/raid1/www/Hosts/bankrupt/TCRAP_Public/040316.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

            Tuesday, March 16, 2004, Vol. 7, No. 53

                           Headlines

A U S T R A L I A

AUSTRALIAN GAS: Senior Lenders Extends Repayment Date
COLES MYER: Reports $349.5M Interim Net Profit
COLES MYER: Rules Out Foodland Bid
DUKE ENERGY: Deal With Alinta Limited Closes in Q2 2004
LOY YANG: Posts GEAC Sale Agreement

NATIONAL AUSTRALIA: Responds to Currency Options Trading Losses
NATIONAL AUSTRALIA: Appoints New Board Committee Members
NATIONAL AUSTRALIA: S&P Cuts Ratings to AA-, Outlook Stable
NATIONAL AUSTRALIA: Options Miss Price Hurdles
NATIONAL AUSTRALIA: Plans to Get Feedback From Shareholders

NATIONAL INVESTMENT: Unit Faces Winding Up Petition


C H I N A  & H O N G K O N G

CHEUNG CHING: Winding up Hearing Set April 14
CHUNG DING: Initiates Winding Up Petition
HIN SHING: Faces Winding Up Petition
CITY SPORTS: Faces Winding Up Petition
GOLD WO: Enters Third Stage of Delisting Procedures

MAXROYAL INTERNATIONAL: Winding Up Hearing Slated for April 14
MEDTECH GROUP: Capital Revamp Effective April 7
WIN VICTORY: Winding up Hearing Set March 24


I N D O N E S I A

BANK DANAMON: Moody's Ups Outlook To Positive
BANK MANDIRI: Indonesia Government Sells 10% Stake For $330M


J A P A N

CORPORATE BANKRUPTCIES: Slips by 23.8% in February
ITOCHU CORPORATION: Fitch Upgrades Rating to 'BB+'
MITSUBISHI FUSO: To Be Inspected Over Vehicle Recall
NANKAI ELECTRIC: JCR Affirm BBB+/J-2 Ratings


K O R E A

DAEWOO HEAVY: Workers To Join Bidding
HYNIX SEMICONDUCTOR: Develops Fastest Graphics Memory Chip
KOREA EXCHANGE BANK: Liquidates New York Branch
SK CORPORATION: Fends Off Sovereign
SSANGYONG MOTOR: Bluestar To Make Final Bid


M A L A Y S I A

DRB-HICOM BHD: Asset Disposal Approved
MALAYSIAN AIRLINES: Posts Profit of RM146.3M
MALAYSIA MINING: Plans Bauxite Mine Development in Indonesia
NCK CORP: Restructuring Scheme Modifications Approved
PAN PACIFIC ASIA: Defaults on Payment

POS MALAYSIA: Converts Unsecured Loan Stocks
SOUTHERN STEEL BERHAD: Converts Unsecured Loan Stocks
WEMBLEY: Proposes Capital Reduction and Debt Restructuring


P H I L I P P I N E S

MAYNILAD WATER: To Settle PhP8B Debt to MWSS
PHILIPPINE LONG: Shows Confidence in Units Capacity
UNIWIDE GROUP: To Issue PhP1B Notes to Unsecured Creditors


S I N G A P O R E

ADROIT INNOVATIONS: Disposes of Property
BAK HONG: Issues Dividend Notice
DAEWOO SINGAPORE: Winding up Petition Hearing Set March 26
FLEXTECH HOLDINGS: Trading Activity Questioned
FLEXTECH HOLDINGS: Trading Stopped

HITACHI LEASING: Creditors Must Submit Claims by April 12
LIFESTYLE HOSPITALITY: Issues Debt Claim Notice to Creditors
TRANSTECH ELECTRONICS: Faces Winding Up Petition


T H A I L A N D

SAMART CORPORATION: Retained Loss Reaches THB627M
THAI PETROCHEMICAL: Debt Administrator Denies Capital Reduction
TOSHIBA CORPORATION: To Increase Output by 25%
  
* BOND PRICING: For the week of March 15 - March 19, 2004

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Senior Lenders Extends Repayment Date
-----------------------------------------------------
The Australian Gas Light Company (AGL), together with its Great
Energy Alliance Corporation (GEAC) partners, today welcomed the
announcement of Horizon Investment Limited that their Senior
Lenders have agreed to the extension of the repayment date of
the bullet payment to March 31, 2004.

This follows substantial progress on the key conditions
precedent to the completion of the acquisition of Loy Yang A.

"Given the complexity of this transaction, we are pleased with
this development," AGL Managing Director Greg Martin said.

"AGL will continue to work with our GEAC partners, the Tokyo
Electric Power Company (TEPCO) and Commonwealth Bank led
investors, to finalize conditions precedent and conclude
negotiations of the documentation required to achieve financial
close.  This is anticipated to be around March 31, 2004," Mr.
Martin added.

The Share Sale Agreement remains on foot to enable these final
steps to be concluded.

For Further Inquiries contact:

Contact:  Jane McAloon, Group Manager External and Regulatory
Affairs
Direct:   (02) 9921 2349
Mobile:   0419 447 384

Contact:  Jane Counsel, Media Relations Manager
Direct:   (02) 9921 2352
Mobile:   0416 275 273


COLES MYER: Reports $349.5M Interim Net Profit
----------------------------------------------
Coles Myer shares rise nearly 10 per cent in recent months, with
some analysts tipping further gains ahead as the company targets
an $800 million annual net profit by 2006, The Australian
reports.

The company recorded an interim net profit of $349.5 million at
the same time upgrading its full-year profit forecast.  Shares
have climbed from $7.45 three months ago to a two-year high of
$8.27 on Thursday, and falls to $8.13 on Friday. After the
profit announcement, investment bank UBS increased its 12-month
target price for the shares to $9.27.

Commonwealth Securities retail analyst Craig Woolford said it
was an excellent result.  He added further that the new
management seems to be doing a good job in turning the business
around.

"There was a lot of things going in favor of producing a good
result this half for them," he said. That included the
introduction of Coles Myers' discount petrol scheme, which
completes its national roll out on Monday, and heavy advertising
campaigns.

Shaw Stockbroking head of research Scott Marshall said he had
upgraded 2005 and 2006 net profit forecasts for the retailer and
was optimistic Coles Myer could reach its own $800 million net
profit target for 2006.

"It means a very rapid ramp up in profits over the next two
years. My confidence in the company's ability to reach that has
improved."

Mr. Marshall said the already-achieved profit margins, continued
improvement in food and liquor and Kmart, extension of fresh
food sales and petrol related sales would fuel that profit
growth.

Coles Myer Chief Executive John Fletcher told Channel Nine's
Business Sunday the company had no major acquisitions on the
horizon and was not interested in Foodland Associated or
Penfolds, Coles Myer has plenty of opportunities and
transformations.


COLES MYER: Rules Out Foodland Bid
----------------------------------
Coles Myer ruled out a takeover bid in Foodland Associated,
which adds pressure to the Perth-based food group's shares.  A
speculation has been running that both Coles and Woolworths have
their eye on Foodland, although Woolworths was considered the
more likely bidder, according to The Age on Monday.

Coles Myer Chief Executive John Fletcher said that the company
has $1.2 billion of cash at its disposal but Coles isn't in the
running for Foodland.  Some analyst say the stock looks
expensive which leaves a little room for Coles to make any
mistakes.

Analysts expect Coles to buy back as much as $750 million of its
own shares after a better-than-expected interim profit last week
and a full year profit upgrade.

Shares in Coles Myer slipped 8> to $8.13, after Thursday's 3.5
per cent rally. However, analysts were quick to upgrade their
profit forecasts on the back of the company's own upwards
revision, which increased its estimate of underlying profit to
as much as $568 million for 2003-04.


DUKE ENERGY: Deal With Alinta Limited Closes in Q2 2004
-------------------------------------------------------
Duke Energy Corporation (DUK) agreed to sell its Asia-Pacific
energy assets to Alinta Limited (ALN.AU) for $1.24 billion,
putting an end to speculation about which Australian company was
going to buy the portfolio, Yahoo Asia reported on Monday.

Company Spokesman, Peter Sheffield told Dow Jones Newswires the
deal is slated to close in the second quarter would result to a
net gain in the closing period.  Duke Energy assumed the
transaction in the beginning of the year thus it would not
affect the company's 2004 earnings, according to the company in
a press release Sunday.

The assets, which Alinta agreed to acquire from Duke Energy,
included three gas pipelines and three gas-fired power stations
in Australia and one gas-fired power station in New Zealand, Dow
Jones reported earlier Sunday. Australian integrated energy
retailer Alinta will fund the acquisition through a share
placement and increased debt facilities.

Duke posted a net loss of $1.32 billion, or $1.48 a share, on
revenue of $21.58 billion in 2003.


LOY YANG: Posts GEAC Sale Agreement
-----------------------------------
The Great Energy Alliance Corporation (GEAC) has notified the
Loy Yang Power (LYP) Partners, including Horizon, that the
outstanding issues relating to the stamp duty condition
precedent have been resolved.  Lenders' Agents have also
informed the LYP that the lenders have approved the
restructuring of the debt facilities unconditionally, subject to
final documentation.

As a result, subject to final documentation and approvals, the
LYP Partnership and GEAC are targeting to complete the remaining
steps to financial close by March 31, 2004.

The resolution of the condition precedent concerning stamp duty
issues involves an additional transaction cost to GEAC.  To
facilitate the sale, the LYPP, including Horizon, agreed to
accept a $12 million reduction in the purchase price, of which
Horizon's share is $3 million or less than 1 percent stapled
security.  Horizon security holders can therefore expect to
receive in excess of 9 cents per stapled security.

