TCRAP_Public/040618.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

           Friday, June 18, 2004, Vol. 7, No. 120

                      Headlines

A U S T R A L I A

NOVUS PETROLEUM: Shareholders Approve Medco Energi Bid
QANTAS AIRWAYS: Launches First LA to Brisbane Non-Stop Flights


C H I N A  & H O N G K O N G

ALLIED PROPERTIES: Posts Substantial Shareholder Notice
ASIA STANDARD: Provides Accommodation to China East Air
CHINA ONLINE: Appoints New Financial Adviser
CHINA STAR: Amends Term of Convertible Loan Note
FT HOLDINGS: Holds Special General Meeting on June 30

MIDLAND REALTY: Clarifies Article About Net Profit
REACH: Rescue To Cost Telstra, PCCW A$1bln More
SHENYANG PUBLIC: Resolutions Passed at the General Meeting


I N D O N E S I A

BANK DANAMON: Asked by BI To Explain Adira Purchase
BANK PERMATA: Eyed By Temasek


J A P A N

DAIEI INC.: To Offer Summer Sales Discounts of Up To 40%
JAPAN AIRLINES: To Operate Boeing 777-300ER Next Month
MITSUBISHI FUSO: Plants Lose ISO Certification
MITSUBISHI MOTORS: Cuts Japan Sales Targets
MITSUBISHI MOTORS: Australian Ops Escape Cuts

MITSUBISHI MOTORS: To Get JPY1bln Investment From Sister Firm


K O R E A

ASIANA AIRLINES: Fined For Delays
DAEWOO HEAVY: Posts 32% Profit Increase in May
HANBO IRON: Consortium Seeks Legal Review of Takeover
HYNIX SEMICONDUCTOR: Petitioned to Pay DRAM Duties by Elpida
HYNIX SEMICONDUCTOR: Elpida Petition Won't Hurt Operations

SSANGYONG MOTOR: Union Plans Strike


M A L A Y S I A

FAR EAST: Issues Update On Proposed Settlement
FOREMOST HOLDINGS: Completes Proposed Acquisition of Kelpen
FOUNTAIN VIEW: BMSB To Grant Listing Of Additional 1,000 Shares
MALAYSIAN AIRLINE: Issues Update On Winding-Up Petition   
MALAYSIAN INDUSTRIAL: Issues Additional 31,000 Ordinary Shares  

OCEAN CAPITAL: Issues Update On Proposals
OSK HOLDINGS: BMSB Grants Listing Of 23,800 Ordinary Shares
PAN MALAYSIA: Completes Private Placement Of 73,950,000 Shares
PILECON ENGINEERING: Issues Update On Restraining Order  
POS MALAYSIA: Unveils Annual General Meeting Outcome

SIME DARBY: Incorporates SDIS As New Subsidiary
SIME DARBY: Issues Update On Mandatory Take-Over Offer
SUNWAY HOLDINGS: Issues Update On Conditional Voluntary Offer
TALAM CORPORATION: Issues Additional 142,954 Ordinary Shares
TANJONG PUBLIC: Unit Incorporates Pendekar Power

WCT ENGINEERING: Issues Additional 231,400 Ordinary Shares  


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies News Article On Maynilad Water
MANILA ELECTRIC: Targets PhP1Bln In Net Profit This Year   
MANILA ELECTRIC: Issues Clarification To News Article
PHILIPPINE LONG: Bags TelecomAsia Award
SEMIRARA MINING: Applies For Proposed Equity Restructuring

SEMIRARA MINING: Unveils Annual Stockholders Meeting Result


S I N G A P O R E

ACE DYNAMICS: To Acquire 51% of Omnidisc
KIM ENG: Issues Notice of Voluntary Delisting
KOH BROTHERS: Notice Of a Director's Change in Interest
PANPAC MEDIA: Clarifies The Business Times Article
STRIKE ENGINEERING: APPOINTS New Executive Chairman

UNITED FIBER: Clarifies June 12, 2004 Straits Times Article


T H A I L A N D

RAIMON LAND: Notifies SET On The Exercise Of Warrants
THAI PETROCHEMICAL: Awaits Finance Ministry Report

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


NOVUS PETROLEUM: Shareholders Approve Medco Energi Bid
------------------------------------------------------
In a statement released on Tuesday to the Australian Stock
Exchange, Indonesian energy firm PT Medco Energi Internasional
announced that it has secured a controlling stake in Australia's
Novus Petroleum Ltd, with 60 percent of shareholders agreeing to
its A$350 million offer, relates the Asia Intelligence Wire.

Medco outbid its rival, Australian-based Sunov Petroleum Ltd.,
which offered a lower A$1.85 per share or A$341 million for
control of the company. Among the shareholders that accepted the
Medco offer is Japan-based Mitsui & Co., which owns 13 percent
of Novus and is the company's largest single entity shareholder.

Founded by businessman-turned-politician Arifin Panigoro, Medco
had been eyeing Novus and its natural gas reserves in Brantas,
East Java, which recorded a high production volume of 64 million
cubic feet per day last year.


QANTAS AIRWAYS: Launches First LA to Brisbane Non-Stop Flights
--------------------------------------------------------------
Qantas Airways has commenced Wednesday its non-stop flights
between Los Angeles and Brisbane, making Brisbane the most
convenient gateway for U.S. travelers to the Great Barrier Reef
and many other destinations in Queensland and beyond. This is
the first time any airline has offered non-stop scheduled
services on this route.

Passengers onboard inaugural flight QF 176 departing from Los
Angeles include editors from some of America's top travel and
lifestyle magazines, VIPs, business travelers and eager leisure
travelers ready to jump-start their vacations Down Under.

"With the growing demand for direct access to Australia, we are
pleased to be able to offer flights that are not only
convenient, but can save passengers time," said Wally R.
Mariani, senior executive vice president, The Americas. "This
new service is just one of many ways Qantas Airways demonstrates
its ongoing commitment to providing passengers with comfort and
flexibility for all their travel requirements," he added.

Qantas now operates non-stop Boeing 747-400 Los Angeles-Brisbane
services each week on Wednesday, Friday and Sunday. Flight QF
176 departs from Los Angeles at 11:20 p.m. and arrives in
Brisbane at 6:20 a.m., plus two. Flight QF 175 departs Brisbane
at 11:40 a.m. and arrives in Los Angeles at 7:30 a.m. the same
day.

The new services are in addition to daily flights between Los
Angeles and Brisbane via Auckland, increasing the number of
flights on this route to 10 per week. For further convenience,
these flights also connect with the weekly QF 108 and 107
services that operate between New York City and Los Angeles on
Wednesday, Friday and Sunday.

Over the past six months, Qantas has significantly boosted
capacity between Australia and the United States, and from next
month, will offer more scheduled services between Los Angeles
and Australia than ever before.

Only Qantas Airways offers seamless connections from North
America to 50 cities in Australia and five cities in New
Zealand. As a world leader in air travel, Qantas offers the only
in-seat entertainment system on flights to the South Pacific.

For more information, visit the Web site at www.QantasUSA.com.


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


ALLIED PROPERTIES:  Posts Substantial Shareholder Notice
--------------------------------------------------------
Allied Properties (Hong Kong) Ltd issues Corporate Substantial
Shareholder Notice.
  
(1) Name of listed corporation: Allied Properties (HK) Ltd.  

(2) Stock code: 00056

(3) Class of shares: Ordinary Shares  

(4) Number of issued shares in class: 489,400,288

(5) Name of substantial shareholder: Allied Group Limited  

(6) Registered office: 22nd Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong

(7) Principal place of business in Hong Kong: 22nd Floor, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong  

(13) Exchange on which listed: The Stock Exchange of Hong Kong
Limited

(14) Name of listed parent and exchange on which parent is
listed: N/A  

(15) Date of relevant event: 11/06/2004

(16) Date when the substantial shareholder became aware of the
relevant event/ interest in the shares (if later): 11/06/2004

(17) Details of relevant event:

(18) Total shares immediately before the relevant event:
Total number of shares 401,456,059 82.03

(19) Total shares immediately after the relevant event:
  Total number of shares 401,456,059
Percentage figure (%)82.03

(20) Capacity in which interests disclosed in Box 19 are held:
Number of shares 96,338,025

(21) Further information in respect of derivative interests:
Number of shares 36,249,730

(22) Further information in relation to interests of
corporations controlled by substantial shareholder:
Name of controlled corporation: Capscore Limited
Address and place of incorporation: 22nd Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.
Name of controlling shareholder:(Hong Kong) Allied Group Limited
Number of Shares: 167,061,619

Name of Controlled Corporation: Citiwealth Investment Limited
Address and Place of Corporation: 22nd Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.
Name of Controlling Shareholder:(Hong Kong) Allied Group Limited
Number of Shares: 4,186,632

Name of Contolled Corporation: Sunhill Investments Limited
Address and Place of Corporation: 22nd Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.
Name of Controlling Shareholder:(Hong Kong) Allied Group Limited
Number of Shares: 133,869,783

(23) Further information in relation to interests held by
substantial shareholder jointly with another person:

(24) Further information from a trustee, or beneficiary of a
trust, or a founder of a Discretionary Trust:

(25) Further information from a party to an agreement under
Section 317:
Total number of shares in which substantial shareholder is
interested under section 317 and 318:  

(26) Details of person(s) in accordance with whose directions
the substantial shareholder or its directors are accustomed to
act:
Names Address Relationship Code %
Nil       

(27) Date of filing this Form 2: 14/06/2004


(29) Number of attachments: 0


ASIA STANDARD: Provides Accommodation to China East Air
------------------------------------------------------
In a press release dated June 16, 2004, Asia Standard Hotel
Group (0292) announced that its subsidiary Empire Landmark Hotel
in Vancouver, Canada, has entered into a crew accommodation
contract with China Eastern Airlines (0670) to provide
accommodation to crewmembers of the airline effective Wednesday.

