/raid1/www/Hosts/bankrupt/TCRAP_Public/040324.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

            Wednesday, March 24, 2004, Vol. 7, No. 59

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Director Asked to Step Down from Board
WOODSIDE PETROLEUM: Shares Surge After Enfield Announcement


C H I N A  & H O N G K O N G

CHINA NAN: Issues Restructuring Proposal Update
CINDY STYLES: Winding up Hearing Set April 14
CITICO ENGINEERING: Faces Winding up Petition
CREATIVE DECORATION: Schedules Winding up Hearing
FULLTEC DEVELOPMENT: Winding up Hearing Set April 14

SKYNET HOLDINGS: Adjourns Winding up Petition to March 29
TRADE YOUTH: Schedules Winding up Hearing April 14
UNIONWAY NOMINESS: Bank of China Initiates Winding up Petition


J A P A N

AJIKAWATEKKO K.K.: Enters Bankruptcy
ANRITSU CORPORATION: R&I Affirms BBB Rating
FUJITSU LIMITED: Lattice to Invest in 300-mm Chip Plant
ISHIKAWAJIMA-HARIMA: Settles Suit With Employees
MITSUBISHI FUSO: Recall Likely to Include City Buses

MITSUBISHI MOTORS: NK May Punish Carmaker Over Recall
ORANGE CARGO: Suspends Operations Over Cash Crunch


K O R E A

DAEWOO TELECOM: GM Daewoo Buys Powertrain for US$42M
HANBO STEEL: Local Steel Makers May Buy Bankrupt Firm
KOOKMIN BANK: Temasek Eyes 9% Stake
KOOKMIN BANK: Union Blames CEO for Losses
LG CARD: Disclose Details of Capital Reduction Scheme


M A L A Y S I A

GEAHIN ENGINEERING: Clarifies Demand Notice
HAP SENG: Buys Back Shares
HAP SENG: Issues Resale, Cancellation of Treasury Sales Notice
MANGIUM: Change in Audit Committee
MANGIUM: Reveals Boardroom Member Change

METROPLEX: Updates Proposed Debt Restructuring
OLYMPIA INDUSTRIES: Issues Proposed Restructuring Scheme Update
WCT ENGINEERING: Discloses Director's Dealings in Securities
WEMBLEY: Extends Time Frame for Audit
WING TIEK: Updates Corporate and Debt Restructuring Scheme


P H I L I P P I N E S

ATLAS CONSOLIDATED: Discloses Feasibility Work
ATLAS CONSOLIDATED: Unveils Appointment of Officers
BENPRES HOLDINGS: To Divest US$80M Equity in Unit
MANILA ELECTRIC: Posts Audited Financial Statement
MANILA ELECTRIC: Returns to Profit in 2003

NATIONAL POWER: Moody's Assigns Ba2 Rating to Bonds
NEGROS NAVIGATION: Clarifies News Article
PILIPINO TELEPHONE: Unveils Board Meeting Results


S I N G A P O R E

BLUESTONE CAPITAL: Creditors Meeting Set April 21
BOWL WORKS: Issues Dividend Notice
BURKE'S FINE: Issues Notice to Declare Dividend
BURKE'S RESTAURANT: Releases Dividend Notice
EXCEL MACHINE: Enters Sale Agreement With API

HO WAH: Enters Winding Up Petition
NATSTEEL LIMITED: Unit Disposes of 23% Stake in Yangtze Cement
NESDEX PTE: Issues Winding up Order Notice
NISON ENERGY: Schedules Winding up Hearing


T H A I L A N D

KRUNG THAI: Board Approves THB0.47 Dividend Payment
MILLENNIUM STEEL: Releases Operating Results for 2003
RAIMON LAND: Issues THB286M New Shares to Increase Capital
THAI PETROCHEMICAL: Given Two Months to Finalize Debt Plan
UNIVERSAL RIGHTFIELD: Addresses Requirement for Listed Companies

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Director Asked to Step Down from Board
----------------------------------------------------------
Retail shareholders and a Labor frontbencher asked Catherine
Walter, National Australia Bank's (NAB) longest serving
director, on Sunday to step down from the troubled bank's board,
according to The Australian.

Ms. Walter, a director since 1995 and chairman of the audit
committee for three years, lost that position earlier this month
as part of a boardroom upheaval precipitated by the foreign
currency options trading scandal.

Fellow directors, led by new chairman Graham Kraehe, have since
tried to convince her to step down.

A source said the tensions pre-dated the $360 million forex
debacle, covering a period when Ms. Walter unsuccessfully sought
a position as deputy chairman and the inside running to succeed
Charles Allen.

National Australia Bank did not comment on the board issue. Both
Ms. Walter and Mr. Kraehe could not be reached for a comment on
Sunday.


WOODSIDE PETROLEUM: Shares Surge After Enfield Announcement
-----------------------------------------------------------
The Enfield announcement caused an A$16 cent increase in the
shares of Woodside Petroleum Limited (ASX:WPL) on Monday, the
highest price since July 2001.  The company promised to boost
its production by putting in A$1.48 billion (US$1.1 billion)
into its Enfield oil development off the coast of Western
Australia, according to Asia Pulse.

DJ Carmichael analyst Wendy Chesson said the market was reacting
positively to the company's delivery of the project.

"It's run on the back of the fact that they've delivered on what
they said they were going to do, although the overnight oil
price was up and that could have spurred it as well," Ms.
Chesson said.

The Enfield development will include five production wells and
six water injection wells for reservoir pressure support.

Enfield, which has reserves of more than 125 million barrels of
oil, is in Woodside's 100 per cent owned and operated permit WA-
271-P, about 40km northwest of the North West Cape.

The decision comes after the oil and gas company's recent
assurances it would consider up to seven projects for final
approval in 2004, which if approved could almost double its
production to 100 million barrels of oil equivalent by 2007.

Duncan Clegg, Woodside's Oil Business Unit director disclosed
that it was the most significant milestone so far in the
development of the field, which was discovered in 1999.  All
major environmental and government approvals in place are well
positioned to bring the field into production by the fourth
quarter of 2006," Dr. Clegg added.

"The development will be our first production in the Exmouth
region, with initial output planned at about 100,000 barrels a
day, and will provide growth potential through the tie-back of
nearby discoveries such as the Laverda field and future regional
discoveries."


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


CHINA NAN: Issues Restructuring Proposal Update
-----------------------------------------------
Reference is made to the previous announcements of China Nan
Feng Group Limited and the circular of the Company dated
November 6, 2003 relating to the company's restructuring
proposal involving share consolidation, capital reorganization,
creditors' scheme, open offer and the whitewash waiver.
Capitalized terms used in this announcement shall have the same
meanings as defined in the Circular unless stated herein
otherwise.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Board announced that the Creditors' Scheme has been sanctioned
by the Hong Kong Court and the Bermuda Court at the court
hearings held at 9:30 in the morning on March 16, 2004 and in
the morning of March 19, 2004 (Bermuda time) respectively.

The Creditors' Scheme and the Restructuring Proposal are still
subject to other conditions including, among others, the Open
Offer becoming unconditional. It is expected that the Prospectus
Documents for the Open Offer would be posted to Shareholders on
or about April 8, 2004. The following indicative timetable for
the Restructuring Proposal remains unchanged from the one set
out in the Company's announcement dated 29th 2004

Last day of dealings in the Shares on a cum-entitlements basis:
Wednesday, 31st March

Commencement of dealings in the Shares on an ex-entitlements
basis: Thursday, 1st April

Latest time for lodging transfers of Shares to be entitled for
the Open Offer: 4:00 p.m. on Friday, 2nd April

Book closure period (both days inclusive): Tuesday, 6th April to
Thursday, 8th April

Record Date: Thursday, 8th April

Prospectus Documents posted: Thursday, 8th April

Latest time for application for Offer Shares and payment
thereof: 4 P.M. on Thursday, 22nd April

Open Offer becomes unconditional, Capital Reorganization becomes
effective and completion of Creditors' Scheme: 9:30 a.m. on
Tuesday, 27th April

Announcement on completion of Restructuring Proposal and results
of the Open Offer appears on newspaper: Wednesday, 28th April

Share certificates for Offer Shares posted on or before:
Wednesday, 28th April

Last day of free exchange of existing pink share certificates
for new purple share certificates: Monday, 10th May

Shareholders would be informed by press notice should there be
any significant changes to the above indicative timetable for
the Restructuring Proposal. The Company will keep the public
informed of the progress of the Restructuring Proposal and
further announcement will be made by the Company as and when
appropriate.

CHANGE OF REGISTERED OFFICE

The registered office of the Company has been changed to
Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.

By Order of the Board
China Nan Feng Group Limited
Tao Ke Wei
Executive Director


CINDY STYLES: Winding up Hearing Set April 14
---------------------------------------------
The petition to wind up Cindy Styles International Limited is
set for hearing before the High Court of Hong Kong on April 14,
2004 at 10 o'clock in the morning.

Cheng Mui Ching of Room 3214, Sheung Chun House, Sheung Tak
Estate, Tseung Kwan O, New Territories, Hong Kong, filed the
petition on February 13, 2004.

