TCRAP_Public/040617.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 17, 2004, Vol. 7, No. 119

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Unveils Two New Senior Appointments in Asia
NATIONAL AUSTRALIA: Unveils Dividend Reinvestment Plan
NATIONAL AUSTRALIA: Merrill Seek Buyers for A$660M Stock
VILLAGE ROADSHOW: Earnings on Track
VILLAGE ROADSHOW: Moody's Withdraws Ba3 Rating


C H I N A  &  H O N G  K O N G

FULL LUXURY: Sets Winding Up Hearing on July 7
MATCHGAIN LIMITED: Releases Notice to Prove Debts
TEAMWORK EVENT: Winding Up Hearing Slated for June 30


I N D O N E S I A

BANK INTERNASIONAL: Inks IT Deal With Sokor Firm
GARUDA INDONESIA: Increases Flight Seats for the Holidays
PERTAMINA: Parliament Leaves Tanker Sale Fate to Govt
PERTAMINA: To Be Appointed As NG Sales Agent for Government
PERTAMINA: Seeks Petronas Investment in Oil Refinery

PRUDENTIAL LIFE: Urges Indonesia to Amend Bankruptcy Law


J A P A N

DAIEI INC.: Sales Down 3% in May
JAPAN AIRLINES: Reaches Code-Sharing Deal With Korean Air
JAPAN AIRLINES: AGM Set for June 25
KK OH: Hotel Management Firm Goes Bankrupt
KYUSHU INDUSTRIAL: Books JPY1.1 Billion Annual Net Loss

MITSUBISHI MOTORS: MMNZ Discloses Total Commitment to Customers
MITSUBISHI MOTORS: Cutting Down Vehicle Platforms
MITSUBISHI MOTORS: Cutting Cost Via Layoffs, Salary Reduction
MITSUBISHI MOTORS: Seeks Additional JPY50Bln Aid from Parent
NISSAN DIESEL: Forms Alliance with ACT


K O R E A

HANARO TELECOM: Clarifies Credit Rating Upgrades
HANARO TELECOM: Unveils 2004 May Subscriber Numbers


M A L A Y S I A

AKTIF LIFESTYLE: Gives BMSB Notification On Level Of Operations
AOKAM PERDANA: Issues Update On Proposals
BOUSTEAD HOLDINGS: Fixes Proposed RCB At RM1.95
CHG INDUSTRIES: Scraps Previous Restructuring Scheme
GULA PERAK: Issues Additional 9,000 Ordinary Shares

KUMPULAN HARTANAH: Shareholders Approve All Ordinary Resolutions
MBF HOLDINGS: Proposed Debt Restructuring Scheme Approved
PUNCAK NIAGA: BMSB To Grant Listing Of 5,000 Ordinary Shares
SELOGA HOLDINGS: Issues News Article Clarification  
TELEKOM MALAYSIA: Details Settlement Agreement With Sheba

TELEKOM MALAYSIA: Offers To Sell Shares In Telkom SA


P H I L I P P I N E S

ATLAS CONSOLIDATED: Major Benefits Await Cebu Upon Reopening
BAYAN TELECOMMUNICATIONS: To Appeal U.S. Court Decision  
COUNTRY WAFFLES: New Management Reopens Greenhills Branch
MANILA ELECTRIC: SC Rules Rate Hike "Illegal"
MAYNILAD WATER: Government Might Lose US$120-M Performance Bond

NATIONAL BANK: To Launch Credit Facility For HK OFWs
PHILIPPINE AIRLINES: Seeks Fuel Surcharge With Cebu Pacific
NEGROS NAVIGATION: Issues Clarification To News Article
PHILIPPINE REALTY: Clarifies News Article


S I N G A P O R E

ALVION ASIA: Releases Intended Dividend Notice
CHOON HONG: Court Issues Petition for Winding Up
EARLING BUILDERS: Issues Notice of Intended Dividend
ECON CORPORATION: Winding Up Hearing Set July 2
EPIC INTERNATIONAL: First Creditor's Meeting Set June 23


T H A I L A N D

CAPETRONIC INTERNATIONAL: Informs On Exercise Of Warrants
MANAGER MEDIA: SET Lifts Notice Pending Sign On Securities
THAI WIRE: Issues Progress Report Of Business Reorganization

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Unveils Two New Senior Appointments in Asia
---------------------------------------------------------------
Mr. Matthew Blackwell has recently been appointed as Head of
Structured Products, Asia and will have responsibility for
driving this business across Asia, delivering structured
corporate bonds, credit derivatives, equity linked and currency
solutions to National Australia Bank (NAB)'s Asian client base.
Mr. Blackwell will have pan-Asia responsibility and will be
based in Hong Kong.

He joins the Asia team from NAB's Melbourne dealing room where
he was Head of Credit Trading, Australia. Prior to joining the
NAB, he traded derivatives and structured interest rate products
at Bank of New Zealand. Mr. Blackwell has 11 years financial
markets experience in Australia and New Zealand.

Mr. Shinya Fukumoto joins as Director and Head of Capital
Markets, Japan with responsibility for the distribution of debt
related and structured products to our Japan based clients. Mr.
Fukumoto will strengthen our distribution capability in Japan,
which NAB views as an important capital market, and will work
closely with debt teams based in Australia, Asia, Europe and the
US to support the debt raising activities of Corporate &
Institutional Banking clients.

He joins NAB from TD Securities, where he worked for ten years
most recently as Vice President and Director of their Strategic
Solutions Sales Group responsible for origination and
distribution of Fixed Income, Capital markets, Derivatives and
Structured products.

Both Mr. Blackwell and Mr. Fukumoto will report to Mr. Doug
Goldsmith and Mr. Brian Watt, Co- Heads of Markets, Asia.

Commenting on the hires Mr. Frank Mallia, General Manager for
National Australia Bank in Asia said, "These senior appointments
are representative of our commitment to delivering a broad range
of financial solutions to meet the needs of our Asian client
base, concurrently providing global Corporate & Institutional
Banking clients with access to broad range of investors and
build on our existing debt markets capabilities in Asia."

About The National

The National is an international financial services group that
provides a comprehensive and integrated range of financial
products and services.

Globally, as at September 30, 2003, the Group had:

(i)    Total assets of AUD397 billion;

(ii)   Over AUD73 billion in assets under management and
administration;

(iii)  AUD311 billion in funds under custody and investment
administration; and

(iiii) 7.8 million banking customers and more than 2.8 million
wealth management customers.

The National Australia Bank is the largest Australian financial
services institution (by market capitalization) listed on the
Australian Stock Exchange and is the only Australian financial
services company to be ranked amongst the world's 30 most
profitable financial services organizations (Fortune magazine:
July 2003)

About National Australia Bank's Corporate & Institutional
Banking division

National Australia Bank (NAB) is the brand name used by The
National Group's Corporate & Institutional Banking division,
which manages the Group's relationships with large corporations,
financial institutions, supranationals and government bodies.

Corporate & Institutional Banking manages the National Group's
relationships with large corporations, financial institutions,
supranationals and government bodies. We operate in Australia,
New Zealand, Europe, the United States and Asia and employ 2,612
people.

Our products can be broadly broken out into three categories:

Debt finance: loans, syndications, debt capital markets,
securitisation, project finance, structured finance and
transactional banking.

Risk management: interest rates, exchange rates, commodity,
equity derivatives and credit derivatives.

Investor products and services: deposits, bills, bonds,
commercial paper, structured credit and custodial services.

National Australia Bank, Asia

NAB has been operating in Asia since 1969, opening its first
Asian office in Hong Kong, which is its regional headquarters
before opening offices in Singapore, Tokyo, South Korea and
representative offices in Malaysia and Beijing.

In Asia, NAB provides corporate lending, loan syndication,
project and structured finance, capital market, derivative
products and treasury services to its corporate clients. It also
provides a range of products to retail clients through its
Personal Financial Services business including deposit accounts
and property finance.

