subsequent five-month
period." He added that it is also considering creating new brand
names for each vehicle category.

Phoenix Capital is seeking to take a 40% stake in MMC, which
would make it the troubled automaker's top shareholder.
DaimlerChrysler, which owns 37% of MMC, has said in April that
it has no plans of funneling additional capital into the ailing
automaker.


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


DAEWOO HEAVY: Union To Seek Injunction Against Sale
---------------------------------------------------
In its bid to block the South Korean government's attempt to
sell its controlling stake in Daewoo Heavy Industries (DHI), the
company's workers union said Monday it is planning to file an
application for injunction today, says Yonhap News Agency.

State-run Korea Asset Management Corp. (KAMCO) earlier vowed
that whatever moves the union might make, it would still proceed
with its bid to dispose its 35.96% stake in DHI in an open
bidding. The planned sale has already attracted 11 preliminary
bids from foreign and domestic investors.

For their part, the DHI workers have been insisting the company
should stand on its own as a defense-related firm which produces
construction equipment, industrial vehicles, armored vehicles
and missile systems. However, the government instead hopes to
sell most of its 57.9% stake in DHI, which it rescued with state
funds in 2000 following the collapse of its parent, Daewoo
Group.


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


ACTACORP HOLDINGS: Releases Unaudited 1Q Report
-----------------------------------------------
Actacorp Holdings Berhad submits to the Bursa Malaysia
Securities Berhad its unaudited First Quarterly Report 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
       39
      260
      117
    1,377

(2) Profit/(loss) before tax
    -3,492
    -10,773
    -9,099
    -16,041

(3) Profit/(loss) after tax and minority interest
    -3,492
    -10,773
    -9,099
    -16,041

(4) Net profit/(loss) for the period
    -3,492
    -10,773
    -9,099
    -16,041

(5) Basic earnings/(loss) per shares (sen)
    -9.26
    -28.56
    -24.12
    -42.53

(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)   
    -0.8600
    -2.4900

For more information click
http://bankrupt.com/misc/Actacorp_anncquarter3rd04_real.xls


FURQAN BUSINESS: Sets Annual General Meeting On June 21
-------------------------------------------------------
The Board of Directors of Furqan Business Organization Berhad is
pleased to inform the Bursa Malaysia Securities Berhad that the
Annual General Meeting of the Company will be held at the
Carnation Room, Mezzanine Floor, Melia Hotel, 16 Jalan Imbi,
55100 Kuala Lumpur on Monday, 21st June 2004.


HAP SENG: Sets Annual General Meeting On June 22
------------------------------------------------
In a notice submitted to the Bursa Malaysia Securities Berhad,
Hap Seng Consolidated Berhad announced that its Twenty-Eighth
Annual General Meeting will be held at Kristal Ballroom, Hilton
Petaling Jaya, No. 2 Jalan Barat, 46200 Petaling Jaya, Selangor
Darul Ehsan on Tuesday, 22 June 2004 3.00 p.m.


KUMPULAN HARTANAH: Clarifies Error On 2003 Annual Report
--------------------------------------------------------   
Kumpulan Hartanah Selangor Berhad disclosed to the Bursa
Malaysia Securities Berhad that printing errors have been noted
on pages 106, 133 and 134 of the Company's 2003 Annual Report.

The following are the amendments:

- Page 106 - Notes To the Financial Statements

Item no. 3 should read as follows:

(3) REVENUE Group Company

From 24.9.2001 Year
Year (date of ended incorporation)

- 31.12.2003 RM'000
- 31.12.2003 RM'000 to
- 31.12.2002 RM'000

Sales of development properties and land 120,469 21,016 0

- Page 133 and 134 - List of Properties

Under item no. 5, 15, 16, 17 and 18 the Net Book Value should
read as:

No. Location Title Net Book Value (RM'000)

