TCRAP_Public/040614.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

             Monday, June 14, 2004, Vol. 7, No. 116

                            Headlines

A U S T R A L I A

HIH INSURANCE: Taxpayers Face $812M Bill to Fund HIH Rescue
NOVUS PETROLEUM: Sunov Withdraws Offer
QANTAS AIRWAYS: Scraps Sydney Terminal Sale
VILLAGE ROADSHOW: Sees FY04 Net Profit To Hit A$52M


C H I N A  &  H O N G  K O N G

CHARTER HONOUR: Schedules Winding Up Hearing on July 7
CHUN HO: Annual Meetings of Members and Creditors Set June 18
FAIRLADY FASHION: Winding Up Hearing Scheduled June 23
KAI MEN: Court Hearing for Appointment of Liquidators Set
KELISTON MARINE: Winding Up Hearing Slated for June 23

NGAI CHUN: Creditors to Meet June 23
TCM DEVELOPMENT: Court Issues Winding Up Petition for June 30
VICTY LIMITED: Winding Up Hearing Set on July 7


I N D O N E S I A

KIANI KERTAS: Names Preferred Bidders for Stake Sale
UNITED TRACTORS: To Sell Scania Trucks, Buses


J A P A N

ALL NIPPON: Seeks To Raise International Fares By 5%
ASHIKAGA BANK: To Cut Workforce by 15% Over 3 Years
ASHIKAGA BANK: Negative Net Worth Snowballs to JPY680B
MITSUBISHI FUSO: Issues Statement on Arrests
MITSUBISHI FUSO: LTSA Orders Safety Inspection of Vehicles

MITSUBISHI MOTORS: To Relocate Head Office
NISSHO IWAI: Comments on S&P's Rating Action on Subsidiary
NISSHO IWAI: Clarifies Nikkei Newspaper Report
RESONA HOLDINGS: Issues Transaction Suspension Notice


K O R E A

ASIANA AIRLINES: Begins Code Share Deal With Air New Zealand
HYUNDAI MERCHANT: Hutchison Whampoa Acquires 12% Stake


M A L A Y S I A

CHASE PERDANA: Unveils Annual General Meeting Results
FAR EAST: Issues Corporate Proposals
KUALA LUMPUR: Details Resolutions Passed During AGM
LONG HUAT: Issues 1Q Unaudited Financial Report Changes
MALAYSIA MINING: Changes Name To MMC Corporation Berhad

OSK HOLDINGS: Issues Notice On Shares Buy Back
PAN MALAYSIA: Issues Update On Proposed Disposal
SALCON BERHAD: Enters Water Project Agreement
SUNWAY HOLDINGS: Issues 90,000 New Ordinary Shares
TAP RESOURCES: Issues Update On ICULS

UNITED CHEMICAL: Provides Update On Default In Payment


P H I L I P P I N E S

ABS-CBN BROADCASTING: Signs Underwriting Agreement For US$120M
BAYAN TELECOMMUNICATIONS: Parent Clarifies News Article
MANILA ELECTRIC: Issues Statement On ERC's PhP13Bln Refund Order
NATIONAL POWER: ERC Approves New Generation Charge
NEGROS NAVIGATION: To Pay PhP424M In Back Taxes Before Year Ends

PHILIPPINE AIRLINES: 2007 E-Ticketing Deadline Not Doable   
PHILIPPINE BANK: 9,900 Common Shares To Be Listed On June 14


S I N G A P O R E

ACHIEVA LIMITED: Appoints New Company Secretary
CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
GOODWOOD PARK: Cancels 4.47% of Issued and Paid-up Capital
HAW PAR: Issues Notice of Director's Interest
SINGAPORE PRESS: Announces Share Sub-division, Capital Reduction

MANY STARS: Issues Debt Claim Notice to Creditors
WFI PRIVATE: Creditors Must Submit Claims on July 9


T H A I L A N D

CAPETRONIC INTERNATIONAL: Unveils Resolution Of Meeting
CAPETRONIC INTERNATIONAL: Details Appointment Of Audit Committee  
NATIONAL FERTILIZER: Court Grants Increase In Paid Up Capital

     -  -  -  -  -  -  -  -  

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


HIH INSURANCE: Taxpayers Face $812M Bill to Fund HIH Rescue
-----------------------------------------------------------
A review of a taxpayer-funded scheme to help victims of the HIH
collapse has estimated the cost of paying claims to rise to $812
million within 20 years, the Herald Sun reveals, citing a report
from the Australian National Audit Office.

The Australian National Audit Office report also stressed that
the $640 million fund, set aside by the federal Government three
years ago, would be exhausted by 2007.

The fund, which stopped taking new claims in February, has paid
out $340 million to 15,000 former HIH customers - mostly
individuals or small firms - for income protection, car and home
insurance and loss of salary.

It was originally budgeted to cost $640 million over five years,
to 2005-06.

BACKGROUND

(1) The HIH group of companies (HIH), one of Australia's biggest
providers of insurance services, was placed into provisional
liquidation on 15 March 2001. Joint liquidators were appointed
on 27 August 2001.

(2) On 14 May 2001, the Government decided to implement a scheme
to provide assistance to policyholders experiencing financial
hardship as a result of the HIH collapse-the HIH Claims Support
Scheme. The Scheme formally commenced operations on 7 July 2001.

(3) Following the November 2001 general election, responsibility
for the Scheme was transferred to the Minister for Revenue and
Assistant Treasurer, Senator Helen Coonan. Treasury is the
Commonwealth department responsible for administering the
Scheme.

A copy of the "HIH Claims Support Scheme" is located at the
Australian National Audit Web site at http://www.anao.gov.au.


NOVUS PETROLEUM: Sunov Withdraws Offer
--------------------------------------
In its sixth supplementary bidder's statement, Sunov Petroleum
Pty Ltd. said it intended to apply to the Australian Securities
& Investment Commission (ASIC) for ASIC's consent to the
withdrawal of its takeover bid for all the ordinary shares of
Novus Petroleum Limited.

The ASIC has given that consent, subject to conditions, which
have been fulfilled.

Accordingly, Sunov advises that from 9 June 2004:

i. The Offer is withdrawn:
ii. All contracts arising from acceptance of the Offer are
void; and
iii. Novus shareholders who accepted Sunov's Offer are free to
deal with their Novus shares as they see fit (including
accepting the Medco Offer).

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_novus0611.pdf


QANTAS AIRWAYS: Scraps Sydney Terminal Sale
-------------------------------------------
Qantas Airways Limited said Friday that it won't be scaling back
its fleet upgrade program even though it has abandoned plans to
sell its Sydney domestic terminal, according to Dow Jones.

The fleet upgrade "won't be impacted," a spokeswoman said,
confirming that the airline has withdrawn the terminal from
sale.

The Australian Financial Review on Friday quoted Qantas Chief
Financial Officer Peter Gregg as saying the airline had
considered all options for the terminal, but as none of them
achieved the airline's goals, the asset had been withdrawn from
sale.


VILLAGE ROADSHOW: Sees FY04 Net Profit To Hit A$52M
---------------------------------------------------
Village Roadshow Limited forecasted a net profit of A$52 million
for the year ending June 30, 2004, according to Dow Jones.

The film and entertainment company, which reported a net loss of
A$26 million last year, added that it won't review its dividend
policy until the full audited accounts are considered, likely in
late August.

The Company announced in May 2003 the suspension of dividends,
citing the fiscal 2003 loss and its cash flow requirements.


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


CHARTER HONOUR: Schedules Winding Up Hearing on July 7
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Charter Honour International Limited 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 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.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, 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.