For further information contact:

Fidelma Ryan
Communications Adviser
Corporate & Institutional Banking
National Australia Bank
Tel: +61-3-8641-2586

This is a company press release.


NATIONAL AUSTRALIA: Unveils Dividend Reinvestment Plan
------------------------------------------------------
National Australia Bank, in a press release, announced that the
percentage of shares participating in the Dividend Reinvestment
Plan and Bonus Share Plan in respect of the 2004 interim
dividend is approximately 45 percent.

As previously announced, the National has entered into an
agreement to fully underwrite its Dividend Reinvestment Plan and
Bonus Share Plan in respect of the 2004 interim dividend at a
value of approximately A$1.2bn.

The National's Chief Financial Officer, Richard McKinnon, said:
'This initiative combined with the recent successful
subordinated debt issue is expected to meet the Group's total
capital target of 10 percent by June 30.'

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations

03 8641 3857 work
0419 369 058 mobile


NATIONAL AUSTRALIA: Merrill Seek Buyers for A$660M Stock
--------------------------------------------------------
Merrill Lynch & Co. must find buyers for A$660 million (US$451
million) of National Australia Bank Ltd. (NAB) stock after only
45 percent of shareholders participated in a dividend
reinvestment plan, Bloomberg reports.

Merrill Lynch underwrote a A$1.2 billion dividend plan for
Melbourne-based National Australia, which was ordered by
regulators to boost capital after losing A$360 million in a
currency-trading scandal early this year. The bank sold $750
million, EUR500 million (US$604 million) and A$670 million of
bonds in the past three weeks to raise capital. The foreign-
exchange options trading losses were blamed on poor risk
management.


VILLAGE ROADSHOW: Earnings on Track
-----------------------------------
Village Roadshow Limited advises that, in line with previous
announcements, the budgeted net profit after tax and significant
items for the year ending 30 June 2004 is expected to be
approximately A$52 million, a Company press release said.

On 14 May 2003, the Company advised that its current intention
was to review its dividend policy for 2004, once the 2003-4
financial results are known. Until the full audited accounts
(including movements in reserves, cash flows, capital
commitments and other relevant matters), have been reviewed by
the Company, the Board will not be in a position to review the
dividend policy.

Consistent with prior years, the full audited accounts will not
be available for consideration by the Board until late August
2004.

Shareholders should note that, save in exceptional
circumstances, announcements on dividend policy have ordinarily
been made with the release of the annual results in September.


VILLAGE ROADSHOW: Moody's Withdraws Ba3 Rating
----------------------------------------------
Moody's Investors Service has withdrawn Village Roadshow
Limited's Issuer Rating of Ba3 and its subordinated-debt rating
of B2.

The rating agency has withdrawn these ratings for business
reasons. Please refer to Moody's Withdrawal Policy on
www.moodys.com .

Village Roadshow Limited, head-quartered in Melbourne,
Australia, is a diversified international entertainment company,
principally engaged in cinema exhibition, film production and
radio broadcasting, as well as in theme park operations, and
film distribution.


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


FULL LUXURY: Sets Winding Up Hearing on July 7
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Full Luxury Limited by the High Court of Hong Kong was on May
14, 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.

ROWLAND CHOW, CHAN & CO.
Solicitors for the Petitioner,
15th Floor, Wing Lung Bank Building
45 Des Voeux Road Central
Hong Kong

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


MATCHGAIN LIMITED: Releases Notice to Prove Debts
-------------------------------------------------
The creditors of Matchgain Limited (in Voluntary Liquidation)
are required, (if they have not already done so, on or before
the close of business on July 3, 2004, to send in their names,
addresses and particulars of their debts and claims, and the
name and address of their solicitors, if any, to the
undersigned, the Joint and Several Liquidators of the said
company, and, if so required by notice in writing from the said
liquidators, are personally or by their solicitors 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 deemed to waive all of such debts or claims and the
Liquidators will be entitled, seven days after the above date,
to distribute any and all surplus assets or funds available or
any part thereof to the members.

TSUI KEI PANG
LEUNG FUNG YEE ALICE
Joint and Several Liquidators.
5th Floor , Jardine House
1 Connaught Place, Central
Hong Kong

This announcement is dated June 16, 2004.


TEAMWORK EVENT: Winding Up Hearing Slated for June 30
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Teamwork Event Promotion Limited by the High Court of Hong Kong
was on May 11, 2004 presented to the said Court by FAn Kwok
Keung of Flat D, 9th Floor, Tai On Court, 64-72 Shau Kei Wan
Road, Shau Kei Wan, Hong Kong. The said Petition is directed to
be heard before the Court at 10:00 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.

MESSRS. HUEN & PARTNERS
Solicitors for the Petitioner,
Unite 3309-3311, 33rd Floor West Tower
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong

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


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


BANK INTERNASIONAL: Inks IT Deal With Sokor Firm
------------------------------------------------
Bank Internasional Indonesia (BII)(JSX:BNII) has signed Monday
an agreement with South Korean firm Data System Co. Ltd. for the
reinforcement of its information technology and management
information system (MIS) infrastructure, reports Asia Pulse
Businesswire.

The cooperation agreement, which was signed by BII President
Director Henry Ho, and Data System Co. Ltd chief executive Suh
Jae In, is part of the Partnership for Interchanging Information
Technology & Co-Developing Advanced Financial Solutions between
the two sides.

According to Mr. Ho, Data System Co. Ltd has earned quite a
reputation in providing business solutions to a number of big
Korean companies and has been successful in implementing the
management information system (MIS) at Kookmin Bank, South
Korea's biggest bank. He also expects the cooperation to support
decision-making and provide accurate, punctual and credible
business analysis at BII.

"BII gives priority to the MIS development in an effort to
strengthen its position. The MIS will help us manage our bank's
resources well and understand more about our clients," Mr. Ho
said.


GARUDA INDONESIA: Increases Flight Seats for the Holidays
---------------------------------------------------------
The expected surge in the number of passengers during the
upcoming holidays has prompted national flag carrier Garuda
Indonesia to boost its seating capacity by 22,060 seats from
June 23 to July 26, Xinhua reported. The upgrade applies to
eight routes, two regional routes included.

Based on past evaluations and an analysis on seat demand, Garuda
is planning to provide an additional 14,144 seats by increasing
flight frequency and another 7,916 seats by operating larger
aircraft, Garuda spokesman Pujobroto told Antara News.

Garuda's Bali route, which normally uses 134-seater Boeing 737-
400s will now be serviced by a Boeing 747-400 which seats 405
passengers or a 247-seater DC-10.


PERTAMINA: Parliament Leaves Tanker Sale Fate to Govt
-----------------------------------------------------
The Indonesian parliament said it would let the government have
the final say on whether PT Pertamina (PTM.YY) could proceed
with its planned sale of two giant oil tankers, as it advised
the state oil and gas company to cancel the sale, Dow Jones
reports.

According to parliament speaker Akbar Tanjung, its decision to
reject the sale of two Very Large Crude Carriers (VLCCs) was
based on information gathered during the legislators'
controversial visit to Hong Kong and South Korea. The parliament
believes it would be more beneficial for Pertamina to retain the
tankers, given the expected shortage of VLCCs in the future.

Former Pertamina president Baihaki Hakim decided to purchase the
tankers for US$130 million in 2002 on the premise that owning
them could save the firm US$7 million in operating costs
annually. However, the present management under Ariffi Nawawi
wants to sell the tankers, saying the company has cash flow
problems and that leasing them would be a cheaper way to
transport oil.

Norway's Frontline Ltd has agreed to buy the two VLCCs for a
total of US$184 million.

The two 260,000 deadweight ton tankers, which can carry up to 2
million barrels of crude oil, will be delivered by South Korea's
Hyundai Industries Co. (009540.SE) in July and September.