(5) Templer Park, HS (M) 6815 PT 11444 22,218
    Pekan Templer, HS (D) 25533 PT 8878 13,999
    Daerah Gombak

(15) Peatland Paradise, HS (D) 5483 PT 8953 15,095
     Mukim Tanjung Dua Belas, (part)
     Daerah Kuala Langat

(16) Sg. Buluh, Mukim Ijok HS (D) 2860 PT 2377 596

(17) Bandar Port Dickson, PN 2477 / MS / 2 / 148 326
     Daerah Port Dickson PN 2477 / M1 / 8 / 89

(18) Casa Mila 12 units (apartment) 2,886

The Company apologizes for the inadvertent errors.

Yours faithfully,
KUMPULAN HARATANAH SELANGOR BERHAD
ZAITON BINTI HJ ABD GHANI (MAICSA 0746555)
NORLIDA JAMALUDIN (LS 006467)
Secretaries


LII HEN: Bursa Malaysia Suspends Trading Of Shares
--------------------------------------------------
Lii Hen Industries Berhad, in a notice submitted to the Bursa
Malaysia Securities Berhad, announced that its shares were
suspended effective 9:00 a.m., Monday, 31 May 2004. Trading in
its shares will resume on Tuesday, 1 June 2004, starting 9.00
a.m.


LII HEN: Unit Acquires Factory Leasehold
----------------------------------------   
The Board of Directors of Lii Hen Industries Bhd. (LHIB or
Company) wishes to announce that LHF a wholly-owned subsidiary
company of Lii Hen has on May 29, 2004 acquired a factory
leasehold for a total cash consideration of Ringgit Malaysia
Three Million and One Hundred (RM3,100,000.00) only.

(2) DETAILS OF THE ACQUISITION

(2.1) Description on the property

The Property is located under Mukim Sungai Terap, District of
Muar, and within the Kawasan Perindustrian Bukit Pasir, Muar,
with leasehold period expiring on September 5, 2056.

The Property known as PTD No. 1543 (Formerly PLO No. 29),
H.S.(D) 21963 measuring a total area of approximately 1.9 acres,
with a built up area of 4,522.52 s.q.m.

The Property is a leasehold furniture manufacturing factory and
acquired free from all encumbrances and with vacant possession.
The Property will be transferred in its present state and
condition on an "as is where is" basis.

(2.2) Source of funding

The source of satisfaction of purchase consideration is derived
from internal funds and term loan.

(2.3) Details of vendor

Chung Kiang Enterprise Sdn. Bhd. (Company No. 73584-W) is a
company incorporated in Malaysia and has its address at E-47,
Batu 4, Jalan Bakri, 84000 Muar, Johor (CKE).

The authorized share capital of CKE is RM5,000,000.00 divided
into 5,000,000 ordinary shares of RM1.00 each and with issued
and fully paid-up capital of RM1,244,400.00.

(3) SALIENT FEATURES

CKE has agreed to sell and LHF has agreed to purchase the
Property for the consideration of RM3,100,000.00 free from all
encumbrances and with vacant possession subject to all existing
conditions of title and category of land use in respect of the
Property.

10 percent deposit upon execution of the Sale and Purchase
Agreement. Balance of 90 percent of the purchase price to be
paid on or before the expiry of six (6) months from the date of
Sale and Purchase Agreement.

In the event the necessary consent is not obtained within six
(6) months, this transaction shall be deemed terminated and the
deposit held by lawyer M/s Soh Yok Lam & Co. and any interest
accruing thereto shall be refunded to LHF.

(4) RATIONALE FOR THE ACQUISITON

The purpose of the Acquisition is for factory expansion and to
reduce dependence of finishing sub-contractors as it is
currently farmed out.

(5) FINANCIAL EFFECTS OF THE TRANSACTION

(5.1) Earnings

The Acquisition has no material impact to the earnings of the
LHIB Group for the year ending 31 December 2004.

