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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            FRIDAY, March 26, 2004, Vol. 7, No. 61

                            Headlines

A U S T R A L I A

CARTER HOLT: Divests Businesses to Svenska
NATIONAL AUSTRALIA: Releases APRA Currency Trading Report
QANTAS AIRWAYS: Qantas and Virgin Mum on Asia Plans
SANTOS LIMITED: Cooper Basin Oil Output To Soar
TOWER LIMITED: S&P affirms Tower LTD, Subsidiaries' Ratings

VILLAGE ROADSHOW: Kicks Off Share Buy Back With 63.713M Shares


C H I N A  &  H O N G  K O N G

CHINA SILVER: Releases Winding up Update
CHINPEAK INVESTMENT: Schedules Winding up Hearing
HOME ONE: Faces Winding up Petition
LOGITECH ELECTRONICS: Winding up Hearing Set May 12


I N D O N E S I A

ANEKA TAMBANG: Targets Raising $31M Via Rights Share
BANK NEGARA: To Proceed With Bond Issue by May or June
EXCELCOMINDO PRATAMA: Net Profit Slides Down by 46%


J A P A N

ALL NIPPON: Sets Up New Low-Cost Airline
FUJITSU LIMITED: Enters Deal With Mitsubishi Electric
FURUKAWA ELECTRIC: Ties up With Fujikura on Power Lines
IWASESAKURAGAWA COUNTRY: Golf Course Declares Bankruptcy
JAPAN AIRLINES: Enters Alliance With Heico Corporation

MITSUBISHI FUSO: Recalls 112,000 Vehicles
MITSUBISHI FUSO: CEO Issues Statement Over Faulty Hubs
MITSUBISHI MOTOR: Domestic Output Up 2.4% in February
MITSUBISHI MOTORS: Halts U.S. Plant Production in April
MITSUBISHI TOKYO: U.S. Unit Enters Liquidation

MITSUBISHI TOKYO: Unit Liquidates UNBC (Cayman) Ltd.
NTT DOCOMO: Liquidate Subsidiaries in United Kingdom
OUA KANKO: Golf Course Management Firm Enters Bankruptcy
RESONA HOLDINGS: Agrees to Sell Cosmo Stake to CSK
TAKUSAN K.K.: Golf Course Files For Bankruptcy

TANAKA COMMERCE: Telecom Firm Enters Bankruptcy


K O R E A

HANARO TELECOM: Newbridge Supports Executives on Stock Options
SSANGYONG MOTOR: Bluestar Acquisition Deal Collapses


M A L A Y S I A

ANSON PERDANA: Announces Resignation of Chairman
BESCORP: Receives Extension to Complete Corporate Proposals
CSM CORPORATION: SC Rejects Proposed Debt Restructuring Scheme
HAP SENG: Issues Notice of Shares Buy Back
HAP SENG: Buys Back Shares Pursuant To Form 28A

HAP SENG: Buying Back Shares Pursuant to Form 28B
KAI PENG: Withdraws Winding Up Petition
KSU HOLDINGS: Exempt From Appointing Monitoring Accountant
MALAYSIA MINING: Changes End of Financial Year
MALAYSIA MINING: Appoints New Chief Operating Officer

MALAYSIA MINING: Announces a Change in the Board
PARK MAY: Reveals Proposed Restructuring Scheme
PROTON: Employees Provident Fund Acquires Additional Stake
SOUTHERN PLASTIC: Updates Securities Delisting Status
UCP RESOURCES: Reveals Results of Court Convened Meeting

WCT ENGINEERING: Discloses Director's Dealings in Securities


P H I L I P P I N E S

MANILA ELECTRIC: ERC To Pursue Public Hearing
MAYNILAD WATER: Deal With MWSS Yet To Be Examined
NATIONAL POWER: To Auction 35 Power Plants
NEGROS NAVIGATION: Incident Delays Talks With Investors
PHILIPPINE REALTY: Court Orders to Pay Damages

UNIVERSAL RIGHTFIELD: RTC Issues Court Decision


S I N G A P O R E

BEE LIAN: Issues Dividend Notice
BOUSTEAD SINGAPORE: Requests Halt of Trading
CHARTERED SEMICONDUCTOR: To Create Unique Program with IBM
FALCON PILING: Issues Notice of Judicial Management Order
LA GASTRONOMIE: Releases Dividend Notice

OASIS SYSTEMS: Schedules Winding Up Hearing
PAPERCHASE PTE: Winding Up Hearing Set Today
SIMSON ENGINEERING: Creditors Meeting Set April 20


T H A I L A N D

NEP REALTY: Submits Changes in the Board of Directors
THAI PETROCHEMICAL: To File Protest Against Revised Plan

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


CARTER HOLT: Divests Businesses to Svenska
------------------------------------------
Carter Holt Harvey Limited (CHH) announced on Thursday that it
has entered into an agreement to sell its Tissue business and
its 50 per cent interest in Sancella to an international paper
company, Svenska Cellulosa Aktiebolaget (SCA) for NZ$1.015
billion (AUD$890 m).  The agreement is conditional on normal
regulatory consents from the Overseas Investment Commission
(OIC) and Foreign Investment Review Board (FIRB), with the sale
completion date expected to be effective mid May.

The agreement comes after CHH's November 2003 announcement to
explore alternatives for its Tissue business, which comprises
the Consumer Brands, Experko, and Treasures Babycare businesses.
The agreement also includes Sancella, a joint venture that
manufactures and markets the successful Libra and TENA brands.

CHH Chief Executive Officer, Peter Springford said a key reason
for the decision was maximizing shareholder value and finding
the right ownership option for Tissue.

"From the outset we recognized CHH Tissue was a well positioned
and maintained business with exceptional brands and a strong
market presence.  We are delighted with the outcome and the
opportunities the new owner can provide CHH Tissue and Sancella
employees.

"With a strong international focus in the hygiene products
market, SCA has the capacity and resources to develop the
offerings of the Tissue and Sancella businesses, helping these
businesses to further realize their potential.  For SCA, the
acquisition delivers strong synergies and value by building on
their presence in the important Australasian market," Mr.
Springford said.

CHH is in a very strong financial position with a debt to total
capitalization ratio of better than 20 per cent.  Taking into
account the optimal capital structure and future cash flow, CHH
has decided it will distribute approximately half the proceeds
but in any event not less than NZ$450 million (AUD$385 million)
by way of share buy back, pro rata to all shareholders.

It is anticipated the buy back will take place in CHH's third
quarter, following shareholder approval and the receipt of
confirmation from the Inland Revenue Department that the capital
return is not a taxable dividend.

SCA President and CEO, Jan �str"m said the acquisition was an
important step in SCA's long-term strategy.

"We are keen to establish a presence in this market as part of
our long term strategy to grow our hygiene products business
outside of Europe and North America.  The Tissue and Sancella
acquisitions will provide a strong basis for this growth and
assist SCA to increase its global presence."

Tissue Chief Operating Officer, Don Matthews will lead SCA
Hygiene Australasia as President.

"This is an exciting opportunity for all our Tissue and Sancella
employees.  As SCA has worked with the Sancella business for the
past 25 years (8 years as joint venture partner with CHH), there
is already a high level of mutual respect between our
organizations.  SCA's hygiene products focus will provide the
Tissue and Sancella businesses with benefits and opportunities,
which may not have been possible under CHH.  Its similar culture
and commitment to quality and service is an excellent fit for
Tissue and Sancella," Mr. Matthews said.

CHH will now focus on its investment in pulp, paper, packaging
and wood processing, supported by forests, to consolidate its
position as Australasia's leading wood-fibre processing company.

For further information please contact:

Maree Arnason
Manager - Corporate Affairs (Australia)
Carter Holt Harvey
Telephone: +61 3 9823 1623
Mobile Phone: +61 416 035 560
E-mail: maree.arnason@chh.com

Nigel Glennie
Manager - Communications & Media
Carter Holt Harvey
Telephone: +61 3 9823 1635
Mobile Phone:  +61 410 044 514
Email nigel.glennie@au.chh.com


NATIONAL AUSTRALIA: Releases APRA Currency Trading Report
---------------------------------------------------------
The National Australia Bank (NAB) on Wednesday released a report
by the Australian Prudential Regulation Authority (APRA) into
irregular currency options trading at the bank.

In a disclosure to the Australian Stock Exchange, NAB Chairman,
Mr. Graham Kraehe, and Chief Executive, Mr. John Stewart, also
outlined the bank's response to the APRA report and its proposed
remedial actions.

Mr. Kraehe said the Board, following consultation with APRA, had
decided to release the entire APRA report and their proposed
remedial actions to ensure full disclosure.

'As a matter of policy we do not release correspondence between
the National and regulatory authorities,' he said. 'However,
because of the exceptional circumstances surrounding this issue,
we have decided to release the APRA report.'

Mr. Kraehe said the APRA report is consistent with the
conclusions in the PricewaterhouseCoopers report released
earlier this month.

'The two reports, and the remedial actions proposed by APRA,
provide the Board with a clear roadmap to improve key policies
and systems within the National,' he said. 'We fully accept APRA
comments about the need for the Board to take a leadership role
in transforming the culture and governance processes at the
National.'

The Chief Executive of the National, Mr. John Stewart, said the
bank would act as quickly as possible to implement all of the
remedial actions proposed by APRA including capital adequacy
initiatives to take the National's total capital to 10 per cent.
This will also result in termination of the current share buy-
back.

'We have already started to implement a series of actions to
enhance our policies and systems,' he said. 'We will continue to
work co-operatively with APRA, and other regulatory authorities,
to implement all remedial actions within agreed timelines.'

'The first step will be to incorporate the remedial actions
proposed by APRA into the four point action plan we announced
earlier this month. We will then report regularly to the Board
and APRA on implementation of the remedial actions.'

FOR FURTHER INFORMATION:

Brandon Phillips
Corporate Relations Manager
03 8641 3857 work
0419 369 058 mobile


QANTAS AIRWAYS: Qantas and Virgin Mum on Asia Plans
---------------------------------------------------
With Malaysian budget carrier AirAsia dismissing rumors of its
plan to set up a Singapore-based airline with Qantas Airways,
the Australian carrier and Virgin Blue still kept the market
speculating on their low-cost plans in Asia Wednesday, The Age
reports.