CHUN HO: Annual Meetings of Members and Creditors Set June 18
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the Members
and Creditors of Chun Ho Decoration & Design Engineering Company
will be held at 2/F, Wing Yee Commercial Building, 5 Wing Kut
Street, Central, Hong Kong on June 18, 2004 at the times listed
below for the purpose of laying before the meeting by the
Liquidator an account of his acts and dealings and of the
conduct of the winding-up during the preceding year.

Time of Meeting of Members, 2:30 p.m.
Time of Meeting of Creditors, 3:30 p.m.

This announcement is dated June 11, 2004.


FAIRLADY FASHION: Winding Up Hearing Scheduled June 23
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fairlady Fashion Limited by the High Court of Hong Kong was on
April 26, 2004 resented to the said Court by The World Realty
Limited, Yau Fook Hong Company Limited, Sublime Finance and
Investments Limited, Macfarlane Estates Limited and Fung Cheung
Realty Limited whose registered offices are all situated at Top
Floor, Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui
East, Kowloon, hong Kong. The said Petition is directed to be
heard before the Court at 10:00 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.

P.C. WOO & CO.
Solicitors for the Petitioner,
Room 1225, Prince's Building
10 Chater Road Central, 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 22nd day of June
2004.


KAI MEN: Court Hearing for Appointment of Liquidators Set
---------------------------------------------------------
Pursuant to a direction given by Master S. Kwang of the High
Court, a hearing has been fixed on July 1, 2004 at 9:30 a.m. at
the High Court located at High Court Building, 38 Queensway,
Hong Kong. This is for the High Court's consideration of the
application made by the Provisional Liquidators pursuant to
Section 194 of the Companies Ordinance for the appointment of
Nicholas Timothy Comforth Hill and Cosimo Borrelli as Joint and
Several Liquidators of the Company.

Copies of the Provisional Liquidator's reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidators at the address below.

Nicholas Timothy Comforth Hill
Cosimo Borreli
Joint and Several Liquidators
Kai Men Tai International Limited

RSM Nelson Wheelor Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Tel. (852) 2598 5123
Fax: (852) 2598 0060

This announcement is dated June 11, 2004.


KELISTON MARINE: Winding Up Hearing Slated for June 23
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Keliston Marine (Far East) Limited by the High Court of Hong
Kong was on April 21, 2004 resented to the said Court by Win
Realisations Limited (in Liquidation) care of Steven Law of
Ensors Chartered Accountants, Cardinal House, 46 St. Nicholas
Street, Ipswich, Suffolk, IP1 1TT,United Kingdom. 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.

MINTER ELLISON
Solicitors for the Petitioner,
911-918 Hutchison House
10 Harcourt Road
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 22nd day of June
2004.


NGAI CHUN: Creditors to Meet June 23
------------------------------------
The creditors of Ngai Chun Off-Set Printing Limited will hold a
meeting at Room 1101, 11/F Shiu Lam Building, 23 Luard Road, Wan
Chai, Hong Kong on June 23, 2004 at 2:30 p.m. for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at the above address
not later than 4:00 p.m. on the day before the meeting or
adjourned meeting at which they are to be used.

By Order of the Board
NGAI CHUN OFF-SET PRINTING LIMITED
LAI CHI MAN
Director


TCM DEVELOPMENT: Court Issues Winding Up Petition for June 30
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
TCM Development Co. Limited by the High Court of Hong Kong was
on April 29, 2004 resented to the said Court by The World Realty
Limited, Yau Fook Hong Company Limited, Sublime Finance and
Investments Limited, Macfarlane Estates Limited and Fung Cheung
Realty Limited whose registered offices are all situated at Top
Floor, Chinachem Golden Plaza, No. 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 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, 12th Floor Wheelock House
20 Padder 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.


VICTY LIMITED: Winding Up Hearing Set on July 7
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Victy Limited by the High Court of Hong Kong was on May
12, 2004 presented to the said Court by Nanyang Commercial Bank
Limited whose registered office is situated at 151 Des Voeux
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.

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

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


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


KIANI KERTAS: Names Preferred Bidders for Stake Sale
----------------------------------------------------
Australia's Ashmor and United State's Amrook have been named
preferred bidders for a stake in pulp and paper maker PT Kiani
Kertas, according to Asia Pulse.

The sale is expected to help state-owned Bank Mandiri recover a
large non-performing loan.  The company accounts for IDR1.7
trillion (US$190 million) of the bank's total non-performing
loans.


UNITED TRACTORS: To Sell Scania Trucks, Buses
---------------------------------------------
With hopes of increasing its sales, Indonesian heavy equipment
company PT United Tractors has forged a deal with Swedish firm
Scania to sell its trucks and buses in the country, says Dow
Jones.

Scania makes 24-ton trucks, which are suitable for use on and
off-road, and even in mining and forestry industries.

Automotive concern PT Astra International has a 49% stake in
United Tractors.


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


ALL NIPPON: Seeks To Raise International Fares By 5%
---------------------------------------------------
All Nippon Airways Co., Ltd. last week filed an application with
the Japanese government to raise International Air Transport
Association (IATA) international fares to and from Japan, in
line with a decision made at the IATA Special Tariff
Coordinating Conference on May 28.

In a company press release, an increase of 5 percent for normal
and special fares on all classes, on all international routes
has been proposed, with some exceptions.

Comparison of fares before and after the rise

Business Class normal return fare (yen)

Route                 New fare             Old fare

Tokyo to Los Angeles  501,700 (Weekday)*1  477,800 (Weekday)*1
                      541,700 (Weekend)*2  517,800 (Weekend)*2

Tokyo to London       875,600 (Weekday)*1  833,900 (Weekday)*1
                      915,600 (Weekend)*2  873,900 (Weekend)*2

Tokyo to Singapore    363,100 (Weekday)*3  345,800 (Weekday)*3
                      383,100 (Weekend)*4 365,800 (Weekend)*4

*1 Weekday: departing Japan Tue-Sat, departing Europe/ USA Sun -
Thu
*2 Weekend: departing Japan Sun, Mon, departing Europe/ USA Fri,
Sat
*3 Weekday: departing Japan Tue-Fri, departing Singapore Mon -
Thu
*4 Weekend: departing Japan Sat-Mon, departing Singapore Fri,
Sun

For further information Contact:  
Rob Henderson, ANA Public Relation: r.henderson@ana.co.jp


ASHIKAGA BANK: To Cut Workforce by 15% Over 3 Years
---------------------------------------------------
As part of its restructuring plan, Ashikaga Bank plans to cut
400 jobs, or 15 percent of its total workforce, by March 31,
2007, Kyodo News reported on Friday.

The move will slash the size of the workforce to 2,200 at the
troubled bank, which was nationalized December 1 last year
through the government's seizure of all outstanding shares for
zero yen.


ASHIKAGA BANK: Negative Net Worth Snowballs to JPY680B
------------------------------------------------------
Ashikaga Bank is expected to post a net loss of some 780 billion
yen for fiscal 2003, the Asahi Shimbun reports.  

The bank, under temporary state control since declaring
bankruptcy in November, had a negative net worth of 680 billion
yen as of March this year.  Two months before succumbing to
bankruptcy, the bank had a negative net worth of 100 billion
yen.

The Financial Services Agency has asked the bank to speed up its
rehabilitation by taking advantage of the Industrial
Revitalization Corporation, the state-backed corporate
rehabilitation agency.


MITSUBISHI FUSO: Issues Statement on Arrests
--------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) takes
Thursday's arrest of its former Chairman Takashi Usami, as well
as five former Mitsubishi Motors Corporation (MMC) executives,
very seriously, a company press release said.