(5.2) Net Tangible Assets

The Acquisition is not expected to have any material impact on
the NTA of the LHIB Group based on the latest audited balance
sheet of the LHIB Group as at 31 December 2003.

(5.3) Share Capital

The Acquisition will not have any effects on the issued and
paid-up share capital of LHIB.

(5.4) Substantial Shareholders' Shareholding

The Acquisition will not have any effects on the substantial
shareholdings of LHIB.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST AND PERSON
CONNECTED TO DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

None of the Directors and/or substantial shareholders and/or
persons connected with a director or substantial shareholders of
LHIB has any interest, direct or indirect on the Acquisition.

(7) STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the Acquisition is
in the best interest to the LHIB Group.

(8) APPROVAL

The above transaction is not subject to the approval of
shareholders but is subject to consent from State Government.

(9) The Acquisition has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.


SURIA CAPITAL: Inks Joint Venture Agreement With Hikmat Asia
------------------------------------------------------------
Suria Capital Holdings Berhad announced to the Bursa Malaysia
Securities Berhad that on May 28, 2004, it has signed a Joint
Venture Agreement with Hikmat Asia for the purpose of combining
their resources and expertise to explore, propose and develop
infrastructure and communications projects in Sabah and in
Peninsular Malaysia.

Under the Joint Venture Agreement, the parties will incorporate
a Joint Venture Company for the purpose of undertaking and
performance of the projects.

Both SURIA and Hikmat Asia will each hold 50 percent of the
equity shareholding in the proposed Joint Venture Company.

ABU BAKAR @ WAHAB HJ. ABAS
Managing Director


TALAM CORPORATION: Releases Shares Buy Back Notice
--------------------------------------------------
Talam Corporation Berhad has issued a Notice of shares buy back
to the Bursa Malaysia Securities Berhad.

Date of buy back from: 18/05/2004

Date of buy back to: 20/05/2004

Total number of shares purchased (units): 3,015,600

Minimum price paid for each share purchased (RM): 1.070

Maximum price paid for each share purchased (RM): 1.160

Total amount paid for shares purchased (RM): 3,367,625.00

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units):
3,015,600

Total number of shares retained in treasury (units): 3,035,600

Number of shares purchased, which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 29/05/2004

Lodged by: L.C.B. Management Sdn Bhd


TANJONG PUBLIC: Sets Annual General Meeting
-------------------------------------------
The Board of Directors of Tanjong PCL announced to the Bursa
Malaysia Securities Berhad that the Seventy-Seventh Annual
General Meeting (77th AGM) of the Company has been scheduled on
Wednesday, June 30, 2004 at 11:00 a.m. at the Emerald Room,
Level 1, Mandarin Oriental, Kuala Lumpur, Kuala Lumpur Centre
50088 Kuala Lumpur Malaysia.


YCS CORPORATION: Releases Full Quarterly Report
-----------------------------------------------
YCS Corporation Berhad has submitted to the Bursa Malaysia
Securities Berhad its Full 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
        0
    2,815
    2,330
    3,745

(2) Profit/(loss) before tax
    -22,300
    -28,903
    -44,433
    -41,697

(3) Profit/(loss) after tax and minority interest
    -22,372
    -29,057
    -43,728
    -41,908

(4) Net profit/(loss) for the period
    -22,372
    -29,057
    -43,728
    -41,908

(5) Basic earnings/(loss) per shares (sen)  
    -5.15
    -6.69
    -10.07
    -9.65

(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)  
    -0.0400
     0.0000

For more information, click
http://bankrupt.com/misc/KLSEQMAR2004.xls


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


NATIONAL POWER: Operating Costs to Rise With Oil Price Hikes
------------------------------------------------------------
With the continued rise in the price of oil in the international
market, the operating costs of Philippine state-run power firm
National Power Corp. (Napocor) is also expected to increase,
according to a Manila Times report. Consequently, the operating
losses of Napocor, which is dependent on foreign borrowings,
would also rise.

