---

       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

         Wednesday, February 11, 2004, Vol. 7, No. 28

                         Headlines

A U S T R A L I A

AMP LIMITED: Post Changes in Shareholder's Interest
AMP LIMITED: Discloses Substantial Shareholding in Equinox
NOVUS PETROLEUM: Receives Takeover Offers From Medco, Crosby
VILLAGE ROADSHOWS: Company Stake Under Scrutiny


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

ACME TECHNOLOGIES: Winding Up Hearing Set March 10
ASPAC ENTERPRISES: Petition to Wind Up Pending
BILLION SYSTEMS: Faces Winding Up Petition
PO ON: Creditors Meeting Set February 27


I N D O N E S I A

GAJAH TUNGGAL: IBRA Plans 78% Stake Disposal
BANK LIPPO: Central Bank Clarifies 2003 Report


J A P A N

ASHIKAGA BANK: Plans to Cut Outstanding Loans by Y800B
HEALTHY RESORT: Golf Course Starts Rehab Proceedings
KANEBO LIMITED: Unveils Y334.79B Sales
MITSUTOMI CO.: Real Estate Starts Rehabilitation Proceedings
WAKASHIBA KENSETSU: Construction Firm Enters Bankruptcy


K O R E A

DONGBU GROUP: Investigators Seize Accounting Documents
KOOKMIN BANK: Posts FY03 US$524M Net Loss


M A L A Y S I A

BERJAYA GROUP: Disposes of 51% Stake in Cosda
GENERAL SOIL: Indah Files Winding Up Petition
HOTLINE FURNITURE: Shareholders OK Scheme Arrangement Proposal
JIN LIN: Enters Restructuring Agreement With Seo Aik
JIN LIN: Proposes Scheme of Arrangement With Creditors

OSK HOLDINGS: Lists 948,733 New Ordinary Shares on Friday


P H I L I P P I N E S

ASIAN CAPITAL: SEC May File Charges Against Owners
CEBU PRIVATE: Diesel Plant Maintenance Shutdown Scheduled
DIGITAL TELECOMMUNICATIONS: Amends SEC form 17-A
MANILA ELECTRIC: ERC OKs Plan to Float US$600M Bonds
PHILIPPINE LONG: Enters Alliance With Level Up!

PHILIPPINE LONG: Issues Additional Listing of Shares
PHILIPPINE NATIONAL: Clarifies Capital Hike Report
PILIPINO TELEPHONE: Expects Php402.4M Profit This Year


S I N G A P O R E

CK TANG: Minority Shareholders Throw Out Privatization Plan
HEAP LEE: Issues Dividend Notice
HEEREMA MARINE: Creditors Must Submit Claims by March 6
JOHAN SINGA: Releases Dividend Notice
SEATOWN CORPORATION: Submits Financial Results on February 29

WEE POH: Creditors Meeting Set for February 9
WEE POH: Issues 300 Million New Shares


T H A I L A N D

BANK OF AYUDHYA: Plans to Increase Loan-Loss Reserves by Bht2B
PRASIT PATANA: Appoints Chairman, Audit Committee Members

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Post Changes in Shareholder's Interest
---------------------------------------------------
Pursuant to Section 671B of the Australian Corporations Law, AMP
Limited posted changes in its relevant interest in Tethyan
Copper Company Limited (TCY). To view full copy of this press
release, click http://bankrupt.com/misc/amplimited020104.pdf

According to TCR-AP, AMP is expected this month to post a full-
year net loss of $5.8 billion, though it is hoped AMP can return
to profit this year by earning close to $500 million.


AMP LIMITED: Discloses Substantial Shareholding in Equinox
----------------------------------------------------------
Pursuant to Section 671B of the Corporations Law, AMP Limited
discloses a substantial holding in Equinox Resources Limited.
For more information, go to
http://bankrupt.com/misc/amplimited2-021004.pdf


NOVUS PETROLEUM: Receives Takeover Offers From Medco, Crosby
------------------------------------------------------------
On December 22, 2003, Novus Petroleum Limited was notified that
PT Medco Energi Internasional Tbk (Medco) was launching an
unsolicited off market takeover offer for all of Novus' issued
capital at $1.74 in cash per share, a Company statement said.

On 19 January 2004, Novus was notified that Crosby Capital
Partners (Crosby) was launching an off-market takeover offer for
Novus at $1.77 cash per share and that the Novus Chief Executive
Officer, Bob Williams, is part of the Crosby consortium.  A copy
of Crosby's Announcement is being made available by Novus.

