TCRAP_Public/040603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, June 3, 2004, Vol. 7, No. 109

                            Headlines

A U S T R A L I A

BRAMBLES INDUSTRIES: Unveils Major Interests in Shares
CROWNSTAR INTERNATIONAL: Directors Stand Trial
DAEWOO AUSTRALIA: Holden Withdraws Daewoo Brand
NATIONAL AUSTRALIA: APRA Updates On NAB-Related Review Of Banks
NOVUS PETROLEUM: Unveils May 31 AGM Results

NOVUS PETROLEUM: Prepares for Takeover
QANTAS AIRWAYS: To Hold Talks With Unions This Month
QANTAS AIRWAYS: Australia-Shanghai Flights Prepare For Takeoff
SANTOS LIMITED: Draws Nearer to Resumption of Moomba Production  


C H I N A  &  H O N G  K O N G

FORTUNE FAVOR: Court Issues Winding Up Petition
SKYCHANCES INDUSTRIAL: Winding Up Hearing Slated June 16
TARGET WORLD: Winding up Hearing Set June 16
TATTUNE DEVELOPMENT: Winding Up Petition Scheduled July 7
WELL-JOINT ENGINEERING: Winding Up Hearing Slated for July 7


I N D O N E S I A

MEDCO ENERGI: Launches IDR1.2-Trillion Bond Offering
MERPATI AIRLINES: Legislators To Raise Funds for Carrier


J A P A N

ALLES CO.: Files For Special Liquidation Proceedings
CHUO KENSETSU: Civil Engineering Firm Goes Bankrupt
IWASUI K.K.: General Plumbing Firm Enters Bankruptcy
KANEBO LIMITED: Economic Minister Urges Independence
K.K. ARES: Real Estate Agency Goes Bankrupt

MITSUBISHI MOTORS: May Sales Plunge By Over Half
NISSAN MOTOR: Relocates Head Office Operations
SOFTBANK CORPORATION: Clarifies Acquisition Report
SOFTBANK CORPORATION: Softbank BB Dissolves Unit
UFJ HOLDINGS: To Adopt U.S.-style Governance


K O R E A

KOOKMIN BANK: ING To Invest 49% Stake in Unit


M A L A Y S I A

AKTIF LIFESTYLE: Issues Update On Default In Payment
CHIN FOH: Releases Revised Terms Of ESOS
GENERAL SOIL: Submits Result Of Proposed Restructuring Scheme   
I-BERHAD: Appoints New Member Of Audit Committee  
LION INDUSTRIES: Issues Update On Proposed Parkson Disposal  

PARK MAY: Issues Update On Financial Condition
PARK MAY: Releases Schedule Of General Meetings


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Appoints Anders Ekman As Director
NEGROS NAVIGATION: Appoints New Board Member
NEGROS NAVIGATION: Releases Statement on News Article


S I N G A P O R E

ASIAN SECURITIZATION: Creditors Must Submit Claims by June 28
GNOMADIC PUBLISHING: Issues Intended Preferential Payment Notice
MARLEX MARKETING: Winding up Hearing Slated for June 11
WINSOR NURSING: Creditors Meeting Set June 9
WISMA PROPERTIES: Final Meeting Slated for June 30


T H A I L A N D

BANGKOK STEEL: Asks SEC To Move Deadline Of Submission Of F/S
CAPETRONIC INTERNATIONAL: Issues Changes In Board Info
CAPETRONIC INTERNATIONAL: Releases Director's Meeting Results
DATAMAT PUBLIC: Releases Changes In Major Shareholders
MANAGER MEDIA: SET Posts NP Sign On Securities

PAE THAILAND: Releases Agenda Of Annual Shareholders Meeting  
RAIMON LAND: SET Allows Trading Of Securities

     -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Unveils Major Interests in Shares
------------------------------------------------------
In a disclosure to the Australian Stock Exchange, Brambles
Industries Limited issued a notice of major interests in its
shares.

For more information, go to
http://bankrupt.com/misc/tcrap_brambles0602.pdf


CROWNSTAR INTERNATIONAL: Directors Stand Trial
----------------------------------------------
Mr. Kevin Anthony Gaw and Ms. Melanie Louise Ash were ordered
Tuesday to stand trial at the Melbourne County Court following
an investigation by the Australian Securities and Investments
Commission (ASIC) into Crownstar International Pty Ltd
(Crownstar) and an associated company, C.C. Travel Pty Ltd (CC
Travel), the ASIC reports.

Ms. Ash, the sole registered Director of Crownstar, has been
charged with 28 counts of breaching her duties as a director.

Mr. Gaw, the alleged Managing Director of Crownstar and sole
registered Director of CC Travel, has been charged with 24
counts of breaching his duties as a director and 1 count of
participating in the management of Crownstar while he was
disqualified from doing so.

Crownstar promoted a travel and holiday club aimed at raising
public membership funds and promising discounted hotel and
travel packages and rewards. At various times, Crownstar used
the banking and merchant facilities of CC Travel.

Crownstar and CC Travel were placed into liquidation on 31
January 2002.

Mr. Gaw and Ms. Ash will next appear at the Melbourne County
Court on 11 August 2004.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


DAEWOO AUSTRALIA: Holden Withdraws Daewoo Brand
-----------------------------------------------
Australian car producer Holden will withdraw the Korean-built
Daewoo brand from sale in Australia by the end of 2004, the
Australian reported on Wednesday. Holden will stop selling
Daewoo vehicles under its GM-Daewoo Australia operations.

Mr. Ross McKenzie, Holden's Executive Director for Sales and
Marketing, gave an assurance that spare parts and service would
still be available through selected Holden dealers for at least
the next 10 years.

Meanwhile, Asia Pulse reported that poor sales had prompted the
withdrawal, which will include the wind-up of distribution
company General Motors Daewoo Australia (GMDA) and the axing of
37 jobs.

Holden has distributed Daewoo vehicles since October 2002 when
the company paid more than US$324.98 million for a 42 percent
stake in the Korean producer. Mr. Ross McKenzie said the brand
had performed below expectations since then.


NATIONAL AUSTRALIA: APRA Updates On NAB-Related Review Of Banks
---------------------------------------------------------------
The Australian Prudential Regulation Authority said Tuesday a
review of major institutions' treasury risk-management practices
in the wake of the National Australia Bank Ltd. (NAB)'s foreign
exchange trading scandal hasn't uncovered any serious flaws so
far, according to Dow Jones.

As part of its action against the bank, the watchdog asked other
banks with significant treasury operations to satisfy the
regulator that they didn't face similar problems exposed at NAB.

NAB's woes came to light in January after four traders on the
foreign currency options desk exploited loopholes and weaknesses
in its systems to hide trading losses that wiped A$360 million
from the bank's pretax earnings.


NOVUS PETROLEUM: Unveils May 31 AGM Results
-------------------------------------------
Novus Petroleum, in a press release, announced the resolutions
passed and proxies received at the Annual General Meeting of the
Company held on 31 May 2004 commencing at 10 a.m., at the Grace
Hotel, 77 York Street, Sydney. All resolutions referred to in
the notice of meeting were passed without amendment.

Details of the resolutions passed and the proxies received in
respect of each resolution, as is required in accordance with
section 251AA of the Corporations ACT 2001, are set out in the
proxy summary.