Although the government has already borrowed US$500 million for
the power firm and will need to borrow some PhP1.1 billion more
for its 2004 financial operations, Napocor will still have to
borrow more due to rising oil prices, according to Philippine
central bank governor Rafael Buenaventura.

However, he added "the assumption in oil prices is it will go
down. There is a good chance in the fourth quarter that it will
be correct."


NATIONAL POWER: To Increase Mindanao Power Reserves
---------------------------------------------------
With four facilities previously shut down for repair work
resuming operations, state-owned National Power Corp. (Napocor)
sees an increase in power reserves for the southern island of
Mindanao starting this week, relates local business daily
Business World.

In a statement, the company said the Mindanao grid's gross
reserves will be at 62.20 megawatts (MW) on May 31, 93.30MW on
June 1, 58.13MW on June 2, and 75.02MW on June 3. Reserves will
continue to increase towards the weekend, reaching 103.28MW on
June 4 and 129.21MW on June 5 before peaking at 231.48 MW on
June 6.

Napocor, however, continued to ask its customers in the island
to strictly adhere to their contracted demand in order to avert
a supply shortage.

"As long as our customers comply with their contracted demand,
we will be able to meet the Mindanao grid's supply requirements
and minimize the possibility of any load curtailments," the
Napocor statement said.


PILIPINO TELEPHONE: Debt Swap 'Uncertain' Says Chair
----------------------------------------------------
Despite the reported acceptance of two major creditors of
wireless company Pilipino Telephone Corp. (Piltel) to a debt
swap offer from affiliate Smart Communications, Piltel chief
Napoleon Nazareno still expressed uncertainty as to whether the
deal would push through, relates The Philippine Daily Inquirer.

Before pushing through with the deal, Smart wants creditors
accounting for at least 75% of Piltel's more than PhP20 billion
debt to accept the offer. Mr. Nazareno, however, said that
despite the reported agreement of Bank of the Philippine Islands
and state-owned Land Bank of the Philippines to the deal, Piltel
may still fall short of the 75% threshold set by Smart for the
transaction to proceed. "We are still waiting for some creditors
to come in," he said.

China Banking Corp. and Credit Agricole, which represent about
5% of Piltel's liabilities, have yet to accede to the debt
conversion, while creditors who have agreed to the debt swap
include Marubeni Corp. of Japan, which accounts for about 35% of
Piltel's total obligations, and Metropolitan Bank and Trust Co.

Piltel creditors, who had until May 31 to accept the offer, have
the option to swap debts for cash or Smart-issued bonds or
sovereign bonds. BPI reportedly chose a low-interest, Smart US
dollar debt due in 2014, while LandBank opted for the low-
yielding, sovereign-backed dollar bonds maturing in 2016.

Smart and Piltel are wireless subsidiaries of Philippine Long
Distance Telephone Co. The debt swap is seen an initial step for
Smart to acquire PLDT's controlling stake in Piltel.


PHILIPPINE LONG: Reorganization Looms on Public Listing
-------------------------------------------------------
In its goal of further boosting efficiencies, telecom giant
Philippine Long Distance Co. (PLDT) and wireless subsidiary
Smart Communications Inc. might just be up for a major
reorganization over the next three years, reports The Manila
Times.

The reorganization is just one of the ideas management is toying
with as an alternative to Smart listing its shares at the
Philippine Stock Exchange via an initial public offering (IPO)
as mandated under its Congressional franchise, according to PLDT
chair Manuel Pangilinan.

Mr. Pangilinan said that one reorganizational scenario he is
looking at is that of PLDT swapping roles with Smart, which
would become the parent company while PLDT will be relegated to
subsidiary status.