Novus has released statements to the Australian Stock Exchange
(ASX) concerning both these bids which can be downloaded from
the ASX Releases section of this website.  Further details,
including a copy of the Bidder's Statement as released to the
ASX by Medco Energi can be found in the Takeover section of this
website.

Novus' Target's Statement was lodged with the ASX and mailed to
Novus Shareholders on 23 January 2003.  A copy of the
Independent Expert's Report, which forms part of the Target's
Statement, has also been lodged with the ASX.

For shareholder an enquiry regarding the takeover offer a
telephone enquiry line has been established.

For calls within Australia  1800 701 213
For calls outside Australia  +61 3 9251 2730


VILLAGE ROADSHOWS: Company Stake Under Scrutiny
-----------------------------------------------
The Australian Federal Government has begun looking into the
activities of parties that have bought shares in Village
Roadshow Limited on behalf of foreign investors, the Age
reported on Tuesday. The film and entertainment Company wants to
buy back $360 million of preference shares but has met
opposition from overseas shareholders whose motives are unknown.

The scheme won 97 percent support at a shareholder vote last
November but a German-based company, Boswell Filmgesellschaft,
successfully blocked it in the Victorian Supreme Court. The
resolution was put to shareholders a second time in late January
but failed to win the required 75 percent support amid
speculation many votes against it came from Boswell.

Village is appealing against the court's decision and remains
committed to the scheme.


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


ACME TECHNOLOGIES: Winding Up Hearing Set March 10
--------------------------------------------------
The petition to wind up Acme Technologies (HK) Limited is set
for hearing before the High Court of the Republic of Singapore
on March 10, 2004 at 10 o'clock in the morning. Chan Suet Mei, a
creditor, whose address is situated at Room 4, 7th Floor, Kai
Fan House, Kai Tai Court, Kowloon Bay, Kowloon, Hong Kong, filed
the petition with the court on January 8, 2004.

The Petitioners' solicitors are Liu, Chan and Lam of Room 2102,
Tower 1, Admiralty Centre 18 Harcourt Road, Queensway, Hong
Kong. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs Liu, Chan and
Lam a notice in writing not later than twelve o'clock noon of
the 9th day of March 2004 (the day before the day appointed for
the hearing of the petition).


ASPAC ENTERPRISES: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Aspac Enterprises (HK) Company Limited
is set for hearing before the High Court of the Republic of
Singapore on March 17, 2004 at 10 o'clock in the morning. Bank
of China (Hong Kong) Limited, a creditor, whose address is
situated at 14/F., Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong, filed the petition with the court on January
15, 2004.

The Petitioners' solicitors are Messrs Liu, Chan and Lam of Room
2102, Tower 1, Admiralty Centre 18 Harcourt Road, Queensway,
Hong Kong. Any person who intends to appear on the hearing of
the petition must serve on or send by post to Messrs Liu, Chan
and Lam a notice in writing not later than twelve o'clock noon
of the 16th day of March 2004 (the day before the day appointed
for the hearing of the petition).


BILLION SYSTEMS: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Billion Systems Investment Limited is
set for hearing before the High Court of the Republic of
Singapore on March 10, 2004 at 10 o'clock in the morning. The
Bank of China (Hong Kong) Limited, a creditor, whose address is
situated at 14/F., Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong, filed the petition with the court on January
5, 2004.

The Petitioners' solicitors are Tsang, Chan & Wong of 16th
Floor, Wing On Hose 71, Des Voeux Road Central, Hong Kong. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Tsang, Chan & Wong a notice
in writing not later than twelve o'clock noon of the 9th day of
March 2004 (the day before the day appointed for the hearing of
the petition).


PO ON: Creditors Meeting Set February 27
----------------------------------------
The High Court of Hong Kong issued a notice of creditors first
meeting and the winding up order of Po On Construction Crystal
Treasure Limited (In Compulsory Liquidation) as follows:

Address of registered office: Room 701, 7/F., Union Park Centre,
                              771 Nathan Road, Mongkok, Kowloon.

Meeting of Contributories'
Date & Time            -    27 February 2004 at 2:45 p.m.

Meeting of Creditors'
Date & Time      -    27 February 2004 at 4:00 p.m.

Place of meetings -    Room 207, 2/F.,
                            Duke of Windsor Social Service
                            Building No. 15 Hennessy Road,
                            Wanchai, Hong Kong.

