TCRAP_Public/040609.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 9, 2004, Vol. 7, No. 113

                            Headlines

A U S T R A L I A

AMP LIMITED: To Repurchase A$700M in Offshore Bonds
ARISTOCRAT LEISURE: Court Dismisses Randall's Damages Claim
ARISTOCRAT LEISURE: Company Secretary Resigns
NOVUS PETROLEUM: Answers Medco, Sunov Announcements
NOVUS PETROLEUM: Takeovers Panel Issues Statement

PARMALAT AUSTRALIA: Holding Firm Posts Strong Operating Results
WOODSIDE PETROLEUM: Moody's Affirms Rating


C H I N A  &  H O N G  K O N G

CHEER BRIGHT: Winding Up Petition Set on June 23
HK6 HOLDINGS: Sets Board Meeting
JOINT MATRIX: Winding Up Petition Scheduled June 16
K.BEST: Court Issues Winding Up Petition
TRADEEASY HOLDINGS: Holds Board Meeting on June 18

WAH YUNG: Winding Up Hearing Slated for July 14
WING FAT: Winding Up Hearing Scheduled on June 30
WING YICK: Winding Up Hearing Set on June 23


I N D O N E S I A

PRUDENTIAL LIFE: Indonesian SC Reverses Bankruptcy Verdict


J A P A N

FUJITSU LIMITED: Reaches Plasma Display Settlement With Samsung
JAPAN AIRLINES: Eyes Return to Profit Next Year
KANEBO LIMITED: Seeks JPY99.5 Billion Debt Write-off
MITSUBISHI FUSO: Issues Update on Quality Issues
NEC CORPORATION: Shareholder's Meeting Set June 22

UFJ HOLDINGS: Names Morgan Stanley Aplus Sale Adviser


K O R E A

HYNIX SEMICONDUCTOR: Shareholders' Meeting Set July 23
KOOKMIN BANK: Disposes of Korea Mortgage Corporation Stake


M A L A Y S I A

CHG INDUSTRIES: Issues Proposed Restructuring Scheme
DENKO INDUSTRIAL: Appoints New Executive Director
DISCCOMP BERHAD: Issues AGM Notice
EMICO HOLDINGS: Sets June 29 AGM
JASATERA BERHAD: Releases Revised Recapitalization Exercise  

KILANG PAPAN: Seeks Approval Of Shareholders To Renew Mandate
LANKHORST BERHAD: AGM Slated For June 30
MECHMAR CORPORATION: Issues Notice On 31st AGM
MECHMAR CORPORATION: Details Disposal Of Shareholdings In Unit
MENTIGA CORPORATION: Updates Audited And Unaudited Results

MYCOM BERHAD: Issues Update On Unit's Disposal Agreement
POS MALAYSIA: BMSB To Grant Listing Of 91,000 Additional Shares  
SELOGA HOLDINGS: Details Disposal Of Unit's Assets
TANJONG PUBLIC: Releases Details On Donations Made To MCEF


P H I L I P P I N E S

ABS-CBN BROADCASTING: To Seal Loan Deal This Month
BAYAN TELECOMMUNICATIONS: Asks Court to Junk Revised Rehab Plan
BENPRES HOLDINGS: Releases List Of Newly Elected Directors
BENPRES HOLDINGS: To Sell Stakes in Three Units
BENPRES HOLDINGS: Eyes Profit With Dividends From Units

DIGITAL TELECOMMUNICATIONS: Releases List Of Officers
LEPANTO CONSOLIDATED: Disposes A And B Shares Of Stock
MANILA ELECTRIC: Issues Clarification To News Article
MAYNILAD WATER: Personnel Ask Court to Stop Govt Takeover
PHILIPPINE AIRLINES: April Operating Income Hits PhP1B

PHILIPPINE LONG: Issues Clarification On News Article
PHILIPPINE LONG: Chief Still Eyeing Broadcast Network Stake
VICTORIAS MILLING: Appoints New Committee Members


S I N G A P O R E

AST SINGAPORE: Issues Notice of Final Meeting
KIN LIN: Winding up Hearing Slated for June 18
MG LOGIC: Issues Intended Dividend Notice
SCHULZ (S.E.A.): Issues Intended Preferential Dividend Notice
T4 CONSTRUCTION: Issues Dividend Notice


T H A I L A N D

EMC: Acquires Riverside Garden Project
NATIONAL FERTILIZER: SET Grants Listing Of Securities
THAI NAM: Issues Clarification On Resignation Of Director  
TRUE: To Sell THB2.4B Of Bonds

     -  -  -  -  -  -  -  -

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


AMP LIMITED: To Repurchase A$700M in Offshore Bonds
---------------------------------------------------
In a disclosure to the Australian Stock Exchange, AMP Limited
said it plans to repurchase up to A$700 million of offshore
bonds through a reverse tender.

AMP currently has around A$2.1 billion worth of offshore debt,
denominated in sterling and deutschemarks, issued through
subsidiaries AMP Group Finance Services Limited and AMP (UK)
Finance Services Plc.

AMP Chief Executive Officer Andrew Mohl said the tender was the
latest step in AMP's accelerated debt reduction program
announced in February this year.

Mr. Mohl said that offshore bond holders will be invited to
offer all or part of their holdings to AMP for repurchase.
Depending on the prices tendered, AMP can choose to accept or
reject these offers.

"If we believe the tender pricing is reasonable, we will
repurchase A$700 million worth of offshore bonds. If, however,
the tender pricing is not reasonable, we will reduce this figure
and assets alternative options," Mr. Mohl said.

The invitation to submit tenders opens today and will close at
midday on Friday 18 June 2004 (UK time). The outcome of the
tender process will be announced on Wednesday 23 June 2004 (UK
time), with settlement on Friday 25 June 2004 (UK time).

At the time of the demerger from its UK operations in December
2003, AMP had around A$4.3 billion in debt. Since then, over
A$2.1 billion in debt has been repaid - A$1.15 billion through
the redemption of the Reset Preferred Securities, and A$975
million through the buy back of AMP Income Securities.

"Our post-demerger plans were to rebuild and revitalize AMP as a
strong and profitable company and restore our single A credit
rating. The acceleration of our debt repayment plans puts us
well on the path to achieve these outcomes," Mr. Mohl said.

ABN Amro is advising AMP in this transaction. ABN Amro and JP
Morgan are acting as dealer managers.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_amp0608.pdf

Media inquiries:
Karyn Munsie
Ph: +61 292579870
0421050430

Investor Inquiries
Howard Marks
Ph: +61 29257109

Matthew Coleman
Ph: +61292572700
0421611138


ARISTOCRAT LEISURE: Court Dismisses Randall's Damages Claim
-----------------------------------------------------------
Aristocrat Leisure Limited announced in a press release that Mr.
Justice Einstein handed down judgment in the proceedings brought
against the Company by former CEO Mr. Des Randall.

The Court found:

(i)   In favor of Aristocrat in respect of Mr. Randall's A$12
      million claim under his employment contract;

(ii)  Mr. Randall was entitled to a bonus for 2002 of
      approximately A$0.9 million;

(iii) Against Aristocrat in respect of the Company's claim
      against Mr. and Mrs. Randall for ancillary costs of
      approximately A$0.4 million in respect of a residential
      property in Las Vegas, Nevada.

Inquiries: Margot McKay on 0412 132 769


ARISTOCRAT LEISURE: Company Secretary Resigns
---------------------------------------------
Aristocrat Leisure Limited announces that Mr. Frank Bush,
Company Secretary, will be retiring on 2 July 2004, a Company
statement said.

Mr. Paul Oneile, Chief Executive Officer said today: "On behalf
of the Company, I would like to thank Frank for his contribution
over the past 5 years that he has been Company Secretary, and I
wish him well in his future endeavors."

On and from 2 July 2004, Mr Robert Postema who also holds the
position of Group General Counsel, will assume the role of
Company Secretary.

Inquiries: Margot McKay on 0412 132 769


NOVUS PETROLEUM: Answers Medco, Sunov Announcements
---------------------------------------------------
The Independent Directors of Novus Petroleum Limited (Messrs
David Blair, Jim Hornabrook and Steve Mann) noted the
announcements of 4 June 2004 from Sunov Petroleum Pty Ltd and of
7 June 2004 from PT Medco Energi International Tbk.

On 4 June 2004, Sunov announced that it will not be increasing
its $1.85 cash per share offer for all the issued shares in
Novus Petroleum Limited and that it will not be extending its
offer beyond the current closing date of 17 June 2004.  On 7
June 2004, Medco provided further information in relation to its
$1.90 cash per share offer, including details regarding
transactions it proposes to enter into involving Novus' assets
and a proposed extension of the Medco offer closing date.

In a Company press release, the Independent Directors had
previously recommended that Novus shareholders accept the
unconditional $1.90 cash per share offer from Medco and had
indicated that they intend to accept the Medco offer in relation
to their own shares, in both cases in the absence of an offer
emerging which the Independent Directors considered superior.  
Given the announcement of 4 June 2004 from Sunov and the fact
that over 5 months have elapsed since Medco's offer was first
launched, the Independent Directors consider the prospect of a
superior offer emerging to be extremely remote.  Accordingly,
the Independent Directors reiterate their recommendation that
Novus shareholders accept the Medco offer and restate their
intention to accept Medco's offer in relation to their own
shares, in both cases in the absence of an offer emerging which
the Independent Directors considered superior.

The Independent Directors note that Medco intends to extend the
Medco offer so that it will close at 7.00pm (Melbourne time) on
15 June 2004 (unless further extended).  The Medco offer is now
effectively the only offer for Novus and the Independent
Directors urge Novus shareholders to promptly accept the
unconditional $1.90 cash offer per share.


NOVUS PETROLEUM: Takeovers Panel Issues Statement
-------------------------------------------------
The Takeovers Panel published the reasons of its decision in
relation to an application by Sunov Petroleum Pty Limited dated
19 May 2004 in relation to the affairs of Novus Petroleum
Limited.

In a press release, the application alleged that press reports
attributed statements to Medco Energi (Australia) Pty Ltd, a
wholly owned subsidiary of PT Medco Energi International Tbk
(collectively, Medco), or its executives, indicating that Medco
would decide whether to increase its bid price by a nominated
date, but that Medco had let that date pass without further
comment or clarification.