As a result, Horizon expects to be in a position to sign and
lodge with ASX its interim financial report by March 22, 2004,
following which trading in Horizon securities will be
reinstalled to quotation.

As previously advised it is the intention that the majority of
the proceeds of the sale will be distributed to investors
promptly following completion, and then commence the winding up
of the Horizon Energy Group.

For this basis, the GEAC Sale Agreement will remain on foot and
the date for senior lenders have extended the repayment of
Bullet A to March 31, 2004.

For further information contact:

Ian Kay
Managing Director
Telephone: (02) 8232 3812
E-mail: ian.kay@macquarie.com

Jane Rotsey
Public Affairs Manager
Telephone: (02) 8232 5026
E-mail: jane.rotsey@macquarie.com


NATIONAL AUSTRALIA: Responds to Currency Options Trading Losses
---------------------------------------------------------------
National Australia Bank's Chairman, Mr. Graham Kraehe and Chief
Executive, Mr. John Stewart, announced Friday a four-point
action plan to fully address all of the issues associated with
recent foreign currency options trading losses.

In a disclosure to the Australian Stock Exchange, the action
plan follows a thorough and impartial review by
PricewaterhouseCoopers over the last two months involving
interviews with over 45 employees and third parties and research
into several thousand e-mails, numerous reports and a database
of 10,000 transactions.

The Board has also received advice from Deloitte about potential
conflicts facing PwC as a result of past and current
relationships in areas relevant to the review, and probity and
governance advice from Blake Dawson Waldron. A copy of the
advice from Deloitte and Blake Dawson Waldron is attached.  The
PwC report and Deloitte and Blake Dawson Waldron advice should
be read together.

Mr. Kraehe said, "The Board is confident that a full and fair
assessment of all issues has been undertaken and that
appropriate remedial actions are being taken to address all of
the issues raised in the PwC report and to prevent them from
recurring."

Key points

Key points in the PwC report include:

1) The final loss arising from foreign currency options
trading announced on 27 January is $360 million

2) The losses arising from the foreign currency options
trading increased significantly between September 2003 and
January 2004

3) Four traders on the foreign currency options desk
exploited loopholes and weaknesses in systems and processes to
hide trading losses and protect bonuses

4) The trader's activities were contrary to the
National's strategy of building customer-focused business

5) The foreign currency options trading losses were
reported to management by several junior employees

6) No customers were directly or indirectly affected by
the foreign currency options trading losses

7) In the Markets Division there was:


      a) Inadequate management supervision,

b) Significant gaps in back office-monitoring
functions,

c) Escalation processes that did not work
properly,

      d) Weaknesses in control procedures,

      e) Failure of risk management systems; and

      f) An absence of appropriate financial controls


8) There is not a suitable compliance culture within
this area of the National and a tendency to suppress bad news
rather than be open and transparent about problems; and

9) Warning signals, both inside the National and from
regulators and other market participants, were not properly
acted upon.

1.  Board Changes

Mr. Kraehe said Directors had accepted the proposition in the
PwC report that the Board is ultimately responsible for the
culture and the reputation of the National, and any losses
suffered by shareholders.

"The former Chairman, Mr. Charles Allen, and former Chief
Executive, Mr. Frank Cicutto, resigned earlier this year because
they felt that was in the best interest of the National and its
shareholders," he said.

"However, the Board accepts that further action is required.  I
have already announced that we are seeking two additional
Directors with banking experience, one from Australia and one
from the United Kingdom. This process is well advanced. We have
also made a separate announcement today concerning changes in
the Chairmanship of Board Committees and the appointment of a
Senior Independent Director in accordance with international
best practice in corporate governance," he adds.

2.  Management Changes

Mr. Stewart said that management changes were also appropriate.

"Primary responsibility for the unauthorized trading rests with
four members of the foreign currency options desk and they have
been summarily dismissed from the National," he said.  "The four
traders that have been dismissed are: Mr. Luke Duffy, Mr. David
Bullen, Mr. Gianni Gray and Mr. Vince Ficarra.  The Head of
Foreign Exchange in the Markets Division, Mr. Gary Dillon, who
was the direct supervisor of the four traders, will also be
dismissed."

Mr. Stewart said the Australian Prudential Regulation Authority
(APRA), the Australian Companies & Securities Commission (ASIC)
and the Australian Federal Police (AFP) are investigating the
events surrounding the foreign currency options trading losses.
Overseas authorities are also reviewing the events and the
National's responses.

"These agencies will determine whether any civil or criminal
actions will be taken against individuals as a result of the
foreign currency options trading losses," he said. "The National
will continue to fully co-operate with the authorities in their
investigations."

Mr. Stewart said a number of other employees within the National
would also be transferred or counseled as a result of the events
surrounding the unauthorized foreign currency options trading.

Mr. Stewart said the National had decided to review the
employment of certain individuals:  "Those who will be leaving
the National include: the Executive General Manager of Corporate
& Institutional Banking, Mr. Ian Scholes; the Head of Markets
Division, Mr. Ron Erdos; and the Executive General Manager of
Risk Management, Mr. Chris Lewis.  Experienced managers have
been appointed to these positions on a short term basis until
the National completes appropriate recruitment processes."

3.  Risk and Control Frameworks

Mr. Stewart said the management team is continuing to implement
remedial actions to close gaps and loopholes identified in the
PwC report that were exploited by the traders or contributed to
long-standing breaches of policies and limits.

"We will refine our risk management framework to get a more
appropriate balance between management and policing functions,"
he said.  "We have already reviewed value at risk limits and
reduced our risk exposure."

"Weaknesses in control procedures identified by PwC have been or
will be rectified without delay.  This includes analysis of
daily trading profits and accounts, reporting of all large and
unusual transactions, investigation of all off-market rates on
high risk transactions, critical review of revaluation rates
sourced from third parties and a stronger back office function
that properly checks all transactions."

"It is totally unacceptable that employees of the National
breach policies and control limits.  From now on, there will be
a zero tolerance policy towards unauthorized limit breaches at
the National."

Mr. Stewart said the management team would also review
responsibilities between business units to ensure that there
would be clear reporting lines and accountabilities between Risk
Management, Operations and Finance functions within the
National.

"These and other specific issues identified in the PwC report
will be addressed quickly and I will report to the Board
regularly on our progress in tackling these long standing
problems at the National."

4.  Culture

Mr. Stewart said he was concerned about references in the PwC
report to staff that adopt arrogant or aggressive attitudes
towards others, or who abrogate responsibility and focus on
suppressing bad news rather than engaging in full and frank
dialogue.

"We will continue cultural change programs within the National
such as Revitalization and Making a Difference that promote
positive and transparent behaviors," he said. "We will ensure
that these programs are actively adopted in the Markets Division
of the National."

"I am pleased that whistleblowers had uncovered the losses from
foreign currency options trading and the National would continue
to encourage and protect whistleblowers. We need more brave
people that are prepared to confront bad behaviors," he said.

Mr. Stewart said the management team would also review its
recruitment processes, the annual appraisal processes and
incentive structures to avoid inappropriate behaviors in future
at the National.

For further information:

Brandon Phillips
Corporate Relations Manager
Group Corporate Affairs

03 8641 3857 work
0419 369 058 mobile

A copy of the full PwC report can be accessed at
http://bankrupt.com/misc/tcrap_nab0315.pdf


NATIONAL AUSTRALIA: Appoints New Board Committee Members
--------------------------------------------------------
National Australia Bank's Chairman, Mr. Graham Kraehe, announced
on Friday the changes to its Board Committees and the
appointment of a Senior Independent Director.

In a disclosure to the Australian Stock Exchange, Mr. Kraehe
said the changes followed a review of Board structures and
membership since he was appointed Chairman.

"Directors have decided that Mr. Peter Duncan should replace me
as Chairman of the Board Risk Committee and that Mr. John Thorn
should replace Mrs. Catherine Walter as Chairman of the Audit
Committee," he said.

"Mr. Duncan, who has been on the Board for two years, has
extensive international experience in finance and general
management.  Mr. Thorn, who was appointed to the Board six
months ago, has significant international accounting, auditing
and management experience."

"Mrs. Walter, who has been on the Board for eight years, and a
member of the Audit Committee for the last six years, the last
three as Chairman, will leave the Audit Committee."

"In due course, new Directors with banking experience will also
be appointed to the Audit Committee and the Risk Committee."

Mr. Kraehe said Dr Ken Moss, who has been on the Board for four
years, had also been appointed as the Senior Independent
Director in line with the best practice corporate governance
model in the United Kingdom.

He said that the Board would also enhance existing governance
processes including the annual review of Board performance and
the review of individual Directors prior to their standing for
re-election at Annual General Meetings.

For further information:

Brandon Phillips
Corporate Relations Manager
Group Corporate Affairs

03 8641 3857 work
0419 369 058 mobile


NATIONAL AUSTRALIA: S&P Cuts Ratings to AA-, Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said on Friday, that it has
lowered its long-term counterpart credit rating on National
Australia Bank Ltd. (NAB), and related entities, to 'AA-' from
'AA', including its counterparty credit rating and insurer
financial strength rating on MLC Limited and MLC Lifetime
Company Limited.

The outlook on NAB is stable. The 'A-1+' short-term rating on
NAB is unchanged.

"The downgrade reflects material and multiple breakdowns in
NAB's risk management processes and weaknesses in the bank's
corporate governance," said Standard & Poor's credit analyst
Craig Bennett, Financial Services Ratings.

"The bank appears fully committed to addressing risk management
issues identified, but Standard & Poor's also recognizes that
this will take time to implement and embed in the bank's
culture."

