TCRAP_Public/040621.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, June 21, 2004, Vol. 7, No. 121

                            Headlines


A U S T R A L I A

COTECH PTY: Director Pleads Guilty on Fraud Charges
MITSUBISHI AUSTRALIA: Shutting Down Australian Plants
RAN HOLDINGS: Appoints Provisional Liquidator


C H I N A  &  H O N G  K O N G

JILIN CHEMICAL: Resolutions Pass at Annual General Meeting
KIND HOPE: Schedules Winding Up Hearing on July 7
LUCKY FUND: Schedules Winding Up Hearing on July 14
MODERN PROSPER: Winding Up Hearing Slated July 14
PANFAME HOLDINGS: Sets Winding Up Hearing on July 7

SURAT COMPANY: Winding Up Petition Set July 14
SWIRE PACIFIC: Announces Shareholders Change of Interest
WICKSFULL INVESTMENT: Court Issues Winding Up Order


I N D O N E S I A

BANK DANAMON: Needs More Funds After Adira Acquisition
INDOFARMA: To Merge with Kimia Farma
PERTAMINA: Government Won't Block VLCCs Sale
PERTAMINA: Sees 22% Rise in 1H Upstream Pretax Profit
PUTRA SUMBER: Pefindo Maintains Current Ratings


J A P A N

DAIEI INC.: To Renovate 18 Outlets
HITACHI LIMITED: Forms Alliance With MHI
ISHIKAWAJIMA-HARIMA: Forms Partnership With Aker Kvaerner
KURIMOTO LIMITED: R&I Downgrades Ratings to BBB
MITSUBISHI MOTORS: DaimlerChrysler Not Suing MMC

MITSUBISHI MOTORS: Issues Revitalization Plan Update
MITSUBISHI MOTORS: Unveils Status for Past Repair Directives
MITSUBISHI MOTORS: Shares Down 7.1% on Friday
RESONA HOLDINGS: Dissolves British Securities Unit
UFJ BANK: FSA Tells Bank 'Shape Up'


K O R E A

HANARO TELECOM: Amends Form 6-K Disclosure
SSANGYONG MOTOR: To Select Preferred Bidder by July

* South Korea Bankruptcies Up in May

M A L A Y S I A

BERJAYA GROUP: Revises Offer For Hyundai-Berjaya Stake
BERJAYA GROUP: Answers BMSB Query On News Article
BERJAYA GROUP: Issues Update On Proposals
BOUSTEAD HOLDINGS: Issues Additional 14,000 Ordinary Shares
CONSOLIDATED FARMS: Obayashi Withholds Legal Proceeding On Unit

GULA PERAK: Enters Supplemental Agreement With MPSB
MALAYSIAN INDUSTRIAL: SC Approves Shareholders Change
OILCORP BERHAD: Issues Details On Proposals  
OILCORP BERHAD: Issues Update On Proposals  
SIME DARBY: Replies To BMSB Query On Proposed Acquisition  

TA ENTERPRISE: Schedules AGM July 12
TA ENTERPRISE: Omega Withdraws Civil Suit


P H I L I P P I N E S

ATLAS CONSOLIDATED: Replies To PSE Query On Price Movement
DIGITAL TELECOMMUNICATIONS: Net Loss May Reach PhP1.67B
EASYCALL COMMUNICATIONS: Issues Definitive Info Statement
MANILA ELECTRIC: Gives PSE Copy of En Banc Decision
MANILA ELECTRIC: Clarifies Letter Typo for PSE

MANILA ELECTRIC: Explains News Article On PhP1Bln Profit Target
MAYNILAD WATER: Renewing $120M Performance Until Court Rules
NATIONAL BANK: Creditors Say Court Ruling Disadvantageous
PHILIPPINE LONG: Sets Common Shares Listing on June 18


S I N G A P O R E

SMRT CORPORATION: Holds Annual General Meeting on July 15
SMRT CORPORATION: Plans $500M Notes Issue
W & P PILING: Schedules First Creditors' Meeting


T H A I L A N D

SRITHAI FOOD: Details Changes In Board of Directors
THAI PETROCHEMICAL: Founder Denies Billboard Removal

     -  -  -  -  -  -  -  -

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


COTECH PTY: Director Pleads Guilty on Fraud Charges
---------------------------------------------------
Mr. Timothy Rhys Hawker Williams, of Mount Nelson, Tasmania,
has pleaded guilty in the Supreme Court of Tasmania to 38
charges of insolvent trading brought by the Australian
Securities and Investments Commission (ASIC), the ASIC reported
on its Web site.

The charges were filed following an investigation by ASIC into
the failure of Cotech Pty Ltd (Cotech). Cotech produced baby
furniture (cots and change tables) at Goodwood in Tasmania and        
went into liquidation on 20 October 2000.

ASIC alleged that, between 20 December 1999 and 10 September
2000, Mr. Williams, while a director of Cotech, dishonestly
failed to prevent Cotech from incurring debts of $329,979 when
there was reason to suspect that the company was insolvent.

On 25 August 2003 Mr. Williams pleaded guilty in the Hobart
Magistrates' Court to two counts of fraud brought by ASIC.

In those proceedings, ASIC alleged that between 15 February
2000 and 3 March 2000 Mr. Williams was knowingly concerned in
Cotech making two false representations to BRG Capital
Facilitation Pty Ltd (BRG), in contravention of the
Corporations Act. The total amount involved was $50,000.

BRG, a provider of cash flow funding, went into receivership on
15 February 2002.

Mr. Williams will appear in the Supreme Court on 24 June 2004
for sentencing on both matters.

The Commonwealth Director of Public Prosecutions is prosecuting
the matters.


MITSUBISHI AUSTRALIA: Shutting Down Australian Plants
-----------------------------------------------------
Mitsubishi Australia is sticking with its current timetable to
shed staff at its local operations, The Sydney Morning Herald
reports.

As part of its worldwide restructuring operation, Mitsubishi
plans to close its Lonsdale engine plant in Adelaide with the
loss of about 650 jobs and also cut about 350 jobs at the
nearby Tonsley Park assembly plant.

But the carmaker will continue with the development of a
replacement for the current model Magna, which will be released
next year, ensuring the future of the assembly operation until
at least 2011.

Under the current arrangements, about 80 staff at Lonsdale will
be among the first to go, with more expected to finish at
Christmas.


RAN HOLDINGS: Appoints Provisional Liquidator
---------------------------------------------
The Supreme Court of New South Wales (NSW) has ordered that a
provisional liquidator be appointed to two Sydney-based
property companies, Ran Holdings International Pty Ltd and its
main subsidiary company, Radisson Maine Property Group
(Australia) Pty Ltd, following orders sought by the Australian
Securities and Investments Commission (ASIC), the ASIC reported
on its Web site.

Last Friday, Justice Campbell ordered Mr. David Lombe, of
Deloitte Touche Tohmatsu, was appointed as provisional
liquidator to both companies. On 2 June 2004, ASIC had applied
to the Supreme Court for orders that both companies be wound
up.

ASIC commenced inquiries into the Radisson Maine Group of
companies following information suggesting that the Group and
particularly its main trading company, Radisson Maine Property
Group (Australia) Pty Ltd, may be trading while insolvent.

The Radisson Maine Group is primarily involved in the property
market. Mr. Robert Bassili is the Chief Executive Officer of
the Radisson Maine Group and the sole director of Radisson
Maine Property Group (Australia) Pty Ltd. Mr. Nicholai Dimitri
Popov is the sole director of Ran Holdings International Pty
Ltd.

The action by ASIC to wind up both companies is part of the
enforcement activities associated with ASIC's National
Insolvency Coordination Unit.

'ASIC will continue to take steps to wind-up companies to
ensure that limited liability companies do not continue to
operate when they are insolvent', Executive Director of
Enforcement, Ms Jan Redfern said.

The matter is not yet scheduled for its return to Court.  


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


JILIN CHEMICAL: Resolutions Pass at Annual General Meeting
------------------------------------------------------------
The Board of Directors of Jilin Chemical Industrial Company
Limited and the directors collectively and individually accepts
full responsibility for the authenticity, accuracy and
completeness of the information contained in this announcement
and believes that there are no misinterpretations, misleading
statements or material omissions in this announcement. The
Company held its 2003 Annual General Meeting at No. 9 Long tan
Street, Longtan District, Jilin City, Jilin Province, the
People's Republic of China (PRC) on June 17, 2004. The annual
general meeting was convened in accordance with the articles of
association of the Company and the relevant laws and
regulations of the PRC. Shareholders of their proxies
representing 3,285,033,137 shares or 92.25% of the Company's
registered share capital attended the AGM.

Upon approval by more than half of the shareholders (including
proxies) who attended the AGM, the following resolutions were
passed as ordinary resolutions:

(1) The approval of the 2003 report of the board of directors
of the Company;

(2) The approval of the 2003 report of the board of supervisors
of the Company;

(3) The approval of the 2003 audited financial statements of
the Company;

(4) The approval of the profit appropriation plan for 2003 of
the Company;

(5) The approval of the amount of remuneration for the
directors of the Company for 2004, which is estimated to be
RMB598,000 ( which includes RMB80,000 as remuneration for
independent non-executive directors), and the approval of the
amount of remuneration for supervisors of the Company for 2004,
which is estimated to be RMB 228,000;

(6) The approval of the re-appointment of Pricewaterhouse
Coopers (certified public accountants in Hong Kong) and
PricewaterhouseCoopers Zhong Tian CPAs Company Limited
(registered accountants in the PRC) as the Company's
international and domestic auditors respectively for 2004, and
to hold offices from the time the AGM has been concluded until
the conclusion of the 2004 annual general meeting, and
authorization of the board of directors to determine the
remuneration of the auditors for 2004.

By order of the Board
Zhang Liyan
Company Secretary

This announcement is dated June 17, 2004.