On 21 and 25 May, Medco announced that, among other things, it
would increase its bid price from $1.74 to $1.90 per Novus share
and that it had secured the financing package required to fund
its revised bid. Given these developments, and after
consultation with parties, the Panel decided not to commence
proceedings in relation to the Application.

The Panel was Nerolie Withnall, Jennifer Seabrook and Teresa
Handicott.

George Durbridge
Director, Takeovers Panel
Level 47, 80 Collin Street
Melbourne, VIC 3000
Ph: +6139655 3553
george.durbridge@takeovers.gov.au

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_novus0608.pdf


PARMALAT AUSTRALIA: Holding Firm Posts Strong Operating Results
---------------------------------------------------------------
Parmalat Pacific Holdings Pty Ltd, the holding company of
Parmalat Australia, lodged Monday its statutory audited accounts
for the year ended 31 December 2003 with the Australian
Securities Investment Commission.

While the holding Company's overall result was impacted by one-
off extraordinary items caused by the insolvency of its parent
entity and 100 percent shareholder Parmalat Finanziaria SpA, the
trading performance of its primary operating company Parmalat
Australia improved significantly for the year.

In a Company press release, earnings before interest, taxes,
depreciation and amortization (EBITDA) generated from the
trading operations of the Parmalat Australia Group rose 13% to
$46.69 million [Australian domestic operations $55.1 million,
Asian operations ($8.4 million)]. Earnings before interest and
taxes (EBIT) increased by $5.8 million to $14.1 million after
the significant goodwill amortization of $13.6 million.

Net profit before tax and extraordinary items improved to $9.2
million, up by $39.5 million over the previous year benefiting
from a $31.7 million foreign exchange turnaround. The Parmalat
Australia Group generated positive cash flows from operating
activities (after interest and tax) of $23 million.

Parmalat Australia Managing Director David Lord said the trading
result was driven by a strong performance across all of Parmalat
Australia's divisions including Pasteurised Milk, Flavoured Milk
and Fresh Division (yoghurts and desserts).

"The operating performance of Parmalat Australia in 2003
supports our stance, and that of administrator Enrico Bondi,
that this company is a strong and viable business, with positive
cash flow, quality brands and established, solid markets," he
said.

"In 2003 Australian domestic operations performed well with
volume gains in key market segments. This combined with
operating efficiency gains contributed to a very encouraging
result.

"However the domestic result was impacted by an $8.4 million
loss incurred by Parmalat's Asian operations in 2003."

Mr. Lord said despite the strong trading result, Parmalat
Pacific Holdings, Parmalat Australia and its subsidiaries
incurred significant provisioning losses as a consequence of the
ultimate parent entity Parmalat Finanziaria SpA being placed
under Extraordinary Administration in 2003.

"In light of the difficulties faced by our parent company, we
carefully examined any amounts that were owing to us by Parmalat
group companies, and as appropriate we have made provision for
the diminution in value of investments or loans receivable," he
said.

"Specifically, we have fully provided for a $145 million bond
issued by Parmalat Finance

Corporation BV, which is currently under Extraordinary
Administration, and also $43.9 million in amounts owing by non
Australian members of the Parmalat group."

Mr. Lord said that of the $43.9 million, $32.5 million had been
loaned to the global Parmalat group and the remaining $11.5
million had been incurred during the establishment of Parmalat's
Asian operations (Thailand, Indonesia, Vietnam and a regional
headquarters).

"We have now sold Parmalat Thailand and are in the process of
winding down operations in Indonesia and Vietnam. This will have
a significant positive impact on the operating results of
Parmalat Australia in 2004 and subsequent years as the demand
for funding of these businesses ceases," he said.

"By providing for these extraordinary one-off losses in the 2003
accounts we are able to start afresh in 2004 and beyond as a
core member of the restructured new Parmalat group."

Mr. Lord said Parmalat Australia's existing loan facilities with
Australian bankers would need to be renegotiated in early 2005,
and after the full restructuring plan of the Parmalat group is
approved.

"We are confident of securing the ongoing support of our banks,
especially given the stability that will be provided by the
pending global restructuring plan and the important role of the
Australian operations within the `new Parmalat'," he said.

Mr. Lord said Parmalat Australia was already well placed to
drive the strategy for the restructured group as summarised in
the administrator's March 2004 outline restructure plan - to
position Parmalat as a leading global player in the added-value
foods sector, with its core business in beverages (milk and
fruit juice) and milk related products that have a strong
nutritional and healthy lifestyle focus.

"Parmalat Australia's operations, market standing and brands are
already closely aligned to this desired positioning and our
divisions have made aggressive headways in 2003 to further our
strength in those areas," he said.

"We have achieved strong sales growth in the flavoured milk
segment through expanded distribution of market-leading brands
such as IceBreak, Breaka and Rush," he said.

Our Fresh division recorded a solid result, led by the success
of our national Vaalia yoghurt brand, which achieved double
digit volume growth for the year."

Mr. Lord said key brands such as REV, Skinny Milk, Trim and
PhysiCAL in Parmalat Australia's Pasteurised Milk Division all
added a valuable contribution to the company's bottom line.

He said the company would continue to pursue further initiatives
to build on its strong demonstrated performance in 2003.

"We remain positive about the outlook for Parmalat Australia in
2004 and beyond. This trading result verifies the company's
viability as a strong and profitable business with the capacity
to meet financial forecasts and commitments," he said.

For further information contact:

Katie Bickford (07) 3230 5000 or 0417 763 741
Josie Brophy (07) 3230 5000 or 0402 037 969
Damien Jones (07) 3230 5000 or 0413 339 727


WOODSIDE PETROLEUM: Moody's Affirms Rating
------------------------------------------
Moody's Investors Service has affirmed on Friday the Baa1 senior
unsecured rating and stable outlook of Woodside Finance Ltd
(WFL), which is a wholly owned and guaranteed subsidiary of
Woodside Petroleum Ltd (Woodside).

Moody's says the Baa1 rating reflects Woodside's position as a
major producer of LNG and domestic gas, which provides stable
cash flow and is based on long-term contracts.

Woodside's competitive operating and full-cycle cost position,
long life reserves, solid balance sheet leverage and debt
service coverage, and well-structured debt maturity profile also
support the rating.

At the same time, the rating reflects the lumpy nature of
Woodside's projects, its less diversified production relative to
global exploration and production peers, its growing exposure to
less stable countries, and its relatively high reserves leverage
based debt/proved developed reserves.

Moody's says Woodside's business and operating leverage profiles
will benefit from the development of the recently approved oil
and gas projects, which consist of Enfield in offshore Western
Australia, Thylacine/Geographe in Victoria, and the Chinguetti
oil field in Mauritania.

These projects, which are scheduled to come on stream over the
next 2-3 years, are set to transform Woodside into a
substantially larger and more diversified company with a
production base of 80-90 million barrels of oil equivalent
(MMBOE) by 2007, compared to 59 MMBOE achieved in 2003.

However, Moody's notes that these projects will require a large
amount of capital expenditure, and will result in negative free
cash flow over the next two years, based on oil price (WTI)
assumptions of $28.50 in 2005, $25.00 in 2006 and $22.00
thereafter.

Accordingly, Moody's sees some risk of weakening in credit
protection measures in the next two years, with the ratio of
Adjusted Debt/Gross Cash Flow expected to peak at around 1.7x-
1.8x due to the additional debt required to partially fund the
planned capital expenditure.

However, the company's solid balance sheet liquidity partly
mitigates the impact of negative free cash flow. In addition,
Moody's anticipates a strong recovery in measures of
creditworthiness by 2007-2008, when the new projects are
scheduled to come on-stream.

The rating agency also acknowledges that credit measures may not
decline to such an extent over the medium term if oil prices
remain at higher levels.

Moody's notes that Woodside also faces execution risk associated
with bringing all the projects on-stream, particularly given
their lumpy nature and the lead time involved.

To the extent that the company demonstrates ongoing progress in
developing these projects in line with current projections, then
positive rating pressure could emerge over the next 12-18 months
as commercialization of reserves at expected levels comes closer
to reality.

Woodside displays a strong liquidity profile that is highlighted
by its reasonably high level of balance sheet liquidity
following the recent sale of 40% of its interest in the Enfield,
which generated US$464m.

Woodside also maintains an appropriate level of financial
flexibility at its current rating level to cover any shortfall
in free cash flow over the next 2-3 years, including access to
committed revolving facilities and the absence of any debt
maturing before 2008. Moody's understands that cash on hand is
currently US$533 million.

The rating could go upward if Woodside demonstrates consistent
progress in developing its major projects in line with
expectations and without major cost overruns.

Indicators Moody's will consider in this respect are Debt to
Proved Developed Reserves trending toward $2.50/BOE or lower and
Adjusted Debt/GCF trending toward 1.0x to 1.5x on a sustainable
basis.

On the other hand, the rating could experience downward pressure
if there were major disappointments in executing the development
projects.

Indicators Moody's would consider in this respect would be
deterioration in Adjusted Debt/GCF ratio to above 2.5x coupled
with no material improvement in Debt/Proved Developed and proved
developed reserve life ratios from current.

Woodside Petroleum Ltd, headquartered in Perth, Western
Australia, is the operator of the North West Shelf, Australia's
largest hydrocarbon project. As at 31 December 2003, Woodside
had proved reserves of 980 million barrels of oil equivalent.


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


CHEER BRIGHT: Winding Up Petition Set on June 23
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cheer Bright Investment Ltd by the High Court of Hong
Kong was on April 22, 2004 presented to the said Court by Zeta
Estates Limited whose registered office is situated at Top Floor
Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong. The said Petition is directed to be heard before the
Court at 9:30 a.m. on June 23, 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.

FORD KWAN & CO.
Solicitors for the Petitioner,
Rooms 1202-1206, 12/F., 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 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 June 22, 2004.