The airline has commenced its maiden direct flight from Shanghai
to Vancouver Wednesday, with three teams of crewmembers arriving
at Vancouver each week.


CHINA ONLINE: Appoints New Financial Adviser
--------------------------------------------
With reference to the announcement of the Company dated June 4,
2004, the Board of China Online (Bermuda) limited, announces
that the Company has appointed AMS Corporate Finance Limited as
the independent Financial Adviser in relation to the Offer and
Whitewash Waiver.

By order of the Board
Chong Sok Un
Chairman

This announcement is dated June 14, 2004


CHINA STAR: Amends Term of Convertible Loan Note
------------------------------------------------
Pursuant to three subscription agreements all dated May 23,
2001, the China Star Entertainment Limited issued convertible
loan notes with an aggregate principal amount of HKD 70,000,000
to three subscribers. The principal amounts subscribed by each
of the subscribers amounted to HKD 20,000,000, HKD 20,000,000
and HKD 30,000,000 respectively. The Company has fully repaid
two subscribers of convertible loan notes with an aggregate
principal amount of HKD 50,000,000. As of the date of this
announcement, the outstanding principal amount of the
convertible loan notes is HKD 20,000,000.

On June 14, 2004, the Company and the holder of the convertible
loan note with a principal amount of HKD 20,000,000 entered into
a supplemental deed, pursuant to which the Company and the
Noteholder agreed to extend the maturity date of the Note from
June 30, 2004 to June 30, 2007. Save for the extension of the
maturity date of the Note to June 30, 2007, the other terms and
conditions of the Note shall remain in full force and effect.
The Company did not make any other arrangement with the
Noteholder.

By order of the Board
Heung Wah Keung
Chairman

This announcement is dated June 14, 2004.


FT HOLDINGS: Holds Special General Meeting on June 30
------------------------------------------------------
Notice is hereby given that a special general meeting of FT
Holdings International Limited be held on June 30, 2004 at 9:00
a.m. at Unit 501, 5th Floor, Riley House, 88 Lei Muk Road, Kwai
Chung, New Territories, Hong Kong for the purpose of considering
and if thought fit, passing the following resolutions as
ordinary resolutions:

(1) That the authorized share capital of the Company be and is
hereby increased from HKD 100,000,000 divided into
10,000,000,000 ordinary shares of HKD0.01 each to HKD
200,000,000 by the creation of an additional 10,000,000,000
shares.

(2) That subject to the passing of resolution no.1 above and
resolution no. 3 below,

(a) The execution of a sale and purchase agreement dated March
25, 2004 entered into between the Company and Solartech
International Holdings Limited, a copy of which has been
produced to the meeting, marked "A" and initialed by the
Chairman for the purpose of identification, be and is hereby
approved, confirmed and ratified; and

(b) The allotment and issue of an aggregate of 8,000,000,000 new
Shares by the Company to Solartech International Holdings
Limited pursuant to the Acquisition Agreement, representing
approximately 75.5% of the entire issued share capital of the
Company be and is hereby approved and confirmed;

And that the transaction contemplated by the Acquisition
Agreement be and are hereby generally and unconditionally
approved and that any director of the Company be and is hereby
authorized to take such actions and execute such documents under
seal, to do so in the directions of the Company see fit to
consider necessary, desirable or expedient for the
implementation and completion of the transactions contemplated
by the Acquisition Agreement, including without limitation the
compliance with all relevant requirements under the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.

(3) That subject to the passing of resolution no. 2 above, the
waiver from the obligation of Solartech International Holdings
Limited to make mandatory offer for all the shares in the
Company not already owned by them under Rule 26 of the Hong Kong
Code on Takeovers and Mergers as a result of the 8,000,000,000
shares in the company to be allotted to Solartech under the
Acquisition Agreement be and is hereby approved and confirmed
and any director of the Company be and is hereby authorized to
take such actions and execute such documents for such purpose as
he sees fit or consider necessary.

By order of the Board
Ng Tak Chak, Nelson
Chairman

This announcement is dated June 14, 2004.


MIDLAND REALTY: Clarifies Article About Net Profit
--------------------------------------------------
The Board of the Midland Realty (Holdings) Limited referred to
the Article whereby a statement was made by the chairman of the
Company, Mr. Wong Kin Yip, that the target net profit of the
Group for the current financial year ending December 31, 2004
would be doubled from the last financial year, i.e. exceed HKD
200 million.

The Board would like to clarify that the statement represents
Mr. Wong's personal objective to achieve the desired profit
level and it was made during an interview with Mr. Wong on April
19, 2004. The Board confirmed that the content of the Article
correctly reflected the statements made by Mr. Wong in the
interview except that, as confirmed by Mr. Wong's records, no
reference was made to the figure HKD 200 million. It does not
represent any estimation or forecast about the profit of the
Group for the current financial year. Shareholders and the
investing public are reminded not to treat such statement as
profit forecast.

Save as disclosed above, the Board confirms that it is not aware
of any matter discloseable under Rule 13.09 of the Rules
Governing the Listing of Securities on Stock Exchange, which is
or may be of a price-sensitive nature.

Stock Exchange is looking into the matter as to whether there is
non-compliance with Rule 14.61 of the Rules Governing the
Listing of Securities on Stock exchange.

As of the date of this announcement, the Board comprises 4
executive directors being Mr. Wong Kin Yip, Freddie, Ms. Ip Kit
Yee, Kitty, Mr Cheung Kam Shing and Ms. Lam Fung Fong, and 4
independent non-executive directors being Mr. Au Son Yiu, Mr.
Chung Kam Wing, Calvin, Mr. Kan Chung Nin, Tony and Mr. Lai
Dominic.

By order of the Board
Chan Kin Chu, Harry
Company Secretary

This announcement is dated June 15, 2004.


REACH: Rescue To Cost Telstra, PCCW A$1bln More
-----------------------------------------------
In order to bail out Reach, Telstra Corp Ltd's struggling joint
venture with Hong Kong's Pacific Century Cyberworks, the two
companies might have to fork out A$1 billion more, on top of
writedowns of up to A$2 billion Telstra has made on the Hong
Kong undersea cable company and another PCCW joint venture, CSL,
reports The Sydney Morning Herald.

According to sources at the banking syndicate to which the joint
venture owes some US$1.2 billion ($A1.72 billion),  an
announcement is imminent, with Telstra and PCCW likely to buy
out the entire debt for 0.25-0.30 cents per US dollar. This
arrangement, however, would leave the banking syndicate, which
includes Barclays, JP Morgan and ANZ, with losses of up to
US$900 million on the loan, which was restructured as recently
as April last year.


SHENYANG PUBLIC:  Resolutions Passed at the General Meeting
-----------------------------------------------------------
The 2003 Annual General Meeting of Shenyang Public Utility
Holdings Company Limited was held at the Conference Room, $th
Floor, No.14, Shisiwei Road, Heping District, Shenyang, the
People's Republic of China at 9:00 a.m. on Wednesday, June 16,
2004. The shareholders of the Company and proxies together
holding 688,384,000 shares of the Company with voting rights,
representing approximately 67.46 percent of the total issued
share capital of the Company, were present and constituted a
quorum of the AGM in accordance with the Articles of Association
of the Company, the PRC Company Law and the relevant Laws and
regulations in the PRC. The board of directors of the Company is
pleased to announce that the following resolutions were passed
by the Shareholders at the AGM by show of hands and not by poll:

As ordinary resolutions:

(1) the 2003 report of the Board was approved;
(2) the 2003 report of the supervisory committee of the cOCmpany
was approved ;
(3) the 2003 financial statements of the company were approved;
(4) the 2003 reports of the PR auditors and the international
auditors of the Company were approved;
(5) the 2003 profit allocation and dividend distribution
proposals of the Company were approved;
(6) Ho and Ho & Company, Certified Public Accountants, were re-
appointed as the international auditors of the Company to hold
office until the conclusion of the 2004 annual general meeting
of the Company and the Board was authorized to determine their
remuneration; and
(7) Liaoning Pan-China Certified Public Accountants Company
Limited were re-appointed as the PRC auditors of the Company to
hold office until the conclusion of the 2004 annual general
meeting of the Company and the Board was authorized to determine
their renumeration.

As special resolution:

(1) The Board was authorized to issue domestic shares of the
Company and H shares of the Company respectively not exceeding
20% of the existing number of Domestic Shares and H shares
respectively.