The Petitioners' solicitors are Chau Ming Wai of 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 Solicitors 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).


CITICO ENGINEERING: Faces Winding up Petition
---------------------------------------------
The petition to wind up Citico Engineering Limited is set for
hearing before the High Court of Hong Kong on April 14, 2004 at
9:30 in the morning.

Fan Moon Tong of Room 413, Chak Sun House, Tin Chak Estate, Tin
Shui Wai, New Territories, Hong Kong, filed the petition on
February 9, 2004.

The Petitioners' solicitors are Chau Ming Wai of 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 Solicitors 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).


CREATIVE DECORATION: Schedules Winding up Hearing
-------------------------------------------------
The petition to wind up Creative Decoration Supplies Company
Limited is set for hearing before the High Court of Hong Kong on
April 21, 2004 at 10 o'clock in the morning.

Wong Yuk Lung of Room 2919, 29/F, Hang Yip House, Cheung Hang
Estate, Tsing Yi, New Territories, Hong Kong, filed the petition
on February 18, 2004.

The Petitioners' solicitors are Chau Ming Wai of 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 Solicitors Chau Ming Wai a notice in
writing not later than six o'clock in the afternoon of the 20th
day of April 2004 (the day before the petition hearing).


FULLTEC DEVELOPMENT: Winding up Hearing Set April 14
----------------------------------------------------
The petition to wind up Fulltec Development Limited is set for
hearing before the High Court of Hong Kong on April 14, 2004 at
9:30 in the morning.

Ngan Hoi Ping of Room 1220, Wo Ping House, Lei Cheng Uk Estate,
Shamshuipo, Kowloon, Hong Kong, filed the petition on February
11, 2004.

The Petitioners' solicitors are Chau Ming Wai of 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 Solicitors 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).


SKYNET HOLDINGS: Adjourns Winding up Petition to March 29
---------------------------------------------------------
On December 29, 2003, the Hong Kong Court ordered a further
adjournment of the winding up hearing of Skynet (International
Group) Holdings Limited from December 29, 2003 to March 29, 2004
at the application of the solicitors for the Company to allow
more time for the Company for discussion on a possible new
restructuring proposal.

In a disclosure to the Stock Exchange of Hong Kong Limited, an
announcement will be made by the Company in respect of the order
made by the Hong Kong Court after the hearing on March 29, 2004.

EXPIRATION OF THE AGREEMENTS (AS AMENDED BY THEIR RESPECTIVE
SUPPLEMENTAL AGREEMENTS)

Certain conditions of the Agreements (as amended by their
respective supplemental agreements) have not been satisfied on
or before the longstop date of 31 December 2003. Accordingly,
all the Agreements (as amended by their respective supplemental
agreements) expired and lapsed and the original restructuring
proposal contemplated under the Agreements including the
proposed share exchange pursuant to the Scheme ceased to proceed
from 1 January 2004.

The offer period for the original restructuring proposal ends
with the release of this announcement.

Reference is made to the joint announcement dated 14 October
2003 issued by the Company and the Subscriber in relation to
delay in dispatch of the Circular.

In view of the termination of all the Agreements as mentioned
above, the Circular will not be dispatched to the Skynet
Shareholders.

POSSIBLE NEW RESTRUCTURING PROPOSAL

The Company has received a new restructuring proposal. As at the
date of this announcement, no legally binding agreement
regarding the new restructuring proposal has been entered into
by the Company since the terms have yet to be determined. If any
legally binding agreement is entered into for the new
restructuring proposal, full compliance will be made with
respect to the Listing Rules and the Takeovers Code. The offer
period for the new restructuring proposal commences with the
release of this announcement.

Shareholders and potential investors of the Company should note
that as a legally binding agreement for the new restructuring
proposal has yet to be entered into, the new restructuring
proposal may or may not proceed.

In accordance with Rule 3.7 of the Takeovers Code, the Company
will issue an announcement setting out the progress of the new
restructuring proposal on a monthly basis, or as soon as
negotiation of the new restructuring proposal is terminated.

REASON FOR SUSPENSION

Trading in the Skynet Shares on the Stock Exchange has been
suspended at the request of the Company with effect from 9:30 in
the morning on October 16, 2003 as the Company is unable to
comply with paragraph 38 of the Listing Agreement that requires
the Company to carry out a sufficient level of operations or
have tangible assets of sufficient value and/or intangible
assets for which a sufficient potential value can be
demonstrated to warrant the continued listing of the Skynet
Shares. Trading in the Skynet Shares on the Stock Exchange will
remain suspended.

DELISTING OF THE SKYNET SHARES

The Company has been placed into the "first stage" of the
delisting procedure since 16 October 2003 pursuant to paragraph
3.1 of Practice Note 17 of the Listing Rules.

By order of the Board of
Skynet (International Group) Holdings Limited
To Chi
Executive Director

By order of the Board of
Monetary Success Investments Limited
Li Wing Sang
Director

For more information, go to
http://bankrupt.com/misc/tcrap_skynet0323.pdf


TRADE YOUTH: Schedules Winding up Hearing April 14
--------------------------------------------------
The petition to wind up Trade Youth Limited is set for hearing
before the High Court of Hong Kong on April 14, 2004 at 9:30 in
the morning.

First Good International Limited of Room 803, Tung Yip
Commercial Building, 248 Des Voeux Road Central, Hong Kong,
filed the petition on February 5, 2004.

The Petitioners' solicitors are J. Chan & Lai of Room 1901, Hang
Seng Building, 77 Des Voeux Road Central Hong Kong. Any person
who intends to appear at the hearing of the petition must serve
or send by post to Solicitors J. Chan & Lai 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).


UNIONWAY NOMINESS: Bank of China Initiates Winding up Petition
--------------------------------------------------------------
The petition to wind up Unionway Nominees Limited is set for
hearing before the High Court of Hong Kong on April 28, 2004 at
10 o'clock in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, 1 Garden
Road, Central, Hong Kong, filed the petition on March 3, 2004.

The Petitioners' solicitors are Arthur K.H. Chan & Co. of Unit
C1, 15th Floor, United Centre, No. 95 Queensway Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Arthur K.H. Chan & Co. a
notice in writing not later than six o'clock in the afternoon of
the 27th day of April 2004 (the day before the petition
hearing).


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


AJIKAWATEKKO K.K.: Enters Bankruptcy
------------------------------------
Ajikawatekko K.K. has been declared bankrupt, according to
Teikoku Databank America. The building metallic product
manufacturing firm, which is located at Osaka-shi, Osaka Japan,
has total liabilities of US$136.67 million.


ANRITSU CORPORATION: R&I Affirms BBB Rating
-------------------------------------------
Rating and Investment Information, Inc. (R&I) has affirmed the
ratings of Anritsu Corporation.

Senior Long-term Credit Rating; Long-term Bonds (3 series)
R&I RATING: BBB (Affirmed)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 3 Jan 29, 2002 Jan 29, 2008 Yen 15,000
Unsec. Conv. Bonds No. 4 Apr 23, 1996 Sep 29, 2006 Yen 15,000
Zero Coupon Conv. Bonds due 2010 Sep 19, 2003 Sep 21, 2010 Yen
15,000

Domestic Commercial Paper programme
R&I RATING: a-2 (Affirmed)

RATIONALE:

Anritsu Corporation is a major manufacturer of measuring
instruments and telecommunications equipment. The measuring
instruments business, its main business, fell into the red in
the year that ended March 2003 as a result of a sharp decline in
demand due to the bursting of the telecommunications bubble in
North America. In the future, while a fully-fledged recovery in
the optics- related market is not expected, an expansion in the
mobile phone related measuring instruments market is anticipated
with the upturn in demand for third generation cellular phones,
primarily in Japan.

In the year ending March 2004, operating profit is expected to
go into the black due to the results of reductions in fixed
costs that include scaled back operations and personnel cuts,
and it seems that earnings are also getting over the worst. In
terms of finances, Anristsu has secured free cash flow by
selling assets and reducing working capital, and interest-
bearing debt is falling. With no particular deterioration in the
factors that make up creditworthiness, R&I have affirmed the
company's BBB Senior Long-term Credit Rating.

The upgrading of the rating for the company's No. 2 unsecured
straight bonds is based on confirmation of the implementation of
in-substance defeasance in relation to the bonds. On March 18,
2004 Anritsu set up a beneficiary trust for the payment of
principal and interest relating to the No. 2 unsecured straight
bonds, removing the bonds from the balance sheet and
implementing in substance defeasance. The trust assets consist
of highly creditworthy bonds and deposits, and they cover the
residual balance of the bonds in full.

R&I had previously assigned the No. 2 unsecured straight bonds a
BBB rating in line with Anritsu's Senior Long-term Credit
rating. R&I considers that the implementation of the in
substance defeasance has increased the likelihood of the payment
of principal and interest for the bonds compared to the
company's other bonds. R&I has upgraded the rating for the No. 2
unsecured straight bonds to BBB+, one notch higher than the
Senior Long-term Credit Rating, in accordance with the R&I rules
on the upgrading of ratings.