PERTAMINA: To Be Appointed As NG Sales Agent for Government
-----------------------------------------------------------
In view of PT Pertamina's experience in the conclusion and
extension of gas sales contracts with traditional liquefied
natural gas markets such as Japan, South Korea and Taiwan, the
Indonesian government has decided to appoint the state oil and
gas firm as its natural gas sales agent for the North Asian
countries, reports Asia Pulse Businesswire.

According to Energy and Mineral Resource Minister Purnomo
Yusgiantoro, the government is in the midst of preparing
relevant documents for Pertamina's appointment, which is
expected to be signed in Surabaya on July 25.

The sale of natural gas explored by production-sharing
contractors would be done under the coordination of state oil
and gas policy agency (BP Migas), he added.


PERTAMINA: Seeks Petronas Investment in Oil Refinery
----------------------------------------------------
In line with its goal to reduce the country's dependence on oil
imports, Indonesia's state-owned oil and gas company PT
Pertamina has extended an invitation to Malaysia's national
petroleum firm Petroliam Nasional Bhd (Petronas) to invest US$1
billion in the construction of an oil refinery in the city of
Tuban, East Java, reveals the Asian Intelligence Wire.

Pertamina currently imports about 410,000 barrels per day (bpd)
of crude oil and 300,000 bpd of fuel.


PRUDENTIAL LIFE: Urges Indonesia to Amend Bankruptcy Law
--------------------------------------------------------
In order to boost the foreign investment climate in Indonesia,
the country's bankruptcy law should be amended, Reuters
reported, citing PT Prudential Life Assurance head Charlie
Oropeza.

Mr. Oropeza, who made the statement a week after the Indonesian
Supreme Court's decision to overturn PT Prudential's bankruptcy
verdict, was referring to the provision that allows judges to
declare even solvent companies bankrupt.

PT Prudential was declared bankrupt in April after Jakarta's
Commercial Court ruled that it had failed to pay a disputed
$400,000 debt to one of its former insurance agents. Under
Indonesian law, any firm with more than one unpaid debt can be
declared bankrupt by a commercial judge.

The ruling sparked alarm among investors and triggered an
official protest from the British embassy. The bankruptcy
decision also echoed a similar case in 2002 when the Indonesian
unit of Canada's Manulife Financial Corporation was declared
bankrupt despite being solvent.

Proposed amendments to the bankruptcy law are now pending before
the Indonesian parliament. Among the proposals is a stipulation
that only the finance minister will have the right to file
bankruptcy cases against insurance firms.

PT Prudential started operating in Indonesia in 1995, and has
numerous offices across the country.


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


DAIEI INC.: Sales Down 3% in May
--------------------------------
For the third straight month, sales at Daiei Inc. have
experienced a drop, as its May sales slid 3 percent from the
previous year on a same-stores basis, according to Japan Times
on Wednesday.

The struggling supermarket chain operator blamed the decline on
bad weather and the recent introduction of a regulation
requiring retailers to attach price tags reflecting the 5
percent consumption tax. They said this gave consumers the
impression of a price increase.

The retailer expects a parent-only pretax profit of JPY20
billion for the current year, as a result of its three-year
revival strategy.


JAPAN AIRLINES: Reaches Code-Sharing Deal With Korean Air
---------------------------------------------------------
The Japan Airlines Group and Korean Air have reached a code-
sharing agreement to operate three routes from regional cities
in Japan to Seoul (Incheon) from August 1st.

JAL aircraft and crew will operate four flights weekly on the
Komatsu-Seoul route. Komatsu serves the Kanazawa region on the
Japan Sea coast. Korean Air aircraft and crew will operate a
daily service between Sapporo, the prefectural capital of
Hokkaido, the northernmost of the four main Japanese islands -
and Seoul and a five flights a week service between Niigata, a
major port city on the Japan Sea coast and Seoul.

Japan Airlines currently has bilateral alliances with 22
carriers. Korean Air is a member of the Skyteam alliance.

The new code share flights are open for sale from June 21 is
subject to government approval.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_jal0616.pdf


JAPAN AIRLINES: AGM Set for June 25
-----------------------------------
The second Annual General Meeting (AGM) of the shareholders of
Japan Airlines System Corporation will be held according to the
schedule indicated below.

(1) Date and Time: June 25, 2004 (Friday), 10 A.M.

(2) Location: "Tsurunoma Room," main banquet hall floor (Main
Bldg. 1F), Hotel New Otani 4-1 Kioi-cho, Chiyoda-ku, Tokyo

(3) Items of the Meeting

Reports: Reporting of the balance sheet for the period ending on
March 31, 2004 along with reporting of the business report and
profit and loss statement for the second term (from April 1,
2003 to March 31, 2004)

Proposed Resolutions:

Item 1: Approval of proposed appropriation of retained earnings
for the 2nd term

Item 2: Partial amendment of the articles of incorporation. A
summary of the proposed resolutions is described in the
following Reference Document for Exercising Voting Rights" (page
23 to 26).

Item 3: Election of 12 directors

Item 4: Presentation of retirement gratuity for outgoing
directors

Very truly yours,
Isao Kaneko
President

This is a company press release.


KK OH: Hotel Management Firm Goes Bankrupt
------------------------------------------
KK Oh has entered bankruptcy, according to Teikoku Databank
America. Based in Kitazumi-Gun, Nagano Japan, the hotel
management firm has total liabilities of US$32.15 million.


KYUSHU INDUSTRIAL: Books JPY1.1 Billion Annual Net Loss
-------------------------------------------------------
Troubled bus operator Kyushu Industrial Transportation Co.
posted a net loss of 1.1 billion yen in the fiscal year ended
March 31, Kyodo News reported Wednesday.

Recording its first positive earnings since the state-backed
Industrial Revitalization Corporation of Japan (IRCJ) rescued
the Company in April 2003, Kyushu boasted of a pretax profit of
200 million yen, exceeding the projection in its revival plan by
46.5 percent.


MITSUBISHI MOTORS: MMNZ Discloses Total Commitment to Customers
---------------------------------------------------------------
Irrespective of the legislation that hold importers responsible
for the used vehicles they import in New Zealand, Mitsubishi
Motors New Zealand (MMNZ) has announced that they will meet the
costs of parts and labor for New Zealand recalls on used
imports, Mitsubishi Motors New Zealand said in a Company press
release.

John Leighton, managing director of MMNZ said today: " As events
have unfolded over the last few days it has become clear that
people who have not bought vehicles through the Mitsubishi
Motors dealer network will have difficulty recovering costs from
the used vehicle importers.

"Mitsubishi Motors New Zealand wishes to show a total commitment
to not only its new vehicle customers but to all Mitsubishi
owners. We are 100% behind all Mitsubishi products.

"We are discussing with the LTSA and the Government, the wider
industry issues relating to how better to capture overseas
recall data that affects used vehicle imports of all makes and
models in New Zealand," Mr. Leighton said.


MITSUBISHI MOTORS: Cutting Down Vehicle Platforms
-------------------------------------------------
Mitsubishi Motors Corporation aims to reduce the number of its
vehicle platforms to six by 2010, as part of its latest
restructuring program, Bloomberg News reports.  The carmaker
currently produces vehicles based on 15 platforms at eight major
plants, most of which use multiple types of platforms.

Year-on-year vehicle sales in Japan plunged 56 percent in May
largely due to a series of recalls at Mitsubishi Fuso Truck &
Bus Corporation, the former truck division of Mitsubishi Motors
spun off last year.


MITSUBISHI MOTORS: Cutting Cost Via Layoffs, Salary Reduction
-------------------------------------------------------------
Mitsubishi Motors Corporation has decided to speed up the
reduction of its workforce, less than a month after announcing a
US$4.1 billion revival plan, Bloomberg News says.

The carmaker plans to save an additional 34.4 billion yen ($314
million) in costs this year and 38.2 billion yen next year by
taking measures such as salary cuts.  It will accelerate the
plan to layoff 22% of its workforce, the company said without
elaborating.  The Japanese carmaker has reduced its domestic
unit sales forecast for the year to 220,000 vehicles from
300,000.