KIND HOPE: Schedules Winding Up Hearing on July 7
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kind Hope Hong Kong Limited by the High Court of Hong Kong was
on May 6, 2004 presented to the said Court by Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the
Court at 9:30 a.m. on July 7, 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Building,
No. 24-25 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 6th
day of July 2004.


LUCKY FUND: Schedules Winding Up Hearing on July 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lucky Fund Limited by the High Court of Hong Kong was on May
24, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the
Court at 10:00 a.m. on July 14, 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his
or their Solicitor (if any) and must be served or if posted,
must be sent by post in sufficient time to reach the above
named not later than six o'clock in the afternoon of the 13th
day of July 2004.


MODERN PROSPER: Winding Up Hearing Slated July 14
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Modern Prosper Limited by the High Court of Hong Kong was on
May 24, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the
Court at 10:00 a.m. on July 14, 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his
or their Solicitor (if any) and must be served or if posted,
must be sent by post in sufficient time to reach the above
named not later than six o'clock in the afternoon of the 13th
day of July 2004.


PANFAME HOLDINGS: Sets Winding Up Hearing on July 7
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Panfame Holdings Limited by the High Court of Hong Kong was on
May 14, 2004 presented to the said Court by Ting Ching Kwok of
Room 2805, Ching Yi House, Tsz Ching Estate, Tsz Wan Shan,
Kowloon, 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.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewll Centre
183 Queen's Road East, Wanchai
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.


SURAT COMPANY: Winding Up Petition Set July 14
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Surat Company Limited by the High Court of Hong Kong was on May
24, 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong. The said Petition is directed to be heard before the
Court at 10:00 a.m. on July 14, 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his
or their Solicitor (if any) and must be served or if posted,
must be sent by post in sufficient time to reach the above
named not later than six o'clock in the afternoon of the 13th
day of July 2004.


SWIRE PACIFIC: Announces Shareholders Change of Interest
--------------------------------------------------------
(1) Name of listed corporation: Swire Pacific Ltd. 'B'  

(2) Stock code: 00087

(3) Class of shares: Ordinary Shares  

(4) Number of issued shares in class: 3,003,486,271

(5) Name of substantial shareholder: Aberdeen Asset Management
Asia Ltd  

(6) Registered office: 21 Church Street, #01-01 Capital Square
Two, Singapore 049480

(7) Principal place of business in Hong Kong: Not Applicable  

(13) Exchange on which listed: Nil

(14) Name of listed parent and exchange on which parent is
listed: Aberdeen Asset Management Plc - Listed in London,
Singapore  

(15) Date of relevant event: June 16, 2004

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

(17) Details of relevant event:
   Relevant event code describing circumstances Code describing
capacity in which shares were/are held:

Number of shares bought/sold or involved Currency of
transaction On Exchange  Off Exchange  

(18) Total shares immediately before the relevant event:
  Total number of shares: 151,678,400  
Percentage figure (%): 5.05

(19) Total shares immediately after the relevant event:
  Total number of shares: 151,753,400
Percentage figure (%): 5.05

(20) Capacity in which interests disclosed in Box 19 are held:
Number of shares: 151,753,400

(21) Further information in respect of derivative interests:
Code describing derivatives Number of shares
Nil   

(22) Further information in relation to interests of
corporations controlled by substantial shareholder:
Name of controlled corporation Address and place of
incorporation Name of controlling shareholder % control Direct
interest Number of shares
Nil           

(23) Further information in relation to interests held by
substantial shareholder jointly with another person:
Name of joint shareholder Address Number of shares
Nil     

(24) Further information from a trustee, or beneficiary of a
trust, or a founder of a Discretionary Trust:
Names of Trust Address Status code Number of shares
Nil       

(25) Further information from a party to an agreement under
Section 317:
Names of other parties Address Number of shares
Nil     
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: June 17, 2004

(29) Number of attachments: 0

This announcement is dated June 17, 2004.


WICKSFULL INVESTMENT: Court Issues Winding Up Order
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wicksfull Investment and Finance Company Limited by the High
Court of Hong Kong was on May 24, 2004 presented to the said
Court by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, No. 1
Garden Road, Central, Hong Kong. The said Petition is directed
to be heard before the Court at 10:00 a.m. on July 14, 2004 and
any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his
or their Solicitor (if any) and must be served or if posted,
must be sent by post in sufficient time to reach the above
named not later than six o'clock in the afternoon of the 13th
day of July 2004.


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


BANK DANAMON: Needs More Funds After Adira Acquisition
------------------------------------------------------
Concerned that Bank Danamon might breach the rule on maximal
credit after acquiring a 75 percent stake in PT Adira Dinamika
Multifinance, Bank Indonesia has called on Danamon's
shareholders to inject more funds into the bank, The Jakarta
Post reports.

According to an official at BI Aris Anwari, the central bank is
apprehensive that the acquisition might hurt Danamon if Adira
does not meet its performance targets.


INDOFARMA: To Merge with Kimia Farma
------------------------------------
In line with its privatization program this year, the
Indonesian government is pushing through with its plan to merge
ailing state pharmaceutical company PT Indofarma with the sound
PT Kimia Farma and then divest the shares of the resulting
entity, The Jakarta Post reports.

According to State Minister of State Enterprises Laksamana
Sukardi, the merger plan is expected to improve efficiency and
lessen competition in the pharmaceutical market.

The proceeds from the divestment of the combined entity's
shares, which is projected to reach IDR24.4 trillion, will be
used to help finance the budget deficit.

Indofarma reported losses of IDR129 billion in 2003. This year,
however, it expects to enjoy an IDR35 billion profit. Despite
tough competition, the firm also projects a 40-percent boost in
sales to about IDR700 billion by offering 5 to 50-percent
discounts on generic medicines.

The government holds 81 percent of Indofarma and 90 percent of
Kimia Farma.


PERTAMINA: Government Won't Block VLCCs Sale
--------------------------------------------
The Indonesian government will not block the planned sale of
two new oil tankers by state-owned oil and gas firm PT
Pertamina, despite lawmakers' opposition to it, Asia Pulse
reports, citing State Enterprises Affairs Minister Laksamana
Skurda.

"It's not a problem if Pertamina sells the tankers", said the
cabinet minister. "It's a corporate action and there's no need
for the government to get involved in this matter."

Citing cash flow problems, Pertamina put up the two Very Large
Crude Carriers (VLCCs) for sale earlier this year, arguing that
leasing vessels to transport crude oil would be more cost-
efficient than owning the tankers. This, however, is an opinion
members of Indonesia's parliament do not share, as they told
Pertamina last week to cancel the sale, saying that keeping the
giant tankers would benefit the firm in the long run.

Earlier this week, lawmakers told Pertamina to cancel the sale
of the two VLCCs but said it would leave the final decision to
the government.

Since the company is state-owned, the lawmakers are authorized
to veto the sale. However, they said they would let the
government make the final decision.

Pertamina has named Norway's Frontline Ltd, as the winning
bidder for the tanker sale.


PERTAMINA: Sees 22% Rise in 1H Upstream Pretax Profit
-----------------------------------------------------
With higher oil and gas prices and output, state-owned oil and
gas producer PT Pertamina (PTM.YY) said Friday it expects a 22
percent increase in pretax profit from upstream operations in
the first half, reports Dow Jones. The company sees a first
half net profit of IDR4.4 trillion ($1=IDR9,410) compared with
IDR3.6 trillion last year.

According to Pertamina's upstream operations director Bambang
Nugroho, the firm's crude oil production is currently at
130,000 barrels a day, up from 119,000 b/d in the first half of
last year. At this rate, Pertamina is already on track to hit
its production target of 145,000 b/d of crude oil by the end of
2004, he said.

Mr. Bambang also said that the company projects crude oil
output to further rise to 250,000 b/d in 2008, and gas output
to 1.5 billion cubic feet a day. He added that the company has
already achieved its year-end target output of 1 billion cubic
feet of natural gas a day. For the first six months of 2003,
the company produced 900 million cubic feet of natural gas a
day.


PUTRA SUMBER: Pefindo Maintains Current Ratings
-----------------------------------------------
In a press release dated June 18, 2004, PEFINDO still maintains
its current ratings of "idCCC" for PT Sumber Utama Timber
(PSUT) and PSUT's Bond I of IDR200 bn and still puts the
ratings on CreditWatch with negative implication. The ratings
have incorporated some positive developments on PSUT including
timely payment on its 4th coupon bond, improved productivity
and product selling price, and continued support from Bangkok
Bank and RZB Bank. Despite the above developments, Pefindo is
still concerned over the developments on PSUT's bondholder
approval on the revision of sinking fund requirement resulting
from the rating downgrade.

Timely 4th Coupon Payment

Despite its liquidity problem, PSUT has finally managed to
timely pay its 4th coupon bond on May 13, 2004. In addition to
its internal fund, PSUT has gotten financial supports from the
Group for the coupon payment. The Group has also supported the
company during the very-difficult situation by providing raw
materials, which is very important to ensure production
continuity.

Improved Productivity and Selling Prices

After experiencing a substantial production drop due to the
flood and liquidity problems, since May 2004 the Company's
production level has recovered to 22,500 cubic meters (m3) per
month, comparable to the pre flood normal level of about 22,700
m3. PSUT's product selling price has also shown a favorable
trend with the current average selling price of around USD340-
350 per cubic meter compared to last year average of USD300/m3.
As a US Dollar earner, the recent weakening Rupiah should
benefit the Company's cash flow. It should be noted that more
than 90% of PSUT's products are exported to Japan as the main
destination.

Continued Supports from Bangkok Bank and RZB Bank

Although PSUT experienced a serious liquidity problem, Bangkok
Bank and RZB Bank have shown their confidence on PSUT's
creditworthiness by continuing their credit line commitments
totaling to about USD5.5 million, which should be sufficient to
cover PSUT's working capital requirement. However, RZB's
commitment to disburse the loan is still subject to PSUT's
compliance on all covenants from any debt agreement, including
the bondholders' approval to revise the sinking fund
requirement. With those credit lines, the Company is expected
to be able to continuously operate at normal production level
and be less dependent on the insurance claim payment, which
cannot be expected to come on schedule.