"NAB's 'AA-' rating is underpinned by its robust core franchise
in retail and business banking, diversified business base, and
strong financial profile-characterized by its strong asset
quality and revenue-generating capabilities," said Mr. Bennett.

The stable outlook reflects our expectation that NAB's core
franchise and financial strength have not been materially
compromised, and our belief that management will enact
sufficient improvements in risk controls and cultural change to
support the rating at the 'AA-' level.

An external investigation into the bank's risk management
processes was instigated following the realization that foreign
exchange traders had entered into unauthorized trades that
ultimately cost the bank A$360 million.

For more information contact:

Craig Bennett, Financial Services Ratings (61) 3 9631 2098


NATIONAL AUSTRALIA: Options Miss Price Hurdles
----------------------------------------------
Past and present executives of the beleaguered National
Australia Bank are in for the prospect of seeing some AUD57
million worth of options lapse this week after failing to meet
share price hurdles allowing them to be exercised, The Age
newspaper reports.

Issued five years ago with a fair value of AUD57 million, the
likely lapse of these options is believed to be the first time
that executives did not substantially profit on a sizable
options issue.

It is generally believed that Thursday's lapse of the 12.18
million options; NAB's biggest single tranche of outstanding
options is part of the fallout from last week's
PricewaterhouseCoopers report into January's $360 million rogue
currency trading scandal.

For these 12.18 million options to become exercisable, NAB
shares should rise to more than AUD37 by Thursday, the
expiration date of the options. On Friday, NAB shares closed
weaker at AUD31.60. As if that weren't enough, Standard & Poor's
decided to lower the bank's main credit rating from AA to AA-.

The options are in the money to the tune of AUD41 million based
on their AUD28.23 strike price, but a spokesman confirmed that
they still hadn't met performance hurdles to be exercisable,
including that NAB shares reached roughly AUD37.20.

"It's been quite a history at the National of setting stretch
targets for the exercise of options and the target price for
these to be exercisable is in excess of $37," a NAB spokesman
said yesterday. "Certainly it is rare and probably the first
time for a long time, but it demonstrates they were genuine
stretch targets," he added.

NAB sacked four traders and their boss Friday, while
three more senior executives resigned after new chief executive
John Stewart expressed his loss of confidence in them over the
currency trading scandal.

Jeff Lucy, chairman of the Australian Securities and Investments
Commission, said over the weekend that they would continue to
"have a close look at" the forex matter, but downplayed its
ability to take any further action at the same time.

"The response made on Friday was comprehensive. We were
certainly pleased that they released the PwC report in its
entirety," Mr. Lucy said. He adds, "Our responsibilities of
course are to do with the corporations law. Much of what the PwC
report is to do with is more to do with internal controls."


NATIONAL AUSTRALIA:  Plans to Get Feedback From Shareholders
------------------------------------------------------------
National Australia Bank Limited's (NAB) new independent director
Ken Moss will be a sounding board for dissatisfied shareholders,
the Australian Financial Review reports Monday.

Mr. Moss, who has been appointed to the board following the
bank's foreign exchange scandal, plans to get regular feedback
from shareholders and other board members about the performance
of the company's chairman and chief executive, the report adds.


NATIONAL INVESTMENT: Unit Faces Winding Up Petition
---------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Friday successfully applied to the Federal Court of Australia
for the winding up in insolvency of Property Corporate Services
Pty Limited (PCS), a company controlled by Henry Kaye.

Greg Keith of Grant Thornton was appointed liquidator of PCS.
Mr. Keith was previously appointed provisional liquidator of PCS
on   February 27, 2004 and swore an affidavit provided to the
Court stating that PCS was insolvent.

ASIC's application for the appointment of a receiver in relation
to Mr. Kaye's assets was adjourned and will return to court on
March 25, 2004.

Mr. Kaye gave further undertakings to the Court that he would
not deal with his assets, or the assets of companies under his
control, unless for full value or to meet legal or living
expenses. Mr. Kaye also undertook not to deal in any way with
the assets of companies that owe money to PCS. Mr. Kaye also
continued his undertaking to the court not to leave Australia.
These undertakings were similar to those given by Mr. Kaye since
ASIC commenced its proceeding in early December 2003 and will
continue until 4:15 p.m. on   March 25, 2004.


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

CHEUNG CHING: Winding up Hearing Set April 14
---------------------------------------------
The petition to wind up Cheung Ching Jade Ware Industrial
Limited is set for hearing before the High Court of Hong Kong on
April 14, 2004 at 9:30 in the morning.

Leung Wai Keung, whose registered office is located at Room
2202, Hiu Fai House, Hiu Lai Court, Sau Mau Ping, Kowloon, Hong
Kong, filed the petition on February 11, 2004.

Legal Aid Director Mr. Chau Ming Wai is located at 34th Floor,
Hopewell Centre 183 Queen's Road East, Wan Chai, Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Chau Ming Wai a notice in writing not
later than six o'clock in the afternoon of the 13th day of April
2004 (the day before the petition hearing).


CHUNG DING: Initiates Winding Up Petition
-----------------------------------------
The petition to wind up Chung Ding International Limited is set
for hearing before the High Court of Hong Kong on March 31, 2004
at 10 o'clock in the morning.

Huang Shih Che, whose registered office is located at 101, Block
15, Man Ting Fang Farden, No. 2489 Hong Qiao Road, Shanghai,
People's Republic of China, filed the petition on January 30,
2004.

The Petitioners' solicitors are Tanner de Witt of 2308-23rd
Floor, Tower 2, Lippo Centre, 89 Queensway Hong Kong. Any person
who intends to appear at the hearing of the petition must serve
or send by post to Solicitors Tanner de Witt a notice in writing
not later than six o'clock in the afternoon of the 30th day of
March 2004 (the day before the petition hearing).


HIN SHING: Faces Winding Up Petition
------------------------------------
The petition to wind up Hin Shing Marble Engineering Company
Limited is set for hearing before the High Court of Hong Kong on
April 14, 2004 at 10 o'clock in the morning.

Wong Lik Ki Anthony, whose registered office is located at Room
3, 11/F, Shui Lam House, Tin Shui Estate, Tin SHui Wai, New
Territories Hong Kong, filed the petition on February 16, 2004.

Legal Aid Director Mr. Chau Ming Wai is located at 34th Floor,
Hopewell Centre 183 Queen's Road East, Wan Chai, Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Chau Ming Wai a notice in writing not
later than six o'clock in the afternoon of the 13th day of April
2004 (the day before the petition hearing).


CITY SPORTS: Faces Winding Up Petition
--------------------------------------
The petition to wind up City Sports Limited is set for hearing
before the High Court of Hong Kong on April 14, 2004 at 9:30 in
the morning.

Tong Yuet Wai, whose registered office is located at Flat B,
23/F., Block 10, Nam Fung Sun Chuen, 19 Greig Crescent, Quarry
Bay, Hong Kong, filed the petition on February 9, 2004.

Legal Aid Director Mr. Chau Ming Wai is located at 34th Floor,
Hopewell Centre 183 Queen's Road East, Wan Chai, Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Chau Ming Wai a notice in writing not
later than six o'clock in the afternoon of the 13th day of April
2004 (the day before the petition hearing).


GOLD WO: Enters Third Stage of Delisting Procedures
---------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that effective
March 11, 2004, Gold Wo International Holdings Limited
(Provisional Liquidators appointed) would be put into the third
stage of the Delisting Procedures.

Pursuant to the Delisting Procedures, the Company will be given
a final six months for the submission of a valid resumption
proposal to the Exchange.  If the Company does not put forward a
valid resumption proposal by September 10, 2004, being six
months from the date of this announcement, the Exchange intends
to cancel the listing of the Company.

Dealing in the shares of the Company has been suspended since
December 16, 2002. At the end of the second stage of the
Delisting Procedures, which in the case of the Company was 13
February 2004, the Company has not submitted any valid
resumption proposal.  A valid resumption proposal most
importantly will need to demonstrate the Company's compliance
with the Listing Rules and all applicable laws and regulations
in Hong Kong and the Company's place of incorporation. In
addition, the proposal, if it were implemented, would enable the
Company to demonstrate that it complies with Paragraph 38 of the
Listing Agreement.

The Company will have a final six months for the submission of a
valid resumption proposal.  If the Company does not submit a
valid resumption proposal by September 10, 2004, the Exchange
intends to cancel the listing of the Company.


MAXROYAL INTERNATIONAL: Winding Up Hearing Slated for April 14
--------------------------------------------------------------
The petition to wind up Maxroyal International Limited is set
for hearing before the High Court of Hong Kong on April 14, 2004
at 9:30 in the morning.

Liu Kuk Chun, whose registered office is located at Room 1307,
Lai Huen House, Lai Kok Estate, Cheung Sha Wan, Kowloon, Hong
Kong, filed the petition on February 9, 2004.

Legal Aid Director Mr. Chau Ming Wai is located at 34th Floor,
Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Chau Ming Wai a notice in writing not
later than six o'clock in the afternoon of the 13th day of April
2004 (the day before the petition hearing).


MEDTECH GROUP: Capital Revamp Effective April 7
-----------------------------------------------
Medtech Group announced that the whitewash document containing
the details of its capital reorganization has been dispatched to
shareholders on March 12. Effective date of the capital
reorganization will be on April 7, 2004.

The un-audited net tangible assets per share of the company
before capital reorganization and the subscription is $0.0031.
The pro forma adjusted un-audited net tangible assets per new
share upon completion of the capital reorganization and the
subscription is $0.0097.


