TCRAP_Public/040610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, June 10, 2004, Vol. 7, No. 114

                            Headlines


A U S T R A L I A

AMP LIMITED: Moody's Positive On Bond Repurchase
PARMALAT PACIFIC: Widens FY03 Net Loss To A$166M


C H I N A  &  H O N G  K O N G

BORNEO TECHNICAL: Issues Claims Notice
EMPEROR ENTERTAINMENT: Board Meeting Set on June 18
GLOBAL LINK: Board Meeting Set on June 18
HIRO COMPANY: Winding Up Hearing Set on July 7
IMERCHANTS LIMITED: Schedules Board Meeting on June 18

NEW TOAST: Issues Winding Up Petition
TURNSTONE HONGKONG: Releases Notice to Creditors to Prove Debts


I N D O N E S I A

BANK NIAGA: Projects US$5.3B Asset Value by 2007
BANK PERMATA: Sale of Government Stake in Bank Permata Underway
INDOFOOD SUKSES: Sets Coupon Rate for Bond Issue


J A P A N

ALL NIPPON: Shareholder's Meeting Set June 25
ALL NIPPON: Unveils Business Report for Fiscal 2003
FUJITSU LIMITED: Enters Alliance With Phase Forward Partners
JAPAN AIRLINES: Applies for 5% Hike in International Fares
MITSUBISHI FUSO: Issues Investigation Update

MITSUBISHI MOTORS: Daimler Weighing Lawsuit to Exact Payment
MITSUBISHI MOTORS: Sets Release of New Minivan October
MITSUBISHI MOTORS: Finalize Terms for JPY295B Preferred Shares
RESONA BANK: Hires 'Outsiders' to Man Regional Posts
RESONA HOLDINGS: Post Changes in Conversion Ratio for Shares

SOJITZ CORPORATION: S&P Downgrades Rating to 'B-'


K O R E A

HANARO TELECOM: KBC Issues Corrective Order
KOOKMIN BANK: Selling 84 Properties This Year


M A L A Y S I A

ADVANCE SYNERGY: Unit Accepts Term Loan Of Up To RM12.3M
CHG INDUSTRIES: Issues Quarterly Report Amendment
CHG INDUSTRIES: Clarifies Variance Of Financial Results
FORESWOOD GROUP: Issues AGM Notice
JASATERA BERHAD: Seeks Shareholders Approval On Proposed Mandate  

KUB MALAYSIA: Sets General Meetings On June 30
MEGA FIRST: BMSB Approves Application Of Requirements Compliance
NAUTICALINK BERHAD: Issues Update On Restructuring Scheme
PANTAI HOLDINGS: BMSB Approves Waiver On Appointment Of Adviser
SEE HUP: Details Unit's Acquisition Of Shares

SELOGA HOLDINGS: Appoints New Chief Executive Officer
SIME DARBY: Answers BMSB's Query
TAP RESOURCES: Details Proposal On Various Acquisitions


P H I L I P P I N E S

BENPRES HOLDINGS: Issues News Article Clarification
MANILA ELECTRIC: Creditors Extend Due Date of US$79M Loan
MANILA ELECTRIC: Releases List Of Newly-Elected Officers
MUSIC SEMICONDUCTORS: Sets Annual Stockholders Meeting
NATIONAL POWER: Lopez Unit Pays US$1.5M for Agusan Hydro Plant

NATIONAL BANK: Allocates Php1B For SMEs
PHILIPPINE LONG: Details Declaration Of Cash Dividends
PHILIPPINE LONG: Unveils Result Of Annual Stockholders Meeting
PHILIPPINE LONG: Board Okays Unit's Debt Exchange Transaction


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Sees S$16M Second-quarter Profit
TIONG POLESTAR: Issues Intended Preferential Dividend Notice


T H A I L A N D

PAE THAILAND: Unveils Extraordinary Shareholders Meeting

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Moody's Positive On Bond Repurchase
-------------------------------------------------
Moody's Investors Service says that AMP Ltd.'s announcement
Monday of its plans to repurchase up to A$700 million of its
offshore bonds through a reverse tender represents a positive
indication of the company's stated plan to reduce its debt
levels.

However, Moody's also notes that the amount of debt to be
repurchased under the offer will not be concluded until 23 June
2004 (UK time) and will be subject to AMP's consideration of the
reasonableness of the tender pricing.

Consequently, Moody's will continue to monitor AMP's plans in
the wake of the announcement together with all updated financial
performance for the year to date. Moody's will view positively
any significant reduction in debt at reasonable pricing levels.

Moody's ratings on the AMP Group are unchanged (Baa1 senior
debt/Baa2 subordinated debt for debt guaranteed by AMP Group
Holdings, A1 IFSR at AMP Life), with a stable outlook.


PARMALAT PACIFIC: Widens FY03 Net Loss To A$166M
------------------------------------------------
Dairy group Parmalat Pacific Holdings Pty Ltd, the holding
company of Parmalat Australia, posted a net loss of A$165.8
million for 2003, versus a net loss of A$29.7 million a year
earlier, Dow Jones reports.

Parmalat Pacific, which in 2003 encompassed operations in
Australia, Thailand, Indonesia and Vietnam, wrote off a A$145
million bond issued by Parmalat Finance Corp. BV and A$43.9
million owed to it by non-Australian members of the Parmalat
group.

The Company is in talks to sell its Vietnam business and expects
to close the Indonesian operation. Its Thailand business was
sold in April.


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


BORNEO TECHNICAL: Issues Claims Notice
--------------------------------------
Notice is hereby given that the creditors of Borneo Technical
Hong Kong Limited which is being wound up voluntarily are
required, on or before July 4, 2004 to send their names and
addresses, with full particulars of their debts or claims, and
the names and addresses of their solicitors, if any, to the
undersigned and Mr. John Toohey, the Joint and Several
Liquidators of the company, and further, if so required by
notice in writing from the said Liquidator, personally or by
their solicitors or representatives, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

RAINIER HOK CHUNG LAM
Joint and Several Liquidators
22/F., Prince's Building Central
Hong Kong

This announcement is dated June 4, 2004.         


EMPEROR ENTERTAINMENT: Board Meeting Set on June 18
---------------------------------------------------
The board of directors (the "Board") of Emperor Entertainment
Group Limited (the "Company") hereby announces that a meeting of
the Board will be held at 28th Floor, Emperor Group Centre, 288
Hennessy Road, Wanchai, Hong Kong on June 18, 2004 at 4 p.m. for
the following purposes:

(1) To consider and approve the audited final statements of the
Company and its subsidiaries 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
EMPEROR ENTERTAINMENT GROUP LIMITED
MOK FUNG LIN, IVY
Company Secretary

This announcement is dated June 8, 2004.


GLOBAL LINK: Board Meeting Set on June 18
-----------------------------------------
The board of directors (the "Board") of Global Link
Communications Holdings Limited (the "Company") hereby announces
that a meeting of the Board will be held at Unit on 6th Floor,
Ke Xun Building, No. 60 Jian Zhong Road, Zhong Shan Da Dao,
Guangzhou City, Guangdong Province, the People's Republic of
China on June 18, 2004 at 4 p.m. for the following purposes:

(1) To consider and approve the audited final statements of the
Group, comprising the Company and its subsidiaries, for the year
ended March 31, 2004 and approve the draft announcement of the
final results to be published on the GEM website;

(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 convening of the forthcoming annual general
meeting of the Comapny; and

(5) To transact any other business.

By Order of the Board
GLOBAL LINK COMMUNICATIONS HOLDINGS LIMITED
MA YUANGUANG
Chairman

This announcement is dated June 7, 2004.


HIRO COMPANY: Winding Up Hearing Set on July 7
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hiro Company Limited by the High Court of Hong Kong was on May
17, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said Petition is directed to be heard before the Court at 10:00
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.

K.W. NG & CO.
Solicitors for the Petitioner,
11/F., Wings Building
110 Queen's Road Central
Hong Kong

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


IMERCHANTS LIMITED: Schedules Board Meeting on June 18
------------------------------------------------------
The board of directors (the Board) of iMerchants Limited
(the Company) hereby announces that a meeting of the Board will
be held at 26th Floor, Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong on June 18, 2004 at 4 p.m. for the following
purposes:

(1) To consider and approve the audited final statements of the
Company and its subsidiaries 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; and

(4) To transact any other business.