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


DAIEI INC.: To Renovate 18 Outlets
----------------------------------
Struggling supermarket chain operator Daiei Inc. will refurbish
18 major outlets as part of its revival plan, Kyodo News
reports.

The retailer selected the 18 outlets for renovation because
they rack up some JPY10 billion in annual sales and are core
retailers, with comprehensive product lineups in their
localities, unnamed officials said.


HITACHI LIMITED: Forms Alliance With MHI
----------------------------------------
Hitachi Limited, Mitsubishi Heavy Industries, Ltd. and Hitachi
Air Conditioning Systems Co., Ltd., a subsidiary of Hitachi,
has reached a basic agreement aimed at strengthening air-
conditioning and refrigeration operations. The agreement calls
for MHI's Air-Conditioning & Refrigeration Systems Headquarters
(excluding the automotive thermal systems business) and Hitachi
Air Conditioning Systems to be integrated and run under a joint
venture company owned by Hitachi and MHI.

The press release said the integration is scheduled for April
1, 2005. Hitachi and MHI will manage the joint venture as equal
partners. Details of the joint venture will be decided after
further discussions.

Commercial-use air-conditioning and refrigeration businesses in
Japan must now expedite business development and develop
products with a small environmental impact to step up their
response to energy conservation, the prevention of ozone
depletion, the prevention of global warming and other market
demands. Stepping up the pace of global development is also
important in light of expectations for growth in demand in
China and other regions, and other trends.

MHI, Hitachi and Hitachi Air Conditioning Systems reached this
agreement after deciding that integration would be essential to
leverage each other's strengths to achieve growth and conduct
operations efficiently in response to these changes in the
external operating environment in Japan and overseas. Beyond
fusing each company's sophisticated technologies, the joint
venture will build a more efficient global operating structure,
extending from development through manufacturing, sales and
maintenance. Backed by this framework, the joint venture plans
to expand its business by leveraging the strengths of its two
shareholders. As a comprehensive air-conditioning and
refrigeration company, the joint venture will have the ability
to supply a broad range of products from commercial-use air-
conditioners to large central air conditioning systems.

Profiles of Each Company

About Hitachi

Company name: Hitachi, Ltd.

Business: Development, manufacture, sales and services for
information and communications systems, electronic devices,
power and industrial systems, digital media and consumer
products

President: Etsuhiko Shoyama, President and Chief Executive
Officer

Capital stock: 282.0 billion Yen (As of March 31, 2004)

Head office location: Tokyo, Japan

Number of employees (consolidated): 326,344 (As of March 31,
2004)

Consolidated net sales: 8,632.4 billion Yen (Year ended March
31, 2004)


About Hitachi Air Conditioning Systems

Company name: Hitachi Air Conditioning Systems Co., Ltd.

Business: Manufacture, sales, construction and after sales
service for air-conditioning control systems and freezing and
refrigeration control systems (main products are packaged air
conditioning systems, small chillers and large centrifugal
chillers)

President: Yoshihiko Nakayama, President and Director

Capital stock: 10.0 billion Yen (100% owned by Hitachi, Ltd.)

Head office location: Tokyo, Japan

Main factories: Shizuoka, Japan; Ibaraki Japan; China; Spain;
and Brazil

Number of employees (consolidated): 5,382 (As of March 31,
2004)

Consolidated net sales: 139.6 billion Yen (Year ended March
31, 2004)

About Mitsubishi Heavy Industries

Company name: Mitsubishi Heavy Industries, Ltd.

Business: Manufacture and sales related to shipbuilding; steel
structures; power plants; chemical plants; steel plants;
environmental equipment; industrial and general machinery;
aircraft; space rocketry; air-conditioning systems; and others

President: Kazuo Tsukuda, President

Capital: 265.6 billion Yen

Head office location: Tokyo, Japan

Number of employees (consolidated): 59,949 (As of March 31,
2004)

Consolidated net sales: 2,373.4 billion Yen (Year ended March
31, 2004)

About MHI's Air-Conditioning & Refrigeration Systems
Headquarters

Name: Air-Conditioning & Refrigeration Systems Headquarters,
Mitsubishi Heavy Industries, Ltd.

Business: Manufacture, sales, installation and after sales
service for commercial use air-conditioners, residential use
air-conditioners, automotive thermal systems, applied
refrigeration use machines, transport refrigeration units, and
centrifugal & absorption liquid chillers - Location: Aichi,
Japan

Main factories*: Aichi, Japan; Hyogo, Japan; China; Thailand;
and Saudi Arabia

Number of employees (consolidated)*: Approx. 3,800(As of March
31, 2004)

Consolidated net sales*: Approx. 125.0billion Yen (Year ended
March 31, 2004)
*Factories and figures do not include those of automotive
thermal systems.

About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries, Ltd., headquartered in Tokyo,
Japan, is one of the world's leading global heavy machinery
manufacturers, with consolidated sales of 2,373 billion yen in
fiscal 2003 (year ended March 31, 2004). MHI's diverse lineup
of products and services encompasses shipbuilding, steel
structures, power plants, chemical plants, steel plants,
environmental equipment, industrial and general machinery,
aircraft, space rocketry and air-conditioning systems. For
further information, please visit the Mitsubishi Heavy
Industries, Ltd. home page at: www.mhi.co.jp/indexe.html

About Hitachi, Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company, with approximately 340,000
employees worldwide. Fiscal 2002 (ended March 31, 2003)
consolidated sales totaled 8,191.7 billion yen ($68.3 billion).
The company offers a wide range of systems, products and
services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For further
information, please visit the Hitachi, Ltd. home page at:
www.hitachi.com

Hitachi Ltd.'s cash and cash equivalents as of December 31,
2003 amounted to 614.5 billion yen (US$5.744 billion), a net
decrease of 94.4 billion yen (US$883 million) during the third
quarter, TCRAP Vol. 7 No. 94 reports.

Debt as of December 31, 2003 stood at 2.797 trillion yen
(US$26.141 billion), 94.4 billion yen (US$883 million) higher
than at September 30, 2003 as a result of an increase in short-
term debt.

Contact:
Hitachi, Ltd.
Hiroki Inoue
Tel: +81-3-3258-2057
E-mail: hiroki_inoue@hdq.hitachi.co.jp

Hitachi Air Conditioning Systems Co., Ltd.
Hiroshi Osawa
Tel: +81-3-3255-7201
E-mail: h-osawa@hitachiacs.co.jp  

Mitsubishi Heavy Industries, Ltd
Hiroyuki Yamakado
Tel: + 81-3-6716-2168
E-mail: hiroyuki_yamakado@mhi.co.jp


ISHIKAWAJIMA-HARIMA: Forms Partnership With Aker Kvaerner
---------------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. (IHI) has entered into
an alliance with the U.S. unit of Norway's Aker Kvaerner ASA to
build import terminals for liquefied natural gas in the United
States and Canada, Bloomberg News reports.

The partnership will allow the Japanese firm to enter the North
American market while enabling Aker Kvaerner, an oil- services
and engineering company, to strengthen its tank- manufacturing
technology.

In the fiscal year ended March 2004, IHI recorded a JPY38.4
billion net loss, and the shareholders' equity fell to JPY151.6
billion because it set aside a large amount of accrued losses
on sales contracts, TCR-AP reported recently.


KURIMOTO LIMITED: R&I Downgrades Ratings to BBB
-----------------------------------------------
Rating and Investment Information Inc.(R&I) has downgraded the
senior long-term credit rating of Kurimoto Limited to BBB from
BBB+.

ISSUE: Senior Long-term Credit Rating; Long-term Bonds (1
Series)

R&I RATING: BBB (Downgraded from BBB+)

ISSUE: Domestic Commercial Paper Programme

R&I RATING: a-2 (Affirmed)

RATIONALE:

Kurimoto Limited has undertaken restructure measures including
staff cuts and a concentration of its plants but recovery in
earning potential has been slow due to a fall in sales in its
main businesses of ductile iron pipes and iron bridges
resulting from a contraction in public works projects.

At the same time, the incorporation of Kurimoto Construction
Industry, Ltd. as a subsidiary led to a rise in losses and debt
in the period ended March 2004. Financial composition has not
deteriorated significantly, however, since the accumulation of
past profits was at a certain level.

Nevertheless, it looks as if considerable time will be needed
for a recovery of funds invested in that company and there is a
likelihood that Kurimoto, Ltd.'s financial burden will increase
further because of its current difficulty in increasing its
overall cash flow. Consequently, R&I have downgraded its Senior
Long-term Credit Rating to BBB.

Negative pressure remains in rating. For the rating of the
Commercial Paper, R&I have taken into consideration various
factors, which include cash on hand and alternative liquidity
and has affirmed the rating at a-2.


MITSUBISHI MOTORS: DaimlerChrysler Not Suing MMC
------------------------------------------------
DaimlerChrysler AG has backed away from any immediate legal
action against Mitsubishi Motors Corporation (MMC) over high-
profile vehicle recalls at Mitsubishi Fuso, the Financial Times
reports.

The report said any legal action by DaimlerChrysler might
jeopardize relations with Mitsubishi Motors (MMC), with which
it continues to work on joint projects despite refusing in
April to inject extra cash into the Japanese group's rescue
plan.

Rudiger Grube, Daimler board member responsible for corporate
development, said a possible lawsuit against MMC was "not yet
filed, rather we are working at the moment on addressing the
Fuso quality problems".

DaimlerChrysler, which owns 65 percent of Fuso, had threatened
legal action seeking compensation based on the deal signed when
purchasing Fuso shares.

Mitsubishi Fuso said earlier this week it would recall a
further 450,000 vehicles after illegally covering up defects in
the past.