WIN VICTORY: Winding up Hearing Set March 24
--------------------------------------------
The petition to wind up Win Victory Holdings Limited is set for
hearing before the High Court of Hong Kong on March 24, 2004 at
10 o'clock in the morning. Shanghai Merchants Holdings Limited
(In Receivership) filed the petition on September 23, 2003.

The Petitioners' solicitors are Lovells of 23/F., Cheung Kong
Center, 2 Queen's Road Central Hong Kong. Any person who intends
to appear at the hearing of the petition must serve or send by
post to Solicitors Lovells a notice in writing not later than
six o'clock in the afternoon of the 23rd day of March 2004 (the
day before the petition hearing).


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


BANK DANAMON:  Moody's Ups Outlook To Positive
----------------------------------------------
Moody's Investors Service has revised the outlook for Bank
Danamon Indonesia's (BDMN.JK) E+ bank financial strength rating
(BFSR) to positive from stable.

The change in outlook for the BFSR is attributable to our view
that last year's shareholding change has been and will continue
to be positive, on balance. Temasek Holdings will likely build
the business to achieve higher returns. Therefore, Moody's
expects the bank's franchise value to be enhanced over time
under the new management team. In addition, management is
raising the bank's practices to conform to global standards.
These changes bode well for the franchise value, and hence
recurring earning power of the bank.

Since new management entered the bank in June 2003, they have
honed the bank's strategy and are redefining the bank's
competitive position in the banking landscape. While the bank
will remain a consumer and small and medium sized enterprises
bank, it intends to concentrate on the lower income customers
and self-employed segments. To help it in these areas, the bank
proposes to acquire a 75 percent stake in Adira Finance for
IDR850 billion in cash in the first quarter of 2004. Adira
Finance specializes in auto and motorcycle financing and holds a
12 percent market share in the motorcycle financing business.

BDI is the fifth largest bank in the country with a 5 percent
deposit market share. At end-2003, it had assets of IDR53
trillion. The bank has an established brand name in the consumer
market, relatively healthy financial fundamentals and a
professional management team. As of December 2003, the Asia
Financial Indonesia consortium (comprising Temasek Holdings of
Singapore with 85 percent and Deutsche Bank 15 percent) had
acquired a 61.8 percent stake in the bank.

Bank Danamon Indonesia's ratings are: long-term/short-term
deposit of B3/Not Prime and bank financial strength rating of
E+. The debt and deposit ratings carry a stable outlook, but
with this action, the outlook on the BFSR is changed to
positive.


BANK MANDIRI: Indonesia Government Sells 10% Stake For $330M
------------------------------------------------------------
The Indonesian government raises $330 million through selling on
Thursday a 10% stake in Bank Mandiri through a private placement
on the local bourse, IndoExchange reports. The placement was
part of a number of bank stake sales the government is
undertaking this year to help fund its budget deficit.

The government sold 1.98 billion shares at 1,450 rupiah each
($1=IDR8, 620), compared with the bank's last traded price of
IDR1, 500, Deputy State Enterprise Minister Mahmuddin Yassin
told reporters. The issue was 1.5 times oversubscribed, he
added. Indonesia's government still holds a 70 percent stake in
Bank Mandiri after the placement.

UBS Warburg and PT Danareksa Sekuritas were joint book runners
on the sale.

Shares in Bank Mandiri were suspended from trading on the
Jakarta bourse Thursday during the placement.



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


CORPORATE BANKRUPTCIES: Slips by 23.8% in February
--------------------------------------------------
Teikoku Databank Ltd. said on Friday that the number of
corporate bankruptcies in Japan fell by 23.8 per cent in
February from a year earlier to 1,208. This marks a 14th
straight month of decrease, reports The Japan Times.

Combined debts left by the failed companies dropped 28.9 per
cent from the previous year to 1.1 trillion yen but exceeded 1
trillion yen for the first time in three months, the credit-
research company said in a report covering bankruptcies
involving liabilities of 10 million yen or more.

The debt amount is the fifth-largest postwar total for February.
This reflects the large-scale failures of golf course operators
and real estate companies during the reporting month.

Teikoku attributed the year-on-year decrease in the number of
bankruptcies to public assistance for small and midsize
businesses, as well as risk-avoidance strategies adopted by a
number of companies and fewer credit transactions.

By industry, falls in the construction sector were prominent,
with a 29.7 per cent decline.

The Kinki region of western Japan showed a significant fall, at
30.2 per cent.


ITOCHU CORPORATION: Fitch Upgrades Rating to 'BB+'
--------------------------------------------------
Fitch Ratings has upgraded Itochu Corporation's senior unsecured
rating to 'BB+' from 'BB-' (BB minus). Following the upgrade,
the rating outlook is now stable.

The rating action reflects Itochu's improvement in financial
profile, evident in ongoing asset and debt reduction, and
increased capital. Since March 2000, it has reduced assets by
27.1% to JPY4.4 trillion in September 2003, while its debt has
dropped 38.8% to JPY2.5 trillion over the same period. Positive
net returns for the past three years and equity finance in July
2002 helped improve its shareholders' equity ratio to 10.7% in
September 2003 from 4.6% in March 2000. Its net debt/equity
ratio also improved to 4.1x from 11.2x during the same period.

Itochu's profitability has also shown a notable recovery in the
last three years, despite a weak economic climate. Its core
earnings grew by 63.2% to a record high of JPY115.5 billion in
FYE03 from JPY70.8bn in FYE00, despite the asset reduction
noted. This was driven by a more effective risk management
system and disciplined investment practices, as well as
continual cost reduction efforts. Its recent performance
demonstrates that Itochu has successfully restructured itself
into a cost-efficient company, with higher earnings achieved on
lower sales and a leaner balance sheet.

However, Itochu's key risk concerns of a weak capital base and
unstable earnings remain. Its shareholders' equity is still weak
compared with its peers', and insufficient to cover the maximum
potential loss of assets held and in the long term it needs to
boost the equity to a level at or above the maximum amount of
potential loss. Moreover, despite its robust core earnings, net
profit growth has lagged due to non-recurring charges. Earnings'
stability is important for trading houses in order to weather
the impact of the macro environment, and to generate enough
earnings to absorb non-recurring losses. Its robust core
earnings, together with lagging net profit, indicate Itochu's
lack of earnings' stability. In spite of these issues, however,
Itochu has achieved a strong improvement in its post-
restructuring earnings and financial profile.

Contact:

Satoru Aoyama     03-3288-2691
satoru.aoyama@fitchratings.com
Danyal H. Qazi     03-3288-2600
danyal.qazi@fitchratings.com
Osamu Kobayashi     03-3288-2747
osamu.kobayashi@fitchratings.com


MITSUBISHI FUSO: To Be Inspected Over Vehicle Recall
----------------------------------------------------
Ministry sources said on Sunday that the transport ministry
would conduct on-site inspections on Mitsubishi Fuso Truck and
Bus Corporation over their reversal on the cause of accidents
involving its vehicles, Kyodo News reports.

The Land, Infrastructure and Transport Ministry says it is
unclear why the automaker listed a structural defect involving
wheel hubs as the cause of accidents after initially blaming
vehicle owners for insufficient maintenance.

Mitsubishi Fuso trucks have been involved in several accidents,
including a fatal one in 2002 that occurred after the wheel came
off a truck while the vehicle was in motion.


NANKAI ELECTRIC: JCR Affirm BBB+/J-2 Ratings
--------------------------------------------  
Japan Credit Rating Agency (JCR) has affirmed the preliminary
BBB+, and J-2 ratings on the shelf registration, bonds and CP
program of Nankai Electric Railway Co., Ltd., respectively.

Shelf Registration:

Maximum: Y50 billion
Valid: two years effective from May 8, 2003

Issues     Amount (bln)Issue Date   Due Date       Coupon

Bonds no.18 Y10     Aug. 10, 1998  Aug. 8, 2008   2.70%
Bonds no.19 Y10     Mar. 12, 1999  Mar. 12, 2004  2.45%
Bonds no.20 Y10     Feb. 10, 2000  Feb. 10, 2010  2.35%
Bonds no.21 Y10     Aug. 10, 2000  Aug. 10, 2010  2.55%
Bonds no.22 Y10     Aug. 10, 2000  Aug. 10, 2006  1.83%
Bonds no.23 Y20     Apr. 12, 2001  Apr. 12, 2005  1.00%
Bonds no.24 Y20     Oct. 17, 2002  Oct. 17, 2006  1.80%
Bonds no.25 Y20     Jan. 30, 2004  Jan. 30, 2009  1.39%

CP:

Maximum: Y20 billion
Backup Line: 0%

RATIONALE:

Nankai Electric's efforts to improve the earnings through cost
reductions are now beginning to pay off. On the other hand,
although the interest-bearing debt has been reduced, peaking out
in fiscal 2001, the ratio of debt to total assets remains large.
The financial ratios such as interest-bearing debt/EBITDA ratio
are weak. These ratios need to be improved further in the
future.

JCR evaluates highly the fact that the business risk of the
group as a whole was reduced largely through restructuring such
as transfer of operation of Nankai South Tower Hotel. JCR
considers that outlook for the rating for Nankai Electric
Railway is stable, accordingly. The measures that have been
taken to date centered on restructuring measures. Downward
pressure on the earnings via drop in the number of railway
passengers will continue into the future. Nankai Electric needs
to hammer out a new business development plan to expand earnings
base while improving the financial structure by further pushing
for rationalization.


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


DAEWOO HEAVY: Workers To Join Bidding
-------------------------------------
The Korea Herald reports that employees of Daewoo Heavy
Industries and Machinery Ltd. plan to join the competition to
take over the nation's largest construction machinery maker.

