/raid1/www/Hosts/bankrupt/TCRAP_Public/040220.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Friday, February 20, 2004, Vol. 7, No. 35

                         Headlines

A U S T R A L I A

COLES MYER: CEO Rejects Departure Reports
HENRY KAYE: ASIC Examines Votes at Meeting
HUAGUANG FORESTS: NZ Pine Forests Up For Sale
QANTAS AIRWAYS: Swings to Profit After SARS Crisis, Iraq War
SOUTHCORP LIMITED: Releases Interim Results for 2004

VILLAGE ROADSHOW: Panel Declares Unacceptable Circumstances


C H I N A  & H O N G K O N G

AMY'S COLLECTION: Winding Up Hearing Slated for March 17
FIRST RATE: Winding Up Hearing Set March 3
SUNSTAR INTERNATIONAL: Faces Winding Up Petition


I N D O N E S I A

BANK NEGARA: Faces Uncertainty Over Texmaco Debt Repayment
PT KERETA: INKA Pressures Firm to Pay US$6.8M Debt


J A P A N

ALL NIPPON: Enters Alliance With Malaysia Airlines
FUJIKI KOHATSU: Land Developer Enters Bankruptcy
JAPAN AIRLINES: Promotes Toshiyuki Shinmachi to President
JAPAN AIRLINES: Changes Name to Japan Airlines Corporation
KANEBO LIMITED: IRCJ May Spend Y490B to Revive Firm

MITSUBISHI MOTORS: Revises Full Year 2003 Forecast
MITSUBISHI MOTORS: Unveils New Mid-Term Business Plan
MITSUBISHI MOTORS: Nominates New Chairman


K O R E A

HANARO TELECOM: Unveils 2004 January Subscriber Numbers
HYNIX SEMICONDUCTOR: Posts US$716M Net Loss in Three Months
SK CORPORATION: Cuts Gasoline Price to US$1.10 Per Liter
SK NETWORKS: Injunction Hearing Set March 31


M A L A Y S I A

AOKAM PERDANA: Appoints Anuarul Azizan as Auditor
BESCORP INDUSTRIES: Extends Investigative Audit to April 7
GULA PERAK: Issues 42,000 New Ordinary Shares Today
JIN LIN: Answers KLSE Query
NCK CORPORATION: MITI OKs Restructuring Proposal

TENAGA NASIONAL: Purchases Electricity From Naluri Ventures


P H I L I P P I N E S

ABS-CBN BROADCASTING: Appoints Alejandro as New President
BANK OF ANTIPOLO: Issues Notice to Creditors
CONCRETE AGGREGATES: Widens FY03 Net Loss to Php30.42M
MAYNILAD WATER: Appoints Estuar as New President
NATIONAL POWER: Readying $1.5-B Bond Float

PHILIPPINE LONG: Declares Cash Dividends
PHILIPPINE LONG: Annual Stockholders Meeting Set June 8


S I N G A P O R E

ASIA PULP: U.S. Bondholders May Support US$6.7B Debt Workout
ASIA PULP: APP China Plans Listing on Mainland
HAGEMEYER PTE: Creditors Must Submit Claims by March 15
KALIMA VENUS: Issues Dividend Notice
SPOXT PTE: Releases Dividend Notice

TRILLION STARS: Issues Winding Up Order Notice


T H A I L A N D

NATURAL PARK: Names New Subsidiary
NEP REALTY: Unveils Exercise Date of Warrants

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


COLES MYER: CEO Rejects Departure Reports
-----------------------------------------
Coles Myer Ltd. (CM) Chief Executive John Fletcher has rejected
speculation that he will step down from the Company next year,
Dow Jones reports. The denial follows speculation that Dawn
Robertson, the managing director of the Company's department
store chain Myer, is being groomed for the top job. Separately,
the Melbourne-based retailer plans to spend A$100 million on 11
new stores and the refurbishment of 15 outlets in Queensland
state.


HENRY KAYE: ASIC Examines Votes at Meeting
------------------------------------------
The Australian Securities and Investments Commission (ASIC)
requires Andrew Hewitt of Grant Thornton, the Administrator of
National Investment Institute Pty Ltd (Administrator Appointed)
(NII), to provide to ASIC all documents relating to the voting
that occurred at Wednesday's meeting of NII creditors.

At Wednesday's meeting, the creditors decided to reject a deed
of company arrangement proposal put forward by Mr Henry Kaye
(the DOCA proposal). As a result, the creditors have resolved to
place NII into liquidation.

Given the extensive creditor interest in the meeting, ASIC will
review the voting material to ensure proper procedures were
followed at the creditors meeting.

This action follows ASIC's statement of its views about Mr
Kaye's proposal in a letter to Mr Hewitt dated 6 February 2004.
In that statement, ASIC said, amongst other things: the
potential returns that may flow to creditors under Mr Kaye's
proposal are significantly qualified by unquantified or
unquantifiable financial and operational risks including the
fact that the proposal relies on the financial viability of
Property Corporate Services Pty Ltd (PCS), a company related to
Mr Kaye, which owes NII almost $29 million and may be insolvent;
there may be little material difference between the potential
returns under the liquidation scenario and under Mr Kaye's
proposal and, if this is the case, liquidation should be the
preferred option; and ASIC is unlikely to discontinue its
proceedings in the Federal Court of Australia seeking the
appointment of a receiver and manager or, alternatively, a
liquidator, to PCS because of ASIC's concerns about the solvency
of PCS (ASIC commenced these proceedings in December 2003 to
protect the assets of PCS in favor of its creditors, including
NII).

Mr Hewitt incorporated ASIC's views in his report to creditors
dated 9 February 2004.

Accordingly, ASIC's views were available to all creditors before
Wednesday's meeting.

BACKGROUND

This action follows a number of steps taken by ASIC during the
administration period to protect the interests of NII's
creditors.

ASIC made submissions urging the Federal Court not to accede to
Mr Kaye's application last week to extend the administration
period beyond 12 March 2004. ASIC submitted to the court that it
was in the interests of the creditors for today's meeting to go
ahead. The court dismissed Mr Kaye's application.

ASIC obtained an injunction on 16 January 2004 requiring Mr
Hewitt not to propose a resolution to the creditors at the
creditors meeting held on 19 January 2004 other than a
resolution to adjourn the meeting until today. ASIC took this
action because it considered the information provided to
creditors at that time was insufficient to inform them properly
about the merits of Mr Kaye's proposal.

ASIC had raised concerns earlier about the information to be
provided to creditors with the result that Mr Hewitt and Mr Kaye
agreed not to put the proposal to the creditors at the second
meeting of creditors held on 22 December 2003.

On 4 December 2004, on an application brought by ASIC, Mr Kaye
and PCS provided certain undertakings to the court in relation
to their assets. The court subsequently made orders in this
proceeding on 24 December 2003 against Mr Kaye and PCS about
keeping proper financial records and making those available to
ASIC. These proceedings will return to court on 12 March 2004.

ASIC is continuing to investigate the operations of NII and
related companies.


HUAGUANG FORESTS: NZ Pine Forests Up For Sale
---------------------------------------------
Three New Zealand pine forests, formerly owned by Huaguang
Forests Company, have been put up for sale by its receiver
Ferrier Hodgson, according to Dow Jones. The forests - Ruatoria,
Mangatu, and Tokomaru - are located on the east coast of New
Zealand's North Island and comprise 43,898 hectares with 32,977
hectares classed as productive. The forests are about 94 percent
radiata, a type of pine tree.

Huaguang Forests was put into receivership late last year.
Huaguang was formed by a group of Chinese business interests
based in China's Guangdong province, who bought the east coast
forests from Rayonier Inc. (RYN) in 2002. The forests, if sold,
will become the third major forest sale in New Zealand in recent
months.


QANTAS AIRWAYS: Swings to Profit After SARS Crisis, Iraq War
------------------------------------------------------------
Qantas Airways on Thursday announced a profit before tax of
$530.3 million for the six months to 31 December 2003. The net
profit after tax was $357.8 million. The Directors declared a
fully franked interim dividend of 8 cents per share.

The Chairman of Qantas, Margaret Jackson, described the result
as excellent given the circumstances existing in the aviation
industry. Jackson said all the company's businesses had returned
to profitability during the period, following the severe impact
of the war in Iraq and SARS in the first half of 2003.

"Qantas has responded quickly and effectively to the many
challenges that have hit aviation in recent years, while
continuing to invest in product, aircraft and technology," she
said.