The press release stated:

The Company would like to express its sincerest apologies to its
customers and all related persons for the disturbances and
worries caused by this matter.

Mitsubishi Fuso is highly interested in the final resolve of
these matters of the past. The Company is continuing to fully
cooperate with all respective authorities.

The Company will continue to implement further quality
improvement measures as well as improve its corporate culture in
order to regain the trust of the public and its customers. As
announced earlier this week, it will hold a press conference on
15 June 2004.

Communication Team
Mitsubishi Fuso Truck and Bus Corporation


MITSUBISHI FUSO: LTSA Orders Safety Inspection of Vehicles
----------------------------------------------------------
The Land Transport Safety Authority (LTSA), in a press release,
orders urgent safety inspection of 843 used imported Mitsubishi
Fuso trucks and buses.

The action follows a recall in Japan relating to a design flaw
in the wheel hubs of vehicles manufactured by Mitsubishi Fuso
Truck and Bus Corporation.

The flaw may cause hubs and wheels to detach from vehicles. The
fault is known to have led to an accident in Japan in 2002
resulting in one fatality and two injuries.

Despite originally treating the incidents as the result of poor
servicing, Mitsubishi Fuso Truck and Bus Corporation has now
concluded that the hub's design was at fault and earlier this
year issued a formal recall on more than 110,000 vehicles with
the affected hubs in Japan.

Director of Land Transport Safety David Wright said that in the
LTSA's view, this was a serious public safety issue.

"The fact that these defective hubs are on more than 800
registered heavy vehicles in New Zealand, including 70 school
buses, makes us extremely concerned.

"As such, we are advising owners not to operate these vehicles
until they have had them inspected by an independent heavy motor
vehicle service provider," Mr. Wright said.

FUSO RECALL TWO OF THREE

Mitsubishi Fuso Truck and Bus Corporation have provided a safety
bulletin outlining the procedure required for the inspection.
Any vehicles which fail the inspection will have their
Certificate of Fitness (CoF) revoked and cannot be driven until
the faulty hubs have been replaced.

The issue affects used Mitsubishi Fuso trucks and buses imported
into New Zealand independently (i.e. not by Mitsubishi Motors
New Zealand) between 1983-1998. Most can be identified through a
chassis number containing any of the following combinations:

Trucks: FN4, FP4, FR4, FS4, FT4, FW4, FU4, and K3, or KS3 (Fuso
Kato mobile cranes).

Buses: MM1, MM5, MP2, MP5, MP6, or MU5.

OWNERS OF THESE VEHICLES SHOULD:

Cease operating the vehicle immediately

Take it to an independent workshop (a workshop not associated
with the vehicle owner) to be inspected according to the
procedure supplied by Mitsubishi Fuso Truck and Bus Corporation
(a copy of this will be sent out with notification but can be
viewed at www.ltsa.govt.nz/vehicle-safety/alerts).

If the vehicle is within the wear limits established by
Mitsubishi the vehicles is safe to drive subject to the
inspection procedure being repeated every six months until the
new hubs become available. The person who is in control of the
workshop undertaking the inspection and returned by the owner to
the LTSA by 2 July 2004 must sign a `record of vehicle
inspection' form.

If the vehicle is found to be unsafe, the workshop is being
asked to notify the LTSA immediately.

Any vehicles which have not been inspected and confirmation sent
to LTSA by 2 July 2004 will have their Certificate of Fitness
revoked and will not legally be allowed to be driven on road.


MITSUBISHI MOTORS: To Relocate Head Office
------------------------------------------
Mitsubishi Motors Corporation (MMC) is planning to relocate its
head office from Tokyo to Kyoto, Kyodo News reported on Friday.
MMC President Yoichi Okazaki made the request at meetings with
Kyoto Mayor Yorikane Masumoto and Kyoto Gov Keiji Yamada.

Mr. Masumoto said that if MMC builds a head-office building and
plant in the city, the city government will study specific
measures to assist the carmaker, such as effective exemption of
fixed-assets and other taxes for five years.


NISSHO IWAI: Comments on S&P's Rating Action on Subsidiary
----------------------------------------------------------
On June 8, 2004, Standard and Poor's Ratings Services (S&P)
lowered its long-term corporate credit rating on Sojitz
Corporation to `B-'` from `B', and its rating on the company's
senior unsecured debt to `B+' from `BB-`. Sojitz Corporation is
a consolidated subsidiary of Nissho Iwai - Nichimen Holdings
Corporation (NNH). At the same time, S&P placed all its ratings
on Sojitz Corporation on CreditWatch with negative implications.

According to S&P, the downgrade and CreditWatch listing reflects
the possibility that the Business Plan (S&P refers to it as a
restructuring plan) for the Sojitz Group may be reviewed.

S&P stated "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." At this time, however, neither NNH nor Sojitz has
been contacted regarding a review of its Business Plan, and
continues to conduct regular transactions as before with its
primary financial institutions including UFJ Bank. For this
reason, we believe that conditions have not changed to warrant
heightened concerns over debt obligations as pointed out by S&P.

Nissho Iwai - Nichimen Holdings Corporation regret that its
repeated explanations of this matter were not fully understood
by S&P.

The NNH Group remains in position to make steady progress on its
Business Plan with the cooperation of its customers,
shareholders and financial institutions.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_sojitz0611.pdf


NISSHO IWAI: Clarifies Nikkei Newspaper Report
----------------------------------------------
On June 5, 2004, the evening edition of the Nihon Keizai Shimbun
(Nikkei Newspaper) carried an article about Nissho Iwai -
Nichimen Holdings Corporation (NNH). After confirming with UFJ
Bank, NNH reiterates that it has not corresponded with UFJ Bank
regarding the use of revitalization measures or a review of the
Company's Business Plan.

In a press release, NNH remains committed to its policy of
continuing autonomous management efforts with the cooperation of
its customers, shareholders and financial institutions.

Inquiries: Takeshi Yoshimura, General Manager
Public Relations Department
TEL: +81-3- 5446-1061


RESONA HOLDINGS: Issues Transaction Suspension Notice
-----------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that
Meisei Kensetsu Co., Ltd., which is a customer of its banking
subsidiaries, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura) and The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank,
President: Hiroyuki Mizuta), was issued a suspension of
transactions by a bill clearinghouse. As a result of this
development, there arose a concern that the claims to the
Company may become irrecoverable or their collection may be
delayed.

Details were announced as follows:

1. Outline of the Company

(1) Corporate name Meisei Kensetsu Co., Ltd.
(2) Address 4-6, Sumauradori 4-chome, Suma-ku, Kobe-shi, Hyogo-
ken
(3) Representative Katsuhiko Hara
(4) Amount of capital 99 million yen
(5) Line of business Dredging works

2. Fact Arisen to the Company and Its Date

Suspension of transactions declared by a clearinghouse on June
10, 2004.

3. Amount of Claims to the Companies

Exposure of Resona Bank
Exposure of Kinki Osaka Bank
Loans: 1.9 billion yen
Loans: 0.1 billion yen

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

4. Impact of This Development on the Forecasted Earnings
The anticipated losses arising from this development are covered
by collateral and loan loss reserves. Therefore, the previous
earnings forecasts of Resona HD for the fiscal year ending March
31, 2005, which were announced on May 24, 2004, remain the same.


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


ASIANA AIRLINES: Begins Code Share Deal With Air New Zealand
------------------------------------------------------------
Air New Zealand will start a code share arrangement with Asiana
Airlines Inc. this week on flights between the two nations, the
Associated Press reports.

Air New Zealand has not flown to the South Korean capital,
Seoul, since abandoning the route in December 1997.