Amid speculation that both Australian airlines might still have
an interest in the planned sharemarket listing of AirAsia, Chief
Executive Tony Fernandes told a Malaysian newspaper, "We are
talking to Qantas about cheap fares." However, neither Mr.
Fernandes nor Qantas would explain what this means.

Virgin Blue also declined to confirm an Asian Wall Street
Journal report that the airline could buy a stake in AirAsia in
coming weeks.

"I'm only saying what I've been saying for three months and that
is, 'Virgin Blue is in regular discussions with a number of
airlines around the world'," said David Huttner, Virgin head of
strategy. "It has been long established that we've had talks
with a variety of South-East Asian airlines."

As talk persisted that Qantas was even looking at taking a stake
in Singapore-based Valuair, some analysts expressed skepticism
over the mixed signals about the plans of Qantas and Virgin in
the region.

With the forthcoming launch of Jetstar and the multibillion-
dollar upgrade of its fleet, Qantas already has its hands full,
while analysts questioned whether Virgin Blue had enough funds
to expand outside Australia.

AirAsia also appointed Credit Suisse First Boston and RHB Sakura
Merchant Bankers as book runners for its planned float, valued
at up to AU$1.3 billion.

In a statement to the media, AirAsia said, "The IPO strengthens
our balance sheet, further cuts our existing low costs at US2.5>
per ASK (available seat kilometre) and accelerates our growth
plans throughout Asia." The airline, however, would not give
further details of its IPO.


SANTOS LIMITED: Cooper Basin Oil Output To Soar
-----------------------------------------------
After 17 years of decline, Australian energy company Santos
Limited (STO.AU) said Thursday that oil production from its
Cooper Basin assets will increase in 2005, Dow Jones reports.

At a symposium in Adelaide, John Chambers, Santos' exploration
manager for the central business unit, said that the recently
discovered Reg Sprigg field would be one of the contributors to
the increased oil output. An appraisal well this month on the
new field produced oil at nearly 3,000 barrels per day.

At the time of its discovery, the Cooper Basin had around 1.5
billion barrels of oil in place. However, only 264 million
barrels, around 18%, had been recovered as of the end of 2003,
he said.

"There is obviously a large prize to be gained from increased
recovery rates," Chambers said.

Mr. Chambers said that the Cooper Basin oil production is
expected to be stable in 2004 and then "grow from 2005."
However, he did not quantify the increase.

Other oil hits in 2003 included the Pelican-11 and Merrimelia-43
delineation wells, which came on at initial rates of 4,600 and
5,680 bpd, respectively, he said.

Chambers said the improved outlook is based on more efficient
usage of existing infrastructure, combined with optimizing old
fields. The company is also using new three-dimensional seismic
technology to view previously unseen details of reservoirs, he
added.


TOWER LIMITED: S&P affirms Tower LTD, Subsidiaries' Ratings
-----------------------------------------------------------
The ratings on Tower Ltd and its key operating and holding
subsidiaries, including the BBB-plus financial strength and
counterparty credit ratings on Tower Australia Ltd (Tower
Australia) were affirmed Wednesday by Standard & Poor's Ratings
Services, Asia Pulse reports.

Tower Ltd is rated BB-plus/negative/B. The outlook is negative.

S&P said the ratings on Tower's subsidiaries reflect its
marginal, although improving, operating performance and moderate
business profile in the Australian life insurance operation,
Tower Australia. These, it added, are partially offset by the
group's adequate capitalization and strong market position in
the nonlife, life, and health insurance markets of New Zealand.

Tower Australia, the group's largest entity contributing to
nearly half of the group's carrying value, has successfully
executed a large part of its rebuilding phase with significant
reduction in expenses, but it may take some time before this
entity achieves a satisfactory rate of return.

S&P said the New Zealand operations continue to perform well.

Carolyn Rajaratnam, a Standard & Poors credit analyst, said
Tower's recent focus on providing risk products and establishing
a platform for nonbank aligned intermediaries and independent
financial advisors has led to the insurer having some success in
business growth.

However, Tower Australia's ability to write the required new
business and retain the in-force business, and to achieve the
required rate of return in Australia is being challenged by
difficult prevailing market conditions, coupled with a somewhat
tarnished brand, added Ms. Rajaratnam.

The negative outlook stems from Standard & Poor's concerns about
the delivery of Tower Australia's business model. This, despite
the financial turnaround achieved by Tower in the second half of
2003, which has continued into the first quarter of the current
fiscal year. However, this outlook could be revised to stable if
Tower Australia manifests success in its business model by
reducing its lapse rates and writing target level of new
business, such that target returns are achievable.


VILLAGE ROADSHOW: Kicks Off Share Buy Back With 63.713M Shares
--------------------------------------------------------------
Film and Entertainment Company Village Roadshow continued its
on-market preference share buyback Wednesday, which it kicked
off Tuesday by acquiring 63.713 million shares for AU $73.34
million, reports The Courier Mail.

Originally, the company put a AU$360 million buyback scheme to
shareholders, but was subsequently thwarted by the courts.

Tuesday's acquisition accounted for almost three quarters of the
AU$100 million it set aside. It paid between AU$1.12 and AU$1.15
per share.

Wednesday's trading was quieter, with Village's broker Merrill
Lynch buying about 2.5 million of the 3.3 million shares traded,
said CCZ Equities research analyst Tony Waters. "I think these
guys, cash flow permitting, will want to go as hard as
possible," he said.

However, suggestions that Village paid a good price - its
initial offer to shareholders was AU$1.25 - had to be taken in
the context that the original buyback would have been over three
years, he said. Mr. Waters, however, said the buyback could
still take years.

"They don't want to sell their theme park assets, and they're
great assets up there and should continue to do well," he said.


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C H I N A  &  H O N G  K O N G
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CHINA SILVER: Releases Winding up Update
----------------------------------------
Trading in the shares of China Silver Dragon Group Limited will
be suspended pending an announcement related to progress of
winding up petitions of the company, Infocast News reported on
Thursday.

The Group's principal activities are the manufacture and sale of
LCD-based electronic products including calculators and Euro
converters. Other activities include manufacture and sale of
electronic components, investment holding, leasing of machinery,
property holding, trading and sale of printed circuit boards


CHINPEAK INVESTMENT: Schedules Winding up Hearing
-------------------------------------------------
The petition to wind up Chinpeak Investment Limited is set for
hearing before the High Court of Hong Kong on May 12, 2004 at
9:30 in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on March 8, 2004.

The Petitioners' solicitors are K.W. Ng & Co. of 11/F., Wings
Building, 110 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 K.W. Ng & Co. a notice in writing not
later than six o'clock in the afternoon of the 11th day of May
2004 (the day before the petition hearing).


HOME ONE: Faces Winding up Petition
-----------------------------------
The petition to wind up Home One Bar Two Limited is set for
hearing before the High Court of Hong Kong on May 12, 2004 at
9:30 in the morning.

The Bank of China (Hong Kong) Limited at the 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on March 8, 2004.

The Petitioners' solicitors are K.W. Ng & Co. of 11/F., Wings
Building, 110 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 K.W. Ng & Co. a notice in writing not
later than six o'clock in the afternoon of the 11th day of May
2004 (the day before the petition hearing).


LOGITECH ELECTRONICS: Winding up Hearing Set May 12
---------------------------------------------------
The petition to wind up Logitech Electronics Limited is set for
hearing before the High Court of Hong Kong on May 12, 2004 at
9:30 in the morning.

The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on March 5, 2004.

The Petitioners' solicitors are K.W. Ng & Co. of 11/F., Wings
Building, 110 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 K.W. Ng & Co. a notice in writing not
later than six o'clock in the afternoon of the 11th day of May
2004 (the day before the petition hearing).


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


ANEKA TAMBANG: Targets Raising $31M Via Rights Share
----------------------------------------------------
The Indonesian government approved PT Aneka Tambang's (Antam)
petition to issue rights share to help finance the development
of an alumina processing plant in Tayan, West Kalimantan, Dow
Jones reports.  The Tayan plant which could generate 300,000
metric tons of alumina a year, still awaits financing for the
project before it becomes operational,

"We expect that Antam could raise up to $31 million from issuing
new shares," Deputy State Enterprises Minister Aloysius Kiik Ro
told reporters Wednesday.

Aneka Tambang is one of several state-owned companies that the
government plans to divest in the first half of the year to
narrow its budget deficit.  The government owns a 65% stake in
Antam.

The government plans to sell up to a 14% stake in Antam through
a secondary public offering.


BANK NEGARA: To Proceed With Bond Issue by May or June
------------------------------------------------------
Bank Negara Indonesia plans to issue subordinated bonds up to
Rp1 trillion (US$117 million) in May or June to help strengthen
capital and finance credit expansion, Jakarta Post reports.

The company said that it expects to rake in Rp1 trillion from
the rights issue, which means issuing new shares to be sold to
public investors, while it also plans to raise cash to further
strengthen capital by selling up to a 30 percent stake in the
stock market under the secondary offering.

The bond issue is part of BNI's business plans, which includes a
rights issue and secondary offering later this year, President
Sigit Pramono said on Wednesday.

"The bond offering will take place before the rights issue and
secondary offering, and is expected to be worth between Rp500
billion and Rp1 trillion," Mr. Sigit said.

JP Morgan, Bahana Securities and the bank are still discussing
the exact amount of the bond issue.

"But since the secondary offering will not take place until
around September, the bond issue will proceed first in about May
or June."

The proceeds of the bonds issue, expected to carry a 10-year
maturity profile, would be used mostly to finance the bank's
plan to extend this year's credit of Rp6 trillion, higher than
the Rp5 trillion credit extended last year.

However, as to whether the rights issue and secondary offering
would be executed separately or at the same time, Sigit said it
would be decided at the bank's annual shareholders meeting.

As of last year, BNI outstanding credit totaled Rp40 trillion.

For this year, about half of the total new credit target would
be allocated for the corporate sector, while the credits for
consumer and retail sectors would make up the rest, Sigit said.