By order of the Board
Shenyang Public Utility Holdings Company limited
Xu Er Hui
Chairman

This announcement is dated June 16, 2004.


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


BANK DANAMON: Asked by BI To Explain Adira Purchase
---------------------------------------------------
Bank Indonesia (BI) has directed PT Bank Danamon to explain its
acquisition of a 75-percent stake in PT Adira Dinamika Multi
Finance Tbk (JSX:ADMF) for Rp850 billion, reports Indoexchange.

It is alleged that the proceeds from Bank Danamon's issuance of
subordination bonds US$300 million were used for the Adira
acquisition. However, Bank Danamon vice president Emirsyah Satar
denied the allegations, saying internal funds were used to pay
for the stake. He also claimed that they did not violate any BI
rules.

In an earlier letter to Bank Danamon, BI has advised the bank to
be "prudent in issuing subordination bonds," citing that it has
yet to approve the purchase. Bank Danamon said it has already
sent a team to explain the bond issuance and the acquisition to
BI officials.


BANK PERMATA: Eyed By Temasek
-----------------------------
After its acquisition of PT Bank Danamon and PT Bank
Internasional Indonesia (BII), Singapore state investment firm
Temasek Holdings Pte Ltd is now setting its sights on PT Bank
Permata, reports the Koran Tempo, citing state asset management
firm PT Perusahaan Pengelola Aset (PPA) president Mohammad
Syahrial.

According to Mr. Syahrial, Temasek will have to bid through Bank
Danamon or Bank Internasional Indonesia before it can acquire
the stake, as PPA rules allow only banks to lead bids for Bank
Permata.

To date, 19 other investors have expressed interest in Bank
Permata, which, the PPA hopes, would be sold before the end of
2004 so the proceeds can be used to finance the state budget
deficit.


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


DAIEI INC.: To Offer Summer Sales Discounts of Up To 40%
--------------------------------------------------------
Daiei Inc announced Wednesday it would kick off Thursday a sales
campaign that would feature 20-40 percent discounts on some 300
commodities, reports Japan Today, citing Kyodo News.

According to the struggling supermarket chain operator, the
campaign, which will run for three months, will be held at 278
retail outlets nationwide.

Daiei is in the last year of a three-year corporate revival
program to Feb 28, 2005. It was recently reported that for the
third straight month, sales at Daiei Inc. have dropped, as its
May sales slid 3 percent from the previous year on a same-stores
basis.


JAPAN AIRLINES: To Operate Boeing 777-300ER Next Month
------------------------------------------------------
Beginning July 1, the Tokyo-Singapore route of Japan Airlines
System Corp. (9205.TO) will be serviced by the Boeing 777-300ER
jet, the newest model in the Boeing 777 series, Dow Jones
reports.

JAL took delivery in Seattle Wednesday of the new jet, the first
of eight twin-engine jets it has ordered for delivery by 2008.

Japan's flagship carrier, which has options to buy two more 777-
300ERs, will use the new airliner to replace B747 jets capable
of flying major long-haul nonstop routes such as Tokyo-New York
and Tokyo-Rome.


MITSUBISHI FUSO: Plants Lose ISO Certification
----------------------------------------------
The International Organization for Standardization (ISO)
certification for three of Mitsubishi Fuso Truck & Bus Corp.'s
plants have been suspended following revelations of a series of
cover-ups of defects in the company's vehicles, reports the Asia
Intelligence wire, citing The Daily Yomiuri.

The Japan Gas Appliances Inspection Association (JIA), an ISO
examination body in Japan, made the decision to suspend the
International Standard ISO 9001 certification for Mitsubishi
Fuso, which was set to expire in August.

The ISO 9001 certification is granted to providers of quality
goods and services, and is the highest attainable quality
ranking in the ISO 9000 series.


MITSUBISHI MOTORS: Cuts Japan Sales Targets
-------------------------------------------
After denying Monday that it has no plans of cutting its
domestic sales targets, scandal-ridden automaker Mitsubishi
Motors Corp. (MMC) finally admitted Wednesday it expects its
domestic vehicle sales in 2004 and 2005 to fall short of earlier
estimates by around 80,000 units, reveals the Asia Intelligence
Wire, citing Jiji Press.

From the previously forecasted 300,000 units, MMC now expects
its Japan sales to only hit 220,000 in the current fiscal year
ending March 2005. It also estimates that the slower-than-
expected sales will dent its operating balance by JPY30 billion
in both fiscal 2004 and 2005.


MITSUBISHI MOTORS: Australian Ops Escape Cuts
---------------------------------------------
The Australian operations of scandal-tainted Mitsubishi Motors
Corp. (MMC) will not be affected by cost-cutting measures,
including wage cuts, which are stipulated in its revised global
rescue plan, reports The Sydney Morning Herald.

According to Mitsubishi Motors Australia president Tom Phillips,
workers at Mitsubishi's operations in Adelaide would not be
affected by the wage cuts, unlike their fellow workers in Japan.
On Wednesday, MMC announced that its revised revival plan aims
to further lower costs by slashing wages and reducing research
and travel expenses.

Mr. Phillips also said that the revised plan would not have an
effect the restructure plans already announced for Mitsubishi's
Australian operations.

"Consistent with (the) global revitalization plan, we are
reducing costs in our Australian operations," he said.

Under the global rescue plan, Mitsubishi Australia will reduce
its workforce through a voluntary redundancy program and stop
local engine manufacture by October 2005.


MITSUBISHI MOTORS: To Get JPY1bln Investment From Sister Firm
-------------------------------------------------------------
At least JPY1 billion worth of preferred shares to be issued by
troubled automaker Mitsubishi Motors Corp. (MMC) to beef up its
capital base would be purchased by Mitsubishi Materials Corp.,
according to AFX-Asia, citing a report by the Nihon Keizai
Shimbun.

The Nihon Keizai report, which cited unnamed company sources,
said Mitsubishi Materials, a major nonferrous metal firm, will
seek shareholder approval at a shareholders meeting later this
month.

The report also said that the preferred stock will be part of
the JPY295 billion worth of shares Mitsubishi Motors plans to
issue mainly for purchase by other Mitsubishi group companies
such as Mitsubishi Heavy Industries Ltd, Mitsubishi Corp and
Bank of Tokyo-Mitsubishi, which have also decided to acquire MMC
shares.

MMC's capital base has been eroded following a series of recall
cover-ups involving defective parts used in its vehicles, Nihon
Keizai said.


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


ASIANA AIRLINES: Fined For Delays
---------------------------------
South Korea's Ministry of Construction and Transportation said
Thursday that Asiana Airlines has been fined KRW2 million
(US$1,727) for causing passenger inconvenience due to flight
delays, reveals Yonhap News.

According to the ministry, the fine stems from an incident on
May 9 when a group of Phuket, Thaliand-bound passengers arrived
52 minutes late because the smaller of South Korea's two air
carriers mishandled standard procedures.


DAEWOO HEAVY: Posts 32% Profit Increase in May
----------------------------------------------
With sales topping KRW262.4 billion last month, Daewoo Heavy
Industries and Machinery (DHIM) reported Wednesday ordinary
profits of KRW32.7 billion in May, a a 32 percent rise from a
year ago, reveals The Korea Times.

Daewoo Heavy, which is under the control of state-run Korea
Asset Management Corp. (KAMCO), also posted a 37 percent surge
to KRW1.22 trillion in its sales from January to May. Its
operating income also jumped 27 percent to 1.22 trillion won,
said the company, which has been put up for sale by Kamco.
Meanwhile, its debt-to-equity ratio fell to 153 percent as of
the end of May, from 174 percent at the end of 2003.


HANBO IRON: Consortium Seeks Legal Review of Takeover
-----------------------------------------------------
The consortium led by INI Steel and Hyundai Hysco has requested
the Fair Trade Commission (FTC) to review whether their takeover
of Hanbo Iron & Steel would violate any market monopoly rules,
relates The Korea Times. Under Korean laws, the top three steel
makers in the industry should not exceed 75 percent of the
market share.

According to a FTC official, the commission will make a
comprehensive review of all legal affairs to find out whether
any market friction would be created by INI's takeover of Hanbo,
which collapsed in 1997 under the weight of a US$4.7-billion
debt. Once the legal questions are resolved, INI is expected to
buy Hanbo by the middle of August.

Hanbo, which is capable of producing 11 million tons of steel
yearly, is currently under the control of the state-run Korea
Asset Management Corp. (Kamco) and its creditors.


HYNIX SEMICONDUCTOR: Petitioned to Pay DRAM Duties by Elpida
------------------------------------------------------------
Petition for the Imposition of Countervailing Duties on DRAMs
and DRAM Modules Manufactured by Hynix in the Republic of Korea

Elpida Memory, Inc. (Elpida), Japan's leading global supplier of
Dynamic Random Access Memory (DRAM), announced Wednesday that
Elpida and Micron Japan, Ltd. (MJP) filed a petition for
imposing countervailing duties on imports into Japan of DRAMs
manufactured in the Republic of Korea by Hynix Semiconductor,
Inc. The petition was accepted by Japan's Minister of Finance.
The petition covers all types of DRAMs and modules fabricated in
the Republic of Korea by Hynix Semiconductor as well as any
other company who purchases Hynix DRAM and then exports that
product to Japan.