"This has put us in a good position to take advantage of what
appears to be a return to more stable market conditions."

The Chief Executive Officer and Managing Director of Qantas,
Geoff Dixon, said the main drivers of the half-year result were:

* A strong performance in the domestic market, due largely to a
simplified fare structure and an overall improvement in the
efficiency of the domestic operation;

* Improved efficiency from cost-reduction initiatives and the
introduction of new aircraft;

* A recovery in the international market in the second half of
the six month period; and

* Continued improvement in earnings from subsidiary businesses,
particularly Qantas Holidays and Qantas Flight Catering.

Dixon said total revenue for the six months fell by 4.4 per
cent, or $267.8 million, compared to the corresponding period in
2002.

"This was entirely due to the continued impact of SARS and the
war in Iraq in July, August and September when international
capacity was still down by 10.5 per cent.

"Revenue recovered well in October, November and December when
the low-yielding SARS 'recovery' fares ended."

Total revenue was down $228.7 million in the first three months
but recovered to be down only $39.1 million in the second three
months.

Dixon said the total revenue fall of 4.4 per cent was offset by
a reduction in expenditure of 6.0 per cent, or $332.5 million.

"Our Sustainable Future Program aims to cut net operating costs
by $1 billion over two years, with $350 million designated for
2003/04," he said.

"We are on track to exceed the target of $350 million and will
reduce costs by $500 million in 2003/04, of which $221 million
has been achieved in the first half.

"This program is now going to be extended over another year and
the expenditure reduction target increased by another $500
million."

Dixon said the expenditure reduction had been achieved despite
depreciation and amortization costs increasing by 49.4 per cent
to $536.2 million as a result of the purchase of new aircraft
and investment in product improvements.

"We are confident of the industry's growth prospects and believe
Qantas is well placed to participate profitably in this growth,"
Dixon said.

"However, as we plan to invest a further $7 billion in aircraft,
product and technology between now and mid-2006, it is
imperative that we continue to remove inefficiencies and grow
revenue in all our business segments."

During the half-year, Qantas:

* Took delivery of eight new aircraft - three Boeing 737-800s,
one Extended Range Boeing 747-400, two Airbus A330s and two Dash
8-300s;

* Launched its new International Business Class, a $385 million
investment featuring Skybed, the award-winning sleeper seat, and
1,200 dedicated and specially trained First and Business Class
flight attendants;

* Introduced a world-first Short Message Service (SMS) system
allowing all international customers to use their in-seat
telephone handset to send messages and receive replies; and

* Continued to expand and refurbish its international network of
lounges with improved facilities opening in Los Angeles, Perth,
Canberra, Gold Coast and Townsville.

Qantas also entered into agreements to acquire:

* the former Ansett engine maintenance facility in Melbourne
through a joint venture with Patrick Corporation, providing
additional engine maintenance jobs in Australia; and

* the express road freight operator Star Track Express through a
joint venture with Australia Post, adding to the quality
portfolio of freight businesses operated by Qantas.

Qantas continued its major investment in technology that will
deliver substantial efficiency gains in the years ahead.

Mr Dixon said Qantas' new low cost carrier Jetstar would launch
in May with its route network and fare structure to be announced
later this month.

"We are confident Jetstar will commence with a cost base of 8.25
cents per ASK compared to Virgin's unit cost of 8.72 cents per
ASK, as stated in its prospectus.

"This confidence is based on certified agreements Jetstar has
with its staff and Unions and contracts already signed with
suppliers.

"When Jetstar has an all A320 aircraft fleet, we expect its cost
base to be 7.8 cents per ASK."

Mr Dixon said Jetstar would complement the premium Qantas
domestic product.

"Qantas domestic will continue to offer a two-class, full
service product with increased frequency on key business
routes," he said.

"The latest official figures show that Qantas' domestic market
share is 66.2 per cent with Virgin Blue, Rex and other carriers
making up the remaining 33.8 per cent.

"From what we know of the capacity plans of Virgin Blue and the
other domestic carriers over the next two years, and our own
plans for capacity increases, the three-product offering of
Qantas, Jetstar and QantasLink will have around 65 per cent of
the domestic market.

"This is our line in the sand and we will provide the capacity
and infrastructure to defend it against Virgin Blue and the
other carriers. This is the most profitable course of action for
our business."

GROUP REVENUE

Total revenue for the half-year was $5.8 billion, a decrease of
$267.8 million or 4.4 per cent. Excluding the unfavourable
impact of foreign exchange rate movements, total revenue
decreased by 0.7 per cent.

Passenger revenue decreased by 4.8 per cent (0.9 per cent
excluding exchange), reflecting a drop in RPKs of 0.8 per cent
and a decline in yield of 1.1 per cent.

EXPENDITURE

Total expenditure, excluding net borrowing costs, decreased by
6.0 per cent to $5.2 billion. Excluding the favourable impact of
foreign exchange rate movements, total expenditure decreased by
1.1 per cent.

Cost per Available Seat Kilometre, excluding the impact of
exchange, decreased by 0.9 per cent.

Manpower expenditure decreased by 2.5 per cent. Wage and salary
rises under EBA settlements were offset by a 3.5 per cent
reduction in full-time employees from the restructuring program
implemented during the SARS and Iraq War crises and other
productivity improvements implemented under the Sustainable
Future program.

Aircraft operating variable costs decreased by 11.3 per cent or
$141.7 million. International landing fees and aviation charges
fell 5.1 per cent in line with international movements while
engineering material costs fell 6.5 per cent including savings
from the progressive disposal of the B767-200 fleet.

Fuel costs decreased by 20.3 per cent or $164.6 million. The
underlying fuel price was 7.5 per cent higher than the
comparative half-year, increasing costs by $31.0 million.
However, favorable foreign exchange rate movements reduced fuel
costs by $116.3 million and hedging benefits were $46.9 million
better than the previous half-year. In addition, decreased
flying and fuel efficiency gains from new fleet acquisitions
reduced fuel consumption by 3.8 per cent.

Depreciation and amortization charges increased by 49.4 per cent
or $177.2 million. Major increases included depreciation of
$85.9 million on new aircraft and product compared to the
previous half-year. A change in the residual value assumption
for wide-bodied aircraft increased depreciation charges by $15.0
million.

Net borrowing costs increased by $47.5 million. This reflected
lower capitalized interest into aircraft progress payments of
$24.2 million (compared with $49.3 million in the comparative
half-year) and increased borrowings and higher interest rates.

The net impact of favorable foreign exchange movements was $45.2
million.

INTERNATIONAL OPERATIONS

International market conditions gradually recovered across all
routes in the period following price-driven initiatives to
stimulate demand following the Iraq war and SARS.

Earnings before interest and tax (EBIT) for international
operations, including Australian Airlines, totaled $200.1
million, a decrease of $61.3 million on the corresponding
period. International RPKs decreased by 1.5 per cent while
yields deteriorated marginally by 0.2 per cent.

Australian Airlines, which commenced operations in October 2002,
launched its second phase of routes focusing primarily on the
outbound Australia market to Bali and Sabah in July 2003. A
fifth B767-300 aircraft was added to the fleet in October 2003,
which saw a return to pre-SARS capacity to Osaka, Fukuoka and
Hong Kong.

DOMESTIC OPERATIONS

Domestic operations, including QantasLink, contributed $323.9
million in EBIT, up 63.7 per cent on the comparative half-year.
The introduction of the new fare structure in July 2003
contributed to an increase in RPKs of 0.6 per cent and minimized
yield deterioration to 2.8 per cent (after excluding the
unfavorable impact of foreign exchange movements).

QANTAS HOLIDAYS

Qantas Holidays increased EBIT by 24.4 per cent to $24.0
million, primarily due to stronger domestic demand. While the
residual impact of SARS reduced international tourism during
July and August 2003, travel to Asia has recovered toward pre-
SARS levels. The appreciation of the Australian dollar, coupled
with continued cost control, has contributed towards an
improvement in profitability.

QANTAS FLIGHT CATERING

Qantas Flight Catering's EBIT improved by 27.3 per cent to $46.6
million. Additional contracts were secured with third party
airlines and cost savings were achieved through a variety of
programs across the various catering centers.

BALANCE SHEET AND CASH FLOW

Net cash flows from operations totaled $966.6 million, up 6.3
percent on the comparative half-year. Net cash flows from
investing activities totaled $1,229.8 million and included
capital expenditure predominantly related to new aircraft
progress payments, aircraft reconfiguration costs, engine
modifications and spares, and the acquisition of Star Track
Express.

