TCRAP_Public/040602.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

             Wednesday, June 2, 2004, Vol. 7, No. 108

                            Headlines


A U S T R A L I A

WOODSIDE PETROLEUM: Seals Chinguetti Development


C H I N A  &  H O N G  K O N G

CLARSON HOTEL: Creditors Meeting Set June 8
EASTBOROUGH ENTERPRISES: Schedules Creditors' Meeting June 8
EVERLINK DEVELOPMENT: Creditors Meeting Slated for June 8
FUJIAN GROUP: Creditors Meeting Slated for June 8
M&S GROUP: Winding up Hearing Slated for June 30


I N D O N E S I A

BANK RAKYAT: To Pay Dividends Of Rp84.19 Per Share


J A P A N

DAIEI INC.: Keeping Hawks Baseball Team, Opening New Stores
KANEBO LIMITED: Wins $1.4B Financial Rescue Package
MITSUBISHI MOTORS: Launching 10 New Models by 2007
NISSAN MOTOR: Vehicle Weight Cut Ups Fuel Efficiency
NISSAN MOTOR: Vows to Hit Global Sales Target

RESONA HOLDINGS: R&I Assigns BBB- Rating
SOFTBANK CORPORATION: Agrees to Acquire Japan Telecom
SOFTBANK CORP.: President Stays Despite Leak, Extortion Scandal
SOFTBANK CORPORATION: CEO Sees Profit Next Year
UFJ HOLDINGS: FSA Orders to Improve Practices


K O R E A

DAEWOO GROUP: Former Chairman Partly Liable for Investor Losses
HANBO STEEL: Hyundai-led Group to Buy Steelmaker
HYNIX SEMICONDUCTOR: Citigroup to Buy Chip Unit for W954B


M A L A Y S I A

AOKAM PERDANA: Creditors Approve Proposed Scheme Arrangement
CHASE PERDANA: Extends Expiry Date of Warrant   
COMMERCE INTERNATIONAL: Shareholders Approve Corporate Proposals  
INNOVEST BERHAD: Appoints Chairman Of Audit Committee
INNOVEST BERHAD: Releases 1Q Unaudited Financial Report

KSU HOLDINGS: Issues Update Development Of Financial Condition
NAUTICALINK BERHAD: Awaits Approval Of Restructuring Proposal  
PAN MALAYSIA: Issues Notice Of General Meetings
TH GROUP: Releases Proposed IRR


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Unveils Annual Stockholder's Meeting
EASYCALL COMMUNICATIONS: Submits SEC Form 20-IS
MANILA ELECTRIC: ERC Downplays Apprehension
PHILIPPINE LONG: Issues Clarification To News Article
PHILIPPINE REALTY: Issues Clarification To News Article

PILIPINO TELEPHONE: Smart Receives Offers From Creditors


S I N G A P O R E

CREATIVE JEWELLERY: Issues Winding up Order Notice
ECON INTERNATIONAL: Returns to Profitability
GOUDIE ASSOCIATES: Creditors Meeting Set June 15
HUA KOK: Unit Proposes Scheme of Arrangement With Creditors
INDO GRANITE: Releases Debt Claim Notice to Creditors

JARDINE SHIPBROKERS: Creditors Must Submit Claims by June 28
SEATOWN CORPORATION: 1H04 Net Loss Narrows to S$1.36M
YEE NEE: Issues Dividend Notice


T H A I L A N D

THAI PETROCHEMICAL: Founder Sues Creditors' Committee

     -  -  -  -  -  -  -  -

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


WOODSIDE PETROLEUM: Seals Chinguetti Development
------------------------------------------------
Woodside Petroleum and its partners finalized Monday the
development of their US$600 million Chinguetti oil field in
Mauritania, reports The Sydney Morning Herald.

The offshore development, expected to start producing oil by
March 2006, will start later, and at more expense than analysts
expected. Goldman Sachs JBWere, for instance, expected the
project to cost around US$480 million and be operational by
January 2006.

Nevertheless, Chinguetti, according to Woodside's Chief
Operating Officer Keith Spence, "will be the first production
that Woodside operates outside of Australia, and as such
represents an important step towards building our first
production hub in Mauritania." Woodside holds 53.8 percent of
the project, while Hardman owns 21.6 percent, BG Group 11.6
percent, Premier 9.2 percent and Roc Oil 3.7 percent.

In its first stage, Chinguetti, discovered in 2001, will include
six production wells and four water injection wells for
reservoir pressure support, and is expected to have an output of
75,000 barrels a day. A second US$150 million phase of drilling
will begin in the second or third year of production, depending
on the field's performance.

Chinguetti, which has probable reserves of about 120 million
barrels of oil and is expected to have a life of eight years,
could provide as much as 11 percent of Woodside's annual
production in 2006-08.


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


CLARSON HOTEL: Creditors Meeting Set June 8
-------------------------------------------
Notice is hereby given that a meeting of the creditors of
Clarson Hotel Management Limited will be held at the Meeting
Room 1, 5/F, Allied Kajima Building, 138 Gloucester Road,
Wanchai, Hong Kong on 8 June 2004 at 9:15 a.m. for the purpose
of approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators. Creditors may vote
either in person or by proxy.

Proxies must be lodged at the 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m.
on 7 June 2004.

This Quamnet Gazette announcement is dated 28 May 2004.


EASTBOROUGH ENTERPRISES: Schedules Creditors' Meeting June 8
------------------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Eastborough Enterprises Limited will be held at the Meeting Room
1, 5/F, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong on 8 June 2004 at 9:15 a.m. for the purpose of
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators. Creditors may vote
either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7
June 2004.

This Quamnet Gazette announcement is dated 28 May 2004.


EVERLINK DEVELOPMENT: Creditors Meeting Slated for June 8
---------------------------------------------------------
Notice is hereby given that the creditors' meeting of Everlink
Development Limited will be held at the Meeting Room 1, 5/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
on 8 June 2004 respectively at 10:15 a.m. for the purpose of
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators. Creditors may vote
either in person or by proxy.

Proxies must be lodged at the 7th Floor, Allied Kajima Building,
138 Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m.
on 7 June 2004.

This Quamnet Gazette announcement is dated 28 May 2004.


FUJIAN GROUP: Creditors Meeting Slated for June 8
-------------------------------------------------
Notice is hereby given that the creditors' meeting of Fujian
Group Nominees Limited will be held at the Meeting Room 1, 5/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
on 8 June 2004 respectively at 10:45 a.m. for the purpose of
approving the voluntary winding up of the Company and the
appointment of Joint and Several Liquidators. Creditors may vote
either in person or by proxy.

