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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

            Tuesday, March 30, 2004, Vol. 7, No. 63

                            Headlines


A U S T R A L I A

NATIONAL AUSTRALIA: Director Issues Resolutions of Board Meeting
NDG PINE: Building Lessor Loses Property Over NZ$5 Fee


C H I N A  &  H O N G  K O N G

CHINA AVIATION: Crashes Into The Red In 2003
CHINA LINK: Court Sets Date For Hearing
COSMOS LINK: Date Set for Hearing of Petition
COSMOS WISE: Court Schedules Petition Hearing
DONEYANK: Winding Up Hearing Scheduled for 21 April

EARNWAY: Petition Hearing Set for 21 April
HENNABUN: Hearing for Winding Up Petition Scheduled
POLYGRAM LTD: Date For Hearing of Winding Up Petition Set
SUN SUN: Petition Hearing Scheduled by Court
TREASURE CONSULTANTS: Date Ready for Winding Up Hearing


I N D O N E S I A

BANK DANAMON: Pays Dividend Totaling 611.2B Rupiah
BANK NEGARA: Key BNI Scandal Suspect Released
BANK NEGARA: Awaits Cash Boost for Bad Texmaco Letter of Credit
GARUDA INDONESIA: To Concentrate On Asian Market


J A P A N

JAPAN AIRLINES: Studies Unified Pay, Attendance Shifts
MITSUBISHI HEAVY: Bags US$8M Repair Deal For Iraq Power Plant
MITSUBISHI MOTORS: Seeks Bigger Capital Boost
RESONA HOLDINGS: To Recover US3B Bad Loans With Goldman Help
SHINSEI BANK: Wants Out-of-Court Settlement With EIE


K O R E A

ASIANA AIRLINES: International Flight Price Caps To Go Up
HANARO TELECOM: Ex-Boss Busted
HYNIX SEMICONDUCTOR: Fingers Crossed About Posting Profits
LG CARD: To Focus on Low-Risk Settlements
SAMSUNG CARD: Tossed a Lifeline by Samsung Life

SK Corporation: Shares Rise With News On Corporate Transparency
SSANGYONG MOTOR: Bid Formally Dropped By Blue Star


M A L A Y S I A

ANSON PERDANA: Replies To KLSE Query
ANSON PERDANA: Trading of Shares Suspended
JOHN HANCOCK: Holds Final Subsidiary Meeting
K.P. KENINGAU: Issues Announcement Re Payment Default Status
LANKHORST: Winding Up Petition Served on Subsidiary

LANKHORST: Replies To Query By The KLSE
LANKHORST: Appended Information to Query By The KLSE
LANKHORST: Lists New Ordinary Shares
LION INDUSTRIES: To Dispose of Interest in Parkson
MBF CORPORATION: Lists Converted Shares

MBF HOLDINGS: Winding Up Petition Served on MBF Trading
NCK CORPORATION: Issues Notice of Books Closure
POS HOLDINGS: Listing New Shares
SRI HARTAMAS: Voluntarily Winding Up of Sri Hartamas Homecare
SRI HARTAMAS: Voluntarily Winding Up of Hartacrest Sdn Bhd

TANJONG PUBLIC: Year-End Profits Up By 25%
TANJONG PUBLIC: Relates Entitlements and Notice of Books Closure
TANJONG PUBLIC: Company Presents Entitlements

* MAA: Higher Vehicle Prices To Bring Down Sales


P H I L I P P I N E S

NATIONAL BANK: Asset Sales Generates PhP2.5B
NATIONAL POWER: Reports a 2.01% Increase in 2003 Power Output
NEGROS NAVIGATION: Tsuneishi Unveils PhP111.25M Debt
NEGROS NAVIGATION: Tsuneishi Files Contempt Charges
PHILIPPINE LONG: Forecasts 2004 Net Profit Will Exceed PhP18B


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Starts Moving Into New Hi-Tech Home
CORTEN FURNITURE: Appoints Liquidators
GENNET TECH: Liquidators Appointed
I. CRAFTERS: In Members' Voluntary Liquidation
INFRONTIER: Court Schedules Petition Hearing

LIGHTWEIGHT: Creditors To Meet on 15 April
LIGHTWEIGHT: Creditors' Meeting Set For 15 April
MANON MANI: Discloses Results of Extraordinary General Meeting
MANON MANI: Issues Notice To Creditors
PERTAMA: Date for Hearing of Petition Set

R & N ENGINEERING: Petition Hearing Date Set
RAMCO-YKK: Issues Notice of Final Meeting


T H A I L A N D

EASTERN WIRE: Unveils Board of Directors Meeting
NATURAL PARK: Transfers to Property Development Sector
SAMART CORPORATION: Subsidiaries To Boost Total Income
THAI DURABLE: Sets Date of Annual General Meeting
THAI GERMAN: Hires New Company Auditor

TPI POLENE: Clarifies News Article

* BOND PRICING: For The Week of 29 March - 2 April 2004

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Director Issues Resolutions of Board Meeting
----------------------------------------------------------------
National Australia Bank Director Catherine Mary Walters intends
to quit the bank's board only if her demands are met.

To view full copy of the company press release, click
http://bankrupt.com/misc/catherinewalter032904.pdf


NDG PINE: Building Lessor Loses Property Over NZ$5 Fee
------------------------------------------------------
In the first court ruling under the Personal Property Securities
Act of 2002, Portacom, a company which leased five portable
office buildings to Wanganui timber-milling operation NDG Pine,
lost ownership of its property worth about NZ$50,000 because it
neglected to register its interest as required by the act, a
simple process which costs NZ$5, the New Zealand Herald reports.

The decision on the case, which was handed down by Justice
Rodney Hansen in the High Court at Auckland last week, showed
that effective ownership of property can pass to another party -
without the original owner's consent or knowledge.

The case arose when NDG was put into receivership by banker
HSBC. The bank held a debenture over the company's assets and
had registered its interest under the new law. The receivers
argued for the right to sell the portable buildings - to settle
NDG's debts with the bank - even though they were owned by
Portacom, not by NDG.

Though Portacom did have a contract with NDG that made its
interest in the buildings clear, the law overrode that contract.
Without the NZ$5 registration of interest under the act--which
HSBC had--the ownership of the buildings was passed to the
receivers.

"For a NZ$5 fee you lose ownership of property you did own,"
saysMurray Tingey, senior associate with Bell Gully and the
lawyerfor the winning side. "It is a hard rule and an expensive
rule. [Not registering] is a big mistake to make," he added.

Portacom declined to comment on the judgment.


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


CHINA AVIATION: Crashes Into The Red In 2003
--------------------------------------------
China National Aviation Company (CNAC) said late Friday, 26
March that first-half losses affecteds by the SARS outbreak
early last year was the cause of the airline's first half-
losses, Dow Jones reports.

CNAC reported a net loss of HK$18.75 million for the year ended
31 December, compared with a net profit of HK$17.4 million a
year before.

During that period, revenue dropped by 8 percent, falling to
HK$1.23 billion, forcing the company to cut its full-year
dividend to 0.9 HK cents from 1.4 HK cents a share.

CNAC reported a net loss of HK$181.3 million in the first half
of its fiscal year as the Asian SARS outbreak effectively
stagnated traveling activities in the region.

"Loss of substantial passenger traffic wreaked havoc on airlines
revenues, and cancellation of flight movements also affected
aviation related businesses," CNAC said in a statement.
Despite a notable recovery in passenger traffic as SARS abated
in the third quarter, the subsequent recovery in passenger yield
was further delayed by reduced fares to lure back passengers and
tourists.

Profit contribution from associates, mainly from its 43.29
percent-owned China-focused airliner Dragonair, fell 69 percent
to HK$121.5 million.

CNAC said Dragonair reported a 90 percent decline in before-tax
profit in 2003. Dragonair posted a 19 percent decline in
passenger revenue and a 8.6 percent drop in passenger yield, but
the impacts was partly offset by a 45 percent increase in cargo-
related revenue.