For a copy of the amended constitution of the Company, go to
http://bankrupt.com/misc/tcrap_novus0602.pdf


NOVUS PETROLEUM: Prepares for Takeover
--------------------------------------
Novus Petroleum Limited (NVS) on Tuesday lodged their
supplementary target's statement to the Australian Securities
and Investments Commission (ASIC) detailing the revised PT
Medico Energi Internasional cash takeover offer of $1.90 per
share, Shaw Stockbroking reports.

Last month, the group's directors said they intended to accept
the Indonesian gas exploration Company's unconditional offer.   

At the current offer the Indonesian oil and gas company has
effectively offered an additional $29.5 million for the company,
which takes the group's bid to just over $350 million.

Accordingly, the directors withdrew all support for a $1.85 per
share rival bid by Sunov Petroleum.

Medco Chief Executive Hilmi Panigoro said that the revised cash
offer represents full and fair value for Novus' shareholders
while enhancing value for Medico shareholders.

"To finance the acquisition, we have secured a financing package
that will fully fund the revised offer," Mr. Panigoro explained.

Novus Directors say shareholders will receive a letter from the
Chairman shortly.


QANTAS AIRWAYS: To Hold Talks With Unions This Month
----------------------------------------------------
Qantas Airways Ltd. will hold talks with unions at the end of
the month after Chief Executive Geoff Dixon flagged the airline
may move some operations abroad, Dow Jones reported on
Wednesday.

Dixon will hold talks with 14 unions, including the Australian
Council of Trade Unions, in two to three weeks, said an unnamed
airline spokesman. Talks will cover a range of issues including
offshore employment, access to capital and industry
consolidation.


QANTAS AIRWAYS: Australia-Shanghai Flights Prepare For Takeoff
--------------------------------------------------------------
Qantas Airways will start flying between Australia and Shanghai
on 2 December with three non-stop services from Sydney with an
international connection from Melbourne, the airline said in a
press release.

The Executive General Manager of Qantas Airlines, John
Borghetti, said the resumption of flights to Shanghai coincided
with Qantas' 55th anniversary of services to Hong Kong.

"The new services to Shanghai will provide a real boost to
business travel and tourism in both China and Australia."

Mr. Borghetti said the airline's new two-class Airbus A330-300
aircraft, fitted with the award-winning sleeper seat Skybed,
would operate services to Shanghai on Tuesdays, Thursdays and
Sundays. Flying time is 10 hours and northbound flights depart
in the morning and arrive in the evening, while southbound
flights depart at night and arrive in the morning.

"Over the last three years we have seen a steady growth in
inbound and outbound travel for both Australia and China," Mr.
Borghetti said. "In particular, demand for business travel
between our two countries has grown by more than 30 percent.

"Australia continues to be a popular destination for holidays
and our secondary and tertiary institutions attract a high
percentage of students from China.

"We have also seen a growing number of Australian residents
traveling to Mainland China to visit friends and relatives."

Qantas currently operates 28 flights per week to Hong Kong, and
has applied to the International Air Services Commission for the
right to operate three Boeing 747-400 services via Hong Kong to
the United Kingdom.

Qantas recently announced it would commence non-stop services
from Australia to Mumbai in India in September. These services
will operate three times per week from Sydney, subject to
Government approval.

Issued by Qantas Corporate Communication (3095)
Email: qantasmedia@qantas.com.au


SANTOS LIMITED: Draws Nearer to Resumption of Moomba Production  
---------------------------------------------------------------
Santos Limited advises it has achieved another significant
milestone towards returning the Moomba plant in central
Australia to normal oil and gas operations, the Company said in
a press release.

This involved the successful reinstatement over the weekend of
Train-A, one of two liquids recovery plants at the Moomba
operation.

Both the A and B liquids recovery trains have not been operating
since they were damaged in the 1 January 2004 fire.

With both liquids recovery trains out of action, the plant has
been operating in Dew Point Control Mode (DPCM), a process,
which cannot extract natural gas liquids.

"Returning Train-A to normal operation is a significant
achievement in the overall process of returning the Moomba plant
to full production," Santos' Managing Director, Mr. John Ellice-
Flint, said today.

"With Train-A now operating, we are able to resume production of
natural gas liquids such as ethane, propane and butane which
have not been produced since January," he said.

"This latest milestone returns natural gas liquids production to
around 70% of normal capacity."

Mr. Ellice-Flint said the successful recommissioning of Train-A
provided further evidence of the dedication and commitment of
the Company's team members who have worked around the clock to
achieve another crucial production stage.

The liquids recovery re-streaming process will be completed in
July with the planned reinstatement of Train-B of the Liquids
Recovery plant.


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


FORTUNE FAVOR: Court Issues Winding Up Petition
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fortune Favour Development Ltd by the High Court of Hong Kong
was on April 20, 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said Petition is directed to be heard before the
Court at 10 a.m. on the June 16, 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. DEACONS
Solicitors for the Petitioner,
5th Floor, Alexandra House
16-20 Chater Road, Central
Hong Kong

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


SKYCHANCES INDUSTRIAL: Winding Up Hearing Slated June 16
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Skychances Industrial Limited by the High Court of Hong Kong was
on 1 April 2004 presented to the said Court by Mr. Ha Chiu Yeung
of Room 1003, Jupiter Tower, 9 Jupiter Street, Hong Kong. The
said Petition is directed to be heard before the Court at 9:30
a.m. on 16 June 2004. Any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

ANDREW CHAN & CO.
Solicitors for the Petitioner,
Room 409, Nan Fung Tower
173 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. 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 15 June 2004.


TARGET WORLD: Winding up Hearing Set June 16
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Target World Properties Ltd by the High Court of Hong Kong was
presented on 29 April 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 a.m. on 16 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

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

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


TATTUNE DEVELOPMENT: Winding Up Petition Scheduled July 7
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tattune Development Ltd. by the High Court of Hong Kong was on
12 May 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No.1 Garden Road, Central, Hong Kong. The
said Petition is directed to be heard before the Court at 9:30
a.m. on 7 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.

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

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


WELL-JOINT ENGINEERING: Winding Up Hearing Slated for July 7
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Well-Joint Engineering Ltd. by the High Court of Hong Kong was
on 12 May 2004 presented to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, No.1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the Court
at 9:30 a.m. on 7 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.

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

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


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


MEDCO ENERGI: Launches IDR1.2-Trillion Bond Offering
----------------------------------------------------
In line with its goal to boost its current performance and add
value to its shareholders and investors, Indonesian oil and gas
company PT Medco Energi Internasional Tbk announced Tuesday its
first Indonesian Rupiah Bond offering with a fixed rate
amounting to IDR1.2 trillion, at 100% of the principal amount,
Indoexchange reveals.

The bond, registered with the Surabaya Securities Exchange on
May 21, 2004, is effective for a five-year term and will mature
in 2009, with quarterly interest payments. The Bond Registration
Statement had been lodged in with the Indonesian Securities and
Exchange Commission on May 27, 2004.

Portions of the Bond's earnings will be utilized to finance
expansions, debts, and as additional working capital.

The Company appointed PT Indo Premier Securities, PT Mandiri
Sekuritas, and UOB Kay Hian as Underwriters for the Bond
Issuance, with Bank Niaga as Custodian.