FUJITSU LIMITED: Lattice to Invest in 300-mm Chip Plant
-------------------------------------------------------
In a press conference on Tuesday, Fujitsu Limited, a leading
provider of customer-focused IT and communications solutions for
the global marketplace, and Lattice Semiconductor Corporation, a
leading provider of programmable logic devices, announced an
agreement under which Fujitsu Limited will manufacture Lattice
Semiconductor's next-generation FPGA (field programmable gate
array) products on its leading-edge 130-nanometer (nm) and 90nm
CMOS process technologies, as well as a 130nm technology with
embedded flash memory being jointly developed by Fujitsu and
Lattice.

AGREEMENT OVERVIEW

Fujitsu has agreed to manufacture next-generation FPGA products1
for Lattice, a leader in programmable logic devices. Lattice
selected Fujitsu to manufacture its next-generation, high-
performance products based on Fujitsu's extensive expertise in
the development and manufacturing of state-of-the-art process
technologies. Lattice is also in discussions with Fujitsu
regarding the manufacturing of 65nm technology products.

Fujitsu's semiconductor technology is built on high-performance
and high-reliability expertise gained through the development of
its own products. In particular, Fujitsu is a pioneer in the use
of cutting-edge technologies such as copper wiring and Low-k2
for its high-end servers. Fujitsu already manufactures products
using 90nm CMOS technology at its Akiruno Technology Center,
located in western Tokyo. Fujitsu offers total manufacturing
solutions, from process technology to testing and packaging, and
provides customers such as Lattice advanced technology, high
reliability, and integrated solutions capabilities.

LATTICE PLANS INVESTMENT IN NEW 300MM FAB

Lattice plans to invest in a new 300mm wafer fab which Fujitsu
has scheduled for operation in spring 2005, and which will
enable a long-term, stable, 300mm advanced technology wafer
supply for Lattice. In conjunction with construction of the new
fab, Fujitsu will strengthen and expand its leading-edge
semiconductor foundry business with various strategic customers,
including Lattice.

PARTNERSHIP IS SYNERGISTIC, INTERACTIVE

Toshihiko Ono, Group President of Fujitsu's Electronic Devices
Business Group, said that FPGAs are among the fastest growing
semiconductor products and ideal for Fujitsu's foundry services.
Ono said, "This agreement represents an excellent opportunity
for Fujitsu to expand its foundry services. Fujitsu and Lattice
have enjoyed a mutually rewarding and trusting relationship for
several years. Lattice was seeking a foundry partner with strong
expertise in advanced sub-micron processes and embedded Flash
technology, and Fujitsu was seeking an opportunity to fabricate
mainstream, high-volume, next-generation FPGAs. In retrospect,
our partnership seemed almost inevitable."

Lattice CEO and Chairman Cyrus Tsui noted that Fujitsu has
proven to be an exceptional partner. "Fujitsu is providing us
with process technologies that have not been generally available
in the open foundry market," Tsui said. "Fujitsu's production-
proven technology and capacity will be very important as Lattice
becomes the programmable logic company that drives new standards
in FPGA products. It is essential that Lattice FPGAs take
advantage of the most advanced technologies, and Fujitsu has
demonstrated its commitment and capability to continually expand
the boundaries of what is technologically possible," Tsui
concluded.

FUJITSU PRESS CONTACTS

Fujitsu Customer/Technical Contact:
Technology Service Department
Advanced LSI Development Division, LSI Group

Fujitsu Limited
Phone: +81-42-532-1427
Fax: +81-42-532-2417

LATTICE PRESS CONTACT

Brian Kiernan, Corporate Communications Manager
Lattice Semiconductor Corporation
Phone: 1-503-268-8739
Fax: 1-503-268-8193
E-mail: brian.kiernan@latticesemi.com


ISHIKAWAJIMA-HARIMA: Settles Suit With Employees
------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. (IHI) has reached a
negotiated settlement with labor unionists over alleged
discrimination against employees who are members of the Japanese
Communist Party (JCP), Kyodo News reported on Tuesday.

The settlement was mediated by the Tokyo District Court, where
three present and five former employees sued the Company in
March 2000, demanding it pay 340 million yen in damages, which
they said they incurred as a result of discrimination related to
pay and career advancement.

Meanwhile, the Asahi Shimbun reported that IHI agreed to pay the
eight plaintiffs 168 million yen to 104 million yen in unpaid
wages, or the difference between their salaries and those of
non-communist employees retroactive to 1985, and 64 million yen
in settlement money.


MITSUBISHI FUSO: Recall Likely to Include City Buses
----------------------------------------------------
The imminent recall of large vehicles by Mitsubishi Fuso Truck
and Bus Corporation is likely to include city buses excluded
from its initial recall plan, the Japan Times reports. The move
follows a series of accidents involving Mitsubishi Fuso
vehicles. Subject to the recall will be some 8,000 of around
10,000 buses made by Mitsubishi Fuso, which was spun off from
Mitsubishi Motors Corporation in January 2003.

Mitsubishi Fuso said it would recall some 76,000 vehicles that
were subjected to the voluntary inspection, as well as 37,000
outside the inspection.


MITSUBISHI MOTORS: NK May Punish Carmaker Over Recall
-----------------------------------------------------
The Japan Business Federation (Nippon Keidanren) will take
punitive action against Mitsubishi Motors Corporation (MMC) if
Mitsubishi Fuso Truck and Bus Corporation confirm any illegal
deeds in connection with an accident-related recall of large
vehicles, reports the Kyodo News.


ORANGE CARGO: Suspends Operations Over Cash Crunch
--------------------------------------------------
Orange Cargo Inc. has suspended its operations due to
difficulties in raising funds, Kyodo News said on Tuesday. The
airfreight carrier launched air cargo services in October in a
bid to break into the air transport business dominated by major
airlines.

The Company dismissed all of its about 80 employees on Monday
and suspended flights on the Haneda-Kagoshima route, the
carrier's only regular route. It is uncertain whether it will
resume its service.


=========
K O R E A
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DAEWOO TELECOM: GM Daewoo Buys Powertrain for US$42M
----------------------------------------------------
GM Daewoo Auto & Technology Co. has acquired Powertrain Limited
for US$42 million, Asia Pulse reported on Tuesday. Daewoo
Powertrain is a transmission production facility owned by Daewoo
Telecom Co. The sale is the latest in Daewoo Telecom's
restructuring efforts since it entered a debt workout program in
August 1998.

Daewoo Telecom, an affiliate of now-defunct Daewoo Group, will
be dissolved after selling off its remaining assets. After the
sale, Daewoo Powertrain will be renamed GM Daewoo Powertrain.
Daewoo Powertrain has 320 employees and has the capacity to
produce 400,000 transmissions per year.


HANBO STEEL: Local Steel Makers May Buy Bankrupt Firm
-----------------------------------------------------
Local steel makers Dongkuk Steel Mill Co., Hyundai Hysco Co. and
Posco Co. are considering buying bankrupt Hanbo Steel Co. for an
undisclosed sum, according to Reuters. Hanbo aims to select a
preferred bidder after May 25.

Creditors have been struggling to find a buyer for Hanbo since
it collapsed under $4.4 billion of debt in 1997. A $377 million
deal to sell the failed steel maker to a local financial firm,
AK Capital LLC, fell through last year when the bidder failed to
pay.

Another buyer that creditors tried to line up was a consortium
led by U.S. energy services firm Nabors Industries Inc.


KOOKMIN BANK: Temasek Eyes 9% Stake
-----------------------------------
Singapore-based Temasek Holdings is considering buying a 9
percent stake in Kookmin Bank (KB), Dow Jones reports. The deal
was first discussed last year, when Temasek and Kookmin jointly
purchased Bank Indonesia Internasional.

Kookmin Bank's labor union revealed Monday the bank was mulling
plans to sell a 9% stake, worth 1.4 trillion won, to Temasek,
which lost a bid to buy South Korea's KorAm Bank to Citigroup
Inc. in 2003.


KOOKMIN BANK: Union Blames CEO for Losses
-----------------------------------------  
Kookmin Bank's labor union on Monday accused the bank's Chief
Executive, Kim Jung-tae, of mismanaging and causing massive
losses last year, the Korea Herald reported on Tuesday. The bank
posted a net loss of 753.3 billion in 2003 after increasing
provisions against bad loans from households and credit card
users.

The union, one of three separate unions at Kookmin representing
employees from the former Kookmin Bank, said it wanted
shareholders to reprimand Kim at their annual meeting on
Tuesday.


LG CARD: Disclose Details of Capital Reduction Scheme
-----------------------------------------------------
The Board of Directors of LG Card Co. announced the details of
its capital reduction plan:

1.) Number of Reduced Stocks common shares   339,959,902

2.) Par Value   KRW 5,000

3.) Method of Capital Reduction: 43.4 registered common stocks
will be merged with the par value share of equivalent value

4.) Total Capital Before Reduction: KRW 1,739,889,120,000

5.) Total Capital after Reduction: KRW 40,089,610,000

6.) Number of Outstanding Shares before capital reduction:
347,977,824 common shares

7.) Number of shares after capital reduction

  Total outstanding shares         8,017,922 shares
  Common shares preferred shares   8,017,922 shares
  Preferred shares                 none

8.) Record date of capital reduction: May 28, 2004

9.) Capital reduction ratio (%)  

    Majority shareholders 97.7%
    Minority shareholders 97.7%

10.) Schedule for capital reduction

Schedule date of shareholders' meeting: April 27, 2004

Period of the closed shareholder's registry: from April 1, 2004
to April 8, 2004

Period of tendering existing share certificates: from April 28,
2004 to May 28, 2004

Period of scheduled trading suspension: from May 27, 2004 to re-
listing date *

11.) Place for tendering existing share certificates and
delivering new share certificates: Korea Securities Depository

12.) Disposal of fractional shares: The fractional shares will
be paid in cash equivalent to the amount calculated using the
closing price of the first trading day of new shares

13.) Purpose of capital reduction: To accelerate the
normalization of business operations through improvement of
financial structure.