A joint committee of Daewoo's labor union and non-union staff
said that it would submit a letter of intent to participate in
the bid to buy the state-run Korea Asset Management's 35.96 per
cent stake.

Kamko, the largest shareholder, and Korea Development bank, the
second largest with a 21.91 per cent stake, will sell their
holdings in Daewoo Heavy. The sale is being managed by Credit
Suisse First Boston.

At least 21 companies have made bids for Daewoo so far, various
sources say.

DHI was placed under a debt workout program following the
collapse of the Daewoo Group.

The employee committee opposes the sale to outside investors out
of fears that it will lead to mass layoffs. The committee said
that it would pull funds from employees, domestic investors and
the companies' parts suppliers.


HYNIX SEMICONDUCTOR: Develops Fastest Graphics Memory Chip
----------------------------------------------------------  
Hynix Semiconductor Inc. has completed the development of its
550MHz DDR SDRAM and will begin volume production next month,
the Company said in a statement.

Hynix's DDR550 design targets PC enthusiasts requiring faster
memory devices. For customers looking to upgrade their PCs to
DDR2 SDRAM, the new DDR550 provides an ideal alternative by
simply replacing installed memory. Hynix expects its new DDR550
will attract high performance PC users and computer game
enthusiasts.

Hynix anticipates strong demand for DDR550 as Desktop PCs are
expected to adopt Intel's new Grantsdale chipset, supporting
both DDR and DDR2, by the second half of this year. To coincide
with the forecasted upgrades, Hynix started providing samples of
its 550MHz DDR SDRAM to customers last month.

Hynix is the only DRAM supplier currently capable of yielding
550MHz DDR SDRAM. DDR550 enhances PC system level performance,
which provides a true value proposition for PC users.

According to the Troubled Company Reporter-Asia Pacific, 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.


KOREA EXCHANGE BANK: Liquidates New York Branch
-----------------------------------------------  
The New York Branch of Korea Exchange Bank, located at 460 Park
Avenue, New York, was liquidated on February 2, 2004, under the
provisions of the New York Banking Law Section 605.11(c). Korea
Exchange Bank plans to surrender its branch license on March 31,
2004.

The Bank will maintain a representative office at the same New
York address. Inquiries or claims regarding the liquidation must
be directed, on or before March 31, 2004, to:

Mr. Yeon Sup Kang Senior Manager, New York Branch Korea Exchange
Bank 212-350-7416 After March 31, direct claims or inquiries to:

Mr. Ho Sung Lee Chief Representative of Korea Exchange Bank's
Representative Office 460 Park Avenue, New York. (THE TROUBLED
COMPANY REPORTER, Issue Number 50; March 11, 2004)


SK CORPORATION: Fends Off Sovereign
-----------------------------------
SK Corporation has secured an overwhelming victory in its battle
with its major shareholder Sovereign Asset Management over
managerial rights, reports the Digital Chosun.

Chief Executive Chey Tae Won retained his power in the company
as shareholders in SK Corporation voted for the five independent
candidates nominated by the oil refiner as the company's
directors during their annual general meeting.

Sovereign, a Monaco-based fund with 14.99 per cent stake in SK
Corp., has fought for almost a year to shake up the oil
refiner's management since Chey was convicted under an
accounting scandal.

In the AGM, Heon Cheol Shin, vice president of SK Gas was
elected as executive director while Seo Yun Seok, professor of
Ewha Womans University; Cho Soon, former deputy prime minister;
Oh Sei-jong, former Seogang University professor; Kim Tae-yoon,
former presidential secretary; and Nam Dae-Woo, former outside
director of Korea Gas Corporation were selected as independent
directors. SK recommended them all.

Shareholders, meanwhile, rejected four of Sovereign's candidates
as directors, backing only Nam Dae Woo -- who was also put
forward by SK Group. In particular, candidates recommended by SK
Group won support of nearly 60 percent while candidates
recommended by Sovereign get only about 40 percent.

SK said the results were the effects of their pledge to improve
corporate governance and efforts to have some foreign investors
on their side.


SSANGYONG MOTOR: Bluestar To Make Final Bid
-------------------------------------------
Creditor banks say that the sale of troubled SSangyong Motor Co.
is poised to gain momentum as the China National Group makes a
final bid this week, reports the Digital Chosun.

The Chinese company was selected in December as the preferred
bidder for a 55.4 per cent stake in Ssangyong Motor, which
Chohung Bank and 27 other creditors have been running since the
collapse of its parent Ssangyong Group in 1998.


The creditors will review the bid, sign a binding deal later
this month or in early April and finalize the sale in May,
sources said.

Ssangyong's sale price of about $650 million will be China's
single largest foreign direct investment. Bluestar, however, is
reportedly vying to pay less if additional debts are found,
sources said.

"Negotiations with Bluestar have been going smoothly," an
official with the creditor Bank said.

Ssangyong Motor's labor union had apparently backed off its
earlier opposition, brightening prospects for a sale.

Ssangyong Motor specializes in sports utility vehicles and makes
luxury sedans.


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


DRB-HICOM BHD: Asset Disposal Approved
--------------------------------------
The Board of Directors of DRB-HICOM Berhad is pleased to
announce that the Ordinary Resolution as set out in the Notice
of Extraordinary General Meeting of 1/2004 (EGM) dated 21
February 2004 in relation to the Proposed Disposal and Proposed
Guarantee and Indemnity has been duly passed by the shareholders
of the Company at the EGM held on 13 March 2004.
c.c. Issues and Investment Division
Securities Commission
This Kuala Lumpur Stock Exchange Announcement is dated 13 March
2004.


MALAYSIAN AIRLINES: Posts Profit of RM146.3M
---------------------------------------------
With the third-quarter figures announced today, Malaysian
Airlines is firmly on its way back to profitability, the Sunday
Observer reports.

At this point, the management expects the momentum to continue,
bringing a positive outcome by the end of the financial year.

Malaysian Airlines reveals a Group operating profit of RM146.3
million for the 3rd quarter ending 321 Dec 2003, an increase of
RM94.3 million over the same period last year.

The turnaround is being contributed towards eradicating the SARS
related losses incurred in the first quarter.

International traffic continued its steady recovery in the third
quarter, particularly in Asia. This welcome situation has been
aided by an improving world economy, especially in the US, Japan
and Europe.

During the third quarter, the airline had carried 4.1 million
passengers, of which 1.974 million were international
passengers.

Cargo maintained its growth track, uplifting 115,000 tons,
recording a year-on-year growth of 3 per cent.

The company's wholly owned MASKargo has secured 5th Freedom
traffic rights to operate freighter flights beyond Shanghai to
the Middle East and Europe. This enhances MASKargo's already
strong position in the fastest growing city in the world.

During the quarter, Malaysian Airlines also completed its sale
of 70 per cent shares in wholly-owned MAS Catering Sdn Bhd,
recording a gain of RM91.5 million, thus bringing the Group net
profit to RM230.1 million.

The industry was also confronted during the quarter with the
emergence of bird flu. However, in contrast to SARS, there was
better coordination and concerted action by all affected
government and multinational agencies to ensure proper and
transparent monitoring of the threat.

Dato' Md Nor Yusof, Managing Director of Malaysian Airlines was
quoted, "These results are most reassuring as they appear to
indicate that our recovery plans have withstood the recent
disruption and indeed are well on the planned course. Our strong
performance here has more than offset the financial setback
presented by SARS in the first quarter. Our liquidity position
is strong. Now in the second month of the final quarter, the
airline has reason to look optimistically to a fine finish for
the financial year on March 31, 2004."


MALAYSIA MINING: Plans Bauxite Mine Development in Indonesia
------------------------------------------------------------
Asia Pulse reports that Malaysia Mining Corporation Bhd (MMC) is
to develop the Alumina Tayan bauxite mine in West Kalimantan,
Indonesia, together with the state-owned PT Aneka Tambang.

Financing for the project is to be shouldered by two Japanese
companies, Showa Denko and Marubeni Corporation. They will be
running the mine in a joint venture with Antam.

The Alumina Tayam bauxite project is reported to cost
approximately US$220 million.

Aside from the Japanese investors, Antam has also asked for
government approval to issue new shares valued at US$31 million
to help finance the project.

Company Profile:

Malaysia Mining was originally the Kuala Kampar Tin Fields Bhd
(KKT) and operated 3 dredges in Perak. KKT ceased its direct
mining operations in 1981 due to exhaustion of payable tin ore
reserves.

In 1984, KKT was acquired by the Malaysia Mining Corporation
Bhd, and in 1992, the Company diversified its interests into
engineering activities through a merger with MMC Engineering
Services, with MMC holding 17.36% of the company.

To reflect a more appropriate image for its operations, the
Company adopted the name MMC Engineering Group Bhd in 1992.

In 2000, the Group consolidated its position in key business
areas by undertaking a re-organization involving its units. MMC
Engineering Services Bhd was wound down and three new
subsidiaries formed in its stead, namely: MMC Engineering and
Construction Sdn Bhd: MMC Transport Engineering Sdn Bhd and MMC
Defence Sdn Bhd. The Group expects more benefits from spin-off
projects generated by the restructuring.


NCK CORP: Restructuring Scheme Modifications Approved
-----------------------------------------------------
Further to the announcement dated 3 November 2003, OSK
Securities Berhad (OSK), on behalf of the Special Administrators
of NCK is pleased to announce that the Securities Commission
(SC) via its letter dated 8 March 2004 received on 10 March
2004, approved the modification to the earlier approved Proposed
Scheme (Modifications).