By Order of the Board
CLEMENT LEUNG YUEN WING
Company Secretary

This announcement is dated June 7, 2004.


NEW TOAST: Issues Winding Up Petition
------------------------------------
Notice is hereby given that a Petition for the Winding up of
New Toast Trading Limited by the High Court of Hong Kong was on
May 24, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong. The
said Petition is directed to be heard before the Court at 10:00
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.

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 13th day of July
2004.


TURNSTONE HONGKONG: Releases Notice to Creditors to Prove Debts
---------------------------------------------------------------
NOTICE IS HEREBY GIVEN that the creditors of Turnstone Hong Kong
Limited which is being wound up voluntarily are required, on or
before July 5, 2004 to send their names and addresses, with full
particulars of their debts or claims, and the names and
addresses of their solicitors, if any, to the undersigned and,
if so required by notice in writing from the said Liquidator,
personally or by their solicitors or representatives, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice, or in default thereof, they
will be excluded from the benefit of any distribution made
before such debts are proved.

YOUNG Chun Man Kenneth
Joint and Several Liquidator.
Turnstone Hong Kong Limited
6th Floor, Wheelock House
20 Pedder Street, Central
Hong Kong

This announcement is dated June 4, 2004.         


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


BANK NIAGA: Projects US$5.3B Asset Value by 2007
-----------------------------------------------
In line with its goal to become one of Indonesia's top five
banks, Bank Niaga plans to increase the value of its assets to
IDR50 trillion (US$5.3 billion) in 2007, reports Asia Pulse. The
increase would be 3.5 times their value at the end of 2003 when
the figure was IDR13.90 trillion.

Bank Niaga Deputy Director Hashemi Albakri believes that with
the support of its 250 network branches in 50 Indonesian cities,
they will be able to augment their capital and eventually hit
their target. He added that Bank Niaga should be able to gain
control over as much as five percent of the Indonesian banking
market to reach its goal.

Currently, the bank commands 2.5 to 2.6 percent of the market.


BANK PERMATA: Sale of Government Stake in Bank Permata Underway
---------------------------------------------------------------
By naming legal advisor, the asset management company PT
Perusahaan Pengelola Asset (PPA), is getting closer to divesting
the government's 97.17% stake in Bank Permata, Asia Pulse
reported yesterday. PT PPA president Mohammad Syahrial claimed
there are 19 potential bidders both local and foreign.

PPT PPA has appointed Hadiputranto Hadinoto & Partner as its
legal advisor and is expected to name its finacial advisors late
this week.

Merryl Licnh, JP Morgan, ABN Amro, UBS Warburg and Credit Suisse
First Boston were among those shortlisted as financial advisers
for the Permata sale.


INDOFOOD SUKSES: Sets Coupon Rate for Bond Issue
------------------------------------------------
Indonesia's largest instant noodle maker PT Indofood Sukses
Makmur announced that it has set an indicative coupon rate of
between 11.5 to 12 percent for its planned IDR1 trillion bond
issue, The Jakarta Post reveals. The rate is lower than the 13.5
percent coupon set for the company's IDR1.5 trillion bond issue
in May 2003.

In a meeting with investors Tuesday, the firm unveiled details
about the bond plan, and started a book-building process to
determine the coupon rate.

According to Indofood, the book building for the bonds will end
on July 17. The bonds will then be offered to investors from
July 1 to July 6 and will be listed on the Surabaya Stock
Exchange on July 13.

The company, which manufactures instant noodles, cooking oil and
flour, said it plans to use 75 percent of the proceeds from the
bond issue to pay off its US$392 million and IDR3.9 trillion
debts.

The appointed underwriters for the new bond issue plan are PT
Trimegah Securities, PT Bahana Securities and Pt Danareksa
Securities.

Indofood reported net sales of IDR17.87 trillion (US$1.98
billion) last year.


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


ALL NIPPON: Shareholder's Meeting Set June 25
---------------------------------------------
All Nippon Airways Co. Ltd announced that the Company's 59th
Ordinary General Meeting of Shareholders would be held as
follows:

Date, Location and Agenda of the Meeting

1. Date of the meeting: June 25, 2004 (Friday), 10:00 AM

2. Location:            ANA Hotel Tokyo, Prominence Room;
                        12-33, Akasaka 1-chome, Minato-ku, Tokyo
3. Objectives:

Matters to be reported:

(a) Non-consolidated Balance Sheets as of March 31, 2004

(b) Business Report for the 54th term (from April 1, 2003 to
March 31, 2004)

(c) Non-consolidated Statement of Income for the 54th term

Matters to be resolved:

(a) Approval of Proposal for Appropriation of Profit for the
54th term

(b) Changes in certain sections of the Articles of Incorporation

(c) Election of 16 Directors of the Company

(d) Election of 4 Corporate Auditors of the Company

(e) Payment of retirement allowance to retiring Directors and to
Directors re-appointed at this Meeting.

(f) Payment of retirement allowance to retiring Corporate
Auditors and to Corporate Auditors re-appointed at this Meeting.

This UK Wire announcement is dated 8 June 2004.


ALL NIPPON: Unveils Business Report for Fiscal 2003
---------------------------------------------------
During the first half of 2003, Japan's international airlines
were forced to decrease flights and take other measures in
response to lower demand caused by the Iraq War and SARS, UK
Wire reports. These influences finally lessened in the latter
part of this fiscal year, and demand started to grow.

Faced with these circumstances, All Nippon Airways Co. Ltd. drew
up a "Cost Reduction Plan" in February 2003 to establish a
revenue-expenditure structure that would steadily secure profit
independent of revenue increases, even under an environment of
prolonged deflation. Under the Plan, the Company will carry out
a drastic reform of our cost structure from FY2003 through
FY2005 to cut approximately JPY30 billion in costs as a whole by
the final fiscal year. The airline have worked on the following
items during this fiscal year based on the Plan:

i. Reexamine retirement allowance and pension plan
ii. Return the burden of the substituted portion of the
employee pension fund to the government
iii. Reexamine wages for management employees
iv. Conduct a comprehensive reexamination of wage systems for
non-management employees
v. Reduce personnel by 1,200 employees over three years
vi. Reduce operational costs by restructuring routes utilizing
turboprop aircraft and improving operational efficiency of
smaller aircraft
vii. Rationalize employee numbers and facilities at airports by
restructuring routes and aircraft allocation

As a result of Group-wide endeavors, the Company reduced costs
by approximately JPY17.0 billion during this fiscal year, while
revenues in both international and domestic operations did not
increase due to the aforementioned international events and the
sluggish economy. As a result, ANA's operating revenues totaled
Y969.9 billion (up 3.1% from the previous fiscal year), while
operating income came to Y24.0 billion

All Nippon Airways (ANA) reported a consolidated net profit of
24.7 billion yen (US$225 million) for the fiscal year 2003, on
total revenues of 1.21 trillion yen (US$11 billion), TCR-AP Vol.
7 No. 89 reports.

In a Company press release, the result represents a dramatic
improvement on the 28.2 billion yen net loss that ANA reported
for the 2002 fiscal year, and means that it will be able to
resume dividend payments to shareholders this year, at 3 yen per
share.


FUJITSU LIMITED: Enters Alliance With Phase Forward Partners
------------------------------------------------------------
Phase Forward, a leading provider of data management solutions
for clinical trials and drug safety, has signed an agreement
with Fujitsu Limited that allows them to jointly market InForm
J(TM), the Japanese version of Phase Forward's InForm(TM)
electronic data capture (EDC) product -- to the Japanese
pharmaceutical, biotechnology and medical devices sector. The
agreement enables Fujitsu to provide its customers with the
software, services, and support needed to perform EDC for
clinical trials.

Phase Forward believe that this new approach will mark the
beginning of significant growth of e-clinical trials in Japan.
Customers using InForm(TM) in other regions have demonstrated it
can compress trial times, reduce the cost and improve the
quality of data, compared to traditional paper-based data
capture methods.  In readiness for this expected growth and by
way of commitment to this regional development of EDC, Phase
Forward has translated its products into Japanese and has
enhanced its operation in Tokyo, which has been providing
product, services and support to the Japanese market for over 13
years.

Steve Powell, International Vice President from Phase Forward
commented, "Fujitsu's adoption of InForm highlights the growing
demand within the Japanese market for real-time, accurate data
management in clinical trials.