Air New Zealand will place its code on Asiana's four-times-
weekly services between Seoul and Auckland. Asiana will code
share on selected trans-Tasman and New Zealand domestic services
operated by Air New Zealand from Auckland to Sydney, Wellington
and Christchurch.

Both airlines are members of the International Star Alliance of
Airlines.

Code sharing is a commercial agreement between two airlines that
allows an airline to put its two-letter identification code on
the flights of another airline as they appear in computerized
reservations systems and in the Official Airline Guide.


HYUNDAI MERCHANT: Hutchison Whampoa Acquires 12% Stake
------------------------------------------------------
Hutchison Whampoa Limited, in a press release, announced that
the Group has signed an agreement with Hyundai Merchant Marine
Co Ltd. (HMM) to purchase 12 percent of the shares of HMM at a
consideration of approximately HK$ 606 million.

Commenting on the purchase, HWL Group Managing Director Mr.
Canning Fok said Hutchison Whampoa is pleased to become a
strategic investor in HMM, with which it has enjoyed a business
relationship dating back to 1993.

Mr. Fok said, "We believe this strategic investment will further
build on the synergies and links between two companies that have
worked closely together for more than a decade."

HMM President and Chief Executive Officer Mr. Jeong-ik Noh said
HWL's investment would strengthen HMM's competitiveness.

"With the deepening of our alliance with a leading international
ports and logistics operator, HMM will be able to position
itself as a world-class shipping company. This new strategic
partnership with HWL will drive an even closer and more co-
operative relationship between the two companies and will bring
about opportunities for further development for both," added Mr
Noh.

HWL's business relationship with HMM began in 1993 when the
shipping company first called at the Group's port terminals.

In 2001, HWL acquired from HMM the Jaseongdae terminal in Busan
and led a consortium with HMM and Hanjin Shipping to operate a
terminal in Kwangyang. HWL is currently running the Busan and
Kwangyang ports through its port division, Hutchison Port
Holdings.

About Hutchison Whampoa Limited

Hutchison Whampoa Limited (HWL), one of the largest companies
listed on the main board of the Hong Kong Stock Exchange, is the
holding company of the Hutchison Whampoa Group of companies. As
one of the earliest big "hongs", or trading companies, in Hong
Kong, Hutchison's history dates back to the 1800s. Today, HWL is
a multi-national conglomerate with businesses spanning 42
countries. With over 170,000 employees worldwide, Hutchison
operates and invests in five core businesses: ports and related
services; telecommunications; property and hotels; retail and
manufacturing; and energy and infrastructure.

Its flagship companies include Hutchison Port Holdings,
Hutchison Telecom, Hutchison Whampoa Properties, A.S. Watson,
and Cheung Kong Infrastructure. In 2003, HWL's consolidated
revenue was HK$145,609 million (US$18,668 million).

Hyundai Merchant Marine Co. suffered a net loss of
21.1 billion won (US$18 million) in 2003 as foreign exchange-
related losses and interest payments increased, TCR-AP Vol. 7
No. 48 reports. It reported a net profit of 12.9 billion won
(US$10.9 million) in the first three quarters of 2003, up from a
deficit of 441 billion won in 2002 due to successful
restructuring efforts.

For media enquiries, please contact:

Hutchison Whampoa Limited
Laura Cheung
Tel: (852) 2128 1289
Fax: (852) 2128 1766
Email: laurac@hwl.com.hk

Jeremy Lau
Tel: (852) 2128 1207
Fax: (852) 2128 1766
Email: jeremyl@hwl.com.hk Hyundai Merchant Marine Co Ltd
Dong-Soo Oh
Vice President
Tel: (82) 2-3706-600


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


CHASE PERDANA: Unveils Annual General Meeting Results
-----------------------------------------------------
Chase Perdana Berhad (CPB) disclosed to Bursa Malaysia
Securities Berhad that at the 28th Annual General Meeting (AGM)
of CPB held on Thursday, all resolutions tabled were approved,
including the:

(a) Re-election of Directors who retire pursuant to Article
102(1) of the Company's Articles of Association

(i) Datuk Dr. Baharun Azhar Bin Raffiai

(ii) Tuan Haji Ahmad Kamal Bin Abdullah Al-Yafii

The present Board of CPB comprises the following Directors:

(i) Tan Sri Datuk Dr. Mohan Swami, J.P. (Executive Chairman)

(ii) Encik Tajuddin Bin Atan (Managing Director)

(iii) Datuk Dr. Baharun Azhar Bin Raffiai (Independent Non-
Executive Director)

(iv) Tuan Haji Ahmad Kamal Bin Abdullah Al-Yafii (Independent
Non-Executive Director)

(v) Ms. Gomathi @ Usha Nathan A. Vaidyanathan ( Non-Executive
Director)

(b) Appointment of Messrs BDO Binder as Auditors of the Company
Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965, a copy of which has been received by the
Company for the nomination of Messrs BDO Binder who have given
their consent to act, for appointment as Auditors and of the
intention to propose the following Ordinary Resolution:

"That Messrs BDO Binder be and are hereby appointed as Auditors
of the Company in place of the retiring Auditors, Messrs Shamsir
Jasani Grant Thornton and to hold office until the conclusion of
the next Annual General Meeting at a remuneration to be
determined by the Directors."

Also approved at the AGM, were the following resolutions under
Special Business:

ORDINARY RESOLUTION NO. 1

- Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965

"That pursuant to Section 132D of the Companies Act, 1965 and
subject to the Articles of Association of the Company and the
approvals of the relevant government/ regulatory authorities,
the Directors be and are hereby empowered to issue the shares in
the Company from time to time and upon such terms and conditions
and for such purposes as the Directors may deem fit provided
that the aggregate number of shares issued pursuant to this
resolution does not exceed 10 percent of the issued 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."

ORDINARY RESOLUTION NO. 2

- Authority to allot shares pursuant to the Employees' Share
Option Scheme

"That subject always to the approval of the relevant
authorities, authority be and is hereby given to the Directors
to issue shares in the capital of the Company at any time upon
such terms and conditions and for such purposes as the
Directors, may, in their discretion, deem fit including but not
limited to such shares as may be issued pursuant to the exercise
of the options under the Employees' Share Option Scheme as
approved by an ordinary resolution passed at the Extraordinary
General Meeting of the Company held on 28 December 2002 provided
that the aggregate number of shares to be issued pursuant to
this resolution does not exceed 10 percent of the issued share
capital of the Company at any one time."


FAR EAST: Issues Corporate Proposals
------------------------------------
Far East Holdings Berhad (FEHB) disclosed to Bursa Malaysia
Securities Berhad its:

- Proposed Amendments to the Articles of Association of Far East
Holdings Berhad (Proposed Articles Amendments)

- Proposed Amendments to the By-Laws of Far East Holdings Berhad
Employees' Share Option Scheme (Proposed By-Laws Amendments)
(hereinafter to be referred to as the Proposed Amendments)

Contents:

(1) Introduction

Aseambankers on behalf of the Board of Directors of FEHB (the
Board), announced that it wishes to undertake the following
corporate proposals:

(i) Amendments of the Articles of Association of the Company;
and

(ii) Amendments of the By-Laws for FEHB's existing Employees'
Share Option Scheme.

(2) Details of the Proposed Amendments

FEHB proposes to amend the existing Articles of Association of
the Company (Articles) and existing By-Laws of its Employee
Share Option Scheme (ESOS) to align the existing Articles and
By-Laws with recent amendments to the Listing Requirements of
Bursa Malaysia Securities Berhad with regards to employee share
option scheme and Schedule 1 of the Securities Commission Act,
1993 whereby public companies undertaking employee share option
scheme no longer require the approval of the Securities
Commission (SC).  Both of the amendments are effective from 10
February 2004.