The approval of the SC for the modifications to the Proposed
Scheme is subject to the following terms and conditions:

     (i) to obtain the approval from all the relevant
authorities on the Modifications prior to the implementation of
the Modification;

     (ii) OSK and NCK/APB Resources Berhad (APB) are required to
comply with the terms and conditions imposed by the SC via SC's
letter dated 15 November 2002 and 17 November 2003;

     (iii) OSK and NCK/APB are required to disclose in the
Information Circular to the shareholders of NCK regarding the
industry risk involving ECSB and KRSB and the basis of valuation
on the purchase consideration of ECSB and KRSB;

     (iv) prior to the implementation of the acquisition of
ECSB, the vendor of ECSB is required to obtain the following:

a) approval and consent from the Ministry of Energy,
Communications and Multimedia, Malaysia in respect
of ECSB undertaking the Hydro Project;

b) procure or cause ECSB to procure the generation
license from the Director General of Electricity
Supply, Jabatan Bekalan Elektrik in favor of ECSB as
required for the purpose of carrying out the Hydro
Project; and

c) obtain all the relevant approval, authorization,
verification, consent, license, permit and mandate
from the relevant authorities that are required for
ECSB to carry out the hydro project.

     (v) prior to the implementation of the acquisition of KRSB,
the vendor of KRSB is required to obtain the following:

a) written consent from Tenaga Nasional Berhad (TNB)
to extend the tenure of the Mini Hydro Generating
Stations (MHGS) Agreement (to operate and maintain
thirty five (35) mini hydro generating stations for
the production of electricity) entered into between
TNB and Projass Engineering Sdn Bhd (PESB) for a
minimum period of twenty (20) years commencing from
the expiry of the term of the MHGS Agreement (ten
(10) years commencing from 29 December 1993); and

b) novation of PESB's rights, interests, benefits,
obligations and liabilities under the MHGS Agreement
in favor of KRSB, or alternatively to obtain the new
MHGS Agreement between KRSB and TNB on terms and
conditions that are acceptable to APB.


This Kuala Lumpur Stock Exchange announcement is dated 12 March
2004.


PAN PACIFIC ASIA: Defaults on Payment
-------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB) would
like to announce the Default in Payment as of 29 February 2004
of PPAB and its subsidiaries in accordance with the Practice
Note No. 1/2001.

This announcement was posted on the Kuala Lumpur Stock Exchange
on 12 March 2004.

For a full view of the Summary of Borrowings in Default by Pan
Pacific Asia, click on the following link:

http://bankrupt.com/misc/Pacific.doc


POS MALAYSIA: Converts Unsecured Loan Stocks
--------------------------------------------
Kindly be advised that:

     (i) 283,100 new ordinary shares of RM1.00 each arising from
the aforesaid Conversion;

     (ii) 476,000 new ordinary shares of RM1.00 each issued
pursuant to the aforesaid Scheme;

will be granted listing and quotation with effect from 9 a.m.,
Tuesday, 16 March 2004.

This Kuala Lumpur Stock Exchange Announcement is dated 13 March
2004.


SOUTHERN STEEL BERHAD: Converts Unsecured Loan Stocks
-----------------------------------------------------
Kindly be advised that Southern Steel Berhad's additional
1,364,726 new ordinary shares of RM1.00 each arising from the
aforesaid Conversion will be granted listing and quotation with
effect from 9.00 a.m., Tuesday, 16 March 2004.

This Kuala Lumpur Stock Exchange Announcement is dated 13 March
2004.


WEMBLEY: Proposes Capital Reduction and Debt Restructuring
----------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of Wembley
Industries Holdings Berhad (WHIB), wishes to announce that the
Board of Directors of WIHB has revised the Proposed Debt
Restructuring Scheme on 11 March 2004.

They would also like to announce that the revisions to the
Proposed Rights Issue, as announced to the Malaysia Securities
Exchange Berhad on 13 January 2004 remain unchanged.

The announcement is dated 12 March 2004 on the Kuala Lumpur
Stock Exchange.

Full details of the revisions to the Proposed Capital Reduction
and Consolidation as well as the Proposed Debt Restructuring
Scheme may be viewed at the following link:

http://bankrupt.com/misc/Wembley.doc


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


MAYNILAD WATER: To Settle PhP8B Debt to MWSS
---------------------------------------------
Maynilad Water Services Incorporated proposes a debt-for-equity
swap deal with its creditors to settle some 18 billion pesos in
maturing obligations, according to the Philippine Daily
Inquirer.

Among Maynilad's creditors, Metropolitan Water and Sewerage
System (MWSS), is on top of their priority, with PhP8 billion
unpaid concession fees.  The remaining PhP10 billion obligations
are Credit Agricole, Indosuez Merchant Bank Asia Limited,
Citibank NA, Barclays Bank PLC and BNP Paribas, Equitable PCI-
Bank, Rizal Commercial Banking Corp. and the state-owned
Development Bank of the Philippines.

Under Maynilad's proposal, MWSS is to be given control of about
60 percent of the west concession area.

Amendment No. 2 to the Concession Agreement states that, the
company to be controlled by the MWSS would be called the New
Maynilad, the seven-member board of directors of Maynilad would
be composed of four government appointees and three
representatives from the bank creditors.  Benpres Holdings and
its foreign partner, Ondeo Philippines Incorporated, will remain
as minority shareholders.

Justice Undersecretary Manuel Teehankee, who heads the MWSS
panel and the Office Government Corporate Counsel (OGCC), said
that both companies are aiming for an amicable settlement, but
discloses that the government still has a hand in the
negotiations.


Mr. Teehankee noted that they were pushing for the decision of
the International Arbitration Committee led by a representative
from the International Chamber of Commerce that Maynilad must
settle all its debts.

Up to now, the MWSS could still not tap the 120-million-dollar
performance bond of Maynilad due to some court cases.

Maynilad's lead council Ronald A. Ledesma said that the company
would be willing to change its current rehabilitation plan to
make it more acceptable to its creditors.

According to Maynilad, as of Oct. 31, 2003, the company has
17.59 billion pesos in liabilities as against 16.94 billion
pesos in assets.


PHILIPPINE LONG: Shows Confidence in Units Capacity
---------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) said its
wireless unit Smart Communications Incorporation and affiliate
Pilipino Telephone Company would be able to handle 16 million
subscribers by April, AFX Asia reports.  The telephone company's
subscribers reaches 13 million in February and is expected to
climb to 18 million by the end of March.

PLDT and Smart President Napoleon Nazareno said that the company
can handle 150 million text messages a day and will have a more
network capacity of 16 million by the end of next month.

Smart seeks for additional access codes from the National
Telecommunications Commission in preparation to the increasing
subscribers in the next few months. The wireless's subscribers
could reach 14 million by the end of the first quarter.


UNIWIDE GROUP: To Issue PhP1B Notes to Unsecured Creditors
----------------------------------------------------------
The debt-saddled Uniwide Group of Companies would be issuing
convertible notes to settle about PhP1 billion in debts to
unsecured creditors, Business World reported on Monday.

Half of the company's unsecured creditors would be paid through
the notes while the other half would be paid by from the
operations of Uniwide.  The notes would be payable in a 15-year
period, SEC Chairperson Lilia R. Bautista discloses.

Ms. Bautista added that Uniwide has arranged to pay the secured
creditors, in kind in the form of its properties.  The secured
creditors are composed mostly of banks, while the unsecured
creditors comprise suppliers.

However, Allied Bank and Philippine National Bank have not
agreed to the payment in kind scheme, Uniwide is still working
on the settlements with the said banks.

The Uniwide group suffered from liquidity problems as a result
of the economic crunch. It then filed for suspension of debt
payments and rehabilitation with the SEC in June 1999.


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


ADROIT INNOVATIONS: Disposes of Property
----------------------------------------
(A) Disposal and Background Information

The Board of Directors of Adroit Innovations Limited (AIL)
wishes to announce that Adroit Properties Pte Ltd (APPL), a
wholly-owned subsidiary of the Company has entered into an
Option to sell (Option) to Dynamic Source Pte Ltd (Purchaser) on
12th of March 2004, the leasehold property of APPL situated at
20 Kaki Bukit Crescent, Kaki Bukit Techpark 1, Singapore 416251
(Property), free from all encumbrances, with vacant possession
and on the terms and conditions set out in the Option.

The Property held on a leasehold tenure expiring on 24th
September 2053 is for factory cum office use and is currently
being occupied by APPL.


(B) Consideration and Material Conditions Under Option

The consideration for the Disposal of S$2,200,000 was arrived at
by negotiations on a willing seller willing buyer basis and is
to be wholly satisfied in cash.

S$22,000  has already been paid to APPL on or prior to the
execution of the Option. The Option shall expire within fourteen
(14) working days from the date of the Option, i.e. on or before
4.00pm on the 1st April 2004. Upon exercising the Option, the
Purchaser shall deliver to APPL another S$198,000. The balance
of the consideration amounting to S$1,980,000 will be paid upon
completion of the Disposal, which is scheduled to take place on
15th June 2004.

The completion of the Disposal is subject to the Vendor
obtaining the approval of the Singapore Exchange and/or approval
by shareholders of the Company in general meeting and/or any
other approval as may be required for the sale of the property.

Other than stated above, there are no other material conditions
attaching to the Disposal.


(C) Net Book Value Of Property

The net book value of the Property as at 31st December 2003 was
S$2,656,642.


(D) Use Of Sale Proceeds

The net proceeds of the Disposal will be used for the Company's
working capital purposes.


(E) Financial Effects

The loss attributable to the Disposal incurred by APPL is
S$456,642.

The net asset value per share of the Group, based on audited
accounts as at 30th June 2003 was 6.76 cents. The loss per share
of the Group, based on audited accounts for the financial year
ended 30th June 2003 was 3.78 cents.