This deal will enable Fujitsu to develop a best practice
approach to clinical trials particularly suited to the high
volume patient recruitment typical of Japanese trials.  As a
result we expect this market to experience growth in the number
and size of clinical trials taking place."

Kenji Sata, General Manager of Life Sciences Systems Division,
Healthcare Solutions Group of Fujitsu Limited said, "Japan is an
important growth market for companies in the pharmaceutical,
biotech, and medical devices industries.

Fujitsu can now offer these companies with strategic
subsidiaries in Japan a one-stop integrated management solution
to help execute clinical studies, by combining InForm J with
Fujitsu's Internet Data Center services, reliable servers,
computing products, and support network throughout Japan. We are
confident that the introduction of InForm J will lead to the
successful implementation of EDC in the Japan market."

Phase Forward's InForm EDC solution is a leading global
electronic data
capture system that delivers streamlined data collection and
real-time query resolution that is essential for high-volume
clinical trials.

    The InForm(TM) system enables:

i. Rapid data entry and cleaning through intuitive user
interface
ii. Extensive data checking
iii. Automated query processing
iv. Immediate access to all clinical and trial data for
earlier and ongoing data analysis
v. Scalable Internet-based architecture, supporting high-
volume, global clinical trials
vi. Streamlined data collection and query resolution
vii. 24 x 7 Global Customer Support

About Phase Forward:

Phase Forward is a leading provider of integrated enterprise-
level software products, services, and hosted solutions for use
in the clinical trial component of its customers' global
research and development initiatives.

Phase Forward's customers include pharmaceutical, biotechnology,
and medical device companies, as well as academic institutions,
clinical research organizations, and other entities engaged in
clinical trials. By automating essential elements of the
clinical trial process, the company believes its products allow
its customers to accelerate the market introduction of new
medical therapies and corresponding revenue, reduce overall
research and development expenditures, enhance existing data
quality control efforts, and reduce clinical and economic risk.
Phase Forward believes its enterprise software and hosted
solutions are the most widely adopted commercial electronic data
capture, data management, and adverse event reporting solutions
in the clinical trial marketplace, having been utilized in over
10,000 clinical trials involving more than 1,000,000 clinical
trial study participants and 300 therapeutic compounds and
medical devices. Phase Forward's customer base of over 220
customers is comprised of the leading pharmaceutical,
biotechnology, medical device, and clinical research
organizations, including AstraZeneca Pharmaceuticals LP, Guidant
Corporation, Eli Lilly and Company, Novartis AG, and Schering-
Plough Research Institute.

Phase Forward is headquartered in Waltham, Massachusetts with
offices in the United Kingdom, Australia, France, and Japan.


JAPAN AIRLINES: Applies for 5% Hike in International Fares
----------------------------------------------------------
Japan Airlines System filed an application with the Japanese
Ministry of land, Infrastructure and Transportation for approval
to raise international fares by five percent on routes to and
from Japan effective July 1.

In a company press release, the application follows a special
meeting of the members of the International Air Transport
Association in Geneva, May 28, when a resolution was discussed
to raise fares in the wake of increased fuel prices. This
resolution has now been adopted.

Exceptions to the general increase are Y2 (economy class) fares
out of Japan to the USA, Canada, Guam and Saipan. These fares
are unchanged. Economy (Y2) fares to Japan from the USA, Guam
and Saipan are also unchanged.

Special fares, such as excursion fares, are increased by the
equivalent of five percent.

For more information, go to
http://bankrupt.com/misc/tcrap_jal0609.pdf


MITSUBISHI FUSO: Issues Investigation Update
--------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC), in a press
release, announced that is in the final stage of a thorough
investigation regarding 97 cases (out of which, 4 cases have
already been announced on May 20 in our press conference.)

Even though various media coverage has been made since this
morning, including some figures, Fuso has not yet confirmed such
information. It is not possible to conclude that all cases are
product failures and includes issues of merchantability. Fuso
provided the information to MLIT in the form of unprocessed
data.

It is a fact that failures are classified into 5 steps, namely,
A through to E. However, reasons of classification, exact number
of cases and contents in each category are still under close
investigation and we shall be able to prepare accurate data by a
press conference scheduled on Tuesday, June 15.

Although we understand your acute interest in the case, MFTBC is
not yet in the stage to give explanation based on interim
findings and would appreciate your understanding to this end.


MITSUBISHI MOTORS: Daimler Weighing Lawsuit to Exact Payment
------------------------------------------------------------
DaimlerChrysler AG is considering asking compensation from
Mitsubishi Motors Corporation over alleged hidden defects in
vehicles parts manufactured by Mitsubishi Fuso Truck & Bus
Corporation.  

A Reuters report alleged the Japanese carmaker withheld
information about these defects from its German partner for
eight years.  DaimlerChrysler, which owns 65 percent of Fuso,
declined to detail the amount of damages it is seeking via a
lawsuit.

"We were notified by DaimlerChrysler that it was considering a
demand for compensation . . . based on the agreement signed upon
the sale of Fuso shares," Mitsubishi Motors said in a statement.


MITSUBISHI MOTORS: Sets Release of New Minivan October
------------------------------------------------------
Scandal-hit Mitsubishi Motors Corporation plans to launch a new
minivan in China this October, according to Reuters.

Considered the world's fastest-growing car market, China plays
an integral part in Mitsubishi's revival plan.  Plagued by a
battered brand image, the company's monthly sales in the U.S.
and Japanese markets have been plunging by double digits.  

In contrast, the carmaker forecasts sales of more than 200,000
units in China for the current business year to next March and
as much as 310,000 units by 2008.  Mitsubishi, however, faces
tough competition from stronger U.S., European and Japanese
rivals as they offer new models at a faster clip for the
country's increasingly choosy customers.


MITSUBISHI MOTORS: Finalize Terms for JPY295B Preferred Shares
--------------------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
announced that its Board of Directors has finalized the terms
for issuing 295 billion yen worth of preferred shares. The board
decided to issue preferred shares at a meeting on May 21 and the
issuance was included as a part of the company's capital
enhancement announced on the same day. MMC will make maximum use
of the funds procured through the capital enhancement to
implement its business revitalization plan.

MMC today finalized the terms for three classes of preferred
shares: Class A preferred shares (No.1 and No. 2)1 and Class G
preferred shares (No. 1). The 130 billion yen worth of No.1
Class A preferred shares will be issued to Mitsubishi Heavy
Industries (Y40bn), Mitsubishi Corporation (Y40bn), The Bank of
Tokyo-Mitsubishi (Y40bn), and Mitsubishi Trust & Banking
Corporation (Y10bn).

The breakdown for the 35 billion yen of No. 2 Class A preferred
shares is: China Motor Corporation 10 billion yen, Tokio Marine
and Fire Insurance Company 10 billion yen, Meiji Yasuda Life
Insurance Company 7 billion yen, and five other Mitsubishi group
companies totaling 8 billion yen.

MMC is also considering issuing No. 3 Class A preferred shares
to Mitsubishi group companies that have not yet decided to
participate in the preferred share issuance, the limit for which
would be around several billion yen.

As announced on May 21, the amount of Class G preferred shares
to be issued is 130 billion yen: The Bank of Tokyo-Mitsubishi
(Y90bn), and Mitsubishi Trust & Banking Corporation (Y40bn).
Funds procured from the Class G preferred shares will be used to
pay off debts outstanding with both banks.

The total amount of Class A and Class G preferred shares is now
295 billion yen, which is 15 billion yen more than the figure
announced in MMC's capital enhancement on May 21. Payment for
the Class A preferred shares is due on June 24 while payment for
the Class G preferred shares is due on June 28.

In addition to the preferred share issuance outlined above,
MMC's capital enhancement is also expected to include issuing 70
billion yen2 in common stock to Phoenix Capital and 100 billion
yen in preferred shares (expected to be Class B) to JPMorgan,
with payment due in mid to late July 20043.

1. The company has decided to divide up the No. 1 Class A
preferred share issue announced on May 21. Today, MMC decided to
issue No. 2 Class A preferred shares and finalized the terms for
issuance.