Elpida Memory and MJP began investigating a countervailing
duties petition last year after similar petitions filed in both
the United States and the European Union created an influx of
subsidized Hynix-fabricated DRAM products into the Japanese
market.

About Elpida Memory, Inc.

Elpida Memory, Inc. is a manufacturer of Dynamic Random Access
Memory (DRAM) with headquarters based in Tokyo, Japan, and sales
and marketing operations located in Japan, North America, Europe
and Asia. Elpida offers a broad range of leading-edge DRAM
products. Elpida is a joint venture company formed by NEC and
Hitachi on December 20, 1999 and has been in operation since
April 2000. For more information, visit www.elpida.com.

All trademarks are the property of their respective owners.


HYNIX SEMICONDUCTOR: Elpida Petition Won't Hurt Operations
----------------------------------------------------------
In a statement Wednesday, South Korea's Hynix Semiconductor Inc.
(000660.SE) said that its operations will not be affected by the
petition filed by Japanese chipmakers Elpida Memory Inc. and
Micron Japan Ltd. asking the Japanese government to slap
countervailing duties on imports into Japan of dynamic random
access memory chips (DRAMs) manufactured in South Korea by the
memory-chip maker, reveals Dow Jones.

Hynix also vowed to fight allegations by the Japanese firms that
it has received government subsidy.

"It is simply inappropriate to begin a new countervailing duty
investigation now, when the same actions by other countries have
been challenged in the WTO (World Trade Organization) by Korea
and are likely to be found legally defective soon," Hynix said
in a statement.

Japan's ministry of finance has said earlier Wednesday it would
look into the Elpida and Micron Japan petition and determine
whether their allegations would warrant an investigation.

The South Korean firm also accused Elpida and Micron Japan of
filing the petition in order to "expand illegitimately their
market shares by harassing Hynix and the Korean DRAM industry."

Hynix is the world's third-largest maker of DRAM chips most
widely used in personal computers. Elpida, meanwhile, ranks as
the sixth-largest DRAM maker in the world, and is a joint
venture formed in 1999 by Japan's NEC Corp. (6701.TO) and
Hitachi Ltd. (6501.TO). Micron Japan is a unit of U.S.-based
Micron Technology Inc. (MU).


SSANGYONG MOTOR: Union Plans Strike
-----------------------------------
With the failure of a series of negotiations with the management
of Ssangyong Motor Co., the labor union of South Kore's fourth-
largest auto maker said Wednesday it will launch a strike upon
the consent of its members, Yonhap News reports.

The strike plan comes after other unions from South Korea's
three largest car manufacturers announced similar plans earlier.


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


FAR EAST: Issues Update On Proposed Settlement
----------------------------------------------
Far East Holdings Berhad refers to its announcements made to
Bursa Malaysia Securities Berhad dated 6 February 2004, 15 March
2004 and 31 March 2004 in relation to the Proposed Settlement.

On behalf of FEHB, Commerce International Merchant Bankers
Berhad wishes to announce that the Foreign Investment Committee
(FIC), via its letter dated 16 June 2004, has no objection to
the proposed acquisitions by FEHB of the three (3) parcels of
leasehold land bearing the title numbers H.S.(D). No. 16482
(P.T. No. 50750), H.S.(D). No. 16483 (P.T. No. 50751) and
H.S.(D). No. 16484 (P.T. No. 50752), all located at Sector II of
Bandar Indera Mahkota, Mukim of Kuala Kuantan, District of
Kuantan, Pahang Darul Makmur (BIM Lands) from PKNP for the
aggregate purchase consideration of RM40,200,000 in conjunction
with the Proposed Settlement.

The above approval is subject to the following conditions:

(i) Any acquisitions by foreign interest of the BIM Lands to be
developed shall require the prior approval of the FIC;

(ii) At least 75 percent of the value of building materials and
fittings used in the development project shall be local
materials; and

(iii) Confirmation by certified consultants on the materials and
fittings used in the development project shall be furnished to
the FIC six (6) months after construction commences and
immediately after the project is completed.

This announcement is dated 16 June 2004.


FOREMOST HOLDINGS: Completes Proposed Acquisition of Kelpen
-----------------------------------------------------------
Foremost Holdings Berhad (FHB) refers to the announcement made
to Bursa Malaysia Securities Berhad (BMSB) on 25 May 2004
relating to the Proposed Acquisition of 41 percent of the issued
and paid-up capital of Kelpen Resources Sdn Berhad.

On behalf of the Board of Directors of FHB, Bursa Malaysia
announced that the Proposed Acquisition has been completed on 14
June 2004.

This announcement is dated 16 June 2004.


FOUNTAIN VIEW: BMSB To Grant Listing Of Additional 1,000 Shares
---------------------------------------------------------------
Kindly be advised that Fountain View Development Berhad's
additional 1,000 new ordinary shares of RM1.00 each issued
pursuant to conversion of RM1,000 irredeemable convertible
unsecured loan stock into 1,000 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad (BMSB) effective  9:00 a.m., Monday, 21 June 2004.


MALAYSIAN AIRLINE: Issues Update On Winding-Up Petition   
-------------------------------------------------------
Malaysian Airline System Berhad (MAS) refers to its earlier
announcement on 18 March 2004 (MA-040318-41670) to Bursa
Malaysia Securities Berhad pertaining to the winding-up petition
against the company by JP Andan.

The Kuala Lumpur High Court on Wednesday has allowed Malaysian
Airline System Berhad's (MAS) application to strike out with
cost the winding up petition of MAS by JP Anandan.


MALAYSIAN INDUSTRIAL: Issues Additional 31,000 Ordinary Shares  
--------------------------------------------------------------
Bursa Malaysia Securities Berhad approved the listing and
quotation of additional 31,000 new ordinary shares of RM1.00
each issued pursuant to the Employees' Share Option Scheme
effective 9:00 a.m., Monday, 21 June 2004.


OCEAN CAPITAL: Issues Update On Proposals
-----------------------------------------
Ocean Capital Berhad refers to the announcement made to Bursa
Malaysia Securities Berhad dated 18 May 2004 in respect of the
Securities Commission's (SC) letter of approval dated 13 May
2004 for the following proposals:

- Proposed Restructuring Scheme comprising the following:-
- Proposed Capital Reconstruction
- Proposed Warrants Exchange
- Proposed Acquisition of Pasaraya Hiong Kong Sdn Bhd ("PHK")
- Proposed Divestment of Non-Core Assets
- Proposed Rights Issue with Warrants;
- Proposed Offer for Sale
- Proposed Listing Transfer
- Proposed Private Placement
- Proposed exemption under Practice Note 2.9.3 of the Malaysian
Code on Take-Overs and Mergers, 1998 to Tat Seng Fatt Holding
Sendirian Berhad and parties acting-in-concert from undertaking
a mandatory offer for the remaining shares in Premium Acme
Sendirian Berhad not held by them after the Proposed Acquisition
of PHK.  

On behalf of the Board of Ocean, Hwang-DBS Securities Berhad
announced that, on 16 June 2004, Ocean had appointed Messrs BDO
Binder, an independent firm of auditors, to conduct an
investigative audit so as to ascertain the reason(s) for the
losses incurred by Ocean and its subsidiaries (Ocean Group), in
compliance with one of the conditions stipulated by the SC.

Messrs BDO Binder is experienced in conducting investigative
audits and is not the existing or previous firm of auditors of
the Ocean Group.

The directors and management of Ocean will provide all necessary
assistance to the auditors during the course of the
investigative audit. The said investigative audit will be
completed within six (6) months from the date of appointment of
Messrs BDO Binder.

Four (4) copies of the investigative audit report will be
submitted to the SC after the completion of the audit and the
results of the audit will be announced.

This announcement is dated 16 June 2004.


OSK HOLDINGS: BMSB Grants Listing Of 23,800 Ordinary Shares
-----------------------------------------------------------
OSK Holdings Berhad's additional 23,800 new ordinary shares of
RM1.00 each issued pursuant to the Executive Share Option Scheme
will be granted listing and quotation by Bursa Malaysia
Securities Berhad (BMSB) effective 9:00 a.m., Monday, 21 June
2004.


PAN MALAYSIA: Completes Private Placement Of 73,950,000 Shares
--------------------------------------------------------------
Further to our announcement on Private Placement dated 1 June
2004, Pan Malaysia Securities Sdn Bhd (PM Securities), on behalf
of Pan Malaysia Corporations Berhad (PMC) announced to Bursa
Malaysia Securities Berhad that all of the Placement Shares have
been fully placed out and accordingly allotted to the identified
placees. The final tranche of 29,650,000 Placement Shares were
listed on Bursa Malaysia on 11 June 2004.

On behalf of PMC, PM Securities is pleased to announce that the
Private Placement of 73,950,000 new ordinary shares of RM0.50
each in PMC representing approximately 10 percent of the
existing issued and paid-up share capital has been fully
completed on 11 June 2004.