MITSUBISHI MOTORS: Issues Revitalization Plan Update
----------------------------------------------------
Mitsubishi Motors Corporation (MMC), in a press release,
outlined additional measures to its business revitalization
plan announced on May 21 that focus on three areas: all-out
cost cutting, restoring customer trust, and across-the-board
compliance. The new measures are in response to a potential
marked slump in domestic sales that has surfaced following the
recent recall problems at MMC and Mitsubishi Fuso.

"Today's moves are aimed at avoiding risks that have surfaced
since we announced our business revitalization plan on May 21.
However, there are no changes to the main outline of our plan,"
said MMC Chairman, President and Chief Executive Officer
Yoichiro Okazaki.

ALL-OUT COST CUTTING MEASURES

MMC forecasts that a decline in domestic sales could lead to an
additional operating loss of 30 billion yen in both fiscal 2004
and fiscal 2005. To cover this loss, the company will take
additional steps to cut costs by a further 34.4 billion yen in
fiscal 2004 and 38.2 billion in fiscal 2005, for a total extra
saving of 72.6 billion yen.

In leaving nothing untouched, MMC will also seek savings in
labor costs. Labor costs in Japan will be cut by 14.1 billion
yen in fiscal 2004 and 10.9 billion yen in fiscal 2005. For the
coming two years, MMC plans to forgo paying retirement
allowances to directors, cut executive remuneration packages by
25 to 50 percent, reduce managers' pay by 10 percent compared
to 2003, and reduce the pay of rank-and-file employees by 5
percent compared to 2003.

In addition, the company plans to cancel employees' 2004
yearend bonus, accelerate headcount reductions, review
employment policies, and revise down the pension rate from 4
percent to 1.5 percent.1

Overheads will be slashed by 15.3 billion yen (8 billion yen in
Japan, 7.3 billion yen overseas) in fiscal 2004 and 20.3
billion (12 billion yen in Japan, 8.3 billion yen overseas) yen
in fiscal 2005. In Japan, MMC will freeze all new IT-related
projects other than those that address regulations, reduce
advertising expenses, and drastically cut expenses at its head
office and in research and development departments.

Overseas, meanwhile, the company will halve costs related to
outsourcing, travel, and computer system expenses, while
further cost reductions will come from limiting advertising to
major models.

Cost reductions related to manufacturing and logistics will be
put in place earlier than expected and beefed up for further
savings of 5 billion yen in fiscal 2004 and 7 billion yen in
fiscal 2005. MMC will cut costs for spare parts and supplies
materials and will accelerate savings set out for indirect
materials. The company also expects to see further savings
through headcount reductions made possible by consolidating
sub-line work, reduced packaging costs, and reassessing its
outsourcing to save on export charges.

RESTORING CUSTOMER TRUST

MMC will seek to rebuild its domestic operations by restoring
consumer trust. Through close communication with its customers
to restore trust in the company and its products, MMC is
offering a free 20-point inspection and oil change for all MMC
vehicles. Now, to give new buyers peace of mind, the company is
also offering a three-year full support program, which includes
free inspections and 24-hour roadside service.

MMC also recently conducted a sweeping in-house probe into past
"repair directives" dating back to December 1993 in an effort
to ease the concern of its some six million users in Japan,
ensure traffic safety, and rid itself of past problems and
mistakes so as to pave the way for a self-revitalization of its
business. As a result of the investigation, the company will
submit 26 recalls to the Japanese Ministry of Land,
Infrastructure and Transport for a total of 160,000 vehicles.

Across-the-board compliance: Plan on reforming corporate
culture, ethics In order to reform its corporate culture, MMC
outlined three areas of top priority in its business
revitalization plan: compliance, safety, and customers. The
company also mapped out a new corporate structure geared to
pushing through reform, centering on its Business Ethics
Committee, Corporate Social Responsibility (CSR) Promotion
Office, and Corporate Restructuring Committee.

Awareness of compliance issues is being raised throughout the
company. Action that was not possible with the company's
previous organization and human resources is now possible and
this new structure will help ensure compliance across the
board, which the company plans to report on regularly. MMC sees
compliance as its most urgent task, one that must be enforced
with resolve to ensure the survival of the company. The
Corporate Restructuring Committee has already started work on
pushing through reforms.

In placing compliance first, the company's compliance and
communication functions will be brought together under the CSR
Promotion Office, thereby improving the ability to gather and
release information while implementing all measures uniformly
throughout the company. Reporting directly to the board of
directors, The Business Ethics Committee will monitor the
activities of the CSR Promotion Office from an external
perspective and offer proposals to the board.

The cycle of planning, implementing, and evaluating initiatives
within the company will be completely overhauled to ensure
compliance issues are upheld company wide and all executives,
including the chairman and president, will be made to sign a
compliance pledge that will act as a code of conduct.

The company has mapped out a schedule for compliance related
initiatives through to the end of the year. In late June, the
chairman and president will declare that complying with
business ethic standards is the company's most urgent task and
will ask all executives to sign a compliance pledge. In July,
the organization, framework, and regulations for business
ethics will be reworked.

Then, during July and August the company will run seminars on
business ethics for all executives and employees. From August
to September, each department will hold meetings to hash out
problems related to business ethics and conduct surveys on how
deep business ethics have penetrated their department. In the
end of July, all employees will be asked to sign a compliance
pledge. At the end of October, the Business Ethics Committee
will study the extent to which business ethic standards have
caught on in the company. Finally, in November the company will
hammer out a plan for 2005 that promotes compliance with
business ethic standards.

MMC will announce its schedule for detailed action to put top
priority on safety and customers further down the track.

These measures require labor-management consultation.


MITSUBISHI MOTORS: Unveils Status for Past Repair Directives
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced the current
status of recalls and other improvement measures it is
submitting to the Japanese Ministry of Land, Infrastructure and
Transport for past "repair directives," or so-called shiji-
kaishu.

In a Company press release, MMC has made a public pledge to
report weekly on the current status of its efforts.

MMC is currently looking at each case individually to determine
the steps that need to be taken and confirm the status of parts
that will need to be supplied. Once the company has determined
the appropriate timing for submitting a case, it will draw up
and submit the necessary documents to the ministry.

To date, one recall was submitted on June 4. On June 18, MMC
plans to submit ten recalls and one improvement measure. Going
forward, the company expects to submit eight recalls by the end
of June and all submissions related to repair directives should
be submitted by the end of July.

Current status of submissions

           Submission Date June 4 June 18 Till end June Till
End
                                                        July
           No. of cases      1  10         8           7
          (accumulated)         (11)     (19)        (26)
           ----------------------------------------------------
-Recalls    No. of units
(26)      (accumulated)     115  50,837     13,403   92,119
                                (50,952)   (64,355)  (156,474)  
           ----------------------------------------------------
Improvement No. of cases          1                    3
measures   (accumulated)         (1)                  (4)
(4)          ------------------------------------------
           No. of units          12                   59,936   
           (accumulated)                              (59,948)

N.B. No. of units for Japan only

As announced on June 2, MMC is weeding out all its past
problems and drastically reforming its corporate culture to
restore the trust of consumers and the public in the company.
To do so, the company has already started measures to
revitalize its business.


MITSUBISHI MOTORS: Shares Down 7.1% on Friday
---------------------------------------------
Shares of Mitsubishi Motors Corporation (MMC) fell by as much
as 7.1 percent Friday on investors' concern that trucks built
by its Mitsubishi Fuso Truck & Bus Corporation affiliate may be
involved in more accidents, Bloomberg News reports.

"Investors are worried that there may be more accidents," said
Yasuhiro Matsumoto, a credit analyst at BNP Paribas Securities
in Tokyo. "Investors are also worried that this negative impact
may cause a sales drop in other parts of the world."

Mitsubishi Motors and Mitsubishi Fuso vehicles have been
involved in 96 accidents related to faults that led to recalls
in the past 10 years, Japan's transport ministry said in a
statement to Japanese lawmakers.


RESONA HOLDINGS: Dissolves British Securities Unit
--------------------------------------------------
Resona Holdings, Inc. (Resona HD) passed a resolution to
dissolute one of its consolidated subsidiaries, Resona Bank
(Capital Management) Plc, contingent on the approvals from
competent authorities.

1. Reason for the Dissolution

Resona Bank (Capital Management) Plc was established in
December 1980, as an overseas affiliated company of the former
Daiwa Bank. Resona Bank decided to dissolute the Company to
rationalize its overseas offices.

Resona Bank will concentrate its overseas offices in the Asian
region, and step up efforts to provide high quality services to
its customers.

2. Outline of the Company

(1) Corporate name Resona Bank (Capital Management) Plc.

(2) Address Level 18, City Tower, 40 Basinghall Street, London
EC2V 5DE, United Kingdom.

(3) Representative Hiroyuki Nishida

(4) Amount of capital GBP 33,600 thousands (100% owned by
Resona Bank, Ltd.)

(5) Line of business Securities business, investment advisory
business

3. Schedule

Corporate resolution for dissolution of the Company will duly
be made around the end of September 2004.

4. Impact of This Development on the Forecasted Earnings

The previous earnings forecasts of Resona HD for the fiscal
year ending March 31, 2005, which were announced on May 24,
2004, remain the same.

This is a company press release.


UFJ BANK: FSA Tells Bank 'Shape Up'
-----------------------------------
The Financial Services Agency (FSA) was expected Friday to
issue a business-improvement order to UFJ Bank Limited for
attempting to mislead the financial regulator last year, says
Bloomberg News.

Citing Nikkei English News, the newswire said inspectors have
found documents at UFJ Holdings' banking unit in October that
didn't match documents submitted earlier.  

"[These] documents showed borrowers to be in worse financial
condition than the agency had been led to believe," Bloomberg
says.

The regulator could legally impose fine of as much as JPY3
million on the bank and send accountable officials to prison
for a year, according to the newswire.  Aside from the
business-improvement order, the agency was also expected to
hand a separate administrative order against the holding
company, UFJ Holdings Inc. (8307.TO), for missing its promised
earnings targets by more than 30%.  

The regulator had previously issued a business improvement
order to the holding company and UFJ Bank for their lack of
efforts in properly managing data on loans to small and mid-
sized companies, Dow Jones said in a separate article.