Dated this 6th day of February 2004

NG KWOK WAI
DAVID NIP
Joint and Several Provisional Liquidators


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


GAJAH TUNGGAL: IBRA Plans 78% Stake Disposal
--------------------------------------------
The Indonesian Bank Restructuring Agency plans to sell its
entire 78 percent stake in PT Gajah Tunggal, Laksama.net
reported on Monday.  Garibaldy Venture Fund Limited is
reportedly among the investors interested in the stake. The
Company's outstanding debts totaled US$550 million in 2003.
Creditors have agreed to restructure the debt by rolling over
the repayment for 6 years to 2009.


BANK LIPPO: Central Bank Clarifies 2003 Report
----------------------------------------------
Bank Indonesia (BI) denied the central bank accused Bank Lippo
of auditing errors when it recorded an unexpected loss in its
2003 financial report, according to Laksama.net, citing BI
Senior Deputy Governor Anwar Nasution. Based on its audited 2003
financial report, Bank Lippo's net loss widened to Rp515.96
billion from a loss of Rp506.45 billion the previous year.

IBRA questioned the results because Bank Lippo reported a net
profit for the 11 months to November. Bank Lippo said the loss
was primarily due to Rp300.66 billion in taxes deferred from the
previous year.


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


ASHIKAGA BANK: Plans to Cut Outstanding Loans by Y800B
------------------------------------------------------
Ashikaga Bank plans to trim its outstanding loans by 800 billion
yen to 3 trillion yen, Kyodo News said on Tuesday. The bank will
strictly examine the business conditions of its corporate
borrowers with an eye to selling the collateral of loans
extended to borrowers whose rehabilitation is deemed impossible.


HEALTHY RESORT: Golf Course Starts Rehab Proceedings
----------------------------------------------------
Healthy Resort, K.K., which has total liabilities of 25 billion
yen against a capital of 30 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located in Matsumoto-shi, Nagano, Japan.


KANEBO LIMITED: Unveils Y334.79B Sales
--------------------------------------
Kanebo Limited recorded group sales of 334.79 billion yen for
the nine months ended December 31, according to Kyodo News. The
figure represents about 65 percent of Kanebo's group sales for
the year ended March 31, 2003. Meanwhile, major Japanese venture
capital firm Unison Capital Inc. said it has proposed taking
over the Company's cosmetics operations, challenging Kao Corp's
bid for the operations.


MITSUTOMI CO.: Real Estate Starts Rehabilitation Proceedings
------------------------------------------------------------
Mitsutomi Co. Ltd., which has total liabilities of 36.7 billion
yen against a capital of 750 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located in Osaka-shi, Osaka, Japan.


WAKASHIBA KENSETSU: Construction Firm Enters Bankruptcy
-------------------------------------------------------
Wakashiba Kensetsu K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The construction firm located at
Taito-ku, Tokyo, Japan has 25 million yen in capital against
total liabilities of 3.8 billion yen.


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


DONGBU GROUP: Investigators Seize Accounting Documents
------------------------------------------------------
Prosecution investigators raided Dongbu Group's head office in
Seoul on Friday over an allegation that the conglomerate had
provided politicians with slush funds, according to Yonhap News.
The investigators seized the business group's accounting
documents to conduct a thorough probe into the allegation.


KOOKMIN BANK: Posts FY03 US$524M Net Loss
-----------------------------------------
Kookmin Bank incurred a net loss of 611.8 billion won (US$524
million) in 2003 versus a profit of 853.5 billion won a year
earlier, Dow Jones reported on Monday. The bank slipped into the
red due to losses stemming from its credit card operations and
its debt exposure to ailing LG Card. The bank, which merged with
its credit card unit Kookmin Credit Card Co. last year, has been
hit hard by the country's consumer debt crisis, which began in
2002.


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


BERJAYA GROUP: Disposes of 51% Stake in Cosda
---------------------------------------------
The Board of Directors of Berjaya Group Berhad (BGroup) on
February 6, 2004 entered into a Share Sale Agreement (SSA) to
dispose of its entire 51% equity interest in Cosda (M) Sdn Bhd
(Cosda) comprising 3,570,000 ordinary shares of RM1.00 each to
Hillmax Development Sdn Bhd (HDSB) for a cash consideration of
RM2,000,000 or at RM0.56 per share, and an undertaking to repay
BGroup, on behalf of Cosda, a sum of RM8,000,000 in full and
final settlement of the inter-company debt extended by BGroup to
Cosda, hereinafter referred to as the "Proposed Disposal".