This was all was part of efforts to meet the bank's income
target of Rp3 trillion for this year.

Aside from credit financing, the bonds issue proceeds would also
strengthen the bank's capital, which was hurt by Rp1.7 trillion
in lending frauds last year.

The case had forced BNI to allocate Rp1.3 trillion in provision,
reducing the bank's capital.

This would be reflected in the 2003 financial reports to be
issued in near future.


EXCELCOMINDO PRATAMA: Net Profit Slides Down by 46%
---------------------------------------------------
PT Excelcomindo Pratama's 2003 audited net profit dropped by 46
percent, due to rising operational cost, The Jakarta Post
reports.

The company said that net profit last year declined to Rp400.72
billion (US$47.14 million) from Rp743.29 billion in 2002.

The company said that revenue last year rose to Rp2.59 trillion
from Rp2.47 trillion, while operating expenses increased to
Rp1.65 trillion from Rp1.39 trillion. The expenses included
depreciation, administration and salary costs.

As of December 31, 2003, the company's total assets stood at
Rp5.54 trillion, compared with Rp4.75 trillion for the previous
year. Its current liabilities stood at Rp1.09 trillion, compared
with Rp879.95 billion.

Excelcomindo holds 16 percent of the domestic cellular market in
Indonesia. As of 2003, it had 2.9 million subscribers to ProXL,
its mobile service. That is expected to rise to 4 million this
year.

The company says it plans to go public later this year by
selling shares via an initial public offering.


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


ALL NIPPON: Sets Up New Low-Cost Airline
----------------------------------------
All Nippon Airways Co. (ANA) will set up a new subsidiary later
this year to run low-cost flights by small airplanes between
regional airports in Japan, Kyodo News reports.

The carrier aims to compete with the Japan Airlines System Corp
(JAL) group, which has already established a similar low-cost
flight company, called JAL Express, in 1997.


FUJITSU LIMITED: Enters Deal With Mitsubishi Electric
-----------------------------------------------------
Fujitsu Limited and Mitsubishi Electric Corporation announced
Wednesday, 24 March that they are exploring a collaboration to
jointly develop new FOMA mobile handsets running the Symbian OS
operating system for NTT DoCoMo, Inc.

In recent years, handset manufacturers have been steadily moving
toward the implementation of two main OS standards as the
advanced mobile operating system for FOMA handsets: Symbian OS,
which has a strong track record overseas as an operating system
for mobile phones, and Linux, which is well-known as an open
standard operating system. Manufacturers that are licensees of
the Symbian OS (as well as other OS's) account for 85%* of total
worldwide mobile handset sales.

To accelerate their development efforts for increasingly
sophisticated FOMA handsets and quickly bring to market highly
differentiated products, Fujitsu and Mitsubishi Electric are
exploring the possibility of collaborating on FOMA handset
development.

The companies are currently working out the details regarding
the potential timing and scope of this collaboration.

*Source: Gartner, December 2003: Mobile Terminal Market Shares:
Worldwide 3Q03

*At an exchange rate of 120 yen to the US dollar, the rate given
by the Tokyo Foreign Exchange Market on March 31, 2003.

[Trademark Notice]

FOMA is a registered trademark of NTT DoCoMo, Inc.
All other product names and company names mentioned herein are
the trademarks or registered trademarks of their respective
companies.

ABOUT MITSUBISHI ELECTRIC CORPORATION

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (TSE: 6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. The company has
operations in 35 countries and recorded consolidated group sales
of 3,639 billion yen (US$30.3 billion) in the year ended March
31, 2003.

ABOUT FUJITSU LIMITED

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.

Contact:
Fujitsu Limited
Public & Investor Relations
Inquiries:
http://pr.fujitsu.com/en/news/fjcontacts.html

Mitsubishi Electric Corporation
Oliver Cox
Public Relations Department
Tel: +81-3-3218-2346
Oliver.Cox@hq.melco.co.jp


FURUKAWA ELECTRIC: Ties up With Fujikura on Power Lines
-------------------------------------------------------
Furukawa Electric Co. will enter an alliance with Fujikura Ltd
involving their power line operations, according to Reuters. The
two firms have been negotiating to consolidate production and
sales of their power line businesses since September 2001, when
they formed a joint venture to do research on and design
underground power cables.

Furukawa expects to post a net loss of 142 billion yen ($1.34
billion) for this business year, 39 percent bigger than its
earlier forecast of a 102 billion yen loss, putting the firm in
the red for a third straight year.


IWASESAKURAGAWA COUNTRY: Golf Course Declares Bankruptcy
--------------------------------------------------------
Iwasesakuragawa Country Club, K.K. has been declared bankrupt,
according to Tokyo Shoko Research. The public golf course, which
is located at Suginami-ku, Tokyo, Japan, has total liabilities
of 22 billion yen.


JAPAN AIRLINES: Enters Alliance With Heico Corporation
------------------------------------------------------
HEICO Corporation has entered into a long-term exclusive supply
agreement with Japan Airlines (JAL), providing for a Strategic
Relationship between HEICO's Flight Support Group (HEICO
Aerospace) and JAL.

The Strategic Relationship is HEICO's first in Asia and the
sixth such unique relationship between HEICO Aerospace and a
major international airline. HEICO has partner positions with
Lufthansa, American Airlines, United Airlines, Delta Air Lines
and Air Canada, in addition to the new Strategic Relationship
with JAL.

The Strategic Relationship will accelerate HEICO's efforts in
developing a broad range of aircraft component and engine parts
slated for FAA approval. Subject to the terms of the agreement,
JAL has agreed to purchase these newly developed parts and most
applicable HEICO Aerospace FAA Approved Replacement Parts on an
exclusive basis from HEICO Aerospace. In addition, JAL has
designated HEICO as its largest and premier supplier of non-OEM
FAA Approved Replacement Parts, and is committed to developing
additional FAA Approved Replacement Parts with HEICO Aerospace.

HEICO Aerospace is the world's largest independent designer,
manufacturer, and distributor of FAA Approved Replacement Parts
for jet engines and aircraft components. Its global and growing
customer base includes most airlines and overhaul facilities
worldwide that service commercial aircraft components and jet
engines. JAL is Asia's largest airline and one of Asia's most
successful providers of MRO services, focusing on CF6-80C2,
JT9D, and PW4000 engines, as well as Boeing 747, 767, and 777
aircraft and components that are overhauled for JAL and its
subsidiary airlines. JAL currently operates 78 B747 aircraft,
the largest such fleet in the world.

Norio Ogo, Managing Director and Senior Vice President,
Engineering and Maintenance Division of JAL stated, "We are
extending our superior long-term relationship with HEICO for the
supply of approved replacement parts which results in increased
reliability and significant cost savings. In today's
environment, we must improve safety and reliability by
encouraging much needed competition in the aftermarket. HEICO is
our choice for accomplishing this strategy."

Eric A. Mendelson, HEICO Aerospace's President and Chief
Executive Officer, commented "HEICO Aerospace generates critical
value for our customers by developing over 300 FAA Approved
Replacement Parts annually, which offer airlines a choice in an
otherwise monopolistic environment. JAL, like Lufthansa,
American Airlines, United Airlines, Delta Air Lines, and Air
Canada partnered with HEICO to increase the quality and
availability of replacement parts at a reduced cost. We look
forward to the continuation of our 26-year relationship with JAL
and welcome other airlines to join our highly successful
alliance. Through this additional momentum, all of HEICO's
customers worldwide will benefit."

Laurans A. Mendelson, HEICO Corporation's Chairman, President
and Chief Executive Officer, noted, "HEICO is proud to welcome
JAL as its first Asian partner. This important alliance
represents the continuation of a carefully planned strategy to
continue growing HEICO into a unique aerospace company."

HEICO Corporation has two classes of common stock traded on the
NYSE. Both classes, the Class A Common Stock (HEI.A) and the
Common Stock (HEI), are virtually identical in all economic
respects. The only difference between the share classes is the
voting rights. The Class A Common Stock (HEI.A) receives 1/10
vote per share and the Common Stock (HEI) receives 1 vote per
share. The stock symbols for HEICO's two classes of common stock
on most web sites are HEI.A and HEI. However, some web sites
change HEICO's Class A Common Stock stock symbol (HEI.A) to
HEI/A or HEIa.

HEICO Corporation is engaged primarily in certain niche segments
of the aviation, defense, space and electronics industries
through its Hollywood, FL-based HEICO Aerospace Holdings Corp.
subsidiary and its Miami, FL-based HEICO Electronic Technologies
Corp. subsidiary. HEICO's customers include a majority of the
world's airlines and airmotives as well as numerous defense and
space contractors and military agencies worldwide in addition to
telecommunications, electronics and medical equipment
manufacturers.

CONTACTS:

HEICO Corporation
Eric A. Mendelson, 954-987-4000 ext. 7550


MITSUBISHI FUSO: Recalls 112,000 Vehicles
-----------------------------------------
Mitsubishi Fuso Truck and Bus Corporation will recall about
112,000 large vehicles due to defective wheel hubs that have
caused a series of accidents, according to Japan Times.

The recall covers all large vehicles produced up to 1996. The
firm will replace the hubs that connect wheels with the axle.
Around 112,000 vehicles are subject to the recall. The firm has
been voluntarily replacing the front hubs of some models since
January 2002 and has thus far repaired 76,000 vehicles.

Mitsubishi Fuso's cost for the recall is estimated at around 6.5
billion yen.


MITSUBISHI FUSO: CEO Issues Statement Over Faulty Hubs
------------------------------------------------------
Wilfried Porth, President and CEO of Mitsubishi Fuso Truck and
Bus Corporation (MFTBC), on Wednesday apologized for taking so
long to recognize the design flaw, which causes wheels to detach
from the vehicles, after an accident two years ago that left a
Yokohama woman dead, the Japan Times reports.

Large vehicles sold by Mitsubishi Fuso, including those
manufactured by Mitsubishi Motors Corporation, have been
involved in 57 accidents caused by defective wheel hubs since
1992, including those in which wheels detached.