Proxies must be lodged at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 4 p.m. on 7
June 2004.

This Quamnet Gazette announcement is dated 28 May 2004.


M&S GROUP: Winding up Hearing Slated for June 30
------------------------------------------------
Notice is hereby given that a petition for the winding up of
M & S GROUP DEVELOPMENT LIMITED by the High Court of Hong Kong
was presented on 10 May 2004 to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated at the
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said petition will be heard before the Court at
10:00 a.m. on 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor Wheelock House
20 Pedder Street, Central
Hong Kong

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


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


BANK RAKYAT: To Pay Dividends Of Rp84.19 Per Share
--------------------------------------------------
Indonesia's fourth largest bank, PT Bank Rakyat Indonesia Tbk
(BRI) said Monday its shareholders have approved a dividend
payment of Rp84.19 per share from its 2003 profit, Reuters
reports.

The total dividend payment amounts to Rp990.47 billion or 75.01
percent of the bank's net profit in the second half of 2003,
according to the report citing the bank's president, Rudjito.

BRI shares were down 1.47 percent to 1,675 rupiah at 0701 GMT,
while the overall market was off 1.04 percent to 726.38 points.


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


DAIEI INC.: Keeping Hawks Baseball Team, Opening New Stores
-----------------------------------------------------------
Daiei Inc. will continue to own the Fukuoka Daiei Hawks
professional baseball team, the Tribune Business News reports,
citing Company President Kunio Takagi. The struggling retailer
plans to cut its debts to JPY915 billion by selling its
stockholdings this year, including those in Recruit Co. It also
plans to open about 10 supermarkets this year.


KANEBO LIMITED: Wins $1.4B Financial Rescue Package
---------------------------------------------------
Struggling textile maker Kanebo Limited won a JPY149.5 billion
(US$1.4 billion) financial aid from the Industrial
Revitalization Corporation of Japan (IRCJ) and its creditor
banks, according to Reuters.

Under the package, its creditor banks would forgive a total of
JPY99.5 billion in loans. In addition, main lender Sumitomo
Mitsui Banking Corporation and the IRCJ would buy up to JPY50
billion of new shares in the firm.

The debt-laden firm has fallen into a negative net worth with
debt exceeding shareholder equity by JPY355 billion in March.


MITSUBISHI MOTORS: Launching 10 New Models by 2007
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to launch 10 new
vehicles by fiscal 2007 to boost domestic sales, AFX Asia
reports, citing the Nihon Keizai Shimbun. Five of the new models
will be complete redesigns of existing models.

The carmaker may yet have its sagging fortunes boosted by the
recent announcement by Phoenix Capital Co. that it is
considering formulating a plan that will rehabilitate the
company, according to a report from the TCR-AP Vol. 7 No. 107.

According to Phoenix Capital President Yasushi Ando, measures to
rebuild MMC's corporate philosophy and brand will be featured in
the corporate rehabilitation plan, possibly 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.


NISSAN MOTOR: Vehicle Weight Cut Ups Fuel Efficiency
----------------------------------------------------
Nissan Motor Co. will reduce the weight of all future models in
a bid to make them more fuel-efficient, Xinhuanet and Kyodo News
reports. The goal is to improve engine combustion efficiency and
fuel efficiency, and reduce emissions. Nissan estimates that
cutting the weight of a vehicle by 10 percent will improve fuel
efficiency by around 5 percent.

The plan will help the automaker meet its sales target of more
than 4.2 million units globally in fiscal 2007 -- more than 40
percent above the fiscal 2003 figure.


NISSAN MOTOR: Vows to Hit Global Sales Target
---------------------------------------------
Nissan Motor Chief Executive Carlos Ghosn said the Company will
hit its global sales target of 3.6 million units during the year
to September 2005, according to the Business Report, a 17.5
percent increase from 3.063 million sold in the year to March
2004 and up by one million from the year to March 2002.

Mr. Ghosn also said China would become the third largest market
for Nissan, surpassing Mexico, and one of its most profitable
markets by the end of March 2008.  

Last month, Nissan said it posted a record net profit of 503.7
billion yen in the past year to March, driven by the best
vehicle sales in 13 years.


RESONA HOLDINGS: R&I Assigns BBB- Rating
----------------------------------------
Rating and Investment Information, Inc. (R&I), assigned a senior
long-term credit rating of BBB- in Resona Holdings Inc. issued
under the shelf registration scheme.

RATIONALE:

The subsidiaries of bank holding company Resona Holdings, Inc.
are Resona Bank Ltd., Saitama Resona Bank Ltd., The Kinki Osaka
Bank Ltd., The Nara Bank Ltd., and Resona Trust & Banking Co.,
Ltd. R&I has assigned a Senior Long-term Credit Rating of BBB-
to Resona Holdings.

This is one notch lower than the BBB Senior Long-term Credit
Rating for Resona Bank, the group's core bank, reflecting the
financial composition of the holding company. The outlook for
the rating is stable.

On January 20, 2004 R&I upgraded the Senior Long-term Credit
Rating of the Resona Bank from BBB- to BBB after taking into
consideration a number of positive factors which included the
fact that: 1) the bank had made progress in financial
provisioning for non-performing loans and the disposal of
"closely-related" borrowers and affiliated non-banks that had
been a heavy burden on management as a result of capital
infusions from the government; 2) there has been a considerable
progress in the strengthening of corporate governance and
improvement in the quality of management after a complete
changeover in the management team; and 3) the bank was in the
process of revitalization within the government's "Special
Support" framework and could expect strong support from the
government in the future when necessary.

Resona Holdings absorbed a total of 304 billion yen in capital
increases for The Kinki Osaka Bank Ltd., where debts
significantly exceeded assets during the first half of fiscal
2003, and The Nara Bank Ltd., where the capital adequacy ratio
had fallen below the minimum requirement at 3 percent. Since
Resona Holdings financed the capital funds with a 300 billion
yen loan from Resona Bank, Resona Holdings' double leverage
ratio indicated as investment in affiliates divided by
shareholder's equity was substantial at 149.2 percent at the end
of March 2004. Resona Holdings plans to gradually convert the
borrowings from Resona Bank to bond procurement.

Commissions from subsidiary banks in accordance with management
regulations provide the holding company's costs and interest on
subordinated loans to the subsidiary banks will be allocated to
interest payments on 300 billion yen public subordinated debts.
The main source of repayments of other external liabilities is
dividends from the subsidiary banks.