MITSUBISHI MOTORS: Seeks Additional JPY50Bln Aid from Parent
------------------------------------------------------------
Facing a worse-than-expected drop in sales and a wave of
recalls, Mitsubishi Motors Corporation has revised its revival
plan, Channel News Asia says.

The new plan seeks, among others, nearly JPY500 billion in
financial aid from the Mitsubishi Group, higher than the
original JPY450 billion.  Citing Jiji Press, the Singaporean TV
network said the new plan would be released within the week.


NISSAN DIESEL: Forms Alliance with ACT
--------------------------------------
Advanced Capacitor Technologies (ACT) and Nissan Diesel Motor
have reached an agreement to co-develop high volume capacitors
for automotive use, Japan Corporate News Network reports.

The two companies will initially work together on a hybrid
vehicle capacitor with an output density of 15 to 30 Wh/kg,
three to five times that of the capacitors that Nissan Diesel
Motor currently uses for its hybrid vehicles.

Nissan Diesel Motor Co. posted a net loss of 40.27 billion yen
in the year ended March 31, 2004.


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


HANARO TELECOM: Clarifies Credit Rating Upgrades
------------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
Hanaro Telecom Inc. issued a press release regarding its credit
rating, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on June 15, 2004.

Korea's leading credit agencies have recently been upgrading the
credit rating of Hanaro Telecom, Inc. (Representative
Director/CEO - Dr. Chang Bun Yoon, www.hanaro.com).

Following the upgrade by Korea Ratings on June 11, Korea
Investors Services has also raised the Company's credit rating
on June 14, one notch up from BBB- to BBB.

In the midst of financial distress and credit downgrades among
the telecommunications carriers, with Onse Telecom, Thrunet and
EPN in reorganization proceedings, the financial community and
the telecommunications industry view Hanaro's upgrade as a very
positive sign.

In commenting on its upgrade, the Company said the assessment of
these rating agencies reflects the successful completion of our
sale of equity and debt to foreign investors late last year
which improved the Company's capital structure substantially,
and the current operating results that are in line with the
Company's plan for this year.

For example, one of the major criteria by which a rating agency
assesses a company's credit rating is its level of borrowings,
which for the Company, was reduced by KRW 400 billion to KRW
1,250 billion from KRW 1,650 billion after the recapitalization
program.

Meanwhile, Hanaro plans to increase its funding to the small-to-
medium size companies on the strength of its financial stability
due to the recapitalization program and its credit rating
upgrade.

As part of this initiative, from July this year, the Company
plans to make additional cash loans of KRW 24 billion to its
small-to-medium sized business partners in the second half of
2004 by improving its existing settlement system. This includes
the increased issuance of corporate promissory notes from KRW 10
million to KRW 50 million.

Ms. Janice Lee, Hanaro's Chief Financial Officer, commented,
"Despite the financial distress experienced by
telecommunications carriers, Hanaro's rating upgrade reflects
the increased firm value, which is very encouraging." She also
added, "On the strength of its current operating results,
Hanaro's rating is on its path to further improve."


HANARO TELECOM: Unveils 2004 May Subscriber Numbers
---------------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
Hanaro Telecom Inc. reported subscriber numbers for May 2004,
filed with the Korea Securities Dealers Association Automated
Quotation Market (KOSDAQ) on June 14, 2004.

(1) BROADBAND

           Products                     Number of Subscribers

Residential    ADSL                          1,008,214
               Cable Modem                   1,481,711
               
               SUB-TOTAL                     2,489,925

Corporate      ADSL                          18,534
               Cable Modem                   1,319
               
               SUB-TOTAL                     19,853
VDSL                                        205,995
LMDS                                         24,727
Wireless LAN (Note 1)                        29,560
                   TOTAL                  2,770,060
               NET ADDITION                   3,807

2. VOICE

           Products                       Number of Subscribers

Residential                                 725,637
Corporate                                   295,341
VoIP                                         78,153
                   TOTAL                  1,099,131
               NET ADDITION                  25,934

3. LEASED LINE

           Products                      Number of Subscribers
Leased line                                   3,437
Internet dedicated                            2,906
LMDS(I/D)                                        11
Wireless Internet Dedicated                                       
International Leased Line                        36

                   TOTAL                      6,390
               NET ADDITION                      85

4. GRAND TOTAL                       Number of Subscribers
                   TOTAL                  3,875,581
               NET ADDITION                  29,826

(NOTE 1): Based On The Number Of Ids, There Are Currently 55,008
Wireless LAN Subscribers.


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


AKTIF LIFESTYLE: Gives BMSB Notification On Level Of Operations
---------------------------------------------------------------
Aktif Lifestyle Corp. Berhad disclosed to Bursa Malaysia
Securities Berhad (BMSB) an update on its level of operations
pursuant to Practice Note 10/2001.

(1) In view that:

(a) Aktif had on 31 October 2003 entered into a Sale and
Purchase of Shares Agreement with CP Properties Sdn Bhd (CP
Properties) for the proposed disposal of the entire issued and
paid-up share capital of Aktif Lifestyle Stores Sdn Bhd (ALS)
which is currently pending the approval of Aktif's shareholders;
and

(b) On 1 November 2003, the day-to-day financial and operational
management has been taken over by Parkson Corporation Sdn Bhd, a
party nominated by CP Properties.

Bursa Malaysia Securities Berhad has given due notification vide
its letter dated 7 June 2004 that Aktif is an affected listed
issuer pursuant to Paragraph 2.1 of PN10. Accordingly, the Board
of Directors of Aktif hereby wishes to make an Initial
Announcement that:

(i) The Company is an affected listed issuer pursuant to PN10;

(ii) Aktif had ceased its major operations as a result of the
disposal of the Company's major business and as a result has an
inadequate level of operations pursuant to Paragraph 8.16 of the
Listing Requirements;

(2) The Company is also required to comply with obligations
stipulated under Paragraphs 5 and 6 of PN10 wherein:

(a) The Company is to announce the status of its proposal to
ensure an adequate level of operations simultaneously with its
quarterly report pursuant to Paragraph 9.22 of the Listing
Requirements;

(b) The Company must within 9 months from the date of this
Initial Announcement make an announcement to Bursa Malaysia of a
detailed proposal, the implementation of which will enable the
Company to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the official list
(Requisite Announcement);

Notwithstanding the above, the Securities Commission (SC) vide
its letter dated 17 May 2004 had approved the Proposed Disposal
subject to, inter-alia other stated conditions, that the Company
is to submit its comprehensive proposal to the SC to regularize
its financials within 6 months from 17 May 2004;

(c) The Company must submit the detailed proposal to the
relevant authorities for approval within 2 months from the date
of the Requisite Announcement;

(d) The Company must obtain all approvals necessary for the
implementation of the detailed proposal from the relevant
authorities within 4 months from the date of submission.

(3) If the Company fails to comply with the aforesaid or any
other obligations herein, Bursa Malaysia may under Paragraph 7
of PN10 suspend trading of the Company's securities and
subsequently delist the Company.

(4) Following this Initial Announcement, the Company will within
the prescribed time frame make the Requisite Announcement
through its appointed adviser to Bursa Malaysia.

This announcement is dated 15 June 2004.


AOKAM PERDANA: Issues Update On Proposals
-----------------------------------------
Aokam Perdana Berhad disclosed to Bursa Malaysia Securities
Berhad an update on its:

- Proposed Rescue Scheme
- Proposed Employees' Share Option Scheme

With reference to a series of announcements made on behalf of
Aokam in relation to the Proposals, which include, inter-alia,
the announcement made on 8 January 2004 in relation to the
approval of the Securities Commission on the Proposals.

On behalf of Aokam, Southern Investment Bank Berhad (SIBB)
announced that Bursa Malaysia Securities Berhad (Bursa Malaysia)
had vide its letter dated 8 June 2004 approved the following
applications made by SIBB on behalf of Aokam on 8 March 2004:

(i) Closing date

Aokam is allowed to fix the closing date for the receipt of
applications for and acceptance of the new ordinary shares of
RM1.00 each in Aokam (Rights Shares) in respect of its Proposed
Rights Issue, fourteen (14) clear market days after the Books
Closure Date.