"Together with MFTBC, Mitsubishi Motor Corporation (MMC) will
continue to fully cooperate with the authorities to investigate
the cause of this accident," Porth said.

As a socially responsible manufacturer of passenger cars, MMC is
committed to restoring confidence in the company and its
products by enforcing these heightened internal checks while
placing top priority on safety and quality issues and strictly
complying with all laws and regulations.


MITSUBISHI MOTOR: Domestic Output Up 2.4% in February
-----------------------------------------------------
Mitsubishi Motors Corporation (MMC) said its domestic production
in February grew 2.4 percent on year to 67,105 vehicles, Dow
Jones reports.

The carmaker, which is now working on a restructuring plan with
German-American parent DaimlerChrysler AG, said a 20% on-year
rise in commercial vehicle output more than made up for a 0.2%
fall in passenger car production in the month.

The company also reported its domestic sales fell 7.7% on year
to 30,512 vehicles, as sales of its flagship subcompact Colt
model fell on year.


MITSUBISHI MOTORS: Halts U.S. Plant Production in April
-------------------------------------------------------
Mitsubishi Motors will scale back production at its central
Illinois plant as the automaker tries to rebound from a sharp,
27 percent sales slump so far this year, reports Dow Jones.

The Japanese carmaker plans to halt production for six days in
April and will double its traditional five-day summer shutdown,
said Dan Irvin, spokesman for Mitsubishi Motors North America.
He said those plans could be adjusted based on changes in
demand.


MITSUBISHI TOKYO: U.S. Unit Enters Liquidation
----------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki), in a press release, announced that The Bank of
Tokyo-Mitsubishi, Ltd. (BTM), a consolidated subsidiary of MTFG,
has decided to liquidate C.K.M.B. Corporation.

C.K.M.B. Corporation is a consolidated subsidiary of BTM's
wholly owned subsidiary, The Bank of Tokyo-Mitsubishi Trust
Company (BTM Trust).

1. Outline of C.K.M.B. Corporation

(1) Address: 1251 Ave. of the Americas, New York, NY 10020-1104

(2) Managing Director: Patrick Reidy

(3) Capital: US dollars 0

(4) Business: Real Estate Management

2. Reason for Liquidation

C.K.M.B. Corporation is a special purpose company established in
order to own real estate collateral of BTM Trust. As the
collateral has been disposed of it has been decided that
C.K.M.B. Corporation will be liquidated.

3. Timing of liquidation

Liquidation is expected by the end of October 2004.

4. Impact on MTFG's business forecast

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

For further information, please contact:

Seiji Itai
Chief Manager
Corporate Communications Office
Tel.: 81-3-3240-8136


MITSUBISHI TOKYO: Unit Liquidates UNBC (Cayman) Ltd.
----------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki), announced in a press release that The Bank of
Tokyo-Mitsubishi, Ltd. (BTM), a consolidated subsidiary of MTFG,
has decided to liquidate UNBC (Cayman), Ltd.

UNBC (Cayman), Ltd. is a consolidated subsidiary of BTM's
subsidiary, UnionBanCal Corporation.

1. Outline of UNBC (Cayman), Ltd.

(1) Address: Grand Cayman, Cayman Islands

(2) Managing Director: David I. Matson

(3) Capital: US dollars 50 thousand

(4) Business: Insurance

2. Reason for Liquidation

UNBC (Cayman), Ltd. has provided insurance services for
UnionBanCal Corporation.

As these services have been completed, it has been decided that
UNBC (Cayman), Ltd. will be liquidated.

3. Timing of liquidation

Liquidation is expected by the end of May 2004.

For further information, please contact:
Seiji Itai
Chief Manager
Corporate Communications Office
Tel.: 81-3-3240-8136


NTT DOCOMO: Liquidate Subsidiaries in United Kingdom
----------------------------------------------------
NTT DoCoMo, Inc., in a press release, has decided to liquidate
DCM Capital LDN (U.K.) Limited, DCM Capital HKG (U.K.) Limited
and DCM Capital 3G HKG (U.K.) Limited, each of which is a wholly
owned subsidiary of DoCoMo.  Details of the decision are:

(a) Outline of the Subsidiaries

      (i) DCM Capital LDN (U.K.) Limited

           Company name:      DCM Capital LDN (UK) Limited

           Address:           5th Floor Lansdowne
                              House, 57 Berkeley Square, London,
                              W1J 6ER, United Kingdom

           Representative:    Masayuki Hirata

           Business:          Intermediate holding
                              company to hold shares of
                              Hutchison 3G U.K.
                              Holdings Limited ('H3G U.K.')

           Date established:  August 2000

           Capital:           GBP1,206,525,536

           Number of shares issued:  1,206,525,536 shares

           Fiscal year-end:          December 31

           Number of employees:      None

           Major business partner:   None

           Shareholders:             100% owned by DoCoMo

    (ii) DCM Capital HKG (U.K.) Limited

           Company name:        DCM Capital HKG (UK) Limited

           Address:             5th Floor Lansdowne House,
                                57 Berkeley Square, London,
                                W1J 6ER, United Kingdom

           Representative:      Masayuki Hirata

           Business:            Intermediate holding
                                company to hold shares of
                                Hutchison Telephone
                                Company Limited ('HTCL')

           Date established:    May 2001

           Capital:             US$34,174,190

           Number of shares issued: 34,174,190 shares

           Fiscal year-end:      December 31

           Number of employees:  None

           Major business partner:  None

           Shareholders:         100% owned by DoCoMo

   (iii) DCM Capital 3G HKG (U.K.) Limited

           Company name:       DCM Capital 3G HKG (U.K.) Limited

           Address:            5th Floor Lansdowne House,
                               57 Berkeley Square, London,
                               W1J 6ER, United Kingdom

           Representative:     Masayuki Hirata

           Business:           Intermediate holding company
                               to hold shares of Hutchison 3G HK
                               Holdings Limited ('H3G HK')

           Date established:   July 2001

           Capital:            US$147,947

           Number of shares issued:  147,947 shares

           Fiscal year-end:  December 31

           Number of employees:  None

           Major business partner:  None

           Shareholders:  100% owned by DoCoMo

(b) Reasons for Liquidation

     (i) DCM Capital LDN (U.K.) Limited

         DCM Capital LDN (U.K.) Limited was established as an
         intermediate holding company in the United Kingdom to
         hold the shares of H3G U.K. when DoCoMo invested in H3G
         U.K.  In order to reduce operational costs, DoCoMo
         decided to liquidate the intermediate holding company.

    (ii) DCM Capital HKG (U.K.) Limited

DCM Capital HKG (U.K.) Limited was established as an
intermediate holding company in the United Kingdom to hold the
shares of HTCL when DoCoMo invested in HTCL.

In order to reduce operational costs, DoCoMo decided to
liquidate the intermediate holding company.

   (iii) DCM Capital 3G HKG (U.K.) Limited

DCM Capital 3G HKG (U.K.) Limited was established as an
intermediate holding company in the United Kingdom to hold the
shares of H3G HK when DoCoMo invested in H3G HK.  In order to
reduce operational costs, DoCoMo decided to liquidate the
intermediate holding company.

(c) Schedule

Each liquidation is expected to be completed during the fiscal
year ending March 31, 2005.

(d) Impact on DoCoMo's Results of Operations

The liquidation is not expected to have significant impact on
DoCoMo's consolidated or non-consolidated results of operations.
The liquidation does not affect the forecast of DoCoMo's results
of operations for the fiscal year ending March 31, 2004.

For more information, please contact:

NTT DoCoMo, Inc.
Public Relations Department
Susumu Takeuchi
Tel: +81-3-5156-1366 (9:30-19:00 Japan Standard Time)
Fax: +81-3-5501-3408
E-mail: press_dcm@nttdocomo.com
Website: http://www.nttdocomo.com

About NTT DoCoMo

NTT DoCoMo is the world's leading mobile communications company
with more than 47 million customers. The company provides a wide
variety of leading-edge mobile multimedia services. These
include i-mode(R), the world's most popular mobile internet
service, which provides E-mail and internet access to over 40
million subscribers, and FOMA(R), launched in 2001 as the
world's first 3G mobile service based on W-CDMA. In addition to
wholly owned subsidiaries in Europe and North America, the
company is expanding its global reach through strategic
alliances with mobile and multimedia service providers in Asia-
Pacific, Europe and North America.

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.

NTT DoCoMo's FOMA service is available only to subscribers in
Japan.


OUA KANKO: Golf Course Management Firm Enters Bankruptcy
--------------------------------------------------------
Oua Kanko Kaihatsu K.K. has been declared bankrupt, according to
Teikoku Databank America. The golf course management firm, which
is located at Minato-ku, Tokyo, Japan, has total liabilities of
US$322.50 million.


RESONA HOLDINGS: Agrees to Sell Cosmo Stake to CSK
--------------------------------------------------
Resona Holdings Inc. agreed to sell a 50 percent stake in Cosmo
Securities Co. to CSK Corporation for 28.5 billion yen (US$269
million), Bloomberg reported on Thursday.

Resona decided to sell most of its 60 percent stake in Cosmo
because the brokerage had little synergy with the bank. Resona
Holdings, which received 1.96 trillion yen in public funds in
June, has been restructuring by reducing the number of its
affiliated companies.


TAKUSAN K.K.: Golf Course Files For Bankruptcy
----------------------------------------------
Takusan K.K. has been declared bankrupt, according to Teikoku
Databank America. The golf course and real estate management
firm, which is located at Suginami-ku, Tokyo, Japan, has total
liabilities of US$94.63 million.


TANAKA COMMERCE: Telecom Firm Enters Bankruptcy
-----------------------------------------------
Teikoku Databank America announced that Tanaka Commerce Co. Ltd.
has filed for bankruptcy. The telecommunication firm, which is
located at Shinjuku-ku, Tokyo Japan, has total liabilities of
US$105.83.


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


HANARO TELECOM: Newbridge Supports Executives on Stock Options
--------------------------------------------------------------
Newbridge Capital Ltd., one of two foreign investors, which
acquired Hanaro Telecom Inc. last year, said it would support
the Korean broadband operator's executives on expensing stock
options, according to Yonhap News.