Looking ahead, CNAC said it expects a "positive growth" in 2004,
as the state-backed aviation firm will seek for investment and
joint venture opportunities in aviation-related businesses in
China.

CHINA LINK: Court Sets Date For Hearing
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
China Link Oil Company by the High Court of Hong Kong was on the
5th day of February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  And that the said Petition is directed to be heard
before the Court at 9:30 am on the 7th day of April 2004 and any
creditor or contributory of the said company desirous to support
or oppose the making of an order on the said petition may appear
at the time of hearing by himself or his counsel for that
purpose; and a copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

TSANG, CHAN & WONG
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 6th day of April
2004.


COSMOS LINK: Date Set for Hearing of Petition
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cosmos Link Limited by the High Court of Hong Kong was on the
11th day of February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  And that the said Petition is directed to be heard
before the Court at 9:30 am on the 21st day of April 2004 and
any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the petition will be furnished to
any creditor or contributory of the said company requiring the
same by the undersigned on payment of the regulated charge for
the same.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


COSMOS WISE: Court Schedules Petition Hearing
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Cosmos Wise Limited by the High Court of Hong Kong was on the
11th day of February 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  And that the said Petition is directed to be heard
before the Court at 9:30 am on the 21st day of April 2004 and
any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the petition will be furnished to
any creditor or contributory of the said company requiring the
same by the undersigned on payment of the regulated charge for
the same.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


DONEYANK: Winding Up Hearing Scheduled for 21 April
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Doneyank Company Limited by the High Court of Hong Kong was on
the 16th day of February 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.  And that the said Petition is directed to
be heard before the Court at 9:30 am on the 21st day of April
2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose; and a copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

CHU & LAU
Solicitors for the Petitioner,
2nd Floor, The Chinese General Chamber of Commerce Bldg.
No. 24-25 Connaught Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


EARNWAY: Petition Hearing Set for 21 April
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Earnway Manufacturing Limited by the High Court of Hong Kong was
on the 11th day of February 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.  And that the said Petition is directed to
be heard before the Court at 9:30 am on the 21st day of April
2004 and any creditor or contributory of the said company
desirous to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or his
counsel for that purpose; and a copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


HENNABUN: Hearing for Winding Up Petition Scheduled
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hennabun Resources Limited by the High Court of Hong Kong was on
the 2nd day of March 2004 presented to the said Court by Nabun
Limited formerly known as Hennabun Limited of Sea Meadow House,
Blackburne Highway, PO Box 116, Road Town, Tortola, British
Virgine Island with its principal place of business situated at
31st Floor, China United Centre, No. 28 Marble Road, North
Point, Hong Kong.  And that the said Petition is directed to be
heard before the Court at 9:30 am on the 5th day of May 2004 and
any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the petition will be furnished to
any creditor or contributory of the said company requiring the
same by the undersigned on payment of the regulated charge for
the same.

ANDREW LAM & CO.
Solicitors for the Petitioner,
Suite 2205A, 22nd Floor
No. 9, Queen's Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 4th day of May
2004.


POLYGRAM LTD: Date For Hearing of Winding Up Petition Set
---------------------------------------------------------
Notice is hereby that a Petition for the Winding up of Polygram
Limited by the High Court of Hong Kong was on the 11th day of
February 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong.  And
that the said Petition is directed to be heard before the Court
at 9:30 am on the 21st day of April 2004 and any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


SUN SUN: Petition Hearing Scheduled by Court
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of Sun
Sun Leather Wear Company Limited by the High Court of Hong Kong
was on the 18th day of February, 2004 presented to the said
Court by Tsang Wan Fat of Room 328, 3/F., Oi Lim House, Yau Oi
Estate, Tuen Mun, New Territories, Hong Kong.  And that the said
Petition is directed to be heard before the Court at 10:00 am on
the 21st day of April 2004 and any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 20th day of April
2004.


TREASURE CONSULTANTS: Date Ready for Winding Up Hearing
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Treasure Consultants Limited the High Court of Hong Kong was on
the 5th day of March, 2004 presented to the said Court by Ip Hip
Dat of Flat 1309, Hong Chung House, Mei Chung Court, Mei Tin
Road, Tai Wai, New Territories, Hong Kong.  And that the said
Petition is directed to be heard before the Court at 10:00 am on
the 28th day of April 2004 and any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

Ms. ADA CHAU MING WAI
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 27th day of April
2004.

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


BANK DANAMON: Pays Dividend Totaling 611.2B Rupiah
---------------------------------------------------
PT Bank Danamon's shareholders approved a total dividend payment
of 611.2 billion rupiah ($71 million), or 40 percent of last
year's net profit, Reuters reports citing the bank.

"The total dividend payment is 611.2 billion rupiah. We paid
some of it earlier as interim dividend," bank spokeswoman Tya
Adhitama Daud said.

The bank has already paid an interim dividend of 417.2 billion
rupiah, as a result of last year's 61 percent jump in net profit
amounting to 1.53 trillion rupiah.

The shareholder meeting also approved the acquisition of 75
percent of an automotive financing firm, PT Adira Dinamika Multi
Finance, in a bid to strengthen its grip in the consumer sector.

Bank Danamon is 51 percent owned by a consortium comprising
Deutsche Bank and the Singapore government's investment arm,
Temasek Holdings.


BANK NEGARA: Key BNI Scandal Suspect Released
---------------------------------------------
With the failure of police to prepare an adequate case against
the prime suspect in the Bank Negara Indonesia (BNI)scandal,
businessman Adrian Woworuntun was released from custody late
last week, Laksamana.net reports, citing The Jakarta Post.

The case against Woworuntu, co-owner of the Gramarindo Group
which, together with Petindo Group, reportedly received IDR1.7
trillion ($200 million) in fictitious letters of credit from
publicly listed BNI last year, was not strong enough to indict
him under Article 2 of Law No.31/1999 on corruption eradication
and Article 3 of Law No.15/2002 on money laundering, Marwan
Effendi, assistant for special crimes at the Jakarta
Prosecutor's Office, said Thursday.

According to the Jakarta Post report, Mr. Marwan said the case
file submitted by police contained no documents that could prove
the existence of any monetary transactions with Woworuntu's
signature on it. He added that none of the witnesses grilled
heard of, saw, or participated in the crime allegedly committed
by Woworuntu.

Amid allegations of police incompetence, Police chief of
detectives Insp. Gen. Suyitno Landung Soedjono said Friday
they had sufficient evidence, including one document that
mentions the participation of the suspect. "All we need now is
for the expert witnesses to strengthen this evidence," he said.

Mr. Suyitno said that the police have sought the help of two
prominent legal experts - Harkristuti Harkrisnowo and Andi
Hamzah from the University of Indonesia - to act as their expert
witnesses on criminal law. He also said police would hold a
meeting with the prosecutors to review the progress of the
investigation and discuss flaws in the existing dossier.

Woworuntu was arrested on November 18 after a month-long police
hunt and released on Friday after the maximum detention period
of 120 days. Many fear that Woworuntu might do a Maria Paulien
Lumowa--Garamindo Group co-owner--who fled Indonesia and is
still at large. But Mr. Suyitno said the police could extend the
travel ban on Woworuntu after it expires on April 19.


BANK NEGARA: Awaits Cash Boost for Bad Texmaco Letter of Credit
---------------------------------------------------------------
The scandal-plagued Bank Negara Indonesia is still awaiting a
long-promised cash injection to cover a bad letter of credit
issued to the Texmaco Group, reports Laksamana.net.

According to BNI President Director Sigit Pramono last week, the
promised cash repayment on the Texmaco letter of credit, which
was guaranteed by the now-defunct Indonesian Bank Restructuring
Agency (IBRA), has yet to arrive at the bank. IBRA has said it
will reimburse the bank for the US$29 million letter of credit
that Texmaco has failed to fully honor in the form of cash and
assets from the agency, which took over shares, property and
other assets surrendered in the wake of the financial crisis
of the late 1990s.

Property and other assets were transferred starting last month
but Pramono did not comment on the evaluation of the assets.