The net cash position as at 31 December 2003 decreased by $364.1
million to $1.7 billion compared to 30 June 2003, primarily as a
result of the Star Track Express acquisition.

Book debt to equity ratio (including operating leases and
hedges) moved from 51:49 at 30 June 2003 to 50:50 at 31 December
2003, principally as a result of stronger earnings during the
half-year.

Interest cover (EBIT divided by net interest expense) for the
period was 8.4 times compared to 22.6 times for the comparative
half-year which included higher levels of capitalized interest
costs.

Earnings per share dropped 5.2 per cent to 19.9 cents per share
because there were more shares on issue compared with the half
year to 31 December 2002.

OUTLOOK

Historically, Qantas earns 60 per cent of its profits in the
first half of the financial year. Trading conditions so far this
year show that Qantas is on track to achieve a full year profit
in line with this trend.

The fully franked interim ordinary dividend of 8 cents per share
is payable on 7 April 2004, with a record date (books close) of
10 March 2004.

Issued by Qantas Corporate Communication (3035)
Email: qantasmedia@qantas.com.au


SOUTHCORP LIMITED: Releases Interim Results for 2004
----------------------------------------------------
Southcorp Limited released its interim results for 2004, showing
an improved performance for the first half, with EBITA profit up
39 percent to $72.3 million after significant items, compared to
$51.9 million in the first half of 2003. The operating profit
before tax was $49.4 million, up from $8.7 million in the
previous corresponding period.

Southcorp Managing Director and Chief Executive Officer, John
Ballard, said: "I'm pleased to say that whilst Southcorp still
has a way to go, we have stabilized the business and
substantially improved profitability this half year. We have
delivered a range of cost savings and business improvements
amounting to $23.1 million and made solid progress in the past
six months, despite the tough trading conditions.
"It's a good outcome especially bearing in mind the continuing
oversupply of wine in some markets and the appreciation of the
Australian dollar, which increased 24% against the US dollar and
14% against the GBP during the period.

"Direct comparisons to the last half year are difficult because
of the volume push and trade loading that occurred in 2002," Mr
Ballard said. Sales revenue for the period declined 17.4% to
$513.3 million, primarily due to lower case volumes, which
reduced revenue by $71.2 million, and the impact of the strong
Australian dollar, which reduced revenue by $68.4 million. These
issues were partly offset by pricing and mix improvements of
$31.5 million.

"We're no longer chasing unprofitable volume. And that, together
with Project Veraison cost savings and efficiencies, has enabled
Southcorp to improve margins in all regions at the local
currency level," Mr Ballard said. Sales revenue per case
improved in Australasia by 10% and in the UK/Europe by 16%. In
the Americas, case rates were down 2.6% for the period as a
result of a swing to 1.5 litre bottles.

OTHER HIGHLIGHTS WERE:

-  Australasian earnings grew by 41% over the 2003 first half

-  UK/Europe returned to profitability as the market strategy
gained traction

-  US sales revenue growth was consistent with the overall
market and margins were maintained in local currency terms

-  Solid cash flows reduced net debt by $127.2 million to $701.4
million compared to the position at 31 December 2002

AUSTRALASIA

Mr Ballard said that he was particularly pleased at the strong
earnings growth of 41% in the Australasian market. "The
Australasian performance reflects improvements in sales mix and
in trading terms as well as the benefits from restructuring
sales teams and support structures. Our business in Asia
recovered quickly following from the SARS outbreak with
excellent volume growth of more than 25% and strong EBITA
growth on the previous period."

"The objective in Australasia now is to accelerate our marketing
activity to support our key brands and to profitably grow our
market share," he said.

UK / EUROPE

The UK / Europe produced an encouraging result, returning to
profitability ahead of expectations. The region delivered
margins of 8.8% in local currency terms, reflecting a focus on
controlling overhead expenditure and promotional spending whilst
also improving the mix. Mr Ballard said, "The UK strategy is
relatively straightforward. It's about having the right brand at
the right price point, the right product for the right channel,
the right match of sales skills to customer needs; and the right
mix of promotional activity to build the brand and consumer
satisfaction."

THE AMERICAS

"Although the result has been heavily impacted by the strength
of the Australian dollar, margins in local US currency were
maintained for the six months, in spite of competitive market
conditions", Mr Ballard said.

"Direct volume comparisons are distorted by a change in timing
of shipments and the focus on reducing the level of distributor
inventories, however there was positive depletions growth,
albeit at a lower level to the past.

"While we are confident in our ability to maintain a strong
competitive position, much will depend on the stability of the
US market".

OUTLOOK

"Project Veraison initiatives in the second half will focus on
maintaining cost controls and efficiencies, continuing to
implement the new UK market strategy, reviewing the distribution
model in Australia and determining the right asset mix across
the business.

"We expect grape costs to decrease as a result of downward
pressure on the market price for grapes and our reduced exposure
to onerous grape contracts. Trading conditions have remained
tough across our main markets and are expected to remain
competitive, especially the US.

"Notwithstanding the significant strengthening of the Australian
dollar, against which we are virtually fully hedged for FY04,
the Company is still on track in FY04 to achieve margin growth
of between three and four percentage points. This outlook is in
line with the guidance given at the 2003 results announcement,"
said Mr Ballard.

FOR FURTHER INFORMATION CONTACT:

Media: Investors
Bill Clark or Michelle Lawl or Kristina Devon
Tel: 61 2 9465 1154
Direct: 61 2 9465 1224
Direct: 61 2 9465 1048
Mob: 0418 215 990 Mob: 0402 894 303 Mob: 0409 030 767


VILLAGE ROADSHOW: Panel Declares Unacceptable Circumstances
-----------------------------------------------------------
Village Roadshow Limited announced that the Takeovers Panel (TP)
has concluded that:

1. Swissfirst Bank AG the holder of a beneficial interest in
approximately 2.5% of the ordinary shares in VRL, has failed to
comply with disclosure obligations under section 672B of the
Corporations Act;

2. Schroders & Co. Zurich, the holder of a beneficial interest
in approximately 6.57% of the ordinary shares in VRL, has failed
to comply with disclosure obligations under section 672B of the
Corporations Act; and

3. 001Invest World Currency Fund Ltd., the holder of a
beneficial interest in approximately 1.56% of the ordinary
shares in VRL, has failed to comply with disclosure obligations
under section 672B of the Corporations Act.

The Takeovers Panel has declared that each of the circumstances
of the parties set out above is an unacceptable circumstance in
relation to the affairs of VRL.

As a result of the declarations, the Takeovers Panel has ordered
that the ordinary shares in VRL listed below (representing
approximately 10.2% of all ordinary shares in VRL) be vested in
ASIC and sold through a bookbuild, with the net proceeds to be
accounted to ANZ Nominess Ltd and Citicorp Nominess Pty Ltd. as
appropriate.

- 15,44,174 ordinary shares in VRL held by ANZ Nominess Limited;

- 4,823,854 ordinary shares in VRL held by ANZ Nominess Limited;
and

- 3,656,850 ordinary shares in VRL held by Citicorp Nominess Pty
Ltd.

The Takeovers Panel has set out a procedure under which the sale
will be undertaken (Orders 2 to 4) which are set out in detail
in the attached Media Release of the Takeovers Panel. The Final
Orders of the Panel contemplate that the relevant ordinary
shares be sold within 6 weeks.

The Company made application to the Takeovers Panel on 23
January 2004 following the service of tracing notices on various
foreign entities, which beneficially hold shares in Village
Roadshow Limited.

The Takeovers Panel proceedings were the final opportunity for
Boswell and other foreign parties to fully comply with their
disclosure obligations so that that market could be fully
informed.

For more information, go to
http://bankrupt.com/misc/tcrap_village021904.pdf


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


AMY'S COLLECTION: Winding Up Hearing Slated for March 17
--------------------------------------------------------
The petition to wind up Amy's Collection Company Limited is set
for hearing before the High Court of the Republic of Singapore
on March 17, 2004 at 9:30 in the morning. HKL (Prince's
Building) Limited whose registered office is situated at 8th
Floor, One Exchange Square, 8 Connaught Place, Central, Hong
Kong, filed the petition on January 14, 2004.