"Today, PLDT [is] on top, everything else is below. One scheme
we are looking at, Smart on top [of the corporate structure]
since 55% of the revenue of PLDT comes from Smart. You put the
best vehicle, sexiest part of the body, best face forward," Mr.
Pangilinan said. He said this move could make it more attractive
for banks and financial institutions to provide the best
facilities and terms in case of future borrowings.

However, any reorganization would be implemented only after
certain pre-conditions are met, he said, adding that at the
moment, PLDT's current corporate structure will stay as is. He
stressed that any major corporate restructuring would require
the group to first meet its debt reduction target. This means
the group's consolidated debt should be down to US$1.5 billion
from around US$2.4 billion as of end-2003.


PHILIPPINE LONG: Internet Shop To Open Abroad This Month
--------------------------------------------------------
As part of its regional expansion this year, Netopia, the
Internet cafe chain owned by troubled telecom giant Philippine
Long Distance Telephone Co. (PLDT) will be opening in the third
week of June a branch in Thailand, its first branch overseas,
reveals The Manila Times.

Aside from Thailand, Netopia is also eyeing two more Asian
countries for its regional expansion, according to Raymond
Ricafort, president of Netopia. "This is a necessity because
globalization is becoming a factor in our competitiveness. If we
won't regionalize, other multinational and regional players
might gobble us up later on," he said.

PLDT recently concluded an option to increase effective June 30
its stake in Netopia from 51 to 70%.


PHILIPPINE REALTY: Recommended for Restructuring by Receiver
------------------------------------------------------------
A combination of restructuring and dacion-en-pago (payment in
kind) has been proposed for troubled property developer
Philippine Realty and Holdings Corp. (PhilRealty) to settle its
PhP2.2 billion debt, relates ABS-CBN News Interactive.

The company's rehabilitation receiver Ricardo Ysmael recommended
in a report submitted to the Quezon City Regional Trial Court
"that a total amount of PhP890.6 million in secured debt be
restructured, secured by properties in the total amount of
PhP1.47 billion; and a total amount of PhP1.31 billion in
secured debt to be settled via a dacion-en-pago."

The receiver also recommended that PhilRealty finish the
construction of the PhP1.18-billion Andrea Skyline Condominium
project in Quezon City, which is projected to earn for the firm
some PhP1.55 billion from the sale of 99 unsold units.

In his report, Mr. Ysmael proposed the restructuring of PhP890.6
million in secured loans to be divided in two tranches. The
Tranche A of PhP180 million would be a 10-year term loan
facility covering contractual interest and principal repayment,
with an annual interest of 5%. This includes a grace period of
one year on interest repayment and five years on principal
repayment. The Tranche B, meanwhile, would be a zero-coupon bond
facility, where payments would depend on the availability of
cash. The present value of the loan of PhP710.56 million will be
covered by the PhP1.23-billion face value of the coupon bond.

Also, Mr. Ysmael said PhP1.31 billion of assets will be
transferred via dacion-en-pago with the creditor banks such as
Metropolitan Bank and Trust Co. (Metrobank), which will
restructure PhP720.19 million and receive PhP1.04 billion worth
of properties under the proposal. Mr. Ysmael also recommended
that Metrobank be given a board seat since it would remain a
majority creditor after the asset swap, so it could monitor the
implementation of the rehabilitation plan closely.

Once everything is settled, PhilRealty, which has been under
court rehabilitation since December 2002, would still have
properties worth PhP957.2 million left, which it could use for
its operations, joint-venture development and possible sale in
the future.

As for claims of unsecured creditors worth PhP27.18 million, Mr.
Ysmael recommended that it be paid only after payment is made to
secured creditors and upon completion of the Andrea Skyline
project. He stressed that PhilRealty could pay unsecured
creditors in cash if they agree to a minimum discount of 60% on
their claims.

PhilRealty's outstanding bank loans total PhP2.2 billion, of
which PhP1.96 billion is the principal amount. Metrobank is its
biggest creditor with PhP1.86 billion.