14.) Date of board resolution: March 15, 2004

  Attendance of outside directors: 3 out of 3 present
  Attendance of auditors: Present

15.) Procedure for creditors protection: Creditors can express
objection from April 28 to May 28, 2004.

16.) Others

The above contents may change according to outcome of the
consultation with relevant institutions and resolution at the
shareholders' meetings.

Other matters related to the capital reduction will be left to
the discretion of the CEO.

*Tentative re-listing date: June 9, 2004

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_lg0323.pdf



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


GEAHIN ENGINEERING: Clarifies Demand Notice
-------------------------------------------
Geahin Engineering Berhad, in response to the Malaysia
Securities Exchange Berhad's letter dated 19 March 2004 in
respect to the following matter:

Statutory Notice of Demand Pursuant to Section 218 of the
Companies Act 1965 (the Act) in respect of alleged Debt of RM
399,598.74 by Glastech (Malaysia) Sdn Bhd against Geahin
Engineering Berhad

Wishes to reply as follows:

Geahin was the Main Contractor of a construction project in
Kuala Lumpur whereas Glastech was a Nominated Subcontractor of
the employer Metrobilt Construction Sdn Bhd doing works on the
project by supplying goods and services. Glastech alleged that
they have not been paid for works done and are claiming for
RM399,598.74.

Geahin is disputing the accuracy of the matter in question and
of the account subject always to the proof of debts alleged to
be due by the Company to them.

There was no mention of any interest rate and/or imposition of
any interest but Glastech reserves its right to the same.

The Query Letter from the Kuala Lumpur Stock Exchange reads as
follows:

We refer to your Company's announcement dated 17 March 2004, in
respect to the aforesaid matter.

In this connection, kindly furnish the Exchange with the
following additional information for public release:

1. Details of the default or circumstances leading to the
service of the demand; and

2. Interest rate on the amount claimed for.

Please furnish the Exchange with your reply within two market
days from the date hereof.

Yours faithfully

Tan Yew Eng
Sector Head
Issues and Listing
Group Regulations
TYE/NZ
Copy to: Securities Exchange

This Kuala Lumpur Stock Exchange Announcement is dated 22 March
2004.


HAP SENG: Buys Back Shares
--------------------------
Hap Seng Consolidated Berhad in a notice dated 22 March 2004 to
the Kuala Lumpur Stock Exchange, wishes to announce the buy back
of shares. Details are as follows:

Date of Buy Back:    22 March 2004

Description of Shares Purchased: Ordinary Shares of RM1.00
each

Total Number of Shares Purchased
(units):     24,000

Minimum price paid for each share
purchased (RM):    2.900

Maximum Price Paid for each share
Purchased (RM):    2.900


Total Consideration Paid (RM): 70,115.44

Number of Shares Purchased Retained
In treasury (units):   24,000

Number of shares purchased which are
Proposed to be cancelled (units): 0

Cumulative net outstanding treasury
Shares as at to-date (units):  32,684,900

Adjusted issued capital after
Cancellation (no. of shares)(units): 0

Remarks:

Cc: Securities Commission


HAP SENG: Issues Resale, Cancellation of Treasury Sales Notice
--------------------------------------------------------------
Hap Seng Consolidated Berhad in a notice dated 22 March 2004 on
the Kuala Lumpur Stock Exchange announces the resale and
cancellation of treasury shares. Details are as follows:

Date of Transaction:   22 March 2004

Total Number of Treasury Shares
Sold (units):

Total Number of Treasury Shares
Cancelled (units):   37,000

Minimum Price Paid for Each Share
Sold (RM):

Maximum Price Paid for Each Share
Sold (RM):

Total Amount Received for Treasury
Shares Sold (RM):

Cumulative Net Outstanding Treasury
Shares as at to-date (units):   32,684,900

Adjusted Issued Capital After
Cancellation/ Resale
(no. of shares)(units)    589,975,100

Remarks: cc Securities Commission


MANGIUM: Change in Audit Committee
----------------------------------
Mangium Industries Berhad wishes to announce a change in the
members of the Audit Committee. The details are as follows:

Date of Change:  22 March 2004

Type of Change:  Resignation

Designation:  Chairman of Audit Committee

Directorate:  Independent and Non-Executive

Name:    Mohd Silahuddin Bin Jamaluddin

Age:    44

Nationality:  Malaysian

Qualifications: Bachelor of Business administration in
Information System, Georgia State
University, USA

Working experience and
Occupation: Self employed, Insurance Agency in USA,
1986 to 1994. Sales Manager, Platt Music
Corp. in USA, 1984 to 1986. He sits on
the board of several private limited
companies in Malaysia, including several
subsidiaries of Tajo Berhad and
Mangium Industries Bhd. (Formerly Known
As Serisar Industries Bhd.)

Directorship of public
companies (if any): Tajo Berhad Group

Family relationship with
any director and/or
major shareholder of the
listed issuer:  Nil

Details of any interest
in the securities of the
listed issuer or its
subsidiaries:  Nil
   
Composition of Audit
Committee (Name and Directorate
of members after change): 1. Chin Kam Bin @ Cheng Kam Meng -
Chief Operating Officer

2. Ganesan A/L Sundaraj - Independent
Non-Executive Director
   
This Kuala Lumpur Stock Exchange announcement is dated 22 March
2004.


MANGIUM: Reveals Boardroom Member Change
----------------------------------------
Mangium Industries Berhad wishes to announce a change in the
members of the Board. The details are as follows:

Date of change:   22/03/2004

Type of change:   Appointment

Designation:   Chairman

Directorate:   Independent & Non Executive

Name:     Datuk Phang Miow Sin

Age:     65

Nationality:    Malaysian

Qualifications: Primary and Secondary School at    
Victoria Institute, Singapore from 1946
through 1956

Working experience and
Occupation: (a) General Fleet Manager of Cycle &  
Carriage (1965-1972)

(b) Started an import/export trading   
company (1972-1975)

(c) Self employed in the constructions  
and timber business/plantation in Sabah
(1975-1983)

(d) Involved in the properties and
timber business in Vancouver, Canada
(1983-1986)

(e) Back in Sabah, involved in
timber/plantation business (1986-1988)
(f) Property development in China (1987-
1989)

(g) Chairman of Landrise Development &
Properties Sdn Bhd (1989-1993)

(h) Executive Director of North Borneo
Timbers (1994-1997)

(i) Chairman of P & I Properties Sdn Bhd
(1998 till todate)

(j) Awarded by Rotary Club of Pudu, the
Rotarian's highest award, Paul Harris
Fellowship (1993)

(k) Executive Deputy Chairman of Social
Action Initiatives Foundation (SAI
Foundation) (1999 till to date)

(l) For his social and economic
contributions, the Tuan Yang Terutama of
Sabah conferred the Panglima Gemilang
Darjah Kinabalu which carries the title
Datuk, to Datuk Robert Phang in 1996

Directorship of public
companies (if any): Nil

Family relationship with
any director and/or
major shareholder of
the listed issuer:  Nil

Details of any interest
in the securities of the
listed issuer or its
subsidiaries:   Nil  

This Kuala Lumpur Stock Exchange announcement is dated 22 March
2004.


METROPLEX: Updates Proposed Debt Restructuring
----------------------------------------------
Metroplex Berhad would like to refer to earlier announcements
made on 27 February and 9 March 2004 in relation to the
Restraining Order and the Proposed Debt Restructuring of the
Group.

We wish to advise that following the extension of the
restraining order granted by the High Court of Malaya, Metroplex
is presently working out its Debt Restructuring with its
creditors.

An announcement will be made to the Malaysia Securities Exchange
Berhad once an agreement has been reached on this.

This Kuala Lumpur Stock Exchange announcement is dated 22 March
2004.