This announcement is dated 16 June 2004.


PILECON ENGINEERING: Issues Update On Restraining Order  
-------------------------------------------------------
With reference to the Restraining Order and the announcement
dated 18 March 2004. Alliance Merchant Bank Berhad, on behalf of
the Board of Directors of Pilecon Engineering Berhad announced
to Bursa Malaysia Securities Berhad (BMSB) that the Kuala Lumpur
High Court has on 16 June 2004 extended the order dated 18 March
2004 pursuant to section 176(1) of the Companies Act 1965 (Act)

The Act requires Pilecon to convene a meeting to be held in
respect of a particular class of its creditors comprising
certain lenders and corporate guarantee creditors of Pilecon,
excluding its trade creditors and secured creditors within
ninety (90) days from the date of the said order, for a further
ninety (90) days from the date of its expiry on 16 June 2004,
for the purpose of considering and if thought fit approving with
or without modification, the revised proposals as set out in the
announcement dated 27 February 2004.

Restraining order pursuant to section 176(10) of the Companies
Act 1965

In conjunction with the order to convene the Pilecon Meeting,
the Kuala Lumpur High Court has also, pursuant to section
176(10) of the Act, extended the order dated 18 March 2004 to
restrain, for a period of ninety (90) days from 30 March 2004,
(Restraining Order) any person thereby affected from proceeding
with all further proceedings in any action or proceeding against
Pilecon, regardless that the person so affected is not a party
to the proceedings in respect of the Restraining Order or any
other related proceedings and had no notice of the proceedings
or of other related proceedings, including any winding up,
execution and arbitration proceedings as well as any intended or
future proceedings, for a further ninety (90) days from the date
of its expiry on 28 June 2004. The Restraining Order is due to
expire on 26 September 2004.

This announcement is dated 16 June 2004.


POS MALAYSIA: Unveils Annual General Meeting Outcome
----------------------------------------------------
On behalf of the Board of Directors, POS Malaysia and Services
Holdings Berhad announce to Bursa Malaysia Securities Berhad
that at the 72nd Annual General Meeting of Pos Malaysia held at
Crown Princess Kuala Lumpur, Ballroom 1, 10th Floor, City Square
Centre, Jalan Tun Razak, 50400 Kuala Lumpur on Wednesday, 16
June 2004 at 10:00 a.m., the following Ordinary Resolutions were
duly passed:

(1) To receive and adopt the Directors' Report and Statement of
Directors, the audited Financial Statements and the Report of
the Auditors for the financial year ended 31 December 2003.

(2) To declare a first and final dividend of 5% less tax in
respect of the financial year ended 31 December 2003.

(3) To approve Directors' fees.

(4) To re-elect the following Directors who retire in accordance
with Article 102 of the Company's Articles of Association, and
being eligible offered themselves for re-election:

(a) Tan Sri Abdul Halim bin Ali
(b) Dato' Annuar bin Maaruf

(5) To re-elect Dato' Ikmal Hijaz bin Hashim who retires in
accordance with Article 109 of the Company's Articles of
Association, and being eligible, offered himself for re-
election.

(6) To appoint Messrs KPMG as Auditors of the Company in place
of the retiring Auditors, Messrs PricewaterhouseCoopers and to
authorise the Directors to fix their remuneration.

As Special Business:

(7) Power to allot and issue shares pursuant to Section 132D of
the Companies Act, 1965

To authorise the Directors of the Company, pursuant to Section
132D of the Companies Act 1965, to issue shares in the Company
at such time and for such consideration as they shall in their
absolute discretion deem fit in accordance with the provisions
of the Articles of Association of the Company provided always
that the new shares to be issued shall not at any time exceed
ten per centum (10%) of the issued and paid-up share capital of
the Company.

This announcement is dated 16 June 2004.


SIME DARBY: Incorporates SDIS As New Subsidiary
-----------------------------------------------
Sime Darby Berhad announced to Bursa Malaysia Securities Berhad
that a new subsidiary, Sime Darby Information Service Pte. Ltd.
(SDIS), was incorporated in Singapore on 15th June 2004. The
entire issued share capital of SDIS, being one (1) share of
S$1.00, is beneficially owned by Sime Darby Eastern Limited, a
wholly-owned subsidiary of Sime Darby. The principal activity of
SDIS will be the provision of audit, human resource, information
technology and accounting services to companies in the Sime
Darby Group.

The investment in SDIS is not expected to have a material effect
on the earnings or net tangible assets of the Sime Darby Group
for the year ending 30 June 2004. None of the directors or
substantial shareholders of Sime Darby or persons connected to
them has any interest, direct or indirect, in the said
investment.

This announcement is dated 16th June 2004.


SIME DARBY: Issues Update On Mandatory Take-Over Offer
------------------------------------------------------
With reference to the Mandatory Take-Over offer by Space Tracks
Sdb Berhad (STSB), a wholly-owned subsidiary of Sime Darby
Berhad, (SDB) to acquire the remaining shares and warrants in
Hyundai-Berjaya Corporation Berhad (HBCORP) not held by it upon
completion of the proposed acquisition of 51 percent equity
interest in HBCORP.

Pursuant to Section 32 of the Disclosure of Dealings Pursuant to
the Malaysian Code on Take-Overs and Mergers, 1998, AmMerchant
Bank Berhad (AmMerchant Bank) announced to Bursa Malaysia
Securities Berhad on behalf of SDB and STSB, the dealings in the
ordinary shares of SDB and HBCorp as well as warrants of HBCorp
by SDB and/or STSB, persons acting in concert with SDB and/or
STSB and/or the persons connected to them as set out in Section
32 of the Code.

The details of the dealings in the Affected Securities by the
Parties are set out in Table 1 below.

Any disclosures made by AmMerchant Bank pursuant to Section 32
of the Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by SDB. AmMerchant Bank shall not
be responsible for any omission and/or error in such disclosure
to the authorities.

This announcement is dated 17 June 2004.

For more information click
http://bankrupt.com/misc/SIMEDARBY061704.doc


SUNWAY HOLDINGS: Issues Update On Conditional Voluntary Offer
-------------------------------------------------------------
Sunway Holdings Incorporated Berhad refers to the conditional
voluntary offer by Commerce International Merchant Bankers
Berhad (CIMB), on behalf of Sunway Incorporated Berahd (SunInc)
for the remaining ordinary shares of RM1.00 each in Sunway
Construction Berhad (SunCon) which are not already owned by
SunInc at an offer price of RM2.73 to be satisfied by cash of
RM1.10 and one (1) ordinary share of RM1.00 each in SunInc at an
issue price of RM1.63, credited as fully paid-up for each offer
share.

Sunway Holdings informs the Bursa Malaysia Securities Berhad
that CIMB, on behalf of SunInc, had on 17 November 2003 served a
notice of Conditional Voluntary General Offer on the Board of
SunCon in relation to the offer.

Under Section 32(1) of the Malaysian Code on Take-Overs and
Mergers, 1998 (Code), the substantial shareholder of the Offeror
is required to make the disclosure of the total number and the
price of all voting shares in SunInc and/or SunCon which he has
dealt in for his own account.

In accordance with Section 36(2) of the Code, Sunway informs
that Sungei Way Corporation Sdn Bhd, had dealt in the shares of
RM1.00 each in SunInc on its own account on 16 June 2004,
details of which are as follows:

Date      Counter
          (SunInc/SunCon)   Transaction  Quantity    Average
Price
                                                     (RM)

16.06.2004 SunInc            Acquisition  145,600      1.59

This announcement is dated 16 June 2004.


TALAM CORPORATION: Issues Additional 142,954 Ordinary Shares
------------------------------------------------------------
Kindly be advised that Talam Corporation Berhad's additional
142,954 new ordinary shares of RM1.00 each issued pursuant to
conversion of 1,429,540 irredeemable convertible preference
shares into 142,954 new ordinary shares will be granted listing
and quotation effective 9:00 a.m., Monday, 21 June 2004.


TANJONG PUBLIC: Unit Incorporates Pendekar Power
------------------------------------------------
The Board of Directors of Tanjong Public Berhad announced to
Bursa Malaysia Securities Berhad (BMSB) that Powertek Berhad
(Powertek), a wholly-owned subsidiary of Tanjong has
incorporated a new company known as Pendekar Power (Labuan) Ltd.
(Pendekar Labuan) on 14 June 2004. Pendekar Labuan is a wholly-
owned subsidiary of Powertek and in turn of Tanjong.

The authorized share capital of Pendekar Labuan is USD10,000
divided into 10,000 ordinary shares of USD1.00 each while the
issued and paid-up share capital is USD1.00 comprising one (1)
ordinary share of USD1.00 each.

Pendekar Labuan is intended for future use by the Tanjong Group.


WCT ENGINEERING: Issues Additional 231,400 Ordinary Shares  
----------------------------------------------------------
Kindly be advised that WCT Engineering Berhad's additional
231,400 new ordinary shares of RM1.00 each issued as:

(i) 180,400 new ordinary shares arising from the Exercise; and

(ii) 51,000 new ordinary shares issued pursuant to the exercise
of 180,400 warrants 2000/2005 and employees' share option scheme

will be granted listing and quotation by Bursa Malaysia
Securities Berhad effective 9:00 a.m., Monday, 21 June 2004.