The proposed amendments to the existing By-Laws are, among
others, extending participation to Non-Executive Directors of
FEHB in the existing ESOS of the Company.

(3) Rationale for the Proposed Amendments

The Proposed Articles Amendments and the Proposed By-Laws
Amendments is to align the existing By-Laws and Articles with
the recent amendment to the Listing Requirements with regards to
employee share option and the amendments to Schedule 1 of the
Securities Commission Act, 1993 whereby public companies
undertaking employee share option scheme no longer require the
approval of the SC.

In addition, the Proposed Amendments, which, inter-alia, extend
participation in the ESOS to Non-Executive Directors of FEHB, is
to provide FEHB with the flexibility to include the granting of
options to Non-Executive Directors to subscribe for Ordinary
Shares (Shares) as recognition of their contribution to the
success of FEHB Group. The holding of options to subscribe for
Shares by Non-Executive Directors will allow them to participate
in the future growth progress of the FEHB Group to which they
have contributed.

(4) Conditions to the Proposed Amendments

The Proposed Amendments are conditional upon approvals being
obtained from shareholders of the Company at an Extraordinary
General Meeting to be convened.

(5) Directors' Interests

All of the Directors of FEHB are deemed interested in the
Proposed Amendments. The Directors of FEHB are:

- YH Dato' Kamaruddin bin Mohammed (Chairman, Non-Independent
Non-Executive Director)

- YH Dato' Haji Lias bin Mohd Noor (Non-Independent Non-
Executive Director)

- Mr. Tee Kim Tee @ Tee Ching Tee (Non-Independent Non-Executive
Director)

- Mr. Tee Cheng Hua (Non-Independent Executive Director)

- En Nowawi bin Abdul Rahman (Non-Independent Executive
Director)

- Tuan Dr. Haji Amad @ Ahmad bin Aman (Independent Non-Executive
Director)

- Puan Sharina Bahrin (Independent Non-Executive Director)

- Mr. Ng Say Pin (Independent Non-Executive Director)

(6) Circular to Shareholders

A circular to shareholders detailing the Proposed Amendments
will be dispatched to shareholders in due course.


KUALA LUMPUR: Details Resolutions Passed During AGM
---------------------------------------------------
The Board of Directors of Kuala Lumpur City Corporation Berhad
is disclosed to Bursa Malaysia Securities Berhad that all the
Ordinary Resolutions tabled at the Seventh Annual General
Meeting held on 10 June 2004 have been duly passed by the
shareholders.

The Ordinary Resolution passed as Special Business is as
follows:

Ordinary Resolution 5:
Authority to Issue Shares Pursuant to Section 132D of the
Companies Act, 1965

Resolved that pursuant to Section 132D of the Companies Act,
1965 and subject to the approvals of the relevant governmental
and/or regulatory authorities, the Directors be and are hereby
empowered to issue and allot shares of the Company from time to
time and upon such terms and conditions and for such purposes as
the Directors may deem fit.

Provided that the aggregate number of shares issued pursuant to
this resolution shall not exceed ten per centum (10 percent) of
the total issued capital of the Company and that such authority
shall continue in force until the conclusion of the next Annual
General Meeting of the Company.


LONG HUAT: Issues 1Q Unaudited Financial Report Changes
-------------------------------------------------------
Long Huat Group Berhad submitted to Bursa Malaysia Securities
Berhad changes in its First Quarter Unaudited Financial
Statement.

Remark:

(1) Previous report did not show the statement of changes in
equity for the preceeding year 2003.

(2) Earnings per share in the previous report was stated in RM,
instead of in Sen.

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
    0
    0
    0
    0

(2) Profit/(loss) before tax  
    -1,266
    -1,547
    -1,266
    -1,547

(3) Profit/(loss) after tax and minority interest
    -1,266
    -1,547
    -1,266
    -1,547

(4) Net profit/(loss) for the period
    -1,266
    -1,547
    -1,266
    -1,547

(5) Basic earnings/(loss) per shares (sen)
    -3.39
    -4.14
    -3.39
    -4.14

(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)  
    -2.1100
    -2.0700

For more information click
http://bankrupt.com/misc/LONGHUAT061104.doc

MALAYSIA MINING: Changes Name To MMC Corporation Berhad
-------------------------------------------------------
In a notice submitted to Bursa Malayasia Securities Berhad,
Malaysia Mining Corporation Berhad announced that it has changed
its name to MMC Corporation Berhad. As such, the Company's
ordinary shares will be traded and quoted under the new name
with effect from 9.00 a.m., Tuesday, 15 June 2004.

However, the Stock Number and Stock Short Name remain unchanged.


OSK HOLDINGS: Issues Notice On Shares Buy Back
----------------------------------------------
OSK Holdings Berhad disclosed to Bursa Malaysia Securities
Berhad its shares buy back on June 10, 2004.

Description of shares purchased: Ordinary Shares of RM1.00 each  

Total number of shares purchased (units): 99,100

Minimum price paid for each share purchased (RM): 1.590

Maximum price paid for each share purchased (RM): 1.640

Total consideration paid (RM): 159,466.92

Number of shares purchased retained in treasury (units): 99,100

Number of shares purchased which are proposed to be cancelled
(units): -
  
Cumulative net outstanding treasury shares as at to-date
(units): 30,258,500

Adjusted issued capital after cancellation (no. of shares)
(units): -  
   

PAN MALAYSIA: Issues Update On Proposed Disposal
---------------------------------------------------
With reference to Pan Malaysia Holdings Berhad's previous
announcement to Bursa Malaysia Securities Berhad dated 7 May
2004 in respect of the captioned subject.

The company disclosed that the Securities Commission (SC), via
its letter dated 9 June 2004, has approved PMH's application for
a waiver from the requirement to seek the approval of the SC in
respect of the Proposed Disposal. Henceforth, the sale and
purchase agreement on the Proposed Disposal is now
unconditional.


SALCON BERHAD: Enters Water Project Agreement
---------------------------------------------
The Board of Directors Salcon Berhad announced to Bursa Malaysia
Securities Berhad that on 7 and 8 June 2004, the company has
entered into two Framework Agreements for water projects in
Yunnan Province, People's Republic of China.

In the Agreement dated 7 June 2004 with the Cheng Gong New
Township Management Committee, Kunming City, Salcon Berhad will
undertake the construction of a water treatment plant with an
eventual capacity of 300 million litres per day (MLD) in Cheng
Gong New Township on a Build-Operate-Transfer basis. The
investment of the project is estimated at RMB 300 million and
will be implemented in phases.

In the Agreement dated 8 June, 2004 with the Economic
Development Bureau of Cheng Gong New Township Management
Committee, Salcon Berhad will jointly invest, construct and
manage the existing water supply system in Cheng Gong County via
a newly formed Joint Venture Company (JV Co.). The JV Co. will
be responsible in supplying potable water to the existing Cheng
Gong County and will involve the construction of a water
treatment plant with a capacity of 20 MLD and expandable to 60
MLD.

The registered share capital of this JV CO will be determined
subsequently based on the investment requirement of the project
and the net asset value of the existing water supply system, to
be assumed by the JV Co.

The shareholdings of the respective parties will be determined
by both parties upon the completion of the assets evaluation
exercise of the existing Cheng Gong County water supply system.

The Framework Agreements will be used as a basis for further
discussion and negotiation and the final investment proposal
will be based on the actual agreement signed by both parties.

The exercise will be funded through a combination of internally
generated funds and borrowings.