OLYMPIA INDUSTRIES: Issues Proposed Restructuring Scheme Update
---------------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad on 19 March 2003 and 23 September 2003, Olympia
Industries Berhad wishes to announce that it is proposing to
enter into three (3) agreements for the extension of time for
fulfillment of conditions precedent on the following conditional
sale and purchase agreements (SPAs):

(a) A conditional restructuring and acquisition agreement
dated 19 March 2003 and its extension dated 23 September
2003 between OIB and Ashak bin Hassan and Hadijah bt Ali
Budin for the proposed acquisition by OIB of 119,100,000
existing ordinary shares of RM1.00 each in MA Realty Sdn
Bhd (MAR) representing approximately 66.2% equity interest
in MAR for a purchase consideration of RM79,440,000 to be
satisfied by the issuance of 75,657,143 new ordinary
shares of RM1.00 each in OIB (OIB Shares) at an issue
price of RM1.05 per OIB Share;

(b) A conditional restructuring and acquisition agreement
dated 19 March 2003 and its extension dated 23 September
2003 between OIB and Lim Kee Seng and Chong Mee Onn for
the proposed acquisition by OIB of 79,553,000 existing
ordinary shares of RM1.00 each in Naturelle Sdn Bhd (NSB)
representing approximately 37.9% equity interest in NSB
for a purchase consideration of RM41,690,000 to be
satisfied by the issuance of 41,690,000 new OIB Shares at
an issue price of RM1.00 per OIB Share; and

(c) A conditional restructuring and acquisition agreement
dated 19 March 2003 and its extension dated 23 September
2003 between OIB and Bukit Seremban Jaya Sdn Bhd for the
proposed acquisition by OIB of 100,000 existing ordinary
shares of RM1.00 each in Harta Sekata Sdn Bhd (HSSB)
representing approximately 78.0% equity interest in HSSB
for a purchase consideration of RM48,360,000 to be
satisfied by the issuance of 48,360,000 new OIB Shares at
an issue price of RM1.00 per OIB Share.

The date for fulfillment of the conditions precedent of the
above three (3) conditional SPAs is proposed to be extended for
a further period of approximately nine (9) months from 19 March
2004 to 19 December 2004 or to such later date as the parties
may agree. OIB shall make the appropriate announcement once the
agreements to extend the aforesaid fulfillment of the conditions
precedent have been entered into.

This Kuala Lumpur Stock Exchange announcement is dated 22 March


WCT ENGINEERING: Discloses Director's Dealings in Securities
-------------------------------------------------------------
Pursuant to Chapter 14.09 of the Kuala Lumpur Stock Exchange
Listing Requirements, WCT Engineering Berhad wishes to notify
the KLSE that the Company has on 19 March 2004 received a
notification from a Director in relation to his dealings in
securities of the Company. Details are as follows:

Name of Director:  Mr. Liang Kai Chong (Executive Director)

a.   Description of Securities: Ordinary Shares of RM1.00
each

     Date Transacted: 17 March 2004

     No. of Securities (Disposal): 3,000

     Price Transacted Per Share: 6.10

     % of Issue Share Capital: 0.07

b.   Description of Securities: Ordinary Shares of RM1.00
each

     Date Transacted: 18 March 2004

     No. of Securities (Disposal):   3,000

     Price Transacted per Share(RM): 6.15

     % of Issue Share Capital: 0.07

This Kuala Lumpur Stock Exchange announcement is dated 22 March.


WEMBLEY: Extends Time Frame for Audit
-------------------------------------
Further to the announcement dated 8 January 2004, Alliance, on
behalf of Wembley Industries Holdings Berhad, wishes to announce
that the Company had on 22 March 2004 sought for an additional
six-month timeframe from the Securities Commission to 22
September 2004 for Messrs. Horwath to complete the investigative
audit of Wembley Industries.

This Kuala Lumpur Stock Exchange announcement is dated 22 March
2004.


WING TIEK: Updates Corporate and Debt Restructuring Scheme
----------------------------------------------------------
On 2 January 2004, Wing Tiek Holdings Berhad announced that RHB
Sakura Merchant Bankers Berhad had on behalf of Wing Tiek
submitted an application to the Securities Commission on 9 Dec
2003 for an extension of time up to 30 April 2004 for Wing Tiek
to complete the Corporate and Debt restructuring Scheme. A
further extension of time of up to 31 July 2004 was sought in an
application to the Securities Commission dated 10 March 2004,
due to further delays in implementing the Restructuring Scheme.

In this respect, Wing Tiek wishes to announce that the
Securities Commission had, through its letter dated 22 March
2004, granted an extension of time of up to 31 July 2004 for
Wing Tiek to complete the Corporate and Debt Restructuring
Scheme, provided that Wing Tiek reconvenes a meeting of members
within 2 months from the date of the Securities Commission
Letter to procure the following from its members:

(a) approval of a majority in number representing three-fourths
in value of members present and voting at the meeting in
relation to the Proposed Share Exchange;

(b) approval by way of ordinary resolution in relation to the
Proposed Wing Tiek Holdings Berhad Land Acquisition; and

(c) approval by way of ordinary resolution in relation to the
Proposed WTSP Acquisition.

This announcement is dated 22 March 2004 and made on behalf of
Wing Tiek Holdings Berhad.


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


ATLAS CONSOLIDATED: Discloses Feasibility Work
----------------------------------------------
The management of Atlas Consolidated Mining and Development
Corporation disclosed to the Philippine Stock Exchange that
feasibity work is currently being carried out in relation to the
Toledo copper mine located in Cebu.  Previous operations there,
starting in 1955 until the suspension of mining in 1994,
produced some 5.6 billion pound of copper, 1.96 million ounces
of gold and 7.2 million ounces of silver.  During this period
the Toledo mine became known as one of the larger copper
producers in the world.

An earlier study was completed in 1998, reviewed by Behre
Dolbear Australia Pty Limited (BDA) by way of due diligence.  At
the time, BDA concluded the rehabilitation and development of
the Carment open pit and underground mine at Toledo was
technically feasible and, subject primarily to commodity prices,
represented an economically viable operation under the selected
parameters.

Suspension of mining operations was caused by a number of
factors including an unseasonal typhoon, which resulted in the
flooding of the open pit and the underground workings.  Since
that period the mine has been placed on a care and maintenance
basis.  Despite some deterioration in mining and milling
equipment, the majority of the infrastructure still remains in
place.

Since its inception Atlas has mined a total of approximately
667.4 million tonnes of ore and produced over 5.65 billion
pounds of copper, 1.96 million ounces of gold and 7.2 million
ounces of silver, from the Toledo mine.  Current resources are
at 874Mt at 0.41 percent copper.

Both open pit mining and block caving extracted the Toledo ore.
Since its inception, two major open-pit operations have been
carried out. When operations were suspended in 1994, Atlas was
mining one open pit and two block-caving lifts.  Peak production
at Toledo was reached between the period 1979-1984, when the
operation was mining at a rate of 103,000 tonnes per day with
three separate milling plants and concentrators in operation.

During the study period, there are continuing negotiations with
funding parties to finance the reopening of the mine including
in particular, the required equity component.

Atlas Consolidated Mining and Development Corporation
Issuer

By: Felipe R. Relucio, Jr.
Compliance Officer

CONTACT:  Business Address: 7/F, Quad Alpha Centrum
          125 Pioneer St., Mandaluyong City
          Telephone No/s:  635-2387/4495
          Fax No/s: 633-3759; 634-2312
          E-mail Address: acmdcmla@info.com.ph

          
ATLAS CONSOLIDATED: Unveils Appointment of Officers
---------------------------------------------------
Atlas Consolidated Mining and Development Corporation is pleased
to announce the following appointments effective March 15, 2004:

(1) Mr. Constante P. Bumanglag as Vice President for Operations;

(2) Mr. Rodrigo C. Cal as Assistant Vice President and Resident
Manager of Toledo, Cebu Copper Operations and

(3) Mr. Hilario A. Farcon, who has retired as Vice President and
COO on given date, will continue to serve the company as a
consultant

CONTACT:  Business Address: 7/F, Quad Alpha Centrum
          125 Pioneer St., Mandaluyong City
          Telephone No/s:  635-2387/4495
          Fax No/s: 633-3759; 634-2312
          E-mail Address: acmdcmla@info.com.ph


BENPRES HOLDINGS: To Divest US$80M Equity in Unit
-------------------------------------------------
Benpres Holdings Corporation said it made full provision for its
US$80 million equity in unit Maynilad Water Services
Incorporated last year, and that its decision to write off this
investment will no longer have an impact on the conglomerate's
bottom line moving forward.

Maynilad and Metropolitan Waterworks and Sewerage System (MWSS)
compromise agreement involves Maynilad's quasi-reorganization
and debt-resructuring.  After Benpres Holdings writes off its
investments the government will effectively take control of the
water utility.

After the reorganization, MWSS will own 39 percent of Maynilad,
while 19.0 percent will be owned by Suez group and 2.0 percent
by creditor Metropolitan Bank and Trust Company. Maynilad
employees will own a 4.0 percent.  Benpres will have residual
equity of about 2 percent once all remaining advances of the
company are converted into common shares, according to Dow
Jones.

Both MWSS and Benpres will have to withdraw all legal cases
against each other upon the creditor bank and the courts
approval of the compromise plan.  The compromise agreement will
be completed within 30-45 days.


MANILA ELECTRIC: Posts Audited Financial Statement
--------------------------------------------------
Manila Electric Company (MER), through its SEC Form 17-C dated
March 22, 2004 informed the Philippine Stock Exchange that:

"At the regular meeting held on Monday, the Board of Directors
of Manila Electric Company approved the Audited Financial
Statements for the year ended 2003".