(ii) Trading of Provisional Allotment of Rights

Exemption from trading the Provisional Allotment of Rights
arising from the Proposed Rights Issue.

Based on the above, shareholders of Aokam and/or their
transferee should take note of the following:

(i) The period between the book closing date and the closing
date for receipt of applications for and acceptance of Rights
Shares has been shortened from twenty-two (22) market days as
required under paragraph 6.20 of the Listing Requirements of
Bursa Malaysia to fourteen (14) market days; and

(ii) The Provisional Allotment of Rights are not tradable on the
Bursa Malaysia. However, the Provisional Allotment of Rights are
transferable.

This announcement is dated 15 June 2004.


BOUSTEAD HOLDINGS: Fixes Proposed RCB At RM1.95
-----------------------------------------------
Further to the announcements made by Boustead Holdings Berhad
dated 10 December 2003 and 4 June 2004 in respect of the
Proposed RCB, Aseambankers Malaysia Berhad, on behalf of
Boustead, disclosed to Bursa Malaysia Securities Berhad that the
conversion price of the Proposed RCB has been fixed at RM1.95.

The aforesaid conversion price represents a premium of 20 over
the five (5) days weighted average market price of RM1.60 for
Boustead shares prior to 11 June 2004, being the price fixing
date.


CHG INDUSTRIES: Scraps Previous Restructuring Scheme
----------------------------------------------------
With reference to the announcement made to Bursa Malaysia
Securities Berhad on 29 April 2004 pursuant to paragraph 8.14 of
the Listing Requirements of Bursa Malaysia and the announcement
by Alliance of 4 June 2004 in respect of the Proposed
Restructuring Scheme.

CHG clarifies that the previous restructuring scheme, which was
announced between 27 August 2002 and 2 January 2004, will no
longer be implemented.

As announced on 4 June 2004, Alliance has been appointed as
adviser to CHG in respect of the Proposed Restructuring Scheme.

This announcement is dated 15 June 2004.


GULA PERAK: Issues Additional 9,000 Ordinary Shares
---------------------------------------------------
Gula Perak Berhad's additional 9,000 new ordinary shares of
RM1.00 each issued pursuant to conversion of RM9,000
irredeemable convertible secured loan stocks into 9,000 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad effective 9:00 a.m., Friday, 18 June
2004.


KUMPULAN HARTANAH: Shareholders Approve All Ordinary Resolutions
----------------------------------------------------------------
With reference to the announcements made on behalf of Kumpulan
Hartanah Selangor Berhad (KHSB) on 24 March 2004 and 24 May 2004
in relation to the Proposed Employees' Share Option Scheme
(ESOS).

KHSB is pleased to announce that its shareholders have approved
all the Ordinary Resolutions as set out in the Notice of
Extraordinary General Meeting dated 25 May 2004 at the
Extraordinary General Meeting of KHSB held earlier on Tuesday.

This announcement is dated 15 June 2004.


MBF HOLDINGS: Proposed Debt Restructuring Scheme Approved
---------------------------------------------------------
With reference to the announcement made to Bursa Malaysia
Securities Berhad on 9 October 2003 in relation to the Proposed
Debt Restructuring Scheme (PDRS), Alliance Merchant Bank Berhad,
on behalf of the Board of Directors of MBf-H, announced that
Bank Negara Malaysia has vide its letter dated 15 June 2004
approved the PDRS.

This announcement is dated 15 June 2004.


PUNCAK NIAGA: BMSB To Grant Listing Of 5,000 Ordinary Shares
------------------------------------------------------------
Puncak Niaga Holdings Berhad announced that an additional 5,000
new ordinary shares of RM1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad (BMSB) effective
9:00 a.m., Friday, 18 June 2004.


SELOGA HOLDINGS: Issues News Article Clarification  
--------------------------------------------------
With reference to the following news captions:

(1) Halim Saad is single largest shareholder of Seloga appearing
in The Star on Tuesday, 8 June 2004,

(2) Halim Saad Named Chief Executive Officer of Seloga appearing
in Bloomberg on Tuesday, 8 June 2004 and

(3) DJ Market Talk/KL: Seloga appearing in Bloomberg on
Thursday, 10 June 2004,

Seloga holdings Berhad issues a clarification to Bursa Malaysia
Securities Berhad that Tan Sri Halim Saad is not the single
largest shareholder of Seloga.


TELEKOM MALAYSIA: Details Settlement Agreement With Sheba
---------------------------------------------------------
Telekom Malaysia Berhad disclosed to Bursa Malaysia Securities
Berhad the settlement agreement in respect of Sheba Telecom
(PVT) Ltd.
   
(1) Telekom Malaysia Berhad (TM) is pleased to announce that its
wholly owned subsidiary [held via Celcom (Malaysia) Berhad],
Technology Resources Industries Bhd (TRI) has executed a
Settlement Agreement with Integrated Services Ltd (ISL) on 15
June 2004.

TRI and ISL are joint venture partners in Sheba Telecom (Pvt)
Ltd (Sheba) in the People's Republic of Bangladesh. The
principal activity of Sheba is provision of telecommunications
services.

(2) In the Agreement, TRI and ISL have agreed to fully and
finally settle all their differences and disputes arising out of
or in connection with the Joint Venture Agreement dated 21
January 1995 as amended by a Supplemental Agreement dated 10
June 1997 (collectively referred as JV Agreement).

On completion, all existing and pending litigations including
Arbitration No. 45 of 2001 filed by TRI in Singapore will be
settled. The Agreement will be effective upon the sale of TRI's
shares in Sheba to ISL and/or its nominees as referred to in
paragraph 4 below (which is in turn subject to due diligence
being satisfactory). Disputed issues between TRI and ISL include
disputes in respect of each party's equity holding in Sheba.

(3) It is TRI's position that Sheba's entire share capital
comprises of 327,966 ordinary shares of par value 1,000 taka.
However, there is dispute between ISL and TRI concerning this,
as well as each party's equity holding in Sheba.

(4) Subject to satisfactory due diligence, ISL and/or its
nominees will purchase all of TRI's legal and beneficial shares
in Sheba free from encumbrances for a sum of USD15 million. In
addition, TRI will procure the discharge of Sheba's existing
liability to Standard Chartered Bank, Dhaka.

This liability is currently secured by a cash deposit of an
equivalent amount placed by TRI with the Bank. ISL will in turn,
reimburse TRI for up to US$10.0 million once the liability to
the Bank is discharged. An undisclosed third party investor will
be financing ISL's financial obligations under the Agreement.

(5) ISL is obliged to deposit a total sum of up to USD25.0
million in an Escrow Account pending the completion of the due
diligence exercise which will be conducted by the Investor.

(6) Under the terms of the Agreement, TRI has covenanted that
upon the deposit of the said sum of up to USD25.0 million into
the Escrow Account, TRI shall proceed to complete the sale of
its shares to ISL upon the satisfactory completion of the due
diligence exercise.

The completion date shall fall no later than 31 July 2004 or
such other mutually agreed date. On completion, all TRI
nominated directors will resign as Sheba's Board of Directors.

(7) Financial Effect

The Agreement will not have any material effect on TM Group's
consolidated earnings for the financial year ending 31 December
2004.

(8) Directors' and Substantial Shareholder's Interest

In so far as the Directors of TM are aware, none of the
Directors nor the major shareholders of TM and/or persons
connected to them have any interest, whether direct or indirect,
in the Agreement.


TELEKOM MALAYSIA: Offers To Sell Shares In Telkom SA
----------------------------------------------------
Telekom Malaysia Berhad announced this evening that, in
conjunction with Thintana Communications LLC, it will offer for
sale as many as 33.2 million shares of South African
telecommunications provider Telkom SA Limited [JSE and NYSE:
TKG]

The sale, subject to demand, price and market conditions, would
be conducted through a private placement to institutional
investors.