When double leverage ratio is high, a rating generally
incorporates the risk that the holding company cannot fully
procure the funds required for debt repayments through
dividends. During the second half of fiscal 2003, the two banks
under the holding company - Resona Bank and The Kinki Osaka Bank
- reduced their capital and capital reserves to accommodate the
losses posted during the first half of fiscal 2003. R&I believes
that repayment of external liabilities will not be impeded
because the holding company has secured funds for interest
payments for the time being and Resona Trust & Banking would
continue to pay dividends. Furthermore, the holding company
would receive dividends from fiscal 2005 because the other
subsidiary banks are also expected to return to black during
fiscal year 2004. However, in its evaluation of the holding
company's financial composition, R&I has taken into
consideration that double leverage ratio is substantial.


SOFTBANK CORPORATION: Agrees to Acquire Japan Telecom
-----------------------------------------------------
In a disclosure to the Singapore Stock Exchange, Softbank
Corporation has agreed at a board meeting held on 27 May 2004 to
acquire Japan Telecom Co. Limited. Japan Telecom is a fixed-line
operator and an affiliate of Ripplewood Holdings L.L.C. (Head
office: New York City, U.S; CEO: Timothy C. Collins).

As a result of the acquisition, the Softbank Group will have
consolidated sales of around 1 trillion yen and control
approximately 10 million access lines, thus becoming a leading
global telecommunication operator.

1. Purpose of the acquisition

The Softbank Group will substantially expand the scale of its
business through the acquisition of Japan Telecom and will seek
to become "the No.1 broadband company", offering a comprehensive
range of communication services including voice, data
transmission and Internet connectivity to consumer and
enterprise customers.

2. Synergies

(1) Japan Telecom is a pioneer of IP-VPN leased line networks
and wide-area Ethernet services to the enterprise sector. It has
an established presence in the enterprise data services arena
and is expected to contribute towards strengthening Softbank's
enterprise businesses expansion plans.

(2) Japan Telecom has approximately 170,000 domestic enterprise
customers, primarily large corporations which will support the
further expansion of SOFTBANK Group's customer base. In
addition, Softbank's corporate marketing capabilities and
customer acquisition channels will be strengthened and
diversified.

(3) Japan Telecom owns approximately 12,000 km of fiber-optic
network infrastructure. The propriety IP network operated by the
Softbank Group will be strengthened and made more efficient by
connecting with this fiber-optic network.

(4) As a result of the acquisition, the SOFTBANK Group will be
able to substantially enhance its human resources for enterprise
sales and engineering.

(5) The acquisition will also enable the SOFTBANK Group to, on a
consolidated basis, improve its EBITDA and strengthen its
revenue base.

3. Outline of the transaction

Method of acquisition: Approximately 144 million (100%) shares
of the issued and outstanding common stock of Japan Telecom.

Acquisition price: Approximately 350 billion yen

i.   -Common stock purchased by SOFTBANK: 143.3 billion yen

ii.  -Net interest-bearing debt (estimate as of June 4): 164.0
       billion yen

iii. -Preferred stock: 32.5 billion yen

  Sellers: Six companies in total, including Japan Telecom
Holdings L.P.

  Date of acquisition: Scheduled on November 16, 2004

4. Impact on Softbank's Financials

Final net income on a consolidated basis for SOFTBANK is yet to
be determined. An announcement will be made as soon as the
details are finalized.

About SOFTBANK CORP.

Head office location: 24-1, Nihonbashi-Hakozakicho, Chuo-ku,
Tokyo
Representative: Masayoshi Son
Paid-in capital: 162.3 billion yen
Principal lines of business: Broadband infrastructure, e-
commerce, e-finance, media and marketing, broadmedia, Internet
culture, and technology services

About JAPAN TELECOM CO., LTD.

Location: 7-1 Hatchobori 4 chome, Chuo-ku, Tokyo
Representative: Hideki Kurashige
Paid-in capital: 66.2 billion yen
Principal line of business: Fixed-line telecommunications
Sales: 347.1 billion yen(March 2004, unaudited) 222 billion yen
(March 2003, consolidated)
Operating profit: 18.4 billion yen (March 2003, consolidated)

Standard & Poor's Ratings Services (S&P) has placed its 'BB-'
long-term corporate and senior unsecured bond ratings on
Softbank Corporation on Credit Watch with negative implications,
following the announcement that the company will purchase Japan
Telecom Company, the TCR-AP vol. 7 No. 106 reports.

"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.


SOFTBANK CORP.: President Stays Despite Leak, Extortion Scandal
---------------------------------------------------------------
Softbank Corporation President Masayoshi Son will not resign as
head of the Company, despite the scandal about data leakage that
affected more than 4.5 million customers of its "Yahoo! BB"
broadband service earlier this year, Dow Jones reported on
Monday.

Since January, police had arrested four men on suspicion that
they tried to extort money from Softbank after obtaining
personal data about the broadband service's subscribers. The
report did not mention their names.

The Internet-services Company has already implemented 649
measures to avoid similar incidents from happening in the
future. The measures include an introduction of a fingerprint-
based identification system for employees who are assigned to
manage customers' private data.


SOFTBANK CORPORATION: CEO Sees Profit Next Year
-----------------------------------------------
Softbank Corporation Chief Executive Masayoshi Son expects the
company to return to profit in the business year beginning April
2005, according to Reuters. Softbank could achieve its target of
six million Internet subscribers earlier than it had expected,
Son said in an interview with a group of reporters.


UFJ HOLDINGS: FSA Orders to Improve Practices
---------------------------------------------
The Financial Services Agency (FSA) has ordered UFJ Holdings
Inc. to improve its practices, reprimanding the bank for a loose
assessment of bad loans, according to Reuters.

UFJ announced last week that it had JPY1.31 trillion ($11.88
billion) in loan-loss charges in the 2003/2004 business year,
nearly triple its initial estimate after it was forced to
reassess its loan portfolio following a government inspection.

The Company and the watchdog Financial Services Agency (FSA)
declined to comment on the report.


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

DAEWOO GROUP: Former Chairman Partly Liable for Investor Losses
---------------------------------------------------------------
The Seoul Central District Court ruled Sunday that Kim Woo-
choong, former Chairman of the now-defunct Daewoo Group, bears
partial responsibility for an investor's losses triggered by the
conglomerate's window dressing of accounts and false disclosures
in 1997 and 1998, Asia Pulse reports. The ruling is expected to
affect a host of ongoing lawsuits involving the Daewoo Group's
irregularities.

The Court ordered three former Daewoo executives, including Kim,
and Daewoo Heavy Industries & Machinery to pay KRW97 million
(US$80,000) in compensation to an individual investor. The
investor, identified only by his surname Lee, filed a damage
suit in 1999 against the former Daewoo executives, seeking 720
million won in compensation.