The above investment and projects will not have a material
impact on the earnings, net tangible assets and financial
performance of Salcon Berhad for this financial year. However it
is expected to contribute positively in future years.

None of the directors and/or substantial shareholders of Salcon
Berhad and/or persons connected to them have any interest,
direct or indirect in the above Agreements.


SUNWAY HOLDINGS: Issues 90,000 New Ordinary Shares
--------------------------------------------------
Sunway Holdings Incorporated Berhad disclosed to Bursa Malaysia
Securities Berhad that an additional 90,000 new ordinary shares
of RM1.00 each issued pursuant to the Employees Share Option
Scheme will be granted listing and quotation effective 9:00
a.m., Tuesday, 15 June 2004.


TAP RESOURCES: Issues Update On ICULS
-------------------------------------
Tap Resourced Berhad announced to Bursa Malaysia Securities
Berhad that:

First interest payment on RM31,841,589 nominal value of 2
percent irredeemable convertible unsecured loan stocks 2003/2006
(ICULS) for the period is changed to 30 June 2003 to 29 June
2004 instead of 30 June 2003 to 30 June 2004.

(1) The above Company's securities will be traded and quoted
[Ex- Interest] as from 16 June 2004 (Remain Unchanged)  

(2) The last date of filing: 18 June 2004 (Remain Unchanged)

(3) Date Payable: 30 June 2004 (Remain Unchanged)


UNITED CHEMICAL: Provides Update On Default In Payment
------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) disclosed to Bursa Malaysia Securities Berhad that further
to its announcement made on 7 May 2004, there are no new
significant developments in relation to the various default in
payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

This announcement is dated 10 June 2004.

For more information click
http://bankrupt.com/misc/UNITEDCHEMICAL061104.xls


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


ABS-CBN BROADCASTING: Signs Underwriting Agreement For US$120M
--------------------------------------------------------------
ABS-CBN Broadcasting Corp. announced to the Philippine Stock
Exchange on Friday that it signed an underwriting agreement with
ABN Amro Bank, N.V., BPI Capital Corp., ING Bank N.V., and
Societe Generale Asia Limited for a US$120 million loan.

ABS-CBN Chief Financial Officer Randy Estrellado expressed
appreciation for this vote of confidence in ABS-CBN.  "This
agreement is a testament to the support of the financial
community in the continuing efforts of ABS-CBN to improve its
operations and strengthen its balance sheet," said Mr.
Estrellado.

"This new loan facility will allow ABS-CBN to continue to grow
its core businesses, leveraging its programming expertise across
an expanded base of local and international audiences, via free-
to-air, cable and satellite TV operations," he added.

ABS-CBN intends to use the US$120 million to refinance existing
loans amounting to US$90 million and for investment in its cable
affiliate, Beyond Cable Inc., of US$30 million.

About ABS-CBN:

ABS-CBN is the largest integrated media and entertainment
company in the Philippines.  The company reported a 15 percent
growth in first quarter 2004 net income to PhP124 million as its
flagship Channel 2, as well as subsidiaries involved in
ancillary businesses, continued to deliver growth.

Contact:

ABS-CBN Broadcasting Corp.
ABS-CBN Broadcasting Centre Complex
Mother Ignacia St. cor.
Sgt. Esguerra Ave. Quezon City
Telephone Numbers: 924-4101 to 4122; 415-2272
Fax Number: 431-9368
E-mail Address:  oliver_calma@abs.pinoycentral.com
URL:  http://www.abscbn-ir.com


BAYAN TELECOMMUNICATIONS: Parent Clarifies News Article
-------------------------------------------------------
Benpres Holdings Corp. disclosed to the Philippine Stock
Exchange clarification to the news article entitled "BayanTel
rehab uncertain--Benpres exec" published in the June 10, 2004
issue of Businessworld (internet edition). The article reported
that:

"The debt restructuring and rehabilitation of debt-saddled Bayan
Telecommunications Inc. (BayanTel) is looking uncertain as the
court-appointed receiver and creditors squabble over the nitty-
gritty of the recovery plan.

Angel S. Ong, chief operating officer of BayanTel parent Benpres
Holdings, Inc., told stockholders at the recent annual meeting
the telco's debt-restructuring program is `uncertain' at this
point. Benpres is the holding firm of the Lopez Group of
companies.

`BayanTel's debt restructuring has become more uncertain now
none of the creditors support the recommendation of the receiver
and KPMG,' he said. This is contrary to creditors' earlier
approval of the debt rehabilitation proposal submitted by
BayanTel.'

Thus, BayanTel asked the rehabilitation court to come up with a
final restructuring program that defines the rights of the
stakeholders involved in the restructuring.

`With a master restructuring document, possible arbitrariness
and caprice of parties to the rehabilitation, specially the
receiver, may be curbed and potential disagreements between the
stakeholders of Bayantel may be minimized if not totally
avoided,' the company told the court."

Benpres Holdings Corporation (BPC), in its letter dated June 10,
2004, disclosed that:

"On May 17, 2004, Atty. Remigio Noval, the court appointed
Bayantel receiver, submitted his proposed rehabilitation plan
for Bayantel to the Rehabilitation Court. Subsequent to this,
the various parties, including debtor and creditors, were asked
to submit their comments to this plan.

It appears from the comments submitted to the court by the
debtor, the secured and the unsecured creditors, that none of
the parties accept the latest receiver's plan. For Bayantel in
particular, the company is concerned about the level of
sustainable debt proposed in the plan, and the suggested role of
the receiver over the duration of the company's rehabilitation.  

Since none of the parties accepted the receiver's plan, the
court will have to make the decision on what plan to approve for
Bayantel after considering all the submitted comments."  


MANILA ELECTRIC: Issues Statement On ERC's PhP13Bln Refund Order
----------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Manila
Electric Co. (Meralco) President Jesus P. Francisco said that
the company welcomes the promulgation of the Magna Carta in that
it will state the rights and, hopefully, the obligations of
residential electricity consumers.  The Magna Carta will serve
as a guide for both the distribution utility and the customer
and will eliminate many causes of friction between the two.

Meralco, however said that it has not yet received its official
copy of the document.  ERC's release issued on June 10, 2004, a
copy of which is attached, announced the Magna Carta's approval
and mentioned some of its important features, ERC's press
release also stated that the refund of bill deposits and the
exemption from the payment of meter deposits will be subject to
guidelines still to be issued by the Commission.  It would be
better to wait for the issuance of such guidelines rather than
to speculate on its contents and its implications on the
company's finances.

To view full copy of the press release, click
http://bankrupt.com/misc/MANILAELECTRIC061104.pdf

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


NATIONAL POWER: ERC Approves New Generation Charge
--------------------------------------------------
In a press release the Energy Regulatory Commission (ERC) said
that it has approved the new generation charge of the National
Power Corporation (NPC) in the Luzon, Visayas, and Mindanao
grids. Electricity users in Luzon will now pay P2.2802/kWh for
generation cost while customers in the Visayas will be charged
P2.5238/kWh. In Mindanao, the new rate will be P1.5101/kWh.
Originally, the generation rates for the three grids were,
P2.1435/kWh, P2.2907/kWh, and P1.1283/kWh, respectively. The new
rates will start with the May 26 to June 25, 2004 billing of
NPC.

The change in generation rates was triggered by upward
adjustment in fuel prices and the deterioration of the value of
the Philippine peso against the US dollar. "We have no other
recourse but to grant the rate adjustment application of the
generating companies that include the NPC to help them stay
viable and continue providing safe, adequate, reliable and
quality electricity service," ERC chairman Rodolfo B. Albano,
Jr. explained.