HK6 HOLDINGS: Sets Board Meeting
--------------------------------
The board of directors (the "Board") of HK6 Holdings Limited
(the "Company", together with its subsidiaries, the "Group")
hereby announces that a meeting of the Board will be held at the
Meeting Room, 5th Floor, CNAC Group Building, 10 Queen's Road
Central, Hong Kong on June 21, 2004 at 10:30 a.m. for the
following purposes:

1. To consider and approve the audited final results of the
Group for the year ended March 31, 2004 and approve the draft
announcement of the final results to be published on the GEM
website and the website of the Group;

2. To consider the payment of the final dividend, if any;

3. To consider the closure of the Register of Members, if
necessary;

4. To consider the time and venue of the forthcoming annual
general meeting of the members of the Company; and

5. To transact any other business.

By Order of the Board
CHAN TAN LUI, DANIELLE
Chairman

The Board comprises of:

Ms. Chan Tan Lui, Danielle (Executive Director and Chairman)
Mr. Wu Wing Kin (Executive Director)
Ms. Guo Qi (Independent Non-executive Director)
Mr. Yip Tai Him (Independent Non-executive Director)

This announcement is dated June 7, 2004.


JOINT MATRIX: Winding Up Petition Scheduled June 16
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Joint Matrix Enterprise Ltd by the High Court of Hong
Kong was on April 14, 2004 presented to the said Court by Joint
Matrix Enterprise Limited whose registered office is situated at
703 Edinburgh Tower, 15 Queen's Road Central, Hong Kong. The
said Petition is directed to be heard before the Court at 10:00
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.

RAYMOND CHAN, KENNETH YUEN & CO.
Solicitors for the Petitioner,
Rooms 1001-1003, 10th Floor
San Toi Building
137-139 Connaught Road Central
Hong Kong

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


K.BEST: Court Issues Winding Up Petition
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
K. Best Ltd by the High Court of Hong Kong was on May 12, 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 July 7,
2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

MESSRS. T.H. KOO & ASSOCIATES
Solicitors for the Petitioner,
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 6th day of July
2004.


TRADEEASY HOLDINGS: Holds Board Meeting on June 18
--------------------------------------------------
The board of directors (the "Board") of Tradeeasy Holdings
Limited (the "Company", together with its subsidiaries, the
"Group") hereby announces that a meeting of the Board will be
held at Units 1-6, 8/F., Standard Chartered Tower, 388 Kwun Tong
Road, Kwun Tong, Kowloon, Hong Kong on June 18, 2004 at 9:30
a.m. for the following purposes:

(1) To receive and consider the audited financial statements of
the Company and its subsidiaries for the financial year ended
March 31, 2004 and approve the draft announcements of the final
results to be published on the GEM website and the Company's
website;

(2) To consider the payment of a final dividend, if appropriate;

(3) To consider the closure of the Register of members, if
necessary;

(4) To consider the election of directors;

(5) To consider the time and venue of the annual general meeting
of the members of the Company; and

(6) To transact any other business.

By order of the Board of
TRADEEASY HOLDINGS LIMITED
SIU CHI MAN
Company Secretary

This announcement is dated June 7, 2004.


WAH YUNG: Winding Up Hearing Slated for July 14
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wah Yung Investment (International) Ltd by the High Court of
Hong Kong was on May 19, 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 July 14, 2004 and any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

MESSRS. T.H. KOO & ASSOCIATES
Solicitors for the Petitioner,
Room A2, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 13th day of July
2004.


WING FAT: Winding Up Hearing Scheduled on June 30
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Fat Paper Products Manufactory Ltd by the High Court of
Hong Kong was on April 19, 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 June 30, 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.

FORD, KWAN & CO.
Solicitors for the Petitioner,
Rooms 1202-1206, 12/F., 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 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 29th day of June
2004.


WING YICK: Winding Up Hearing Set on June 23
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Yick Bamboo Scaffolders Ltd by the High Court of Hong
Kong was on April 21, 2004 presented to the said Court by Wui
Loong Scaffolding Works Company Limited whose registered office
is situated at Room 601-6-5, 6th Floor, Pacific Link Tower,
Southmark, 11 Yip Hing Street, Wong Chuk Hang, Aberdeen, Hong
Kong. The said Petition is directed to be heard before the Court
at 9:30 a.m. on June 23, 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.

SIT FUNG WONG & SHUM
Solicitors for the Petitioner,
18th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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 June 21, 2004.


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


PRUDENTIAL LIFE: Indonesian SC Reverses Bankruptcy Verdict
----------------------------------------------------------
The Indonesian Supreme Court has reversed a controversial
verdict by a commercial court declaring the local unit of
Prudential Plc., Britain's second-biggest insurer, bankrupt
despite the company being solvent, Reuters revealed, citing
court officials.

The Jakarta Commercial Court handed down the bankruptcy verdict
in question against Pt Prudential Life Assurance in April. The
verdict came following the filing of a bankruptcy petition
against the unit by a former consultant. The consultant also
sought US$40 million in damages when the firm terminated his
contract following legal advice, but the court only ruled the
firm owed him US$400,000. Under Indonesian law, any company with
more than one unpaid debt could be declared bankrupt by a
commercial judge.

The commercial court's verdict has sparked alarm among investors
in the country and has become the subject of an official protest
from the British embassy.

PT Prudential Life spokeswoman Nini Sumohandoyo said that firm
was forced to suspend its Indonesian operations after the
verdict, but was later allowed to reopen following a court
ruling.

Abdul Rahman Saleh, one of the Supreme Court judges who handed
down the new decision, said the case should have gone through an
ordinary court since it is "a contractual dispute and should
never have been a bankruptcy case."

Prudential, which has numerous offices across Indonesia, has
been operating in the country since 1995.


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


FUJITSU LIMITED: Reaches Plasma Display Settlement With Samsung
---------------------------------------------------------------
Fujitsu Limited and Samsung SDI Co., Ltd. have agreed to settle
all current disputes concerning plasma display panel (PDP)
patents held by Fujitsu, Fujitsu said in a statement.

Under the agreement, Fujitsu and Samsung SDI will withdraw all
claims made in the U.S. and in Japan in connection with
Fujitsu's PDP patents and Fujitsu will withdraw its claim for
injunctive relief to halt the imports of PDP products under a
Japanese customs and tariffs law.

Fujitsu and Samsung SDI are pleased that they have been able to
quickly resolve these disputes.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.7 trillion yen
(US$45 billion) for the fiscal year ended March 31, 2004.
For more information, please see: http://www.fujitsu.com/

About Samsung SDI

Samsung SDI has been developing digital products of frontier
level in the basis of world top display technology in the wide
range from color Braun tube to leading flat display, PDP so
called innovation of display, LCD and OLED the center of mobile
display, and Lithium-ion Battery, the heart of mobile
communication devices.
For more information, please see: http://www.samsungsdi.com/

Press Contacts
Fujitsu Limited
Public & Investor Relations
Inquiries

Kyung-Min Park
Samsung SDI Co., Ltd.
Corporate PR Team
Tel: +82-2-727-3653
E-mail: osok@samsung.com


JAPAN AIRLINES: Eyes Return to Profit Next Year
-----------------------------------------------
Japan Airlines System Corporation (JAL) aims to return to profit
in 2005, The Star reports, citing JAL President Isao Kaneko.

The airline, formed in 2002 through the merger of Japan Airlines
(JAL Group) and Japan Air Systems (JAS), was looking to meet a
net profit forecast of JPY36 billion (US$323.6mil) for the year
started April 1 despite the recent surge in oil prices.

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

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


KANEBO LIMITED: Seeks JPY99.5 Billion Debt Write-off
----------------------------------------------------
Kanebo Limited and the Industrial Revitalization Corporation of
Japan (IRCJ) have asked creditors of the ailing textile maker to
waive claims on JPY99.5 billion worth of loans, Kyodo News
reports.  

The two made the appeal during a meeting with creditors Monday
to explain the company's revival plan.  Kanebo has won a
JPY149.5 billion- (US$1.4 billion) financial aid from the
Industrial Revitalization Corporation of Japan (IRCJ) and its
creditor banks, TCR-AP recently said.  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.

In March, the debt-laden firm reported a negative net worth
after its outstanding debt exceeded shareholders' equity by
JPY355 billion.


MITSUBISHI FUSO: Issues Update on Quality Issues
------------------------------------------------
As Mitsubishi Fuso Truck and Bus Corporation investigations are
still ongoing, the carmaker announced on Tuesday the details
regarding the 97 quality issues announced by the Ministry of
Land, Infrastructure and Transport.

The President and CEO, Wilfried Porth will disclose further
details, at a press conference on Tuesday, June 15, 2004 at
15:00.

In a Company press release, there are 97 cases, known to us at
this point on the bases of Product Quality Reports (PQR) from
1992 until March 2004. This figures includes the 4 cases we
announced at the press conference on May 20, 2004.

Some of the cases resulted in physical injuries. The exact
number of injuries and further details will be disclosed at the
press conference on June 15, since the final investigation is
still ongoing.

The 97 cases include a number of hidden recalls, however the
exact number is still under investigation.

The carmaker is still investigating how many of these 97 cases
are subject to recall; the final figure will clearly be below
97.

Also, it is still investigating why these cases were not
included in the "2000 recall cover-up announcement". This, too,
will be announced at the press conference on June 15.

As we announced at the press conference on May 20, 2004, all the
above-mentioned points are the direct result of our ongoing
series of internal-investigations into the past.

The Company will continue to periodically disclose further
information after the press conference on June 15, 2004.


NEC CORPORATION: Shareholder's Meeting Set June 22
--------------------------------------------------
NEC Corporation, in a press release, announced that the
Company's 166th Ordinary General Meeting of Shareholders would
be held as follows:

1. DATE: June 22, 2004 (Tuesday) at 10:00 A.M. Japanese Standard
Time.

2. PLACE: Auditorium on the basement floor of the head office of
NEC Corporation at 7-1, Shiba 5-chome, Minato-ku, Tokyo.

3. AGENDA OF THE MEETING

MATTERS TO BE REPORTED UPON:

Report on the Business Report, Balance Sheet and Statement of
Income with respect to the 166th Business Period from April 1,
2003 to March 31, 2004.

MATTERS TO BE VOTED UPON:

(1) Approval of proposed appropriation of retained earnings for
the 166th Business Period

(2) Partial Amendments to the Articles of Incorporation.