The Petitioners' solicitors are Johnson Stokes & Master of the
18th Floor, Prince's Building, 10 Chater Road, Central, Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve on or send by post to Johnson Stokes &
Master a notice in writing not later than twelve o'clock noon of
the 16th day of March 2004 (the day before the petition
hearing).


FIRST RATE: Winding Up Hearing Set March 3
------------------------------------------
The petition to wind up First Rate Container Services Limited is
set for hearing before the High Court of the Republic of
Singapore on March 3, 2004 at 9:30 in the morning. Kwan Tat Chi,
a creditor, of Flat H, 16th Floor, Block 9, Drawing Views, 23
Yat Ming Road, Fanling, New Territories, Hong Kong, filed the
petition on December 19, 2004.

The Petitioners' solicitors are Au-Yeung, Cheng, Ho & Tin of the
14th Floor, Far East Consortium Building, 121 De Voeux Road
Central, Hong Kong. Any person who intends to appear at the
hearing of the petition must serve on or send by post to Au-
Yeung, Cheng, Ho & Tin a notice in writing not later than twelve
o'clock noon of the 2nd day of March 2004 (the day before the
petition hearing).


SUNSTAR INTERNATIONAL: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Sunstar International Rubber Chemical
Company Limited is set for hearing before the High Court of the
Republic of Singapore on March 24, 2004 at 9:30 in the morning.
The Bank of China (Hong Kong) Limited, a creditor, located at
the 14th Floor, Bank of China Tower, No.1 Garden Road, Central,
Hong Kong, filed the petition on January 21, 2004.

The Petitioners' solicitors are Or, Ng & Chan of 15th Floor, The
Bank of East Asia Building, 10 Des Voeux Road Central, Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve on or send by post to Or, Ng & Chan a notice
in writing not later than twelve o'clock noon of the 23rd day of
March 2004 (the day before the petition hearing).


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


BANK NEGARA: Faces Uncertainty Over Texmaco Debt Repayment
----------------------------------------------------------
Bank Negara Indonesia (BNI) has hit a snag in its attempt to
repay its US$67 million loan to troubled textile and engineering
giant Texmaco Group, the Jakarta Post reports. BNI President
Sigit Pramono said the Indonesian Bank Restructuring Agency
(IBRA), the guarantor of the Texmaco debt, said it would only
repay the debt in the form of credit assets.

The agency acquired a large amount of non-performing loans from
ailing banks in the wake of the late 1990s financial crisis.
IBRA has been selling some of these loan assets, which are
mostly un-restructured, to banks at a discount.


PT KERETA: INKA Pressures Firm to Pay US$6.8M Debt
--------------------------------------------------
Workers of state-owned train carmaker PT Industri Kereta Api
Indonesia (INKA) visited state-owned railway Company PT Kereta
Api Indonesia (KAI) to pressure the latter to repay its Rp 58.6
billion (US$6.8 million) debt, according to Asia Pulse. After
the meeting on Friday, union leaders agreed to arrange a meeting
within two weeks for the management of both companies to discuss
the debt repayment.

The Rp 58.6 billion debt results from KAI's failure to pay for
24 train cars built by INKA for the firm. Suharyoko said INKA,
with 900 workers, was facing difficulties in continuing its
operations due to the lack of cash.


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


ALL NIPPON: Enters Alliance With Malaysia Airlines
--------------------------------------------------
All Nippon Airways (ANA) and Malaysia Airlines will commence
code-sharing operations on air routes between Japan and Malaysia
when the summer schedule begins on March 28 this year, a Company
statement said.

Through this code-share arrangement ANA will market, under its
own designator code `NH', a designated number of seats on
Malaysia Airlines flights between Japan and Malaysia.

Currently Malaysia Airlines operates twelve weekly direct
services between Tokyo and Kuala Lumpur, three weekly direct
services between Nagoya and Kuala Lumpur and five weekly direct
services between Osaka and Kuala Lumpur. The Tokyo-Kuala Lumpur
return service is operated using a 278-seater Boeing 777-200 ER
aircraft whilst a 229-seater Airbus A330-200 is used between the
remaining two city pairs.

ANA passengers travelling on these code-share flights can look
forward to experiencing many exclusive services and products
introduced by Malaysia Airlines to cater to the needs of the
Japanese market. They will enjoy in flight services by Japanese-
speaking cabin crew, complemented with Japanese cuisine as well
as Japanese language audio and video in-flight entertainment
programmes on Malaysia Airlines flights between Japan and
Malaysia.

Members of the ANA Mileage Club also enjoy the existing benefits
of their membership as they will continue to accrue mileage
points for travel on the code-share flights operated by Malaysia
Airlines.

Both airlines are now set to further extend the code-sharing
agreement to departures from Fukuoka in southern Japan, and
Sapporo in the north, and to increase frequencies on the Tokyo,
Nagoya and Osaka routes, based on the outcome of bilateral air-
talks between the governments of Japan and Malaysia.

Cargo code-sharing operations between ANA and Malaysia Airlines
will also commence from March 28, and the two carriers are
seeking to expand their relationship in other areas of
commercial cooperation.

"Malaysia is an important business and leisure destination of
our passengers," said Katsuhiko Kitabayashi, ANA's Executive
Vice President, International. "This new agreement between two
of Asia's premier airlines will mean greater convenience for our
passengers and chance to develop tourism and strengthen trade
links between Japan and Malaysia."

Malaysia Airline's General Manager Network Planning and Revenue
Management, Dr Amin Khan said, "The code share arrangement
between Malaysia Airlines and All Nippon Airways is another step
towards realizing our strategy for regional alliance. This code
share arrangement will allow Malaysia Airlines to widen its
market share through exposure in Japan's domestic market. We
anticipate a positive reaction from the Japanese market towards
this partnership."

ANA and Malaysia Airlines commenced partnership with reciprocal
Frequent Flyer rights in October 1994 allowing passengers of
both airlines to accrue and redeem mileage on both networks.

ANA came into existence in December 27, 1952, and over 50 years
later is now one of the top ten largest airlines in the world,
carrying with its sister companies almost 51 million passengers
every year to 46 destinations in Japan, and to 21 overseas
cities in Asia, Europe and the United States. ANA is also a
member of Star Alliance, which it joined in October 1999, giving
passengers seamless access to a network of over 700 airport
destinations in 128 countries, and reciprocal benefits such as
mileage accrual and redemption, and lounge access.

Malaysia Airlines inaugurated its service between Japan and
Malaysia on 1 April 1974 with a Boeing 707 service from Kuala
Lumpur to Tokyo. From a modest 4 times Tokyo-Kuala Lumpur-Tokyo
weekly service then, Malaysia Airlines has increased its market
presence in Japan to currently 20 weekly direct services linking
Tokyo, Nagoya and Osaka with Kuala Lumpur. In addition it
operates a twice-weekly service between Tokyo and Kuala Lumpur,
transiting Kota Kinabalu in each direction. Commencing March 28
with the summer schedule, it will add two weekly services
between Osaka and Kuala Lumpur via Kota Kinabalu. With more than
50 years of commercial aviation experience since the inception
of its predecessor on October 27, 1937, Malaysia Airlines now
serves over 100 destinations across six continents in
partnership with more than 20 code-share airlines.

ISSUED JOINTLY BY:

ANA                           Malaysia Airlines Japan
Shiodome-City Center          3rd Floor, No 29 Mori Building
1-5-2 Higashi-Shimbashi       4-2-1 Shimbashi
Minato-ku, Tokyo 105-7133     Minato-ku, Tokyo 105-0004

CONTACT                       CONTACT

Rob Henderson,                Tetsuya Hirata,
r.henderson@ana.co.jp         mktg@mas-japan.co.jp


FUJIKI KOHATSU: Land Developer Enters Bankruptcy
------------------------------------------------
Fujiki Dohatsu K.K. has been declared bankrupt, according to
Teikoku Databank America. The land developer firm located at
Osaka-shi, Osaka, Japan, has total liabilities of US$58.33
million.


JAPAN AIRLINES: Promotes Toshiyuki Shinmachi to President
---------------------------------------------------------
Japan Airlines System Corporation will promote its executive
Vice President Toshiyuki Shinmachi to President, the Japan Times
reports. Shinmachi will replace Isao Kaneko, who will become
Chairman and retain the post of Chief Executive officer (CEO).

Kaneko will continue overseeing group operations of Japan
Airlines System, the holding company created in October 2002
through the management integration of Japan Airlines Co. and
Japan Air System Co. It is the nation's largest carrier group.
The carriers will fully merge their operations in April. The
personnel change is subject to approval at a regular
shareholders' meeting in June.