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

To view full copy of the document, click
http://bankrupt.com/misc/manilaelectric032304.pdf


MANILA ELECTRIC: Returns to Profit in 2003
------------------------------------------
Manila Electric Company (Meralco) said it posted a net profit of
907 million pesos in 2003, returning to profitability from a
restated net loss of 28.18 billion pesos the previous year, AFX
Asia reports.  

Increase in sales boosted the company's operating revenues to
132.02 billion pesos, up 12.1 percent over the previous year as
sales volume rose 4.4 percent.  Revenue increase was also driven
by an increase in purchased power costs and a 0.0865 peso per
kilowatthour rate increase approved by the Energy Regulatory
Commission (ERC) in June 2003.

The company, which had earlier reported a net loss of 2.0
billion pesos in 2002, said it booked an extraordinary loss of
23.82 billion pesos in that year, resulting in the restatement
of 2002 results.

Meralco, which retails electricity in metropolitan Manila and
nearby provinces, said refunds covering the periods February
1994 to December 2001, amounting to 23.82 billion pesos net of
tax effect for 1999 of 1.13 billion, have been accounted for as
an extraordinary loss in the 2002 statement of income.

According to the analyst polled by AFX-Asia, Meralco is expected
to post 2003 net profit before provisions of 800 million to 1.2
billion pesos on the back of increased rates and higher
electricity sales.


NATIONAL POWER: Moody's Assigns Ba2 Rating to Bonds
----------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to state-owned
National Power Corporation's (Napocor) proposed peso-denominated
zero-coupon bonds, which will be guaranteed by the Philippine
government, AFX Asia reports. The rating outlook is negative,
which is in line with the negative outlook for the government's
Ba2 local currency rating, Moody's said in a statement.

"The current rating assignment is based on the draft preliminary
offering circular - including draft terms and conditions - dated
March 18, 2004. The proposed bond is subject to the grant of
Full Powers/Special Authority of the President of the ROP
(Republic of the Philippines) authorizing the issuance of this
bond and the guarantee," Moody's said.

The agency said that despite the weak operating and financial
profiles of Napocor, "the Ba2 rating reflects the guarantee by
the ROP of this bond offering."

"Moody's expectation is that the Philippine government will
honor its commitment to the outstanding guaranteed obligations
of Napocor regardless of the progress of power sector
restructuring and privatization," it said.

Moody's noted that Napocor's operating performance has
deteriorated in the first six months of 2003, mainly due to
lower revenue resulting from rate reductions due to the
unbundling of rates, higher operating and interest expenses, and
the 0.40 peso per kilowatthour cap on the Power Purchase Cost
Adjustment (PPCA).

The PPCA is an automatic cost recovery mechanism that allowed
Napocor to pass on increased costs associated with its US
dollar-denominated obligations under the Independent Power
Producer (IPP) contracts.

Under the power sector reform plan, Napocor will transfer its
asset and liabilities to the Power Sector Assets and Liabilities
Management Corporation (PSALM), which are wholly owned by the
Philippine government.

However, Napocor will continue to operate the generation assets
until such assets are privatized, and are currently negotiating
the operations and maintenance agreement with PSALM.

Napocor has obtained consent from certain bondholders to
transfer its debt obligations to PSALM as part of the reform
process.

Moody's said that under the terms of the proposed zero-coupon
bonds, PSALM shall, without the consent of the bondholders,
assume the obligations of Napocor, subject to the same terms and
conditions, including the irrevocable and unconditional
guarantee of the ROP.  


NEGROS NAVIGATION: Clarifies News Article
-----------------------------------------
This is in reference to the news article entitled "Nenaco hits
seizure by rival Aboitiz" published in the March 22, 2004 issue
of The Manila Times.  The article reported "Negros Navigation
Company (Nenaco) denounced the underhanded tactics of former
repair and drydocking provider Tshuneishi Heavy Industries
Incorporated (THI) when it stopped Nenaco's St. Peter the
Apostle ship from sailing to Bacolod, stranding more than 700
passengers on Friday.  

On Friday, representatives of the Cebu-based Tsuneishi-Aboitiz
joint venture, assisted by two (PCG), prevented the 2:00 p.m.
scheduled departure of Nenaco vessel St. Peter the Apostle from
Manila to Bacolod.  Aside from the PCG, the Maritime Authority
and the Philippine Ports Authority were also ordered by the Cebu
RTC to see to it that St. Peter the Apostle remained grounded
until a new order is issued allowing it to resume operation.

Tsuneishi Heavy Industries, led by Attorney Serafin Rivera and
Attorney Pablo Castillo attempted to seize the ship for Nenaco's
failure to pay nearly PhP36 million for past dry-docking and
repair services.  Tsuneishi is a joint venture between Japanese
firm Tsuneishi Corporation and Aboitiz Transport Services
Incorporated, operator of one of the Superferry line and among
Nenaco's staunchest rivals.  Nenaco's St. Peter the Apostle has
a book value of PhP266 million.

Negros Navigation Company Incorporated, in its letter to the
Philippine Stock Exchange dated March 23, 2004, stated that:

"Please be informed that the company confirms the veracity of
the information contained in the news article entitled, "Nenaco
hits seizure of ship by rival Aboitiz" published in the March
22, 2004 issue of The Manila Times".


PILIPINO TELEPHONE: Unveils Board Meeting Results
-------------------------------------------------
Pilipino Telephone Corporation (Piltel) announced on Monday that
its board meeting held earlier in the day, Smart Communications,
Incorporated a wholly-owned subsidiary of Philippine Long
Distance Telephone Company informed the Piltel Board of its
intention to issue letters of invitation to creditors of Piltel,
inviting the creditors, subject to certain terms and conditions,
to offer to sell their indebtedness to Smart in exchange for:

(a) Cash (in US dollar of pesos) and/or

(b) US$ denominated loan obligations of Smart; and/or

(c) In consideration of delivery of US$ denominated bonds
guaranteed by the Republic of the Philippines (RoP).

The Piltel Board understand that Piltel creditors have four
weeks from the date the letters of invitation are issued to
respond to Smart's offer and that Smart would keep the Board
informed of the progress of the transaction.  The Piltel Board
was also advised that PLDT and Smart would also be making a
disclosure in respect of this matter.

The Board was further informed that should the debt exchange
transaction be successfully completed Smart intends to acquire
PLDT's interests in Piltel consisting of 767 million common
shares (representing 45.3% of Piltel's outstanding common
shares) and 59 million Series K convertible preferred shares
(convertible into Piltel common shares at a ratio of 170:1) for
a consideration to be determined at a later date.  

The Piltel Board was also advised that should Smart acquire
PLDT's interest in Piltel it is not Smart's intention to enter
into a legal statutory merger with Piltel nor does it intend to
use Piltel as a backdoor listing vehicle.  In light of this
development, the PIltel Board has decided to appoint an
independent advisor to advise Piltel's board of Directors on
this matter.

For further information, please contact:

Deborah Anne N. Tan
Corporate Information Officer
Direct Line: (632) 511-6121
Fax: (632) 817-3345
E-mail: dntan@smart.com.ph


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


BLUESTONE CAPITAL: Creditors Meeting Set April 21
-------------------------------------------------
The final meeting of the creditors of Bluestone Capital Pte Ltd
(In Creditors' Voluntary Liquidation) will be held on April 21,
2004, at 4 o'clock in the afternoon 3 Phillip Street, #18-00
Commerce Point, Singapore 048693 for the purposes of having an
account laid before the member and creditors showing how the
manner in which the winding up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator and also of
determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of.

SHANKER IYER
Liquidator.

Note:

Any member or creditor entitled to attend and vote at this
meeting is entitled to appoint another person (whether a member
or creditor or not) as his proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time of
holding the meeting and any adjournment thereof.

The Singapore Government Gazette announcement is dated March 19,
2004.


BOWL WORKS: Issues Dividend Notice
----------------------------------
Bowl Works Pte Ltd. (In Creditors' Voluntary Liquidation) issued
a notice to declare dividend:

Address of Registered Office: c/o 2 Mistri Road, #12-01 HMC
Building Singapore 079624.

Court: Not Applicable.

Number of Matter: Not Applicable.

Last Day for Receiving Proofs: April 2, 2004.

Names of Liquidators: Messrs Tan Kia Yew & Teh Kwang Hwee.

Addresses of Liquidators: c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.

TEH KWANG HWEE
Liquidator.

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


BURKE'S FINE: Issues Notice to Declare Dividend
-----------------------------------------------
Burke's Fine Coffees Private Limited (In Creditors' Voluntary
Liquidation) issued a notice to declare dividend:

Address of Registered Office: c/o 2 Mistri Road, #12-01 HMC
Building
Singapore 079624.

Court: Not Applicable.

Number of Matter: Not Applicable.

Last Day for Receiving Proofs: April 2, 2004.

Names of Liquidators: Messrs Tan Kia Yew & Teh Kwang Hwee.

Addresses of Liquidators: c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.

TEH KWANG HWEE
Liquidator.

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


BURKE'S RESTAURANT: Releases Dividend Notice
--------------------------------------------
Burke's Restaurant and Cafe Pte Ltd. (In Creditors' Voluntary
Liquidation) issued a notice to declare dividend:

Address of Registered Office: c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.

Court: Not Applicable.

Number of Matter: Not Applicable.