HANBO STEEL: Hyundai-led Group to Buy Steelmaker
------------------------------------------------
Two steel units of Hyundai Motor Group signed on Tuesday an
initial agreement to buy bankrupt Hanbo Steel, according to
Reuters, citing lead manager Samil Accounting Corporation. A
consortium of INI Steel and Hyundai Hysco paid five percent of
the bid price on Monday, without giving the exact figure.

Samil said creditors of Hanbo steel will be able to raise more
than one trillion won (US$861.4 million) from the sale of Hanbo,
a figure that includes the purchase price and dividends from
Hanbo's earnings.


HYNIX SEMICONDUCTOR: Citigroup to Buy Chip Unit for W954B
---------------------------------------------------------
Citigroup Venture Capital Equity Partners LP will buy Hynix
Semiconductor Inc.'s non-memory chip business for KRW954 billion
(US$820 million) in cash and assumed debt after Hynix's lenders
accepted a raised bid, Bloomberg News reported on Monday.

Creditors holding more than 75 percent of voting rights accepted
the takeover offer. The proceeds will help Icheon, South Korea-
based Hynix cut its KRW4.2 trillion debt and keep up with larger
memory-chip producers Samsung Electronics Co. and Micron
Technology Inc. on spending.

Hynix had KRW4.2 trillion of liabilities at the end of 2003, or
152 percent of shareholder equity, up from a debt- to-equity
ratio of 88 percent in 2002.

A sale would help Hynix reduce debt and increase the chances of
getting its junk-level CCC+ debt rating raised, which would make
it cheaper to fund investment in machinery and research,
Standard & Poor's said on April 14.


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


AOKAM PERDANA: Creditors Approve Proposed Scheme Arrangement
------------------------------------------------------------
Aokam Perdana Berhad, in a notice submitted to Bursa Malaysia
Securities Berhad with reference to its PN1 announcement dated
May 5, 2004, the company is pleased to announce that the Scheme
Creditors of Aokam, Aokam Industries Sdn Bhd and Pembangunan
Papan Lapis (Sabah) Sdn Bhd (the Scheme Companies) had, at the
respective Court Convened Meetings held on May 28, 2004,
approved the Proposed Schemes of Arrangement of the Scheme
Companies.

Apart from the above announcement, the issue of continual
default remains unchanged.


CHASE PERDANA: Extends Expiry Date of Warrant   
---------------------------------------------
Chase Perdana Berhad, in a notice submitted to Bursa Malaysia
Securities Berhad, announced that the Warrants' expiry date of
June 17, 2004 will be extended to June 17, 2009. As a result,
trading in the Warrants will not be suspended effective 9:00
a.m., Wednesday, June 2, 2004 and the Warrants will not be
removed from the Official List of the Exchange effective 9:00
a.m., Friday, June 18, 2004.

Your attention is drawn to the announcement made by Southern
Investment Bank Berhad on behalf of the Company dated May 31,
2004.


COMMERCE INTERNATIONAL: Shareholders Approve Corporate Proposals  
----------------------------------------------------------------
Commerce International Merchant Bankers Berhad submitted to
Bursa Malaysia Securities Berhad its Corporate Proposals
approved by shareholders.

- PROPOSED SHARE SPLIT;
- PROPOSED SHARE EXCHANGE;
- PROPOSED CASH PAYMENT;
- PROPOSED CAPITALISATION;
- PROPOSED CONVERSION OF ADVANCES;
- PROPOSED OFFER FOR SALE;
- PROPOSED TRANSFER OF LISTING;
- PROPOSED EXEMPTION; AND
- PROPOSED LIQUIDATION

With reference to the announcements made on behalf of Commerce
International Merchant Bankers Berhad (CIMB) on December 13,
2002, December 27, 2002, March 17, 2003, May 20, 2003, May 22,
2003, August 15, 2003, October 7, 2003, October 8, 2003, October
30, 2003, November 18, 2003 and March 15, 2004 in relation to
the Corporate Proposals.

The company also refers to the announcements made on July 2,
2003, August 13, 2003, October 8, 2003, December 2, 2003 and
March 1, 2004 in relation to the proposed acquisition by WCT
Land Berhad (WCTL), a wholly-owned subsidiary of WCT Engineering
Berhad (WCT) which will be utilized to implement the Corporate
Proposals, from MTD Realty Sdn Bhd, a wholly-owned subsidiary of
MTD Capital Bhd, of 2,500,000 ordinary shares of RM1.00 each in
Labur Bina Sdn Bhd (LBSB), representing the balance 50 percent
equity interest in LBSB, not already owned by WCTL, for a total
cash consideration of RM48,900,000 (Proposed Acquisition).

On behalf of BIB, CIMB wishes to announce that WCT had on May
31, 2004 informed the Company that pursuant to an Extraordinary
General Meeting held on even date, the shareholders of WCT have
approved the Corporate Proposals and the Proposed Acquisition.

This announcement is dated May 31, 2004.


INNOVEST BERHAD: Appoints Chairman Of Audit Committee
-----------------------------------------------------
Innovest Berhad, in a notice submitted to Bursa Malaysia
Securities Berhad, announced that it has appointed Dato' Omar
bin Otman as the Chairman of Audit Committee of the company on
May 29, 2004.

Mr. Otman obtained a Bachelor of Arts (Hons) degree in
International Affairs from University Malaya in 1976, a degree
in law from University of Buckingham, England in 1981, a
Certificate of Law Practice from University Malaya in 1984 and a
Master Degree in Science from University Putra Malaysia in 2003.


INNOVEST BERHAD: Releases 1Q Unaudited Financial Report
-------------------------------------------------------
Innovest Berhad submitted to Bursa Malaysia Securities Berhad
its unaudited financial 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
    1,274
    1,257
    1,274
    1,257

(2) Profit/(loss) before tax
    -207
    -1,043
    -207
    -1,043

(3) Profit/(loss) after tax and minority interest  
    -207
    -1,043
    -207
    -1,043

(4) Net profit/(loss) for the period
    -207
    -1,043
    -207
    -1,043

(5) Basic earnings/(loss) per shares (sen)
    -0.06
    -0.31
    -0.06
    -0.31

(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)  
    0.0080
    0.0090

For more information click
http://bankrupt.com/misc/innovestberhad060104.xls


KSU HOLDINGS: Issues Update Development Of Financial Condition
--------------------------------------------------------------
In a notice submitted to Bursa Malaysia Securities Berhad, KSU
Holdings Berhad, with reference to its announcement dated 20th
August 2003, 10th September 2003, 9th October 2003, 10th
November 2003, 5th December 2003, 2nd January 2004, 4th February
2004, 1st March 2004, 1st April 2004 and 5th May 2004, wishes to
inform that as of to date, there has been no further development
on its plan to regularize its financial condition.