Thintana Communications holds a 30 percent interest in Telkom
SA. Thintana Communications is owned 60 percent by SBC
Communications Inc, [NYSE: SBC] and 40 percent by Telekom
Malaysia Berhad through TM International (L) Limited.

Thintana Communications has announced its intention to reduce
its ownership of Telkom to not less than 15.1 percent of the
South African company, with SBC and Telekom Malaysia Berhad
retaining at least 9 percent and 6 percent indirect interests in
Telkom SA, respectively.

Telkom SA will not receive any proceeds from the offering. In
connection with the offering, Thintana Communications will enter
into a lockup agreement on its remaining 15.1 percent holding in
Telkom SA. The agreement will remain effective until the release
of Telkom SA's interim financial results for the period ending
30 September 2004, which are expected to be released on 22
November 2004.

This announcement does not in any manner constitute an
invitation to invest or an advertisement notification, statement
or announcement soliciting investment in the shares of Telkom SA
or an offer of securities for sale in the United States or in
any jurisdiction in which such an offer or solicitation is
unlawful.

The securities referred to in this announcement have not been
and will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United
States, except pursuant to registration or an applicable
exemption from registration. No public offering of securities is
being made into the United States.

Within the United Kingdom, this announcement is directed only at
persons who have professional experience in matters relating to
investments (all such persons together being referred to as
relevant persons). This communication must not be acted on or
relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication
relates is available only to relevant persons and will be
engaged in only with relevant persons.

No prospectus offering securities to the public will be
published.

Not for release, publication or distribution in whole or in part
in or into the United States, Canada or Japan.


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


ATLAS CONSOLIDATED: Major Benefits Await Cebu Upon Reopening
------------------------------------------------------------
Atlas Mining and Development Corp. announces completion of an
agreement with Toledo Copper Corporation plc. (TCC), a company
listed on the AIM Board of the London Stock Exchange.  Under the
terms, TCC may earn 40 percent in the Toledo Copper mining
assets and operations by making progressive payments and loans
up to US$28 million, the proceeds of which are to fund in part
the development of the Toledo Copper Mine, including final
feasibility work, the equity component of the project funding
and other related costs.

"Re-opening the Toledo Copper Mine could bring significant
benefits to the local community in Cebu as well as the national
economy, including potential export earnings of up to US$2.2
billion (US$110 million per annum) during the life of the Toledo
mine which could extend to 20 years or more; major employment
opportunities for Filipinos on Cebu Island and a boost for the
country's natural resource development plans and in particular
the mining industry.  

We will give priority to environmental care and improvement and
have recently established a PhP5 million 'Contingent Liability
and Rehabilitation Fund' with DENR-MGB.  With government
support, Atlas can be a source of large-scale employment in the
Toledo-Cebu area and many other economic and social benefits", a
company official commented.

A feasibility study on the rehabilitation and re-opening of hte
Toledo Mine is close to completion and currently being audited
by international consultants, Behre Dolbear Australia Ltd.  The
study is based on a mine throughput of 42,000 tons of ore per
day, which, over an 11-year period, is estimated to produce, or
average 100 million pounds of copper and 45,000 ounces of gold
from underground block-caving operations.

The Toledo copper mining and processing operations are located
in Barrion Biga, Toledo City on the island of Cebu. The site is
approximately 450 meters above sea-level, 50 kilometers by road
from the capital of Cebu City (17 km direct) and some 17 km by
road from the port of Toledo City.

Over the 39 years, three major open-pit operations have been
carried out and two underground block-caving lifts have been
mined at Toledo.  Atlas has mined a total of approximately 667mt
of ore at Toledo producing concentrates containing approximately
2.56 million dmt of copper, 1.96 million ounces of gold and 7.2
million ounces of silver.  Total material mined was 1.9 billion
dmt.

Current resources are in the order of 874 mt at 0.41 percent
copper, with potential for the discovery of substantially
richer-grade ore in the tenements surrounding the Carmen and
Lutopan mines.

The development of the Carmen first life block-cave was in
progress and already producing 10,000 metric tons per day when
floods interrupted operations in December 1993 causing
suspension of mining operations to the present day.  At the peak
of production, in the period between 1979 and 1984, Atlas was
mining at a rate of 103,000 tpd ore with three concentrators in
operation.

In addition, the company has entered into an agreement with
Investika Ltd. (IVK), a company listed on the Australian Stock
Exchange, whereby IVK can earn a 20 percent interests in Palawan
Nickel project by an immediate investment of US$1 million.  Upon
IVK earning its interest, the company's interest in hte project
will reduce to 36 percent.

The Palawan nickel project area contains an estimated resource
of 275 million tons of nickel laterite at a grade of 1.30
percent, Ni, 0.074 percent Co., including a reserve of 2.1 Mt of
direct shipping at a grade of 2.26 percent Ni.

Contact:

Atlas Consolidated Mining Corp.
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Telephone Numbers:  635-2387/4495
Fax Numbers:  633-3759; 634-2312
Email Address:  acmdcmla@info.com.ph


BAYAN TELECOMMUNICATIONS: To Appeal U.S. Court Decision  
-------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) has directed United
States law firm Vinson & Elkins LLP to file a petition before
the U.S. Court of Appeals on its decision that BayanTel, along
with five other Philippine telcos, are guilty of exploiting the
American market, BusinessWorld reports.

"BayanTel has not compelled any US telecommunications carrier to
accept higher international termination rates. The text of
United States Federal Communications Commission's (FCC) order
does not fairly take into account the contrary factual evidence
which BayanTel submitted at this point," the firm said in a
statement to BusinessWorld.

With the new order from the FCC, the termination rates between
U.S. and Philippine telcos will soon be deregulated since the
international settlements policy (ISP) will no longer be
applicable. The ISP requires all local carriers to charge US
carriers the same termination rates.

"The repeal of this FCC policy should allow commercial relations
between BayanTel and its US correspondents to be fully
normalized by the end of 2004. As a result, BayanTel expects the
company to improve its competitive position in the market,"
BayanTel said.

Contact:

Bayan Telecommunications Inc,
Investor Relations 3/F Bayantel
Corporate Center Maginhawa corner
Malingap Streets Teacher's Village East,
Diliman Quezon City 1101,
Website: http://www.bayantel.com.ph/


COUNTRY WAFFLES: New Management Reopens Greenhills Branch
---------------------------------------------------------
After shutting down for six months, Country Waffles reopened its
Greenhills branch on Tuesday under new management, BusinessWorld
reports.

Businessman Manolo P. Samson, a Country Waffles investor and
owner of shoemaker Itti Shoes; along with Carmelo Galvez, the
incorporator and president of the new operator Fresno Waffles,
Inc., is behind the relaunch.  The duo had actually obtained the
provisional authority to operate the restaurant chain in
February, but it was only recently that they were able to work
out a deal with California-based Dynaco Corp., the franchise
owner.

A seven-year lease contract was signed for the said branch and
the new management, composed mainly of Mr. Samson's family, has
earmarked some PHP6 million in additional investments.  Mr.
Samson used to be the single-biggest investor in Country Waffles
apart from the Nievera couple, who have been blamed for the
chain's collapse.  Since the restaurant started operating five
years ago, he has invested nearly PHP40 million in four
restaurants.  

Philippine Franchise Association President Bing Limjoco said:
"The Country Waffles experience is an expensive lesson to
investors.  Three things that should be learned: first,
investors should know where their money is going; two, regular
meetings of owners are important; and owners should be involved
in the business, not just be concerned about the return on
investments."

Mismanagement blamed on Bert and Carol Nievera led to the
closure of the branches in Greenhills; Eastwood in Libis, Quezon
City; Rockwell Power Plant in Makati City; Sgt. Esguerra in
Quezon City, and Glorietta in Makati last December.