MERPATI AIRLINES: Legislators To Raise Funds for Carrier
--------------------------------------------------------
Indonesia's legislators are developing plans to raise IDR600
billion (US$66.6 million) to use as a fund infusion for ailing
Merpati Nusantara Airlines, Asia Times reports.

According to Merpati President Hotashi Nababan, the legislators
have also requested the government Monday to convert the
company's IDR230 billion (US$24.6 million) debt into
participation capital.


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


ALLES CO.: Files For Special Liquidation Proceedings
----------------------------------------------------
Resona Holdings, Inc., in a press release, announced that Alles
Co., Ltd., a customer of its banking subsidiary, Resona Bank,
Ltd., filed an application for commencement of special
liquidation proceedings with the Tokyo District Court. As a
result of this development, there arose a concern that the
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Alles Co., Ltd.
(2) Address 4-14 Akabane 2-chome, Kita-ku, Tokyo
(3) Representative (Liquidator) Yoshiaki Senou
(4) Amount of capital 36 million yen
(5) Line of business Real Estate Business

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of special
liquidation proceedings with the Tokyo District Court on May 28,
2004.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 34.0 billion yen

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The aforementioned claims of Resona Bank are covered by loan
loss reserves. Therefore, the previous earnings forecasts of
Resona HD for the fiscal year ending March 31, 2005, which were
announced on May 24, 2004, remain the same.


CHUO KENSETSU: Civil Engineering Firm Goes Bankrupt
---------------------------------------------------
Chuo Kensetsu K.K. has entered bankruptcy, according to Teikoku
Databank America. The general civil engineering and construction
firm, which is located at Sumoto-shi, Hyogo Japan, has total
liabilities of US$25.33 million.


IWASUI K.K.: General Plumbing Firm Enters Bankruptcy
----------------------------------------------------
Iwasui K.K. has entered bankruptcy, Teikoku Databank America
reports. The general plumbing firm, which is located at Morioka-
Shi, Iwate Japan, has total liabilities of US$28.32 million.


KANEBO LIMITED: Economic Minister Urges Independence
----------------------------------------------------
Economy, Trade and Industry Minister Shoichi Nakagawa urges
Kanebo Limited to stand on its own as soon as possible, the
Japan Times reports.

At the same time, Mr. Nakagawa said the ministry would provide
financial and legal aid to the Company on condition that it does
its utmost to ensure its own survival.

Financial Services Minister Heizo Takenaka told a separate news
conference he expects Kanebo's creditor banks to cooperate in
the rehabilitation process by forgiving loan claims.


K.K. ARES: Real Estate Agency Goes Bankrupt
-------------------------------------------
K.K. Ares has entered bankruptcy, according to Teikoku Databank
America. The real estate agency, which is located at Kita-ku,
Tokyo Japan, has total liabilities of US$300 million.


MITSUBISHI MOTORS: May Sales Plunge By Over Half
------------------------------------------------
Mitsubishi Motors Corporation posted a 56.3 percent dive in new
vehicle sales last month, Kyodo News reports, citing the Japan
Automobile Dealers Association.

Reeling from a series of defect cover-up scandals, the carmaker
ranked ninth among 12 major Japanese automakers in terms of
domestic sales in the reporting month. In May last year, the
automaker ranked fifth in the industry.


NISSAN MOTOR: Relocates Head Office Operations
----------------------------------------------
Nissan Motor Co. will move most of its head office operations
from Tokyo to Yokohama, where it was founded 71 years ago, the
Japan Times reported Wednesday. The move to the Minato Mirai
waterfront area would take place around 2010. Nissan's head
office functions are currently located in the Ginza district.

A company spokesman declined to elaborate on the move, saying
only that the details have not yet been decided. The relocation
plan came about after Nissan succeeded in rebuilding itself
under the leadership of President Carlos Ghosn.

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, TCR-AP Vol. 7 No. 108 reports.


SOFTBANK CORPORATION: Clarifies Acquisition Report
--------------------------------------------------
Softbank Corporation clarifies the Company press release
entitled 'Softbank to Acquire Japan Telecom' reported 1 June
2004 as follows:

OUTLINE OF THE TRANSACTION

(Original) Acquisition price: Approximately 350 billion yen

(Correct) Acquisition price: Approximately 340 billion yen

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

(Correct) Sellers: Six companies in total, including Ripplewood

This UK Wire announcement is dated 1 June 2004.


SOFTBANK CORPORATION: Softbank BB Dissolves Unit
------------------------------------------------
Softbank Corporation announces that Net Vintage Corporation, a
wholly owned subsidiary of Softbank BB Corporation (Head office:
Chuo-ku, Tokyo; Representative: Masayoshi Son), has decided on
its dissolution.

1. Outline of the Subsidiary's Dissolution

Trade name: Net Vintage Corporation
Address: 24-1, Nihonbashi-Hakozakicho, Chuo-ku, Tokyo
Representative: President & CEO, Shinichi Shimokawahara
Type of business: Internet access service and support service,
debt collection
Established:  August 2001
Common stock:  10,000,000 yen
Shareholder:  Softbank BB Corporation 100%
Schedule of dissolution:  The liquidation will be completed by
the end of September 2004.

2. Reasons for the dissolution

The Subsidiary was a narrowband Internet access service
provider. With the recent diffusion of the broadband Internet
connection, the number of the Subsidiary's customers had been
decreasing and decision was made that it would be difficult to
make a profit in the future.

3. Impact on business results

The dissolution shall have negligible effect on Softbank
Corporation's results.

This is a Company press release.


UFJ HOLDINGS: To Adopt U.S.-style Governance
--------------------------------------------
UFJ Holdings Inc. is positive about adopting a U.S.-style system
of corporate governance to improve the financial group's
management, Kyodo News reports, citing UFJ Bank President
Takamune Okihara.

Introducing the new method requires approval at a general
shareholders' meeting. UFJ Holdings already has a similar
governance system, though it is not formally approved.


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


KOOKMIN BANK: ING To Invest 49% Stake in Unit
---------------------------------------------
ING Group (ING) announced Wednesday that it has reached an
agreement in principle, subject to regulatory approval, to buy a
49 percent stake in KB Life, a new life insurance company being
formed in Korea by Kookmin Bank, PR Newswire reports.

The formation of KB Life follows Kookmin's purchase in April
2004 of Hanil Life Insurance Co. The assets and liabilities of
Hanil will be transferred to KB Life, which received approval
from the Financial Supervisory Commission on Friday 28th May to
commence operations.

KB Life will focus on bancassurance, offering life insurance and
wealth management products through Kookmin's network of more
than 1,100 branches.

ING will continue to be active in Korea through ING Life
Insurance, Korea Ltd, which offers a range of insurance and
insurance-related savings products via more than 4,100 financial
consultants as well as through Kookmin branches under a
strategic alliance. Kookmin will also continue to hold a 20%
stake in ING Life Korea.

KB Life is the third joint venture between ING and Kookmin in
the Korean market. In addition to ING Life Korea, the two
companies also cooperate through Kookmin Bank Asset Management,
a fund management company with over US$9.4 billion in assets
under management, in which ING holds a 20% stake.

ING Investment Banking advised ING Group on the transaction,
which is expected to be completed in the third quarter of 2004.

ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 60 million
private, corporate and institutional clients in more than 50
countries. With a diverse workforce of over 112,000 people, ING
comprises a broad spectrum of prominent companies that
increasingly serve their clients under the ING brand.

In Korea, ING is active in insurance, banking and asset
management. ING Life Insurance, Korea Ltd., offers whole life
insurance and annuity products, through 82 branches and over
4,100 professional financial consultants.

ING LK is a joint venture 20 percent owned by Kookmin Bank and
80 percent owned by ING. ING Bank N.V. offers high value added
products including structured finance, M&A advisory, debt
capital markets and syndicated loans. ING is active in asset
management in Korea through Kookmin Bank Asset Management, a
joint venture which is 20 per cent owned by ING and 80 per cent
owned by Kookmin Bank, managing more than US$9.4 billion in
assets under management.

ING also holds a direct 3.78 percent stake in Kookmin Bank.

     Press enquiries:

     ING
     Sheel Kohli
     +852 2913 8768
     sheel.kohli@asia.ing.com

     Karen Williams
     +852 2913 8536
     karen.williams@asia.ing.com


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


AKTIF LIFESTYLE: Issues Update On Default In Payment
----------------------------------------------------
Hwang-DBS Securities Berhad, on behalf of Aktif Lifestyle
Corporation Berhad, had on May 18, 2004 announced to Bursa
Malaysia Securities Berhad that the Securities Commission (SC)
had, vide its letter dated May 17, 2004 approved the Proposed
Disposal of Aktif Lifestyle Stores Sdn Bhd (Proposed Disposal).

In relation thereto, an Extraordinary General Meeting for the
Proposed Disposal has been scheduled on June 18, 2004.

The Board of Directors of Aktif wishes to announce that there
has been no further development or change in status with respect
to the default in payment.

The Company will keep its shareholders informed of any pertinent
development.

This announcement is dated June 1, 2004.


CHIN FOH: Releases Revised Terms Of ESOS
----------------------------------------
Chin Foh Berhad (CFB) submits to Bursa Malaysia Securities
Berhad its Proposed Establishment Of An Employees' Share Option
Scheme (Proposed ESOS).

(1) INTRODUCTION

With reference to the announcement dated December 30, 2003 made
by Avenue Securities Sdn Bhd (Avenue) on behalf of the Board of
Directors of Chin Foh Berhad (Board).

On behalf of the Board of Avenue, the company wishes to announce
that CFB proposes to revise certain terms of the Proposed ESOS,
the details of which are set out below, after taking into
consideration the announcement made by Bursa Malaysia Securities
Berhad (Bursa Malaysia) on February 9, 2004 in relation to the
new guidelines on employees' share option scheme.

(2) DETAILS OF THE REVISED TERMS OF THE PROPOSED ESOS

The details of the revised terms of the Proposed ESOS are as
shown in Table 1 below.

Save as disclosed above, there are no other changes to the
salient terms of the Proposed ESOS.

As a consequence, the Board also proposes to amend the existing
Article 4(2)(a) of the Company's Articles of Association to
facilitate the proposed allocation of options to all Directors
of the Company in conjunction with the above.

(3) RATIONALE FOR THE REVISION OF THE TERMS OF THE PROPOSED ESOS

The revision to the terms of the Proposed ESOS is in line with
the new guidelines on employees' share option scheme announced
by Bursa Malaysia on 9 February 2004.

(4) CONDITIONS OF THE PROPOSED ESOS

In view of the new guidelines issued by Bursa Malaysia on 9
February 2004, the Proposed ESOS is no longer subject to the
approval of the Securities Commission. The Proposed ESOS is
however subject to the approval of:

(i) the approval-in-principle of Bursa Malaysia, for the listing
of and quotation for the new CFB Shares to be issued pursuant to
the exercise of Options granted under the Proposed ESOS;

(ii) the shareholders of CFB at an extraordinary general meeting
(EGM) to be convened; and

(iii) any other relevant authorities, if required.

(5) EFFECTS OF THE PROPOSED ESOS

(5.1) Share Capital

The Proposed ESOS will not have any immediate material effect on
the share capital of the Company. However, assuming all Options
(which may be granted under the Proposed ESOS) are granted and
exercised, the issued and paid-up share capital of the Company
will be increased in the manner as set out in Table 2.

(5.2) Shareholdings Of Substantial Shareholders

The effect of the Proposed ESOS on the substantial shareholding
structure of CFB cannot be determined at this juncture as the
detailed basis of allocation is still pending finalization by
the Board.

(5.3) Earnings

The Proposed ESOS is not expected to have any material effect on
the earnings of the CFB Group for the financial year ending 31
January 2005. Any potential effect on the earnings per share of
the CFB Group in the future would be dependent on the number of
Options granted and exercised at any point in time as well as
the price payable upon the exercise of the Options and the
utilization of proceeds arising from the exercise of the
Options.

(5.4) Net Tangible Assets (NTA)

The Proposed ESOS is not expected to have any immediate material
effect on the NTA of the CFB Group, until such time when the
Options are exercised. Any effect on the NTA of the CFB Group
will depend on the number of Options granted and exercised at
any point in time as well as the price payable upon exercise of
the Options.

(5.5) Dividends

Any potential effect on the dividends to be declared in the
future will be dependent on the dividend rate to be determined
after taking into consideration the financial performance of the
CFB Group.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

As all the Directors are entitled to participate in the Proposed
ESOS, they are therefore deemed interested in respect of their
respective entitlements under the Proposed ESOS. The Directors
have abstained and will continue to abstain from all
deliberations and voting on their respective entitlements under
the Proposed ESOS at the relevant meetings of the Board.

Accordingly, the Directors will also abstain and shall undertake
to ensure that persons connected to them will abstain from
voting in respect of their direct and indirect shareholdings in
CFB on the ordinary resolutions pertaining to the Proposed ESOS
and their respective entitlements under the Proposed ESOS to be
tabled at the forthcoming EGM.

(7) DIRECTORS' RECOMMENDATION

In view that all members of the Board are deemed interested in
the Proposed ESOS, the Board will abstain from recommending the
Proposed ESOS.

This announcement is dated June 1, 2004.

For more information click
http://bankrupt.com/misc/ESOS060204.doc


GENERAL SOIL: Submits Result Of Proposed Restructuring Scheme   
-------------------------------------------------------------
General Soil Engineering Holdings Berhad in a notice submitted
to the Bursa Malaysia Securities Berhad unveiled its Proposed
Restructuring Scheme.
   
- PROPOSED CAPITAL RECONSTRUCTION;
- PROPOSED DEBT RESTRUCTURING;
- PROPOSED KTI ACQUISITION;
- PROPOSED DJM ACQUISITION;
- PROPOSED EXEMPTION;
- PROPOSED NEWCO SHARE PLACEMENT;
- PROPOSED PRIVATE PLACEMENT; AND
- PROPOSED LISTING TRANSFER
(COLLECTIVELY THE PROPOSED RESTRUCTURING SCHEME)

Further to the announcement dated May 10, 2004, Avenue
Securities Sdn Bhd on behalf of Gensoil, wishes to announce that
the results of the court-convened creditors meetings in respect
of the Proposed Restructuring Scheme held on 1 June 2004 are as
follows:

(a) one (1) class of the financial institution creditors have
approved the Proposed Restructuring Scheme by a requisite
unanimous vote subject to the following modifications:

(i) the Newco shares under the Proposed Debt Restructuring are
required to be issued by 31 March 2005; and
(ii) the Newco shares are required to be listed on the Bursa
Malaysia Securities Berhad by 30 June 2005

(b) the remaining class of non-financial institution creditors
have approved the Proposed Restructuring Scheme by a requisite
majority vote.