(3) Election of Fifteen Directors

(4) Election of Three Corporate Auditors

(5) Issuance of Stock Acquisition Rights with Favorable
Conditions to Persons Other Than the Shareholders for the
Purpose of Granting Stock Options.

(6) Presentation of Retirement Allowances to Retiring Directors
and Retiring Corporate Auditor


UFJ HOLDINGS: Names Morgan Stanley Aplus Sale Adviser
-----------------------------------------------------
UFJ Holdings Inc. has appointed Morgan Stanley adviser to the
sale of its consumer finance unit Aplus Co., the Financial Times
said recently.

The sale is part of an ambitious goal to cut non-performing
loans by 2.3 trillion yen (US$21 billion) by March 2005.  UFJ
has approached several foreign investors, including GE Capital,
Lone Star and Citigroup, about the sale.  UFJ and related
companies have a 36 percent stake in Aplus.

Although the sale of Aplus is not expected to raise a
significant amount for UFJ and could even result in a loss, it
will at least reduce UFJ's bad debts.  The holding company has
outstanding loans of 250 billion yen to Aplus and has extended
an additional 130 billion yen in financial support in the form
of debt forgiveness and an investment in preferred shares.


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


HYNIX SEMICONDUCTOR: Shareholders' Meeting Set July 23
------------------------------------------------------
Hynix Semiconductor Inc. will hold a shareholders' meeting on
July 23 to vote on a plan to sell the company's non-memory
operations to Citigroup Venture Capital Equity Partners LP for
954.3 billion won, Dow Jones reports.

Last week, Hynix's creditor banks approved the sale after
Citigroup sweetened its offer, ending more than a year of
negotiations.  The sale paves the way for Hynix to receive much-
needed cash to finance its chip production facilities and pay
down maturing debt, analysts say.


KOOKMIN BANK: Disposes of Korea Mortgage Corporation Stake
----------------------------------------------------------
On June 4, 2004, Kookmin Bank announced that it disposed of its
stake in Korea Mortgage Corporation. The disposition details are
as follows:

Number of shares disposed of:  6,000,000 shares   

Purchaser:  The Ministry of Construction & Transportation   

Proceeds of the sale:  36,245 million Won   

Date of disposition:  June 4, 2004

The reason of disposition is that Korean government decided to
consolidate Korea Mortgage Corporation and House Credit
Guarantee Fund into a new company named "Korea Housing Finance
Corp.", which aims to support lower middle class people to
purchase their own houses. Upon the disposition, there is no
remaining stake of Kookmin Bank in the company.   

This is a Company press release.


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


CHG INDUSTRIES: Issues Proposed Restructuring Scheme
----------------------------------------------------  
CHG Industries Berhad disclosed to Bursa Malaysia Securities
Berhad its Proposed Restructuring Scheme.

(1) INTRODUCTION

With reference to the announcement dated 29 April 2004 whereby
CHG announced that the Board of Directors (Board) of CHG was
close to finalizing a new revised restructuring scheme to
regularize its financial position.

Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of CHG, wishes to announce that on 3 June 2004, CHG, Linmax
Group Sdn Bhd (Linmax) and the Vendors (as defined herein) have
entered into a Restructuring Agreement (RA) to undertake a
corporate and debt restructuring exercise. A summary of the
proposals and the salient terms of the RA are set out as
follows:

(i) Proposed schemes of arrangement pursuant to Section 176 of
the Companies Act, 1965 comprising/involving the following:

(a) Proposed reduction in the issued and paid-up share capital
of CHG from RM47,850,002 comprising 47,850,002 ordinary shares
of RM1.00 each in CHG (CHG Share) to RM4,785,000 comprising
4,785,000 ordinary shares of RM0.10 each by the cancellation of
RM0.90 of the par value of each CHG Share and the subsequent
consolidation of every ten (10) ordinary shares of RM0.10 each
into one (1) ordinary share of RM1.00 each in CHG (Consolidated
CHG Share)(Proposed Capital Reduction).

The reduction of RM0.90 for every CHG Share would give rise to a
credit of RM43,065,002 which would be utilized to reduce CHG's
audited accumulated losses as at 31 December 2003;

(b) Proposed acquisition by Linmax of the entire issued and
paid-up share capital of CHG upon the completion of the Proposed
Capital Reduction to be satisfied via the issuance of 4,785,000
new ordinary shares of RM1.00 each in Linmax ("Linmax Shares")
on the basis of one (1) new Linmax Share for every one (1)
Consolidated CHG Share held at par (Proposed Share Exchange);

(c) Proposed settlement of debts owing by CHG and its
subsidiaries, namely CHG Plywood Sdn Bhd (CHGPly) and Cheng Hin
Timber Industries Sdn Bhd (CHT)(CHG Group) to the Creditors (as
defined herein) via, inter alia:

- the issuance of RM49,500,000 nominal value of Redeemable
Secured Loan Stocks in CHG (RSLS);

- the issuance of 10,000,000 new Linmax Shares at par; and

- the transfer of 5,000,000 Linmax Shares held by the Vendors.

(Proposed Debt Restructuring);

(ii) Proposed disposal of the entire equity interest in CHG
comprising 4,785,000 Consolidated CHG Shares to a third party or
third parties to be identified at a later date (Proposed
Disposal of CHG);

(iii) Proposed acquisition by Linmax of the following:

(a) 100 percent equity interest in Perfectmant Supply Sdn Bhd
(Perfectmant) comprising 16,190,183 ordinary shares of RM1.00
each in Perfectmant (Perfectmant Shares) for a purchase
consideration of RM63,000,000 to be satisfied by the issuance of
63,000,000 new Linmax Shares at par;

(b) 100 percent equity interest in Sing Brothers Hardware Pte
Ltd (SBH) comprising 1,143,965 ordinary shares of SGD1.00 each
in SBH (SBH Shares) for a purchase consideration of RM27,720,000
to be satisfied by the issuance of 27,720,000 new Linmax Shares
at par;

(c) 100 percent equity interest in Sing Brothers Investment Pte
Ltd (SBI) comprising 685,684 ordinary shares of SGD1.00 each in
SBI (SBI Shares) for a purchase consideration of RM1,063,000 to
be satisfied by the issuance of 1,063,000 new Linmax Shares at
par; and

(d) 100 percent equity interest in LETC Engineering Sdn Bhd
(LETC) comprising 2,000,000 ordinary shares of RM1.00 each in
LETC (LETC Shares) for a purchase consideration of RM22,000,000
to be satisfied by the issuance of 22,000,000 new Linmax Shares
at par.

(hereinafter collectively referred to as the Proposed
Acquisitions);

(iv) Proposed transfer of the listing status of CHG on the Main
Board of Bursa Malaysia Securities Berhad (Bursa Malaysia) to
Linmax (Proposed Transfer of Listing Status);

(v) Proposed offer for sale of 3,000,000 Linmax Shares held by
Mr Lum Weng Loy, a vendor of Perfectmant, to identified
investors at par (Proposed Offer for Sale); and

(vi) Proposed private placement of 15,000,000 new Linmax Shares
to identified investors at par (Proposed Private Placement).

(hereinafter collectively referred to as Proposed Restructuring
Scheme).

The Proposed Capital Reduction, Proposed Share Exchange,
Proposed Debt Restructuring, Proposed Disposal of CHG, Proposed
Acquisitions, Proposed Transfer of Listing Status, Proposed
Offer for Sale and Proposed Private Placement are inter-
conditional upon each other.

Please refer to the attached file for the full announcement of
the Proposed Restructuring Scheme.
http://bankrupt.com/misc/CHGINDUSTRIES060804.doc


DENKO INDUSTRIAL: Appoints New Executive Director
-------------------------------------------------
Denko Industrial Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad the appointment of Chong Hut Hoo as an
Executive Director of the company.

Mr. Chong Hut Hoo is a director and general manager of Lean Teik
Soon Sdn Berhad since 1988.


DISCCOMP BERHAD: Issues AGM Notice
----------------------------------
Disccomp Berhad disclosed to Bursa Malaysia Securities Berhad
that its Twenty-Fourth Annual General Meeting will be held at
the Langkawi Room, Bukit Jalil Golf & Country Club, Jalan
3/155B, Bukit Jalil, 57000 Kuala Lumpur on 29 June 2004 at 11:00
a.m.. A copy of the Notice of the Twenty-Fourth Annual General
Meeting is attached herewith for your attention.

Furthermore, reference is made to the audited financial results
for the financial year ended 31 December 2003. In this respect,
the Board of Directors of Disccomp wishes to announce that the
Company had recorded an audited loss after tax (LAT) of RM6.612
million for the financial year ended 31 December 2003.

A variance of RM5.179 million from the unaudited LAT of RM1.433
million as announced previously on 27 February 2004. Further
details of the variation had been set out earlier in an
announcement dated 27 April 2004.

To view full copy of the AGM Notice, click
http://bankrupt.com/misc/DISCCOMPNOTICEOFAGM060704.doc


EMICO HOLDINGS: Sets June 29 AGM
--------------------------------
In a notice given to Bursa Malaysia Securities Berhad, Emico
Holdings Berhad announced that the company will hold its Twelfth
Annual General Meeting at the company's conference room, 18
Lebuhraya Kampung Jawa, 11900 Penang on Tuesday, June 29, 2004
at 10:00 a.m.

To view full copy of the AGM notice click
http://bankrupt.com/misc/AGMEMICO060804.pdf


JASATERA BERHAD: Releases Revised Recapitalization Exercise  
-----------------------------------------------------------
On behalf of the Board of Directors of Jasatera Berhad, Public
Merchant Bank Berhad (PMBB) had on 18 May 2004, made an
application to the Securities Commission (SC) to seek the SC's
kind indulgence to:

(i) grant the Company a further extension of time to 31 December
2004 to enable the Company to implement the Revised Proposed
Recapitalisation Exercise (Extension of Time Sought); and

(ii) allow the entire profit guarantee to be postponed and
extended to the following three (3) financial years after the
completion of the Revised Proposed Recapitalisation Exercise,
i.e. 31 January 2005 to 31 January 2007, instead of the
previously approved profit guarantee as:

Financial year ended/ending

31 January 2003
31 January 2004
31 January 2005
31 January 2006
31 January 2007

As approved by the SC on 14 January 2003 and announced on
16 January 2003

RM
11,713,114*   
6,284,612*  
-
-
21,535,189


As proposed
RM
-
-
3,537,463*
11,713,114*
6,284,612
21,535,189

* Representing the profit after tax and after dividend for
preference shares for the respective financial years and
excluding the interests charges to be waived pursuant to the
Proposed Debt Settlement.