2. BRIEF INFORMATION ON COSDA

2.1 Cosda was incorporated on 21 April 1990 in Malaysia. Cosda
is principally involved in property development. Presently, the
authorized share capital of the company is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each of which
7,000,000 ordinary shares have been issued and fully paid-up.

2.2 Cosda owns thirty-one (31) parcels of land totaling
approximately 53.74 acres with different sizes in Penang. The
subject property is located about 1 kilometer from the town of
Batu Ferringhi and 3.2 kilometers from the village of Teluk
Bahang. The proposed development on the land is divided into two
(2) phases as set out in Appendix I.

Phase I has been launched and 93% thereof has been sold. The
layout plan for Phase II has been submitted to the relevant
authority and its approval is pending.

2.3 The audited financial highlights of Cosda for the past three
financial years ended 30 April 2003 are set out in attached
Table I.

2.4 The shares in Cosda were first purchased by BGroup in 1999.
The original cost of investment of BGroup in Cosda is
approximately RM2.1 million or at 58 sen per share.

3. INFORMATION ON HDSB

3.1 HDSB was incorporated on 26 January 2004 in Malaysia. The
principal activity of ADSB is investment holding. Presently, the
authorised share capital of the company is RM100,000 comprising
100,000 ordinary shares of RM1.00 each of which 2 ordinary
shares have been issued and fully paid-up.


4. DETAILS OF THE PROPOSED DISPOSAL

4.1 Currently, BGroup holds 3,570,000 ordinary shares of RM1.00
each in Cosda. BGroup has on 6 February 2004 entered into a SSA
to dispose its entire 51% equity interest in Cosda to HDSB for a
cash consideration of RM2,000,000 or at approximately RM0.56 per
share. As part of the terms of the Proposed Disposal, HDSB will
undertake to repay a sum of RM8,000,000 in full and final
settlement of the inter-company debt owing by Cosda to BGroup.

4.2 The sale consideration for the Proposed Disposal was arrived
at on a willing buyer-willing seller basis and after taking into
consideration BGroup's total investment cost in Cosda.

4.3 The entire 3,570,000 ordinary shares of Cosda will be
disposed of free from all liens, charges, equities and
encumbrances whatsoever and with all rights attaching thereto.

4.4 The sale consideration is payable to BGroup by HDSB in the
following manner:

(a) RM8,000,000 towards full and final settlement of the inter-
company debt upon execution of the SSA; and

(b) the balance of RM2,000,000 within three (3) months from the
date of the SSA.

4.5 The cash proceeds of RM10,000,000 will be utilised to reduce
the Group's bank borrowings.

5. RATIONALE FOR THE PROPOSED DISPOSAL

5.1 The Proposed Disposal will provide an opportunity for BGroup
to redeploy the cash to repay its borrowings thereby saving on
interest cost.

6. FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

6.1 The Proposed Disposal will not have any impact on the share
capital, shareholding structure, consolidated net tangible asset
and earnings per share of BGroup.

6.2 Upon completion of the Proposed Disposal, BGroup of
Companies will incur a total loss of approximately RM8.3 million

7. CONDITIONS OF THE PROPOSED DISPOSAL

7.1 Pursuant to the SSA, the Proposed Disposal is not
conditional upon any relevant approvals being obtained. However,
HDSB will seek the approval from the Foreign Investment
Committee on the Proposed Disposal.

8. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

8.1 None of the Directors and substantial shareholders of BGroup
or persons connected with them has any interest, direct and/or
indirect in the Proposed Disposal.

9. DIRECTORS' STATEMENT

9.1 The Board of Directors of BGroup, having considered all the
relevant factors, is of the opinion that the Proposed Disposal
is in the best interest of Group.

10. SECURITIES COMMISSION'S POLICIES AND GUIDELINES ON
ISSUE/OFFER OF SECURITIES

10.1 The Securities Commission's Policies and Guidelines on
Issue/Offer of Securities are not applicable, as the Proposed
Disposal will be satisfied by cash.

11. EXPECTED COMPLETION DATE

11.1 The Proposed Disposal is deemed completed upon signing of
the SSA.


GENERAL SOIL: Indah Files Winding Up Petition
---------------------------------------------
The Kuala Lumpur Stock Exchange refers to the announcement on
October 31, 2003 in respect to the winding up petition by Indah
Water Consortium Sdn Bhd on General Soil Engineering Sdn Bhd.
A court hearing in Kuala Lumpur High Court has been adjourned to
March 12, 2004 pending settlement.