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


BENPRES HOLDINGS: Clarifies News Article On Maynilad Water
----------------------------------------------------------
Benpres Holdings Corp. issued to the Philippine Stock Exchange a
clarification to the news article entitled "Deal scraps PhP19
billion debt of Maynilad" published in the June 14, 2004 issue
of The Manila Times (Internet Edition). The article reported
that:

"Maynilad Water Services Inc. will be spared from paying the
estimated PhP19 billio it owes creditors if the National
Economic and Development Authority approves Tuesday a debt-to-
equity arrangement wiht the government, cash-strapped as it is,
will assume the water firm's huge debt.  The proposal to convert
debt into equity is contained in Maynilad's Amendment No. 2 to
the 1997 water concession agreement.

This was pointed out by Maitet Diokno-Pascual, member of Bantay
Tubig, a group advocating for adequate, potable and affordable
water for the people.  Filed early this year with the Department
of Finance and NEDA, Amendment No. 2 indicates the terms for the
reorganization, restructuring and government takeover of the
financially troubled water concessionaire through a debt-to-
equity swap.  The plan will enable Maynilad to convert PhP8
billion worth of concession fees it owes to the MWSS into 63-
percent equity for government. It will also free itself from
fulfilling its staggering debt obligations to its creditors,
mostly foreign banks.

'The Lopezes have also issued guarantees against the debt of
Maynilad. Their exposure to Maynilad therefore goes beyond their
equity investment in the company,' she said.  'Without the
current deal, Maynilad's creditors will go after Benpres for
debt payment.'

Benpres Holdings Corp., in its letter dated June 14, 2004,
stated that:

"Benpres would like to make the following points:

(1) The company views the Amendment No. 2 as an opportunity for
the government to correct the error in the privatization of the
West Zone Concession that was awarded to Maynilad Water Services
Inc. (Maynilad) in particular, the huge amount of MWSS debt it
was made to service that eventually translated into a higher
tariff for Maynilad customers compared to Manila Water
customers;

(2) Discussions on Amendment No. 2 were done in a most
transparent manner, involving MWSS, Benpres, Ondeo, Maynilad
creditor banks.  MWSS was advised by its respective financial
and legal advisors, namely Dr. Jaime Laya and the Office of the
Government Corporate Counsel.

(3) Should Amendment No. 2 be approved, (a) Benpres and Ondeo
will lose all their original equity investment in Maynilad in
the amount of approximately PhP5.251 billion and advances of
PhP1.0 billion, as well as give up management control, and;

(b) Ondeo and creditor banks will convert advances and loans
totalling PhP2.583 billion into equity and remaining receivables
of PhP3.492 billion from Maynilad will be restructured into 7 to
9 year-amortizing loans;

(4) The Department of Public Works and Highways and the
Department of Finance have acknowledged the merits of Amendment
No. 2 for the government by signing the plan that was submitted
to the Regional Trial Court of Quezon City;

(5) The Court, before accepting the alternative rehabilitation
plan of Maynilad, requires NEDA's views on the plan."


MANILA ELECTRIC: Targets PhP1Bln In Net Profit This Year   
--------------------------------------------------------
Despite the Supreme Court's ruling on the 12-peso per kilowatt
hour rate hike, Manila Electric Co. (Meralco) president Jesus
Francisco is positive that the power firm will be able to
achieve its PhP1 billion target on net profit this year, the
Philippine Star reports.

Compared to last year's PhP907 million, Mr. Francisco said that
considering the rate increase and the expected growth in energy
sales this year, the net profit target would be workable.

In the Supreme Court's 62-page decision penned by Associate
Justice Dante O. Tinga, which states that "records show that
Meralco failed to comply with the publication requirement
prescribed by the IRR [implementing rules and regulations of the
Electric Power Industry Reform Act of 2001]."   

Mr. Francisco said, "Meralco is, of course, saddened by the
overturning of the provisional increase and, in the next few
days, we will consult with our lawyers and await Energy
Regulatory Commission's (ERC) action, to determine what legal
steps should be taken on the decision,"   

But Mr. Francisco said if they will be asked to refund whatever
they have collected from the January 1 to 15 period, it would
only amount to not more than PhP90 million, and the ongoing
refund previously ordered by the Supreme Court for residential
customers would certainly not be affected.

The rate increase would have boosted Meralco's revenues by
PhP1.9 billion annually and helped undertake projects to improve
its service and pay off loans. But Meralco assured that even
though the decision would affect its cash flow, continuous
quality service will not change and the power firm will try to
make do with whatever budget they have.

Meralco, however, said it will still pursue the petition for a
13.6 kilowatthour pending with the ERC.


MANILA ELECTRIC: Issues Clarification To News Article
-----------------------------------------------------
With reference to the news article entitled "Meralco rate hike
still pending" published in the June 17, 2004 issue of the
BusinessWorld (Internet Edition). The article reported that:

"A Supreme Court decision which shot down a short-lived 12-
centavo per kilowatt-hour Manila Electric Co. (Meralco) rate
hike does not rule out the imposition of another increase so
long as the Energy Regulatory Commission (ERC) follows
procedure.

The court decision, finally released yesterday after a court
official leaked its contents on Tuesday, was silent on the issue
of a refund. Meralco was able to implement the 12-centavo
increase from January 1 to 13, 2004.  The High Court in a 62-
page decision penned by Associate Justice Dante O. Tinga, said
'the records show that Meralco failed to comply with the
publication requirement prescribed by the IRR (Implementing
Rules and Regulations of the Electric Power Industry Reform Act
of 2001).

"Meralco, for its part, said a refund will cost the firm less
than PhP90 million but added the SC decision could affect the
power distribution utility's cash flow."

Manila Electric Co. in its letter dated June 17, 2004, informed
the Philippine Stock Exchange that:

"As of this time Meralco has not yet received a copy of the
Supreme Court ruling referred to by the said news article.

Meralco confirms that it had collected approximately PhP90
million from its customers from January 1, 2004 to January 14,
2004, the date the company revised the status quo order of the
Supreme Court."


PHILIPPINE LONG: Bags TelecomAsia Award
---------------------------------------
Telecom Asia, one of Asia's largest regional telecommunications
publishing groups, has recently conferred the Best Emerging
Market Carrier Award to Philippine Long Distance Telephone Co.
(PLDT) in recognition of the company's excellent financial and
market performance.

The 2004 Telecom Asia Awards, which has been held yearly by
Telecom Asia since 1998, recognizes the best telecommunications
firms across Asia.

PLDT bested many other leading carriers in China, Malaysia,
Indonesia, Vietnam, Thailand, Laos, Cambodia, Mongolia,
Bangladesh, India, Pakistan and Sri Lanka under the emerging
market category.

"We have proven once again that PLDT can compete with the best
telecommunications firms in Asia, and we can only promise that
the company will continue to strive to get better and better in
the years to come," said PLDT President and CEO Napoleon L.
Nazareno.

The winners were chosen based on a two-stage process.  Telecom
firms were first assessed based on their combined financial,
market and technology trends using financial performance
analysis tools by telecom research firm the Yankee Group in
order to come up with shortlist.

An expert judging panel then scored the shortlisted companies on
market leadership ability to innovate and corporate governance.

Robert Clark, chairman of the judging panel said in a statement:
"The diversity of this year's winners highlights the maturing of
telecommunications markets in Asia, much of it under the
pressure of competition."

"The results also suggest operators in emerging economies are
performing in many ways to the same level of their counterparts
in more developed markets."

The Telecom Asia group publishes the magazines Telecom Asia,
Wireless Asia and Telecom China and runs the website
www.telecomasia.net. The magazines serve more than 80,000
subscribers.

U.S.-based Yankee Group is one of the global leaders in
communications and networking research and consulting.

Since late 2003, PLDT has received a string of awards as a
result of its strong financial and operational performance,
focus on innovative telecommunications solutions, and good
corporate governance.  The awards include the Best Managed
Company award from two different surveys conducted by leading
finance Magazines, AsiaMoney and FinanceAsia, as well as the
Reader's Digest SuperBrands 2004 Platinum Award for being the
most trusted and preferred brand for telecommunications services
in the country.

About PLDT

PLDT is the leading telecommunications provider in the
Philippines.  Through its three pricipal business groups- fixed
line, wireless and information communications technology-PLDT
offers a wide range of telecommunications services across the
Philippines' most extensive fiber optic backbone and fixed line,
cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares are listed on the New York Stock
Exchange (NYSE:PH) and the Pacific Exchange.  PLDT has one of
the largest market capitalizations among the Philippine listed
companies.

Further information can be obtained by visiting the web at
www.pldt.com.ph.

Contact:

Menardo G. Jimenez Jr.
First Vice President,
Media and Corporate Communications
Telephone Number: 8168468


SEMIRARA MINING: Applies For Proposed Equity Restructuring
----------------------------------------------------------
Further to Circular for Brokers Numbers 627-2004 and 1139-2004
dated February 6 and March 18, 2004 respectively, Semirara
Mining Corp. (SCC) informed the Philippine Stock Exchange in its
letter dated June 16, 2004 that it has filed an application for
approval of its proposed equity restructuring with the
Securities and Exchange Commission (SEC) on June 16, 2004.