NAUTICALINK BERHAD: Awaits Approval Of Restructuring Proposal  
-------------------------------------------------------------
The Board of Directors of Nauticalink Berhad (NB), in a notice
submitted to Bursa Malaysia Securities Berhad, announced that in
compliance with PN4, it is obliged to announce that the Company
is still awaiting approval of the relevant authorities with
regard to its revised corporate restructuring proposals since
submission on April 15, 2004.


PAN MALAYSIA: Issues Notice Of General Meetings
-----------------------------------------------
Pan Malaysia Holdings Berhad (PMH), in a notice submitted to
Bursa Malaysia Securities Berhad, announced that the following
general meetings of PMH will be held at Crystal Ballroom, Corus
hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur on Tuesday,
June 22, 2004:

(i) Twenty-First Annual General Meeting (AGM) at 9.00 a.m.; and

(ii) Extraordinary General Meeting (EGM) immediately after the
conclusion or adjournment (as the case may be ) of the AGM.

To view full copy on notice of AGM click
http://bankrupt.com/misc/PANMALAYSIA060104.doc

To view full copy on notice of EGM click
http://bankrupt.com/misc/panmalaysia060104_2.doc

   
TH GROUP: Releases Proposed IRR
-------------------------------
TH Group Berhad submits to Bursa Malaysia Securities Berhad the
company's proposed internal restructuring and re-organization
exercise.
   
(1) INTRODUCTION

The Board of Directors of TH Group is pleased to announce a
proposed internal restructuring and re-organization exercise
(Proposed IRR) involving the Company and several of its
subsidiaries. The Proposed IRR will involve the intra-group
transfer of some subsidiaries and assets within the Group with
the following objectives to:

(a) enhance tax efficiency of dividend payments from certain
subsidiaries to shareholders of TH Group; and

(b) streamline the core businesses of the Group into divisible
divisions of plantation, construction and timber operations.

The Proposed IRR will involve the following transactions:

(i) the proposed acquisition by TH Group of a 100 percent equity
interest in Tung Hup Palm Oil Mill Sdn Bhd (THPOM) from Besatim
Sdn Bhd (BST) for a purchase consideration of RM40,739,697;
(Proposed Acquisition of THPOM)

(ii) the proposed acquisition by TH Group of a 100 percent
equity interest in Tung Hup (Contracting) Sdn Bhd (THC) from
Tung Hup Enterprises Sdn Bhd (THE) for a purchase consideration
of RM76,080,828 (Proposed Acquisition of THC);

(iii) the proposed acquisition by Tracpower Sdn Bhd (TSB) of a
95 percent equity interest in PT THG Kontrak (PTK) from THC for
a purchase consideration of RM9,963,603 (Proposed Acquisition of
PTK);

(iv) the proposed acquisition by THC of a 100 percent equity
interest in THG Construction Sdn Bhd (THGC) from TH Group for a
purchase consideration of RM1,000,000 (Proposed Acquisition of
THGC);

(v) the proposed acquisition by THC of a 70% equity interest in
Sunshine Paradigm Sdn Bhd (SSP) from THGC for a purchase
consideration of RM700,000 (Proposed Acquisition of SSP); and

(vi) the proposed acquisition by THC of a 100 percent equity
interest in Wisdirection Ventures Sdn Bhd (WDSB) from THGC for a
purchase consideration of RM10,000(Proposed Acquisition of
WDSB).

The above transactions collectively called "the Proposed
Acquisitions".

As part of the Proposed IRR, THC will also be disposing some of
its timber-related fixed assets to TSB under an Asset Sale
Agreement for a cash consideration of RM337,326 (Proposed Assets
Sale).

Information on the respective companies is set out in Appendix
I.

(2) DETAILS OF THE PROPOSED IRR

(2.1) The Existing Structure

Please refer to Appendix II for the existing structure of the
companies involved in the Proposed IRR.

(2.2) The Proposed New Structure

Please refer to Appendix III for the new structure of the
companies upon completion of the Proposed IRR.

(2.3) The Mode and Basis of Consideration

The consideration for the proposed transactions will be in cash
and effected solely by way of inter-company indebtedness and
hence does not impose any demand on the cash position of the
relevant acquirers nor does it entail the need for any
additional borrowings within the Group.

The value of consideration for the Proposed Acquisitions was
arrived at based on the audited net tangible assets of the
acquiree companies or the audited cost of investment in the
books of the vendor, as the case maybe, as at 31 December 2003.

The value of consideration for the Proposed Assets Sale was
arrived at based on the audited net tangible assets of the
assets subject to the sale as at 31 December 2003.

(2.4) Salient Terms of the Sale and Purchase Agreements

Pursuant to the sale and purchase agreements for the Proposed
Acquisitions, the vendors agreed to sell and the acquirers
agreed to purchase the ordinary shares of the target companies
(Sale Shares) free from all liens, pledges, charges and other
encumbrances and with all rights and benefits attaching thereto
including but without limitation all bonuses, rights, dividends
and other distributions declared, paid or made in respect of the
Sales Shares after the date of the Sale and Purchase agreements.

Pursuant to the Assets Sale Agreement, the vendor agreed to sell
and the acquirer agreed to purchase certain assets free from all
encumbrances.

(3) RATIONALE FOR THE PROPOSED IRR

The Proposed IRR is a strategic move by TH Group to restructure
and re-organize its group structure whereby companies with
similar business activities will be reflected under one business
unit with the objectives of achieving cost efficiencies and
accountability.

As a measure to increase shareholders' value at TH Group, that
is by ensuring that the shareholders receive tax-exempt
dividends, consideration is made to transfer certain companies
as direct subsidiaries of TH Group to ensure that their two-tier
dividend payments reach the shareholders of TH Group. This can
be effected by:-

(a) the transfer of THC by THE to TH Group under the Proposed
Acquisition of THC so that the tax exempt dividends of THC can
reach the shareholders of TH Group as tax exempt dividends; and

(b) the transfer of THPOM by BST to TH Group under the Proposed
Acquisition of THPOM so that the tax exempt profits from the
reinvestment allowance and infrastructure incentives of THPOM
can reach the shareholders of TH Group as tax exempt dividends.

Subject to agreement of the Inland Revenue Board, the tax-exempt
account of THC and THPOM for the year 2002 was RM14.2 million
and RM8.8 million respectively.