HOTLINE FURNITURE: Shareholders OK Scheme Arrangement Proposal
--------------------------------------------------------------
Hotline Furniture Berhad (HFB) announced that at a court
convened meeting held on February 9, 2004, the shareholders of
the Company have voted in favor of the proposed scheme of
arrangement in respect of the proposed share exchange.

The shareholders of HFB have duly passed the ordinary
resolutions for the proposed acquisitions, proposed debt
settlement, proposed share exchange and proposed transfer
listing to Mahajaya as set out in the notice dated 17 January
2004 convening the said meeting.


JIN LIN: Enters Restructuring Agreement With Seo Aik
----------------------------------------------------
Jin Lin Wood Industries Berhad (Jinlin) had on February 9, 2004
entered into a conditional restructuring agreement
(Restructuring Agreement) with Seo Aik Leong (SBG Controlling
Shareholder) wherein Jinlin and the SBG Controlling Shareholder
have agreed to undertake a restructuring scheme with the
intention of restoring Jinlin onto stronger financial footing
via an injection of new viable business.

The SBG Controlling Shareholder is the controlling shareholder
of the companies under the SBG Group as defined herein. The SBG
Controlling Shareholder has procured an irrevocable power of
attorney from each of the vendors of the SBG Group for the SBG
Controlling Shareholder to be their attorney for carrying out
all such acts in relation to their respective shareholdings in
the SBG Group in connection with the Proposed Restructuring
Scheme.


JIN LIN: Proposes Scheme of Arrangement With Creditors
------------------------------------------------------
Jin Lin Wood Industries Berhad (Jinlin) proposes a scheme of
arrangement with creditors as follows:

(i) the settlement of debts owing to JINLIN Group's Creditors
amounting to approximately RM57 million based on the cut off
date of 30 June 2002 to be implemented by way of a scheme of
arrangement pursuant to Section 176 of the Act;

(ii) the waiver by the Creditors of all interest, penalties,
costs, fees and other charges accrued after 30 June 2002;

(iii) the release of the contingent liability under the
corporate guarantees and other security arrangement provided by
JINLIN (if any);

(iv) a further waiver by the unsecured/partially secured
Creditors at the rate of at least 50% for every RM1.00 of all
the aggregate debts and liabilities after taking into account
paragraphs (i) and (ii) above;

(v) the repayment of the debts owing to the secured Creditors
(after taking into account paragraphs (i) and (ii) above) from
the proceeds of the disposal of certain assets of JINLIN via a
special purpose vehicle; and

(vi) the issuance by Newco of ordinary shares of RM1.00 each in
Newco to the unsecured/partially secured Creditors or such
persons as they may each nominate in the settlement of debts
owing to them (after taking into account paragraphs (i), (ii)
and (iv) above).

Details of the Proposed Scheme of Arrangement with Creditors
will be announced accordingly when all terms and conditions have
been finalised.


OSK HOLDINGS: Lists 948,733 New Ordinary Shares on Friday
---------------------------------------------------------
OSK Holdings Berhad's additional 948,733 new ordinary shares of
RM1.00 each issued pursuant to the 948,733 warrants 1994/2004
Exercise will be granted listing and quotation with effect from
9 A.M., Thursday, February 12, 2004.


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


ASIAN CAPITAL: SEC May File Charges Against Owners
--------------------------------------------------
The Philippine Stock Exchange (PSE) has warned the public
against conducting any transactions with the employees and
officers of brokerage firm Asian Capital Equities, Inc., reports
the Business World. Last year, the Securities and Exchange
Commission (SEC) ordered the PSE to take over the operations of
Asian Capital after it was found to have deficient
capitalization and that it violated provisions of the Securities
Regulation Code. The PSE then started liquidating the firm's
assets and transferred its clients' accounts to other brokers.

The SEC is investigating Asian Capital's operations and is
studying the possibility of filing charges against its officers
and owners.


CEBU PRIVATE: Diesel Plant Maintenance Shutdown Scheduled
---------------------------------------------------------
Cebu City's power supply will shrink by 60 megawatts on Monday
when the Cebu Private Power Corporation (CCPC)'s diesel plant in
Ermita, Cebu City undertakes a four-day urgent corrective
maintenance shutdown, Asia Pulse reports.