With reference to the attached additional information relative
to the Restructuring submitted by the company on June 16, 2004,
SCC requested the Exchange as follows:

"to suspend trading of the corporation's shares upon written or
confirmation by the corporation that it has filed with the SEC
the application for approval of the restructuring.  The
corporation further requests that the PSE lift the suspension
upon written confirmation by the corporation of the SEC approval
of the restructuring."

In view thereof, the exchange shall issue an indefinite trading
suspension on the company's shares starting Thursday, June 17,
2004.

The aforementioned restructuring of the company is subject to
the approval of the SEC while the reduction in the number of
listed shares of the company shall be subject to the approval of
the Exchange.

The company shall inform the trading participants and the
investing public of further developments on the aforementioned
matter.

For more information click
http://bankrupt.com/misc/SEMIRARAMINING061704_2.pdf


SEMIRARA MINING: Unveils Annual Stockholders Meeting Result
-----------------------------------------------------------
Please be informed that Semirara Mining Corp. held its annual
stockholders meeting on June 16,2004, at the Third Floor, DACON
Building, 2281 Pasong Tamo Extension, Makati City.

At the annual stockholders meeting, the following were elected
as directors of the corporation to serve as such until the
annual stockholders meeting for 2005 and until their successors
shall have been elected and duly qualified:

(1) David M. Consunji
(2) Victor A. Consunji
(3) Isidro A. Consunji
(4) Cesar A. Buenaventura
(5) Herbert M. Consunji
(6) Jorge A. Consunji
(7) Victor C. Macalincag (independent)
(8) George San Pedro
(9) Jose Antonio C. Leviste
(10) Federico Escaler Puno (independent)
(11) Eduardo Valenzuela Manalac

The accounting firm of Sycip Gorres Velayo and Co. was appointed
as independent auditor of the corporation for the current year.

At the organizational meeting of the Board of Directors
immediately following the Annual Stockholders meeting on June
16, 2004, the following were elected as officers of the
corporation for the current year, to serve as such until such
time as their successors shall have been elected and duly
qualified.

- David M. Consunji - Chairman of the Board/ Chief Executive
Officer

- Victor A. Consunji - President/ Chief Operating Officer

- Herbert M. Consunji - Treasurer

- Alfonso C. Ruiz II - Corporate Secretary

- George San Pedro - Vice President/ Resident Manager

- Francisco Aragon - Vice President for Administration and
Marketing

- George Baquiran - Vice President for Special Project


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


ACE DYNAMICS: To Acquire 51% of Omnidisc
----------------------------------------
(1) Introduction

Ace Dynamics Limited (ADL) wishes to announce that it has
entered into a conditional sale and purchase agreement with
Omnistar Corporation Pte Ltd, an associated company of ADL, to
acquire a 51 percent shareholding interest in Omnidisc from
Omnistar by way of an acquisition of 1,762,560 shares of S$1.00
each in the capital of Omnidisc for an aggregate purchase
consideration of S$4,453,818.

(2) Information on Omnidisc and Omnistar

(2.1) Omnidisc (Company Registration No. 199800526R) is a
company incorporated in Singapore on 4 February 1998 with its
registered office at 2 Ubi View, Singapore 408556. As at the
date hereof, Omnidisc has an authorized share capital of
S$4,000,000 comprising 4,000,000 ordinary shares of S$1.00 each
and an issued and paid-up capital of S$3,456,000 comprising
3,456,000 ordinary shares of S$1.00 each.

(2.2) Omnidisc is in the business of manufacturing and
replication of compact disc and digital video disc.

(2.3) Omnistar is a 44.29 percent associated company of the
Company and Omnidisc is a wholly owned subsidiary of Omnistar.

(3) Purchase Consideration

3.1 The aggregate purchase consideration of S$4,453,818 payable
for the proposed Acquisition will be satisfied by the issue and
allotment of 20,244,627 new ordinary shares of S$0.20 each in
the capital of the Company. The Consideration Shares will be
issued at an issue price of S$0.22 for each Consideration Share
and represents approximately 16.9 percent of the issued share
capital of the Company as at the date of this announcement.

3.2 The Purchase Consideration was agreed upon based on arms'
length negotiations between the Company and Omnistar on a
willing buyer and willing seller basis.

(4) Material Conditions

The sale and purchase of the Sale Shares is conditional upon,
inter alia:

(a) approval in-principle for the listing and quotation of the
Consideration Shares on the Singapore Exchange Securities
Trading Limited being obtained from the SGX-ST and not having
been revoked or amended and, where such approval is subject to
conditions (which are not normally imposed by the SGX-ST for a
transaction of a similar nature), such conditions being
acceptable to Omnistar;

(b) the receipt by the Company of such waivers or consents as
may be necessary to enable the Company and/or its nominee(s) to
be registered as holder of any and all of the Sale Shares; and

(c) all other consents and approvals required under any and all
applicable laws for the sale of the Sale Shares.


(5) Financial Effects

The financial effects of the Acquisition on the Company would be
as follows:

(i) the net tangible assets per share of the Company, assuming
that the Acquisition had been effected as at 31 December 2003,
would decrease by 4.54%;

(ii) the net tangible assets per share of the Group, assuming
that the Acquisition had been effected as at 31 December 2003,
would decrease by 2.76%;

(iii) the loss per share of the Company, assuming that the
Acquisition has been effected at the beginning of the financial
year 2003, would change from 2.75 cents to 2.29 cents; and

(iv) the earnings per share of the Group, assuming that the
Acquisition has been effected at the beginning of the financial
year 2003, would increase from 1.41 cents to 1.63 cents.


(6) Relative Figures

Net Asset Value Test

This test is not applicable as this transaction is an
acquisition and not a disposal of assets. However, the ratio of
the net asset value of 51 per cent. of Omnidisc (based on the
audited accounts of Omnidisc for the financial year ended 2003)
to the net asset value of the Group is approximately 6.52
percent

Net Profits Test

Based on the audited accounts of Omnidisc for the financial year
ended 2003, the Net Profits (as defined under Rule 1002 of the
Listing Manual of the SGX-ST (the "Listing Manual") to mean
profit before income tax, minority interests and extraordinary
items) of Omnidisc was approximately S$1.37 million. Based on
the financial statements of the Company for the financial period
ended 31 December 2003, the net profits before tax and
extraordinary items of the Company was approximately S$1.97
million. Accordingly, for the purposes of Rule 1006 of the
Listing Manual, the ratio of the net profits before tax and
extraordinary items attributable to the 51 percent interest in
Omnidisc to the net profits before tax and extraordinary items
of the Group is approximately 35.47 percent.

Consideration Test

For the purposes of Rule 1006 of the Listing Manual, the ratio
of the Purchase Consideration to the market capitalisation of
the Company, estimated to be S$26.06 million as at the date of
this announcement is approximately 17.09 per cent.

Equity Securities Test

The Consideration Shares represent approximately 16.9 percent of
the issued share capital of the Company as at the date of this
announcement. Accordingly, for the purposes of Rule 1006 of the
Listing Manual, the ratio of the number of equity securities to
be issued by the Company as consideration for the Sale Shares to
the number of shares of the Company in issue as at the date of
this announcement, is approximately 16.9 percent.
The SGX-ST had on 7 June 2004 confirmed with the Company that
the approval of the shareholders of the Company for the
Acquisition is not required under Rule 1014 of the Listing
Manual although the Acquisition results in a breach of Rule
1006(b) of the Listing Manual, the exemption under Rule 1014 of
the Listing Manual which states that although a major
transaction must be made conditional upon approval by
shareholders in general meeting and that a circular containing
the information in Rule 1010 of the Listing Manual must be sent
to all shareholders, this would not apply in a case of an
acquisition of profitable assets if the only limit breached is
Rule 1006(b) of the Listing Manual.

(7) Rationale

The Directors of the Company view the Acquisition as a strategic
expansion opportunity that is intended to further strengthen the
Company's market share in the multimedia business. The
Acquisition is intended to result in enhanced earnings for the
Company as it would be increasing its shareholding in a profit
making entity by obtaining a direct 51 percent interest in
Omnidisc.

(8) Interests of Directors and Controlling Shareholders

None of the directors or controlling shareholders of the Company
has any interest, direct or indirect, in the proposed
Acquisition.  

(9) Inspection

A copy of the Agreement is available for inspection during
normal business hours at the Company's registered office at 1
Shipyard Road, Singapore 628128, for three months from the date
of this announcement.

This announcement is submitted by Tham Weng Cheong Steven, Chief
Executive Officer on June 16, 2004 to the Singapore Stock
Exchange.


KIM ENG: Issues Notice of Voluntary Delisting
---------------------------------------------
On 30 April 2004, WPG International Limited announced, inter
alia, that the directors of WPG have received a proposal from
World Peace Industrial Co., Ltd on 30 April 2004 to seek the
voluntary delisting of WPG from the Official List of the
Singapore Exchange Securities Trading Limited under Rule 1306 of
the SGX-ST Listing Manual.