Distribution utilities (DUs) with approved unbundled rates
sourcing power solely from NPC were authorized by ERC to
automatically adjust its generation rates accordingly. DUs with
suppliers other than NPC, on the other hand, shall recover the
adjustments through the Generation Rate Adjustment Mechanism
(GRAM).

GRAM is an adjustment recovery mechanism, which replaces the
automatic recovery adjustment mechanism of NPC, which is the
Fuel and Purchased Power Cost Adjustment (FPCA) and distribution
utilities' Purchased Power Adjustment (PPA). It will allow the
periodic (quarterly) adjustment to the Generation Rate to
reflect changes in fuel and IPP costs after a review by the ERC
before costs are passed on to customers.

DUs that still have bundled rates shall reflect the rate
modification using its current Purchased Power Adjustment (PPA)
formula. The rate change shall be made effective on the first
billing cycle after the effective date of the revised NPC
generation charge.


NEGROS NAVIGATION: To Pay PhP424M In Back Taxes Before Year Ends
----------------------------------------------------------------
In a statement to BusinessWorld, Bureau of Internal Revenue
(BIR) Deputy Commissioner Kim J. Henares said that Negros
Navigation Co. (Nenaco) intends to pay in full its back taxes
amounting to PhP424 million before the year ends.

Sulficio O.Tagud Jr., Nenaco's receiver, met with BIR officials
last week to inform the bureau that Nenaco is willing to settle
all its outstanding taxes due before 2004 ends.

The financial records of Nenaco show that it has not been paying
taxes regularly. However, the company is said to have paid
PhP3.9 million in taxes last month.

Nenaco's initial plan includes paying its tax liabilities using
cash available from operations after servicing dry-docking
expenses, capital expenditures and allocations for income tax
payable and minimum cash balance.

Contact:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number: 245-5588
Fax Number: 245-0780 (Telefax)
Email Address:  nnwebmaster@surfshop.net.ph
Website: http://www.nenaco.com.ph


PHILIPPINE AIRLINES: 2007 E-Ticketing Deadline Not Doable   
---------------------------------------------------------
Because of the absence of communication links in the provinces,
Philippine Airlines Inc. (PAL) may not be able to meet the 2007
deadline set by an international industry group to set up an
electronic ticketing service (e-ticketing) in the said areas,
BusinessWorld reports.

According to Senior Assistant Vice-President for corporate e-
business department Roberto Diaz, the communication link from
the main PAL office in Manila is crucial in setting up the
automated ticketing system. The absence of this link, he said,
will delay the information from the main office to other
domestic stations in the provinces, which, in effect, will not
serve the system's purpose of accelerating travel arrangements.

Mr. Diaz added that out of the 19 domestic locations, some seven
or eight still do not have an appropriate communication link to
make the automated system possible.

The e-ticketing service of PAL is now operational in Cebu,
Davao, Puerto Princesa, Zamboanga, Iloilo and Bacolod. An
additional e-ticketing service in General Santos and Legazpi
City will commence on July 9.


PHILIPPINE BANK: 9,900 Common Shares To Be Listed On June 14
------------------------------------------------------------
The Philippine Stock Exchange (PSE) approved on December 13,
2000 the listing submitted by Philippine Bank of Communications
to list additional 105,177,936 common shares and 78,883,452
subscription warrants divided into the following:

(1) 26,294,484 common shares, with a par value of PhP100.00 per
share to cover the 1:1 stock rights offering to stockholders of
record as of December 27, 2000 at an offer price of PhP100.00
per share;

(2) 78,883,452 subscription warrants to cover the 3:1 warrants
offering, to be issued free to subscribers of the rights
offering;

(3) 78,883,452 common shares to cover the underlying shares of
the warrants at an exercise price of PhP100.00 per share,
subject to the actual exercise of rights of warrants.

Actual listing of the 78,883,452 common shares to cover the
underlying shares of the warrants shall be one (1) trading day
from the receipt by the Exchange of the notice confirming the
actual exercise of the warrants.

The 26,294,484 common shares and 78,883,452 warrants were listed
on May 10, 2001.  Moreover, the subscription warrants expired on
May 10, 2004 and were subsequently delisted on May 11, 2004.

Pleased be advised that the company has received on May 7, 2004,
a notice from a warrantholder for the conversion of a total of
9,900 warrants to 9,900 common shares.

In view thereof, the listing of the 9,900 common shares is set
for Monday, June 14, 2004.  This brings a total of 9,900 common
shares listed arising from the conversion of 9,900 warrants.

The designated Stock Transfer Agent is hereby authorized to
record and register in its book the above number of shares.

Contact:

Philippine Bank Of Communications Inc.
PBCom Tower, 6795 Ayala Ave. Cor. Herrera St., 1226 Makati City
Telephone Numbers: 830-7000 (TL)
Fax Numbers: 818-2576 (Telefax)
Email Address:  info@pbcom.com.ph
Website: http://www.pbcom.com.ph


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S I N G A P O R E
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ACHIEVA LIMITED: Appoints New Company Secretary
-----------------------------------------------
The Board of Directors of Achieva Limited wishes to announce the
appointment of Mr. Adrian Chan Pengee and Ms. Leong Shiao Yee as
Joint Company Secretary in place of Mr Allan Yong Heng Chong
with effect from 11 June 2004.

Allan Yong Heng Chong
Company Secretary

This announcement is dated June 10, 2004.  


CHARTERED SEMICONDUCTOR: Post Changes in Director's Interest
------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited, in a notice
submitted on June 10, 2004 by Looi Lee Hwa, Company Secretary,
to the Singapore Exchange, announces a change in Tan Ai Ching, a
director's, deemed interest in the company.

Part I

1. Date of notice to issuer: June 8, 2004.

2. Name of Substantial Shareholder: Tan Ai Ching

PART II

1. Date of change of interest: June 8, 2004.

2. Name of Registered Holder: CDP- Tan Boon Kheng

3. Circumstance(s) giving rise to the interest or change in
interest: Others.

Please specify details: Sale of shares of SembCorp Industries
Ltd (Sembcorp) by Mr. Tan, spouse of Ms Tan Ai Ching. SembCorp
is a related corporation of the Chartered.

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change: 2,710
As a percentage of issued share capital:0.000149
No. of shares which are the subject of this notice:1,000
As a percentage of issued share capital:0.000055
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $1.47
No. of shares held after the change: 1,710
As a percentage of issued share capital: 0.000094
PART III

1. Date of change of interest:

2. The change in the percentage level: From % to %

3. Circumstance(s) giving rise to the interest or change in
interest:

Please specify details: Exercise of share options by spouse.

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV

1. Holdings of Director, including direct and
deemed interest: Direct Deemed

No. of shares held before the change: 0 2,710
As a percentage of issued share capital: 0 0.000149

No. of shares held after the change: 0 1,710
As a percentage of issued share capital: 0 0.000094

Ms. Tan Ai Ching is a Director of Chartered Silicon Partners Pte
Ltd, a subsidiary of Chartered Semiconductor Manufacturing Ltd.


GOODWOOD PARK: Cancels 4.47% of Issued and Paid-up Capital
----------------------------------------------------------
Further to the announcements on 20 June 2003, 29 September 2003
and 28 November 2003, the Board of Directors of Goodwood Park
Hotel Limited wishes to announce that a copy of the order of the
High Court of the Republic of Singapore confirming the selective
capital reduction (the Capital Reduction) of 2,011,185 issued
and fully paid-up ordinary shares of par value S$1.00 each in
the capital of the Company (GPHL Shares) held by Central
Properties Limited (In Members' Voluntary Liquidation) (CPL),
which would have been otherwise distributed to the Company and
its wholly-owned subsidiaries, Glen Holdings (Pte) Limited and
York Hotel (Private) Limited, pursuant to the voluntary
liquidation of CPL, was lodged with the Accounting and Corporate
Regulatory Authority of Singapore today. Accordingly, the
Capital Reduction has become effective today and the Company's
issued and paid-up capital has been reduced to S$42,988,815
divided into 42,988,815 GPHL Shares.