GARUDA INDONESIA: To Concentrate On Asian Market
------------------------------------------------
With flights to and from China in mind, Garuda Indonesia is
planning to further expand its market in Asia this year, reports
The Jakarta Post.

"We will be concentrating on the Asian market for now. As for
other markets, like the European market, we will simply maintain
cooperation with other airlines," said marketing director
Bachrul Hakim during last week's promotional tour to Beijing.
"Later on, we will also work on our market in India, the
Philippines, and the Middle East," he added.

Recently, the Asian market has shown significant growth, which
encouraged the Indonesian flag carrier to focus its operations
in the region. Data from Garuda shows that the market had
contributed at least 30 % of the company's revenue from
international flights, and up to 18% of its total revenue last
year.

For the China market, the data shows that the number of Garuda
passengers flying to China had grown steadily by an average of
10 percent over the last five years, with a projected 12.93
million passengers for this year. The number of passengers
flying from China, meanwhile, was recorded at 131,624 last year,
and is estimated to reach about 344,904 this year.

These figures, however, pale in comparison to those of
Indonesia's neighboring countries such as Malaysia, Thailand and
Singapore, which have all managed to attract about one million
Chinese tourists per year.  In order to catch up, Bachrul urged
the government to boost promotional efforts and ease immigration
requirements to lure more Chinese citizens to visit Indonesia.
Garuda itself, Bachrul said, will continue to promote and
improve its existing operations in China's four major cities of
Beijing, Shanghai, Guangzhou and Hong Kong.

In January, the airline reopened its thrice-weekly direct flight
between Jakarta and Beijing, which was temporarily closed down
due to the 1997 economic crisis. It also opened new, twice-
weekly direct flights between Jakarta, Shanghai and Guangzhou.
Flights between Jakarta and the two cities were previously only
three times a week, all with a stopover in Singapore. As for its
route between Jakarta and Hong Kong, Garuda will maintain the
route's current six flights a week, of which three are direct
flights and another three have a stopover in Singapore.

The flights to Beijing, Shanghai and Hong Kong are all served
using a 293-seater A330 airbus, while the flights to Guangzhou
are served using 247-seater DC10s.


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


JAPAN AIRLINES: Studies Unified Pay, Attendance Shifts
------------------------------------------------------
With the full integration of Japan Airlines Co and Japan Air
System Co next month, Japan Airlines System Corp is set to
examine unifying the pay systems and flight attendant shifts at
the two airlines under its control, reports the Nihon Keizai
Shimbun over the weekend.

Among the pay issues being considered is Japan Air System's
cutting of different types of allowances to bring them on the
same level with those at Japan Airlines. The company said it
plans to cut by 20-30% the domestic travel allowance being given
to its pilot for assignments involving overnight stays. This has
already been discussed with its labor unions, the report said.

The shifts of flight attendants, who at present only work on
their own airline's flights, will also be considered as early as
this year for integration. By having more flexibility in
planning shifts, the company aims to reduce total personnel
expenses.

Starting April 1, the group will unify flight codes under the
JAL name and integrate its information systems. It will also
rearrange its operations so that Japan Airlines will become
Japan Airlines International Co to handle international flights,
while Japan Air System will become Japan Airlines Domestic Co to
fly routes at home.


MITSUBISHI HEAVY: Bags US$8M Repair Deal For Iraq Power Plant
-------------------------------------------------------------
An US$8 million contract for repairs on a thermal power plant in
southern Iraq has been awarded to Mitsubishi Heavy Industries
Ltd., the U.N. Development Program (UNDP) said Friday, Tribune
Business News reports.

The U.N. development aid agency said the contract involves the
restoration of power-generating facilities at the plant in
Hartha, Basra Province, and power transmission lines in the
region.

The power plant, built with low-interest yen loans from Japan,
was Iraq's biggest oil-burning thermal power plant when it began
operations with four steam turbines in 1979. It had a generating
capacity of about 9 million kilowatts before the 1991 Persian
Gulf War, but its capacity fell to about 3 million kilowatts
last summer following the collapse of Saddam Hussein's
government, according to the UNDP. It added the generating
capacity last summer was about half the region's power needs.


MITSUBISHI MOTORS: Seeks Bigger Capital Boost
---------------------------------------------
Mitsubishi Motors Corp (MMC) and DaimlerChrysler AG are
reviewing a restructuring plan for the troubled Japanese car
maker and are likely to seek a capital injection of JPY300
billion (US$2.8 billion), JPY100 billion more than originally
planned, reports Japan Today, citing Kyodo News and the Nihon
Keizai Shimbun newspaper.

According to the Nihon Keizai report, DaimlerChrysler believed
an increase from the JPY200 billion set under the original plan
was essential with the bigger-than-expected expenses from new
vehicle development and restructuring efforts.

It also said MMC and DaimlerChrysler, the largest MMC
shareholder with 37%, would discuss the planned capital increase
with shareholders such as Mitsubishi Heavy Industries Ltd and
Mitsubishi Corp. The company is also scheduled to announce its
restructuring plan by April 30 when it is also due to post
earnings results.

Due to loan finance problems at its North American unit, MMC
said in February that it expected an operating loss of 105
billion yen for the year to the end of March instead of the 45-
billion yen loss it forecast three months ago.


RESONA HOLDINGS: To Recover US3B Bad Loans With Goldman Help
------------------------------------------------------------
With the recovery of at least US3 billion of bad loans in mind,
Resona Holdings Inc. is set to get advice from Goldman Sachs
Group Inc. and Nomura Holdings Inc. on how to revive about 230
companies that cannot pay debt, Bloomberg reports.

In an interview, Hiroki Kimura, general manager at Resona's
turnaround planning office, said the three partners will use a
new fund this week to buy JPY15 billion (US$142 million) of
loans at market value. The venture, Japan Turnaround Management,
is headed by Hiroshi Matsutani, who runs Nomura's mergers
business.

Resona is turning to Goldman, the world's biggest mergers
adviser, and Nomura, the largest in Japan, to help restructure
some of its weakest customers. The Osaka-based bank received a
US$18 billion government bailout last year after its capital
fell below the minimum demanded by Japanese regulators.

"Resona needs to take off its shackles before it starts
operating an aggressive banking business," said Taiji Yoshida,
who helps manage the equivalent of US$7.6 billion at Yasuda
Asset Management Co. "Revitalizing small and middle-sized
companies is a kind of ``must do'' or they cannot increase
lending."

The initial fund will be JPY30 billion, with two similar-sized
funds planned in the future, Kimura said. Goldman and Nomura may
advise companies on mergers or asset sales, boosting advisory
fees. Resona may also assign 50 bankers to its own turnaround
business to work on reviving as many as 200 small companies that
owe a combined JPY200 billion, Kimura added.

"Japanese lenders used to take a vulture approach, focusing on
bulk sales of bad loans with collateral," said Yoshinobu Yamada,
a senior banking analyst at Merrill Lynch Japan Securities Co.
"They are now trying to recover bad loans by revitalizing
borrowers as Japan's economy improves."


SHINSEI BANK: Wants Out-of-Court Settlement With EIE
----------------------------------------------------
Facing a multi-billion-dollar suit filed by EIE International,
the Shinsei Bank is now seeking to settle the suit out of court
to try to ensure the case does not undermine its future business
or engulf the newly listed bank in protracted bad publicity, the
Financial Times reports.

A collapsed property company, EIE International filed in Saipan
a US$7 billion case against the bank for actions taken by Long
Term Credit Bank, Shinsei's predecessor, more than a decade ago.

Between 1990 and 1993, the LTCB took control of the company
after it ran into financial difficulties. The suit alleges LTCB
illegally sold EIE's hotel assets to ensure its own unsecured
debts of US$2 billion to EIE were paid before other creditors.

The EIE properties involved include hotels such as the Beverly
Wilshire in Los Angeles, Four Seasons hotels in New York and
Bali and the Regent Hotel in Fiji.

In a move designed to make sure the discussions are held in
Japan where the publicity and the potential damages will be
lower, Shinsei bank has applied to the Tokyo district court for
formal settlement negotiations to begin on April 1.