Assuming that the Disposal had been effected at the end of the
last financial year on 30th June 2003, the net asset value per
share of the Group would decrease by 0.18 cents to 6.58 cents
based on the audited accounts as at that date. The loss per
share of the Group, would increase by 0.18 cents to 3.96 cents
based on the audited accounts as at that date.


(F) Rationale For Sale

The Company's human resource requirement has reduced
substantially since the Company embarked on its restructuring
effort for its IT business. As such, the Property has been under
utilized. It is the Company's intention to move out from its
present premise to a more suitable and reasonably sized unit
upon the Disposal. The Disposal will raise a gross cash proceeds
of S$2.2 million to APPL, which can be usefully deployed by the
Company for its operations.


(G) Interested Party Transactions

No director or controlling shareholder has any interest, direct
or indirect, in the Disposal.


(H) Agreement Available For Inspection

A copy of the Option is available for inspection during normal
business hours at the registered office of Adroit Innovations
Limited situated at 20 Kaki Bukit Crescent, Kaki Bukit Techpark
1, Singapore 416251 for 3 months from the date of this
announcement.

This announcement is dated 12 March 2004 on the Singapore Stock
Exchange.


BAK HONG: Issues Dividend Notice
--------------------------------
Bak Hong Motor Pte ltd. (In Liquidation) issued a notice of
first and final dividend:

Address of registered address: 18 Cross Street, #08-03 Marsh &
McLennan Centre, Singapore 048423.

Amount per centum: 4.8 percentum of all admitted unsecured
claims.

First and final or otherwise: First and final.

When payable: 19th March 2004.

Where payable: 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.

The Singapore Government Gazette announcement is dated March 12,
2004.


DAEWOO SINGAPORE: Winding up Petition Hearing Set March 26
----------------------------------------------------------
The petition to wind up Daewoo Singapore Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
March 26, 2004 at 10 o'clock in the morning.

Korea Asset Management Corporation, a creditor, whose address is
located at 24th Floor, ASEM Tower, 159-1 Samsung-dong, Kangnam-
ku, Seoul 135-798, Korea, filed the petition with the court on
March 1, 2004.

The Petitioners' solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 25th day of
March 2004 (the day before the day appointed for the hearing of
the petition).

The Singapore Government Gazette announcement is dated March 12,
2004.


FLEXTECH HOLDINGS: Trading Activity Questioned
----------------------------------------------
12 March 2004

Flextech Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315

Attention: Mr. Au Sai Chuen

Dear Sir,

QUERY REGARDING TRADING ACTIVITY

1 We have noted, and draw your attention to, a substantial
increase in the price of your shares today. To ensure a fair and
orderly market, please answer each of the following:

Question 1: Are you aware of any information not
previously announced concerning you (the issuer),
your subsidiaries or associated companies that, if
known, might explain the trading?

- If yes, the information must be
announced immediately.

Question 2: Are you aware of any other possible
explanation for the trading?

Question 3: Can you confirm your compliance with the
listing rules and, in particular, listing rule 703?

2 Please respond immediately via MASNET. Where appropriate, you
may want to request a trading halt or a suspension of trading.
Please contact Market Control (or, if you need to discuss the
matter, your Account Manager in Issuer Regulation) immediately.
Thank you for your cooperation.

3 We have released this letter via MASNET.

Yours faithfully,

ELSIE CHUA
Vice President
Market Surveillance

Notes:

     1. Subject to limited exceptions in rule 703, an issuer
must announce any information known to the issuer concerning it
or any of its subsidiaries or associated companies which is
necessary to avoid the establishment of a false market in the
issuer's securities, or would be likely to materially affect the
price or value of its securities must be publicly disclosed
(rule 703).

     2. An issuer must undertake a review to determine the
causes of any unusual trading activity (paragraph 20 of Appendix
7.1).

     3. An announcement should, among other things, state
whether the issuer or any of its directors are aware of the
reasons for the unusual trading activity and whether there is
any material information which has not been publicly disclosed
(paragraph 31 of Appendix 7.1).

     4. Your responsibility under listing rules is not confined
to, or necessarily satisfied by, answering the questions in this
letter.


Submitted by Elsie Chua, Vice President, Market Surveillance on
12/03/2004 to the SGX


FLEXTECH HOLDINGS: Trading Stopped
----------------------------------
As a result of the recent inquiry into trading activity,
Flextech Holdings through Chief Financial Officer, Chow Kek Tong
requested for the suspension of trading of Flextech shares on
the Singapore Stock Exchange as of 4:40 pm on 12 March 2004.

No specific reasons for the suspension were given immediately.

This announcement was made on the Singapore Stock Exchange on
the same day the trading was halted.

But Elsie Chua, Vice President for Market Surveillance had
earlier sent a letter to Flextech Holdings Limited, pointing out
that there was a substantial increase in the trading prices of
Flextech shares that day.

Flextech was asked to explain if they were aware of any
undisclosed information concerning the company, the subsidiaries
or the associated companies that might explain the trading. And
to immediately make public any such information.

They were also asked to confirm their compliance with the
listing rules of the Stock Exchange, particularly, listing rule
703.

Rule 703 states that an issuer must announce any information
known to the issuer concerning it or any of its subsidiaries or
associated companies which is necessary to avoid the
establishment of a false market in the issuer's securities, or
would be likely to affect the price or value of its securities.
The issuer must also undertake a review to determine the cause
of any unusual trading.

The principal activities of Flextech Holdings Limited are those
of investment holding. Its subsidiaries are primarily engaged in
the sale and distribution of electronic components and acting as
commission agents; assembly services and manufacturing of
electronic products; including switches, repackaging of
electronic components; and developing and marketing equipment in
semiconductor back-end processes and the design and manufacture
of probe cards and packaging materials for electronic devices.

Flextech had in the previous year, delisted dormant subsidiaries
Corpserv Ltd. and Multimedia Junction Pte Ltd. from the
Singapore Stock Exchange.


HITACHI LEASING: Creditors Must Submit Claims by April 12
---------------------------------------------------------
The creditors of Hitachi Leasing (Singapore) Pte., Limited (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before the 12th day of April 2004
to send in their names and addresses and particulars of their
debts or claims, and the names and addresses of their solicitors
to the liquidators of the Company, and, if so required by notice
in writing by the said liquidators are, by their solicitors or
personally, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

FUMIO KUBOYAMA
SATORU MURANAKA
MASAOMI AOKI
Liquidators.
268 Orchard Road #11-01
Singapore 238856.

The Singapore Government Gazette announcement is dated March 12,
2004.


LIFESTYLE HOSPITALITY: Issues Debt Claim Notice to Creditors
------------------------------------------------------------
The creditors of Lifestyle Hospitality Management Services Pte
Ltd (In Members' Voluntary Liquidation), which is being wound
up, is required on or before April 5, 2004 to send in their
names and addresses, with particulars of their debts or claims
and the names and addresses of their solicitors (if any) to its
Liquidator, and, if so required by notice in writing by the said
Liquidator, are personally or by their solicitors, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

GOH BOON KOK
Liquidator.
1 Stadium Walk, Level 2
Kallang Theatre Building
Singapore 397688.

The Singapore Government Gazette announcement is dated March 12,
2004.


TRANSTECH ELECTRONICS: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Transtech Electronics Ltd. is set for
hearing before the High Court of the Republic of Singapore on
March 26, 2004 at 10 o'clock in the morning.

Kaga (Singapore) Electronics Pte Ltd., a creditor, whose address
is located at 77 Robinson Road, #10-01 SIA Building, Singapore
068896, filed the petition with the court on March 1, 2004.

The Petitioner's solicitors are Messrs Bernard Rada & Lee Law
Corporation of 9 Temasek Boulevard, #23-01 Suntec Tower Two,
Singapore 038989. Any person who intends to appear on the
hearing of the petition must serve on or send by post to Messrs
Bernard Rada & Lee Law Corporation a notice in writing not later
than twelve o'clock noon of the 25th day of March 2004 (the day
before the day appointed for the hearing of the petition).

The Singapore Government Gazette announcement is dated March 12,
2004.


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


SAMART CORPORATION: Retained Loss Reaches THB627M
-------------------------------------------------
Samart Corporation PCL plans to raise 1.6 billion baht by May to
write off its accumulated losses, refinance part of its debt,
and facilitate business expansion, according to the company's
President Thawatchai Vilailuck, quoted by fnWeb.

The company is mulling over whether to issue warrants or bonds
to raise the money, and has not determined the method of funding
yet.

Samart's retained loss is now at 627 million baht, and the
company plans to begin paying dividends.


THAI PETROCHEMICAL: Debt Administrator Denies Capital Reduction
---------------------------------------------------------------
The Thai Finance Ministry has not yet decided whether to reduce
the registered capital of Thai Petrochemical Industry (TPI), as
rumoured in the stock market, an official said on Friday, quoted
by Reuters.

Somchainuk Engtrakul, Finance ministry's top civil servant,
denies the rumors about the capital reduction of Thai
Petrochemical Industry.

The rumour sent shares in TPI, Thailand's biggest corporate
debtor, down more than seven percent in late afternoon trade on
Friday. The ministry is the company's debt administrator.


TOSHIBA CORPORATION: To Increase Output by 25%
----------------------------------------------
Toshiba Corporation (6502.TO) is set to produce 1 million units
each of refrigerators and washing machines a year at its two
factories in Thailand by 2005, up 25 percent each from such
output in 2003, the Nihon Keizai Shimbun reports in its Sunday
edition.