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


HORIZON EDUCATION: Unveils Result Of Extraordinary Meeting
----------------------------------------------------------
The Board of Directors of Horizon Education And Technologies
Limited announced to the Singapore Exchange (SGX) that at the
Extraordinary General Meeting held on May 28, 2004, all
resolutions relating to the matters set out in the Notice were
duly passed.


Submitted by:
Lt-Gen (Ret) Ng Jui Ping,
Group Chairman and Chief Executive Officer
On May 28, 2004 to the SGX


HOTEL PROPERTIES: Acquires 45% Additional Shares In M.A.T.
----------------------------------------------------------
The Directors of Hotel Properties Limited (HPL) announced to the
Singapore Exchange that its 70 percent-owned subsidiary HPL
Resorts (Maldives) Pvt Ltd (HPLRM), has entered into an
agreement for HPLRM to acquire an additional 45 percent equity
interests in the capital of M.A.T (Maldives) Private Limited
(MAT Maldives), a company limited by shares under the laws of
the Republic of Maldives, for a consideration of US$2.74 million
(S$4.6 million). With this acquisition, HPLRM holds 95 percent
of the equity interest in MAT Maldives, thereby making it a
subsidiary of the Company.

The principal activity of MAT Maldives is that of the operation
and management of Rihiveli Beach Resort situated in Kaafu Atoll,
Republic of Maldives.

The total purchase consideration has been agreed between the
parties on a willing buyer, willing seller basis and will be
financed by internal resources. The acquisition of additional
shares in MAT Maldives will result in a 0.13 cent (or 12.68
percent) increase in the earnings per share of the HPL Group
based on the audited accounts for the financial period ended 31
December 2003. It is not expected to have any material impact on
the net tangible asset value per share of the HPL Group for the
financial period ended 31 December 2003.

Other than Mr. Ong Beng Seng, the Managing Director and a deemed
controlling shareholder of the Company, who is deemed to be
interested in the balance of 30% interest in HPLRM through Como
Holdings Inc, no Director or controlling shareholder or
substantial shareholder of the Company has an interest, direct
or indirect, in the above matter.

By Order of the Board
Mr Boon Suan Lee & Ms Chuang Sheue Ling
Joint Company Secretaries
Dated: May 28, 2004
Submitted by:
Chuang Sheue Ling,
Company Secretary


HO WAH: Court Grants Order Re Unsecured Creditors Meeting
---------------------------------------------------------
Further to the announcement made by Ho Wah Genting International
Ltd. on 18th May 2004 in relation to the filing of an
Originating Summons (dated 18 May 2004) with the High Court of
Singapore under Section 210 of the Companies Act for a meeting
of the unsecured creditors of the Company to be convened to
consider and approve a scheme of arrangement (the Scheme), the
Company is pleased to announce:

(1) SCHEME OF ARRANGEMENT

The High Court of Singapore has on 28 May 2004 granted an order
for a meeting of the unsecured creditors of the Company to be
convened to approve of the Scheme and such meeting is scheduled
to be held on 28 June 2004.

(2) DEED OF ASSIGNMENT OF LOAN

Ariel Singapore Pte. Ltd. (Ariel Singapore) has informed that it
has on May 28, 2004 entered into a Deed of Assignment of Loan
(the Deed of Assignment) with United Overseas Bank Limited
(UOB). With effect from 28 May 2004, UOB has, on terms agreed
between UOB and Ariel Singapore, assigned absolutely to Ariel
Singapore all of its rights, title and interests in the loan
granted under the banking facilities extended by UOB to the
Company, the outstanding amount of which is approximately
S$2.571 million. Pursuant thereto, Ariel Singapore has obtained,
an assignment of all of UOB's rights, title and interests under
the loan and security documents executed in favour of UOB in
connection with the said loan.

As a result of this assignment, UOB will cease to be a secured
creditor of the Company upon the assignment taking effect and
has indicated that it will be withdrawing its winding up
petition filed against the Company.