Eduardo Calvo, one of the administrator's lawyers, said the
decision to ask for a settlement so quickly after the suit was
filed was significant. "This means that Shinsei is acknowledging
that it is a serious claim," he said.

Mr. Calvo also questioned Shinsei's request for the Resolution
and Collection Corporation (RCC) to act as a mediator in Tokyo
settlement proceedings. He said that the RCC, a Japanese
government organization that acquires banks' bad loans, had
acquired portions of LTCB's debt in the past and some of its
employees are ex-LTCB staff members. "Clearly, the RCC is not an
acceptable mediator. It is not neutral," he said.

Shinsei, which declined to comment on Mr. Calvo's claims, was
acquired in 2000 by a consortium of foreign investors led by
Ripplewood, the US private equity company, and last month
conducted a highly successful US$2.36 billion flotation on the
Tokyo Stock Exchange.

Should a settlement be reached, Shinsei will refer it to the
Deposit Insurance Corporation, the government agency that sold
the bank to the investors and which still owns 33% of the bank.

According to the agreement between the Ripplewood-led consortium
and the DIC, Shinsei is indemnified by the DIC for any legal
damages over JPY5 billion (US$47 million) stemming from actions
by LTCB before March 2000, but Shinsei might be forced to pay
any settlement itself should its claim be rejected by the
agency.


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

ASIANA AIRLINES: International Flight Price Caps To Go Up
---------------------------------------------------------
The price caps on some of the international flights of Asiana
Airlines and Korean Air will be raised by as much as 7.7% by the
South Korean government, reports Dow Jones Business News.

In a statement, the Ministry of Construction and Transportation
said the cap on prices for round-trip economy-class flights from
Seoul to Manila will be raised 7.7% to KRW944,600 from
KRW877,000. Price caps for Seoul-Beijing and Seoul-Tokyo
flights, meanwhile, will rise by 4.9% and 3% respectively.

Price caps on 47 of 70 Korean Air international flights and 36
of 55 Asiana international flights will rise. On average, Korean
Air international flights will see a 1.1% price cap increase
while those of Asiana will rise by 1.4%.

The ministry said the price cap hikes will have minimal impact
on inflation.


HANARO TELECOM: Ex-Boss Busted
------------------------------
Former Hanaro Telecom Chairman Shin Yun-sik was arrested by
police Sunday on breach of trust and bribery charges, Yonhap
News reports.

Mr. Shin, who allegedly purchased in his capacity as chairman
equipment worth KRW160 billion (US$138 million) at 15-20% higher
than its market price, is said to have inflicted some KRW10
billion (US$8.6 million) in losses to Hanaro with his dealings.


HYNIX SEMICONDUCTOR: Fingers Crossed About Posting Profits
----------------------------------------------------------
A 45 percent surge in sales of Dynamic Random Access Memory
(DRAM) chips can push Hynix Semiconductor Inc. back into
realizing operating profits this year, Chief Executive Woo Eui-
je said on Friday, 26 March, as reported by Asia Pulse.

He also said that Hynix, the world's third largest manufacturer
of memory chips might attain an operating profit for the first
time in four years, brought about by a strong rebound in global
demand for DRAM chips.

"Hynix's DRAM output is expected to grow by 45 percent this
year. To that end, production of 0.11-micron chips, in which
Hynix is about 30 percent more competitive than rival
chipmakers, will go into full swing," Woo said.

He added that Hynix, in addition to diversifying its product
portfolio would also seek to form strategic alliances with ST
Micro-Electronics and other global chip giants in the field of
research and development.


LG CARD: To Focus on Low-Risk Settlements
-----------------------------------------
Park Hae Choon, new president and CEO of LG Card, South Korea's
largest credit card company said on Friday, 26 March that the
Company will change its focus from high-risk cash services to
low-risk settlements, Asia Pulse reports, citing Yonhap news
agency.

"We will shift our operations structure toward settlements and
strengthen our recouping of loans," Park said in an interview
with Yonhap News Agency.

He further suggested that the proportion of the operations
structure dedicated to settlements would be increased from 43 to
70 percent in the long term, while that of the cash services and
card loans will be brought down to the 30 percent level.

A high profile LG Card official in charge of company strategy
explained that the issuer's main losses came from its lavish
cash services part, which has a high risk of loss provision
following defaults.

"Rather than getting high returns with the risk of high loss
provision, we would change risk management practices by focusing
on stable cash flow sources like settlements," he added.
South Korean credit card companies have often been criticized
for reckless risk management practices and for seeking only to
foster consumption and spending without conducting credit
background checks of new card holders, despite the fact that all
the nation's institutions had gone through financial crises
brought about by lax risk controls.

The issuer's new president also commented on LG Card's efforts
to improve the company's ability to recoup loans. He said, "To
reduce credit card delinquency, we will use manpower from Seoul
Guarantee Insurance, which has a large customer database and
significant collection experience."

He adds, "We will also develop new products and aim for quality
customers with aggressive marketing."

The debt-ridden LG Card, which used to be an affiliate of the
country's second-biggest conglomerate, LG Group, is now
supervised by creditors led by Korea Development Bank.
The Card Company has debts amounting to 23 trillion won
(US$19.87 billion) with liabilities exceeding its assets by more
than 3 trillion won. Its creditors have agreed to a debt-equity
swap amounting to 4 trillion won, including cash from the
proposed sale of LG Investment and Securities, another affiliate
of LG Group.
A plan for capital reduction at a ratio of 43.4 shares to 1 will
be put up for approval during LG Card's shareholder meeting on
April 27.

SAMSUNG CARD: Tossed a Lifeline by Samsung Life
-----------------------------------------------
Samsung Card Company breathed a sigh of relief when the
Financial Supervisory Commission (FSC), South Korea's financial
watchdog on Friday, 26 March, granted Samsung Life Insurance
Company permission to lend up to 5 trillion won (US$4.31
billion) to its troubled credit card unit, according to Asia
Pulse, quoting Yonhap News Agency.

FSC said that the credit limit for Samsung Card will remain in
place for three years from April 1 to help the card issuer
restructure itself and get back on track.

Samsung Life Insurance, the country's number one life insurer,
however, will be required to freeze new loans or withdraw
existing loans if Samsung Card's capital adequacy ratio, a key
measure of financial health, drops below 8 percent or its credit
rating falls below BB.

"Under insurance law, Samsung Life Insurance can lend only 400
billion won to Samsung Card, but the exceptional credit line was
approved to stabilize the market," FSC added.

Korea's insurance law allows life insurers to make loans of up
to 10 percent of their net worth to subsidiaries.

FSC also permitted Samsung Life Insurance to make equity
investments of around 750 billion won in the card group.

Civic groups though, have slammed the FSC for approving Samsung
Life's credit limit. They claim that the policyholders could
suffer losses from its loans to Samsung Card.

Samsung Card, the country's second largest card issuer, has been
suffering from a liquidity crunch since 2003 because of a rise
in overdue credit card bills.

The card company exhibited a sharp turnaround in revenues last
year when it posted a loss of 1.29 trillion compared to its
553.6 billion won profit in 2002.


SK Corporation: Shares Rise With News On Corporate Transparency
---------------------------------------------------------------
Shares in South Korea's SK Corporation rose by more than five
percent on Friday, 26 March after the company announced plans to
forming special committees to tackle the issue of corporate
transparency, reports Reuters while citing Yonhap News Agency.

SK Corporation is South Korea's biggest oil refiner, controlling
nearly 40 percent of the local market. Its board announced that
it had agreed to set up four special committees aimed at
improving transparency in management.

"The news about better corporate transparency triggered foreign
buying of SK Corp shares while a robust rise in the U.S. markets
strengthened overall investment sentiment today," said a trader
at Kyobo Securities.

SK Corp shares rose by 5.23 percent to 39,250 won by 0141 GMT,
outperforming a 1.91 percent rise in the broader benchmark stock
index.

These measures come merely two weeks after shareholders ignored
a push by some minority shareholders for a broad management
reshuffle and elected six new members to the board at an annual
general meeting on 12 March.