Japan Airlines System Corporation (JAL) posted a group operating
loss of 43.02 billion yen for the April to December period, as
the spread of the severe acute respiratory syndrome (SARS) and
the conflict in Iraq drove its revenue from international
flights sharply lower, TCR-AP reported recently. The airline
left unchanged its earnings estimates for the full fiscal year
through March. It continues to expect a group net loss of 65
billion yen and an operating loss of 48 billion yen. It also
kept its revenue outlook at 1.975 trillion yen.


JAPAN AIRLINES: Changes Name to Japan Airlines Corporation
----------------------------------------------------------
The JAL Group announced that from June 6, 2004, the JAL Group
holding company currently known as Japan Airlines System
Corporation will be renamed Japan Airlines Corporation.

Japan Airlines System Corporation was created in October 2002 as
a holding company to supervise the integration of Japan Airlines
and Japan Air System. The integration will be complete from
April 1, 2004, when the present Japan Airlines becomes Japan
Airlines International Company Ltd., responsible for
international air transport business - and Japan Air System
becomes Japan Airlines Domestic Company Ltd., handling domestic
air transport operations. Airport counters and staff uniforms
have been unified under 4the JAL brand and all flights from
April 1 will carry JAL flight numbers.

Accordingly, the JAL Group has decided on the holding company
name change to

Japan Airlines Corporation to emphasize the JAL brand identity

Original plan - from April 1, 2004

JAPAN AIRLINES SYSTEM CORPORATION

Japan Airlines International Co. Ltd.
Japan Airlines Domestic Co. Ltd.

Revised plan - effective June 2004 after the Annual General
Meeting of shareholders (late June, not confirmed)

JAPAN AIRLINES CORPORATION

Japan Airlines International Co. Ltd.
Japan Airlines Domestic Co. Ltd.

For a copy of the press release, go to
http://www.jal.jp/en/press/2004/021802/021802.html


KANEBO LIMITED: IRCJ May Spend Y490B to Revive Firm
---------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) might
spend up to 490 billion yen to bail out ailing cosmetics maker
Kanebo Limited, the Japan Times reports.

The money would comprise a maximum 350 billion yen to buy
Kanebo's loans held by banks other than its main bank, Sumitomo
Mitsui Banking Corporation, and up to 140 billion yen as a
planned IRCJ investment in a new Company that would acquire
Kanebo's mainstay cosmetics operations. Kanebo is hoping to wipe
out its negative net worth by utilizing an IRCJ fund injection.


MITSUBISHI MOTORS: Revises Full Year 2003 Forecast
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced its consolidated
results for the third quarter ended December 31, 2003, and
presented a revised full-year forecast for the full fiscal year
2003.

THIRD-QUARTER FY 2003

During the third quarter of fiscal 2003, the unfavorable
business development of the first half-year has continued and
caused further pressure on the company's performance, largely
caused by a substantial decrease in sales in relation to the
previous year, primarily in the U.S. On the other hand, MMC was
able to increase sales and its operational performance in Japan,
Europe and in other major countries including China.

Based on improved performance for both passenger cars and
minicars, retail sales in Japan in Q3 grew year-on-year by 5,000
units to 78,000 (249,000 units during the first 9 months of
fiscal 2003, +13,000 YoY). Q3 sales in Europe - supported by
MMC's fast growth in Eastern Europe - increased YoY by 5,000
units to 55,000 (Q1-Q3: 159,000 units, +8,000 YoY). Sales in
North America in Q3 decreased by 31,000 units to 59,000 units
(Q1-Q3: 209,000 units, -58,000 units). A major factor behind
this decline has been the ongoing focus on profit over volume
with a strict credit policy. In addition, the phase-out of the
old Galant prior to the nation-wide launch of the new Galant on
January 19, 2004, also led to lower sales. Q3 sales in Asia and
the rest of the world remained basically stable YoY at 170,000
units (Q1-Q3: 518,000 units, +24,000 YoY). A very strong
performance in China in Q3 (43,000 units, +17,000 YoY) balanced
weaker sales in Malaysia.

"This year's business performance in North America is clearly
disappointing. It overshadows the fundamental progress we made
in other regions and most business areas from procurement and
quality management to the marketing and design of our new cars,"
said MMC President and CEO Rolf Eckrodt. "Our regional
performance outside of North America in fiscal 2003 will improve
by nearly 60 billion yen compared to last year, and by over 180
billion yen compared to fiscal 2000."

Worldwide retail sales in the third quarter of fiscal 2003
decreased by 23,000 units from the same period a year ago to
362,000 units or by 13,000 units to 1,135,000 units for the
first 9 months of fiscal 2003. Q3 consolidated net sales
decreased YoY by 13 billion yen to 625 billion yen (US$5.84
billion, euro 4.66 billion)* this period; total consolidated net
sales for the first 9 months of fiscal 2003 stood at 1.832
trillion yen (US$17.12 billion, euro 13.67 billion) versus 1.914
trillion yen during the same period in 2002.

FULL-YEAR FORECAST

For the entire fiscal year 2003, MMC forecasts worldwide unit
sales of 1,520,000 (-23,000 or -1% versus fiscal 2002). The
respective forecast for the four regions is as follows: Japan
360,000 units (+6,000 or 2% YoY), Europe 205,000 units (+5,000
or 3% YoY), North America 275,000 units (-68,000 or -20% YoY),
Asia and the rest of the world 680,000 units (+34,000 or 5%
YoY).

Consolidated net sales are now expected at 2.47 trillion yen
(US$23 billion, euro 18.4 billion) (vs. 2.736 trillion yen in
fiscal 2002). MMC expects an operating loss for the full-year
2003 of 105 billion yen (US$981 million, euro 783 million) (vs.
+84 billion), an ordinary loss of 115 billion yen (US$1.07
billion, euro 858 million) (vs. +67.4 billion) and a net loss of
72 billion yen (US$673 million, euro 537 million) (vs. +43.9
billion). Excluding the high charges for credit loss provisions
stemming from MMC's captive financing company in the U.S., which
affected the first half-year result strongly, the expected
second half-year result represents a slight improvement of the
operational business over the first half-year figures.

The revised forecast takes into account recent trends in foreign
exchange markets. MMC has adjusted its assumption for the
average full year yen/dollar rate from 123 yen/$ in FY 2002 to
117 yen/$ for FY 2003, and for the average full year yen/euro
rate from 117 yen in FY 2002 to 129 yen in FY 2003.

For a copy of the press release, go to http://media.mitsubishi-
motors.com/pressrelease/e/corporate/detail1006.html


MITSUBISHI MOTORS: Unveils New Mid-Term Business Plan
-----------------------------------------------------
In addition to the ongoing restructuring and turnaround plan
announced in 2001, the management of Mitsubishi Motors
Corporation (MMC) is currently working on a new mid-term
business plan, which covers all operational and financial areas
of the company in and outside of Japan. Several important
elements of the plan are already being implemented. In North
America, this includes cost reduction as well as revenue
enhancement measures. In addition to postponing capacity
expansion at its Illinois plant, the company is implementing a
substantial white-collar and blue-collar workforce reduction in
the U.S. New measures targeting higher revenues range from the
introduction of a new marketing and advertisement concept to a
new long-term warranty program started in January 2004,
demonstrating the company's confidence regarding its high
product quality level. MMC also recently announced it will enter
the lucrative mid-size pick-up segment in North America in 2005
by tying up with Chrysler Group.

Both major shareholder groups will actively cooperate with MMC
in the establishment of its new mid-term business plan as soon
as possible.

DaimlerChrysler AG (DC), as strategic partner and major
shareholder of MMC, welcomes these efforts and supports the team
setting up the new, strong mid-term business plan including the
development of the strategic global alliance with DC. Already
today there is strong cooperation between MMC and DC. Several
successful alliance projects are already in place, for example
joint B-segment platform development and production with smart,
a joint engine factory in Germany, joint platform for C- and D-
segment cars with Chrysler Group, the world engine project,
joint purchasing and volume bundling activities as well as joint
distribution activities like those in China, Canada and Mexico.
These projects play an important role in reestablishing MMC's
profitability.