The San Francisco-based private equity fund will exercise its
voting rights for the option grants in line with the decision of
Hanaro executives.


SSANGYONG MOTOR: Bluestar Acquisition Deal Collapses
----------------------------------------------------
The planned sale of Ssangyong Motor Co. to China National
Bluestar Group (also known as Lanxing) has been called off,
Digital Chosun reported on Wednesday. As a result, plans to sell
off the troubled carmaker have been sent back to the drawing
board.

Meanwhile, Dong-A News reported that Bluestar lost the status as
the primary bidder of Ssangyong Motor as it did not revise its
final offer past the deadline of March 24, said Chohung Bank
(CHB), the major creditor of Ssangyong.

"Blue Star has reneged on the major aspect of the memo of
understanding it signed on December 22, 2003," CHB said in a
statement. "We will strip its status as the primary bidder at a
general meeting of creditors on March 25."

"Blue Star is not expected to protest the decision," said CHB.


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


ANSON PERDANA: Announces Resignation of Chairman
------------------------------------------------
Anson Perdana Berhad wishes to announce the resignation of
Chairman Tan Sri Dato' Jaffar Bin Abdul.

The details are as follows:

Date of Change:   23 March 2004

Type of Change:   Resignation

Designation:   Chairman

Directorate:   Independent and Non Executive

Name:     Tan Sri Dato' Jaffar Bin Abdul

Age:     72

Nationality:   Malaysian

Qualifications:   Not Applicable

Working Experience and
Occupation:    Applicable

Directorship of Public
Companies(if any): Cosway Corporation Berhad, Mycom
Berhad, Olympia Industries Berhad,
Amalgamated Containers Berhad,
Inson Holdings Berhad, Angkasa
Marketing Berhad and Berjaya
Sports Toto Berhad

Family Relationship with
Any director and/or major
Shareholder of the listed
Issuer:    None

Details of any interest
In the securities of the
Listed issuer or its
Subsidiaries   None

This Kuala Lumpur Stock Exchange announcement is dated 24 March
2004.


BESCORP: Receives Extension to Complete Corporate Proposals
-----------------------------------------------------------
Bescorp Industries Berhad would like to refer to the
announcement made on behalf of the company by Commerce
International Merchant bankers Berhad (CIMB) on 15 March 2004 in
relation to our corporate proposals.

On behalf of Bescorp, CIMB is pleased to announce that the
company, WCT Engineering Berhad (WCT) and WCT Land Berhad
(formerly known as WCT Realty Sdn Bhd), a wholly owned
subsidiary of WCT, have accepted the conditions imposed by the
Securities Commission (SC) via its letter dated 12 March 2004
(Approval Letter).

On behalf of the Company, CIMB also wishes to announce that an
application to the SC for a further extension of time of six (6)
months from 9 May 2004 to 8 November 2004 for the Company to
complete the implementation of the Corporate Proposals (Further
Extension of Time to Complete the Corporate Proposals), was
submitted to the SC on 24 March 2004 by CIMB on behalf of the
Company.

We also refer to the announcements made on behalf of the Company
by CIMB on 20 May 2003, 9 July 2003 and 18 February 2004 in
relation to the appointment of the investigative auditors,
PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) to
undertake the investigative audit on BIB's past losses.

On behalf of the Company, CIMB also wishes to announce that an
application to the SC for a further extension of time to 8 July
2004 for PwC to complete the investigative audit (Further
Extension of Time to Complete the Investigative Audit) was also
submitted to the SC on 24 March 2004 by CIMB on behalf of the
Company.

An announcement on the outcome of the applications to the SC for
the Further Extension of Time to Complete the Corporate
Proposals and Further Extension of Time to Complete the
Investigative Audit will be made upon receipt of the same.

This announcement is dated 24 March 2004.


CSM CORPORATION: SC Rejects Proposed Debt Restructuring Scheme
--------------------------------------------------------------
Reference is made to CSM Corporation Berhad's Requisite
Announcement dated 5 June 2003 and subsequent announcements
dated 1 July 2003 and 7 November 2003 pursuant to Practice Note
4/2001 of the Listing Requirements of Malaysia Securities
Exchange Berhad (MSEB). Unless otherwise defined, all
definitions used in this announcement shall have the same
meanings as that defined in the Previous Announcements.

Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of CSM, wishes to announce that it has, on 24 March 2004
received a letter from the SC which states that it had decided
not to approve the Company's application in relation the
Proposed Debt cum Restructuring Scheme based on the following
factors:

(i) The Proposed KSSB Acquisition, Proposed Capital
Reduction, Proposed Share Exchange, Revised Proposed Debt
Restructuring and Revised Proposed CSMV Acquisition
(collectively referred to as the Proposed Restructuring)
are inter-conditional upon each other. The Proposed SVD
Acquisition, Proposed TLSB Acquisition and Proposed Rights
Issue are conditional upon the Proposed Restructuring.

(ii) The Proposed KSSB Acquisition does not comply with
the requirements under paragraphs 13.06 and 13.07 of the
SC Guidelines in view that KSSB do not have a profit track
record. In this regards, MIMB had on behalf of CSM,
applied for a waiver from having to comply with the said
requirements;

(iii) In view that MIMB's application for a waiver from
having to comply with the requirements under paragraphs
13.06 and 13.07 of the SC Guidelines is not approved, the
Proposed Debt cum Restructuring Scheme is not in
compliance with the requirements under Chapter 13 of the
SC Guidelines; and

(iv) CSMV, KSSB, SVD and TLSB are involved in different
industries and have no connection with one another. The SC
takes note that investment and property holding, property
development and home entertainment will be the core
business of the Dutarama Group after taking over the
listing status of CSM. In relation to this, there is no
historical record that all the proposed companies to be
acquired can operate as a group.

The Board of Directors of CSM will deliberate the SC's decision
and an appropriate announcement will be made in due course.

For and on behalf of
CSM CORPORATION BERHAD

MALAYSIAN INTERNATIONAL MERCHANT BANKERS BERHAD

This announcement is dated 24 March 2004.


HAP SENG: Issues Notice of Shares Buy Back
------------------------------------------
Hap Seng Consolidated Berhad wishes to announce the buy back of
ordinary shares. The details are as follows:

Date of Buy Back:    24 March 2004

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

Total Number of Shares Purchased: 40,000

Minumum Price Paid for each share
Purchased (RM): 2.860

Maximum price paid for each
Share purchased (RM): 2.900

Total Consideration Paid (RM): 116,239.49

Number of Shares Purchased
Retained in treasury (units): 40,000

Number of shares purchased
Which are proposed to be
Cancelled (units): 0

Cumulative net outstanding treasury
Sales as at to-date (units): 32,764,900

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

Remarks:
Cc: Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 24 March
2004.


HAP SENG: Buys Back Shares Pursuant To Form 28A
-----------------------------------------------
Hap Seng Consolidated Berhad posted on 24 March 2004 on the
Kuala Lumpur Stock Exchange:

Date of Buy Back from    15 March 2004

Date of Buy Back To    19 March 2004

Total number of shares purchased (units): 138,000

Minimum price paid for each share
Purchased (RM):     2.790

Maximum price paid for each share
Purchased (RM):     2.850

Total amount paid for shares
Purchased (RM):     393,426.84

The name of the stock exchange through
Which the shares were purchased:  Malaysia Securities
       Exchange Berhad

Number of shares purchased retained
In treasury (units):    138,000

Total number of shares retained in
Treasury (units):     32,697,900

Number of shares purchased which
Were cancelled (units):    0

Total issued capital as diminished:  0

Date lodged with registrar of
Companies:      24 March 2004

Lodged By:      Cheah Yee Leng

Remarks:
Cc: Securities Commission


HAP SENG: Buying Back Shares Pursuant to Form 28B
-------------------------------------------------
Hap Seng Consolidated Berhad posted on 24 March 2004 the
following:

Date of Shares Sold From____ to ____

Date of Shares Canceled From 21 March 2004 to 17 March 2004.

Number of treasury shares sold:

The minumum price at which the
Treasury shares were sold (RM):

The maximum price at which the
Treasury shares were sold (RM):

The name of the Stock exchange
Through which the treasury
Shares were sold:    Not applicable

Total Number of shares still
In treasury (units)   32,652,000

Number of treasury shares
Cancelled (units):   285,000

Total number of treasury shares
Cancelled (units):   1,817,000

Date lodged with registrar
Of companies    24 March 2004

Lodged By:     Cheah Yee Leng

Remarks:

Cc: Securities Commission


KAI PENG: Withdraws Winding Up Petition
---------------------------------------
Further to Kai Peng Berhad's announcements dated 05 February
2004 and 06 February 2004, the Company is pleased to announce
that the Court has granted a Draft Consent Order dated 17
February 2004 pending its final extraction from the Court for
the Winding-Up Petition by Acsan Steel Service Centre Sdn Bhd to
be withdrawn immediately and the matter settled with no order as
to costs.

This Luala Lumpur Stock Exchange announcement is dated 24 March
2004.


KSU HOLDINGS: Exempt From Appointing Monitoring Accountant
----------------------------------------------------------
KSU Holdings Berhad wishes to announce that the Malaysia
Securities Exchange Berhad (MSEB) via its letter dated 23 March
2004 has agreed to allow the Company's application dated 28
January 2004 for a waiver from the requirement to appoint a
Monitoring Accountant (MA) pursuant to Paragraph 6.1(b) of
Practice Note 4/2001 subject to the following conditions:

a) The Receiver and Manager (R&M) is required to perform the
functions of the MA as set out in Paragraph 6.2 of PN4,
including but not limited to the preparation and submission of
the MA reports to the MSEB once every two (2) months; and

b) In the event the appointment of the R&M ceases for any reason
whatsoever at any material time, the Company is required to
appoint a MA immediately.

This Kuala Lumpur Stock Exchange announcement is dated 24 March
2004.


MALAYSIA MINING: Changes End of Financial Year
----------------------------------------------
Malaysia Mining Corporation Berhad, in a notification to the
Kuala Lumpur Stock Exchange dated 24 March 2004, wishes to
announce that the company has changed the end of its Fiscal Year
from 31 January 2004 to 31 December 2004.