((i) and (ii) above are collectively known as Approvals Sought)

Pursuant thereto, PMBB, on behalf of the Board of Directors of
Jasatera, is pleased to announce that the SC had vide its letter
dated 3 June 2004, which was received on 4 June 2004, approved
the Approvals Sought.

However, the SC has informed that the approval on the Extension
of Time Sought will be the final extension of time granted to
Jasatera and that it will not consider any further extension of
time for the implementation of the Revised Proposed
Recapitalization Exercise in the future.


KILANG PAPAN: Seeks Approval Of Shareholders To Renew Mandate
-------------------------------------------------------------  
The Board of Kilang Papan Seribu Daya Berhad disclosed to Bursa
Malaysia Securities Berhad that the company will seek its
shareholders approval to renew the shareholders mandate obtained
in the 14 Annual General Meeting held on 31 July 2003 at the 15
Annual General Meeting to be convened. The circular to
shareholders setting out the details of the Proposed
Shareholders Mandate will be sent to the shareholders of the
Company in due course.


LANKHORST BERHAD: AGM Slated For June 30
----------------------------------------    
Notice is hereby given that the 8th Annual General Meeting of
Lankhorst Berhad will be held at the Concorde Room 2, Concorde
Hotel Shah Alam, 3 Jalan Tengku Ampuan Zabedah C 9/C, 40100 Shah
Alam, Selangor Darul Ehsan on Wednesday, 30th June 2004 at 10;00
a.m. to consider the:

AGENDA

As Ordinary Business

(1) To receive and adopt the Company's Audited Accounts for the
financial year ended 31 December 2003 and the Reports of the
Directors and Auditors thereon. -Resolution 1

(2) To re-elect the following Directors retiring in accordance
with Article 81 of the Company's Articles of Association:

(i) Dato' Sari @ Shaari Majihin @ Mat Jihin -Resolution 2

(ii) Ir. Haji Azlan Awang -Resolution 3

(iii) Mohd Hamizan Abd Hamid -Resolution 4

(3) To approve the payment of Directors' fees for the financial
year ended 31 December 2003. -Resolution 5

(4) To re-appoint Messrs. Khairuddin Hasyudeen & Razi as
Auditors and to authorise the Directors to fix their
remuneration.-Resolution 6

As Special Business

(5) To consider and if thought fit, pass with or without any
modification, the following ordinary resolution pursuant to
Section 132D of the Companies Act, 1965:

"That, pursuant to Section 132D of the Companies Act and subject
to the approval of the Bursa Malaysia Securities Berhad and
other relevant authorities where such approval are necessary,
the Directors be and are hereby authorized to allot and issue
shares in the Company from time to time at such price, upon such
terms and conditions, for such purposes and to such person or
persons whomsoever as the Directors may deem fit provided that
the aggregate number of shares so issued pursuant to this
resolution in any one financial year does not exceed 10% of the
issued share capital of the Company for the time being and that
such authority shall continue to be in force until the
conclusion of the next Annual General Meeting of the Company."
-Resolution 7

(6) To transact any other business for which due notice has been
given.-Resolution 8

BY ORDER OF THE BOARD
MAZNAH HARON
(LS 0000497)
Company Secretary
Shah Alam
8 June 2004

NOTES:

(1) A member entitled to attend and vote at the meeting is
entitled to appoint one (1) or more proxies to attend and vote
in his/her stead. A proxy need not be a member of the Company.

(2) The provisions of Section 149(1)(b) and (c) of the Companies
Act, 1965 shall not apply to the Company.

(3) The instrument appointing such proxy shall be in writing
under the hand of the appointer or if such appointer is a
corporation, under the Common Seal or the hand of its attorney
or an officer of the corporation so authorized and must be
deposited with the Company Secretary at the Registered Office at
No. 33 Jalan Badminton 13/29, Section 13, 40100 Shah Alam,
Selangor not less than forty-eight (48) hours before the time
fixed for the meeting or any adjournment thereof.

(4) Explanatory Notes on Special Business

(Resolution 7)

The Resolution proposed in Agenda 5 above, if passed, will
empower the Directors of the Company from the date of the above
meeting until the next Annual General Meeting, unless previously
revoked or varied at a general meeting, to issue shares in the
Company up to an aggregate number not exceeding 10% of the
issued capital of the Company for the time being for such
purposes as they consider would be in the interest of the
Company.

The effect of this resolution would be, if exercised, the issued
and paid-up capital of the Company would be increased up to an
aggregate of 10 percent.

This announcement is dated 7th June 2004


MECHMAR CORPORATION: Issues Notice On 31st AGM
----------------------------------------------  
Notice is hereby given that the Thirty-First Annual General
Meeting of Mechmar Corporation (Malaysia) Berhad will be held at
The Auditorium of the Company, No. 1, Jalan Perunding U1/17,
Seksyen U1, HICOM-Glenmarie Industrial Park, 40150 Shah Alam,
Selangor Darul Ehsan on Wednesday, 30 June 2004 at 10:00 a.m.
for the purpose of transacting the following businesses:

AGENDA

Ordinary Business

(1) To receive the Company's Audited Accounts for the year ended
31 December 2003 together with the Reports of Directors and
Auditors thereon -Resolution 1

(2) To approve the payment of Directors' Fees of RM72,000.00 for
the year ended 31 December 2003. -Resolution 2

(3) To re-elect Mr Tan Keng Boon, the Executive Director who
retires pursuant to Article 99 of the Company's Articles of
Association. -Resolution 3

(4) To re-elect Encik Ahmad @ Misron Bin Yusof , the Independent
Non-Executive Director who retires pursuant to Article 99 of the
Company's Articles of Association -Resolution 4

(5) To re-appoint Deloitte KassimChan, the retiring auditors and
to authorise the Directors to fix their remuneration. -
Resolution 5

Special Business Resolution 6

To consider and if thought fit, to pass the following ordinary
resolution:

(6) Authority to Directors to issue new shares under Section
132D of the Companies Act, 1965

"That pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorised to issue shares in the
Company at any time and upon such terms and conditions and for
such purposes as the Directors may in their absolute discretion
deem fit, provided that the aggregate number of shares to be
issued does not exceed 10% of the issued share capital of the
Company at the time of issue, subject always to the approval of
all relevant regulatory bodies being obtained for such
allotments and issues and that the Directors be and are
empowered to obtain the approval for the listing and quotation
for the additional shares so issued on Bursa Malaysia Securities
Bhd and that such authorities shall continue in force until the
conclusion of the next Annual General Meeting of the Company."

(7) To transact any other ordinary business of the Company of
which due notice shall have been given.

BY ORDER OF THE BOARD
LEONG OI MOOI
(MAICSA 0780977)
Company Secretary
Shah Alam, Selangor Darul Ehsan
8 June 2004

Notes:

(1) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint a proxy to attend and vote in his
stead. A proxy need not be a member of the Company.

(2) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or if the appointer is a corporation, under its Common
Seal.

(3) The instrument appointing a proxy and the power of attorney
or other authority, if any, under which it is signed or a
notarized certified copy of that power or authority shall be
deposited at the Company's Registered Office at No. 1, Jalan
Perunding U1/17, Seksyen U1, HICOM-Glenmarie Industrial Park,
40150 Shah Alam, Selangor Darul Ehsan not less than forty-eight
(48) hours before the time appointed for holding this meeting or
at any adjournment thereof.



MECHMAR CORPORATION: Details Disposal Of Shareholdings In Unit
--------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad disclosed to Bursa
Malaysia Securities Berhad the proposed disposal of 100 percent
shareholdings in Mechmar Heavy Industries Sdn Berhad its wholly-
owned subsidiary.

(1) Details of Disposal

Mechmar Heavy Industries Sdn Bhd (MHI) is a private limited
company incorporated in Malaysia and having its registered
office at No. 1, Jalan Perunding U1/17, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, and Selangor Darul
Ehsan. MHI has an authorised capital of RM1, 000,000 divided
into 1,000,000 ordinary shares of RM1.00 each and a paid-up
capital of RM500, 000 divided into 500,000 ordinary shares of
RM1.00 each.

As MHI is no longer in operation since January 1999 and the
Group does not envisage activating the company, the Company
proposes to sell its entire shareholdings in MHI to Starworld
Ventures Sdn Bhd (the Purchaser) on 7 June 2004 for cash
consideration of RM2, 500. The consideration was arrived, based
on a willing buyer willing seller basis.

(2) Details of Purchaser

The Purchaser is a private limited company incorporated in
Malaysia and having its registered address at Suite 405, 4th
Floor, Magnum Plaza, 128, Jalan Pudu, 55100 Kuala Lumpur. Its
present issued and paid-up capital is RM2 comprising 2 shares of
RM1.00 each. The Purchaser is operating the business of
investment holding.

The directors and shareholders of the Purchaser as at to date
are Raja Noorbaini Bt Raja Azam and Visvanathan A/L Suppiah.

(3) Financial Effect of the Disposal
The said disposal will not have any effect on the Group's net
tangible assets and earnings per share respectively for the
financial year ending 31 December 2004.

(4) Approvals Required
No approvals are required for the disposal.

(5) Directors' and Substantial Shareholders' Interest
None of the directors and/or substantial shareholders and/or
persons connected to directors and/or substantial shareholders
of the Company have any interest, either direct or indirect in
the disposal of the shareholdings in MHI.

(6) Directors' Recommendation
The Board of Directors is of the opinion that the said disposal
is in the best interest of the Company.


MENTIGA CORPORATION: Updates Audited And Unaudited Results
----------------------------------------------------------
Further to the announcement made by Mentiga Corporation Berhad
(MCB) Bursa Malaysia Securities Berhad on the Group's unaudited
results on 25 February 2004, the Board of Directors of MCB
wishes to announce that the audited results of the Group deviate
from the unaudited results. The reconciliation and the
explanations thereof are set as per the attachment.