This announcement is dated June 1, 2004.


I-BERHAD: Appoints New Member Of Audit Committee  
------------------------------------------------
In a notice submitted to Bursa Malaysia Securities Berhad, I-
Berhad announced the appointment of Mat Hassan bin Esa as a
Member of the Audit Committee.

Tuan Haji Mat Hassan bin Esa has 19 years of working experience
in asset management both in public and private equity investment
with Permodalan Nasional Berhad. He was also the Chief Executive
Officer of Perbadanan Usahawan Nasional Berhad and the
CEO/Executive Director of Perbadanan Nasional Berhad and Deputy
Chairman of Meda Incorporated Berhad. He is presently the
Executive Director of MP Technology Resources Berhad and
Innovest Berhad.

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

(a) En Johari Low bin Abdullah @ Low Han Hing - Chairman
(Independent Non Executive Director)

(b)YM Tengku Datuk Mustapha bin Tengku Mohamed - Member
(Independent Non Executive Director)

(c) Tuan Haji Mat Hassan bin Esa - Member (Independent Non
Executive Director)

(d) Y. Bhg. Datin Tey Siew Thuan - Member (Executive Director)

This announcement supersedes the earlier announcement made on
the same date owing to the amendment to the composition of the
Audit Committee.


LION INDUSTRIES: Issues Update On Proposed Parkson Disposal  
-----------------------------------------------------------
The Board of Directors of Lion Industries Corporation Berhad
refers to the announcements made to Bursa Malaysia Securities
Berhad on September 9, 2003, February 5, 2004, March 9, 2004,
March 25, 2004, March 26, 2004 and April 15, 2004.

The Company wishes to announce that:

(1) the sale and purchase agreement for the Proposed Parkson
Disposal became unconditional on May 31, 2004;

(2) Lion Diversified Holdings Berhad ("LDHB") had on 1 June 2004
allotted 4,778,000 LDHB RCULS to LICB for the Proposed Parkson
Disposal;

(3) the Proposed Parkson Disposal is deemed completed on 1 June
2004; and

(4) LDHB, a 59.4 percent owned subsidiary of the Company, had on
June 1, 2004 completed the following proposals, the
consideration for which was satisfied by inter alia, the
isssuance by LDHB of 108,030,000 ordinary shares of RM0.50 each
fully paid in the capital of LDHB, representing 23.65% of the
enlarged share capital of LDHB to the respective vendors and
their nominees:

(i) proposed acquisition of the entire issued and paid-up
capital of Likom Caseworks Sdn Bhd;

(ii) proposed subscription of 9,998 new ordinary shares of
RM1.00 each in Likom CMS Sdn Bhd (CMS) and the assumption of all
of CMS' obligations to pay to Likom Computer System Sdn Bhd
(LCS) the purchase consideration following the proposed
acquisition by CMS of the business and assets of LCS; and

(iii) proposed acquisition of the development project known as
Bandar Mahkota Cheras located off the 10th mile of Jalan Cheras
in Kuala Lumpur.

Consequent upon the aforesaid, LDHB and its subsidiaries ceased
to be subsidiaries of the Company.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meaning as defined in the previous
announcements.


PARK MAY: Issues Update On Financial Condition
----------------------------------------------
In line with PN4 of the Bursa Malaysia Securities Berhad Listing
Requirements which requires an announcement on the status of an
affected listed issuer's plan to regularize its financial
condition to be made on the first market day of each month,
AmMerchant Bank Berhad, on behalf of the Company, wishes to
announce that there has been no significant development in
respect of the plan to regularize the Park May group of
companies' financial position (Proposed Restructuring Scheme),
which was submitted to the Securities Commission and other
relevant authorities (Authorities) on March 11, 2004.

The Proposed Restructuring Scheme is still pending the decision
of the Authorities. The Company will keep shareholders informed
of any developments on the Proposed Restructuring Scheme.

This announcement is dated June 1, 2004.


PARK MAY: Releases Schedule Of General Meetings
-----------------------------------------------
AmMerchant Bank Berhad announced to Bursa Malaysia Securities
Berhad that Park May Berhad will be holding its Extraordinary
General Meeting (EGM) at Kenyalang Room, 7th Floor, Pearl
International Hotel, Batu 5, Jalan Kelang Lama, 58000 Kuala
Lumpur on Wednesday, 23 June 2004 at 11.00 a.m. or immediately
following the conclusion or adjournment (as the case may be) of
the 31st Annual General Meeting of Park May which will be held
at the same venue and on the same day at 10.30 a.m., whichever
is later, for the purpose of considering and, if thought fit,
passing with or without modifications the resolution so as to
give effect the Proposed Shareholders' Mandate.

The full text of the Notice of the EGM to be advertised in The
Star tomorrow, 2 June 2004 is attached herewith for your
attention.

This announcement is dated June 1, 2004.

To view full copy of the notice, click
http://bankrupt.com/misc/PARKMAY060204.doc


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


DIGITAL TELECOMMUNICATIONS: Appoints Anders Ekman As Director
-------------------------------------------------------------
Digital Telecommunications Philippines Inc. disclosed to the
Philippine Stock Exchange the appointment of Mr. Anders Ekman as
Director representing TeliaSonera AB, the company's foreign
partner in lieu of the retirement of Mr. Per O. Pedersen.


NEGROS NAVIGATION: Appoints New Board Member
--------------------------------------------
Negros Navigation Co. Inc. (Nenaco) disclosed to the Philippine
Stock Exchange that at the company's Special Meeting of Board of
Directors on June 1, 2004, in which at least a majority of the
members of the Board of Directors was present and acting
throughout, the Board approved the acceptance of the resignation
of Mr. Edward A. Tortorici as a member of the Board of Directors
of the Corporation.

Consequently, the Board elected Mr. Jeremias E. Cruzabra to
replace Mr. Tortorici and serve as a member of the Board for the
duration of the latter's term.


NEGROS NAVIGATION: Releases Statement on News Article
-----------------------------------------------------
Negros Navigation Co. Inc. (Nenaco) issued a statement to the
Philippine Stock Exchange refering to the news article entitled
"BIR willing to give Nenaco easier tax payment terms" published
in the May 31, 2004 issue of the BusinessWorld (Internet
Edition).

The article reported that "The Bureau of Internal Revenue (BIR)
has given debt-ridden Negros Navigation Co. a breather by
agreeing to extend easier payment terms to its close to PhP500
million back taxes. Tax Deputy Commissioner Kim J. Henares said
the interisland shipping firm's court-appointed receiver and BIR
officials have discussed ways of settling Nenaco's tax
obligations without jeopardizing its rehabilitation plan.

'They have updated their payment.  All their [current] taxes are
now being paid. What we are discussing is how collect (sic) the
back taxes,' she added. Based on the BIR's assessment. Nenaco
has an accumulated tax payable of PhP472 million following its
failure to pay the bulk of its tax liabilities from 2001 to
2003.