2. Maximum of 100 billion yen.

3. Subscription amounts may change depending on market
conditions.

About Mitsubishi Motors Corporation

Mitsubishi Motors Corporation (TSE: 7211) was established in
1970 and is one of the few automobile companies in the world
that produces a full line of automotive products ranging from
660-cc mini cars and passenger cars to commercial vehicles and
heavy-duty trucks and buses. The company also operates consumer-
financing services and provides this to its customer base. Sales
were 3.88 bilion yen in 2003. DaimlerChrysler is the largest
shareholder with a 37% shareholding. For further information,
please visit the Mitsubishi Motors Corporation home page at:
www.mitsubishi-motors.co.jp

Contact:
Mitsubishi Motors Corporation
Fumio Nishizaki
f-nishizaki@mitsubishi-motors.co.jp
+81-3-5232-7342


RESONA BANK: Hires 'Outsiders' to Man Regional Posts
----------------------------------------------------
Resona Bank hired two executives from rival banks to add to its
growing list of regional CEOs, Asia Pulse said Monday.

Masahiko Tsuchida, who worked for Sumitomo Mitsui Banking, was
appointed regional CEO in charge of the southern Osaka region.
Mizuho Bank alumnus Kiyoshi Ogino will head the Chiba region.  
The bank believes bringing in executives with an outsider's
perspective' will help improve its customer service. Resona Bank
has 30 regional CEOs nationwide.


RESONA HOLDINGS: Post Changes in Conversion Ratio for Shares
------------------------------------------------------------
Resona Holdings, Inc. hereby announces that the conversion ratio
for its Class B First Series Preferred Share has been changed as
shown below.

1. Conversion Ratio

Revised conversion ratio for Class B First Series Preferred
Share: 2.956 (Conversion ratio before the revision: 3.429)

2. Date of Application

The new conversion price will become effective on June 30, 2004.

3. Reason for the Revision

The conversion ratio has been revised in accordance with the
pre-determined terms and conditions stipulated in the conversion
clause for the Class B First Series Preferred Share.


SOJITZ CORPORATION: S&P Downgrades Rating to 'B-'
-------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on trading house Sojitz Corporation to
B-minus from B and the company's senior unsecured debt to B-plus
from BB-minus. At the same time, Standard & Poor's placed all
its ratings on Sojitz on Credit Watch with negative
implications.

The downgrade and CreditWatch listing reflect Standard & Poor's
view that the possibility exists that the restructuring plan for
Sojitz may be reviewed, which may lead to some form of debt
restructuring. Although Sojitz has undertaken substantial
restructuring and capital enhancement during the past 12 months,
the company's financial profile remains weak.

UFJ Bank Ltd. has already extended massive support to the
company, including a JPY150 billion capital injection in the
form of preferred equity into its holding company, Nissho Iwai
Nichimen Holdings (NR), in May 2003.

Sojitz is reliant on its creditor banks for continued access to
liquidity, with debt of about JPY1.3 trillion coming due within
12 months, or about two thirds of its total JPY2 trillion debt
outstanding at March 2004.

UFJ Bank recently appointed a new management team and is
currently undertaking thorough restructuring of its loan
portfolio. Although the bank has not announced any new plans
regarding its exposure to Sojitz, Standard & Poor's believes
that it may review the restructuring plan for some weak
borrowers and Sojitz is likely to be included.

A thorough corporate restructuring of Sojitz could involve some
form of debt forgiveness by the company's creditors, heightening
concerns over timely payment of all debt obligations. Under
Standard & Poor's ratings criteria, an 'SD' rating is assigned
to a company if it selectively defaults on a specific issue or
class of obligations, but continues to meet its payment
obligations on other issues or classes of obligations in a
timely manner.  

Sojitz' senior unsecured debt rating is higher than the issuer
rating, reflecting the better protection for bondholders than
bank lenders, given the likelihood of support by key creditor
banks through loan waivers. On this basis, the likelihood of
Sojitz' senior unsecured debt being downgraded is relatively
smaller.

The CreditWatch status will be resolved after Standard & Poor's
confirms the development of the review of Sojitz' restructuring
plan.


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


HANARO TELECOM: KBC Issues Corrective Order
-------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
Hanaro Telecom announced the corrective order issued by the
Korean Broadcasting Commission (KBC) on the Company to dispose
of its stake in Hanaro Web(n)TV, filed with the Financial
Supervisory Commission of Korea and Korea Securities Dealers
Association Automated Quotation Market on May 28, 2004.

Corrective order to dispose of Hanaro Telecom's stake in Hanaro
Web(n)TV with respect to the breach of the foreign ownership
limit issued by Korean Broadcasting Commission.

1. ISSUING AUTHORITY:

Korean Broadcasting Commission (KBC)

2. ISSUING BASIS:

Hanaro Telecom, Inc., the majority of the shares of which are
owned by foreign investors, has 90.9% of the controlling stake
in Hanaro Web(n)TV, which exceeds the 49% limit set forth by
Article 14-3 of Broadcasting Act and Article 14 of Enforcement
Decree of Broadcasting Act.

3. CORRECTIVE ORDER:

Pursuant to Article 14-3 of Broadcasting Act, Hanaro cannot
contribute equity investment in excess of 49% in Hanaro
Web(n)TV, an integrated cable operator. Accordingly, Hanaro must
reduce its current shareholding of 90.9% in Hanaro Web(n)TV
below the limit within six (6) months and report the performance
of the corrective order to KBC.

4. DATE RECEIVED:

May 28, 2004

5. MEASURES

Hanaro is currently reviewing various measures to address the
violation of Broadcasting Act within the period set forth by
KBC.

6. OTHERS:

Pursuant to Article 106-1-3 of Broadcasting Act, a failure to
perform the corrective order may result in the imprisonment of
no more than one year or in a fine not exceeding Won 30 million.

Pursuant to Article 14-5 of Broadcasting Act, Hanaro has
restricted voting rights in relation to its stake exceeding 49
percent.


KOOKMIN BANK: Selling 84 Properties This Year
---------------------------------------------
Kookmin Bank plans to sell 84 real estate holdings and branch
offices this year, Dow Jones reports.  

The sale method has not been finalized yet, according to an
unnamed bank spokesman, who added the bank is considering
issuing asset-backed securities and real estate investment
trusts.  He did not say how much these holdings are worth.

Kookmin Bank posted a net profit of 169 billion won (US$145.85
million) in the first quarter, up 311.4 percent from 2003, TCR-
AP said in its 82nd issue.  Recently, it revised 2003 loss to
753.3 billion won (US$639.5 million) after an audit by finance
regulators found the lender hadn't paid all its taxes related to
trust accounts.


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


ADVANCE SYNERGY: Unit Accepts Term Loan Of Up To RM12.3M
--------------------------------------------------------
Advance Synergy Berhad (ASB) disclosed to Bursa Malaysia
Securities Berhad that Alangka-Suka Hotels & Resorts Berhad
(ASHRB), a 99.63 percent-owned subsidiary of ASB has on 8 June
2004 accepted a term loan facility of up to RM12.3 million (the
Loan) made available by Affin Bank for the purpose of repaying
part of the inter-company advances due to ASB.

The Loan is granted for a period of up to three (3) years at
interest rate of 1.85 percent per annum over Affin Bank's Base
Lending Rate which is currently pegged at 6.00 percent per
annum. The Loan shall be secured by assets presently pledged to
Affin Bank under the Group's existing borrowings together with a
corporate guarantee from ASB.

The acceptance of the Loan is not expected to have any material
effect on the net tangible assets and earnings of the ASB Group
for the financial year ending 31 December 2004.

Save as disclosed below, none of the directors, major
stockholders and persons connected with them has any interest,
direct or indirect, in the said loan facility:

(i) Dato' Ahmad Sebi Bakar, a Director and major stockholder of
ASB, has direct and indirect equity interest of 4.50 percent and
8.13 percent respectively in ASB. Dato' Ahmad Sebi Bakar is also
a director of ASHRB;

(ii) Datin Masri Khaw Binti Abdullah, a Director and stockholder
of ASB, has direct and indirect equity interest of 0.15 percent
and 0.44 percent respectively in ASB. Datin Masri Khaw Binti
Abdullah is also a shareholder of ASHRB holding 0.25 percent
direct equity interest in ASHRB; and

(iii) Mr Sng Ngiap Koon, a Director and stockholder of ASB
holding 0.15 percent indirect equity interest in ASB is also a
director of ASHRB.

This announcement is dated 8 June 2004.


CHG INDUSTRIES: Issues Quarterly Report Amendment
-------------------------------------------------
CHG Industries Berhad disclosed to Bursa Malaysia Securities
Berhad its amended announcement in respect of the quarterly
report for the financial period ended 31 March 2004 announced on
31 May 2004.

SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2004

INDIVIDUAL PERIOD CUMULATIVE PERIOD

CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER  
CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD

31/03/2004 RM'000
31/03/2003 RM'000
31/03/2004 RM'000
31/03/2003 RM'000

(1) Revenue
    19,686
    38,665
    19,686
    38,665

(2) Profit/(loss) before tax  
    -7,664
    -4,740
    -7,664
    -4,470

(3) Profit/(loss) after tax and minority interest
    -7,664
    -3,726
    -7,664
    -3,726

(4) Net profit/(loss) for the period
    -7,664
    -3,726
    -7,664
    -3,726

(5) Basic earnings/(loss) per shares (sen)
    -16.02
    -7.79
    -16.02
    -7.79

(6) Dividend per share (sen)  
    0.00
    0.00
    0.00
    0.00
  
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR
END

(7) Net tangible assets per share (RM)  
    -2.8000
    -2.6000

For more information, click
http://bankrupt.com/misc/chgindustries060904.doc


CHG INDUSTRIES: Clarifies Variance Of Financial Results
-------------------------------------------------------
CHG Industries Berhad disclosed to Bursa Malaysia Securities
Berhad that its Board of Directors announced 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 variance of the audited and unaudited
financial results click
http://bankrupt.com/misc/chgindustries060804.doc


FORESWOOD GROUP: Issues AGM Notice
----------------------------------
Notice is hereby given that the Eighth Annual General Meeting of
Foreswood Group Berhad (FGB) will be held at Bukit Tebu 1,
Harbour View Hotel, Lorong Temple, 93100 Kuching on Wednesday,
30 June, 2004 at 2:00 p.m. for the following purpose:

ORDINARY BUSINESS

(1) To receive the Audited Financial Statements for the
financial year ended 31st December, 2003 together with the
Report of the Directors and Auditors thereon. - Resolution No. 1

(2) To re-elect Mr. Richard Wee Liang Huat @ Richard Wee Liang
Chiat who shall retire in accordance with Article 67 of the
Articles of Association of the Company and who being eligible,
offered himself for re-election. - Resolution No. 2

(3) To re-elect Encik Juzi Bin Jaujie @ Bajuri Bin Jauji who
shall retire in accordance with Article 75 of the Articles of
Association of the Company and who being eligible, offered
himself for re-election. - Resolution No. 3

(4) To re-appoint Messrs. Ernst & Young as Auditors of the
Company until the conclusion of the next Annual General Meeting
and to authorize the Directors to fix their remuneration. -
Resolution No. 4

(5) To consider any other ordinary business of which due notice
has been given in accordance with the Companies Act, 1965.  

BY ORDER OF THE BOARD,
YEO PUAY HUANG
COMPANY SECRETARY
9 June 2004

NOTES:

(1) A proxy may but need not be a member of the Company and a
member may appoint any person to be his proxy without
limitation. Where holder appoints two or more proxies, he shall
specify the proportion of his shareholdings to be represented by
each proxy.

(2) The instruments appointing a proxy must be deposited at the
Registered office of the Company at Block B-59, Level 2, Taman
Sri Sarawak Mall, Jalan Tunku Abdul Rahman, 93100 Kuching,
Sarawak, not less than forty-eight (48) hours before the time
appointed for holding the meeting or at any adjournment thereof.

(3) The instruments appointing a proxy or proxies, in the case
of an individual, shall be in writing under the name of the
appointer or his attorney duly authorized in writing, and in the
case of a corporation, either under seal or under hand of an
officer or attorney duly authorized.

(4) In the case of joint holdings, the vote of the first-named
in the Register of Members will be accepted to the exclusion of
other joint holders of the shares.


JASATERA BERHAD: Seeks Shareholders Approval On Proposed Mandate  
----------------------------------------------------------------
Jasatera Berhad in a disclosure to Bursa Malaysia Securities
Berhad said that it intends to seek the shareholders' approval
for a proposed shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (Proposed Mandate)
at the forthcoming Annual General Meeting (AGM) to be convened
on 28 July 2004.

Pursuant to Paragraph 10.09 (1)(c) of the Bursa Malaysia Listing
Requirements, the Company had procured the shareholders' mandate
at the Annual General Meeting held on 30 July 2003 to enable the
Company to enter into recurrent related party transactions of a
revenue or trading nature which are necessary for day-to-day
operations with it's related parties. The said shareholders'
mandate will lapse upon the conclusion of the forthcoming AGM
unless a new mandate is obtained.

A Circular to Shareholders which sets out the details of the
Proposed Mandate will be issued to the shareholders in due
course.


KUB MALAYSIA: Sets General Meetings On June 30
----------------------------------------------
The Board of Directors of KUB Malaysia Berhad disclosed to Bursa
Malaysia Securities Berhad that its:

(i) 39th Annual General Meeting (AGM) will be held at Dewan Tun
Dr Ismail, Putra World Trade Centre (PWTC), 50480 Kuala Lumpur
on Wednesday, 30 June 2004 at 10:00 a.m. and

(ii) Extraordinary General Meeting (EGM) will be held
immediately after the conclusion or any adjournment of the AGM.


MEGA FIRST: BMSB Approves Application Of Requirements Compliance
----------------------------------------------------------------
With reference to Mega First Corp. Berhad's (MFCB) Circular
dated 10 May 2004 (Circular), Avenue Securities Sdn Bhd, on
behalf of MFCB, disclosed to Bursa Malaysia Securities Berhad
(Bursa Malaysia) that via its letter dated 8 June 2004 had
approved MFCB's application for a waiver from having to comply
with Paragraph 1.03(1) of the Listing Requirements of Bursa
Malaysia in relation to the acquisition of the 5.9 percent
equity interest in RCI by AESB, which had resulted in AESB being
obliged to extend the Offer as detailed in Section 2 of the
Circular.

This announcement is dated 8 June 2004.


NAUTICALINK BERHAD: Issues Update On Restructuring Scheme
---------------------------------------------------------  
Further to the announcements made on 10 June 2003, 8 August 2003
and 15 April 2004, on behalf of Nauticalink Berhad, Public
Merchant Bank Berhad, disclosed to Bursa Malaysia Securities
Berhad the execution of the following supplemental agreements:

(i) Third Supplemental Corporate Restructuring Agreement dated 4
June 2004 between NB, Orion Unggul Sdn Bhd (Orion) and Kosmo
Seraya Sdn Bhd (Kosmo) to extend the cut-off date to satisfy the
conditions as set out in the Corporate Restructuring Agreement
dated 6 June 2003, Supplemental Corporate Restructuring
Agreement dated 7 August 2003 and Second Supplemental Corporate
Restructuring Agreement dated 13 April 2004 entered into between
NB, Orion and Kosmo to 31 December 2004;

(ii) Third Supplemental Share Sale Agreement dated 4 June 2004
between Orion and Kosmo to extend the initial twelve (12) months
period for the satisfaction of the conditions as set out in the
Share Sale Agreement dated 6 June 2003, Supplemental Share Sale
Agreement dated 7 August 2003 and the Second Supplemental Share
Sale Agreement dated 13 April 2004 entered into between Orion
and Kosmo to 31 December 2004;

(iii) Supplemental Disposal Agreement dated 4 June 2004 between
Cadpro Classics Sdn Bhd (CCSB) and Hexariang Sdn Bhd (Hexariang)
to extend the initial one (1) year period for the satisfaction
of the conditions as set out in the Disposal Agreement dated 7
August 2003 entered into between Hexariang and CCSB for the
proposed disposal of Nagatrend Plastics Painting Services Sdn
Bhd to 31 December 2004.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 8 June 2004.


PANTAI HOLDINGS: BMSB Approves Waiver On Appointment Of Adviser
---------------------------------------------------------------
Further to the announcement dated 24 May 2004, Avenue Securities
Sdn Bhd (Avenue) on behalf of Pantai Holdings Berhad (PHB),
announce to Bursa Malaysia Securities Berhad that it's
application for a waiver from having to appoint an independent
adviser pursuant to Paragraph 10.08 (2)(c) of the Listing
Requirement of Bursa Malaysia Securities Berhad (Bursa
Malaysia)(LR) in respect of the Proposed Property Acquisition
has been approved by Bursa Malaysia Securities Berhad via its
letter dated 7 June 2004, subject to the condition that the main
adviser, Avenue, complies with Paragraph 10.08 (4)(a)(i) and
(ii) of the LR.