The meeting had been perceived as a test of influence of
minority and foreign shareholders have on the corporate
practices of South Korea's family-run conglomerates, known as
"chaebol".

A group of shareholders led by SK Corporation's biggest single
shareholder, Monaco-based Sovereign, led the move to bring in
new faces to the board and ultimately replace Chairman and Chief
Executive Chey Tae-won. Chey Tae-won is currently out on bail
after he was found guilty of masterminding a fraud.

Sovereign also criticized SK Corp managers for giving financial
aid to affiliate SK Networks Co, formerly SK Global, which was
hit by a $1.2 billion accounting fraud a year ago.

But analysts are optimistic that despite losing out at the
shareholder's meeting, the growing influence of foreign and
minority shareholders would eventually help reform the oil
refiner.


SSANGYONG MOTOR: Bid Formally Dropped By Blue Star
--------------------------------------------------
In a statement, China's Lanxing Group formally announced Monday
its decision to terminate all efforts toward acquiring South
Korea's Ssangyong Motor Co, Yonhap news reports.

Lanxing, also known as China National Bluestar Group Corp. or
Bluestar, said it reached that decision after its priority
bidder status was canceled by Ssangyong's creditors last week.
The statement added that the company will no longer participate
in any new future bidding for the South Korean automaker.

Bluestar, which was picked as the priority negotiator for the
takeover of Ssangyong in December, had its final bid last week
for Ssangyong rejected by the automaker's creditors, saying that
the Chinese company has to narrow the range of its bid price
drastically.

Lanxing is China's largest producer of petrochemical products.
Ssangyong, South Korea's fourth-largest automaker, was taken
over by creditors after it collapsed under heavy debts during
the 1997-98 Asian financial crisis.


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


ANSON PERDANA: Replies To KLSE Query
------------------------------------
Further to Anson Perdana Berhad's announcement dated 25 May 2004
in respect to the Winding Up Petition, the Company wishes to
inform that no interest is chargeable on the amount claimed.

Query Letter content:

We refer to the your Company's announcement dated 25 March 2004
in respect of the aforesaid matter. In this connection, kindly
furnish the Exchange immediately with the following information
for public release:

1. The interest rate on the amount claimed for, if any.

Yours faithfully

INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


ANSON PERDANA: Trading of Shares Suspended
------------------------------------------
Kindly be advised that trading of Anson Perdana Berhad's  shares
was suspended with effect from 9 a.m., Friday, 26 March 2004
until further notice.

Your attention is drawn to the Company's announcement dated 25
March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 26 March
2004.


JOHN HANCOCK: Holds Final Subsidiary Meeting
--------------------------------------------
John Hancock Life Insurance (Malaysia) Berhad would like to
refer to the announcement dated 27 November 2002 on the matterof
the Members' Voluntary Liquidation of John Hancock Nominees
(Tempatan) Sdn Bhd.

This is to inform the Exchange that our subsidiary John Hancock
Nominees (Tempatan) Sdn Bhd, which was put into members'
voluntary liquidation on 26 November 2002, conducted its Final
Meeting on 22 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


K.P. KENINGAU: Issues Announcement Re Payment Default Status
------------------------------------------------------------
As required by the Malaysia Securities Exchange Berhad Practice
Note 1/2001, K.P. Keningau Berhad (KPK) hereby provides an
update on its default on payment position as of 29 February
2004, as attached in Appendix A.

The total default by KPK on principal sum plus interest as at 29
February 2004 amounted to RM35,820,502.32. The default payments
to financial institutions are in respect of trade financing,
term loan, revolving credit and overdraft.

There is no new development on the default of payments since the
previous announcement with regard to this Practice Note.

Appendix A

Secured:

Principal  Interest Principal
      (RM)    (RM) & Interest
           (RM)
          at
         29Feb2004

Kilang Papan
Keningau Sdn Bhd
(KPKSB)

a)United Overseas
Bank (Malaysia)
Bhd   5,936,000.00 517,714.11 6,453,714.11

b) Bumiputra-
Commerce Bank
Berhad  7,957,000.00 478,159.08 8,435,159.08

c) RHB Bank
Berhad  3,418,883.84 244,995.18 3,663.879.02

Kilang Papan
Keningau
(Mouldings) Sdn
Bhd

a)United Overseas
Bank (Malaysia)
Bhd   6,135,000.00 531,424.80 6,666,424.80

b) Bumiputra-
Commerce Bank
Berhad  2,986,000.00 188,807.60 3,174,807.60

KPK Properties
Sdn Bhd (KPKP)

a)Bumiputra-
Commerce Bank
Berhad  800,000  51,991.03 851,991.03

K.P. Keningau
Bhd (KPK)

a)United Overseas
Bank (Malaysia)
Berhad  1,148,230.65 111,809.76 1,260,040.41

Unsecured

K.P. Keningau
Bhd (KPK)

b) Bumiputra-
Commerce Bank
Berhad  5,000,000.00 314,486.27 5,314,486.27

Grand Total  33,381,114.49 2,439,387.83  35,820,502.32

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


LANKHORST: Winding Up Petition Served on Subsidiary
---------------------------------------------------
Lankhorst Berhad on 25 March 2004 announced that a winding-up
petition was served on Lankhorst Pancabumi Contractors Sdn Bhd,
a subsidiary of the Company.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


LANKHORST: Replies To Query By The KLSE
---------------------------------------
Lankhorst Berhad wishes to refer to the letter by the Kuala
Lumpur Stock Exchange on 24 March 2004 regarding the Winding Up
Notice served on subsidiary Lankhorst Pancabumi Contractors Sdn
Bhd (LPCSB).

As requested, the Company furnishes below the following
additional information for public release:

1. The winding-up petition as appeared in the Sun on Wednesday,
24th March 2004 was served on LPCSB on 26th February 2004.

2. The claim under the petition is for a sum of RM99,415.50
together with interests thereon at the rate of 8% per annum on
the said sum from 4th November 1999 until the date of full
realisation and costs of RM1,888.00, totaling RM145,093.08 being
the outstanding sum for services rendered as per the judgement
obtained on 6th August 2003 pursuant to Shah Alam Sessions Court
Summons No. 4-52-3001-2001.

3. LPCSB had not agreed on the interests charged and had made
various proposals to pay the aforesaid principal amount, but
unfortunately this was not finalised for some time until finally
the Petitioner rejected LPCSB's proposals for payment on 6th
January 2004.

4. The total cost of investment in LPCSB is RM25,000,000.00.

5. The claim and the proceedings will not have any significant
financial and operational impact on the company and its group.

6. There will be no significant losses to LPCSB.

7. LPCSB had been in touch with the Petitioner through his
solicitors and had proposed to settle the outstanding amount
together with costs and interests and with this, the Petitioner
has agreed to immediately file the Notice of Withdrawal of the
Winding-up Petition in the Kuala Lumpur High Court.

8. There is no contingent liability or other liability which has
become enforceable or is likely to become enforceable within the
period of twelve months from the date of this announcement which
will or may affect the ability of the Group or the Company to
meet their obligations as and when they fall due.

9. LPCSB is solvent and is able to meet and pay all its debts
and liabilities as and when they are due, including the claim by
the Petitioner. Further the Company undertakes to provide the
Exchange with a solvency declaration executed by all directors
to that effect within seven (7) days from the date of this
announcement.

Query Letter content:

We refer to the advertisement on winding-up petition appearing
on page 22 of The Sun on Wednesday, 24 March 2004, a copy of
which is enclosed for your reference.