Nenaco's financial records also show the company has not been
paying its taxes regularly. But as of last month, the company
was said to have paid PhP3.9 million in taxes. Nenaco claims its
tax liabilities amounted to PhP424.497 million as of February
29. But Ms. Henares said the tax bureau's latest audit showed
the company's unpaid tax dues totaled PhP472 million."

Nenaco, in its letter to the Exchange dated June 1, 2004,
confirmed that:

"Mr. Tagud and the officials of the BIR had discussions on ways
of settling our back taxes without jeopardizing our proposed
Rehabilitation Plan. However, the company is not in a position
to confirm the portion of the above-mentioned newspaper report
that the BIR extended easier payment terms on our back taxes
because the same quotes the BIR, as regards its decision on the
payment of our back taxes, which, have yet to be conveyed to us.

The company likewise confirms the fact that it has updated and
paid its current tax obligations."


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


ASIAN SECURITIZATION: Creditors Must Submit Claims by June 28
-------------------------------------------------------------
Notice is hereby given that the creditors of Asian
Securitization and Infrastructure Assurance (Private) Ltd, which
is being wound up voluntarily, are required on or before 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 and, if so required by notice in writing by the
said liquidator are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.


LAI SENG KWOON
Liquidator.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.

This Singapore Government Gazette announcement is dated 28 May
2004.


GNOMADIC PUBLISHING: Issues Intended Preferential Payment Notice
----------------------------------------------------------------
Gnomadic Publishing Pte Ltd issued a notice of intended
preferential payment as follows:

Address of Registered Office: c/o The Liquidator's Office

Number of Matter: Companies Winding Up No. 600100 of 2002.

Last Day for Receiving Proofs: 28 June 2004.

Name and Address of Liquidator: Mr. Don M Ho, CPA.
Certified Public Accountants
Corporate Advisory and Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

This Singapore Government Gazette announcement is dated 28 May
2004.


MARLEX MARKETING: Winding up Hearing Slated for June 11
-------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Marlex Marketing Pte Ltd by the High Court was, on the 12th day
of May 2004, presented by YIN KUM CHOY, care of No. 100 Tras
Street, #16-01 Amara Corporate Tower, Singapore 079027, the
Judicial Manager of the above named company, and that the
Petition is directed to be heard before the Court sitting at the
High Court, Sinagapore at 10 a.m., on the 11th day of June 2004;
and any creditor or contributory of the company desiring to
support or oppose the making of an Order on the Petition may
appear at the time of the hearing by himself or his counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the company requiring a copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

Messrs DAVID LIM & PARTNERS
Solicitors for the Petitioner.
50 Raffles Place,
#17-01 Singapore Land Tower
Singapore 048623

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to Messrs David Lim &
Partners, notice in writing of his intention to do so. The
notice must state the name and address of the person, firm, or
his or their solicitor (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
above named not later than 12 o'clock noon of the 10th day of
June 2004 (the day before the day appointed for the hearing of
the Petition).

This Singapore Government Gazette announcement is dated 28 May
2004.


WINSOR NURSING: Creditors Meeting Set June 9
--------------------------------------------
Notice is hereby given that a meeting of the creditors of Winsor
Nursing Holdings Pte Ltd will be held at 6 Shenton Way, #32-00
DBS Building Tower Two, Singapore 06889 on Wedneesday, 9 June
2004 at 2 p.m. for the following purposes:

1. To receive a report from the Liquidators.

2. To consider writing-off the company's receivable amounting to
S$936,598.79.

3. To consider approval of the Liquidator's remuneration
pursuant to the provisions of section 268(3).

TAM CHEE CHONG and
STEVEN LIM KOK HOONG
Liquidators.
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Note:

(1) Any Creditor may appoint a proxy to attend the meeting and
that the proxy need not be a creditor of the Company. Forms of
general and special proxies enclosed herewith must be duly
completed and lodged at the Liquidator's office, not later than
12 noon on 7th June 2004.

(2) Proofs of debts (Form 77); if not already lodged, must be
lodged at the aforesaid office not later than 12 noon on 7th
June 2004 to entitle you to vote thereat.

This Singapore Government Gazette announcement is dated 28 May
2004.


WISMA PROPERTIES: Final Meeting Slated for June 30
--------------------------------------------------
Notice is hereby given pursuant to Section 308(2) of the
Companies Act, Cap. 50, that a Final Meeting of the Members of
Wisma Properties Pte Ltd will be held at 200 Cantonment Road #
15-00 Southpoint Singapore 089763 on 30 June 2004 at 10:00 a.m.
for the purposes as stated in Section 308 of the Companies Act,
Cap. 50.

MADAM CHIA LAY BENG
MR LOK LAI CHENG
Liquidators

Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a Proxy to attend and vote on his
behalf and such Proxy need not be a member of the Company. The
form of the Proxy must be deposited at the Liquidator's Office
not less than 48 hours before the time appointed for holding the
Meeting or adjourned meeting.

This Singapore Government Gazette announcement is dated 28 May
2004.


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


BANGKOK STEEL: Asks SEC To Move Deadline Of Submission Of F/S
-------------------------------------------------------------
The SEC has ordered the suspension of Mr. Pipat Pusayanonda, who
was Bangkok Steel Industry PCL's auditor. The company therefore
appointed Mr. Anurak Leelapiyamitr and Mr. Boonsri Techawarutama
of BDO Rich Field Co., Ltd. to be our new auditors to audit the
financial statement of the first quarter as at March 31, 2004.  

The company has also reported to the SEC that it will submit the
audited financial statement to the SEC within May 31, 2004.

Since the company has large volume of sales including many
subsidiaries and associated companies, our new auditors have to
take time to study the details and other information i.e.
checking the stock and material, including related documents.

In addition, the discussion with the company's executives
regarding the details, figures and other information in order to
audit the financial statement is necessary as if auditing the
yearly financial statement and it must take a lot of time.

Due to the reasons mentioned, the company is unable to submit
the financial statement for the 1st quarter of 2004 within the
limited time that is May 31, 2004.   

The company would ask for the postponement of the submission of
the abovementioned financial statement for another 30 days, till
June 30, 2004. As a matter of fact our securities were
transferred to the REHABCO sector and consequently there is no
trade at present, thus this will have no effect to any investor.
        
Please be informed accordingly.
Yours sincerely,
(Mr. Chumni Chanchai)
C.J. Morgan Co., Ltd
Planner

(Mr. Suthep Kitsawat, Mr. Borriruk Jivaviroj)
Economic Intellectual
Planner

Contact:

BANGKOK STEEL INDUSTRY PCL   
UNITED FLOUR MILL BLDG, 205 RAJAWONG ROAD,
SAMPHANTHAWONG Bangkok    
Telephone: 2260088, 2260680, 2266120-29   
Fax: 0-2224-7698, 2227497   
Website: www.bangkoksteel.co.th  

     
CAPETRONIC INTERNATIONAL: Issues Changes In Board Info
------------------------------------------------------
The Board of Directors' Meeting of Capetronic International
(Thailand) PCL held on May 31, 2004 between 10:30 a.m. to 11:30
a.m. has resolved:

(1) That the Minutes of Board of Directors' Meeting No. 4/2004,
held on May 28, 2004, be confirmed.