This announcement is dated 8 June 2004.


SEE HUP: Details Unit's Acquisition Of Shares
---------------------------------------------
See Hup Consolidated Berhad, in a disclosure to Bursa Malaysia
Securities Berhad announced the details of the acquisitions of
shares in its subsidiary company, Sinar Sempurna Sdn Berhad
(SSSB).

(1) INTRODUCTION

The Board of Directors of See Hup is pleased to announce that
Rimbun Ekuiti Sdn. Bhd., its wholly owned subsidiary company had
on 8 June 2004 acquired additional Twenty Four Thousand (24,000)
shares of RM1.00 each in SSSB, representing five percent equity
shareholding in SSSB, for a total cash consideration of Ringgit
Malaysia One (RM1.00) Only from Mr. Tang Hai Seng, a director of
SSSB (Acquisition).

With the Acquisition of the aforesaid shares, SSSB became the
wholly-owned subsidiary of Rimbun Ekuiti Sdn. Bhd.

(2) INFORMATION ON SSSB

SSSB was incorporated in Malaysia under the Companies Act, 1965
on 7 May 1993 and it operates as a contractor. Its present
authorized share capital is RM500,000/- comprising 500,000
ordinary shares of RM1.00 each whilst its present issued and
fully paid-up share capital is RM480,000.00 comprising 480,000
ordinary shares of RM1.00 each.

The details of the shareholdings of SSSB before and after the
said Acquisition are:

Before Acquisition by Rimbun Ekuiti Sdn. Bhd. After Acquisition
by Rimbun Ekuiti Sdn. Bhd.
    
Name of Shareholder No. of shares % No. of Shares %

(1) Rimbun Ekuiti Sdn. Bhd. 456,000 95 480,000 100

(2) Tang Hai Seng 24,000 5  --

Total: 480,000 100 480,000 100

(3) CONSIDERATION

The consideration of RM1.00 for the said Acquisition from Mr.
Tang Hai Seng was satisfied by cash payment. It was arrived at
based on a willing-buyer willing-seller basis after taking into
account the audited NTA of SSSB as at 31 March 2003.

There are no other liabilities to be assumed arising from the
said Acquisition

(4) COST OF INVESTMENT

The original cost of Mr. Tang Hai Seng's investment in SSSB is
RM24,000-00 and date of his investment was on 5 July 1999.

(5) RATIONALE FOR THE ACQUISITION

The Acquisition of the remaining 5% represents an opportunity to
facilitate future expansion of See Hup Group's business.

(6) FINANCIAL EFFECTS OF THE ACQUISITION

(a) Share Capital

The Acquisition will not have any effect on the issued and paid
up share capital of See Hup as it does not involve any allotment
or issue of new See Hup's shares.

(b) Net Tangible Assets

The Acquisition will not have any significant effect on the
consolidated net tangible assets of the See Hup Group as it will
be satisfied by cash source from internally generated funds.

(c) Earnings

The Acquisition is not expected to have any material effect on
See Hup's earnings for the current financial year.

(d) Substantial Shareholding

The Acquisition will not have any effect on the shareholding of
the substantial shareholders of See Hup as it does not involve
any allotment or issue of new See Hup's shares.

(7) SALIENT FEATURES OF AGREEMENT

There is no agreement to be entered into for the Acquisition.

(8) APPROVAL OF SHAREHOLDERS AND RELEVANT GOVERNMENT AUTHORITIES

The Acquisition is not subject to the approval of shareholders
and any relevant regulatory authorities.

(9) PROSPECTS AND RISK FACTORS OF THE ACQUISITION

Barring any unforeseen circumstances, the Directors of See Hup
view positively the earnings potential of SSSB and it is
expected to have a positive impact on the earnings of See Hup in
the long term.

Further to the details mentioned above, the Directors of See Hup
are of view that SSSB would not expose See Hup to additional
categories of material risks.

(10) INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR
PERSONS CONNECTED WITH DIRECTORS OR MAJOR SHAREHOLDERS

Mr. Tang Hai Seng, being a vendor to the above transaction is
also a Director of SSSB. He has declared his interest and
abstained from voting for this transaction.

Save as above, none of the Directors and/or major shareholders
and/or persons connected with a Director or major shareholder of
See Hup, to the best knowledge of the Directors of the Company,
has any interest, direct or indirect, in the said transaction.

(11) STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors having considered all aspect of the said
Acquisition is of the opinion that the said transaction is fair
and reasonable and is in the long term interest of the Group

(12) ESTIMATED TIME FRAME FOR THE COMPLETION OF THE ACQUISTION

Barring any unforeseen circumstances, the said acquisition is
expected to be complete within a week from the date of this
announcement.

(13) SECURITIES COMMISSION POLICIES AND GUIDELINES

The Board is not aware of any departure from Securities
Commission's Policies And Guidelines On Issue/Offer Of
Securities.

Yours faithfully
SEE HUP CONSOLIDATED BERHAD
SIGNED
LEE HEAN HUAT
Group Executive Director


SELOGA HOLDINGS: Appoints New Chief Executive Officer
-----------------------------------------------------
Seloga Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad the appointment of Tan Sri Halim Saad (TSHS) as the
company's new Chief Executive Officer effective June 9, 2004.

TSHS was formerly, the Executive Vice-Chairman of United
Engineers (M) Berhad, PLUS, NSTP, Kinta Kellas and Faber Group
Berhad. He was also the former Executive Chairman of UEM World
Berhad (Formerly known as Renong Berhad).


SIME DARBY: Answers BMSB's Query
--------------------------------
With reference to the letter from Bursa Malaysia Securities
Berhad (BMSB) to Sime Darby Berhad (Sime Darby) dated 7th June
2004 and the news article appearing in page 1 and 64 of The Edge
on Monday, 7th June 2004, which states that Sime Darby is
looking to acquire Oriental Holdings Berhad's 60% stake in
Oriental Hyundai Sdn. Bhd.

Sime Darby wishes to inform BMSB that it does not have any plan
to acquire the said 60 percent stake in Oriental Hyundai Sdn.
Bhd. and it is not aware of the basis of the statements to that
effect in the abovementioned article.

This announcement is dated 8th June 2004.

Query Letter content:

We refer to the above news article appearing in The Edge, pages
1 and 64, on Monday, 7 June 2004, a copy of which is enclosed
for your reference.

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

"Sime Darby Bhd is looking to acquire Oriental Holdings Bhd's
60% stake in Oriental Hyundai Sdn Bhd..."

"It is believed that Sime Darby wants to consolidate the entire
Hyundai business under its motor group division after its
acquisition of Hyundai-Berjaya Corp Bhd."

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

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

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

Yours faithfully
LISA LAM
Sector Head , Issues & Listing
Group Regulations
LL/ZOOS
c.c. Securities Commission (via fax)


TAP RESOURCES: Details Proposal On Various Acquisitions
-------------------------------------------------------
On behalf of the Board of Directors of TAP Resources Berhad
(TAP), Alliance Merchant Bank Berhad (Alliance) disclosed to
Bursa Malaysia Securities Berhad that the Company proposes to
undertake:

(i) Proposed Times Enterprise Acquisition

Proposed acquisition of 1,470,000 ordinary shares of Thai Baht
10 each in Times Enterprise Co. Ltd (Times Enterprise) (Times
Enterprise Shares) representing 49 percent equity interest in
Times Enterprise for a total purchase consideration of
RM6,860,000 to be satisfied by the issuance of 6,860,000 new
ordinary shares of RM1.00 each in TAP (TAP Shares) at par;

(ii) Proposed Sulta Nate Acquisition

Proposed acquisition of 2,400 ordinary shares of Thai Baht 100
each in Sulta Nate Interiors Co. Ltd (Sulta Nate) (Sulta Nate
Shares) representing 48% equity interest in Sulta Nate for a
total purchase consideration of RM336,000 to be satisfied by the
issuance of 336,000 new TAP Shares at par;

(iii) Proposed Transturbo Acquisition

Proposed acquisition of 510,000 ordinary shares of RM1.00 each
in Transturbo Engineering Sdn Bhd (Transturbo) (Transturbo
Shares) representing 51% equity interest in Transturbo for a
total purchase consideration of RM4,335,000 to be satisfied by
the issuance of 4,335,000 new TAP Shares at par;