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

The date the winding-up petition was served;

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate;

The details of the default or circumstances leading to the
filing of the winding-up petition;

The total cost of investment in LPCSB;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any arising from the winding-up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;

Where LPCSB is a major subsidiary, a statement whether the
Company is solvent

i.e. that no contingent or other liability has become or
is likely to become enforceable within the period of
twelve(12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet
their obligations as and when they fall due; and

Where LPCSB is a major subsidiary, an undertaking to provide to
the Exchange a solvency declaration executed by the directors of
the Company within seven (7) days (where such declaration can be
made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to : Securities Commission (via fax)

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


LANKHORST: Appended Information to Query By The KLSE
----------------------------------------------------
Lankhorst Berhad wishes to refer to the Advertisement on the
Winding Up Petition on Lankhorst Pancabumi Contractors Sdn Bhd
(LPCSB) and our earlier reply to the query by the Kuala Lumpur
Stock Exchange, we append below the additional information
requested for:

1. On Item No. 3 of our reply, we wish to add that the amount
owing to the Petitioner was for the outstanding amount for
services rendered by the Petitioner for the Transporting,
Delivery and Launching of Precast Beams for Project "Pembinaan
Jalanraya menghubungi Pelabuhan Selatan/Pelabuhan Utara serta
beberapa persimpangan bertingkat di sekitar Pelabuhan Kelang dan
kerja-kerja berkaitan" in 1998. We had requested for a waiver or
reduction of the interests charged as a negotiation point for
settlement as it may be waived at the discretion of the
Petitioner if he so wish.

2. On Item No. 9, we wish to add that Lankhorst Group is solvent
and is able to pay its debts and liabilities as and when they
are due, including the claim by the Petitioner. Further the
Company undertakes to provide the Exchange with a solvency
declaration executed by all directors to that effect within
seven (7) days from the date of this announcement.

Thank You.

Query Letter content:

We refer to the advertisement on winding-up petition appearing
on page 22 of The Sun on Wednesday, 24 March 2004, a copy of
which is enclosed for your reference.

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

The date the winding-up petition was served;

The particulars of the claim under the petition, including the
amount claimed for the petition and the interest rate;

The details of the default or circumstances leading to the
filing of the winding-up petition;

The total cost of investment in LPCSB;

The financial and operational impact of the winding-up
proceedings;

The expected losses, if any arising from the winding-up
proceedings;

The steps taken and proposed to be taken by the Company in
respect of the winding-up proceedings;

Where LPCSB is a major subsidiary, a statement whether the
Company is solvent

i.e. that no contingent or other liability has become or
is likely to become enforceable within the period of
twelve(12) months from the date thereof which will or may
affect the ability of the Group or the Company to meet
their obligations as and when they fall due; and

Where LPCSB is a major subsidiary, an undertaking to provide to
the Exchange a solvency declaration executed by the directors of
the Company within seven (7) days (where such declaration can be
made).

Please note that the contents of the announcement must be
endorsed by the board of directors of the Company.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to: Securities Commission (via fax)

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


LANKHORST: Lists New Ordinary Shares
------------------------------------
Kindly be advised that Lankhorst Berhad's additional 8,000 new
ordinary shares of RM1.00 each issued pursuant to the Lankhos-
Employees' Share Option Scheme will be granted listing and
quotation effective 9 a.m., Monday, 29 March 2004.


LION INDUSTRIES: To Dispose of Interest in Parkson
--------------------------------------------------
The Board of Directors of Lion Industries Corporation Berhad
(LICB) refers to the announcements made on 9 September 2003, 5
February 2004 and 9 March 2004.

The Company wishes to announce that the Company and LLB Nominees
had on 25 March 2004 entered into a supplemental agreement with
the Amsteel Group Vendors, Amsteel and LDHB where among others,
the parties confirm their respective agreement to the conditions
imposed by the Securities Commission (SC" vide its letters dated
2 January 2004 and 15 March 2004, respectively (Parkson
Supplemental Agreement). The salient terms and conditions of the
Parkson Supplemental Agreement are as follows:

(a) The vendors of the Parkson Retail Group shall pay any
shortfall in the audited consolidated proforma profit after tax
(PAT) of the Parkson Retail Group for the financial year ended
(FYE) 30 June 2003 in cash within one (1) month from the date of
the audited financial statements in the event that the said PAT
is less than RM49.87 million based on the unaudited consolidated
proforma PAT for the FYE 30 June 2003. The parties have agreed
that the audited consolidated proforma PAT for the FYE 30 June
2003 exceeds RM49.87 million.

(b) The vendors of the Parkson Retail Group shall pay any
shortfall in the audited consolidated proforma PAT of the
Parkson Retail Group for the financial year ending 30 June 2004
in cash within one (1) month from the date of the audited
financial statements in the event that the said PAT is less than
the forecast PAT of RM53.06 million for the financial year
ending 30 June 2004.

(c) The vendors of the Parkson Retail Group shall pay any
shortfall in the audited consolidated proforma net tangible
assets (NTA) value of the Parkson Retail Group for the FYE 30
June 2003 in cash within one (1) month from the date of the
audited financial statements in the event that the said NTA
value is less than the NTA value of RM330.32 million based on
the unaudited proforma accounts for the FYE 30 June 2003. The
parties have agreed that the audited consolidated proforma NTA
for FYE 30 June 2003 exceeds RM330.32 million.

(d) The vendors of the Parkson Retail Group shall, inter alia,
make full provision for the trade debtors of the Parkson Retail
Group where:

(i) the amount is in dispute;

(ii) legal proceedings have commenced/been taken; or

(iii) the debt period exceeds six (6) months;

provided that no provision shall be made for trade debtors
exceeding six (6) months as at 30 June 2003 who had subsequently
settled their outstanding balances prior to the completion date.

Should the NTA of the Parkson Retail Group fall below the NTA
position as submitted to the SC as a result of the above
matters, the vendors of the Parkson Retail Group will be
required to pay in cash any shortfall in the said NTA prior to
the completion of the Proposed Acquisition of Parkson Retail
Group.

(e) The vendors of the Parkson Retail Group undertake that they
will indemnify LDHB for any losses suffered by LDHB as a result
of any non-compliance with the laws and regulations of the PRC.

(f) A moratorium shall be imposed on fifty percent (50%) of the
consideration securities to be received by the respective
vendors of the Parkson Retail Group for a period of one (1) year
from the date of allotment and issuance of the LDHB RCULS.

The parties who would be fulfilling the moratorium obligation
and the number of securities which would be subject to such
moratorium are set out in Table I.

(g) LDHB shall make the cash payment of RM150 million on a date
as agreed between the parties and occurring within seven (7)
days from the date of the Parkson Supplemental Agreement and it
was agreed that the following remaining three (3) conditions
precedent (Remaining CPs), namely:

i. MSEB's in-principle approval to the listing of and
quotation for the new LDHB Shares issued upon the
conversion of the LDHB RCULS on MSEB;

ii. approval of the security trustee (for the lenders of
the vendors) for the release and discharge of all
encumbrances created in respect of the sale shares in the
Parkson Retail Group (Sale Shares) (Trustee's Approval);
and

iii. the completion of the proposed acquisition of 2.6%
equity interest in Qingdao No. 1 Parkson Co Ltd by
Serbadagang Holdings Sdn Bhd;

shall be fulfilled prior to the issuance of the LDHB RCULS on
completion date.

(h) The vendors shall release or caused to be released to LDHB
the Sale Shares within seven (7) business days (or such longer
period as the parties may agree in writing) after the
fulfillment of all of the conditions (if any) contained in the
Trustee's Approval.

(i) The vendors agree, inter-alia, that:

i. in the event the Remaining CPs are not fulfilled
in accordance with the provisions of the Parkson SPA
or the Parkson Supplemental Agreement or if the Sale
Shares are not delivered to LDHB after having
complied with the terms of the Trustees' Approval
within seven (7) business days therefrom, the
vendors shall forthwith upon demand by LDHB refund
to LDHB the entirety of the aforesaid cash payment
of RM150 million;

ii. such part of the aforesaid cash payment of RM150
million as remain unpaid from time to time by the
vendors to LDHB shall constitute a valid debt
payable by the vendors to LDHB and shall be subject
to interest at the prevailing fixed deposit rate of
Malayan Banking Berhad on yearly rests prevailing on
the due date for payment calculated from the date of
first demand for payment until the date of full
payment thereof;

iii. until the full payment of the aforesaid cash
payment of RM150 million to LDHB and on demand by
LDHB, the vendors shall create in favor of and grant
to LDHB and or its nominee(s) such security interest
(including a charge) and powers and rights
reasonably required by LDHB over any of the assets
of the vendors or, any part thereof to secure the
payment of the aforesaid cash payment of RM150
million (including all accrued interest thereon)
from the vendors to LDHB.