CPPC is an independent power producer (IPP) which sells power to
Visayan Electric Company (VECO). This IPP supplies one-fourth of
Metro Cebu's power needs, TCR-AP reported recently. Earlier, it
threatened to stop operating citing heavy losses due to higher
fuel costs and reduced purchased power cost adjustments of
National Power Corporation.


DIGITAL TELECOMMUNICATIONS: Amends SEC form 17-A
------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) has
provided the Philippine Stock Exchange (PSE) a copy of its
amended annual report, using SEC Form 17-A, for the year ended
December 31, 2002. A copy of the press release can be downloaded
at www.pse.com.ph.


MANILA ELECTRIC: ERC OKs Plan to Float US$600M Bonds
----------------------------------------------------
The Energy Regulatory Commission (ERC) has provisionally
approved Manila Electric Co. (Meralco)'s plan to issue bonds
worth up to US$600 million to secure payments on unsecured
loans, AFX Asia reports. The ERC said it found it reasonable to
allow Meralco "to have the flexibility to incur additional loans
to ease its financial burden."

Meralco said the amount would cover US$290 million in
outstanding loan payments and US$390 million it is allowed to
borrow under the authority the then Energy Regulatory Board
(ERB) issued in 2001.


PHILIPPINE LONG: Enters Alliance With Level Up!
-----------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has entered an
alliance with online games publisher firm Level Up. The tie up
will create the country's biggest infrastructure for online
content, particularly online games, the Philippine Star reports.

Ariel Roda, PLDT Senior Vice President and business development
head, said PLDT developed this infrastructure for Level Up!,
whose game Ragnarok, considered to be the hottest online game in
the world today with three million subscribers, has already
attracted some 80,000 players in the country.


PHILIPPINE LONG: Issues Additional Listing of Shares
----------------------------------------------------
The Philippine Stock Exchange (PSE) has approved on June 14,
2000, the application submitted by Philippine Long Distance
Telephone Company (PLDT) to list additional 1,289,745 common
shares, with a par value of P5.00 per share, to cover the
Executive Stock Option Plan (ESOP) of the Company, at an
exercise price of P814.00 per share.

In this connection, a total of 3,713 common shares have been
availed of and fully paid by the optionees under the Company's
ESOP.

In view thereof, the listing of the 3,713 common shares is set
for Wednesday, February 11, 2004.  This brings the number of
common shares listed under the ESOP to a total of 9,927 common
shares.

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


PHILIPPINE NATIONAL: Clarifies Capital Hike Report
--------------------------------------------------
The Philippine National Bank (PNB) clarifies the news article
entitled "BSP okays PNB capital hike to P3.8B" published in the
February 8, 2004 issue of the Philippine Star.  The article
reported that: "The Bangko Sentral ng Pilipinas (BSP) has
approved the increase in the Tier 2 capital volume offering of
the Philippine National Bank (PNB) to P3.8 billion, from the
original P2.2 billion.  BSP Deputy Governor Alberto V. Reyes
said the increase was granted due to an overwhelming market
reception on the PNB debt instrument float.  " The Monetary
Board approved the increase to P3.8 billion due to over
subscriptions," Reyes added."

Philippine National Bank (PNB), in a letter dated February 9,
2004, stated that:

The captioned news article attributed to statements of BSP
Deputy Governor Alberto V. Reyes is basically correct.

The Monetary Board approved last Thursday, February 5, 2004, and
increase in the Peso Tranche of PNB's Lower Tier 2 Capital
Offering up to level of P2.2 Billion.  We will announce by
Monday, February 16, 2004, the Settlement Date, the actual
amount of accepted subscriptions.

The pricing of the notes has been pegged at 12.5%."


PILIPINO TELEPHONE: Expects Php402.4M Profit This Year
------------------------------------------------------
Pilipino Telephone Corporation (Piltel) expects to book a net
profit of 402.4 million pesos this year, after a projected net
loss of 3.33 billion in 2003. It booked a net loss of 21.8
billion pesos for 2002. It sees its wireless GSM subscriber base
growing to 3.68 million at the end of this year from 2.78
million as of end-2003.