MALAYSIA MINING: Appoints New Chief Operating Officer
-----------------------------------------------------
Malaysia Mining Corporation Berhad wishes to announce the
appointment of a new Chief Operating Officer.

Details of the appointment are as follows:

Date of Change:    21 March 2004

Type of Change:    Appointment

Designation:    Chief Operating Officer

Directorate:    Executive

Name:      Feizal Ali

Age:      43

Nationality:    Indian, PR of Malaysia

Qualifications: Master's Degree in Business
Administration (Finance)
University of Santa Clara,
California

Working experience and occupation: Chief Financial Officer /
General Manager Finance -
Pelabuhan Tanjung Pelepas/
Seaport Terminal (January
1996 - June 1999)
Vice President -
Commerce.Com (July 1999 -
September 2001)
Special Adviser to the
Chairman - Malaysia Mining
Corporatio Berhad (September
2001- December 2001)
Group Chief Financial
Officer - Malaysia Mining
Corporation Berhad (December
2001- March 2004)
Group Chief Operating
Officer- Malaysia Mining
Corporation Berhad (March
2004 - present)

Directorship of public
companies (if any): Malaysia Mining Corporation
Berhad

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

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

Remarks:

This Kuala Lumpur Stock Exchange announcement is dated 24 March
2004.


MALAYSIA MINING: Announces a Change in the Board
------------------------------------------------
Malaysia Mining Corporation Berhad wishes to announce a change
in its Board. The details are as follows:

Date of Change:    24 March 2004

Type of Change:    Redesignation

Previous Position:   Non-executive Director

New Position:    Non-executive Director

Directorate: Independent and Non-
executive

Name: Datuk Ir. (Dr.) Haji Zaidee
bin Laidin

Age: 60

Nationality: Malaysian

Qualifications: Professional Diploma in
Electrical Engineering,
Brighton, United Kingdom
Master of Science in
Technological Economics,
University of Stirling,
Scotland

Working experience and occupation Vice Chancellor, Universiti
Teknologi Mara
Chairman, Sirim Berhad
Chairman, MMC Engineering
Group Berhad

Directorship of public companies
(if any) Edaran Otomobil Nasional
Berhad
MMC Engineering Group Berhad

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

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

Remarks Datuk Zaidee has been
redesignated as an
Independent Director of
Malaysia Mining Corporation
Berhad pursuant to the
definition of "Independent
Director" as defined in the
Listing Requirements and
Practice Note No 13/2002 of
the Kuala Lumpur Stock
Exchange

This Kuala Lumpur Stock Exchange announcement is dated 24 March
2004.


PARK MAY: Reveals Proposed Restructuring Scheme
-----------------------------------------------
Park May Berhad wishes to announce the Company's Proposed
Restructuring Scheme comprising the following:

(a) proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB) by Konsortium Transnasional
Berhad (KTB) , the company which will assume the listing status
of Park May pursuant to the Proposed Restructuring Scheme, for a
total purchase consideration of RM85,055,614 to be satisfied by
the issuance of 170,111,229 new ordinary shares of RM0.50 each
(Shares) in KTB;

(b) proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Syarikat Kenderaan
Melayu Kelantan Berhad (SKMK), a subsidiary of KKMB, comprising
7,250,620 ordinary shares of RM1.00 each to be satisfied by the
issuance of new Shares in KTB at an issue price of RM0.50 per
Share on the basis of ten (10) new KTB Shares for every one (1)
existing ordinary share of RM1.00 each held in SKMK (Proposed
Voluntary Offer Of SKMK);

(c) proposed conditional voluntary offer by KTB to acquire all
the issued and paid-up share capital of Tanjong Keramat Temerloh
Utara Omnibus Berhad (Keramat), a subsidiary of KKMB, comprising
1,054,653 ordinary shares of RM1.00 each to be satisfied by the
issuance of new Shares in KTB at an issue price of RM0.50 per
Share on the basis of seven (7) new KTB Shares for every one (1)
existing ordinary share of RM1.00 each held in Keramat (Proposed
Voluntary Offer Of Keramat);

(Items (a), (b) and (c) to be collectively referred to as
Proposed Acquisitions Of Bus Companies)

(d) proposed exchange of all the existing ordinary shares of
RM1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares held in Park May prior to the Proposed Shares
Cancellation ("Proposed Share Exchange");

(e) proposed cancellation of the entire issued and paid-up share
capital of Park May and issuance of new ordinary shares of
RM1.00 each in Park May to KTB (Proposed Shares Cancellation);

(f) proposed debt restructuring of the Company's balance
outstanding Commercial Papers of approximately RM74.0 million;

(g) proposed waiver to KKMB and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer (GO) for all the remaining Shares not already
owned by them in KTB after the Proposed Acquisitions Of Bus
Companies and Proposed Share Exchange;

(h) proposed offer for sale / placement of the Shares in KTB
held by KKMB in order to comply with the minimum 25% public
shareholding spread requirement; and

(i) proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Malaysia
Securities Exchange Berhad and proposed delisting of Park May.

(Items (a) to (i) to be collectively referred to as "Proposed
Restructuring Scheme")

On 11 March 2004, AmMerchant Bank Berhad, on behalf of Park May,
announced that, inter-alia, the Company has submitted an
application to the Securities Commission (SC) to seek its
approval to waive KTB from complying with certain requirement of
the Malaysian Code On Take-Overs And Mergers, 1988 (Code) in
relation to the Proposed Voluntary Offer Of SKMK and Proposed
Voluntary Offer Of Keramat respectively.
In this respect, on behalf of the Company, AmMerchant Bank is
pleased to announce that the SC has approved via its letter
dated 22 March 2004 (which was received on 23 March 2004) the
waiver sought by KTB from complying with Section 12(2) of the
Code, allowing KTB to serve the written notice in respect of the
Proposed Voluntary Offer Of SKMK and Proposed Voluntary Offer Of
Keramat respectively (Notice) only after receiving the last
requisite approval for the Proposed Restructuring Scheme.

However, in the Company's application to the SC, it was proposed
that the Notice be served upon receipt of the approval from
shareholders of Park May at an extraordinary general meeting to
be convened for the Proposed Restructuring Scheme and at a
meeting to be convened pursuant to an order from the High Court
of Malaya for the Proposed Share Exchange and Proposed Shares
Cancellation pursuant to Sections 176 and 64 of the Companies
Act, 1965 respectively, which will be held on the same day. The
Company is seeking clarification from the SC so as to ensure
that the SC's approval is granted on the basis of the
application made.

The Company will make an appropriate announcement in due course.

The announcement is dated 24 March 2004.


PROTON: Employees Provident Fund Acquires Additional Stake
----------------------------------------------------------
The Edge Daily reports on 25 March that 3.22 million shares of
Perusahaan Otomobil Nasional Berhad (Proton) were acquired by
the Employees Provident Fund Board on March 9, thus raising its
stake in the national carmaker to 10.96 percent.

According to records with the Malaysia Securities Exchange
Berhad, the EPF bought the shares in the open market; just a day
after Mitsubishi Motors Corporation sold its entire 7.93 percent
stake comprising 43.5 million shares of Proton.

After the acquisition, EPF now holds a total of 60.29 million
shares.

SOUTHERN PLASTIC: Updates Securities Delisting Status
-----------------------------------------------------
The Board of Directors of Southern Plastic Holdings Berhad
(SPHB)(Board) wishes to inform the public that the Malaysia
Securities Exchange Berhad (MSEB) has decided via its letter
dated 23rd March 2004 to de-list 19,999,000 ordinary shares of
RM1.00 each in SPHB representing the entire issued and paid-up
capital from the official list of the MSEB as SPHB does not have
an adequate level of financial condition to warrant continued
listing on the official list of MSEB. The securities of the
Company are scheduled to be removed from the official list of
MSEB at 9 a.m. Wednesday, 7th April 2004.

The said securities may remain deposited with the Malaysian
Central Depository Sdn Bhd (MCD) not withstanding de-listing of
the securities of the Company from the official list of MSEB. It
is not mandatory for the securities of the Company to be
withdrawn from MCD.

Shareholders of the Company who intend to withdraw their
securities in the form of physical certificates can withdraw
these securities from their Central Depository System accounts
with MCD at anytime after the securities of the Company are de-
listed from the official list of MSEB by submitting the
application form for withdrawal in accordance with the
procedures prescribed by MCD. Shareholders of the Company can
contact any Participating Organization of MSEB and/or MCD Help
line at 03-20717711 or 03-20717723 for information on the
withdrawal procedures.

The Company is in the final stage of negotiation with new white
knights and hence the Board has decided to appeal against the
de-listing of its shares. A proposed restructuring scheme
involving the new white knights will be announced in due course.

This announcement is dated 24th March 2004.


UCP RESOURCES: Reveals Results of Court Convened Meeting
--------------------------------------------------------
The Board of UCP Resources Berhad is pleased to announce that
all of the resolutions proposed at both the Court Convened
Meeting and at the Extraordinary General Meeting held on
Wednesday, 24 March 2004 have been unanimously approved by the
shareholders and proxies present at the meeting.

This announcement is dated 24 March 2004.

WCT ENGINEERING: Discloses Director's Dealings in Securities
------------------------------------------------------------
Pursuant to Chapter 14.09 of the Malaysia Securities Exchange
Listing Requirements, WCT Engineering Berhad wishes to notify
the MSEB that the company has on 23 March 2004 received
notification from a Director in relation to his dealings in
securities of the company. Details are as follows:

Name of Director: Mr. Choe Kai Keong (Executive
Director)

Description of Securities: Ordinary Shares

Date Transacted:   22 March 2004

No. of Securities (Disposal): 40,000

Price transacted per share
(RM):     6.15

% of Issued and Paid Up
Share Capital:   0.03

This announcement is dated 24 March 2004.


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


MANILA ELECTRIC: ERC To Pursue Public Hearing
---------------------------------------------
The Energy Regulatory Commission (ERC) said on Monday that it
would proceed with public hearing on Manila Electric Company's
(Meralco) petition to increase its rates even without waiting
for the Supreme Court's decision, The Manila Times reports.