(2) That approved the resignation of:

- Mr. Ma Chi Chiu
- Mr. Michael Binney
- Mr. Kwok Fai Paul Law
- Mr. Umnuay Suthiponbhisal

And approved the appointment of the following persons as the new
directors of the company:

- Mr. Yodchanan Wongsawat
- Miss Chinnicha Wongsawat
- Miss Chayapa Wongsawat
- Mrs. Sunisa Pathompreuk

Therefore the company's directors will be:

- Mr. Visal Neeranatkomol
- Mr. Surachai Kositseriwongse
- Mr. Nit Umpaichit
- Mr. Chalit Jariyatham
- Mr. Yodchanan Wongsawat
- Miss Chinnicha Wongsawat
- Miss Chayapa Wongsawat
- Mrs. Sunisa Pathompreuk

(3) The approval of any two directors to sign jointly and affix
the Company's seal aside from the authorized directors.

(4) That the preliminary restructuring plan of the Company be
approved and submitted to the Stock Exchange of Thailand.

(5) That the resignation of PBS Law Limited as the Company
Secretary be confirmed.

Please be informed accordingly.
Yours sincerely,
(Mr.Seni  Sudsawad)
Director of Financial and Accounting


CAPETRONIC INTERNATIONAL: Releases Director's Meeting Results
-------------------------------------------------------------
The Board of Directors' Meeting of Capetronic International
(Thailand) PCL held on May 28, 2004 between 1:00 P.M. to 2:30
P.M. has resolved:

(1) That the Minutes of Board of Directors' Meeting No. 3/2004,
held on May 14, 2004, be confirmed.

(2) That an assignment agreement concerning the transfer of
account receivables to Lafe International Holdings Limited and
an assumption agreement concerning liability assured by Lafe
International Holdings Limited be ratified and proposed to the
next shareholders' meeting for approval.

(3) That the sale of the shares of a subsidiary Capetronic
(Thailand) Limited be ratified.

(4) That the sale of the shares of an associated company
Capetronic Computer Peripherals Holdings Limited be ratified.

(5) That the resignation of Mr. Chou, Jui-Hsiang, Mr. Manas
Sodsong, Lieutenant-General Pairoah Wongwatana and Miss Noraini
Abdullah  to be replaced by Mr. Visal Neeranatkomol, Mr.
Surachai Kositseriwongse, Mr. Nit Umpaichit and Mr. Chalit
Jariyatham be approved.

(6) That the Company's authorized directors be amended as any
two of Mr. Ma Chi Chiu, Mr. Law Kwok Fai, Paul, Mr. Umnuay
Suthiponbhisal and Mr. Michael A.B. Binney jointly sign with the
affixture of the Company seal be approved.

(7) Note that all tax liabilities of the Company prior to 31 May
2004 will be responsible by the Grande Group, which is the major
shareholder of the Company, as part of the prior settlement of
the Company's contingent liability.

Please be informed accordingly.
Yours sincerely,
(Mr.Seni  Sudsawad)
Director of Financial and Accounting


DATAMAT PUBLIC: Releases Changes In Major Shareholders
-----------------------------------------------------
The Datamat PCL disclosed to the Stock Exchange of Thailand
additional information on the major Shareholders of the Company,
as at the date of the last closure of the Shareholders'
Registration Book on April 9,
2004.

There are changes of the 2 Major Shareholders' of the Company,
Cyber Venture Co., Ltd. and Mr. Kamol Ieusivikul. The Company
therefore would like to provide the list of Company's major
Shareholders on the last 3 closures of the Shareholders'
Registration Book:

As at The closure of the Shareholders' Registration Book on July
2, 2003

                                        Shares        Percentage

(1) Cyber Venture Co., Ltd.                200,000,000   29.48

(2) MORGAN STANLEY& CO. INTERNATIONAL LTD. 45,936,618    6.77

(3) Mr. Suwit Laohapholwattana             31,317,000    4.62

(4) BankThai Public Company Limited        25,500,000    3.76

(5) Krung Thai Bank PCL                    23,178,376    3.42

(6) DEVONSHIRE CAPITAL (MAURITIUS) LTD.    20,000,000    2.95

(7) Mr. Bunjong Bunchauserm                15,746,500    2.32

(8) Bangkok Bank PCL                       12,194,264    1.80

(9) Ms. Ratchaneeporn Pukkayaporn          10,870,000    1.60

(10) Mr. Somsak Trongwongsa                10,000,000    1.47

As at The closure of the Shareholders' Registration Book on
September 17, 2003

                                        Shares        Percentage

(1) Cyber Venture Co., Ltd.                90,000,000    13.27

(2) Mr. Suwit Laohapholwattana             40,606,300    5.99

(3) Mr. Kamol Ieusivikul                   22,000,000    3.24

(4) DEVONSHIRE CAPITAL (MAURITIUS) LTD     20,000,000    2.95

(5) Thai NVDR Company Limited              17,401,639    2.56

(6) Mr. Sirisak Sonsophon                  12,801,200    1.89

(7) Bangkok Bank Public Company Limited    12,194,264    1.80

(8) MORGAN STANLEY&CO INTERNATIONAL LTD.   10,406,618    1.53    

(9) Standard Chartered Nakornthon PCL      8,004,921     1.18

(10) Siamphanwattana Co., Ltd.             7,500,000     1.11

As at The closure of the Shareholders' Registration Book on
April 9, 2004

                                        Shares        Percentage

(1) Mr. Suwit Laohapholwattana            125,756,580   11.59

(2) MORGAN STANLEY& CO.INTERNATIONAL LTD. 76,544,889    7.05

(3) Thai NVDR Company Limited              33,358,142   3.07

(4) DEVONSHIRE CAPITAL (MAURITIUS) LTD     20,000,000   1.84

(5) Bangkok Bank Public Company Limited    19,510,822   1.80

(6) Mr. Teera Hanrutaiwan                  19,000,000   1.75

(7) Cyber Venture Co., Ltd.                15,007,800   1.38

(8) Mr. Niwes Phancharoenworakul           12,053,571   1.11

(9) Mr. Amnuay Pijitphongchai              10,547,900   0.97

(10) Mr. Prayut Wisutwattanasak            9,600,000    0.88

Sincerely yours,
(Kusol Sangkananta)
Director and Secretary to the Board


Contact:

DATAMAT PUBLIC COMPANY LIMITED   
ASOKE TOWERS, FLOOR 17, 18 AND 19,
219 SOI ASOKE (SUKHUMVIT 21), SUKHUMVIT ROAD, KLONGTOEY NUA,
WATTHANA Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Website: www.datamat.co.th


MANAGER MEDIA: SET Posts NP Sign On Securities
----------------------------------------------
Manager Media PCL, had been waived by the Securities and
Exchange Commission (SEC) to submit its audited financial
statements for the period ending March 31, 2004 within 60 days
from the ending date of the quarter. This is because the SEC has
suspended the approval of those companies' auditor.

The Stock Exchange of Thailand (SET) has posted an NP (Notice
Pending) sign on the securities of Manager Media effective June
1, 2004 due to their failure to submit the financial statements
for the period ending March 31, 2004 to the SET within the
deadline.