Last Day for Receiving Proofs: April 2, 2004.

Names of Liquidators: Messrs Tan Kia Yew & Teh Kwang Hwee.

Addresses of Liquidators: c/o 2 Mistri Road, #12-01 HMC
Building, Singapore 079624.

TEH KWANG HWEE
Liquidator.

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


EXCEL MACHINE: Enters Sale Agreement With API
---------------------------------------------
The Judicial Managers have, for and on behalf of Excel Machine
Tools Limited (Under judicial management), entered into a sale
agreement (the Sale Agreement) with Asia Pacific Investments Plc
(API) and Piper Technology Limited (PTL) on March 19, 2004.

API is a company incorporated in the United Kingdom set up to
focus on restructuring companies. PTL is a company incorporated
in British Virgin Islands, which has majority beneficial
interest in API.

Pursuant to the Sale Agreement, Excel has agreed to sell and API
has agreed to purchase through a newly established wholly owned
subsidiary to be incorporated in Singapore (the Investor)
certain assets of Excel (the Assets).

ASSETS

The Assets comprise:

(i) Plant and equipment, tools, furniture and fixture, stocks
and inventories;

(ii) Shares in the capital of, or equity interests in, the
subsidiaries of Excel;

(iii) Subsisting contracts entered into by Excel;

(iv) Intellectual property rights owned by Excel;

(v) Excel's property situated in Bukit Batok and the buildings
thereon;

(vi) Amounts owing to Excel by its subsidiaries; and

(vii) Licences owned by Excel

PURCHASE CONSIDERATION

The aggregate purchase consideration for the Assets that is to
be paid by the Investor is as follows:

(i) A sum of S$4,500,000 is to be paid to the creditors of Excel
in cash together with the allotment and issue of 520,000,000 new
shares in the capital of the Investor (representing
approximately 8% of the enlarged share capital of the Investor
(excluding the proposed issue of new shares for the Acquisition
referred to below)) in settlement of the amounts owing by Excel
to the creditors; and

(ii) A sum of S$8,500,000 is to be paid to the secured creditor
of Excel in cash together with the allotment and issue of
520,000,000 new shares in the capital of the Investor
(representing approximately 8% of the enlarged share capital of
the Investor (excluding the proposed issue of new shares for the
Acquisition referred to below)) (the Secured Creditor Shares) in
settlement of S$13,500,000 of the secured debt owing by Excel to
the secured creditor.

In consideration of shareholders of Excel approving the disposal
of the Assets to the Investor at a general meeting of Excel to
be convened, the Investor will allot and issue 260,000,000 new
shares in the capital of the Investor (representing
approximately 4% of the enlarged share capital of the Investor
(excluding the proposed issue of new shares for the Acquisition
referred to below)).

PTL shall subscribe for, and the Investor shall allot and issue,
5,200,000,000 new shares in the capital of the Investor
(representing approximately 80% of the enlarged share capital of
the Investor (excluding the proposed issue of new shares for the
Acquisition referred to below)) for an aggregate subscription
price of S$13,000,000 payable in cash.

CONDITIONS PRECEDENT

The completion of the sale agreement is conditional upon, inter
alia, the following conditions being fulfilled are:

(i) The approval of the secured creditor and the other creditors
of Excel to the statement of proposal to be proposed by the
Judicial Managers and the transactions contemplated under the
Sale Agreement at a meeting of the creditors of Excel to be
convened being obtained;

(ii) The approval of the shareholders of Excel for the disposal
of the Assets as contemplated in the Sale Agreement at a general
meeting of Excel to be convened being obtained;

(iii) The approval in-principle of the Singapore Exchange
Securities Trading Limited (SGX-ST) in respect of the disposal
of the Assets by Excel, if necessary, being obtained;

(iv) The approval in-principle of the SGX-ST for the admission
of the Investor to the official list of the SGX-ST and for the
listing and quotation of all the shares in the capital of the
Investor being obtained; and

(v) The simultaneous completion of an acquisition (the
Acquisition) of approximately 28% of the issued share capital of
a medical business engaged in providing aesthetic services by
the Investor and the allotment and issue of up to 1,000,000,000
new shares by the Investor in consideration for such
acquisition, such acquisition to include a profit guarantee and
dividend guarantee on terms and conditions reasonably acceptable
to the parties to such acquisition.

If any of the conditions is not fulfilled by 6 pm on the date
falling nine months from the date of the Sale Agreement or such
other date as may be agreed by the parties, the Sale Agreement
shall terminate.

STATEMENT OF PROPOSAL

The statement of proposal to the creditors of Excel will include
provisions that the secured creditor is not to sell, transfer or
otherwise dispose of any of the Secured Creditor Shares for a
period of one year after the completion date. Thereafter, up to
the date falling six years from the completion date, PTL shall
be given the first right of refusal to buy any such Secured
Creditor Shares that the secured creditor proposes to sell or
transfer.

The secured creditor will also be granted a put option to sell
the Secured Creditor Shares to PTL at S$0.00962 per share during
the period commencing five years from the completion date and
ending on the date falling six years from the completion date.

The secured creditor is to grant PTL a call option to buy the
Secured Creditor Shares from the secured creditor at S$0.00962
per share during the period commencing one year from the
completion date and ending on the date falling six years from
the completion date.

The creditors of Excel will also be granted a put option to sell
their shares in the Investor to PTL at approximately S$0.00385
per share during the period commencing five years from the
completion date and ending on the date falling six years from
the completion date.

MEDICAL BUSINESS

PTL and API have informed the Judicial Managers, that the
medical business relates to a company incorporated in Singapore
in 2003. The company was founded by three doctors with
cumulatively 50 years of experience in aesthetic medicine and
anti-aging medicine.

It provides aesthetic medical non-surgical treatments and also
aims to capture the market of aesthetic medicine, which also
encompasses the cosmeceutical industry. Cosmeceutical products
are those poised on the gap between cosmetic products that
simply cleanses and beautify and pharmaceuticals that cure and
heal.

CIRCULAR

A circular will be issued to the shareholders of Excel setting
out in greater detail the terms of the Sale Agreement and the
transactions contemplated there under and pursuant to which an
extraordinary general meeting of Excel will be convened to
obtain the shareholders' approval for the disposal of the Assets
on the terms and conditions of the Sale Agreement.

Ramasamy Subramaniam Iyer, the Judicial Manager of the Company,
submitted this announcement on March 22, 2004.


HO WAH: Enters Winding Up Petition
----------------------------------
The petition to wind up Ho Wah Genting International Ltd has
been filed by United Overseas Bank Limited (UOB) on March 18,
2004.

In a disclosure to the Singapore Stock Exchange, the winding up
petition has been made by UOB in connection with the sum of
$2,515,320.33 (as at February 6, 2004) being the balance due on
a Final Judgment obtained by UOB against the Company on
September 17, 2001.

The Company is currently in discussions with UOB regarding the
above petition and further announcements, where appropriate,
will be made regarding the status of such discussions and/or
petition.


NATSTEEL LIMITED: Unit Disposes of 23% Stake in Yangtze Cement
--------------------------------------------------------------
NatSteel Ltd announced that its wholly owned subsidiary Eastern
Industries Private Limited has disposed its entire 23.80% equity
stake comprising of 25,023,848 ordinary shares of par value
S$1.00 each in the capital of Yangtze Cement Holdings Pte Ltd
(Yangtze Cement) for a cash consideration of S$11,408,372, which
was arrived at a willing buyer-willing seller basis.

The net carrying value of NatSteel Group's equity interest in
Yangtze Cement was approximately $11,165.255.35 as at 31
December 2003.

On the completion of this disposal, Yangtze Cement will cease to
be an associated company of NatSteel.

This transaction is not expected to have a material effect on
the earnings per share and net tangible assets per share of the
NatSteel Group.

None of the directors or substantial shareholders of NatSteel
has any interest in this transaction.


NESDEX PTE: Issues Winding up Order Notice
------------------------------------------
Nesdex Pte Ltd [Formerly known as Eaton Investments
Pte Ltd] issued a notice of winding up order made on March 12,
2004.

Name and Address of Provisional Liquidator: Messrs Don Ho &
Associates Singapore Exchange, 20 Cecil Street #12-02&03,
Singapore 049705.

Messrs GUAN TECK & LIM
Solicitors for the Petitioners.

Note:

(a) All creditors of the Company should file their proof of debt
with the provisional liquidator who will be administering all
affairs of the Company.

(b) All debts due to the Company should be forwarded to the
provisional liquidator.

The Singapore Government Gazette announcement is dated March 19,
2004.


NISON ENERGY: Schedules Winding up Hearing
------------------------------------------
The petition to wind up Nison Energy & Technologies Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on April 2, 2004 at 10 o'clock in the morning.

GE Commercial Financing (Singapore) Ltd, formerly known as
Heller Financial (Singapore) Ltd., a creditor, whose address is
located at 6 Temasek Boulevard, #35-01 Suntec Tower Four,
Singapore 038986, filed the petition with the court on March 11,
2004.

The Petitioner's Solicitors are Messrs A.Ang, Seah & Hoe of 141
Market Street, #06-01 International Factors Building, Singapore
048944. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Messrs A. Ang, Seah &
Hoe a notice in writing not later than twelve o'clock noon of
the 1st day of April 2004 (the day before the day appointed for
the hearing of the petition).