Mitsubishi Heavy Industries, Ltd., (MHI), Mitsubishi Corporation
and the Bank of Tokyo-Mitsubishi, Ltd. (the "Mitsubishi Group
Companies") also welcome MMC's actions as well as DC's support
and will also continue to support MMC's management. In order to
reinforce MMC's management, MMC will - after confirmation
through a shareholder meeting to be held on April 30 - appoint
Yoichiro Okazaki, currently Managing Director at MHI, as its new
Chairman from the Mitsubishi Group Companies.

"This new mid-term business plan will form a clear roadmap of
Mitsubishi Motors' future for our customers, employees, business
partners and all other stakeholders. It will be based on a
further acceleration of our internal reforms and on the support
from both of our major shareholder groups," said Rolf Eckrodt.

The new mid-term business plan will consist of complementary
operational and financial plans to assure a solid financial
foundation for MMC's business. It is scheduled to be finalized
and announced for immediate implementation in conjunction with
the shareholder meeting on April 30. This will also provide a
solid basis for a decision on capital enhancement measures to be
considered by MMC and its two major shareholder groups.

*US dollar and euro amounts are translated from yen for
convenience only at the rates of 107 yen/dollar and 134
yen/euro, the exchange rates prevailing on December 31, 2003.

For a copy of the press release, go to http://media.mitsubishi-
motors.com/pressrelease/e/corporate/detail1006.html


MITSUBISHI MOTORS: Nominates New Chairman
-----------------------------------------
Mitsubishi Motors Corporation (MMC) on Thursday announced that
its board of directors held a special meeting on Thursday and
preliminarily resolved the nomination of Yoichiro Okazaki as the
new Chairman of the company.

Okazaki, 61, will take up the post left vacant since October 28,
2003, when former MMC chairman Takashi Sonobe passed away. He is
currently serving as a Managing Director at Mitsubishi Heavy
Industries (MHI).

"The nomination of Yoichiro Okazaki as our new chairman signals
the continued commitment of Mitsubishi Heavy Industries,
Mitsubishi Corporation, and Bank of Tokyo-Mitsubishi to stand
behind Mitsubishi Motors," said MMC President and CEO Rolf
Eckrodt. "We look forward to him playing an important role in
implementing our new mid-term business plan."

The decision is subject to approval at a special shareholders'
meeting and board of directors' meeting slated for April 30.

Personal Record

1. Full Name: Yoichiro Okazaki

2. Date of Birth: December 16, 1942

3. Date Joined: Apr. 1, 1965 Joined Mitsubishi Heavy Industries,
Ltd.
(Mar. 1965 Graduated from School of Science and Engineering I of
Waseda University)

4. Career:

Apr. 1, 1995 Deputy General Manager, Sagamihara Machinery Works
of Mitsubishi Heavy Industries, Ltd.

Apr. 1, 1997 Chief Engineer, General Machinery & Components
Headquarters

May 7, 1997 President of Mitsubishi Caterpillar Forklift America
Inc.

Jun. 29, 1999 President of Mitsubishi Caterpillar Forklift
America Inc. Director, Chief Coordinator, General Machinery &
Components Headquarters

Apr. 1, 2000 President of Mitsubishi Caterpillar Forklift
America Inc. Director, Chief Coordinator, General Machinery &
Special Vehicle Headquarters

Apr. 1, 2001 Director, General Manager, General Machinery &
Special Vehicle Headquarters

President of Mitsubishi Caterpillar Forklift America Inc.

May 7, 2001 Director, General Manager, General Machinery &
Special Vehicle Headquarters

Retired the post of President, Mitsubishi Caterpillar Forklift
America Inc.

Jun. 27, 2001 Director, General Manager, General Machinery &
Special Vehicle Headquarters

Held also the post of Director, Shin Caterpillar Mitsubishi Ltd.

Jun. 28, 2001 Managing Director, General Manager, General
Machinery & Special Vehicle Headquarters

For a copy of the press release, go to
http://media.mitsubishi-
motors.com/pressrelease/e/corporate/detail1007.html


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


HANARO TELECOM: Unveils 2004 January Subscriber Numbers
-------------------------------------------------------
Hanaro Telecom Inc. announced the increase in its sales between
the last two fiscal years, filed with the Financial Supervisory
Commission and the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on February 13, 2004.

2004 JANUARY SUBSCRIBER NUMBERS

1. BROADBAND


                  Products             Subscribers

Residential       ADSL                 1,028,081
                  Cable Modem          1,454,609

                  SUB-TOTAL            2,482,690

Corporate         ADSL                 18,358
                  Cable Modem          1,574
                  SUB-TOTAL            19,932

VDSL                                   174,361
LMDS                                   26,344

Wireless LAN*                          23,468

                         TOTAL         2,726,795

                       NET ADDITION    1,232

2. VOICE

                      Products         Lines

Residential                            696,353
Corporate                              266,838
VoIP                                   46,237
                          TOTAL        1,009,428

                      NET ADDITION     8,047

3. LEASED LINE

                        Products       Lines
Leased line                            3,247
Internet dedicated                     3,118
LMDS(I/D)                              10
Wireless LAN Leased Line               -
International Leased Line              41

                          TOTAL        6,416

                      NET ADDITION     -264

4. GRAND TOTAL


                         TOTAL         3,742,639
                   NET ADDITION        9,015

BASED ON NUMBER OF IDS, WIRELESS LAN HAS 43,936 SUBSCRIBERS.


HYNIX SEMICONDUCTOR: Posts US$716M Net Loss in Three Months
-----------------------------------------------------------
Hynix Semiconductor Inc. posted a net loss of 830 billion won
(US$716.7 million) in the three months ended December 31, versus
a net loss of 917 billion won a year earlier, as hefty
restructuring charges wiped out profits from its bread-and-
butter memory chip business.

According to Reuters, the loss came as a surprise to analysts
who had forecast a net profit of about 34 billion won. But on
the operating level, Hynix returned to profit after a 348
billion won loss a year ago, as demand for semiconductors
remained firm on buoyant computer sales during the Christmas
holiday season, historically the best period for the tech
sector.


SK CORPORATION: Cuts Gasoline Price to US$1.10 Per Liter
--------------------------------------------------------
SK Corporation will cut its ex-refinery price of gasoline to 1.1
percent following lower global oil prices and the strength of
the won, according to Reuters. Effective from February 19, 2004,
the ex-refinery price for gasoline will be lowered to 1,274 won
($1.10) per litre from 1,288 won per litre. The price of other
refined petroleum products, including diesel, heating oil and
kerosene, will remain unchanged. Company shares fell 3.61
percent to close at 40,000 won, under-performing a 0.87 percent
loss in the broader benchmark stock index.


SK NETWORKS: Injunction Hearing Set March 31
--------------------------------------------
Judge Blackshear will continue the hearing with respect to Hana
Bank's request for a preliminary injunction under Section 304(a)
of the Bankruptcy Code to March 31, 2004, at 2 P.M.

To recall, Hana Bank, as foreign representative of SK Networks
Co. Ltd., formerly known as SK Global Co., Ltd., filed a Section
304 injunction with the U.S. Bankruptcy Court on April 10, 2003,
to prevent lenders from grabbing SK Network's U.S. assets. (SK
Global Bankruptcy News, Issue No. 11; January 28, 2004)


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


AOKAM PERDANA: Appoints Anuarul Azizan as Auditor
-------------------------------------------------
Southern Investment Bank Berhad refers to the announcements made
on behalf of the Board of Directors of Aokam Perdana Bhd (Board)
on January 8, 2004, December 18, 2003 and December 18, 2002 in
relation to the revisions made to some of the terms of the
Proposed Rescue Scheme (Revised Scheme).

On behalf of the Board, Southern Investment Bank Berhad (SIBB)
announced that Aokam had on February 18 appointed Anuarul Azizan
Chew Consulting Sdn Bhd as the independent auditors to carry out
an investigative audit on the Company's losses in the previous
years. This is in compliance with one of the conditions imposed
by the Securities Commission in approving the Revised Scheme
vide its letter dated 31 December 2003.

On behalf of the Board, SIBB also wishes to announce that the
Definitive Agreement that was executed between Aokam and the
vendors of Key Heights Sdn Bhd on 17 December 2002 has been
extended to 31 December 2004.

This announcement is dated 18 February 2004.


BESCORP INDUSTRIES: Extends Investigative Audit to April 7
----------------------------------------------------------
Bescorp Industries Berhad announced that the Securities
Commission (SC) has, via its letter dated February 17, 2004,
which was received on February 18, 2004, approved the extension
of time up to April 7, 2004 for the investigative auditors,
PricewaterhouseCoopers Advisory Services Sdn Bhd to complete the
investigative audit.