To view full copy of the Profit Variance, click
http://bankrupt.com/misc/MENTIGAPROFITVARIANCE060804.doc


MYCOM BERHAD: Issues Update On Unit's Disposal Agreement
--------------------------------------------------------
Further to the announcement made by Mycom Berhad to Bursa
Malaysia Securities Berhad on 18 February 2004, the company's
Board informed that both the Company and the Purchaser,
Paramount Venue Sdn Bhd (PVSB) had on 5 June 2004 agreed to a
variation to the terms of payment of the balance of the cash
consideration and interco settlement to be settled by 31
December 2004 under the Share Sale Agreement dated 18 July 2003
and by virtue of the said variation agreement, the due diligence
exercise by PVSB is deemed completed from the same date.


POS MALAYSIA: BMSB To Grant Listing Of 91,000 Additional Shares  
---------------------------------------------------------------
POS Malaysia & Services Holdings Berhad in a notice submitted to
Bursa Malaysia Securities Berhad announced that an additional
91,000 new ordinary shares of RM1.00 each issued pursuant to
Employees' Share Option Scheme will be granted listing and
quotation effective 9:00 a.m., Wednesday, 9 June 2004.


SELOGA HOLDINGS: Details Disposal Of Unit's Assets
--------------------------------------------------
Seloga Holdings Berhad (SHB) disclosed to Bursa Malaysia
Securities Berhad details of the disposal of its idle equipment
and machineries (E&M) by Seloga Jaya Sdn Berhad (SJSB), its
wholly-owned subsidiary.
   
(1) INTRODUCTION

The Board of Directors of SHB announced that its wholly-owned
subsidiary, SJSB has on 7 June 2004 issued a letter to surrender
the ownership of its idle E&M to G.S.L. Metal & Machineries
Trading (the Purchasers) for a total cash consideration of
RM1,528,800 (the Disposal) following its successful bid on
SJSB's invitation for tender to the public to acquire the E&M.

The net book value of the E&M is RM818,518 with cost of
investment recorded at RM5,709,000.52. The consideration
relating to the Disposal was derived on the basis of the highest
bidder in the aforesaid tender.

With immediate effect, the Purchaser will be liable for all
insurances and other expenses incurred on the E&M and will be
liable to compensate SJSB for any loss or costs to be incurred
for the repair of any damage caused to SJSB's properties or the
premises where the E&M are located during dismantling, removal
and/or transporting the E&M.

(2) INFORMATION ON THE PURCHASER

The Purchaser has its place of business situated at A-10-12,
Endah Ria Condominium, Jalan 3/149E, Taman Sri Endah, 57000
Kuala Lumpur.

(3) INFORMATION OF SJSB

SJSB was incorporated in Malaysia on 26 December 1974. It has an
authorised capital of RM100.0 million comprised of 100.0 million
ordinary shares of RM1.00 each ("OS") and an issued and paid-up
capital of RM65.0 million comprising of 65.0 million OS.

(4) RATIONALE FOR DISPOSAL

The Disposal will reduce the excess equipment and machinery
owned by SJSB. Further, the net cash proceed of RM1,528,800
arising from the Disposal will be utilised for working capital
requirements of the Group.

(5) EFFECTS OF THE DISPOSAL

(5.1) Share Capital

The Disposal will not have any effect on the issued and paid-up
share capital of SHB.

(5.2) Earnings

The Disposal is expected to result in a gain of RM0.71 million
to the Group for the financial year ending 31 December 2004.

(5.3) Net tangible assets (NTA) per share

The Disposal will increase the Group's NTA by RM0.07 per share.

(5.4) Substantial shareholders' shareholdings

The Disposal will have no effect on the shareholdings of the
substantial shareholders of SHB.

(6) APPROVAL REQUIRED

The Disposal is not subject to approval of any authorities or
SHB's shareholders.

(7) DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholders of SHB and/or
any persons connected with them have any interest, direct or
indirect in the Disposal.

(8) DIRECTORS' RECOMMENDATION

The Board of Directors of SHB, after due consideration of all
relevant aspects of the Disposal, is of the opinion that the
disposal is reasonable and in the best interest of the Company.

(9) TIME FRAME FOR COMPLETION

The Disposal is completed on 7 June 2004.

(10) DEPARTURE FROM THE SECURITIES COMMISSION'S GUIDELINES (SC'S
GUIDELINES)

Insofar as the Directors of SHB can ascertain, there is no
departure from the SC's Guidelines.


TANJONG PUBLIC: Releases Details On Donations Made To MCEF
----------------------------------------------------------
Tanjong Public Limited Co. disclosed to Bursa Malaysia the
details of the donation made by the company to Malaysian
Community and Education Foundation (MCEF).

(1) INTRODUCTION

Tanjong Public Limited Company (Tanjong) announced that Pan
Malaysian Pools Sdn Bhd (PMP) and Powertek Berhad (Powertek),
which are wholly-owned subsidiaries of Tanjong, have each
donated RM1 million to Malaysian Community & Education
Foundation (MCEF) on Monday.

MCEF is a party related to Tanjong and therefore the
Transactions constitute non-recurrent related party transactions
pursuant to Paragraph 10.08 of the LR of Bursa Malaysia. Please
see below for further details.

(2) BACKGROUND OF MCEF

MCEF was incorporated in 1975 as a company limited by guarantee
under the Companies Act, 1965. In 1992, its name was changed to
Malaysian Community & Education Foundation.

The principal activity of MCEF is that of receiving and
administering funds for the education and welfare of needy and
deserving Malaysians and charities. Its key activities include:

- The provision of study loans to deserving Malaysians to pursue
their education in any institute of higher learning in Malaysia
for the socio-broadening and promotion of excellence in
education and training.

- The support of and participation in programmes for the social
welfare needs of the community.

(3) RATIONALE

As caring corporate citizens, the Companies have ongoing
corporate social responsibility programmes that support
deserving causes in the fields of education, social development,
community health and sports.

The aforementioned donations to MCEF are in line with the
Companies' continued commitment towards the promotion of
education, social, charitable, patriotic or other social causes
for the development of all communities in Malaysia. The
Companies contribute actively towards the progress and
development of organizations through their involvement in
grassroots projects run by government and non-government
agencies.

Activities such as that undertaken by MCEF complement the
Companies' corporate social responsibility programmes and
objectives of supporting deserving causes for the development of
all communities in the country.

(4) DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

The details of the nature and extent of interests of the
Directors and major shareholders of Tanjong as defined under
Chapter 10 of the LR of Bursa Malaysia, in the Transactions are
set out in the table annexed hereto as Annexure "A".

Save as disclosed in Annexure "A" hereto and as far as the
Directors are aware, none of the other Directors, major
shareholders and/or persons connected to them, have any
interest, direct or indirect in the Transactions.

The interested Directors have abstained from voting on the
resolutions in respect of the Transactions.

(5) STATEMENT BY THE BOARD OF DIRECTORS

The Board (save for Encik Augustus Ralph Marshall, Encik Khoo
Teik Chooi and Encik Tan Poh Ching who have abstained from all
Board deliberations and voting on the Transactions) having taken
into consideration all aspects of the Transactions, is of the
opinion that the Transactions were consistent with the
objectives of and in the interest of the Group, to support
educational, social, charitable, patriotic or other causes for
the development of all communities in Malaysia, and were not
detrimental to minority shareholders of Tanjong.

(6) FINANCIAL EFFECTS

The Transactions will not have any effect on the issued and
paid-up share capital of the Company nor will it have any effect
on the earnings and net tangible assets of the Tanjong Group or
on the shareholdings of the substantial shareholders of Tanjong.

(7) APPROVAL REQUIRED

The Transactions are not subject to the Company's shareholders'
approval or approvals from any relevant authorities.


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


ABS-CBN BROADCASTING: To Seal Loan Deal This Month
--------------------------------------------------
A US$120-million syndicated loan to refinance existing
obligations and cable investments is being finalized by media
giant ABS-CBN Broadcasting Corp. by the end of this month,
reveals ABS-CBN Interactive.

According to Mr. Angel Ong, president and chief operating
officer ABS-CBN's parent company Benpres Holdings Corp., ABN-
Amro has agreed to underwrite the US$120-million loan, which the
company will use to refinance its US$87-million loan maturing in
the next two years. The remaining US$30 million will be used for
investment in its cable unit Beyond Cable.

"This lengthens the debt maturity profile [of ABS-CBN] and
allocates US$30 million for cable investments. This is fully
hedged, so there will be no foreign-exchange exposure," Ong said
at the Benpres stockholders' meeting Monday.

The US$30 million is expected to be infused by ABS-CBN in Beyond
Cable by the third quarter, according to Mr. Ong. The cable unit
will also be restructuring by the third quarter some PhP2.5
billion in debts owed by Sky Vision Corp., Central CATV and
Philippine Home Cable Holdings, a move which would allow their
consolidation into Beyond Cable.


BAYAN TELECOMMUNICATIONS: Asks Court to Junk Revised Rehab Plan
---------------------------------------------------------------
In a motion filed before a local court last Thursday, cash-
strapped telecom firm Bayan Telecommunications, Inc. (Bayantel)
has asked that the revised rehabilitation plan put forward by
its court-appointed receiver be junked, calling it "arbitrary",
Businessworld reports.

Bayantel said its current operations cannot sustain the US$370
million worth of debt the receiver, Remigio Noval, proposes to
be restructured over a 15-year period. The company claims that
Mr. Noval failed to take into consideration its own proposed
rehabilitation plan, where it contends that it can only support
a debt level of US$275 million within the same period.

"No telecommunications group of companies in a reasonably sound
and viable condition can sustain debt at levels proposed either
under the receiver's plan." Bayantel said.

Bayantel said it can only sustain a debt ratio of only 2.75
since other telecom firms in Asia have a debt ratio of only 1.3-
1.8. This is substantially lower than Mr. Noval's proposal which
will put Bayantel's debt-to-equity ratio at 3.66 or the
unsecured creditors' proposal of 4.65.

Another proposal of Mr. Noval being challenged by Bayantel is
his move to keep the firm from attaining a positive equity level
until its rehabilitation enters its 12th year. "Bayantel would
effectively be driven into insolvency for the entire period
prior to the 12th year of rehabilitation," it said.