The ERC granted Meralco a provisional authority to increase
power rate use.  In a phone interview with Business Times, ERC
Chair Rodolfo B. Albano said they would have to act on Meralco's
pending rate increase application.

Mr. Albano said the ERC would contact applicant and oppositors
like the National Association of Electricity Consumers for
Reforms (Nase-core), People Opposed to Warrantless Electricity
Rates (Power), and the Freedom from Debt Coalition (FDC).

Nasecore President Pete L. Ilagan, on the other hand, told
Business Times that they suggest the ERC suspend the hearing
until the Supreme Court comes up with its decision on the
provisional authority.

Mr. Ilagan said that out of respect to the high tribunal, the
ERC should suspend the public hearing on Meralco's rate increase
even if the Supreme Court is not stopping them from doing so.


MAYNILAD WATER: Deal With MWSS Yet To Be Examined
-------------------------------------------------
The deal between Maynilad Water Services Incorporated and
Metropolitan Waterworks and Sewerage System (MWSS) is not yet
final because it still has to be examined by the Quezon City
Regional Trial Court, the Securities and Exchange Commission
(SEC) and the National Economic and Development Authority,
acting Justice Secretary Merceditas Gutierrez said, as quoted by
ABS-CBN News.

The rehabilitation plan formulated by MWSS representatives for
the government and Maynilad and the Quezon City RTC will decide
on the reorganization plan, Ms. Gutierrez said.

"I really don't know why we should be charged for a
reorganization plan that was submitted by the MWSS and Maynilad
and that was submitted upon the directive of the Court," Ms.
Gutierrez added.

Ms. Gutierrez said that the persons who formulated the plan were
officials of the MWSS and of Maynilad.

"How can we be held responsible for the plan when it would have
to be approved by the Court? It has to be approved also by SEC
and NEDA.

Ms. Gutierrez declined to discuss details of the plan that was
submitted on Tuesday afternoon to Judge Reynaldo Dayaw of Quezon
City Regional Trial Court Branch 90.

The plan is carefully crafted in order to get the approval of
the Court, considering all the factors and circumstances, Ms.
Gutierrez said.


NATIONAL POWER: To Auction 35 Power Plants
------------------------------------------
As of March 20, National Power Corporation (Napocor) will sell a
total of 35 power plants through Power Sector Assets and
Liabilities Management Corporation (PSALM). At least 48
companies have expressed interest in bidding for state-owned
power plants that are to be privatized this year, according to
the Philippine Daily Inquirer.

About 15 of the power plants up for auction will be sold off by
June.  The said power plants have a total capacity of more than
1,400 megawatts, which ranges from a 600-megawatt bunker fuel to
a 0.4-megawatt hydroelectric plant.

All debts of Napocor will be absorbed by PSALM, so the auctioned
powers plants are debt-free.  Buyers are given a free hand upon
purchase of the state-owned power plants.

The first asset to be put on the auction block, scheduled for
Thursday, is the Talomo power plant, Froilan Tampinco, vice
president for assets disposal of PSALM said.

The total proceeds of the asset sale are estimated to reach two
billion dollars.


NEGROS NAVIGATION: Incident Delays Talks With Investors
-------------------------------------------------------
Negros Navigation Company Incorporated (Nenaco) said on
Wednesday that the blocked sail of St. Peter de Apostle by
Tsuneishi Heavy Industries not only disrupted the company's
operations, but also caused a negative perception of the 700
affected passengers on WGA Superferry, according to Business
World citing Nenaco President and General Manager Conrado A.
Carballo.

Secondly, Mr. Conrado said "Tsuneishi-Aboitiz's scare tactics
have caused a significant delay in the delicate talks we had
with third parties who would have infused PhP600 million or more
into Nenaco."

Nenaco said it had been managing its total debt load of PhP2.5
billion, which was largely incurred in the mid 1990's when
previous Nenaco management acquired new vessels.

In 1998, Metro Pacific Corporation acquired Nenaco and worked on
settling the debts. Nenaco since then refocused on its core
passenger and freight cargo businesses.


PHILIPPINE REALTY: Court Orders to Pay Damages
----------------------------------------------
Philippine Realty & Holdings Corporation (RLT.PH), or
Philrealty, lost a five-year old court case where it was seeking
at least 64.9 million pesos ($1=PhP56.36) in unpaid installments
for several condominium units from Universal Leisure Corporation
(ULC), Dow Jones reports.

The court ordered Philrealty to pay damages and legal fees
exceeding PhP25 million.

Philrealty sued ULC, a joint venture between Universal
Rightfield Property Holdings Incorporated (URPHI) and DMCI
Project Developers Incorporated, for refusing to pay
installments on condominiums it bought after making a
downpayment. URPHI and DMCI Project were included in the case.

The case filed by Philrealty stemmed from counterclaims on
investments made in a discontinued joint venture among DMCI
Project, URPHI and Philrealty.

They formed a joint venture in the mid-1990s to build a high-
rise on Philrealty's 5,000-square meter property fronting the
stock exchange's trading floor in Pasig City.

In exchange for a 50 percent stake in the project, Philrealty
contributed the land while URPHI and DMCI Project each shelled
out PhP95.4 million. After spending PhP82 million, the project
was discontinued due to the economic slowdown as a result of the
Asian financial crisis that began in 1997.

Instead of returning a balance of PhP110 million, Philrealty
offered condominium units and parking slots worth PhP135 million
to URPHI and DMCI Project. URPHI and DMCI Project would pay the
balance of PhP25 million in installments.

Universal Rightfield then claimed that since the project was
aborted, Philrealty should share half of the expenditure,
equivalent to PhP41 million, since it owned 50 percent of the
project.

After offsetting those claims, Philrealty ended up owing URPHI
and DMCI Project around PhP16 million, which those companies
assigned to Universal Leisure to reduce its own debt to
Philrealty from PhP30.5 million.


UNIVERSAL RIGHTFIELD: RTC Issues Court Decision
-----------------------------------------------
Universal Rightfield Holdings Incorporated submits to The
Philippine Stock Exchange on March 25, 2004 a copy of the
Regional Trial Court's decision on the case filed by Philippine
Realty and Holdings Corporation.

To view full copy of the document, click
http://bankrupt.com/misc/universalrightfield032504.pdf


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


BEE LIAN: Issues Dividend Notice
--------------------------------
Bee Lian Building Contractor Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of intended dividend:

Address of Registered Office: 11 Collyer Quay #10-02 The Arcade
Singapore 049317.

Last day for Receiving Proofs: 2nd April 2004.

Name of Liquidators: Mick Aw Cheok Huat; and Christopher Bruce
Johnson.

Address: 11 Collyer Quay, #10-02 The Arcade, Singapore 049317.

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


BOUSTEAD SINGAPORE: Requests Halt of Trading
--------------------------------------------
Boustead Singapore Limited requests for a suspension in the
trading of its shares on the Singapore Exchange effective 9 am
on Thursday, 25 March 2004 pending clarifications to the queries
by the Singapore Stock Exchange relating to the cessation of
Boustead Pacific Services Pte Ltd as Lloyd's agent.

Alvin Kok, Company Secretary submitted this announcement on 25
March 2004 to the SGX.


CHARTERED SEMICONDUCTOR: To Create Unique Program with IBM
----------------------------------------------------------
Chartered Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST:
Chartered)and IBM today, 25 March announced plans to form the
industry's first cross-foundry design enablement program to
support leading-edge chip development with their jointly
developed process platform, starting at the 90-nanometer (nm)
technology node.

This effort, which builds on the existing joint technology and
manufacturing agreement between the two companies, sets a new
standard for foundry compatibility, design portability and
flexible sourcing across multiple suppliers of leading-edge
production capacity. The program is expected to reduce the risks
and costs customers typically encounter when designing chips
targeted for manufacturing with advanced nanometer-scale
technologies.

IBM and Chartered have already begun collaborating to expand the
ecosystem of design technology and service providers with
offerings pre-qualified for the IBM-Chartered 90nm silicon
process platform. The first key milestone is shared library
support with the leading suppliers of baseline libraries
announced today by Artisan Components, Inc. and Virage Logic
Corporation.

Building on Joint Process Platform

Chartered and IBM continue to execute and expand upon their
joint technology agreement focused on development of a common
process platform, starting at 90nm. This baseline logic process
establishes a new benchmark for 90nm process manufacturing and
features a matched-process strategy between IBM's and
Chartered's 300-millimeter (mm) fabs to provide foundry
customers with multi-sourcing flexibility. These efforts have
been augmented by a separate technology sourcing agreement
between Chartered and IBM for selected 90nm IBM silicon-on-
insulator (SOI) products.

Today's announcement takes foundry compatibility and
manufacturing flexibility for the IBM-Chartered common process
platform to new levels. IBM and Chartered are combining their
respective expertise into a single design enablement program
starting at 90nm. Joint efforts will focus on providing an
ecosystem of design enablement third-party support that
encompasses the full spectrum of capabilities required for
custom circuit design and system-on-chip development. In
addition to common library support, the roadmap consists of
initiatives spanning from electronic design automation (EDA)
technology files to system-level intellectual property (IP),
including joint qualification of reference design flows and
third-party design services.

"We have the most advanced and production-worthy common 90nm
process available today. The next step is to help our customers
rapidly design and implement new products based on the
technology," said Bernie Meyerson, vice president and chief
technologist, IBM Systems and Technology Group. "This extension
of our collaboration with Chartered can help rapidly strengthen
and expand support for our common process platform. This joint
approach offers huge time savings and resource leverage
throughout the entire supply chain, and is a major win for chip
designers."

"This effort really combines the best of our respective third-
party support programs to deliver for the first time a common
ecosystem and truly interoperable foundry model," said Mike
Rekuc, senior vice president of worldwide sales and marketing at
Chartered. "We believe it will significantly increase the pool
of available IP and design solutions for
90nm and beyond, and make the IBM-Chartered process platform the
smart choice for leading-edge chip production. The net effect
for foundry customers is a much more flexible, reliable way to
gain access to leading-edge manufacturing capacity from multiple
sources."