This announcement is dated 18 February 2004.


GULA PERAK: Issues 42,000 New Ordinary Shares Today
---------------------------------------------------
Gula Perak Berhad's additional 42,000 new ordinary shares of
RM1.00 each issued pursuant to the Company's conversion of
RM48,400 irredeemable convertible secured loan stocks into
42,000 new ordinary shares (conversion) will be granted listing
and quotation with effect from 9 A.M., Friday, February 20,
2004.


JIN LIN: Answers KLSE Query
---------------------------
In response to Malaysia Securities Exchange Berhad's letter
dated 16 February 2004 with regards to the announcement made by
Jin Lin Wood Industries Berhad (JLWIB) dated February 12, 2004
on the captioned subject matter, the Company announced the
following:

1) ORIX CREDIT MALAYSIA SDN BHD AGAINST JIN LIN BIO-COAL SDN BHD
(JLBC), JIN LIN TRADING SDN BHD (JLT) AND OTHERS

The interest rate on the amount claimed for is at a rate of
0.065% per day from 21 November 2003 to the date of full
settlement.

The details of the default or circumstances leading to the
filing of the litigation against JLBC and JLT is due to failure
to service the prescribed monthly installments.

2) GOVERNMENT OF MALAYSIA AGAINST AKITIASA SDN BHD ("AKI")

The details of the default or circumstances leading to the
filing of the litigation against AKI is due to the failure to
pay the amount of tax assessed to be paid.

This announcement is dated 18 February 2004.


NCK CORPORATION: MITI OKs Restructuring Proposal
------------------------------------------------
OSK Securities Berhad (OSK), on behalf of the Special
Administrators of NCK Corporation Berhad (NCK), announced that
the Ministry of International Trade and Industry (MITI) had, via
its letter dated 16 February 2004, approved the Proposed
Modifications to the initial Proposed Scheme, which entails the
Proposed Acquisitions and the Proposed Shares Compensation.

The approval of the MITI is subject to the approval of the
Securities Commission and the compliance to the Malaysian Code
on Takeovers and Mergers.

The other terms and conditions set forth vide the MITI's letter
dated 13 August 2002 for the Company's Proposed Scheme remain
unchanged.

The Company is required to inform the MITI upon completion of
the implementation of the Proposed Scheme.

This announcement is dated 18 February 2004.


TENAGA NASIONAL: Purchases Electricity From Naluri Ventures
-----------------------------------------------------------
Tenaga Nasional Berhad has signed an agreement for the purchase
of electricity generated by a small RE (renewable energy) power
project developed by Naluri Ventures Sdn. Bhd. under the SREP
Program (Small Renewable Energy Power Program). The government
launched the SERP Program in May 2001 to promote the utilization
of renewable energy in power generation and to reduce emission
of greenhouse gases. The signing of this REPPA (RE Power
Purchase Agreement) demonstrates the support given by TNB for
the success of the Government's SREP Program.

TNB has agreed to purchase the electricity from Naluri Ventures
Sdn. Bhd. for a period of 21 years. The estimated value of this
REPPA is about RM12.7 million per year.

The RE power plant developed by Naluri Ventures, which utilizes
oil palm waste as biomass fuel, will be located in Pasir Gudang
Industrial Estate, Johor and will have an export capacity of 9
MW to TNB.

The Troubled Company Reporter-Asia Pacific reported that Tenaga
Nasional Bhd booked a net loss of RM26.4 million in the first
quarter ended November 20, 2003 due to foreign exchange losses
and deferred tax provisions, compared to a net profit of RM663.2
million a year earlier.


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


ABS-CBN BROADCASTING: Appoints Alejandro as New President
---------------------------------------------------------
ABS-CBN Broadcasting Corporation announced the appointment of
Mr. Luis F. Alejandro as its new President and Chief Operating
Officer (COO) starting May 2004. He replaces Federico M. Garcia
who has retired. Mr. Garcia is currently a Senior Management
Consultant to ABS-CBN.

The ING Financial Markets has downgraded ABS-CBN Broadcasting
Corporation to a "hold" from "buy" as its viewership declined in
the past months slowing the network's revenue momentum, TCR-AP
reported recently. The brokerage last month lowered its 12-month
target price for ABS-CBN to 25 pesos from 26.50 pesos. ING said
the Company has debts of 2.1 billion maturing this year and 2
billion in 2005, and cash on hand of 1.7 billion pesos as of
September 2003.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2004_788_ABS.pdf


BANK OF ANTIPOLO: Issues Notice to Creditors
--------------------------------------------
The Philippine Deposit Insurance Corporation, as Liquidator of
the 2nd Rural Bank of Antipolo (Rizal), Inc., submitted on
February 13, 2004 at 8:30 A.M. to the Liquidation Court
(Regional Trial Court of Antipolo, Rizal, Branch 71), the
Project of Distribution of Liquidating Dividends to creditors of
2nd Rural Bank of Antipolo (Rizal) Inc. for approval.


CONCRETE AGGREGATES: Widens FY03 Net Loss to Php30.42M
------------------------------------------------------
In a report to the Securities and Exchange Commission, Concrete
Aggregates Corporation said its un-audited net loss for 2003
increased to PhP30.42 million compared with PhP25.55 million in
the previous year. The Company's operating expenses ballooned to
PhP61.59 million in 2003 from PhP52.717 million in the previous
year. Concrete Aggregates is a construction firm engaged in
quarrying, mixing and selling of rocks, stone and limestone
products.


MAYNILAD WATER: Appoints Estuar as New President
------------------------------------------------
Maynilad Water Inc. has appointed former Public Works and
Highways Secretary Fiorello Estuar as its new President,
replacing Rafael Alunan III, according to AFX News, citing its
parent Benpres Holdings Corporation. Prior to this appointment,
Estuar was President of First Balfour Beatty, the construction
arm of the Lopez Group.

The decision of the Lopez group to replace Maynilad Water
Services, Inc. President Rafael Alunan III should not delay the
ongoing rehabilitation case of the utility, TCR-AP reported
recently. Court-appointed receiver Rosario S. Bernaldo said the
change in leadership, which took effect on Monday, was not
announced during Maynilad's board meeting on January 26.


NATIONAL POWER: Readying $1.5-B Bond Float
------------------------------------------
National Power Corporation (Napocor) is preparing to raise as
much as US$1.5 billion by issuing state-guaranteed bonds in the
next two months, the Business World reports. Company officials
are now discreetly seeking proposals from different banks in
order to raise the needed money at the lowest possible cost. The
amount will be used to fund the utility's operation, capital
spending as well as pay maturing debts.

Napocor was in negotiations with the Asian Development Bank to
provide partial backing for a $250-million bond issue last year,
but the float was shelved due to the delay in Napocor's
privatization.


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, the Philippine Long Distance and Telephone Co.
(PLDT) announced that during the meeting of the Board of
Directors on February 19, 2004, the following cash dividends
were declared:

1.  $1.029412 per outstanding share of the Company's Series III
Convertible Preferred Stock, payable on April 15, 2004 to the
holders of record on March 17, 2004.

2.  P4.675 per outstanding share of the Company's Series V
Convertible Preferred Stock, payable on April 15, 2004 to the
holders of record on March 17, 2004.

3.  $.09925 per outstanding share of the Company's Series VII
Convertible Preferred Stock, payable on April 15, 2004 to the
holders of record on March 17, 2004.

4.  JY10.179725 per outstanding share of the Company's Series
VII Convertible Preferred Stock, payable on April 15, 2004 to
the holders of record on March 17, 2004.


PHILIPPINE LONG: Annual Stockholders Meeting Set June 8
-------------------------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, the Philippine Long Distance and Telephone Co.
announced that its Annual Meeting of Stockholders would be held
on June 8, 2004 (the second Tuesday of June as provided in the
Company's By-laws) at 4 in the afternoon in Makati City,
Philippines.

To view full copy of this press release, click
http://bankrupt.com/misc/pldt021904.pdf


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


ASIA PULP: U.S. Bondholders May Support US$6.7B Debt Workout
------------------------------------------------------------
Asia Pulp and Paper (APP) said on Wednesday that informal
consultations with major U.S. bondholders indicated that they
would support a US$6.7 billion debt workout for its Indonesian
operating companies, the Financial Times reports. The Company is
confident that it could secure the two-thirds approval from
creditors that it needs to push through the restructuring
agreement for its four Indonesian subsidiaries.