The firm also opposes the receiver's plan to convert a portion
of the firm's debt to at least 40% equity, saying it can only
offer a 20% stake to creditors.

Bayantel is trying to restructure some US$477 million in debt,
US$277 million of which is owed to secured creditors who were
promised BayanTel assets as collateral, and US$200 million to
unsecured bondholders such as Bank of New York, which sought for
the rehabilitation of the firm last year.


BENPRES HOLDINGS: Releases List Of Newly Elected Directors
----------------------------------------------------------
Benpres Holdings Corp. disclosed to the Philippine Stock
Exchange the elected directors for the ensuing year 2004 to 2005
during its Annual Stockholders Meeting held on Monday, June 7,
2004.

(1) Mr. Felipe B. Alfonso
(2) Mr. Oscar M. Lopez
(3) Mr. Manuel M. Lopez
(4) Mr. Eugenio Lopez III
(5) Mr. Vicente Paterno
(6) Mr. Steve E. Psinakis
(7) Mr. Washington Sycip

The stockholders also elected Mr. Angel S. Ong to the eighth
seat in the Board of Directors to be created in accordance with
the proposed increase in the number of directors.

The stockholders approved the amendment of Article VI of the
amended articles of Incorporation and Articles II, section 1 of
the amended by-laws to increase the number of directors from
seven to eight.  This amendment was made to create an additional
board seat to be assumed by the President and Chief Operating
Officer.  

This is a new position which will be created.  The stockholders
also delegated the authority to the Board of Directors to amend
the By-Laws by incorporation principles of good governance and
the procedures for the nomination and election of independent
directors as required by the Rules of the Securities and
Exchange Commission.

Contact:

Benpres Holdings Corp.
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Telephone Number: 633-3368
Fax Number: 634-3009
Email Address: jr_benpres@bayantel.com.ph
Website: http://www.benpres-holdings.com


BENPRES HOLDINGS: To Sell Stakes in Three Units
-----------------------------------------------
In its goal to generate cash to pay off some of its US$548
million-dollar debt, the flagship company of the Lopez Group,
Benpres Holdings Corp. is planning to sell its interests in
subsidiaries Rockwell Land Corp., Manila North Tollways Corp
(MNTC)., and Beyond Cable Holdings, reports the Philippine Daily
Inquirer, citing Benpres president and chief operating officer
Angel Ong.

According to Mr. Ong, he was seeing renewed interest in the
property market, which pushed up sales of units in the Manansala
residential condominium building in the Rockwell Center in
Makati City. Rockwell Land is 24.5-percent owned by Benpres. Its
68-percent stake in MNTC, meanwhile, may be diluted to below 50
percent because it is not inclined to participate in any capital
calls for the road project. Benpres will also have a 55-percent
interest in Beyond Cable, the surviving entity in a pending
merger, which has yet to meet creditor approval, of ABS-CBN
Broadcasting Corp. unit Sky Vision Corp. and Philippine Home
Cable Inc.

Ong said the amount to be raised from the Benpres sale of its
assets had yet to be determined.

Benpres' debts include US$145 million for guarantees on debts of
water concessionaire Maynilad Water Services Inc., US$210
million in guarantees on debts of phone firm Bayan
Telecommunications Inc., and US$193 million in direct loans.


BENPRES HOLDINGS: Eyes Profit With Dividends From Units
-------------------------------------------------------
With its core units First Philippine Holdings Corp. and ABS-CBN
Broadcasting Corp. planning to declare dividends, Benpres
Holdings Corp. now has its eyes set on a profitable year after
three straight years of incurring losses, Businessworld reports.

A return to profit this year is "possible," Benpres President
Angel Ong said during the company's annual stockholders' meeting
Monday. He added that in order for Benpres to turn its retained
earnings to positive from a deficit of PhP8.2 billion by end-
2003, the company needs to make PhP2 billion annually in the
next four to five years.

Most of Benpres's earnings will come from core businesses ABS-
CBN and First Philippine Holdings, which reported PhP1.01
billion and PhP3.8 billion, respectively.

ABS-CBN said it plans to declare cash dividends amounting to
about half of its 2003 income or about 64 centavos per share.
First Philippine Holdings also expressed interest during its
stockholders' meeting to pay out dividends.


DIGITAL TELECOMMUNICATIONS: Releases List Of Officers
-----------------------------------------------------
Digital Telecommunications Philippines Inc. furnished the
Philippine Stock Exchange a list of its Corporate Officers,
Management Officers, Board Committees and Compliance Officer.

To view full copy of the list click
http://bankrupt.com/misc/digitel060804.pdf

Contact:

Digitel Building
110 E. Rodriguez Jr. Avenue
110 Bagumbayan, Quezon City
Telephone Number: 397-8888
Fax Number:  635-6142
Email Address: pamintuan_b@ditsi.com.ph
Website: http://www.digitelone.com


LEPANTO CONSOLIDATED: Disposes A And B Shares Of Stock
------------------------------------------------------
In compliance with the disclosure rule of the Philippine Stock
Exchange, Lepanto Consolidated Mining Co. announced that it's
Vice President/Treasurer, Ms. Ma. Lourdes B. Tuason disposed of
1,600,000 "A" shares and 3,310,000 "B" shares of stock during
the period June 2 to 4, 2004.  The company shall submit the
corresponding Securities and Exchange Commission (SEC) Form 23-B
in due course.

Contact:

Lepanto Consolidate Mining Corp.
21/F, BA-Lepanto Building
8747 Paseo de Roxas
1226 Makati City
Telephone Number:  815-9447
Fax Number:  812-0451
Email Address: mis@lepantomining.com
Website: http://www.lepantomining.com


MANILA ELECTRIC: Issues Clarification To News Article
-----------------------------------------------------
Manila Electric Co. Inc. clarifies to the Philippine Stock
Exchange the news article entitled "Meralco refund delayed by
cash flow pinch" published in the June 7, 2004 issue of
BusinessWorld (Internet Edition).  

The article reported that "Cash flow problems have delayed a
Manila Electric Co. (Meralco) refund that is due to large
residential customers.  Leo Mabale, head for Meralco's Refund
Management Task Force told BusinessWorld said the firm has had
to make adjustments in its schedule for phase three of the
refund.  Under its original plan, Meralco was supposed to have
started servicing refunds this month for residential customers
that used 600 kilowatt-hours or more based on their April 2003
billing.

Because of cash flow problems, however, the firm has implemented
refunds only for residential customers that used 510 kilowatt-
hours as of their April 2003 billing, Mr. Mabale said. "We
continue to follow the refund and we are assuring the customers
belonging to phase three that they will get the refund before
the year ends.  There is just a slight adjustment on the bracket
this June because of cash flow problems," he said.

If the adjustments in the scheduling are not made, Meralco may
end up not being able to service the refunds at all, Mr. Mabale
said.  He said Meralco is taking steps to put the refund back on
track by September. 'We hope to fast-track the refund by July
and August so that by September we're back to the same
schedule,' he said.

Meralco's maturing loans caused the cash flow constraints.  
Short-term obligations amounting to PhP4.4 billion are set to
mature on the third week of June. Although the company is
looking forward to an extension of the loan repayment period, it
still needs to service a portion of the debt"

Manila Electric Co. in its letter dated June 7, 2004, stated
that:

"Meralco confirms the veracity of information contained in the
portion of news article which discusses the refund.  However,
with respect to the portion of hte news article pertaining to
the short term loan obligations of the company amounting to 4.4
billion please be informed that the said short term loan
obligations are set to mature on August 30, 2004 as the company
has been able to secure the extension of such last week from its
creditors."

Contact:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Telephone Numbers:  16220 (TL); 633-4553 (Corp. Sec.)
Fax Numbers: 631-5572
Email Address: corcom@meralco.com.ph
Website: http://www.meralco.com.ph


MAYNILAD WATER: Personnel Ask Court to Stop Govt Takeover
---------------------------------------------------------
The planned government takeover of Maynilad Water Services, Inc.
is facing another obstacle as employees of the Lopez-led utility
have asked a local court to reject the takeover plan, alleging
the transaction is "anomalous", relates Businessworld.

The employees, in an omnibus comment, said the state-run
Metropolitan Waterworks and Sewerage System (MWSS) has no power
to invest its funds in other corporations. They also claimed its
compromise deal with Maynilad is grossly disadvantageous to the
government.

The MWSS, for its part, had earlier requested the judge hearing
the petition for Maynilad's rehabilitation to not pay any
attention to the employees' allegations, stressing that a motion
to dismiss a rehabilitation case is not legal. It added that the
court still has to decide whether the 2004 rehabilitation plan
jointly prepared by Maynilad, MWSS and other creditors can
validly substitute for the 2003 plan presented by Maynilad in
November.

The employees, however, insisted there was no need to wait for
court action on which plan should be considered valid. Under the
2004 rehabilitation plan, MWSS will not own 100% of Maynilad,
which means the company will be subject to the profit-making
motives of other shareholders, they said.


PHILIPPINE AIRLINES: April Operating Income Hits PhP1B
------------------------------------------------------
Flagship carrier Philippine Airlines (PAL) reported Monday that
its operating income for the month of April alone has hit the
PhP1-billion mark, reports the Malaya newspaper, citing an
official of the airline.

With its strong summer sales, PAL netted a record PhP600 million
for the first month of its 2004 fiscal year, nearly reversing
its PhP661 million net loss in 2003.

Sales for the month of May, the official added, were just as
good, but cautioned forecasting year-end results have become
tricky with rising fuel prices.

PAL, along with the rest of the airline industry, was badly hit
by soaring jet fuel prices during the months of February to
March. According to its officials, the airline gained over PhP1
billion in December to January but was sorely affected by
gasoline and fuel prices in the market.

However, the airline recovered with the implementation of a cost
efficiency program that helped the airline post the PhP1 billion
operating income for April. "We were able to optimize the use of
our equipment resulting in additional capacity offering. This
resulted in high load factor. Our April performance is our
highest in recent years," a PAL official said.


PHILIPPINE LONG: Issues Clarification On News Article
-----------------------------------------------------
Philippine Long Distance Co. (PLDT) disclosed to the Philippine
Stock Exchange referring to the news article entitled "PLDT sees
PhP10.5B in first half profit on wireless growth" published in
the June 7, 2004 issue of BusinessWorld (Internet Edition).