Save and except for the above, the other terms and conditions of
the Parkson SPA remain unchanged.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meaning as defined in the previous
announcements.

Table I

Name of party
providing moratorium
securities     No. of LDHB RCULS under moratorium

Amsteel       47,611,000
LICB        2,389,000
Total       50,000,000

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


MBF CORPORATION: Lists Converted Shares
---------------------------------------
Kindly be advised that MBF Corporation Berhad's additional
132,000 new ordinary shares of RM1.00 each arising from the
Conversion of RM132,000 worth of redeemable convertible secured
loan stocks were granted listing and quotation effective 9 a.m.,
Friday, 26 March 2004.

This is a Kuala Lumpur Stock Exchange announcement.


MBF HOLDINGS: Winding Up Petition Served on MBF Trading
-------------------------------------------------------
MBF Holdings Berhad (MBFH) wishes to announce that a winding-up
petition had been presented at the High Court of Malaya at Kuala
Lumpur on 5 March 2004 pursuant to Section 218 of the Companies
Act, 1965 against MBF Trading Sdn Bhd (Trading), a wholly-owned
subsidiary of the Company and served onto Trading on 24 March
2004, for a judgment sum of RM868,000.00 obtained on 15 January
2001. The winding-up petition is fixed for hearing on 24 June
2004.

The principal activity of Trading was that of general trading
and conducting renovations work. Trading has ceased operations
since 1999 and become dormant thereafter.

1. The petition was filed by CSE Cobra Sdn Bhd (CSE) against
Trading. CSE supplied motor vehicle audio system inter alia,
radio cassette players, compact disc changers, speakers and the
related accessories (Goods) to Trading from time to time. As of
29 February 2004, Trading has a deficit shareholders' fund of
approximately RM73.4 million. In view of its insolvency
situation, Trading is unable to settle the sum of RM868,000.00
to CSE for Goods sold and delivered.

2. The total cost of investment in Trading is RM2.5 million. The
diminution in the value of investment in Trading has been fully
provided for in 1999.

3. The judgment sum of RM868,000.00 due from Trading to CSE has
no guarantee from MBFH. However, MBFH had on 21 July 2003
executed the Deed of Settlement with Trading, MBF Trading (S)
Pte Ltd (MTS) and the unsecured creditors of Trading and MTS
which are guaranteed by MBFH namely HSBC Bank Berhad, AmBank
Berhad, Danaharta Managers Sdn Bhd and Moscow Narodny Bank
Limited, Singapore Branch (Lenders). This Deed of Settlement is
to restructure the indebtedness owing by MBfH as guarantor to
compromise its guarantees to the Lenders due to the inability of
Trading to settle its debts owing to its Lenders (PDRS). The
PDRS was announced to the Malaysia Securities Exchange Berhad on
9 October 2003 by Messrs Alliance Merchant Bank Berhad on behalf
of MBfH. The PDRS has been submitted to both Securities
Commission and Foreign Investment Committee on 13 February 2004
and Trustees of Redeemable Convertible Secured Loan Stocks A and
B Holders and Bank Negara Malaysia on 21 January 2004 and 3
March 2004 respectively. The PDRS is pending approval from the
relevant authorities and parties. It is envisaged that the PDRS
shall be completed by mid June 2004.

The winding-up petition on Trading has no material financial and
operational impact on MBFH Group.

4. The total cost of investment in Trading has been fully
provided for in 1999. However, there will be a Group gain of
approximately RM0.3 million in the event of Trading being
liquidated.

5. Due to the insolvency of Trading, Trading is unable to make
any proposal in respect of the winding-up proceedings and as
such the winding-up proceedings will have to proceed
accordingly.

Yours faithfully,
For and on behalf of
MBF Holdings Berhad

Ding Lien Bing
Company Secretary

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004


NCK CORPORATION: Notice of Books Closure
----------------------------------------
This announcement is released by OSK Securities Berhad on behalf
of NCK Corporation Berhad (Special Administrators Appointed).

Notice is hereby given that the Record of Depositors and the
Register of Members of NCK Corporation Berhad (Special
Administrators Appointed) (NCK) will be closed at 5 p.m. on 30
March 2004 for the exchange of the existing issued and paid-up
share capital of NCK from RM37,360,005 comprising 37,360,005
ordinary shares of RM1.00 each (NCK Shares) for 934,000 new
ordinary shares of RM1.00 each in APB Resources Berhad (APB) on
the basis of one (1) ordinary share of RM1.00 each in APB for
every forty (40) NCK Shares pursuant to a workout proposal under
the Pengurusan Danaharta Nasional Berhad Act, 1998 as amended
from time to time, in conjunction with the Restructuring Scheme
of NCK (Share Exchange).

Further notice is hereby given that the following persons shall
be subject to the Share Exchange:

a) Shareholders of NCK registered in the Record of
Depositors of NCK as at the close of business at 5.00 p.m.
on 30 March 2004; and

b) NCK shares whose shares are transferred into the
depositor's securities account before 4.00 p.m. on 30
March 2004 in respect of ordinary transfers.

BY ORDER OF THE SPECIAL ADMINISTRATORS

Yeoh Chong Keat (MIA 2736)
Voo Yin Ling (MAICSA 7016194)
Company Secretaries
Kuala Lumpur
25 March 2004


POS HOLDINGS: Listing New Shares
--------------------------------
Kindly be advised that POS Malaysia and Services Holdings
Berhad's additional 211,000 new ordinary shares of RM1.00 each
issued pursuant to the POSHLDG-Employee Share Option Scheme were
granted listing and quotation effective 9 a.m., Monday, 29 March
2004.

This is a Kuala Lumpur Stock Exchange announcement.


SRI HARTAMAS: Voluntarily Winding Up of Sri Hartamas Homecare
-------------------------------------------------------------
As announced to the Exchange on 1 March 2004, the directors of
Sri Hartamas Homecare Sdn Bhd, - In Liquidation (SHH), a
subsidiary of Sri Hartamas Berhad, had on 1 March 2004 resolved:

£ that the Company cannot by reason of its liabilities continue
its business and that it be wound up voluntarily;

£ that pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200
Kuala Lumpur, be and is hereby appointed as Provisional
Liquidator for the purpose of the winding up; and

£ that separate meeting of members and creditors of the Company
be convened on 24 March 2004 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

The Special Administrators of Sri Hartamas Berhad ("SHB"), being
the holding company of SHH, wish to inform the Exchange that the
following meetings were held pursuant to Section 255(1)(b) of
the Companies Act, 1965.

1. Members Meeting

At an Extraordinary General Meeting (EGM) of the members of the
Company convened on 24 March 2004, the following resolutions
were duly passed.
Special Resolution

£ that it has been proven to the satisfaction that the
Company cannot by reason of its liabilities continue its
business, and that it is advisable to wind-up the same and
that accordingly the Company be wound-up voluntarily.

Ordinary Resolution

£ that Tam Kok Meng c/o Tam & Associates Corporate
Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang
Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is
hereby appointed as Liquidator for the purpose of such
winding-up.

2. Creditors Meeting

In a creditors' meeting held on 24 March 2004 immediately
following the said EGM, the creditors have confirmed the
appointment of Tam Kok Meng as Liquidator of the Company.
The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.

Yours faithfully

For and on behalf of
Sri Hartamas Berhad
Special Administrators Appointed

Ooi Woon Chee
Special Administrator

This announcement is dated 25 March 2004.