(4) FINANCIAL EFFECTS

(4.1) Share Capital and Substantial Shareholders' Shareholdings

The Proposed IRR will not have any effect on the issued and paid
up share capital and the substantial shareholders' shareholdings
of the Company as it will be effected by way of cash.

(4.2) Earnings

The Proposed IRR will not have any material effects on the
earnings of TH Group for the financial year ending 31 December
2004.

(4.2) Net Tangible Assets (NTA)

As the Proposed IRR is an intra-group transaction, it not
expected to have any material effects on the NTA per share of TH
Group based on the latest audited consolidated balance sheet as
at 31 December 2003.

(5) APPROVALS REQUIRED

The Proposed IRR is subjected to the following approvals being
obtained:

(a) Approval of the Foreign Investment Committee (FIC) for the
Proposed Acquisitions. The Company expects to make the
application to the FIC within one (1) month from the date of
this announcement;

(b) Notification or approvals from all lenders (including
bankers and holders of the RM150,000,000 nominal amount of 3%
Secured Serial Al-Bai' Bithaman Ajil Islamic Debt Securities
Issuance Facility (BAIDS), where required for the Proposed
Acquisitions and Proposed Assets Sale;

(c) Indonesian authorities for the Proposed Acquisition of PTK;
and

(d) Any other relevant authorities.

The Proposed IRR does not require the approval from shareholders
of the Company. However, the Proposed Acquisition of THPOM and
the Proposed Acquisition of THC may require approval from
shareholders of the Company.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors of the Company or persons connected to
them has any interest, direct or indirect in the Proposed IRR.
The directors are not aware of any substantial shareholders of
the Company or persons connected to them having any interest,
direct or indirect in the Proposed IRR.

(7) STATEMENT BY THE BOARD OF DIRECTORS

Having considered all aspects of the Proposed IRR, the Board of
Directors is of the opinion that the Proposed IRR is in the best
interest of the Group.

(8) DEPARTURE FROM THE POLICIES AND GUIDELINES ON ISSUE/OFFER OF
SECURITIES OF THE SECURITIES COMMISSION (SC GUIDELINES)

To the best knowledge of the Directors, the Proposed IRR does
not contravene the Guidelines of the Securities Commission.

(9) DOCUMENTS FOR INSPECTION

The sale and purchase agreements are available for inspection by
registered shareholders at the registered office of the Company
at Securities Services (Holdings) Sdn. Bhd., Level 7, Menara
Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara
Heights, 50490 Kuala Lumpur during normal office hours from
Monday to Fridays (except public holidays) for a period of three
months from the date of this announcement.

For more information, click
Appendix I: http://bankrupt.com/misc/THGROUP060104.doc
Appendix II: http://bankrupt.com/misc/THGROUP060104_2.doc   
Appendix III: http://bankrupt.com/misc/THGROUP060104_3.doc


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


DIGITAL TELECOMMUNICATIONS: Unveils Annual Stockholder's Meeting
----------------------------------------------------------------
In accordance with the Philippine Stock Exchange's rules on
disclosure, Digital Telecommunications Philippines Inc. wishes
to inform the Exchange that our company just concluded its
Annual Stockholder's Meeting this morning at the Holiday Inn
Galleria Manila Pasig City. A total of 4,445,870,879 shares
representing 69.94 percent of the company's outstanding shares
of stock were represented by proxies per source attendance of
registered shareholders.

Highlights of the meeting are:

(1) The approval of the minutes of the Annual stockholder's
meeting held on May 26, 2003.

(2) The report of the President Mr. Lance Y. Gokongwei, was duly
noted and the Financial Report covering fiscal year 2003 was
duly approved.

(3) The stockholders of the Corporation confirmed and ratified
all the acts and resolutions of the Board of Directors and
management since the last annual stockholder's meeting up to the
present.

(4) The stockholders of the Corporation elected the following
Directors of the Corporation:

- Atty. Ricardo J. Romulo- Independent Director
- Mr. Gabriel C. Singson- Independent Director
- Mr. John L. Gokongwei, Jr.
- Mr. Johnson Robert L. Go
- Mr. James L. Go
- Mr. Lance Y. Gokongwei
- Mr. Anders Ekman

(5) The stockholders of the Corporation also approved the
increase in the authorized capital stock of the corporation up
to PhP25.0 billion and to delegate to the Board the authority to
determine the actual amount of increase of capital stock as
maybe required by the Corporation. The stockholders also
approved the creation and issuance of preferred shares
equivalent to US$200.0 Million and authorized the Board to
determine and fix the terms and conditions for the said
preferred shares.

(6) The stockholders of the Corporation approved the re-
appointment of Sycip, Gorres, Velayo and Co. as the external
auditor of the Corporation.

(7) On other matters, the Stockholders of the Corporation
approved the amendment of the Amended By-Laws of the Corporation
to include the required guidelines on the nomination and
election of independent directors in compliance with the
Securities and Exchange Commission's Memorandum Circular No. 16
Series 2002 and to delegate to the Board of Directors the Laws
of the Corporation.


EASYCALL COMMUNICATIONS: Submits SEC Form 20-IS
-----------------------------------------------
Easycall Communications Philippines Inc. (ECP) furnished the
Philippine Stock Exchange a copy of its Securities and Exchange
Commission's Form 20-IS (Preliminary Information Statement) in
connection with its Annual Stockholders' Meeting which will be
held on July 9, 2004 at 10:00 a.m. at the Lighthouse Theatre,
25th St., corner A.C. Delgado St., Port Area, Manila.

As previously announced, "the record date for the determination
of stockholders entitled to notice and to vote at the meeting is
May 31, 2004."

A copy of Easycall's Preliminary Information Statement shall be
made available for reference at the PSE Centre and PSE Plaza
Libraries.


MANILA ELECTRIC: ERC Downplays Apprehension
-------------------------------------------
In a press release, Energy Regulatory Commission chairman
Rodolfo B. Albano said, "We never gave up and we do not intend
to give up our regulatory authority."  The Chief Regulator was
reacting to a news release in the May 30, 2004 issue of one of
the major dailies wherein Manila Electric Co. (Meralco) urged
ERC to latch on to its duly-mandated power to decide on cases
relating to petitions or application for rate-setting.

"The Commission's request was for mere assistance to validate
and verify certain accounts needed to carry out its regulatory
functions and not for the conduct of a rate audit," Chairman
Albano pointed out. "Our internal audit group is presently
short-handed to carry out some activities that need urgent
action. The assistance we sought was technical in nature and do
not call for COA to assume any of our regulatory mandates," he
added.