The article reported that "Philippine Long Distance and
Telephone Co.'s first-half net income may reach PhP10.5 billion
due to the steady growth of the wireless business, said Chairman
Manuel V. Pangilinan.  A profit of PhP10.5 billion for the first
half is very doable due to the continued growth of the wireless
business.  This is broadly similar to the results of hte first
quarter," Mr. Pangilinan said."

Philippine Long Distance Telephone Co., in a letter to the
Exchange dated June 7, 2004, advised that:

"the statement given by PLDT Chairman Manuel V. Pangilinan was
an estimate of PLDT's net income for the first six months of
2004 based on the expectations that PLDT's net income in the
second quarter would be in line with its first quarter net
income of PhP5.24 billion.  

The company would like to emphasize, however, that actual
results may differ from estimates depending on the circumstances
and that PLDT can give no guarantee of future performance,
actions or events.  PLDT's financial performance for the first
six months of 2004 is expected to be announced during the first
week of August.

Contact:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone: 814-3552; 888-0188
Fax Number: 813-2292
Website: http://www.pldt.com.ph


PHILIPPINE LONG: Chief Still Eyeing Broadcast Network Stake
-----------------------------------------------------------
Despite his aborted plan to acquire GMA Network Inc. in 2001,
the chairman of Philippine Long Distance Telephone Co. (PLDT) is
still keen on acquiring a stake in the broadcast network,
according to the Philippine Daily Inquirer.

"I have set my eyes on GMA Network," PLDT Chair Manuel
Pangilinan said. He said he remained open to the possibility of
buying the 35-percent stake of one of the major shareholders of
the company, which is 35-percent owned by the Duavit family. The
Jimenez family also owns 35 percent, while the Gozons take up
the remaining 30 percent.

The Duavits and the Gozons are preparing to sell between 20 and
30 percent of the company through an initial public offering
(IPO) of stock and a secondary offering, which could raise a
total of up to nine billion pesos for the company and its
shareholders.

However, Mr. Pangilinan claims it is the Jimenezes he is having
talks with. There have been persistent rumors that the family
wanted to divest of its GMA Network interests.

GMA Network Chairman and CEO Felipe Gozon admitted he has heard
persistent talk that the Jimenezes wanted to sell to the PLDT
chair, but had not been formally informed by the family.
However, he cautioned that whoever would buy the 35-percent
stake should first check whether such a transaction is fine by
the two other major shareholders.


VICTORIAS MILLING: Appoints New Committee Members
-------------------------------------------------
Victorias Milling Co. Inc. disclosed to the Philippine Stock
Exchange that during its Regular Board meeting on June 2, 2004,
the company confirms the appointment of the members of the
following committee:

EXECUTIVE COMMITTEE
- Mr. Omar Byron T. Mier- Chairman

Members:
- Mr. Alexis R. Borlaza
- Ms. Cecilia C. Borromeo
- Mr. Mariano C. Tanenglian

AUDIT COMMITTEE
- Mr. Wilson T. Young- Chairman

Members:
- Mr. Alexis R. Borlaza
- Mr. Jose M. Chan, Jr.
- Mr. Omar Byron T. Mier

NOMINATION, COMPENSATION AND REMUNERATION COMMITTEE
- Dr. Jaime C. Laya- Chairman
- Mr. Rogerio B. Panlasigue
- Mr. Aristotle L. Villaraza

Contact:

Victorias Milling Company Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Telephone Numbers:  896-0381; 899-0485
Fax Numbers:  895-4150
Email Address: fal@philonline.com
Website: http://www.victoriasmilling.com


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


AST SINGAPORE: Issues Notice of Final Meeting
---------------------------------------------
The Liquidators of AST Singapore Limited intend to convene the
Final Meeting of the Company, and stated if you do not establish
your claim to the satisfaction of the Liquidators on or before
July 5, 2004, your claim will be expunged, and the Liquidators
shall proceed to convene the Final Meeting without regard to
such claim.

SEET KEONG HUAT
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424

This Singapore Gazette announcement is dated June 4, 2004.


KIN LIN: Winding up Hearing Slated for June 18
----------------------------------------------
Notice is hereby given that a petition for the winding up of Kin
Lin Builders Pte Ltd by the High Court was, on May 25, 2004,
presented by LIGENT ENGINEERING PTE LTD (RC No. 199206635H) of
411 Tagore Industrial Avenue, Singapore 787802, a creditor of
the company, and that the petition is directed to be heard
before the Court sitting at the High Court in Singapore at 10
a.m. on the June 18, 2004. Any creditors or contributory of the
company desiring to support or oppose the making of an order on
the petition may appear at the time of hearing by 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 the copy of the petition by the undersigned on payment
of the regulated charge for the same.

The Petitioners' address is c/o 411 Tagore Industrial Avenue,
Singapore 787802.

The Petitioners' Solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named Messrs
Rajah & Tann, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later that 12 o'clock in
afternoon of May 17, 2004 (the day before the date appointed for
hearing of the petition).


MG LOGIC: Issues Intended Dividend Notice
-----------------------------------------
MG Logic Pte Ltd (In Liquidation) issued a notice of intended
dividend as follows:

Address of Registered Office: 1002 Jalan Bukit Merah #07-18
Singapore 159456.

Name of Liquidators: Chee Yoh Chuang and Lim Lee Meng.

Amount per centum: 100 percentum of all preferential claims
under Section 328 (1) (e) of the Companies ACT (Chapter 50).

First and Final or otherwise: First and Final.

When payable: June 10, 2004.

Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

This Singapore Government Gazette announcement is dated June 4,
2004.


SCHULZ (S.E.A.): Issues Intended Preferential Dividend Notice
------------------------------------------------------------
Schulz (S.E.A.) Pte Ltd (In Liquidation) issued a notice of
intended dividend as follows:

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

Number of Matter: Companies Winding Up No. 21 of 1997.

Last day for receiving Proofs: July 3, 2004.

Name of Liquidator: Mr. Don M. Ho, CPA.

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705.
Tel: 65320320 (8 lines)
Fax: 65320331.

This Singapore Government Gazette announcement is dated June 4,
2004.


T4 CONSTRUCTION: Issues Dividend Notice
---------------------------------------
T4 Construction Pte Ltd (In Liquidation) issued a notice of
intended dividend as follows:

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

Number of Matter: Companies Winding Up No. 250 of 2003/D.

Amount per centum: 100% (Preferential Creditors).
3.4% (Unsecured Creditors).

First and Final or otherwise: First and Final Dividend.

When payable: June 9, 2004.

Where payable: Office of the Liquidator
c/o DON HO & ASSOCIATES
Certified Public Accountants
Corporate Advisory & Recoveries20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705.
Tel: 65320320 (8 lines)
Fax: 65320331.

Mr. DON M HO, CPA.
Liquidator.

This Singapore Government Gazette announcement is dated June 4,
2004.


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


EMC: Acquires Riverside Garden Project
--------------------------------------
EMC PCL (EMC), disclosed to the Stock Exchange of Thailand that
the Riverside Garden Marina Company Limited Agreed to employ EMC
for Riverside Garden Marina Project, for Electrical System
Works, the contract value of Baht 214,000,000, excluding VAT.
The completion date for the project will be on 31 January, 2006.

Please be informed accordingly.
Yours faithfully,
(Lt. Gen. Samang Thongpan)
Senior Executive Vice President, CFO

EMC PCL   
RASA TOWER, FLOOR 22, 555
PHAHOLYOTHIN ROAD, CHATU CHAK Bangkok    
Telephone: 0-2937-0333   
Fax: 0-2937-0329   
Website: www.emc-group.co.th


NATIONAL FERTILIZER: SET Grants Listing Of Securities
-----------------------------------------------------
Starting from June 9, 2004, the Stock Exchange of Thailand
(SET) allowed the securities of National Fertilizer PCL (NFC) to
be listed on the SET after finishing capital increase
procedures.

However, NFC is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of NFC until the causes of
delisting are eliminated. Anyway, the company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.
         
Name: NFC

Issued and Paid up Capital

Old: 64,861,970 Baht (6,486,197 common shares)

New: 648,619,720 Baht (64,861,972 common shares)

Par Value: 10 Baht / share

Allocate to: Financial institution creditors for debt equity
conversion totaling 58,375,775 shares according to the Business
Rehabilitation Plan

(1) Thai Asset Management Corporation (TAMC)
43,143,082 common shares

(2) The Siam Commercial Bank PCL (SCB)
15,232,693 common shares

Conversion Ratio: 10 Baht: 1 common share

Conversion Date: 26 May 2004
  
Contact:

National Fertilizer PCL   
LAOPENGNGUAN BLDG 1, FLOOR 17-19,
333 VIBHAVADI RANGSIT ROAD, CHATU CHAK, Bangkok    
Telephone: 0-2618-8100   
Fax: 0-2618-8200   
Website: www.nfc.co.th


THAI NAM: Issues Clarification On Resignation Of Director  
---------------------------------------------------------
Due to the resolution of the Board of Directors of Thai Nam
Plastic PCL at the meeting on February 20, 2002 approving the
resignation of Mr. Prasert Mangkornkarn from the position of
Director and the Chairman of the Board of Directors.

Thai Nam clarifies to the Stock Exchange of Thailand that the
said resignation covers the position of chief Executive Officer
too.

Please be kindly acknowledged.
Sincerely Yours,
Mrs. Siriphorn  Mangkornkarn
Deputy Managing Director

Contact:

Thai Nam Plastic PCL   
40 MOO 7 PETCHKASEM ROAD,
KM 23, KRATHUM BAEN Samut Sakhon    
Telephone: 4209968-74, 8103000 (40 Lines)   
Fax: 4201827, 4209967   
Website: www.thainam.com


TRUE: To Sell THB2.4B Of Bonds
------------------------------
Thai fixed-line operator True is planning to sell this month a
total of THB2.4 billion in seven-year, 6.8% bonds, reveals the
Asia Intelligence Wire.

Formerly known as Telecomasia Corp., True plans to use the
proceeds from the bond sale, which is slated between June 18-24,
to refinance its last tranche of dollar-denominated debt due at
the end of the month.


                            *********


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

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