BY ORDER OF THE BOARD OF DIRECTORS
GOODWOOD PARK HOTEL LIMITED

This announcement was submitted by David Poh Tze Keong, Company
Secretary on June 10, 2004 to Singapore Exchange.


HAW PAR: Issues Notice of Director's Interest
---------------------------------------------
Haw Par Corporation Limited, in a notice submitted by Wee Ee
Lim, Director, to the Singapore Exchange, announces a change in
Hong Hai, a director's, deemed interest in the Company.

PART I
1. Date of notice to issuer: June 9, 2004
   
2. Name of Director: Hong Hai

3. Please tick one or more appropriate box (es):
x a Director's (including a director who is a substantial
shareholder) Interest and Change in Interest.

PART II
1. Date of change of interest: June 9, 2004
   
2. Name of Registered Holder: Hong Hai
   
3. Circumstance(s) giving rise to the interest or change in
interest: Sales in open market at own discretion

4. Information relating to shares held in the name of the
Registered Holder: -
No. of shares held before the change: 280,000
As a percentage of issued share capital: 0.14
   
No. of shares which are the subject of this notice: 40,000
As a percentage of issued share capital: 0.02
   
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $5.0625
   
No. of shares held after the change: 240,000
As a percentage of issued share capital: 0.12

PART III

1. Date of change of interest:
   
2. The change in the percentage level: From % to %
   
3. Circumstance(s) giving rise to the interest or change in
interest:

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV

1. Holdings of Director, including direct and deemed interest:
Direct Deemed

No. of shares held before change: 280,000
% of issued share capital: 0.14
    
No. of shares held after change: 240,000
% of issued share capital: 0.12

The percentages computed are based on the issuer's paid-up
capital of S$206,839,345 as at 9 June 2004.


SINGAPORE PRESS: Announces Share Sub-division, Capital Reduction
----------------------------------------------------------------
Singapore Press Holdings Limited announced that a copy of the
Order of Court confirming the Exercises was lodged with the
Registrar of Companies and Businesses of Singapore today.
Accordingly, the Capital Reduction has become effective June 10,
2004. Payment to Shareholders for the Cash Distribution pursuant
to the Capital Reduction will be made within 10 market days of
the date hereof.

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the circular dated 14 April
2004, which was dispatched to Shareholders.

This announcement was submitted by Khor Siew Kim, Assistant
Company Secretary to the Sinagapore Exchange on June 10, 2004.


MANY STARS: Issues Debt Claim Notice to Creditors
-------------------------------------------------
Notice is hereby given that the creditors of Many Stars Co. Pte
Ltd, whose debts or claims have not already been admitted, are
required on or before July 9, 2004 to submit particulars of
their debts and claims and any security held by them to the
Liquidator.

This should be done by delivering or sending through the post to
the Liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

This Singapore Gazette announcement is dated June 11, 2004.


WFI PRIVATE: Creditors Must Submit Claims on July 9
---------------------------------------------------
Notice is hereby given that the creditors of WFI Private
Limited, whose debts or claims have not already been admitted,
are required on or before July 9, 2004 to submit particulars of
their debts and claims and any security held by them to the
Liquidator.

This should be done by delivering or sending through the post to
the Liquidator's address a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

This Singapore Gazette announcement is dated June 11, 2004.


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


CAPETRONIC INTERNATIONAL: Unveils Resolution Of Meeting
-------------------------------------------------------
With reference to the Director's Meeting of Capetronic
International (Thailand) PCL, held on 9 June 2004 at 5:00 p.m.,
the company disclosed to the Stock Exchange of Thailand that it
has resolved to:

(1) Approve the resignation of the company's director, Mr.
Yodchanan Wongsawat and to appoint Mr.Pathrlap Davivongsa Na
Ayudhya to be the new company director.

(2) Fix the directors authority as follows:

Ms.Sunisa Pathompreuk to co-sign with Mr. Pathrlap Davivongsa Na
Ayudhya or Mr. Visal Neeranatkomol, to affix the Company's seal.

(3) To appoint the following to the Audit Committee for a period
of two years:
                                                 
Chairman of the Audit Committee- Mr. Nit Umpaichit
Member of the Audit Committee- Mr. Surachai Kositsareewong   
Member of the Audit Committee- Mr. Chalit Jariyatham         

Please be informed accordingly
Sincerely yours,
(Mrs.Sunisa Pathompreuk)
Director

Contact:

CAPETRONIC INTERNATIONAL (THAILAND) PCL   
105 MOO 3,BANGNA-TRAT ROAD,
THAKHAM,BANG PAKONG Chacherngsao    
Telephone: (038) 573161-72   
Fax: (038) 573173-4


CAPETRONIC INTERNATIONAL: Details Appointment Of Audit Committee  
----------------------------------------------------------------
The Board of directors meeting of Capetronic International
(Thailand) PCL held on June 8, 2004 passed a resolution
appointing the Audit Committee with the following details:

(a) Chairman of the Audit Committee Mr.Nit Ampaijit

Member of the Audit Committee   Mr.Surachai Kositsareewong
Member of the Audit Committee   Mr.Chalit Jariyatham

Certificates and Resumes of 3 members of the Audit Committee are
attached hereto.

(b) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the Company's board of
directors to:
   
(1) review the sufficiency and credibility of the financial
statements.
   
(2) oversee the adequacy and effectiveness of internal control
systems and internal audit functions.
    
(3) To make sure that the internal auditors monitor the
compliance of the entity with legal requirements and all
relevant regulations.

(4) To propose the external auditors including the audit fee to
the Board of Directors for an appointment by Annual General
Meeting of Shareholders and review the performance of external
auditors.

(5) To ensure that the company does not inaccurately record any
entry as a result of a conflict of interests.

(6) To produce an Audit Committee report to be included in the
company's annual report.  

The report must be signed by the chairman of the audit
committee.

(7) To take care of any other matters assigned to it by the
board of directors.
    
(c) Terms for holding office:

(i) Chairman of the Audit Committee- 2  years
      
(ii) Member of the Audit Committee- 2  years

Capetronic hereby certifies that the aforementioned members meet
all the qualifications prescribed by the Stock Exchange of
Thailand.

(Mrs.Sunisa Pathomplueg)
Director


NATIONAL FERTILIZER: Court Grants Increase In Paid Up Capital
-------------------------------------------------------------
The C.J. Morgan Company Limited (CJM) as the plan administrator
of National Fertilizer PCL (NFC) disclosed to the Stock Exchange
of Thailand that, on May 19, 2004, the Central Bankruptcy Court
rendered an order to increase the paid-up capital of NFC.  

On June 8, 2004, NFC issued newly ordinary shares in the amount
of 1,838,000,000 baht which consisting of 183,800,000 shares at
the par value 10 baht for the selected strategic partner
(Private Placement) through Department of Business Development
of Ministry of Commerce. After the increase, NFC's total paid-up
capital has increased from 648,619,720 baht to 2,486,619,720
baht.

Therefore, CJM delivers the registered document to support such
information to you as the evidence.

Please be advised accordingly
Yours respectfully,
Mr. Visoot  Kajchamaporn and Mr. Ziriwat  Anunkusri
C.J. Morgan Company Limited
On behalf of the Plan Administrator of National Fertilizer PCL.

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


  



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