UFJ was the only bank among Japan's top seven lenders to report
a full-year loss in March.  Its combined net losses in the last
three fiscal years have reached JPY$19.5 billion, Bloomberg
says.


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


HANARO TELECOM: Amends Form 6-K Disclosure
------------------------------------------
Hanaro Telecom Inc. amended its press release on its credit
rating dated June 15, 2004, which was filed on Form 6-K with
the Securities and Exchange Commission on June 15, 2004, in
part as follows:

As filed on June 15, 2004:

"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."

Amended:

"Meanwhile, Hanaro plans to improve its relationship with
small-to-medium sized business partners on the strength of its
financial stability due to its recapitalization program and
credit rating upgrade.

As part of this initiative, from July this year, the Company
plans to substantially increase the percentage of cash
settlement for its small-to-medium sized business partners by
increasing its threshold for the settlement of accounts payable
in corporate promissory notes from KRW 10 million to KRW 50
million. By doing so, the Company expects to increase its cash
settlement for small-to-medium sized business partners by
approximately KRW 24 billion in the second half of 2004."

Date: June 17, 2004                
By:  Soon-Yub Samuel Kwon
Title: Senior Executive Vice President


SSANGYONG MOTOR: To Select Preferred Bidder by July
---------------------------------------------------
Creditors of Ssangyong Motor Co. will choose a preferred bidder
for the sale of the struggling automaker by next month, with a
plan to complete the sale by year's end, Yonhap News reports.

The creditors, led by Chohung Bank, have resumed talks on the
sale of the automaker early this month, almost three months
after talks with China's Lanxing Group broke down in March.

According to The Troubled Company Reporter-Asia Pacific, the
sale of the 48.92 percent stake in Ssangyong will take up the
form of a closed bid, unlike the previous open bidding that
failed.


* South Korea Bankruptcies Up in May
------------------------------------
Increased bankruptcy filings from the construction and
manufacturing sectors have contributed to the rise in South
Korean corporate bankruptcies in May to 374 from 355 the
previous month, relates Dow Jones, citing the Bank of Korea.

The default rate on the country's corporate bills, which
include corporate bonds, checks and promissory notes, also
climbed to 0.10% from 0.06% in April. In South Korea, corporate
bonds of bankrupt companies have to mature first before they
could be categorized as in default.

A drop in the number of new startup companies in the country's
eight biggest cities was also recorded, with only 2,318 in May
compared to 2,573 in April.


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


BERJAYA GROUP: Revises Offer For Hyundai-Berjaya Stake
------------------------------------------------------
Berjaya Group Berhad disclosed to Bursa Malaysia Securities
Berhad an update on the following proposals:

- Proposed disposal of shares and warrants in Hyundai-Berjaya
Corporation Berhad;
- Proposed disposal of shares in Hyumal Motor Sdn Bhd; and
- Proposed disposal of shares in Inokom Corporation Sdn Bhd

Further to the announcements dated 2 and 9 April 2004 by
Commerce International Merchant Bankers Berhad on behalf of
Berjaya Group Berhad in relation to the Proposed Disposals, the
Board of Directors informs Bursa Malaysia that Sime Darby
Berhad has, vide its letter dated 17 June 2004, revised its
offer for the Company's stake in Hyundai-Berjaya Corporation
Berhad at an offer price of RM3.60 per ordinary share and
RM2.60 per warrant respectively (Revised Offer). The purchase
prices for the shares in Hyumal Motor Sdn Bhd and Inokom
Corporation Sdn Bhd remain unchanged.

The Revised Offer was made with attached Sale and Purchase
Agreements, to be duly executed by 6:00 p.m. on 18 June 2004.

The Board of Directors is currently considering the Revised
Offer and an appropriate announcement will be made by the
Company in due course.


BERJAYA GROUP: Answers BMSB Query On News Article
-------------------------------------------------
Berjaya Group Berhad disclosed to Bursa Malaysia Berhad (BMSB)
a reply BMSB query on the news article entitled "Hyundai-
Berjaya shares dip on talks Sime to call off offer."

In reply to the query Berjaya Group refers to its announcement
dated, 17 June 2004 in respect of the same subject matter.

Query Letter content:

We refer to the above news article appearing in the New Straits
Times, Business Times section, page B1 on Wednesday, 16 June
2004, a copy of which is enclosed for your reference.

In particular, we would like to draw your attention to the
underlined sentence, which is reproduced as follows:

" ... Sime Darby Bhd may drop plans to acquire the company. "

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

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

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.
Yours faithfully
LISA LAM
Sector Head
Issues & Listing
Group Regulations


BERJAYA GROUP: Issues Update On Proposals
-----------------------------------------
Berjaya Group Berhad disclosed to Bursa Malaysia Securities
Berhad an update on the Proposed Restructuring Exercise of
BGroup comprising the.

Part A

(i) Proposed voluntary scheme of arrangement on the entire
issued and paid-up share capital of BGroup comprising ordinary
shares of RM1.00 each in BGroup (BGroup shares), the 5 percent
irredeemable convertible unsecured loan stocks (ICULS)
1999/2009 of rm1.00 nominal amount each in BGroup (BGroup
ICULS) and warrants 1999/2009 of BGroup (BGroup warrants)
pursuant to section 176 of the Companies Act, 1965 with Berjaya
corporation Sdn Bhd (BCSB) (a company identified to undertake
the proposed BGroup restructuring exercise) for the exchange of
the securities of BGroup with new ordinary shares of RM1.00
each in BCSB (BCSB shares) and 0 percent 10-year irredeemable
convertible unsecured loan stocks of RM0.50 nominal amount each
in BCSB (BCSB ICULS);

(ii) Proposed Renounceable rights issue of up to RM283,614,980
nominal amount BCSB ICULS with up to RM76,576,045 nominal
amount additional BSCB ICULS (additional ICULS), on the basis
of four (4) rights ICULS for every five (5) BCSB shares or BCSB
ICULS held after the proposed BGroup scheme and RM0.135 nominal
amount additional ICULS for each rights ICULS subscribed, on a
date to be determined and announced later by the board of
directors of BCSB;

(iii) Proposed repayment of BGroup's bank borrowings through
the issuance of new BCSB ICULS;

(iv) Proposed settlement of inter-company balances on behalf of
BGroup by BCSB to Berjaya Land Berhad (B-land) and Berjaya
Capital Berhad through the issuance of new BCSB ICULS;

(v) Proposed acquisition of the entire issued and paid-up share
capital of Bukit Tinggi Resort Berhad (BTR) for a total
purchase consideration of RM802,085,626 to be satisfied
entirely through the issuance of 802,085,626 new BCSB shares at
par; and

(vi) Proposed transfer of listing status of BGroup on the main
board of Bursa Malaysia Securities Berhad to BCSB.

Part B

Proposed exemptions from mandatory offers pursuant to the
Malaysian Code on Take-Overs and Mergers, 1998 (code)

Berjaya Group refer to our announcement dated 30 March 2004
which stated, inter-alia, that the Securities Commission (SC)
had confirmed that Practice Note 2.2 of the Code will apply to
BCSB in relation to B-Land, whereby BCSB will have an
obligation to make a mandatory offer for all the remaining
voting shares in B-Land pursuant to the Proposed BGroup
Restructuring Exercise.

On behalf of the Board of BGroup, Commerce International
Merchant Bankers is pleased to announce that the SC had, in
their letter dated 16 June 2004, approved the application made
by BCSB for an exemption from the obligation of having to
extend a mandatory offer for the remaining voting shares in B-
Land under Practice Note 2.9.7 of the Code.

This announcement is dated 17 June 2004.


BOUSTEAD HOLDINGS: Issues Additional 14,000 Ordinary Shares
-----------------------------------------------------------
Kindly be advised that Boustead Holdings Berhad's additional
14,000 new ordinary shares of RM0.50 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., Tuesday, 22 June 2004


CONSOLIDATED FARMS: Obayashi Withholds Legal Proceeding On Unit
---------------------------------------------------------------
Further to the announcement made to Bursa Malaysia Securities
Berhad dated 25 May, 2004 on the Notice pursuant to Section 218
of the Comapanies Act, 1965 served on its subsidiary,
Consolidated Eggs Sdn Berhad, the Board of Directors of
Consolidated Farm Berhad announced that Obayashi Corporation is
considering the request by Consolidated Liquid Eggs Sdn. Bhd.
(CLESB) to withhold further legal proceedings against CLESB
while the Confarm Group proceeds to formulate a restructuring
scheme.

This announcement is dated 17 June, 2004.


GULA PERAK: Enters Supplemental Agreement With MPSB
---------------------------------------------------
Gula Perak Berhad disclosed to Bursa Malaysia Securities Berhad
its Proposed Acquisition of 36 units of Condominiums (which has
been divided into 75 units of hotel rooms) on levels 14, 15 &
16 of Golden City Condominium, situated at Jalan Ipoh, 51200
Kuala Lumpur held under title Geran 26826, 26532-26534, Lot No
85-88, Section 48, Town Of Kuala Lumpur, by GPB from Mirage
Point (M) Sdn Bhd (MPSB)

On behalf of the Board of Directors of Gula Perak, PM
Securities Sdn Bhd (PM Securities), an approved Universal
Broker announced that it has on 17 June 2004, entered into a
Supplemental Agreement with MPSB in relation to the Proposed
Acquisition.