The Singapore Government Gazette announcement is dated March 19,
2004.


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


KRUNG THAI: Board Approves THB0.47 Dividend Payment
---------------------------------------------------
State-controlled Krung Thai Bank PCL (KTB.TH) said Friday its
board has approved a dividend payment of 0.47 baht
($1=THB39.360) apiece for its 2003 earnings, Dow Jones reports.

The payment will be made to holders of the bank's ordinary
shares. The dividend payment for holders of preferred shares
would be THB0.6245 a share, the bank said in a filing to the
Stock Exchange of Thailand.

The issue is subject for shareholder approval at a meeting on
April 23.

The bank recorded a net profit of THB8.70 billion in 2003.


MILLENNIUM STEEL: Releases Operating Results for 2003
-----------------------------------------------------
Millennium Steel PCL (MS), the largest long steel producer in
Thailand, recently announced its reviewed results for the year
ended 31st December 2003.

CONSOLIDATED OPERATING RESULT HIGHLIGHTS

Year ended 31st December 2003 2002

Revenue: 10,397.93 518.78

Operating income: 475.95 (25.20)

Gain on extraordinary items:  182.43 6.16

Interest expense and financial charges:  609.54 69.28

Net profit/(loss):  (41.61) (117.02)

Earnings (loss) per share:
   
- Fully Diluted (Baht) (0.01)** (0.03)**

Book Value per share (Baht):  1.59** 1.57**


Note:

* The Company was incorporated on 12th July 2002 and commenced
the business of investing and holding shares in NTS, SISCO2001
and SCSC on November 29, 2002.

**Number of the outstanding ordinary shares and preferred shares
as at December 31, 2003 was 5,578,061,839 shares.

Gain on extraordinary items in 2003 stemmed from THB6.30 million
gains on exchange and THB176.13 million of gain on sale of
investments in NSM and NSM-W.

HIGHLIGHTS FOR YEAR ENDED OF 2003

The Industry and the Thai Market is growing at double-digit
rates.  The property and construction sector continues to be one
of the significant beneficiaries of the recovery of the Thai
economy. This has had a very positive effect the steel business.

Growth in domestic construction activity has given rise to an
increase in domestic consumption of Long Steel Product by 13
percent year on year to 4.3 million tonnes in 2003 (long product
demand is expected to see a strong and sustainable 12 to 14
percent annual growth rate).

Despite large scrap price increases, the spread between scrap
and end product remains stable.

Key government initiatives to rationalize the industry: improved
enforcement of building standards will force smaller players out
of the market, TAMC to clean up or shut down companies in
default - will provide excellent opportunities for MS.

-The company has a leading Market Position

Thailand has 10 major steel producers with a combined capacity
of 5.5 million tonnes and small producers with a combined
capacity of 1.5 million tonnes (we are twice the size of our
recent competitor).  MS, with its own furnaces, produces roughly
25% (1.70 million tonnes) of Thailand's total bar steel
production.

-The company's Balance Sheet will strengthen

At the end of 2003, MS had total debts of THB11.6 billion, with
an annual interest expense of THB609.5 million and a Debt to
Equity Ratio of 1.31 times.

The Company plans to repay part of this loan through funds from
capital restructuring via a private placement and right issue.
If successful, the Debt to Equity could decrease to around 0.4
times.

-Operational improvements continue

Millenium Steel operated at 44 per cent of capacity in 2003.
Sustainable growth will ensure greater efficiencies and
profitability.

-Review of the company's major new projects

The Company plans to increase the value of its steel products to
boost profit margins by producing SC (special high-end category)
bar. This will require an investment cost of only up to THB60
million in order to make a minor adjustment to machinery. A full
commercial production is expected in the middle of this year.

Thailand imports roughly 100,000 tonnes of SC bar every year to
meet demand in the vehicle and non-construction industries. If
the project is successful, imports of the product will be
reduced by half.

The Company expects the project will result in a more
diversified revenue structure and improved profit margin, as the
average price of SC is roughly 5 to 10% above the price of
rebar.

Management's comments

"Currently, MS is the largest long steel producer in Thailand,
with a 25 percent market share. The company is very confident
that it will turn to profitability in Fiscal Year 2004 and
expects a significant increase in domestic construction activity
this year, whilst the process to diversify its revenue base by
implementing the SC bar project will help improve profit
margins. In addition, repayment of debt will help improve the
Company's financials and reduce interest expense on our
remaining loans.

If the government sets a policy to control selling prices, the
company believes many problems will occur. For example, small
players will likely have to slow down importing raw materials
due to a risk they may be unable to break even, as most steel
producers are burdened by a high level of NPLs and therefore
have limited supplies of working capital.

Meanwhile, if the government allows the imported product to
enter the country freely, we do not expect to see a dramatic
increase in imports of the product, as the majority of Thai-made
products are less expensive. We believe that our current selling
prices are competitive and also comparably lower than those
selling prices of rebars in Singapore, Hong Kong and main land
China "

Millennium Steel

Millennium Steel shares and two warrants listed on the Stock
Exchange of Thailand under the Companies Under Rehabilitation
Sector. More information can be obtained from its web site at
http://www.millenniumsteel.com

PRESS ENQUIRIES:

Millennium Steel Plc.
Khun Santi Charnkolrawee
President
22nd Floor, Shinawatra Tower III,
1010 Viphavadi-Rangsit Rd.
Chatuchak, Bangkok, 10900
Telephone: +66(0) 2949-2888
Fax: +66(0) 2949-2889
E-mail:santic@cementhai.co.th

Mr. Robert W. McMillen
Chief Executive Officer
Seamico Securities Plc. 16th Floor, Liberty Square,
287 Silom Road, Bangrak,
Bangkok 10500, Thailand
Telephone: +66 (0) 2695-5000
Fax: +66 (0) 2631-1708
E-mail:rwm@seamico.co.th


RAIMON LAND: Issues THB286M New Shares to Increase Capital
----------------------------------------------------------
Property developer Raimon Land PCL disclosed that it would
increase its registered capital by 286 million baht by issuing
new shares to fund new projects, Businessday newspaper reports.

In a filing to the Stock Exchange of Thailand, the company's
Board of Directors approve an increase in registered capital by
2.752 billion baht from 2.466 billion baht by issuing 285
million new shares at a par value of one baht each.

A total of 224 million ordinary shares will be offered to
existing shareholders at a subscription ratio of four existing
shares to one new share. The remaining 61 million shares will be
reserved for the exercise of the company's two warrants.

This year, Raimon plans to launch two condominium projects,
Legend Saladaeng and Loft Yennakart worth 800 million baht each.

Raimon shares yesterday closed 0.9 percent down at 1.1 baht.


THAI PETROCHEMICAL: Given Two Months to Finalize Debt Plan
----------------------------------------------------------
Thai Finance Minister Somkid Jatusirpitak Friday said he expects
the debt plan issue of Thai Petrochemical Industry PCL (TPI.TH)
to be finalized within one to two months, Dow Jones reported on
Friday.

"I couldn't say whether the final plan would include any capital
write-down or not...The Prime Minister demanded that this case
be resolved as soon as possible," Mr. Somkid said.

The company's creditors are working with the debt plan
administrator on amendments of its debt-restructuring plan.

The proposal for an amended plan involves a capital write-down,
a capital increase, debt-to-equity conversions, and a search for
a strategic partner. Under the plan, a debt-to-equity swap will
leave creditors with a 90 percent stake in the company.

The company still shoulders a total debt of $2.9 billion after
around four years in rehabilitation under the country's
bankruptcy court.

Thai Petrochemical's major creditors are Bangkok Bank PCL
(BBL.TH), International Finance Corp., Kreditanstalt fuer
Wiederaufbau (KFW.YY), Citibank, the U.S. Export-Import Bank,
Bank of Ayudhya PCL (BAY.TH) and Krung Thai Bank PCL's (KTB.TH)
unit, Sukhumvit Assets Management Ltd.


UNIVERSAL RIGHTFIELD: Addresses Requirement for Listed Companies
----------------------------------------------------------------
This in reference to Memo for Brokers No. 248-2003 dated October
2, 2003 pertaining to the Implementing Guidelines on Article
XVI, Section 2(f) of the Listings and Disclosure Rules, which
took effect on October 17, 2003.

Pursuant to the aforementioned guidelines, a listed company may
be considered for delisting if its stockholders' equity becomes
negative.  Thus, listed companies suffering from this financial
conditions, as reflected in its latest audited financial
statements, must comply with the relevant provisions of the said
guidelines.

In relation thereto, Universal Rightfield Holdings Incorporated
(UP) submitted the attached explanation in order to address the
above-mentioned requirement of the Philippine Stock Exchange.
In addition, the Company furnished the Exchange a copy of the
Petition for Corporate Rehabilitation filed by its creditor D.M.
Consunji, Incorporated.

The company shall inform the Trading Participants and the
investing public of further developments on the aforementioned
matter.

To view full copy of the document, click
http://bankrupt.com/misc/universalrightfield032304.pdf



                            *********


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
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