The boost in production is intended to meet growing demand
mainly in Asia, company sources said.  Toshiba will spend about
1 billion baht to build new production lines at the plants,
possibly by the end of the year.  An additional 1,000 employees
will be hired at the plants, which produced 800,000 units each
of refrigerators and washing machines in 2003.

The increased output will be exported not only to neighboring
Southeast Asian markets, but also to Australia and the Middle
East.
  

* BOND PRICING: For the week of March 15 - March 19, 2004
---------------------------------------------------------

Issuer                                Coupon   Maturity  Price
------                               ------   --------  -----


AUSTRALIA
---------

Advantage Group                       10.000%     4/15/06    1
Amcom Telecommunications Ltd          10.000%    10/28/07    2
APN News & Media Ltd                   7.250%    10/31/08    4
Australia Commonwealth Govt. Loans     3.000%     7/29/49   66
Australian Food & Fibre Ltd.           4.000%     12/4/08   10
Bendigo Bank Ltd                       8.000%     5/29/49   10
BIL Finance Ltd                        8.000%    10/15/07    9
BIL Finance Ltd                        8.250%    10/15/04    9
BIL Finance Ltd                        8.750%    10/15/04    9
BIL Finance Ltd                        8.750%    10/15/05    9
BIL Finance Ltd                        9.000%    10/15/04    9
BIL Finance Ltd                        9.250%    10/15/06    9
BIL Finance Ltd                       10.000%    10/15/04    9
Capital Properties NZ Ltd              8.500%     4/15/05    7
Capital Properties NZ Ltd              8.500%     4/15/07    8
Capital Properties NZ Ltd              8.500%     4/15/09    9
Consolidated Minerals Ltd             11.250%     3/31/05    1
Djerriwarrh Investments Ltd            7.500%     9/30/04    4
Evans & Tate Ltd                       8.250%    10/29/07    1
Fletcher Building Ltd                  7.800%     3/15/09    8
Fletcher Building Ltd                  7.900%    10/31/06    8
Fletcher Building Ltd                  8.500%     4/15/04    8
Fletcher Building Ltd                  8.600%     3/15/08    8
Fletcher Building Ltd                  8.750%     3/15/06    8
Fletcher Building Ltd                  8.850%     3/15/10    8
Fletcher Building Ltd                 10.500%      4/30/05   7
Feltex Carpets Ltd                    10.250%      9/15/08   1
Fernz Corp Ltd                         8.560%     10/15/06   8
Futuris Corporation Ltd                7.000%     12/31/07   2
Garratts Ltd                          12.000%     12/31/03   1
Gympie Gold Ltd                        8.500%      9/30/07   1
Hy-Fi Securities Ltd                   7.000%      8/15/08   8
Hy-Fi Securities Ltd                   8.750%      8/15/08  11
Hutchison Telecoms Australia           5.500%      7/12/07   1
Infrastructure and Utility          8.500%      9/15/13   9
JB Were Capital Markets Ltd            8.750%     12/31/03  29
Macquarie Bank Ltd                     1.800%      8/15/15  66
New South Wales Treasury Corporation   0.500%      2/16/10  72
NPT Capital Ltd                        9.500%     11/30/04   9
Nuplex Industries Ltd                  9.300%      9/15/07   7
Pacific Retail Finance                 9.250%      9/15/07  10
Port Douglas Reef Resorts Limited      9.000%       4/1/04   1
Powerco Ltd                            8.150%       9/1/07   6
Powerco Ltd                            8.400%      5/22/07   8
Queensland Treasury Corporation        0.500%      5/19/10  74
Richmond Ltd                          10.750%     12/15/04   9
Salomon Smith Barney Australia         4.250%       2/1/09   9
Sapphire Securities                    9.250%     12/20/06   9
Sky Network Television Ltd             9.300%     10/29/49   8
Straits Resources Ltd                 10.000%     12/31/03   1
Strathfield Group Ltd                 11.000%     12/31/05   1
Tower Finance Ltd                      8.750%     10/15/07   8
TrustPower Ltd                         8.300%     9/15/07    7
TrustPower Ltd                         8.500%     9/15/12    8
Vision Systems Ltd                     9.000%    12/15/08    2

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

China Government Bond                  2.900%     5/24/32   72
Teco Electric & Machinery Co Ltd       2.750%     4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%      4/1/96   74
Kolon Industries Inc                   0.250%    12/31/04   52


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%    12/22/05    1
Artwright Holdings Bhd                 5.500%     3/05/07    1
Arus Murni Corporation Bhd             0.500%     8/24/06    1
Berjaya Group Bhd                      5.000%     0/17/09    1
Berjaya Land Bhd                       5.000%    12/30/09    1
Berjaya Sports Toto Bhd                8.000%     8/04/12    4
Camerlin Group Bhd                     5.500%     7/15/07    1
Crescendo Corporation Bhd              3.000%     8/25/07    1
Crest Builder Holdings Bhd             1.000%     2/25/08    1
Crest Builder Holdings Bhd             3.000%     2/25/06    2
Dataprep Holdings Bhd                  4.000%      8/5/05    1
Dataprep Holdings Bhd                  4.000%      8/6/07    1
Eden Enterprises (M) Bhd               2.500%     12/2/07    1
Eox Group Bhd                          4.000%     1/10/06    2
Equine Capital Bhd                     3.000%     8/26/08    1
Fountain View Development Sdn Bhd      3.500%     11/3/06    5
Furqan Business Organization           2.000%    12/19/05    1
Gadang Holdings Bhd                    3.000%    10/21/07    1
Gadang Holdings Bhd                    2.000%    12/24/08    1
Grand Central Enterprises Bhd          5.000%     2/17/05    1
Greatpac Holdings Bhd                  2.000%    12/11/08    2
Gula Perak Bhd                         6.000%     4/23/08    1
Hong Leong Industries Bhd              4.000%     6/28/07    1
Halim Mazmin Bhd                       8.000%     6/30/04    3
I-Bhd                                  5.000%     4/30/07    1
Insas Bhd                              8.000%     4/19/09    1
Integrax Bhd                           3.000%    12/24/05    1
Kretam Holdings Bhd                    1.000%     8/10/10    1
Kumpulan Emas Bhd                      7.000%    11/15/04    1
Kumpulan Jetson                        5.000%    11/28/12    1
Lebar Daun Bhd                     2.000%      1/6/07    6

LBS Bina Group Bhd                     4.000%    12/31/06    2
LBS Bina Group Bhd                     4.000%    12/31/07    1
LBS Bina Group Bhd                     4.000%    12/31/08    1
Lingkaran Trans Kota Holdings          7.150%    10/23/10   10
Media Prima Bhd                        2.000%     7/18/08    1
Mutiara Goodyear Development Bhd       2.500%     1/15/07    1
MWE Holdings                           5.500%     10/7/04    1
NAM Fatt Corporation Bhd               2.000%     6/24/11    1
Orlando Holdings Bhd                   3.000%     3/16/05    1
OSK Holdings Bhd                       3.500%      3/1/05    1
OSK Holdings Bhd                       6.000%      3/1/05    1
Pahlawan Power                         5.150%     1/31/05   10
Pantai Holdings                        5.000%     3/28/07    1
Patimas Computer Bhd                   6.000%     2/19/06    1
Poh Kong Holdings                      3.000%    11/20/06    1
Prinsiptek Corporation Bhd             2.000%    11/20/06    1
Puncak Niaga Holdings Bhd              2.500%    11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%    11/26/04    1
Orlando Holdings Bhd                   3.000%     3/16/05    1
Rashid Hussain Bhd                     0.500%    12/23/12    1
Rashid Hussain Bhd                     3.000%    12/23/12    1
Rhythm Consolidated Bhd                5.000%    12/17/08    1
Southern Steel Bhd                     5.500%     7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/9/06    1
Talam Corporation Bhd                  7.000%     7/19/05    1
Talam Corporation Bhd                  7.000%     4/19/06    1
Tap Resources Bhd                      2.000%     6/29/06    1
Time Engineering Bhd                   2.000%    12/25/05    1
VTI Vintage Bhd                        4.000%     8/22/06    2
Wah Seong Corporation Bhd              3.000%     5/21/12    3
Yu Neh Huat Bhd                        3.000%      9/2/08    1


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

Bacnotan Consolidated Industries, Inc. 5.500%     6/21/04   46
Benpres Holdings Corp.      7.875%    12/19/02   55


SINGAPORE
---------

CSC Holdings Ltd                       6.500%     4/27/05    1
Housing and Dev. Board                 3.875%     2/11/04    1
Rabobank Singapore                     1.000%     1/15/13   74
Tampines Assets Ltd                    5.625%     12/7/06    1
Tampines Assets Ltd           6.000%     12/7/06    1
Tincel Ltd                             5.000%     6/13/11  1
Tincel Ltd                             7.400%     6/13/11  1


THAILAND
--------

Bank of Asia PCL                       3.750%    2/9/04    64
Bangkok Bank                           4.589%    3/3/04    64
Bangkok Land            3.125%   3/31/01    18
Bangkok Land                           4.500%  10/13/03    17
Siam Commercial Bank PCL               3.250%   1/24/04    64


Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a
Variety of outside sources during the prior week we think are
reliable.  Those sources may not, however, be complete or
accurate.  The Tuesday Bond Pricing table is compiled on the
Saturday prior to publication.  Prices reported are not intended
to reflect actual trades.  Prices for actual trades are probably
different.  Our objective is to share information, not make
markets in publicly traded securities. Nothing in the TCR-AP
constitutes an offer Or solicitation to buy or sell any security
of any kind.  It is likely that some entity affiliated with a
TCR editor holds some position in the issuers' public debt and
equity securities about which we report.


                            *********


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, Faith Marie Bacatan,
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 ***