MANILA ELECTRIC: SC Rules Rate Hike "Illegal"
---------------------------------------------
The Supreme Court has ruled that the 12 centavo-per kilowatt-
hour rate increase charged by the Manila Electric Company
(Meralco) at the onset of 2004 is illegal, according to
Businessworld, citing court sources.

In an en banc resoulution, the Supreme Court ruled that the
Energy Regulatory Commission (ERC) committed grave abuse of
authority when it issued a provisional authority in November
that allowed Meralco to increase its charges on all its
subscribers.

Meralco president Jesus Francisco said that news of the Supreme
Court ruling has already reached him, but said the company has
yet to receive a copy of the decision.

"We probably have to wait for the order, but we were not able to
collect [the provisional increase] except for 15 days because of
the status quo order. We may have to refund that," Mr. Francisco
said.

On January 15, the Supreme Court, acting on a petition filed by
consumer groups, directed Meralco and the ERC to "observe the
status quo prevailing before the filing of the petition."

For his part, ERC chairman Rodolfo Albano said the regulator
will appeal the Supreme Court decision, and at the same time
expressed dismay over the admission of the Office of the
Solicitor General before the Supreme Court that the ERC abused
its discretion in allowing Meralco to implement the provisional
rate increase.

"We will see if there is an option for us to file a motion for
reconsideration but with a lawyer different from the solicitor
general. How can we hire a lawyer who abandoned our cause?," he
said.

The Supreme Court ruling comes after the ERC allowed Meralco to
increase its generation rates early this month.

Contact:

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


MAYNILAD WATER: Government Might Lose US$120-M Performance Bond
---------------------------------------------------------------
Because of a temporary restraining order issued by the court in
favor of the Lopez-controlled Maynilad Water Services Corp.
(Maynilad), the government is in danger of losing the US$120-
million performance bond posted by the troubled utility which
will expire on July 31, reports The Philippine Star.

According to Manila Water and Sewerage System (MWSS)
administrator Orlando Hondrade, the international arbitration
court allowed the government to draw on the performance-bond,
but Maynilad was able to secure the TRO, which has effectively
blocked the government from using the bond. The government has
lodged an appeal before the Supreme Court.

Mr. Hondrade said that this issue has to be resolved within this
week to give the state enough time to process the funds'
release, or the government will lose the bond.

The bond, the MWSS chief said, was covered by letters of credit
from 13 different banks, and could be renewed. However, he
expressed doubts that Maynilad and the banks would agree to a
renewal, since they are certain the government would immediately
cash it in.

A swap agreement that would have allowed the government to
initially draw US$50 million from the bond was proposed before
the May elections, but neither party has made a final decision
on whether they could accept the terms. The amount was intended
for Maynilad's operating expenses, debt service and preparations
for the anticipated water crisis.

Benpres Holdings Corp. owns 59 percent of Maynilad, while Ondeo
Philippines, an affiliate of French firm Suez Lyonnaise des
Eaux, holds 40 percent.


NATIONAL BANK: To Launch Credit Facility For HK OFWs
----------------------------------------------------
The Philippine National Bank will be offering a credit facility
to all qualified Overseas Filipino Workers (OFWs) in Hong Kong,
The Philippine Star reports.

OFWs with valid employment contracts and sufficient cash
deposits in their respective accounts with PNB Hong Kong or any
PNB office in the Philippines can avail of the credit facility
dubbed as PNB Pangarap Loan Program.

The program is equipped with a built-in insurance coverage by
PNB General Insurers, Inc., which suits the needs of the
prospective borrowers.

"We recognize the situation of our OFWs in Hong Kong who work
hard despite reduced wages. By introducing this new product, we
hope we can help ease their plight by making credit simple,
affordable and convenient," PNB president Lorenzo Tan said.

Contact:

Philippine National Bank
PNB Financial Center
President Diosdado Macapagal Boulevard,
Pasay City
Telephone Numbers:  891-6040 to 70; 526-3131 to 40
Fax Number:  551-5187
Email Address:  pesayco@pnb.com.ph
Website: http://www.pnb.com.ph
  

PHILIPPINE AIRLINES: Seeks Fuel Surcharge With Cebu Pacific
-----------------------------------------------------------
In a public hearing conducted by the Civil Aeronautics Board
(CAB) Tuesday, local carriers Philippine Airlines (PAL) and Cebu
Pacific Air defended their joint petition for the imposition of
a US$6 fuel surcharge for passengers flying international
routes, relates ABS-CBN News.

The Philippines' two biggest airlines said that with fuel prices
reaching US$46 per barrel to date, they could no longer
subsidize their operations.

According to PAL's legal consultant Maria Clara de Castro, the
flag-carrier needs at US$20.80 per sector to fully cover the
increase in fuel cost, while Cebu Pacific vice president for
corporate communications Peggy Vera said the airline would need
at least US$9.30 per sector to recover.

During the public hearing, fourteen foreign carriers also
applied for a fuel surcharge, which is a temporary relief for
airlines to cover the rising cost of fuel in the world market.

The CAB's recommendation is expected early next week.

Contact:

Philippine Airlines
Corp. Communications Dept.
PAL Center Bldg.
Legazpi St., Legaspi Village
Makati City, Philippines 0750
Telephone: (632) 817-1234; (632) 892-4856
Fax: (632) 813-6715
email: rgeccd@pal.com.ph


NEGROS NAVIGATION: Issues Clarification To News Article
-------------------------------------------------------
Negros Navigation Co. Inc. (Nenaco) issues to the Philippine
Stock Exchange a clarification to the news article entitled
"Equitable PCI rejects Nenaco rehab proposal" published in the
June 15, 2004 issue of the BusinessWorld (Internet Edition). The
article reported that:

"Another creditor bank of Negros Navigation Co. (Nenaco) has
asked the Manila Regional trial court to junk the rehabilitation
proposal submitted by the interisland shipping company.  In its
petition filed before the court, Equitabel PCI Bank Co. said the
shipping company, which is majority owned by property
conglomerate Metro Pacific Co., failed to justify the reasons
for its inability to pay some PhP2.4 million in debts to various
banks, financial institutions and trade suppliers.

Equitable PCI Bank, which lent PhP51.56 million to the shipping
firm, said it is not enough reason for Nenaco to sought (sic)
debt reprieve because it suffered financial problems due to the
Asian financial crisis in 1997 and the peso's slide against the
US dollar.

'Such factors are nothing but lame excuses that had likewise
affected and are similarly affecting the rest of business
enterprise.  They are too general and so broad to be deemed
acceptable as the causes of its inability to pay its debts,' the
bank said."

Negros Navigation Co., Inc. in its letter to the Exchange dated
June 15, 2004 stated that:

The above-mentioned newspaper report is lifted from the
Comment/Opposition (To: Petition for Corporate Rehabilitation
dated March 29, 2004), dated May 17, 2004, which creditor
Equitable-PCI Bank filed in the rehabilitation proceedings
before the Regional Trial Court of Manila, Branc 46.

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 REALTY: Clarifies News Article
-----------------------------------------
This in reference to Circular for Brokers No. 2371-2004 dated
June 1, 2004, pertaining to the disclosure submitted by
Philippine Realty & Holdings Corp. (RLT) with regards to the
news article entitled "Philrealty seeks court approval for its
amended rehabilitation program" published in the May 31, 2004
issue of The Philippine Star (Internet Edition).

In relation thereto, Philippine Realty, in a letter dated June
15, 2004, advised the Philippine Stock Exchange that:

"The Regional Trial Court of Quezon City, Branch 93 has issued
its ruling on our petition for corporate rehabilitation.  
Attached is a copy of the Adjudication as well as the Evaluation
and Recommendation Report of the Rehabilitation Receiver.

The approved rehabilitation plan essentially calls for the
settlement of bank loans through a combination of dacion en pago
and debt restructuring, while the completion of the Andrea North
Skyline Tower shall be funded from the proceeds of joint
ventures on three Bonifacio Global City lots."