The Company will make further announcements on developments as
appropriate.

By Order of the Board
Mr. David Wong
Director
28th May 2004

Submitted by:
Wong Chin Chong David,
Director on 28/05/2004 to the SGX


HO WAH: Releases Development On Deed Of Assignment Of Loan
----------------------------------------------------------
Further to Ho Wah Genting International Ltd.'s announcement
dated 28th May 2004 in relation to the meeting of the unsecured
creditors of the Company to be convened on the 28th of June 2004
and to the Deed of Assignment of Loan (the Deed of Assignment)
entered into between Ariel Singapore Pte. Ltd. (the Investor)
and United Overseas Bank Limited (UOB), the Company is pleased
to announce:

(1) DEBT-EQUITY SWAP AGREEMENT

As previously announced, UOB has assigned absolutely to the
Investor all its rights, entitlements and interests in the loan
extended by UOB to the Company on the terms of the Deed of
Assignment. Further, the Investor intends to acquire all of the
unsecured indebtedness of the Company by way of the scheme of
arrangement between the Company, the Investor and the Company's
unsecured creditors (the "Scheme"). Such unsecured indebtedness
together with the loan assigned by UOB to the Investor
represents the total outstanding indebtedness of the Company of
between S$10 million and S$11 million.

The Company has since, on 31 May 2004, entered into a Debt-
Equity Swap Agreement (the Agreement) with the Investor. Under
the Agreement, the Investor will capitalize and convert the
outstanding indebtedness (both secured and unsecured) of the
Company acquired or to be acquired by the Investor, into new
ordinary shares in the capital of the Company, on the terms and
subject to the conditions set out in the Agreement.

The obligation of the Investor under the Agreement is subject to
the following conditions precedent being fulfilled or waived by
the Investor on or before 31 August 2004:-

(1.1) the fulfillment or waiver (by the Investor) of all the
conditions precedent set out in Clause 3.1 of the Investment
Agreement dated 5 May 2004 entered into between the Company and
the Investor (save for Clause 3.1.6); and

(1.2) the Scheme being approved by the requisite majority of the
unsecured creditors at the Court-ordered meeting for the
purpose, and the scheme of arrangement being subsequently
sanctioned and confirmed by the High Court of Singapore.

Assuming that the Investor obtains an assignment of all of the
Company's outstanding indebtedness, it is envisaged that
approximately S$10 million of such indebtedness will be
converted into new shares of the Company. Upon the debt equity
swap being effected, the outstanding indebtedness in relation to
the amount so converted will be deemed to have been satisfied by
the Company and will no longer constitute a liability of the
Company. This will improve the balance sheet and financial
position of the Company, with a view to returning the Company to
a position of solvency.

The Agreement, amongst other things, is subject to shareholder's
approval and a circular to shareholders will be issued in due
course containing information on the above.

(2) SPECIAL AUDITOR

In connection with the proposed scheme of arrangement and the
proposed investment by the Investor into the Company, the
Company has appointed Teo Foong Wong LC Loong to carry out a
special audit on the accounts of the Company for the financial
years ended 31 December 2001, 2002 and 2003.

Subject to the approval of the shareholders of the Company being
obtained and the requirements of the applicable law, it is
proposed that Teo Foong Wong LC Loong will be appointed as the
auditor of the Company (the previous auditor of the Company,
Deloitte and Touche, having resigned from such appointment) for
the financial years ended 31 December 2001, 2002 and 2003. It is
intended that subject to such appointment being approved by
shareholders, the accounts prepared by them will be laid before
shareholders as the audited accounts of the Company for the
financial years ended 31 December 2001, 2002 and 2003, at an
Annual General Meeting to be convened.

Important Note:

Shareholders and investors should note that as mentioned above,
the debt-equity swap as well as the other proposed transactions
described in previous announcements (including the cash
injection by the Investor) are subject to various conditions
being satisfied. Accordingly, there is no assurance that some or
all of the said transactions will be completed, and shareholders
and investors are advised to exercise caution in their dealings
in relation to the Company and its shares.