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


CK TANG: Minority Shareholders Throw Out Privatization Plan
-----------------------------------------------------------
The Board of Directors of C. K. Tang Limited announced that at
the meeting (the Court Meeting) of the scheme shareholders (as
defined in the scheme document dated 12 January 2004) convened
by Order of the High Court of Singapore and held Monday, the
requisite approval of the Scheme Shareholders for the scheme of
arrangement to be made pursuant to Section 210 of the Companies
Act, Chapter 50 of Singapore for purposes of privatizing the
Company (the Scheme), was not obtained. Accordingly, the Scheme
will not proceed.

The Directors of the Company (including those who have delegated
detailed supervision of this announcement) have taken all
reasonable care to ensure that the facts stated in this
announcement are fair and accurate, and that no material facts
have been omitted (the omission of which would render any
statement in this announcement misleading in any material
aspect) and they jointly and severally accept responsibility
accordingly.

BY ORDER OF
THE BOARD OF DIRECTORS
C. K. TANG LIMITED
9 February 2004


HEAP LEE: Issues Dividend Notice
--------------------------------
Heap Lee Heng Contractor & Woodwork Co. Pte Ltd. (In
Liquidation) issued a notice of intended dividend as follows:

Nature of Matter: Companies Winding Up No. 600107 of 2001.

Last day for receiving Proofs: 1st March 2004.

Name of Liquidator: Mr Don M Ho, CPA.

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 65320320 (8 lines).
Fax: 65320331.

Dated this 2nd February 2004.


HEEREMA MARINE: Creditors Must Submit Claims by March 6
-------------------------------------------------------
The creditors of Heerema Marine Contractors Far East Pte Ltd
(Members' Voluntary Winding Up), which are being wound up
voluntarily, are required on or before 6th March 2004 to send in
their names and addresses and the particulars of their debts or
claims, and the names and addresses of their solicitors (if
any), to the liquidators, c/o Foo Kon Tan Grant Thornton, 47
Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365, and if so required are to come in
and prove their debts or claims as shall be specified or in
default will be excluded from the benefits of any distribution
made before such proof.

KON YIN TONG
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.
6th February 2004.


JOHAN SINGA: Releases Dividend Notice
-------------------------------------
Johan Singa Holdings Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 150 Orchard Road
#07-17/18 Orchard Plaza Singapore 238841.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 303 of 1986.

Amount Per Centum: 39.02%.

First and Final or otherwise: First & Final Dividend.

When Payable: 31st day of January 2004.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 6th day of February 2004.

KAREN LOH
Assistant Official Receiver.


SEATOWN CORPORATION: Submits Financial Results on February 29
-------------------------------------------------------------
The Directors of Seatown Corporation announced that the
Singapore Stock Exchange has approved a further extension to
February 29, 2004 for the Company to announce its financial
results. The delay in the announcement arises due to a delay in
obtaining the accounts of Seatown Construction Pte Ltd, a
subsidiary of Seatown Corporation, which is currently under the
judicial management of Mr Goh Ngiap Suan.


WEE POH: Creditors Meeting Set for February 9
---------------------------------------------
Further to the announcements dated 11 December 2003, 7 January
2004 and 16 January 2004, the Board of Directors of Wee Poh
Holdings Limited announced that at the meeting of unsecured
creditors of its subsidiary, Wee Poh Construction Co. (Pte.)
Ltd. (WPC), held at Function Hall, 5th Storey Podium, The URA
Centre, 45 Maxwell Road, Singapore 069118 on 9 February 2004 at
3 P.M. (the Meeting), the creditors present considered and voted
on the scheme of arrangement proposed by WPC (the Scheme).

As set out in the announcement dated 11 December 2003, the
Participating Creditors of the Scheme shall be classified into
two separate classes:

(1) the unsecured creditors of WPC excluding (i) utilities and
essential services providers; (ii) secured creditors; (iii)
claims of contingent creditors; and (iv) Preferential Creditors
(as defined below) (the "Unsecured Creditors"); and

(2) the unsecured creditors of WPC whose unsecured claims
against WPC rank in priority pursuant to Section 328(1)(b) to
(g) of the Companies Act, Chapter 50 of Singapore (the
"Preferential Creditors").

The Board is pleased to announce that the Scheme was approved by
90% in number and 91% in value of the Unsecured Creditors
present and voting either in person or by proxy at the Meeting.

The Inland Revenue Authority of Singapore ("IRAS"), the largest
Preferential Creditor, had attended the Meeting and asked the
Company for more time to evaluate the Scheme before casting its
vote. The Company will make an appropriate announcement on the
votes of the Preferential Creditors regarding the Scheme in due
course.