The aforementioned NP sign indicates to the general public that
the SET is currently waiting the receipt of the required
financial statements.

Contact:

MANAGER MEDIA GROUP PCL   
102/1 PHRA ATHIT ROAD, CHANASONGKHRAM,
PHRA NAKHON, Bangkok    
Telephone: 0-2629-4488   
Fax: 0-2629-4469   
Website: www.manager.co.th

     
PAE THAILAND: Releases Agenda Of Annual Shareholders Meeting  
------------------------------------------------------------
With reference to the Central Bankruptcy Court's Order to cancel
the Rehabilitation Plan of PAE (Thailand) PCL due to the
completion of the plan on 28th of April 2004, which resulted in
the authority of the Plan Administrator expired effective from
the date of Court's order.

Furthermore, there is a substantial change in the percentage of
the shareholders in PAE (Thailand) PCL for which the new
investors, in accordance with the Rehabilitation Plan become
major shareholders. The Board of Directors has conducted the
urgent meeting on the 29th of April 2004 per request of
Freeinternet Company Limited who owned 37,500,000 common shares
(Thirty seven millions, five hundred thousand) which is more
than 1/5 of total paid-up shares of the company.

In accordance with the Articles of Association of the company,
the Board of Directors has to call for the shareholders' meeting
as requested. Hence, The Board of Directors has scheduled to
conduct the Annual Shareholders Meeting No. 1/2547 on Tuesday
8th of June 2004 at 10.00 a.m. at Heliconia room 25Ath floor,
Bangkok club, Emporium Suites, No. 622 Sukhumvit Road, Kwaeng
Klongton, Khet Klongtoey, Bangkok 10110 to consider the several
subjects as stated in the following agenda.

Agenda No.1:

To acknowledge the completion of the Rehabilitation Plan.  

The Central Bankruptcy Court issued on 28th April 2004 its
acceptance of the completion of Rehabilitation Plan of PAE
(Thailand) PCL due to the fact that the decreasing and
increasing in capital and the new shares issued to the investors
as well as the payment to the priority creditors, secured
creditors and non-secured creditors have been completed.
Currently, the company has an authorized capital of THB
1,200,000,000 and paid-up capital of THB383,000,000.

The Board of Director Recommendation:

To inform the shareholders the Central Bankruptcy Court's Order
dated 28th April 2004 for acknowledgement.  

Agenda No.2:

To acknowledge the Financial Statements for the year 2003 and
the Information Disclosure Report for the year 2003 (56-1
Report).  Due to the fact that the audited company Financial
Statements of the year 2003 has been prepared during the
Rehabilitation period, the Plan Administrator has the full
authority to certify this Financial Statements to the Stock
Exchange of Thailand.  Furthermore, The Plan Administrator has
also reported in detail the information Disclosure report (56-1)
for the year 2003 to the Stock Exchange of Thailand as well.

The Board of Director Recommendation:

Recommend the shareholders 2003 to acknowledge the company
Financial Statements for the year 2003 and Information
Disclosure Report for the year 2003 which have been certified by
the Plan Administrator.

Agenda No.3:

To consider the matter of the Director.

The Board of Directors has conducted the meeting on 29th April
2004 and the Board of Directors has been changed due to
resignations by some directors as follows:

(1) Mr. Hatasakdi Na Pombejra to replace Mr. Threekwan Boonnag
who submitted his resignation effective 21st February 2000.

(2) Miss Kesrin  Ariyapongse to replace Mr. John Henry Shenk who
resigned effective 29th April 2004.

(3) Mr. Bruce Edward Daye to replace Mr. Nopporn Suwanik who
resigned effective 30th April 2004.

(4) Mr. Kiat Boonyapo to replace Mr. Threechurt Siri-Ungura who
resigned effective 30th April 2004.

Currently the Board of Directors consist of:

(1) Mr. Tanothai Sookdhis- Chairman
(2) Mr. Narong Yamprasert- Director
(3) Mr. Sanong Sirikulwatana- Director
(4) Mr. Hatasakdi Na Pombejra- Director
(5) Miss KesrinAriyapongse- Authorized director
(6) Mr. Bruce  Edward Daye- Authorized director
(7) Mr. Kiat Boonyapo- Authorized director

The company has registered this change with the Ministry of
Commerce since the 10th of May 2004.

The Board of Directors Recommendation:

There is no comment from the Board of Directors regarding this
new Board of Directors, but it acknowledges that there should be
an appointment of the new Board of Directors in accordance with
the approval of the shareholders' meeting as mentioned in the
Rehabilitation plan.

Notice:

There should be a selection and appointment of the new Board of
Directors, together with the authorization of the directors to
sign on behalf of the company, for the benefit of the company.

Agenda No.4:

The appointment of company auditor and the auditor's fee.

During the Rehabilitation period of the company, the Plan
Administrator and the Ad-hoc committee have considered and
approved the appointment of the auditors from Ernst and Young
Office Limited as company auditor for the year 2004:

(1) Miss Ratana Jala, Certified Public Accountant Registration #
3734 or

(2) Miss Saifon Inkaew, Certified Public Accountant Registration
# 4434 or

(3) Mr. Ruth Chaowanagawi, Certified Public Accountant
Registration # 3247

With the conditions that, one of the above-mentioned auditors
will be the authorized auditor to audit and express his/her
opinion on the company Financial Statements. In case the above-
mentioned auditors cannot perform his/her duty as mentioned
above, Ernst and Young Office Limited has to find another
auditor from their office to audit and express opinion on the
company Financial Statements. The compensation for the auditing
works for the year 2004 is THB400,000 and the reviewing work is
THB100,000 per quarter. Total compensation for auditing work is
THB700,000.

The Board of Directors Recommendation:

Recommend shareholders to acknowledge and confirm the
appointment of the company auditor and the compensation for the
auditing works for the year 2004 as per the above-mentioned
information to enable the company to perform in accordance with
the law.

Agenda No.5:

Proposed amendment of the company's Articles of Association
No.3, (Objectives of the company)

To increase the company ability to operate and compete in the
business market in the present economic situation, it is
recommended that the company's objectives in the Articles of
Association be increased to 45 items as per attached.

The Board of Directors Recommendation: has no comment on this
issue.

Notice:

This item should be urgently consider in the shareholders
meeting for
the benefits of the company

Agenda No.6:Other matters (if any)

Sincerely yours,
(Mr. Bruce Edward Daye)
(Miss Kesrin Ariyapongse)

Contact:

PAE (THAILAND) PCL   
69 SINAKHARIN ROAD, SUAN LUANG, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
  

RAIMON LAND: SET Allows Trading Of Securities
---------------------------------------------
Starting June 4, 2004, the Stock Exchange of Thailand (SET) will
allow the securities of Raimon Land PCL (RAIMON) to be traded on
the SET after finishing capital increase procedures.
                 
Old: 899,722,220  Baht
Number of common share 899,722,220 Shares

New: 1,006,981,454 Baht
Number of common stock 1,006,981,454 Shares

Par value: 1 Baht

Allocate to: Existing shareholders at the ratio of 4 ordinary
share for 1 new share amounting to 107,259,234 Shares

Offering Price: 1 Baht

Subscription Date: May 17 to 21, 2004 /Payment Date


                            *********


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

This material is copyrighted and any commercial use, resale or
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