About IBM

IBM is a recognized innovator in the semiconductor industry,
having been first with advances like more power-efficient copper
wiring in place of aluminum and faster SOI and silicon germanium
transistors. These and other innovations have contributed to
IBM's standing as the number one U.S. patent holder for 11
consecutive years. More information about IBM semiconductors can
be found at: http://www.ibm.com/chips.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets.  In
Singapore, Chartered operates five fabrication facilities and
has a sixth fab, which will be developed as a 300mm facility.

A company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,300
employees are based at 11 locations around the world.
Information about Chartered can be found at
www.charteredsemi.com.

Chartered Safe Harbour Statement under the provisions of the
United States Private Securities Litigation Reform Act of 1995

This news release contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, including without limitation, statements relating to
our joint manufacturing activities with IBM; our joint
development activities with IBM, Infineon and Samsung; the "copy
exact" strategy between IBM and Chartered's 300-millimeter fabs;
foundry compatibility and manufacturing flexibility for the IBM-
Chartered common process platform; provision of an ecosystem of
design enablement required for custom design to system-on-chip
and the increase of the pool of available IP and design
solutions for 90nm and beyond  reflect our current views with
respect to future events, and are subject to certain risks and
uncertainties, which could cause actual results to differ
materially from historical results or those anticipated. Among
the factors that could cause actual results to differ materially
are: successful implementation of our joint development and
manufacturing efforts with IBM; successful implementation of the
IBM-Chartered library sharing arrangements with our EDA
partners; changes in market outlook and trends; the rate of
semiconductor market recovery; the successful implementation of
our partnership, technology and supply alliances; economic
conditions the United States as well as globally; customer
demands; the performance level in our fabrication facilities and
competition. Although we believe the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will
be attained. In addition to the foregoing factors, a description
of certain other risks and uncertainties which could cause
actual results to differ materially can be found in the section
captioned "Risk Factors" in our Annual Report on Form 20-F filed
with the U.S. Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking
statements, which are based on the current view of management on
future events. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of
new information, future events or otherwise.

All trademarks and registered trademarks are property of their
respective owners.

Media Contacts:

Rick Bause
Public Relations Manager
IBM
(845) 892-5463; FAX: (845) 892-5542
rbause@us.ibm.com

Tiffany Sparks
Director, Marketing Communications
Chartered Semiconductor Manufacturing
(408) 941-1185; Fax: (408) 941-1285
tiffanys@charteredsemi.com


FALCON PILING: Issues Notice of Judicial Management Order
---------------------------------------------------------
Notice is hereby given that on March 9, 2004, an order of the
High Court was made for the following persons to be appointed as
the Judicial Managers of Falcon Piling Pte Ltd, upon the
resignation of the previous Judicial Manager:

(1) Tam Chee Chong

(2) Wee Aik Guan.

Name of firm of the Judicial Managers: Deloitte & Touche.

Address of firm: 6 Shenton Way #32-00 DBS Building Tower Two,
Singapore 068809.

FALCON PILING PTE LTD
The Judicial Managers.
(Under Judicial Management)

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


LA GASTRONOMIE: Releases Dividend Notice
----------------------------------------
La Gastronomie (S) Pte Ltd. issued a notice of first and final
dividend:

Address of Registered Office: Formerly of 60B Martin Road #07-
01/02 Singapore Warehouse Singapore 239067.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 25 of 1995.

Amount Per Centum: 6.03%.

First and Final or otherwise: First & Final Dividend.

When Payable: 10th March 2004.

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

KAMALA PONNAMPALAM
Assistant Official Receiver.

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


OASIS SYSTEMS: Schedules Winding Up Hearing
-------------------------------------------
The petition to wind up Oasis Systems Consulting Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on April 1, 2004 at 10 o'clock in the morning.

Real Software N.V., a company incorporated in Belgium, whose
address is located at Prins Boudewijnlaan 26, B-2550, Kontich,
Belgium, filed the petition with the court on March 19, 2004.

The Petitioner's Solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Rodyk & Davidson a notice in
writing not later than twelve o'clock noon of the 31st day of
March 2004 (the day before the day appointed for the hearing of
the petition).

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


PAPERCHASE PTE: Winding Up Hearing Set Today
--------------------------------------------
The petition to wind up Paperchase 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.

Fuji Xerox Singapore Pte Ltd., a company incorporated in the
Republic of Singapore and having its registered office at 6
Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986,
filed the petition with the court on February 10, 2004.

The Petitioners' solicitors are Asia Law Corporation of 490
Lorong 6 Toa Payoh, #03-17 HDB Hub, Singapore 310490. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Solicitors Asia Law Corporation a notice
in writing not later than twelve o'clock noon of the 26th day of
March 2004 (the day before the day appointed for the hearing of
the petition).

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


SIMSON ENGINEERING: Creditors Meeting Set April 20
--------------------------------------------------
Notice is hereby given that a meeting of the creditors of Simson
Engineering & Contracting Pte Ltd (Previously known as Southern
Ocean Shipbuilding Co Pte Ltd) will be held at 8 Cross Street,
#12-00 PWC Building, Singapore 048424 at 2 o'clock in the
afternoon of April 20, 2004.

AGENDA

(1) To lay before the meeting a report of the liquidators
showing how the winding up was conducted.

(2) To approve the remuneration of the liquidators.

(3) Any other matters.

To entitle you to vote thereat your proof, if not already
lodged, must be lodged with me not later than 12 noon on the
19th April 2004.
Forms of proof and of general and special proxies are enclosed
herewith. Proxies to be used at the meeting must be lodged with
me not later than 12 noon on the 19th day of April 2004.

To:
Address: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424
Ramasamy Subramaniam Iyer
Liquidator.

Simson Engineering & Contracting Pte Ltd (Previously known as
Southern Ocean Shipbuilding Co Pte Ltd)

Note:

A copy of the report on the progress of the liquidation of the
company, statement of all receipts and expenditure by the
liquidators and the amount of remuneration sought by them are
attached. Should there be any queries, please contact Ms
Angeline Chong at telephone number 6236 4035.

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


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


NEP REALTY: Submits Changes in the Board of Directors
-----------------------------------------------------
NEP Realty & Industry PCL No. 5/2547 held on March 24, 2004
submits to the Stock Exchange of Thailand these resolutions:

(1) Resolved to appoint to appoint Major General Prinya
Chaisukawat to be a director to replace Mr. Samuel Peter Shuler,
who has resigned.

(2) Resolved to appoint Major General Prinya Chaisukawat to be a
member of the audit committee of the Company.  The audit
committee of the company will consist of 3 members namely:

General Nipat Punyaratabandhu
Mr. Prasit Plitwanon
and to appoint Major General Prinya Chaisukawat.

(3) Resolved to appoint General Nipat Punyaratabandhu to be a
chairman of the audit committee.

Please be informed accordingly,
Yours sincerely,
(Mr. Nisan Prathanrasnikorn)
Managing director


THAI PETROCHEMICAL: To File Protest Against Revised Plan
--------------------------------------------------------
Thai Petrochemical PCL's former Chief Executive Prachai
Leophairatana, will file a protest to the Central Bankruptcy
Court against the company's revised debt restructuring plan if
it rules in favor of the government supported planning team,
Bangkok Post reports.

Although Mr.Prachai no longer holds an executive post with the
company, he will ask the court to allow the company to exit the
rehabilitation plan, citing its strong financial status
currently.

Mr. Prachai outlined his position at a press conference on
Wednesday in response to the amendments made by the planning
team.

Thai Petrochemical submitted a statement to the Stock Exchange
of Thailand on Wednesday citing the completion of the draft of
the amended business reorganization plan and was in talks with
the creditor's committee.

The amended plan reportedly consists of a capital decrease
through the reduction of share par value to 1.6 baht from 10
baht, debt-to-equity swap, and share sales to new partners.

The draft is to be submitted to the Central Bankruptcy Court for
Approval within the next one to two months.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                        Total
                                        Shareholders   Total
                                        Equity         Assets
Company                       Ticker    ($MM)          ($MM)
-------                       ------    ------------   -------

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

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Guangdong Sunrise Holdings
Co., Ltd.                      200030     (184.24)     23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698    (-193.08)    113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600646    (-193.08)    113.96
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)     60.39
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-239.91)     60.39


INDONESIA
-----------

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


JAPAN
---------

Fujitsu Comp Ltd                6719       (-40.85)    308.9
Kanebo Limited                  3102       (40.44)    5820.67
Prime Systems                   4830     (-100.79)     130.2

MALAYSIA
--------

CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FAB        (-7.16)     504.98
Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL0      (-41.07)     187.79
Sri Hartamas Bhd                SHB      (-138.37)      24.48


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

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


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC     (-931.65)     7369.85


  THAILAND
  --------

Christiani & Nielsen            CNT/F      (-24.03)       35.80
(Thai) PCL
Christiani & Nielsen            CNT/F      (-24.03)       35.80
(Thai) PCL-F
Datamat PCL                     DTM         (9.53)        13.66
Datamat PCL-F                   DTM/F       (9.53)        13.66
Jutha Maritime                  JUTHA      (-3.70)        31.60
Jutha Maritime-F PCL            JUTHA/F    (-3.70)        31.60
National Fertilizer PCL         NFC        (-30.82)      297.40
National Fertilizer PCL-F       NFC/F      (-30.82)      297.40
Nakornthai Strip Mill PCL       NSM        (442.2)       748.20
Nakornthai Strip Mill PCL-F     NSM/F      (442.2)       748.20
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-13.88)        14.02
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-13.88)        14.02
Thai Nam Plastic-F              TNPC/F     (-2.00)        24.33
Thai Nam Plastic                TNPC       (-2.00)        24.33
Thai Wah Public
Company Limited                 TWC       (-61.48)       155.47
Thai Wah Public
Company Limited-F               TWC/F     (-61.48)       155.47
Tuntex (Thailand) PCL           TUNTEX    (-26.82)       381.43
Tuntex (Thailand) PCL-F         TUNTEX/F  (-26.82)       381.43



                            *********


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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