For the avoidance of doubt, the Board wishes to highlight that
the vote of the IRAS and the Preferential Creditors will not
affect the Scheme in respect of the Unsecured Creditors because
the Preferential Creditors are treated as a separate class for
the purpose of the Scheme. Therefore, even if the requisite
approval of the Preferential Creditors is not obtained, the
Scheme shall still proceed vis-…-vis the Unsecured Creditors.

Mr Yin Kum Choy of m/s K C Yin & Co has been appointed as the
administrator of the Scheme. An application will be made in due
course to the High Court of the Republic of Singapore to obtain
its sanction for the Scheme.


WEE POH: Issues 300 Million New Shares
--------------------------------------
Further to the announcements dated 11 December 2003, 7 January
2004 and 16 January 2004, the Board of Directors of Wee Poh
Holdings Limited announced that an offer information statement
dated 9 February 2004 (the OIS) has been lodged by the Company
with the Monetary Authority of Singapore and the Singapore
Exchange Securities Trading Limited in relation to the issue of
up to 300,000,000 new ordinary shares of par value S$0.005 each
in the capital of the Company to the Unsecured Creditors
pursuant to the Scheme.


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


BANK OF AYUDHYA: Plans to Increase Loan-Loss Reserves by Bht2B
--------------------------------------------------------------
The Bank of Ayudhya (BAY) is planning to increase its loan-loss
reserves by Bt2 billion this year, resulting in a total of Bt30
billion or 50 percent of total non-performing loans, the Nation
reported on Tuesday.

Despite the bank's announcement, the 50 percent of non-
performing loan (NPL) mark is still lower than the 70-per-cent
proportion its banking peers expect by the end of 2004, banking
analysts said. At present, the bank's total NPLs stand at Bt59
billion, or 11 per cent of total lending, he said.


PRASIT PATANA: Appoints Chairman, Audit Committee Members
---------------------------------------------------------
The Board of Directors of Prasit Patana Public Company Limited
passed a resolution in its meeting held on October 14, 2003, to
appoint the Chairman and members of the Audit Committees as
follows:

1.  Mr. Jitkasem Sangsingkeo, Chairman of the Audit Committee

2.  Mr. Nuttawut Phowborom, Member of the Audit Committee In its
meeting #1/2004 on 29th January 2004.

The Board defined the roles and responsibilities of the
Committee as follows:

1. Review Financial Statements before presenting to the Board of
Directors

2. Advise the Board on appointment and compensation of External
Auditor. Coordinate with them in setting up objectives and
boundaries of audit as well as action plan for each year and
ways to remedy problems found

3. Coordinate with Internal Auditor in setting up internal audit
objectives and set up auditing plans and schedules. Report and
evaluate the internal control system of the company as well as
resources utilized in internal control and any problems found in
the process.

4. Consult and Advise on audit reports and suggestions of both
internal and external auditors. Follow up the action plans of
the management to the proposed solutions to remedy those
problems and report results to the Board of Directors.

5. Ensure all practices are law abiding and set up control
mechanisms, units and measurements.

6. Establish appropriate risk management structure Effective
from 30th January 20041. The Audit Committee comprises of
Chairman Mr. Jitkasem Sangsingkeo remaining tenure:

Attached herewith are the Letter of Certificate and CV's of 2
members of the Committee.

2. Audit Committee has the following roles and responsibilities
to the Board.

1. Review Financial Statements before presenting to the Board of
Directors.

2. Advise the Board on appointment and compensation of External
Auditor.  Coordinate with them in setting up objectives and
boundaries of audit as well as action plan for each year and
ways to remedy problems found.

3. Coordinate with Internal Auditor in setting up internal audit
objectives and set up auditing plans and schedules. Report and
evaluate the internal control system of the company as well as
resources utilized in internal control and any problems found in
the process.

4.  Consult and Advise on audit reports and suggestions of both
internal and external auditors. Follow up the action plans of
the management to the proposed solutions to remedy those
problems and report results to the Board of Directors.

5. Ensure all practices are law abiding and set up control
mechanisms, units and measurements.

6. Establish appropriate risk management structure

The company hereby certifies that the above Audit Committee
members possess all the required qualifications as stipulated by
the Stock Exchange of Thailand.

(Mr. Vichai Thongtang)
Director

(Mr. Sitthichai Sukcharoenmitr)
Director







                  *********


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

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

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

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

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

                 *** End of Transmission ***