For more information, click
http://bankrupt.com/misc/philippinerealty061604.pdf

Contact:

Philippine Realty and Holdings Corp.
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Telephone Numbers: 631-3179 to 80
Fax Number:  634-1504
Email Address:  philrltv@info.com.ph


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S I N G A P O R E
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ALVION ASIA: Releases Intended Dividend Notice
----------------------------------------------
Alvion Asia Pte Ltd (In Liquidation) issues notice of
Intended Dividend.

Name of Registered Office: Formerly of 352B King George's Avenue
Singapore 208580.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 260 of 1997.

Last day of Receiving Proofs. June 25, 2004.

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

TOH HWEE LIAN
Assistant Official Receiver.

This Singapore Government Gazette Announcement is dated June 11,
2004.


CHOON HONG: Court Issues Petition for Winding Up
------------------------------------------------
Notice is hereby given for the Winding Up of Choon Hong
Marketing Pte Ltd by the High Court was on May 24, 2004
presented by ANGIANG FISHERIES IMPORT & EXPORT JOINT STOCK
COMPANY, a company incorporated in the Republic of Vietnam with
limited liability and having its registered office address at
1234 Tran Hung Dao STR, Longxuyen City, Angiang Province,
Vietnam, a creditor. The Petition is directed to be heard before
the Court sitting at 10:00 a.m. on June 18, 2004.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the said petition will be furnished to any creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge of the same.

The Petitioner's address is 1234 Tran Hung Dao STR, Longxuyen
City, Angiang Province, Vietnam.

Messrs. TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioners.
nO. 5 sHENTON wAY,
Level 29 UIC Building
Singapore 068808

Note: Any person who intends to appear on the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 0'clock noon of
June 17, 2004 (the day before the hearing).


EARLING BUILDERS: Issues Notice of Intended Dividend
----------------------------------------------------
Earling Builders Pte Ltd (In Liquidation) issues notice of
Intended Dividend.

Name of Registered Office: Formerly of 57 Namly Garden
Singapore 267385.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 45 of 1999.

Last day of Receiving Proofs. June 25, 2004.

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

KAMALA PONNAMPALAM
Assistant Official Receiver.

This Singapore Government Gazette Announcement is dated June 11,
2004.


ECON CORPORATION: Winding Up Hearing Set July 2
----------------------------------------------
Notice is hereby given for the Winding Up of Econ Corporation
Limited by the High Court was on June 1, 2004 presented by
Timothy James Reid of Ferrier Hodgson, the Judicial Manager. The
Petition is scheduled before the Court sitting at Singapore at
10:00 a.m. on July 2, 2004.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the said petition will be furnished to any creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge of the same.

The Petitioner's address is 50 Raffles Place, #44-05 Singapore
Land Tower,,Singapore 048623.
Building, Singapore 577200.

Messrs. WEE SWEE TEOW & CO.
Solicitors for the Petitioners.
65 Chulia Street, #27-00 OCBC Centre,
Singapore 049513.

Note: Any person who intends to appear on the hearing of the
Petition must serve and or send by post to the above named
solicitors, notice in writing of his or her intention to do so.
The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm; of his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 0'clock noon of
July 1, 2004 (the day before the hearing).


EPIC INTERNATIONAL: First Creditor's Meeting Set June 23
--------------------------------------------------------
Notice is hereby given that the First Creditor's Meeting of Epic
International Pte Ltd, which is under Creditor's Voluntary
Winding Up, will be held at 10 Anson Road, #23-10 International
Plaza, Singapore 079903 on Wednesday, June 23, 2004 at 11:00
a.m. for the following purposes:

(1) To lay before the creditors a full statement of the affairs
of the Company, showing the assets and liabilities of the
Company as of may 31, 2004.

(2) To appoint a Committee of Inspection, if necessary.

(3) To confirm the appointment of the Liquidators nominated by
the Company.

ONG LEE WAH
Provisional Liquidator.

Note:
Any creditor wishing to attend and vote at this meeting must
submit particulars of their claims by lodging Form 77 at the
office of the Provisional Liquidators at 545 Orchard Road, #11-
07 Far East Shopping Centre, Singapore 238882 on or before 11
a.m. on June 21, 2004.

A creditor may appoint a proxy to attend and vote instead of him
and that the proxy need not himself be a creditor. Forms of the
proxy may be obtained from provisional liquidators' office and
duly completed forms must be lodged at the said office not later
than 11 a.m. on June 22, 2004.


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


CAPETRONIC INTERNATIONAL: Informs On Exercise Of Warrants
---------------------------------------------------------
As Capetronic International (Thailand) Plc. issued 63,220,000
units of Warrants on 31st July 1998 and these warrants will be
at 24th exercise date on 1st July 2004.

Capetronic herewith, informs the details of the exercise of the
warrants:

(1) Exercise date:
   
The exercise dates of the Warrants are the normal working hours
of the Company's share registrar during 8:30 a.m. to 3:30 p.m.
on 30th of March, June, September and December of each year. The
first exercise date was on 30th September 1998 and the last
exercise date shall be on 30th June 2008. If any exercise date
falls on the holiday of the     Company's share registrar, such
exercise date shall be the succeeding working day. The 24th
exercise date is scheduled 2nd July 2004.

(2)  Date to notify the intention to exercise:

At any time during 8:30 a.m. to 3:30 p.m. of June 16, 2004 -
June 30, 2004.

(3) Exercise ratio: 1 warrant has a right to subscribe 1.074
ordinary shares.

(4) Exercise price: Baht 10 per share.

(5) Documents to be submitted:
   
(a) Exercise notice which has been accurately and completely
filled in.

(b) Warrant certificates or temporary warrant certificates in
the form prescribed by the Stock Exchange of Thailand with the
amount specified in the exercise notice.

(c) Cheque, draft, bill of exchange or payment order from banks
which can be cashed in Bangkok Metropolitan when called within
two days and shall be made payable to Capetronic International
(Thailand) Public Company Limited. The date on such payment
shall not exceed the date of each exercise date.

(d) Certified copy of identification card for individual holders
or copy of corporate certification from Department of Commerce
for corporate holders.

(6) Contact place:

Capetronic International (Thailand) Plc.
105 Moo 3, Bangna-Trad Road,
KM. 52 Thakham, Bangpakong,
Chachoengsao 24130,
Telephone Number: (038) 573-161 ext. 1120 8,
Fax Number: (038) 573-501.

The Company shall not close the register book to stop the
transfer of the Warrants except for the last exercise that the
register book shall be closed 21 days prior to the last exercise
date.

Sincerely yours,
Seni Sudsawad
Director of Finance & Accounting


MANAGER MEDIA: SET Lifts Notice Pending Sign On Securities
----------------------------------------------------------
Manager Media Group PCL (MGR) has sent its audited financial
statements for the period ending 31 March 2004 to the Stock
Exchange of Thailand in line with the procedures specified by
the Securities and Exchange Commission.  

Therefore, the SET has lifted the NP (Notice Pending) sign on
the securities of the company and replaced it with the NR
(Notice Received) sign effective on the first trading session of
16 June 2004. However, the SET has still suspended trading of
its securities until the causes of delisting are eliminated.

     
THAI WIRE: Issues Progress Report Of Business Reorganization
------------------------------------------------------------
Thai Wire PCL reports to the Stock Exchange of Thailand the
progress report of its business reorganization submitted
according to the following reference letter:

On May 18,2004,which was the date of the creditor meeting for
considering the rehabilitation plan, most of creditors,
calculated to 93.95 percent of the debts of the creditors who
attended the meeting and voted, accepted the plan.   

Therefore, the creditor meeting passed a resolution to approve
the plan.  Recently, the court asked to hear the consideration
of the plan on August 23, 2004.  The details of plan will be
report after the court issues an order approving the plan.

Yours faithfully
(Mr. Sukit Nganthavee)
Managing Director


                            *********


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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***