Please refer to the attachment for further details on the
Proposed Acquisition.
http://bankrupt.com/misc/gulaperak061704.doc


MALAYSIAN INDUSTRIAL: SC Approves Shareholders Change
-----------------------------------------------------
On behalf of Malaysian Industrial Development Finance Berhad,
Commerce International Merchant Bankers Berhad (CIMB) is
pleased to announce that the Securities Commission (SC) had,
via its letter dated 15 June 2004, which was received on 16
June 2004, approved the change of shareholders, either direct
and/or indirect, in MIDF Consultancy and Corporate Services Sdn
Bhd (MIDFCCS), MIDF Sisma Securities Sdn Bhd (MSSSB) and MIDF
Aberdeen Asset Management Sdn Bhd (MAAM), resulting from the
Proposed Internal Rationalisation which, inter-alia, involves
the following:

(i) The proposed acquisition by Amanah Equities Sdn Bhd (AESB)
of 2,550,000 ordinary shares of RM1.00 each in MIDFCCS
representing 51 percent equity interest in MIDFCCS from MIDF
for an indicative total cash consideration of RM8.618 million;

(ii) The proposed acquisition by AESB of 16,000,000 ordinary
shares of RM1.00 each in MIDF Sisma Holdings Sdn Bhd (MSHSB)
representing 80 percent equity interest in MSHSB and the entire
80,000,000 redeemable cumulative preference shares of RM1.00
each in MSHSB from MIDF for an indicative total cash
consideration of RM105.869 million. The aforesaid proposal will
result in MSSSB, a wholly-owned subsidiary of MSHSB, being held
indirectly by AESB and Amanah Capital Partners Berhad; and

(iii) The proposed acquisition by Amanah Asset Holding Sdn Bhd
of 1,400,000 ordinary shares of RM1.00 each in MAAM
representing 70 percent equity interest in MAAM from MIDF
Investment Holdings Sdn Bhd and MIMB Holdings Sdn Bhd for an
indicative total cash consideration of RM2.033 million,

The proposals in parts (i) and (ii) above (collectively
referred to as have been approved by the SC after obtaining the
consent of the Minister of Finance and are conditional upon the
following:

(i) MSSSB and MIDFCCS are required to inform the SC within 2
weeks following the implementation of the Proposals;

(ii) MSSSB and MIDFCCS are required to provide all relevant
documents in relation to the change of shareholders (whether
direct and/or indirect) after the implementation of the
Proposals; and

(iii) MSSSB is reminded to intensify its efforts to secure a
suitable merger partner in line with the Policy Framework for
Stockbroking Industry Consolidation.

This announcement is dated 17 June 2004.


OILCORP BERHAD: Issues Details On Proposals  
-------------------------------------------
Oilcorp Berhad submits to Bursa Malaysia Securities Berhad
update on the following proposals:

- Proposed share split of one (1) existing ordinary share of
RM1.00 each in Oilcorp into two (2) new ordinary shares of
RM0.50 each; and

- Proposed amendments to the memorandum of association of
Oilcorp

(1) INTRODUCTION

On behalf of the Board of Directors of OilCorp, Hwang-DBS
Securities Berhad (Hwang-DBS) is pleased to announce that the
Company proposes to undertake:

(i) Share split of one (1) existing ordinary share of RM1.00
each in OilCorp into two (2) new ordinary shares of RM0.50 each
(Proposed Share Split); and

(ii) Amendments to the Memorandum of Association of OilCorp
(Proposed Memorandum Amendments)

(2) DETAILS OF THE PROPOSALS

(2.1) Proposed Share Split

The Proposed Share Split involves the subdivision of one (1)
existing ordinary share of RM1.00 each in OilCorp held by the
shareholders of OilCorp, whose names appear on the Record of
Depositors at the close of business on a date to be determined
and announced later, into two (2) new ordinary shares of RM0.50
each.

As at 31 May 2004, the issued and paid-up share capital of
OilCorp is RM151,600,002 comprising 151,600,002 ordinary shares
of RM1.00 each in OilCorp. Upon the completion of the Proposed
Share Split, the issued and paid up share capital of OilCorp
would be subdivided from RM151,600,002 comprising 151,600,002
ordinary shares of RM1.00 each in OilCorp into RM151,600,002
comprising 303,200,004 ordinary shares of RM0.50 each.

All new ordinary shares of OilCorp of RM0.50 each to be issued
pursuant to the Proposed Share Split shall, upon allotment and
issue, rank pari passu among each other in all respects.

(2.2) Proposed Memorandum Amendments

To facilitate the implementation of the Proposed Share Split,
it is proposed that the Memorandum of Association of OilCorp to
be amended to allow for the following:

(i) Subdivision of the par value of existing ordinary shares in
OilCorp from RM1.00 each to RM0.50 each; and

(ii) Alteration of the authorized share capital of OilCorp of
RM200,000,000 comprising 200,000,000 existing ordinary shares
of RM1.00 each into RM200,000,000 comprising 400,000,000 new
ordinary shares of RM0.50 each.

(3) RATIONALE

The Proposed Share Split is expected to improve the liquidity
and marketability of OilCorp shares by making the share price
of OilCorp more affordable to a wider group of shareholders and
investors.

The Proposed Memorandum Amendments shall involve amendments to
the Memorandum of Association of OilCorp to facilitate the
implementation of the Proposed Share Split.

(4) FINANCIAL EFFECTS

The financial effects of the Proposed Share Split on the share
capital, net tangible assets (NTA) and earnings per share (EPS)
of OilCorp are set out in the following sections. The Proposed
Memorandum Amendments does not have any effect on the share
capital, NTA and EPS of OilCorp.

(4.1) Share Capital

The effects of the Proposed Share Split on the issued and paid-
up share capital of the Company are set out in Table 1 below.

(4.2) Earnings and EPS

The Proposed Share Split is not expected to have any material
effect on the consolidated earnings of OilCorp group. However,
the EPS of the OilCorp group will correspondingly be reduced as
a result of the increase in the number of ordinary shares in
OilCorp in issue arising from the new issuance of the
subdivided shares pursuant to the Proposed Share Split.

(4.3) NTA

The proforma effects of the Proposed Share Split on the
consolidated NTA per share of OilCorp group based on the
audited financial statements of the OilCorp group as at 31
December 2003 are set out in Table 2 below.

(5) APPROVALS REQUIRED

The Proposals are subject to and conditional upon approvals
being obtained from:

(i) Bursa Malaysia Securities Berhad (Bursa Malaysia) for the
Proposed Share Split and the listing of and quotation for the
new ordinary shares of OilCorp of RM0.50 each on the Main Board
of Bursa Malaysia;

(ii) Securities Commission for the Proposed Share Split;

(iii) Shareholders of OilCorp for the Proposals at an
extraordinary general meeting to be convened; and

(iv) Any other relevant authorities/parties.

The Proposed Memorandum Amendments is conditional on the
Proposed Share Split and vice versa.

(6) DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders of
OilCorp and/or persons connected to them, has any interest,
direct or indirect, in the Proposals save for their respective
entitlements under the Proposed Share Split.

(7) DIRECTORS' STATEMENT

The Directors of OilCorp are of the opinion that the Proposals
are in the best interest of the Company.

(8) Departure from the Listing Requirements of Bursa Malaysia
(Listing Requirements)

Paragraph 13.06 (b) of the Listing Requirements states that The
Listed Issuer must comply with:

.....(b) the issued and paid-up capital of the Listed Issuer
must be unimpaired by losses on a consolidated basis, where
applicable, based on the Listed Issuer's latest audited
accounts as well as its latest quarterly report as required by
paragraph 9.22;.....".

OilCorp group has negative revenue reserve of RM25.6 million
and RM23.5 million based on its audited financial statements
for the financial year ended 31 December 2003 and the quarterly
unaudited report for the three (3) months ended 31 March 2004
respectively. The negative revenue reserve of OilCorp arose
solely from the one-off corporate cost written off in respect
of the debt restructuring of Abrar Corporation Berhad which was
completed on 5 August 2003.

Based on the foregoing, it is the intention of the Board to
seek a waiver from Bursa Malaysia for non-compliance with the
abovementioned criterion. Save as disclosed above, the Board is
not aware of any other departure from the Listing Requirements
in relation to the Proposals.

(9) ADVISER

Hwang-DBS has been appointed as the adviser to OilCorp for the
Proposals.

(10) APPLICATION TO AUTHORITIES

Barring any unforeseen circumstances, the application to the
relevant authorities are expected to the made within one (1)
month from the date of this announcement.

This announcement is dated 17 June 2004.

For more information, click
http://bankrupt.com/misc/OILCORPBERHAD061704.doc


OILCORP BERHAD: Issues Update On Proposals  
------------------------------------------
Oilcorp Berhad disclosed to Bursa Malaysia Securities Berhad an
update on the following proposals:

- Proposed shareholders' mandate for recurrent related party
Transactions of a revenue or trading nature;

- Proposed provision of financial assistance between the
Company and/or its subsidiaries; and

- Proposed shareholders' ratification of a related party
Transaction involving the provision of financial assistance.

Oilcorp refers to the announcement made on 14 May 2004 in
relation to the appointment of OSK Securities Berhad on 13 May
2004 as Independent Adviser to the minority shareholders of
OilCorp pursuant to paragraph 8.23 and 10.08 of the Listing
Requirements of Bursa Malaysia Securities Berhad on the
Proposed Provision of Financial Assistance.

Oilcorp also announces that OSK Securities Berhad will also be
acting as Independent Adviser for the proposed shareholders'
ratification of a related party transaction involving the
Provision of Financial Assistance under the same mandate
mentioned above.

This announcement is dated 17 June 2004.


SIME DARBY: Replies To BMSB Query On Proposed Acquisition  
---------------------------------------------------------
Sime Darby Berhad (SDB) submits to Bursa Malaysia Securities
Berhad a reply of its query on the proposed acquisition of
equity interests in Hyundai-Berjaya Corporation Berhad, Hyumal
Motor Sdn Berhad and Inokom Corporation Sdn Berhad.  

With reference to our announcements dated 2 April 2004 and 9
April 2004 and the query from Bursa Malaysia Securities Berhad
via its letter dated 16 June 2004 in relation to the above.

In reply to the Exchange's query, AmMerchant Bank Berhad
(AmMerchant Bank), on behalf of SDB, wishes to announce that
negotiations between SDB and Berjaya Group Berhad (BGroup) in
relation to the Proposed Acquisitions are still on going.
During the course of negotiations of the principal terms and
conditions of the sale and purchase agreements and after
further deliberations by SDB, a revised offer was extended to
BGroup as set out below.