The Energy Regulatory Commission (ERC) is an independent and
quasi-judicial regulatory body created under the Electric Power
Industry Reform Act (EPIRA) to promote the competitive
operations in the electricity market and to ensure consumer
education and protection.

"Our being an independent regulatory body does not preclude us
from coordinating with other government agencies in instituting
the reforms envisioned by the EPIRA. As a matter of fact, on
March 11, 2004, the Commission entered into an agreement with
the Philippine Export Processing Zone Authority (PEZA) to
cooperate and coordinate in overseeing the operations of power
generators and distribution utilities inside PEZA-registered
economic zones," the ERC Chairman explained.

"The Commission will remain steadfast in the pursuit of its
mission to create a regulatory environment that is transparent,
democratic and one that will equitably balance the interests of
both consumers and the utility investors," the ERC chief
reassures.


PHILIPPINE LONG: Issues Clarification To News Article
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) submits to the
Philippine Stock Exchange clarification to the news article
entitled "First Pacific wants Smart to be parent firm to PLDT"
published in the May 31, 2004 issue of BusinessWorld (Internet
Edition).  

The article reported that "Hong Kong's First Pacific Co. Ltd.
intends to eventually reorganize its business in the
Philippines, and this involves possibly making Smart
Communications, Inc. the parent company of Philippine Long
Distance Telephone Co.

But Manuel V. Pangilinan, managing director and chief executive
officer of First Pacific, and concurrent chairman of PLDT, said
such a complex role reversal for the two firms still needs
further study. 'Today PLDT on top, everything else below.  One
scheme we are looking at [involves putting] Smart on top, since
55 percent of the revenue of PLDT comes from Smart [anyway],'
Mr. Pangilinan said."

PLDT in its letter dated June 1, 2004, advised the Exchange
that:

"the PLDT Group continues to explore the most optimum corporate
structure for the Group in the future. While there are
reorganization options being considered, these still require
further study and evaluation. Therefore, at this point in time,
it is premature to comment or make a disclosure on the matter.  
As stated by Mr. Pangilinan, the immediate priorities of the
Group remain to be debt reduction, restoration of dividends to
common shareholders by 2005 and increased operating
efficiencies. We also continue to identify areas that would
maximize the synergies between our fixed line and wireless
businesses in order to further strengthen the PLDT Group."


PHILIPPINE REALTY: Issues Clarification To News Article
-------------------------------------------------------
Philippine Realty and Holdings Inc. submits to the Philippine
Stock Exchange clarification to the news article entitled
"Philrealty seeks court approval for its amended rehabilitation
program" published in the May 31, 2004 issue of the Philippine
Star (Internet Edition).

The article reported that "the rehabilitation receiver for
Philippine Realty and Holdings Inc. has asked the Quezon City
Regional Trial Court to approve the property developer's amended
recovery program, which calls for the settlement of PhP1.31
billion in secured debt through a dacion en pago (payment in
kind) arrangement. The amended rehab plan also calls for the
restructuring of PhP890.6 million in secured debt over a period
of 10 years, and the completion of the Skyline tower of
Philrealty's Andrea North Project in Quezon city estimated to
cost PhP1.18 billion.

The receiver expects Philrealty to raise about PhP3.89 billion
in cash over a period of 15 years assuming that the company can
limit total administrative expenses to a yearly increase of five
percent per annum, which the increase in rental/lease income
should cover.

The receiver has also asked the court to be settled via dacion
is PhP1.86 billion while the amount to be settled via debt
restructuring is PhP720.2 million. It likewise recommended that
Metrobank be given a seat in Philrealty's board of Directors to
allow it to closely monitor the implementation of the
rehabilitation plan.  Moreover, the receiver disclosed that the
Export Industry Bank and Equitable PCI Bank accepted the
valuation of assets which were assigned to them via dacion en
pago at 100 percent of the appraisals made by third-party
appraisers."

Philippine Realty and Holdings Corporation, in its letter to the
Exchange dated May 31, 2004:

"With reference to the news articles that appeared in the major
broadsheets on Tuesday on the rehabilitation plan recommended by
our company's rehabilitation receiver, Mr. Ricardo G. Ysmael, to
the Quezon City Regional Trial Court, the company denies that it
is the source of the information contained in the said news
articles.

The company confirms having received, together with our
creditors, a copy of the receiver's recommendation which was
submitted to the Court last April 26. The company shall advise
the exchange as soon as the court issues a decision on our
rehabilitation case."


PILIPINO TELEPHONE: Smart Receives Offers From Creditors
--------------------------------------------------------
In a press release, Smart Communications Inc. (Smart), a wholly-
owned subsidiary of Philippine Long Distance Telephone Co.
(PLDT) announced on Tuesday that in response to its invitations
to creditors of Pilipino Telephone Corporation (Piltel) to sell
their Piltel debt, Smart had received, as of the close of
business on May 31st, 2004, offers from Piltel creditors
representing approximately 68.4 percent in aggregate of the
outstanding restructured Piltel debt. All minimum thresholds in
respect of individual facilities were met, other than that set
for Piltel's bonds (Conversion Notes).

Given the high acceptance level from Piltel's creditors, Smart
would still be able to proceed with the transaction. Smart has a
period of 90 days from end of the offer period in which to
determine if it will proceed with, and then close, the
transaction. If Smart does elect to proceed with the debt
exchange, it would hope to close the transaction by the end of
July 2004.

However, as the 75 percent aggregate threshold has not been met,
Smart will need to review the matter with the Board of Directors
of both PLDT and Smart. PLDT's next Board meeting is scheduled
for June 8th 2004 and, until then, Smart is prepared to
entertain any further offers for Piltel's debt on the same
economic terms.

About PLDT

PLDT is the leading telecommunications provider in the
Philippines.  Through its three principal business groups- fixed
line, wireless and information and communications technology-
PLDT offers a wide range of telecommunications services across
the Philippines' most extensive fiber optic backbone and fixed
line, cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares are listed on the New York Stock
Exchange (NYSE:PH) and the Pacific Exchange.  PLDT has one of
the largest market capitalizations among Philippine listed
companies.


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


CREATIVE JEWELLERY: Issues Winding up Order Notice
--------------------------------------------------
Creative Jewellery Pte Ltd. issued a notice of winding up order
made on the 21 May 2004.

Name and address of the Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs KHATTAR WONG & PARTNERS
Solicitors for the Petitioners.

Note:

(a) All creditors of the Company should file their proof of debt
with the Liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
Liquidator.

This Singapore Government Gazette announcement is dated 31 May
2004.