(iv) Proposed SGE Acquisition

Proposed acquisition of 360,030 ordinary shares of RM1.00 each
in Specialist Grouting Engineers Sdn Bhd (SGE) (SGE Shares)
representing 60% equity interest in SGE for a total purchase
consideration of RM10,800,000 to be satisfied by the issuance of
10,800,000 new TAP Shares at par;

(v) Proposed Kalansa Acquisition

Proposed acquisition of 1,000,000 ordinary shares of RM1.00 each
in Kalansa Energy Corporation Sdn Bhd (Kalansa)(Kalansa Shares)
representing the entire equity interest in Kalansa for a total
purchase consideration of RM9,000,000 to be satisfied by the
issuance of 9,000,000 new TAP Shares at par;

(vi) Proposed Sunquest Acquisition

Proposed acquisition of 1,000,000 ordinary shares of RM1.00 each
in Sunquest Sdn Bhd (Sunquest) (Sunquest Shares) representing
the entire equity interest in Sunquest for a total purchase
consideration of RM11,000,000 to be satisfied by the issuance of
11,000,000 new TAP Shares at par;

(vii) Proposed Elastic Quantum Acquisition

Proposed acquisition of 765,001 ordinary shares of RM1.00 each
in Elastic Quantum Sdn Bhd (Elastic Quantum) (Elastic Quantum
Shares) representing 51 percent equity interest in Elastic
Quantum for a total purchase consideration of RM7,500,000 to be
satisfied by the issuance of 7,500,000 new TAP Shares at par;

(viii) Proposed Rights Issue

Proposed renounceable two-call rights issue of up to 70,445,093
new TAP Shares (Rights Shares) together with up to 35,222,547
detachable warrants (Warrants) on the basis of two (2) Rights
Shares together with one (1) free Warrant for every four (4)
existing TAP Shares held, at par, payable in two (2) calls, as:

(a) the first call of RM0.70 will be payable in cash upon
application; and

(b) the second call of the remaining RM0.30 will be payable out
of the Company's share premium account; and

(ix) Proposed Increase in Authorised Share Capital

Proposed increase in the authorised share capital of TAP from
RM200,000,000 comprising 200,000,000 TAP Shares to
RM1,000,000,000 comprising 1,000,000,000 TAP Shares

Details of the Proposals are set out in the attached file.

This announcement is dated 8 June 2004.


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


BENPRES HOLDINGS: Issues News Article Clarification
---------------------------------------------------
With reference to the news article entitled "Benpres forecasts
turnaround" published in the June 8, 2004 issue of Today,
Benpres Holdings Inc. issued to the Philippine Stock Exchange
clarification of the said article which reported that:

"Furthermore, Mr. Ong is confident the company would be able to
wipe out its retained earnings deficit of PhP8.23 billion in the
next four to five years, if its subsidiaries continue to
generate strong income.

Benpres is currently in talks with creditors for debt
restructuring, proposing a 10-year debt-repayment program.  Mr.
Ong said at the end of 10 years, the debt is expected to either
be fully paid or at a level that is quite manageable.  However,
there are still issues on security and pricing that has (sic) to
be resolved with creditors.

Benpres is also preparing to sell its interest in noncore assets
to at third-party investor as a way to generate cash to pay off
its debts.  On the selling block are its interest in toll road
(Manila North Luzon Tollway Corp.), property (Rockwell Land
Corp.) and cable television (Beyond Cable).

Mr. Ong said the company has been communicating with parties
that would be interested in acquiring its stake in MNTC, but any
sale will be likely finalized after the tollway project is
completed and the government implements the tollrate increase."

Benpres Holdings Corp., in its letter dated June 8, 2004
disclosed that:

"Benpres would like to clarify the statement quoted from Mr.
Angel Ong regarding the wipe out of Benpres' retained earnings
deficit of PhP8.23 billion.  Mr. Ong was referring to the
expectation that there would be no major loss provisioning for
liabilities from guarantees and commitments or from decline in
value of investments. This assumes the positive resolution of
the Maynilad Compromise Plan and the completion of the Beyond
Cable restructuring and consolidation.  At present, provisioning
for losses is the most significant cost item in the Benpres
financial statement.

Benpres confirms the information in the second third and fourth
paragraphs quoted from the Article."


MANILA ELECTRIC: Creditors Extend Due Date of US$79M Loan
---------------------------------------------------------
Creditors granted Manila Electric Co. (Meralco) three more
months to repay a US$79 million short-term debt, BusinessWorld
reports.

Compared to previous extensions granted to Meralco, creditors
this time did not require the power distributor to repay a
portion of the loan.  Meralco President Jesus P. Francisco is
confident this will be the last extension, although he admits
much depends on the outcome of the planned bond issuance this
year.

"We might be able to do a refinancing done in September. If we
get that, there might be no need [for a new extension],"
BusinessWorld quoted Mr. Francisco.

The short-term loan is owed to Citibank, Bank of the Philippine
Islands, Equitable PCI, and Banco de Oro.


MANILA ELECTRIC: Releases List Of Newly-Elected Officers
--------------------------------------------------------
Manila Electric Co. (Meralco) disclosed to the Philippine Stock
Exchange the elected officers of the company during the Board of
Directors organizational meeting held on June 8, 2004.

To view full copy of the list, click
http://bankrupt.com/misc/MANILAELECTRIC060904.pdf


MUSIC SEMICONDUCTORS: Sets Annual Stockholders Meeting
------------------------------------------------------
Music Semiconductors Corp. disclosed to the Philippine Stock
Exchange the schedule of its 2004 Annual Stockholders Meeting to
be held on Friday, August 27, 2004, 2:00 p.m. at the Lubang Room
of the EDSA Shangrila Hotel.

The company has fixed June 22, 2004 as the record date for the
purpose of determining the stockholders entitled to notice of
and to vote at the said annual meeting of the stockholders.

The company will immediately inform the Exchange of the agenda
for the said meeting as soon as the same is finalized.


NATIONAL POWER: Lopez Unit Pays US$1.5M for Agusan Hydro Plant
--------------------------------------------------------------
First Generation Holdings Corp., the energy arm of the Lopez
group, snatched National Power Corp.'s (Napocor) 1.6 megawatt
(MW) Agusan Hydroelectric Power Plant, BusinessWorld says.

First Generation's US$1.5 million bid topped two others
submitted by Hydro Electric Development and Sta. Clara
International Corporation.  Proceeds from the sale will be used
to ease the financial obligations of Napocor, according to
Finance Secretary Juanita D. Amatong.

Located in Manolo Fortich, Bukidnon, a province in Northern
Mindanao, the power plant marks First Generation's venture into
renewable energy, company Vice President Ernesto Pantangco told
BusinessWorld.  The plant, however, needs to undergo minor
rehabilitation before it becomes operational.  

Ownership of the plant will be obtained once conditions
precedent to the asset transfer would be met, he said.  One of
the most critical prerequisites is getting the consent of
Napocor's creditors to transfer the asset to the Power Sector
Assets and Liabilities Management Corp. (PSALM) so that the
government can in turn transfer it to the winning bidder.  The
government expects to get the creditors' consent for the
transfer of Napocor's debts and assets to PSALM by July or
August.

In addition to the sale of the Agusan plant, PSALM has set the
bidding of the 0.4-MW Cawayan power plant for June 10 and the
1.8-MW Barit hydroelectric power plant for June 25.


NATIONAL BANK: Allocates Php1B For SMEs
---------------------------------------
Philippine National Bank (PNB) has earmarked at least PhP1
billion in funds to support a business loan program designed to
meet the financial needs of the Filipino Small and Medium
Enterprise (SME) market.

In launching the PNB Small Business Loan Program, President and
CEO Lorenzo V. Tan said the move to set aside the said amount
concretizes the renewal of the Bank's commitment to the concerns
of the Filipino entrepreneur.

"The Bank believes in the potential of small entrepreneurs who
together comprise over 96 percent of total registered businesses
in the country," Mr. Tan said in a press release.

"Unfortunately, very few local entities have been able to comply
with traditional bank loan application requirements, and are
therefore able to acquire loans from the formal banking sector,"
he added.

The introduction of the new loan facility is the latest
development in the Bank's long history of providing strategic
assistance to small-scale businessmen. In the 70s, PNB's Bank on
Wheels broke the rules of traditional lending when it delivered
Masagana Crop Loans right at the farmers' rice fields.