The Company will make further announcements on developments as
appropriate.


By Order of the Board
Mr David Wong
Director
31st May 2004

Submitted by:
Wong Chin Chong David,
Director on 31/05/2004 to the SGX


OILCORP BERHAD: Releases Info on Nomination Committee Members  
-------------------------------------------------------------
The Board of Directors of OilCorp Berhad announced to the
Singapore Exchange that consequent to Mr. Ch'ng Kong San's
resignation as Director on the 28th May 2004, his position as
Member of the Nomination and Remuneration Committees of the
Company shall cease with immediate effect.

The Nomination Committee now comprises the following persons:

Name                 Position

- Mr. Cho Nam Sang   Chairman, Independent, Non-Executive
- Mr. Francis Ng     Member, Independent, Non-Executive

The Remuneration Committee now comprises the following persons:

Name                 Position

- Mr. Francis Ng     Chairman, Independent, Non-Executive
- Mr. Ng Huat Tian   Member, Group Managing Director,
Non-Independent

- Mr. Cho Nam Sang   Member, Independent, Non-Executive
- Mr. Pua Yow Liang  Member, Non-Independent, Executive

The Board is in the midst of identifying a suitable candidate to
replace Mr. Ch'ng Kong San. The Board will make an immediate
announcement once the candidate is appointed.


UNITED OVERSEAS: Releases Changes To CAR
----------------------------------------
United Overseas Bank Ltd. submits to the Singapore Exchange the
changes to the Capital Adequacy Requirements (CAR) of Singapore
Incorporated Banks.

As a result of the changes to the Capital Adequacy Requirements
for Singapore-incorporated banks, the estimated revised Total
Capital Adequacy Ratio (CAR) as of 31st March 2004 of the UOB
Group is about 15 percent, with Tier 1 CAR at about 13 percent.

Vivien Chan
Company Secretary
United Overseas Bank Limited


YONGNAM HOLDINGS: Issues Notice On EGM
--------------------------------------
Notice is hereby given that an Extraordinary Meeting of Yongnam
Holdings Ltd. will be held at 51 Tuas South Street 5, Singapore
637644 on June 16, 2004 at 10:00 a.m., for the purpose of
considering and, if thought fit, passing the following
resolution, with or without any modifications.

To view full copy of the notice click
http://bankrupt.com/misc/yongnamholdings053104.pdf


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


SIAM SYNTECH: Issues Registration Of New Name
---------------------------------------------
With reference to the General Meeting of Shareholders to be held
on April 29, 2004, which the Meeting has unanimously resolved to
change the former name from Siam Syntech Construction Public
Company Limited to Syntec Construction Public Company Limited,
presently, the Company has already executed to register the said
name with the Ministry of Commerce on May 21, 2004.

Please be hereby informed accordingly.
Sincerely yours,
(Somchai Sirilertpanich)
Director


                            
* BOND PRICING: For the Week 31 May to 4 June 2004
--------------------------------------------------

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



AUSTRALIA
---------

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


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

China Government Bond                  2.600%      9/20/17   73
China Government Bond                  2.900%      5/24/32   62
China Government Bond                  3.400%      4/17/23   74


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   55


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

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

Bacnotan Consolidated Industries, Inc.  5.500%     6/21/04   46


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   69
Tampines Assets Ltd                    5.625%      12/7/06    1
Sengkang Mall Ltd                      4.880      11/20/12    1
Tincel Ltd                             5.000%      6/13/11    1
Tincel Ltd                             7.400%      6/13/11    1


THAILAND
--------

Bangkok Land                             3.125%    3/31/01   23
Bangkok Land                             4.500%   10/13/03   21


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


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

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

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

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

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

                 *** End of Transmission ***