Despatch of Circular

Kim Eng Capital Pte. Ltd. wishes to announce that the circular
referred to in section 9 of the Delisting Announcement has been
despatched to the shareholders of WPG.

The Circular contains, among other things:

(1) information regarding the Delisting of WPG;

(2) the notice of the extraordinary general meeting to be
convened to seek Shareholders' approval for, inter alia, the
Delisting of WPG; and

(3) the advice of G.K. Goh Stockbrokers Pte Ltd to the
Independent Directors of WPG and the recommendations of the
Independent Directors regarding the conditional exit offer to be
offered to Shareholders in connection with the Delisting of WPG.
Shareholders who have not received the Circular within a week
from the date hereof may obtain a copy of the Circular from WPG
International Limited, c/o Barbinder & Co Pte Ltd, 8 Cross
Street, #11-00 PWC Building, Singapore 048424.

Issued on June 16, 2004 by Kim Eng Capital Pte. Ltd.

Submitted to the Singapore Stock Excahnge on June 16, 2004 by
Tay Toh Sin, Director/ Head.


KOH BROTHERS: Notice Of a Director's Change in Interest
-------------------------------------------------------
PART I

(1) Date of notice to issuer: 16/06/2004
  
(2) Name of Director and Substantial Shareholder: Quek Chee Nee

(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. [Please complete
Parts II and IV

PART II

(1) Date of change of shareholding: 14/06/2004
  
(2) Name of Registered Holder: Quek Chee Nee
  
(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: 57,000,000
As a percentage of issued share capital: 11.886
  
No. of shares which are the subject of this notice: 120,000
As a percentage of issued share capital: 0.025
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.09
  
No. of shares held after the change: 56,880,000
As a percentage of issued share capital: 11.861

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 and Substantial Shareholder, including
direct and deemed interest: -

- Direct Deemed
No. of shares held before change: 58,875,000 0
% of issued share capital: 12.277 0
-   
No. of shares held after change: 58,755,000 0
% of issued share capital: 12.252 0

Submitted to the Singapore Stock Exchange on June 16, 2004  by
Lee Suyin, Company Secretary.


PANPAC MEDIA: Clarifies The Business Times Article
--------------------------------------------------
The Board of Directors of Panpac Media Group Limited refers to
the article entitled "Panpac Media Group June 15 closing 14.5
cents" on page 6 of the Business Times of 16 June 2004.

We wish to clarify the following statements:

(1) "Cash will come in from the divestment of Auston and the
listing of ShareInvestor"

Clarification:

The Company has no intention to divest its investment in Auston
in the short term.

(2) "Back in April, three Panpac directors sold about 13 million
shares between 14 cents and 16.5 cents"

Clarification:

The amount of shares sold by the three Panpac directors should
be an aggregate of 4.5 million shares, instead of 13 million
shares as reported in the said article.
Submitted by Ricky Ang Gee Hing, Group MD and CEO on 16/06/2004
to the SGX


STRIKE ENGINEERING: APPOINTS New Executive Chairman
---------------------------------------------------
The Board of Directors of Strike Engineering Limited wishes to
announce that Mr Ravindran Govindan has been appointed as
Executive Chairman of the Company with effect from 15 June 2004.
Consequently, he shall cease to be an independent non-executive
director and his appointment would be that of an executive
director of the Company.

By Order of the Board
Strike Engineering Limited

Submitted by to the Singapore Stock Exchange on June 16, 2004 by
Wong Siew Chuan, Company Secretary.


UNITED FIBER: Clarifies June 12, 2004 Straits Times Article
----------------------------------------------------------------
We refer to the paragraph under the Straits Times article headed
"Penny stocks grab centre stage" appearing on 12th June 2004
which stated that "United Fiber System (formerly Poh Lian) rose
half a cent, or 2.9 per cent, to 17.5 cents, following
unconfirmed market rumours that it may make a "significant
corporate announcement" next week."

The Directors of United Fiber System Limited ("the Company")
wish to point out that in the ordinary course of its business it
actively considers possible new investments and business
opportunities in line with its strategy to grow its business. In
this respect, the Company is actively engaged in on-going
negotiations and the review of various proposals. In the event
that the Company does enter into any definitive agreements which
are material, it will promptly issue the necessary
announcements.

Up to this point in time, the Directors of the Company are not
aware of any material information which has not been previously
announced concerning the Company, its subsidiaries or associated
companies which, if known, might explain the price increase of
the Company's shares as mentioned in the above-said Straits
Times article.

BY ORDER OF THE BOARD
Tan Hwee Eng, Blossom
Company Secretary

Submitted by Tan Hwee Eng, Blossom, Company Secretary on June
17, 2004 to Singapore Stock Excahnge.


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


RAIMON LAND: Notifies SET On The Exercise Of Warrants
-----------------------------------------------------
Raimon Land PCL notifies the Stock Exchange of Thailand (SET)
the exercise of warrants procedure No. 2/2004 as:

(1) Exercise Date is 30 June 2004 from 9:00 a.m. to 4:00 p.m. at
the Company address No. 62, The Millenia Tower, 22/F Unit 2201-
3, Langsuan Road, Limpini, Pathumwan, Bangkok 10330, Telephone
Number 0-2651-9600-4 Fax No. 0-2651-9614.

(2) The Warrant holders who wish to exercise their right to
purchase the company's ordinary shares shall give notification
of such intention within five business days prior to exercise
date. The Notification period is starting from 23 June 2004 to
29 June 2004. The Warrant holders can obtain a Subscription Form
from the Company as the address stated in clause 1 during the
Notification Period.

(3) One warrant will be exercisable for 1.03870 new ordinary
shares (in case of fraction, those fraction shares will be
disregarded) at the exercise price of THB0.963 per share.

(4) The Warrant holders wishing to exercise shall comply with
the condition governing the Subscription From by completing the
following actions and submitting the following documents:

(a) A Subscription Form, which has been accurately and
completely filled in;

(b) Warrant Certificates or replacement certificates which
specified by The Stock Exchange of Thailand representing
warrants in the amount specified in the Subscription Form and
authority for receiving a new warrant certificate (if any);

(c) Cheque, banker's draft, bank cheque or bank payment order
that can be cashed in the Bangkok Metropolitan area and shall be
made payable on the subscription date to Raimon Land Plc. for
Account of Share Subscription.

Any such exercise will be deemed to be complete when it is fully
paid. If the Company does not obtain payment in full as
specified in the Subscription Form executed by the Warrant
Holders, the Subscription Form shall be deemed cancelled without
any exercise.

However, the Warrant Holders will be able to exercise his or her
right on the next Exercise Date, with the exception of the last
Exercise Date.

Should the Warrant Holders need more information, please contact
Khun Jariya Puckdeewong, or Khun Orapin Duangkaew at telephone
no. 0-2651-9600-4 ext. # 107, 123 or fax no. 0-2651-9614.

Please be informed accordingly.
Your faithfully,
Raimon Land PCL
Nigel John Cornick
Chief Executive Officer


THAI PETROCHEMICAL: Awaits Finance Ministry Report
--------------------------------------------------
In order to conduct due diligence on the assets of Thai
Petrochemical Industries (TPI), PTT Plc still has to await for
the signal of the Finance Ministry, the Bangkok Post reports.

The due diligence would be completed in a month but Finance
Minister Somkid Jatusripitak said, "We have to settle this issue
with TPI's executives before the due diligence process can
start."

The proposal of the Finance Ministry is for PTT to buy shares
from creditors of TPI who will eventually hold 90 percent of the
company through debt-to-equity conversions.

According to a PTT executive, his company needed to make sure
the naphtha-based petrochemical business of TPI could complement
PTT's three petrochemical subsidiaries, most of which use
natural gas as feedstock, especially when it comes to expanding
capacity.

"We have to be sure about the benefits we can get from the
acquisition of TPI. Basically, it should involve commercial
synergy with our petrochemical business," the executive said.

"We will not rush to do it. If we realize that we could not do
it commercially, we're confident that the Finance Ministry,
though it's our largest shareholder, won't force us to do it."




* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                              Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   -------

CHINA & HONG KONG
-----------------

Guangdong Sunrise              200030    (-117.22)     45.09
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-10.87)      11.27
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16
Shenzhen Great Ocean           200057    (-10.87)      11.27
Shenzhen Petrochemical
Industry Group                 200013    (-290.79)     25.62

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       (50.67)     393.92
PT Smart Tbk                    SMAR      (-37.38)     398.89


JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07
Kanebo Limited                  3102     (-3409.58)   4163.73
Prime Systems                   4830      (-100.79)     130.2

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Sri Hartamas Bhd                SHB      (-138.37)      24.48


PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46


  THAILAND
  --------

Bangkok Rubber PCL              BRC        (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Jutha Maritime                  JUTHA      (-0.78)      29.03
National Fertilizer PCL         NFC        (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC/F     (-43.88)     168.15
Tuntex (Thailand) PCL           TUNTEX    (-50.94)     398.25


                            *********


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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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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