AmMerchant Bank, on behalf of SDB, wishes to announce that SDB
had on 17 June 2004, made a revised offer to BGroup to acquire
the 92,208,000 ordinary shares representing 51 percent equity
interest in Hyundai Berjaya Corporation Berhad (HBCorp) and the
34,578,000 warrants comprising 51 percent of the total warrants
issued by HBCorp for an aggregate cash consideration of
RM421,851,600 or RM3.60 per share and RM2.60 per warrant
instead of the RM4.10 per share and RM3.20 per warrant as
announced on 2 April 2004.

The prices for the 51 percent equity interest in Hyumal Motor
Sdn Bhd and 51% equity interest in Inokom Corporation Sdn Bhd
of RM76,500,000 each remains the same. The Revised Offer is
subject to the execution of separate conditional sale and
purchase agreements, copies of which have been delivered to
BGroup.

The Revised Offer is currently pending BGroup's acceptance. The
Revised Offer will be open for acceptance by BGroup up to 6
p.m. on 18 June 2004 (Offer Expiry Date). In the event BGroup
decides not to accept the Revised Offer or fails to respond by
the Offer Expiry Date, the Revised Offer shall lapse and be of
no further effect and all negotiations between BGroup and SDB
shall come to an end.

An appropriate announcement will be made in due course.

This announcement is dated 17 June 2004.

Query Letter content :

We refer to the above article appearing in New Straits Times,
Business Times section, page B6 on Wednesday, 16 June 2004, a
copy of which is enclosed for your reference.

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

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

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

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

Yours faithfully
LISA LAM
Sector Head
Issues & Listing
Group Regulations


TA ENTERPRISE: Schedules AGM July 12
------------------------------------
TA Enterprise Berhad disclosed to Bursa Malaysia Securities
Berhad that the Fourteenth Annual General Meeting of TA
Enterprise will be held at the Ballroom, Mezzanine Floor, Hotel
Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala
Lumpur on Monday, 12 July 2004 at 10:00 a.m.

The Notice of the Fourteenth AGM together with the Notice of
Dividend Entitlement dated 18 June 2004 are attached herewith.
http://bankrupt.com/misc/TAENTERPRISE061704.rtf


TA ENTERPRISE: Omega Withdraws Civil Suit
-----------------------------------------
TA Enterprise Berhad (TAE) disclosed to Bursa Malaysia
Securities Berhad the following claims.

- Claim by Omega Holdings Berhad against TA Securities Berhad
(TA Securities) [a wholly owned subsidiary of the Company] as
the 6th Defendant under Kuala Lumpur High Court Civil Suit No.
D1-22-1829-99 for the sum of RM428,000,000

- Claim by Omega Securities Sdn Bhd against TA Securities as
the 6th Defendant under Kuala Lumpur High Court Civil Suit No.
D3-22-3058-99 for the sum of RM391,112,000  

The Board of Directors of TA Enterprise Berhad (TAE) announced
that:

(1) On 17 June 2004, Omega Holdings Bhd (Omega Holdings) had
discontinued the Kuala Lumpur High Court Civil Suit No. D1-22-
1829-99 which was filed on the 30th June 1999 against TA
Securities Berhad (TA Securities) as the 6th Defendant for the
sum of RM428,000,000 and damages and cost.

(2) On the same date, Omega Securities Sdn Bhd (Omega
Securities) had also discontinued the Kuala Lumpur High Court
Civil Suit No. D3-22-3058-99 which was filed on 22 November
1999 against TA Securities as the 6th Defendant for
RM391,112,000 and damages and cost.

Both Omega Holdings and Omega Securities had discontinued the
aforesaid Civil Suits against all Six Defendants with no
liberty to file afresh and with no order as to costs. With the
discontinuation of the aforesaid Civil Suits, TA Securities, is
absolved from all claims and liabilities instituted by Omega
Holdings and Omega Securities.

This announcement is dated 17 June 2004.


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


ATLAS CONSOLIDATED: Replies To PSE Query On Price Movement
----------------------------------------------------------
Atlas Consolidated Minging and Development Corp. responds to
the fax messsage sent by the Philippine Stock Exchange asking
to cite the reason for the increase in the quotation of Atlas'
shares by 50.0 percent from PhP1.00 to PhP1.50.

In the absence of any other positive information, the company
can only presume that the increase may have been caused by our
reported disclosure (both to the SEC and PSE) that a foreign
company will invest in Atlas up to $28 million for the
development of the Toledo Mine and another foreign investor
will likewise invest $1.0 million in Atlas' Palawan nickel
project.  Further, please be advised that the increase is
without any intervention, directly of indirectly, on the part
of Atlas.

The company trusts that the Exchange finds the foregoing
explanation meritorious and, accordingly, refrain from halting
the trading of Atlas shares.


DIGITAL TELECOMMUNICATIONS: Net Loss May Reach PhP1.67B
-------------------------------------------------------
Digital Telecommunications Inc. may incur a net loss of PhP1.67
billion this year due to subscriber base problems for its
wireless phone business, Sun Cellular, BusinessWorld reports
citing a study by brokerage firm Abacus Securities group.

On June 16, Abacus Securities reported that the problems
encountered by Digitel can be attributed to poor wireless
infrastructure which has affected its move to aggressively
increase its clients.

"With only about 800 cell sites to date, Sun Cellular is
finding it difficult to widen and or retain its subscriber
base.  By comparison, its rivals Smart have around 4,200 cell
sites, and 2,600 for Globe Telecom Inc, the securities firm
noted.

Digitel is also concerned of its low net average revenue per
user (ARPU) for the first three months of 2004 at PhP170
compared to Smart and Globe's prepaid user of PhP360 to PhP390.
Touch Mobile and Talk 'n Text's ARPU however ranges from PhP190
to PhP230.

Digitel also has a high churn rate (the percentage rate of
subscribers that have stopped using the system, during the
first quarter of 2003 because of poor service quality).

But Abacus noted that all is not lost for Digitel since its
cellular business is still expected to break even sooner than
industry expectations or by the second quarter of 2006.

Despite the slow turn out, Digitel Management remains upbeat
and announced that it will spend $500 million until 2005 to
expand subscriber base.  It expects to have as much as 1.5
million subscribers by end 2004 or approximately 10 percent of
the industry's total additional subscribers for the year.


EASYCALL COMMUNICATIONS: Issues Definitive Info Statement
---------------------------------------------------------
Further to Circular for Brokers No. 2372-2004 dated June 1,
2004, Easycall Communications Philippines Inc. (ECP) furnished
the Philippine Stock Exchange a copy of its SEC Form 20-IS
(Definitive Information Statement) in connection with its
Annual Meeting of Stockholders which will be held on July 9,
2004 at 10:00 a.m. at the Lighthouse Theatre, 25th St. corner
A.C. Delgado St. Port Area, Manila.

As previously announced, "the record date for the determination
of stockholders entitled to notice and to vote at the said
meeting is May 31, 2004."

A copy of ECPs Definitive Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries.  The same shall likewise be made available for
downloading at the PSE website: www.pse.com.ph (under Listed
Companies).


MANILA ELECTRIC: Gives PSE Copy of En Banc Decision
---------------------------------------------------
This in reference to Circular for Brokers Nos. 2669-2004 dated
June 16, 2004 and 2698-2004 dated June 17, 2004 in connection
with the Supreme Court ruling on Manila Electric Company's
(Meralco) 12-centavo rate increase.

In relation hereto the company provided the Philippine Stock
Exchange a copy of the Supreme Court (SC) En Banc Decision with
regard to the aforementioned matter.  In its SEC Form 17-C
dated June 17, 2004, the company advised that:

"copy of the Supreme Court decision on G.R. No. 161113 (Freedom
from debt coalition, et al, versus Energy Regulatory
Commission, et al.) which was received by our external legal
counsel, Atty. Benjamin C. Santos, on June 16, 2004 which was
relayed to the issuer at 12:00 noon, Thursday, June 17, 2004."

A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza Libraries.


MANILA ELECTRIC: Clarifies Letter Typo for PSE
----------------------------------------------
Manila Electric Co. (Meralco) disclosed to the Philippine Stock
Exchange that there was a typographical error on its letter
dated June 17, 2004 regarding the news article entitled
"Meralco rate hike pending".

Meralco advised that the word "revised" in paragraph 3 of the
letter should be "received" and therefore the sentence should
read as follows:

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


MANILA ELECTRIC: Explains News Article On PhP1Bln Profit Target
---------------------------------------------------------------
Manila Electric Co. submits to the Philippine Stock Exchange a
clarification to the news article on Thursday, June 16, 2004 to
the effect that Meralco expects its net profit to reach PhP1
billion this year despite the court ruling against a tariff
hike.

The PhP1 billion net profit was approximated simply assuming
that the trend of the first quarter with net income of PhP344.4
million will be sustained for the remaining quarter of the
year.  Thus, when pressed for confirmation, the President and
COO, Mr. Jesus P. Francisco, and the Chief Finance Officer, Mr.
Daniel D. Tagaza, simply responded by saying that PhP1 billion
net profit is a workable target this year for Meralco.  This
amount however, should not be taken as the official net profit
target of the company for the year.


MAYNILAD WATER: Renewing $120M Performance Until Court Rules
------------------------------------------------------------
Maynilad Water Services Inc. (MWSI) has decided to renew its
$120 million bond performance in favor of Metropolitan Water
and Sewerage Systems (MWSS) as it awaits for the decision of
Quezon City Regional Trial Court on the legality of the
proposed return of concession fees to MWSS, according to
BusinessWorld.

The decision was reached during the water firm's board meeting.  
However, court appointed rehabilitation receiver, Rosario s.
Bernardo who was present during the meeting said Maynilad
mulled seeking a revision of the terms of guarantee.

Maynilad will try to work out a provision for early termination
in case the government take-over pushes through before the
expiration of the performance bond.