APP stopped payments on US$13.9 billion owed by its Singapore
parent and Chinese and Indonesian operating companies in March
2001. Last October, it signed the MRA with government export
credit agencies and Japanese trading houses holding some 45
percent of its $6.7 billion Indonesian debt.


ASIA PULP: APP China Plans Listing on Mainland
----------------------------------------------
APP China Group, a former unit of Singapore's debt-ridden Asia
Pulp and Paper, has underlined ambitious expansion plans in
China with an announcement that it plans to raise funds though a
mainland listing, the Financial Times said on Thursday.

APP China has expanded aggressively in China in the last year in
five different provinces, even as its former parent has
continued protracted negotiations with creditors over $13.9bn in
debt on which it stopped payments in March 2001.

Creditors of APP's Chinese holding company, APP China Group
Limited (ACGL), voted for a debt-for-equity swap last year that
left its parent with only a tiny formal shareholding in the
Chinese operations.


HAGEMEYER PTE: Creditors Must Submit Claims by March 15
-------------------------------------------------------
Notice is hereby given that the creditors of Hagemeyer
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 15th March 2004 to submit particulars of their debts
or claims and any security held by them to me.

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

Dated this 13th day of February 2004.

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


KALIMA VENUS: Issues Dividend Notice
------------------------------------
Kalima Venus Corporation (S) Pte Ltd. issued a notice of first
and final dividend as follows:

Address of Registered Office: Formerly of 17 Phillip Street
#05-01 Grand Building Singapore 048695.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 270 of 2000.

Amount Per Centum: 1.0977%.

First and Final or otherwise: First & Final Dividend.

When Payable: 6th February 2004.

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

Dated : 13th February 2004.

TOH HWEE LIAN
Assistant Official Receiver.


SPOXT PTE: Releases Dividend Notice
-----------------------------------
Spoxt Pte Ltd. issued a notice of intended dividend as follows:

Address of Registered Office: Formerly of 24 Raffles Place
#15-00 Clifford Centre, Singapore 048621.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 193 of 2000.

Last Day for Receiving Proofs: 27th day of February 2004.

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

Dated: 13th day of February 2004.

KAREN LOH
Assistant Official Receiver.


TRILLION STARS: Issues Winding Up Order Notice
----------------------------------------------
Trillion Stars Vision Pte Limited issued a notice of winding up
order made on the 6th day of February 2004.

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

Dated the 13th day of February 2004.

LEGAL21 LLC
Solicitors for the Petitioner.


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


NATURAL PARK: Names New Subsidiary
----------------------------------
The Board of Directors of Natural Park Public Company Limited
has decided to set up a new subsidiary company with the
following details:

1. Date/Month/Year of Transaction: Around February 2004

2. Name of New Subsidiary Company: Modern Project Co. Ltd.

3. Business Type: Real Estate Development

4. Registered Capital: 1,000,000 Baht, divided into 10,000
ordinary shares, par value of 100 Baht

5. Major Shareholder: The Company holds shares at 99.9 % of
total registered capital.

6. Source of Funds: Investment Capital of the Company

7. Purpose of Investment: To operate real estate business

8. Total Value of Transaction: Investment capital in
Modern Project Co. Ltd. is totaling at 999,300 Baht, equally to
0.01% of net value asset of the Company

Mr.Thowthawal Subhavanich
Chief Financial Officer


NEP REALTY: Unveils Exercise Date of Warrants
---------------------------------------------
NEP Realty and Industry Public Company Limited would like to
provide information regarding the process of exercising the NEP-
W1 (6th submission) on March 15, 2004, as follows:

1.  Submission: 1-12 March 2004, during 9.00 a.m. to 3.30 p.m.

2.  Exercise Price: Baht 5 per share

3.  Exercise Ratio: 1 Warrant has a right to purchase 1 common
share

4.  Documents to be submitted  - Subscription form for the
Company's common shares which has been accurately and completely
filled in. (can obtain it at the Company)

The warrants certificates or certificate receipts that specify
the holder has rights to purchase the Company's common shares in
accordance with the amount specified in the subscription form.

Cheques, drafts, bill of exchange or payment orders from banks
which can be cashed in Bangkok Metropolitan when called within 2
business days and shall be made payable to "NEP Realty and
Industry Public Company Limited for purchasing the common share"

5.  Place to be submitted:

NEP Realty and Industry Public Company Limited
41 Phaholyothin Rd, Soi 5
Samsennai, Phayathai, Bangkok 10400
Tel. 0-2271-4213 - 6
Fax. 0-2271-4416

The Company shall deliver the Share Certificates to the
warrant's holder within May 1, 2004 according to the requirement
of the warrant's holder, that would like the Company to deposit
those Share Certificates with the Thailand Securities Depository
Company Limited for Depositors in the securities trading account
of the warrant's holder or deliver the Share Certificates
directly to the warrant's holder whose address appears in the
Exercise Notice form.





* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -------

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Guangdong Sunrise Holdings-B
Co., Ltd.                      200030    (-184.24)     23.04
Guangdong Sunrise Holdings-A
Co., Ltd.                          30    (-184.24)     23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698     (193.08)    113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600698    (-193.08)    113.96
Jinan Qingoi Motorcycle-B
Co., Ltd.                      900946    (-193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)     60.39
Shenzhen China Bicycles-A
Co., Ltd.                          17    (-239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.             200057     (-10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48
Shenzhen Petrochemical
Industry Group Co., Ltd.-B     200013    (-243.36)     89.48
Shenzhen Petrochemical
Industry Group Co., Ltd.-A         13    (-243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS       (-3.62)       14.26
Smart Tbk                       SMAR      (-37.38)      398.89


JAPAN
---------

Cats Incorporated               9786       (26.33)      175.35
Kanebo Limited                  3102       (40.44)     5820.67
Prime Systems                   4830     (-100.79)      130.2

MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Faber Group Bhd                 FAB        (-7.16)     504.98
Fountain View de
Development Bhd                 FVD       (-57.42)      27.74
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Kemayan Corp Bhd                KOP      (-289.67)     114.38
Panglobal Bhd                   PGL0      (-41.07)     187.79
Promet Bhd                      PMPT      (174.45)      50.49
Promet Bhd                      PROM     (-174.45)      50.49
Sri Hartamas Bhd                SRIH     (-118.91)      99.76
Uniphoenix Corporation Bhd      UNI      (-145.25)      33.34
Uniphoenix Corporation Bhd      UCB      (-145.25)      33.34


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

C & P Homes, Inc.               CMP       (324.94)       2.45
Pilipino Telephone Co           PNOTF     (356.17)      122.97
Pilipino Telephone Co           PLTL     (-356.17)      122.97


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85
Pacific Century Regional
Developments Ltd                 PAC     (-931.65)     7369.85


  THAILAND
  --------

Christiani & Nielsen            CNT        (-24.03)       35.80
(Thai) PCL
Christiani & Nielsen            CNT/F      (-24.03)       35.80
(Thai) PCL-F
Datamat PCL                     DTM         (-9.53)       13.66
Datamat PCL-F                   DTM/F       (-9.53)       13.66
Jutha Maritime PCL              JUTHA       (-3.70)       31.60
Jutha Maritime-F PCL            JUTHA/F     (-3.70)       31.60
National Fertilizer PCL         NFC        (-30.82)      297.40
National Fertilizer PCL-F       NFC/F      (-30.82)      297.40
Nakornthai Strip Mill PCL       NSM       (654.33)      608.46
Nakornthai Strip Mill PCL-F    NSM/F     (-654.33)      608.46
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-13.88)       14.02
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-13.88)       14.02
Siam Gen Factoring              TB         (35.92)        2.45
Siam Gen Factoring              SGF         (1.56)       35.92
Siam Gen Factoring-F            SGF/F      (1.56)       35.92
Thai Nam Plastic PCL            TNPC       (-2.00)       24.33
Thai Nam Plastic-F              TNPC/F     (-2.00)       24.33
Thai Wah Public
Company Limited                 TWC       (-61.48)      155.47
Thai Wah Public
Company Limited-F               TWC/F     (-61.48)      155.47
Tuntex (Thailand) PCL           TUNTEX    (-26.82)      381.43
Tuntex (Thailand) PCL-F         TUNTEX/F  (-26.82)      381.43



Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.





                  *********


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 ***