For several decades, the Bank also worked hand-in-hand with
various government agencies charged with the promotion of
export-oriented small and medium enterprises. In the 1990s, PNB
vigorously espoused livelihood program in the countryside
through Pangkabuhayan ng Bayan, an integrated livelihood program
that won for the Bank a "Marketing Company of the Year" award
from the Philippine Marketing Association in 1991.

FSVP and Corporate Banking Head Michael O. De Jesus said the new
facility provides servicing features that have been attuned for
the SME businessman's various needs which have undergone change
over time. "While similar to past loan assistance programs of
the Bank, the PNB Small Business Loan Program offers a more SME-
friendly approach especially in the areas of screening, loan
processing and management for small and medium sized
enterprises."

However, he was quick to add "while the screening process for
small business loans will be simplified, the high credit
standards and safeguards recently installed by PNB's new
management will not be compromised."

At present, about 4,700 accounts, or 90 percent of, the Bank's
business loan portfolio is accounted for by small enterprises
with credit accommodations not exceeding PhP5 Million. Together,
these loans account for only PhP3 Billion or less than 5 percent
of the Bank's portfolio.

The Bank wants to be able to reach out to as many small
entrepreneurs as possible and expand the figure by about 50
percent for the remainder of 2004. To achieve this and be an
effective catalyst for growth, it simplified its loan
origination process and will utilize its extensive local branch
network composed of 324 branches.

Aside from providing business loans, PNB continues to be active
in project financing, import and export trade financing
services, as well as in providing consumer banking products such
as housing and auto loans.


PHILIPPINE LONG: Details Declaration Of Cash Dividends
------------------------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, Philippine Long Distance Telephone Co. (PLDT)
advises that during the meeting of the Board of Directors of the
company on June 8, 2004, the following cash dividends were
declared:

(1) $1.029412 per outstanding share of The Company's Series III
Convertible Preferred Stock, payable on July 15, 2004 to the
holders of record on June 25, 2004.

(2) P4.675 per outstanding share of the company's Series V
Convertible Preferred Stock, payable on July 15, 2004 to the
holders of record on June 25, 2004.

(3) $.09925 per outstanding share of the company's Series VI
Convertible Preferred Stock, payable on July 15, 2004 to the
holders of record on June 25, 2004.

(4) JY10.179725 per outstanding share of the company's Series
VII Convertible Preferred Stock, payable on July 15, 2004 to the
holders of record on June 25, 2004.


PHILIPPINE LONG: Unveils Result Of Annual Stockholders Meeting
--------------------------------------------------------------
Philippine Long Distance Telephone Co. disclosed to the
Philippine Stock Exchange the results of the Annual Stockholders
Meeting held on June 8, 2004.  

The following persons were elected as directors of the company
for the ensuing corporate year:

Antonio O. Cojuangco
Helen Y. Dee
Ray C. Espinosa
Napoleon L. Nazareno
Bienvenido F. Nebres
Manuel V. Pangilinan
Corazon S. de la Paz
Albert F. del Rosario
Pedro E. Roxas
Juan B. Santos
Teresita T. Sy
Mitsuhiro Takase
Shigeru Yoshida

To view full copy of the Meeting's results click
http://bankrupt.com/misc/PHILIPPINELONG060904.pdf


PHILIPPINE LONG: Board Okays Unit's Debt Exchange Transaction
-------------------------------------------------------------
Smart Communications Inc., a wholly-owned subsidiary of
Philippine Long Distance Telephone Co. (PLDT), announced in a
press release that the Board of Directors of PLDT has endorsed
Smart's decision to proceed with the Pilipino Telephone Corp.
(Piltel) debt Exchange transaction.

As of to date, Smart had received offers from Piltel creditors
representing approximately 69 percent in aggregate of hte
outstanding restructured Piltel debt to sell their Piltel debt
to Smart.

Some Piltel creditors who opted not to participate in the
transaction nonetheless have indicated that they will consent to
certain amendments to the agreements governing Piltel's
restructured indebtedness, thus permitting Smart to achieve its
overall commercial objectives in proceeding to close the
transaction.  

Given this development, the PLDT Board has authorized Smart to
proceed with the transaction despite not having met the 75
percent aggregate acceptance level set earlier.

Based on the offers received by Smart, the following is a
breakdown of the options to be allocated to the participating
Piltel creditors and their percentages of the total amount of
Piltel's outstanding restructured debt:

To view full copy of the breakdown of options, click
http://bankrupt.com/misc/PHILIPPINELONG060904_3.pdf


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


CHARTERED SEMICONDUCTOR: Sees S$16M Second-quarter Profit
---------------------------------------------------------
As computer components demand rises, chipmaker Chartered
Semiconductor upped its profit outlook for second quarter to
S$16 million (US$9.5 million) from the previous forecast of S$12
million (US$7 million), Channel News Asia reported Tuesday.

The revised second-quarter earnings forecast includes charges of
about S$10 million (US$6 million) to account for its minority
stake in Silicon Manufacturing Partners, which owns one of
Chartered production plants.

The quarterly profit will be the company's second after three
years of losses.


TIONG POLESTAR: Issues Intended Preferential Dividend Notice
------------------------------------------------------------
Tiong Polestar Engineering Pte Ltd (In Liquidation) issued a
notice of intended dividend as follows:

Address of Registered Office: 29 Tuas Basin Link
Singapore 638765.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 60 of 2000.

Last day for receiving proof: June 18, 2004.

Name of Liquidators: Jamshid K. Medora.

Address: 9 Battery Road
#13-10 Straits Trading Building
Singapore 049910

JAMSHID K MEDORA
Liquidator.

This Singapore Government Gazette is dated June 4, 2004.


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

PAE THAILAND: Unveils Extraordinary Shareholders Meeting
--------------------------------------------------------
PAE (Thailand) PCL disclosed to the Stock Exchange of Thailand
(SET) its Extraordinary Shareholders Meeting held on June 8,
2004, at 10:00 a.m. and passed the following material
resolutions:

(1) The Meeting acknowledged the Central Bankruptcy Court Order
to cancel the Reorganization Plan dated 28 April 2004.

(2) The Meeting acknowledged the Financial Statement of the Year
2003 and the Financial Statement for first quarter of the Year
2004.

(3) The Meeting resolved to approve the resignation of the
following Directors;

(i)  Mr. Narong Yamprasert
(ii) Mr. Sanong Sirikulwatana
(iii)Mr. Hatasakdi Na Pombeja

And to appoint the new Directors and Independent Directors as
follows;

(1) Mr. Kobsak Chinawongwatana  - Director
(2) Mr. Pornsak Chinawongwatana - Director
(3) Mr. Worasit Phokachaipat - Director
(4) Mr. Kosol Chantikul - Independent Director
(5) Mr. Suchart Suphayak  - Independent Director
(6) Mr. Hatasakdi Na Pombejra  - Independent Director

These directors are newly appointed did not replace any resigned
directors.  
  
The Meeting resolved to approve the following names of the
Authorized Directors who can sign on behalf of the Company:

Mr. Kobsak Chinawongwatana or Mr. Pornsak Chinawongwatana signed
together with Ms. Kesrin Ariyapongse or Mr. Kiat Boonyapo
or Mr. Bruce Edward Daye  together with the company seal
affixed.

(4) The Meeting resolved the appointment of Ernst & Young Office
Limited as the auditors for the year 2004  with the list of the
following auditors;

(1) Ms. Ratana Jala; the auditor with the license no. 3734 or
(2) Ms. Saifon Inkaew; the auditor with the license no. 4434 or
(3) Mr. Ruth Chaowanagawi; the auditor with the license no. 3247

The remuneration for the audit is THB700,000 (Seven Hundred
Thousand Baht) which includes THB400,000 (Four Hundred Thousand
Baht) for the audit fee and THB100,000 (One Hundred Thousand
Baht) per the audit of each quarter for the total of three
quarters.

(5) The Meeting resolved the amendment of the Memorandum of
Association, Clause 3 regarding the Objectives by adding the
company objectives from the original of 27 to 45 , the details
are shown in attached document.

Please be informed accordingly.
Respectfully yours,
(Bruce Edward Daye)       (Ms. Kesrin Ariyapongse)
General ManagerGeneral     Manger


     
                       *********


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

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

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

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

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

                 *** End of Transmission ***