"But the consensus was that the bond should be renewed as it
still unknown when amendment No. 2 could be effectively carried
out," Mrs. Bernardo told Business World.

Amendment No. 2 details the terms of the government take-over
of Maynilad.  It largely modifies the 1997 concession agreement
between MWSS and Maynilad.

The performance bond was posted to ensure payment of concession
fees to MWSS, which has nearly reached PhP8 billion. Maynilad
is required to pay an average of PhP2 billion in concession
fees yearly, a portion that is in turn used to pay MWSS debts.

The concession contract requires the execution of a performance
bond, which is renewed annually.  Citicorp is the lead
guarantor among the 13-consurtiom banks.


NATIONAL BANK: Creditors Say Court Ruling Disadvantageous
---------------------------------------------------------
Philippine National Bank (PNB) filed for a petition to the
Pasig RTC to junk its decision on the pari passu (equal rights)
ruling in any proposed rehabilitation program of Bayan
Telecommunications (Bayantel), Manila Bulletin reports.

PNB said the ruling would be disadvantageous to them because
their claim over Bayantel's cash and receivables would be
diminished and eroded because part of it would be paid to
creditors other than those included in the Omnibus Agreement.

"The pari passu treatment of creditors is meant to rescue
petitioner [and the entities it represents] from a bad bargain
[high yielding investment but without security] which they
knowingly entered into," the petition further read.

PNB reiterates further that secured creditors are prohibited
from foreclosing the securities within the rehabilitation
phase. "And in the event that they are finally able to, the
assets would be almost worthless because of depreciation,
obsolescence and distressed prices," the petition read.

"Furthermore, if pari passu is adopted as a uniform scheme in
rehabilitation, it would mean that it is alright to lend credit
at a premium interest without any security because later on if
the business venture fails, a petition for rehabilitation could
just be filed which would level the playing field with secured
creditors," the petition read.


PHILIPPINE LONG: Sets Common Shares Listing on June 18
------------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000 the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) to list additional 1,289,745 common shares, with a par
value of PhP5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the company, at an exercise price of PhP814.00
per share.

In this connection, please be advised that a total of 11,855
common shares have been availed of and fully paid by the
optionees under the company's ESOP.

In view thereof, the listing of 11,855 common shares is set for
Friday, June 18, 2004. This brings the number of common shares
listed under the ESOP to a total of 47,515 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.


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


SMRT CORPORATION: Holds Annual General Meeting on July 15
---------------------------------------------------------
Notice is hereby given that the Fifth Annual General Meeting of
SMRT Corporation Ltd will be held at Ballroom I & II, Level 2,
InterContinental Singapore, 80 Middle Road, Singapore 188966 on
July 15, 2004 at 2:30 p.m. to transact the following business:

ORDINARY BUSINESS:

(1) To receive and adopt the Director's Report and Audited
Financial Statements for the financial year ended MArch 31,
1004 together with the Auditor's Report thereon.

(2) To declare the Final Dividend of 3.2 cents per share, less
income tax at 20 percent for the financial year ended March 31,
2004.

(3) To approve Director's Fees of $317,000 for the financial
year ended March 31, 2004 (FY 2003: $187,344).

(4) (a) To re-elect the following Directors who are retiring in
accordance with Article 94 of the Company's Articles of
Association:

(i) Mr. Daniel Ec Hock Huat; and

(ii) Mr. Koh Kheng Siong.

(b) To note the retirement of Mr. Ng Ser Miang as Director in
accordance with Article 94 of the Company's Articles of
Association.

(5) To re-elect Mrs. Margaret Lui-Chan Ann Soo, a Director who
is retiring in accordance with Article 100 of the Company's
Articles of Association.

(6) To re-appoint Messrs KPMG as Auditors of the Company and to
authorize the Directors to fix their remuneration.

SPECIAL BUSINESS:

(7) To consider, and if thought fit, to pass, with or without
modifications, the following resolutions as Ordinary
Resolutions:

(7.1) That authority be and is hereby given to the Directors of
the Company to:

(a) (i) issue shares in the capital of the Company whether  by
way of rights, bonus or otherwise; and/or

(ii) make or grant offers , agreements or options that might or
would require shares to be issued, including but not limited to
the creation and issue of (as well as adjustments to) warrants,
debentures or other instruments convertible into shares at any
time and upon such terms and conditions and for such purposes
and to such persons as 5he Directors may in their absolute
discretion deem fit; and

(b) (Notwithstanding the authority conferred by this resolution
may have ceased to be in force) issue shares in pursuance of
any Instrument made or granted by the Directors while this
resolution is in force, provided that:

(1) the aggregate number of shares to be issued pursuant to
this Resolution (including shares to be issued in pursuance of
Instruments made or granted pursuant to this Resolution) does
not exceed 50 percent of the issued share capital of the
Company , of which the aggregate number of shares to be issued
other than on a pro rata basis to shareholders of the Company
(including shares to be issued in pursuance  of instruments
made or granted pursuant to this Resolution) does not exceed 20
percent of the issued share capital of the Company;

(2) (subject to the manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited for the
purpose of determining  the aggregate  umber of shares that may
be issued under sub-paragraph (1) above, the percentage of the
issued share capital shall be based on the issued share capital
of the Company at the time of the passing of this Resolution,
after adjusting for:

(i) new shares arising from the conversion or exercise of any
convertible securities or share options or vesting of shares
awards which are outstanding or subsisting at the time of the
passing of this Resolution; and

(ii) any subsequent consolidation or subdivision of shares;

(3) in exercising the authority conferred by this resolution,
the Company shall comply with provisions of the Listing Manual
of the SGX_ST for the time being in force (unless such
compliance has been waived by the SGX_ST) and the Articles of
Association for the time being of the Company; and

(4) (unless revoked or varied by the Company in general
meeting)the authority conferred by this Resolution shall
continue in force until the conclusion of the next Annual
General Meeting of the Company or the date by which the next
Annual General Meeti8ng of the Company is required by law to be
held, whichever is earlier.

(7.2) That authority be and is hereby given to the Directors to
offer and grant options in accordance with the provisions of
the SMRT Corporation Employee Share Option Plan (SMRTC ESOP)
and to allot and issue from time to time such number of shares
in the capital of the Company as may be required to be issued
pursuant to the exercise of the options under the SMRTC ESOP
provided always that the aggregate number of shares to be
issued pursuant to the SMRTC ESOP shall not exceed 15 percent
of the issued share capital of the Company from time to time.

(8) To consider, and if thought fit, to pass with or without
modifications, the following resolution as an Ordinary
Resolution:

That for the purpose of Chapter 9 of the Listing manual of the
SGX-ST:

(a) approval be and is hereby given for the renewal of the
mandate for the Company, its subsidiaries and associated
companies that are entities at risk, or any of them, to enter
into any of the transactions, particulars of which are set out
in Appendix B to the Letter to Shareholders dated June 18,
2004, provided that such transactions are made on normal
commercial terms and in accordance with the review procedures
for such interested person transactions;

(b) the approval given in paragraph (a) above shall, unless
revoked or varied by the Company in general meeting, continue
in force until the conclusion of the next Annual General
Meeting of the Company; and

(c) the Directors of the Company be and are hereby authorized
to complete and to do all such acts and things (including
executing all such documents may be required) as they may
consider expedient or necessary or in the interests of the
Company to give effect to the General Mandate and/ or this
Resolution.

ANY OTHER BUSINESS

(9) To transact any other business that may be transacted at an
Annual General Meeting.

By Order of the Board
PATRICK LAU LI TAH
Company Secretary

This announcement is dated June 18, 2004.


SMRT CORPORATION: Plans $500M Notes Issue
-----------------------------------------
In a press release, SMRT Corp unveiled plans to raise $500
million through an issue of notes to finance its capital
expenditure in the next few years and for other corporate
funding purposes.

The capital spending could include expanding its taxi fleet and
upgrading retail space at MRT stations.


W & P PILING: Schedules First Creditors' Meeting
------------------------------------------------
Notice is hereby given that the first meeting of creditors of
W & P PILING PTE LTD will be held at AEC Centre, 141 Market
Street, International Factors Building, Singapore 048944 on
July 7, 2004 at 11 a.m. for the following purposes:

(1) To lay before the creditors a full statement of the affairs
of Company, showing the assets and liabilities of the Company;

(2) To appoint a Committee of Inspection (if deemed fit);

(3) To consider any other matters arising thereof.

For and in behalf of
W & P PILING LTD

This Singapore Government Gazette announcement is dated June
16, 2004.


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


SRITHAI FOOD: Details Changes In Board of Directors
---------------------------------------------------
Srithai Food & Beverage PCL disclosed to the Stock Exchange of
Thailand that during the board of directors meeting of the
company held on June 17, 2004 has approved the following
changes to its membership.

(1) Accepted the resignations of the following directors:

Mr. Charin Chongcharoenyanon   Outside Director, Audit Director
Mr. Satit   Srisupavinij        Outside Director, Audit
Director

(2) Approved the appointments of the following directors.
   
Mr. Chao Riabriang

Effective June 17, 2004 onwards

Sincerely yours,
(Mr. Anan Jantaranukul)
Managing Director


THAI PETROCHEMICAL: Founder Denies Billboard Removal
----------------------------------------------------
Thai Petrochemical Industry PCL's (TPI) union leader Vichit
Nitayanond filed a complaint with Rayong Police against former
TPI founder Prachai Leophairatana on his order for the removal
of a billboard in front of the company's Rayong Plant,
Businessday reports.

Mr. Vichit said the former founder asked for the billboard's
removal because it publicized material in favor of TPI's
revised rehabilitation plan proposed by plan administrators led
by Gen Mongkol Ampornpisit.  

But the former founder of TPI denied the accusations, saying
the removal of the billboard was in line with company policy
and a government request to replace the billboard with
portraits of the Queen of Thailand at every house and building
to mark her 72nd birthday on August 12.




                            *********


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

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