ECON INTERNATIONAL: Returns to Profitability
--------------------------------------------
Econ International Limited posted a net profit of S$5.46 million
in the year ended March 31, 2004, versus a net loss of S$155.41
million in the same period a year earlier, according to Reuters.
Details are as follows:

                                 2004         2003

Operating profit/(loss)        (1.78)  vs   (88.37)
Exceptional items               5.69   vs   (61.88)
Pre-tax profit/(loss)           3.22   vs  (155.84)
Net profit/(loss)               5.46   vs  (155.41)
Group shr (cents)               0.98   vs   (28.00)
Turnover                       34.63   vs   307.58
Dividend (pct)                   nil   vs      nil

The exceptional items relate to profit on disposal and
deconsolidation of subsidiaries and joint ventures, gain on
disposal of associates, crystallization of guarantees,
intangible assets written off, provision for impairment in value
of associates and property, plant and equipment.

Econ International Limited is engaged in civil geo-technical and
foundation works and trading of building materials.


GOUDIE ASSOCIATES: Creditors Meeting Set June 15
------------------------------------------------
Notice is hereby given that a meeting of the creditors of Goudie
Associates Singapore Pte Ltd will be held at 47 Hill Street,
#05-01 Chinese Chamber of Commerce & Industry Building,
Singapore 179365 on 15th June 2004 at 11 a.m. for the following
purposes:

(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company.

(2) To nominate liquidators.

(3) To consider the appointment of a Committee of Inspection of
the creditors.

MR. JOHN ANDREW GOUDIE
Director.

Note:

1. Proxies to be used at the meeting must be lodged with the
Company at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 not later than 13 June 2004.

2. Please note that this notice is sent to you without prejudice
to the Company's right to review the nature and quantum of the
debt, if any, owed by the Company to you.

This Singapore Government Gazette announcement is dated 28 May
2004.


HUA KOK: Unit Proposes Scheme of Arrangement With Creditors
-----------------------------------------------------------
The Directors of Hua Kok International Ltd announced that its
subsidiary, Hua Kok Realty (Private) Limited (the Subsidiary),
is proposing a Scheme of Arrangement with its unsecured
creditors. The Subsidiary on 31 May 2004, filed an application
(the Application) in the High Court (the Court) under Section
210 of the Companies Act, Chapter 50 of Singapore, for leave to
convene a meeting of its creditors for the purposes of
considering the Scheme of Arrangement.

The Subsidiary is also requesting the Court grant a stay of all
actions or proceedings against the Subsidiary (including
execution proceedings) pursuant to Section 210(10) of the
Companies Act, Chapter 50 of Singapore, save with the leave of
and subject to such terms as the Court may impose.

Under the terms of the Scheme of Arrangement, the Company will
be issuing new shares in the capital of the Company to the
creditors of the Subsidiary. Further details of the Scheme of
Arrangement will be announced upon the Subsidiary obtaining an
order of Court to convene a meeting of the creditors of the
Subsidiary pursuant to the Application.

Submitted by Paul Lin, Chief Executive Officer on 31/05/2004 to
the SGX.


INDO GRANITE: Releases Debt Claim Notice to Creditors
-----------------------------------------------------
Notice is hereby given that the creditors of Indo Granite
Corporation Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before the 28
June 2004 to send in their names and addresses and particulars
of their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidators of the
said Company. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

NEO BAN CHUAN
BOB YAP CHENG GHEE
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated 28 May
2004.


JARDINE SHIPBROKERS: Creditors Must Submit Claims by June 28
------------------------------------------------------------
Notice is hereby given that the creditors of Jardine Shipbrokers
Pte Ltd. (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 28 June
2004, to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said company. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.

This Singapore Government Gazette announcement is dated 28 May
2004.


SEATOWN CORPORATION: 1H04 Net Loss Narrows to S$1.36M
-----------------------------------------------------
Seatown Corporation Ltd incurred a net loss of S$1.36 million in
the six month ending March 31, 2004, compared to a net loss of
S$2.26 million a year earlier, according to Reuters. Details are
as follows:

Six months to March 31, 2004 (in millions of S$ unless stated)

                               H1 2004      H1 2003

Operating profit/(loss)         (0.97)  vs   (1.42)
Pre-tax profit/(loss)           (1.35)  vs   (2.27)
Net profit/(loss)               (1.36)  vs   (2.26)
Group shr (cents)               (0.12)  vs   (0.20)
Turnover                         3.14   vs   15.68
Dividend (pct)                    nil   vs     nil

Seatown Corporation Ltd is engaged in infrastructure development
activities, building construction activities, civil engineering
and the manufacture of pre-cast architectural components and
ready mixed concrete.


YEE NEE: Issues Dividend Notice
-------------------------------
Yee Nee Seck Pte Ltd. issued a notice of intended preferential
dividend as follows:

Address of Registered Office: Formerly of 11 Kim Chuan Terrace
Singapore 537034.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 267 of 2000.

Last Day for Receiving Proofs: 11 June 2004.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

CHAN WANG HO
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated 28 May
2004.


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


THAI PETROCHEMICAL: Founder Sues Creditors' Committee
-----------------------------------------------------
The founder and former chief executive of Thai Petrochemical
Industry Plc (TPI) has filed a civil case against the company's
creditors' committee for damages the company allegedly sustained
while under the administration of Effective Planners, Business
Day reports. This development comes as Thai finance minister
Somkid Jatusripitak announced Monday that the company's revised
business rehabilitation plan has already met the approval "in
principle" of the majority of the creditors' committee members.

TPI founder and ex-CEO Prachai Leophairatana said the case is
now pending with the Civil Court of Southern Bangkok, which he
claimed has already begun conducting hearings. The lawsuit,
however, isn't expected to have any effect on the restructuring,
as the current administrator has been appointed by the
bankruptcy court after nomination by the Ministry of Finance to
replace Effective Planners last year. Effective Planners, which
was previously appointed to run TPI upon creditor nomination,
failed to meet several goals in the debt plan.

According to Mr. Somkid, the company's administrators will meet
with foreign creditors to discuss details of the plan. He also
said that Mr. Prachai may also be invited to state his views.
The former CEO said he hasn't met the finance minister yet, but
he says he is prepared to talk with him.

TPI is now under a scheme to restructure its US$2.6 billion debt
and the finance ministry has set up a five-member plan
administrators' committee to revise the company's business
rehabilitation plan.

Mr. Somkid said that after discussing the plan with Mr. Prachai,
he intends to put it forward for review with the creditors'
committee and then submit it to the central bankruptcy court for
final approval.


                            *********


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.

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