SRI HARTAMAS: Voluntarily Winding Up of Hartacrest Sdn Bhd
----------------------------------------------------------
As announced to the Exchange on 1 March 2004, the directors of
Hartacrest Sdn Bhd - In Liquidation (Hartacrest), a subsidiary
of Sri Hartamas Berhad had on 1 March 2004 resolved:

£ that the Company cannot by reason of its liabilities continue
its business and that it be wound up voluntarily;

£ that pursuant to Section 255 of the Companies Act, 1965, Tam
Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-8-3
Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew 55200
Kuala Lumpur, be and is hereby appointed as Provisional
Liquidator for the purpose of the winding up; and

£ that separate meeting of members and creditors of the Company
be convened on 24 March 2004 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

The Special Administrators of Sri Hartamas Berhad (SHB), being
the holding company of Hartacrest, wish to inform the Exchange
that the following meetings were held pursuant to Section
255(1)(b) of the Companies Act, 1965.

1. Members Meeting

At an Extraordinary General Meeting (EGM) of the members of the
Company convened on 24 March 2004, the following resolutions
were duly passed.
Special Resolution

£ that it has been proven to the satisfaction that the
Company cannot by reason of its liabilities continue its
business, and that it is advisable to wind-up the same and
that accordingly the Company be wound-up voluntarily.

Ordinary Resolution

£ that Tam Kok Meng c/o Tam & Associates Corporate
Services Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang
Emas, 85 Jalan Loke Yew 55200 Kuala Lumpur, be and is
hereby appointed as Liquidator for the purpose of such
winding-up.

2. Creditors Meeting

In a creditors' meeting held on 24 March 2004 immediately
following the said EGM, the creditors have confirmed the
appointment of Tam Kok Meng as Liquidator of the Company.
The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.

Yours faithfully

For and on behalf of
Sri Hartamas Berhad
Special Administrators Appointed

Ooi Woon Chee
Special Administrator

This announcement is dated 25 March 2004


TANJONG PUBLIC: Year-End Profits Up By 25%
------------------------------------------
Tanjong Public Limited Company's net profit for the fiscal year
ending 31 January 2004 increased by 25% to RM405.48 million from
RM323.11 million a year before, The Edge Daily reports. The jump
in profits is mainly due to an increase in earnings contribution
from its power generation business.

On March 25 Tanjong declared that its revenue was up 9% to
RM2.67 billion from RM2.45 billion.

Its earnings per share rose to 103.90 sen from 83.30 sen. The
company declared a second interim gross dividend of 25 sen per
share less tax for FY2004 amounting to RM71.28 million.

It also recommends a final gross dividend of 25 sen per share
less tax for the year, which would raise the total dividends for
the year to 66 sen.


TANJONG PUBLIC: Relates Entitlements and Notice of Books Closure
----------------------------------------------------------------
Tanjong Public Limited Company wishes to announce the following:

EX-date:   14 April2004

Entitlement date:  16 April 2004

Entitlement time:  5 PM

Entitlement subject: Second interim dividend

Entitlement description:

A second interim gross dividend of 25 sen per share less
Malaysian Income Tax at 28% (Second Interim Dividend)

Period of interest
payment:    to

For year ending/
Period ending/ended: 31 January 2004

Share transfer book &
register of members
will be closed from
(both dates inclusive)
for the purpose of
determining the
entitlements:  17 April 2004 to 19 April 2004
Registrar's name,
address, telephone no:

Principal Registrars:

The Registry
34 Beckenham Road
Beckenham, Kent BR3 4TU
England

Tel No. 020 863 92157

Branch Registrars:

Signet Share Registration Services Sdn Bhd
11th Floor, Tower Block
Kompleks Antarabangsa
Jalan Sultan Ismail
50250 Kuala Lumpur

Tel No. 603-2145 4337

Payment date: 30 April 2004

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 16/04/2004
b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit:  14 April 2004
c) Securities bought on MSEB on a cum entitlement basis
according to the Rules of the MSEB.

Number of new shares/securities issued (units) (If applicable):
Entitlement indicator:  RM
Entitlement in RM (RM):  0.25
Remarks

Any employee of the Company who has exercised, or wishes to
exercise, an option to subscribe for shares in the Company
granted to such employee under the Tanjong Public Limited
Company Employees' Share Option Scheme No. 2 should note that
the shares to be issued upon the exercise of such option will
not confer on any person any entitlement to the Second Interim
Dividend unless as at the Second Interim Dividend Record Date,
such person is recorded as depositor in respect of such shares
under the Record of Depositors.

The Entitlement Time of 5 p.m. stated above refers to local time
in Malaysia and in the United Kingdom.

The times of 4 p.m. and 12.30 p.m. as stated above refer to
Malaysian time.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


TANJONG PUBLIC: Company Presents Entitlements
---------------------------------------------
Tanjong Public Limited Company announces the following
entitlements:

EX-date:   07/07/2004

Entitlement date:  09/07/2004

Entitlement time:  5 PM

Entitlement subject: Final Dividend

Entitlement description:

A final gross dividend of 25 sen per share less Malaysian Income
Tax at 28% (Final Dividend)

Period of interest
payment:    to

For year ending/
Period ending/ended: 31/01/2004

Share transfer book
& register of members
will be closed from
(both dates inclusive)
for the purpose of
determining the
entitlements:  10 July 2004 to 13 July 2004
Registrar's name,
address, telephone no:

Principal Registrars:

The Registry
34 Beckenham Road
Beckenham, Kent BR3 4TU
England
Tel No. 020 863 92157

Branch Registrars:

Signet Share Registration Services Sdn Bhd
11th Floor, Tower Block
Kompleks Antarabangsa
Jalan Sultan Ismail
50250 Kuala Lumpur
Tel No. 603-2145 4337

Payment date:  02 August 2004

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers: 09 July 2004

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit: 07 July 2004
c) Securities bought on MSEB on a cum entitlement basis
according to the Rules of the MSEB.

Number of new shares/securities issued (units) (If applicable):

Entitlement indicator: RM

Entitlement in RM (RM): 0.25

Remarks

Any employee of the Company who has exercised, or wishes to
exercise, an option to subscribe shares in the Company granted
to such employee under the Tanjong Public Limited Company
Employees' Share Option Scheme No. 2 should note that the shares
to be issued upon the exercise of such option will not confer on
any person any entitlement to the Final Dividend unless as at
the Final Dividend Record Date, such person is recorded as
depositor in respect of such shares under the Record of
Depositors.

The Entitlement Time of 5 p.m. stated above refers to local time
in Malaysia and in the United Kingdom.

The times of 4 p.m. and 12.30 p.m. as stated above refer to
Malaysian time.

This Kuala Lumpur Stock Exchange announcement is dated 25 March
2004.


* MAA: Higher Vehicle Prices To Bring Down Sales
------------------------------------------------
The Malaysian Automotive Association (MAA) declares that higher
automobile prices is expected to adversely affect sales figures
especially that of four-wheel drives this month, The Edge Daily
reports. The hike in prices is due to the implementation of the
new tax structure and a weaker ringgit.

MAA president Aishah Ahmad says, "The indicators for better
sales performance this year is not as strong as compared to the
year before." She adds that the impact of the new tax structure
would come into effect this month.

In February, vehicle sales fell by 9 percent to 58,797 units
from 64,911 units last year. The number of passenger cars
registered in the country also fell by 13 percent last month to
45,655 units from 52,602 units the year before.

However, the sales of non-national passenger cars rose by 55
percent to 9,425 units last month from 6,070 units of a year
ago. Meanwhile, the national makes fell by 22 percent to 36,230
units from 46,532 units.

The delivery of Proton's new GEN.2 models come May or June is
expected to turn around the downward trend.

"We believe that the GEN.2 will improve national passenger car
sales as soon as they become available," said Aishah at the
MAA's Annual General Meeting yesterday in Petaling Jaya.

Aishah said most automakers had absorbed the increase in the tax
structure while some had hiked up their vehicle prices by 3 to 9
percent. Others have had to renegotiate prices with their
suppliers.


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


NATIONAL BANK: Asset Sales Generates PhP2.5B
--------------------------------------------
The asset management group (AMG) of semiprivate Philippine
National Bank (PNB) topped the industry last year as it posted
asset sales of PhP2.5 billion, BusinessWorld reports.

"Much of the favorable outcome was due to the group's
revitalized workforce, internal re-engineered processes and its
more defined strategies in managing the bank's acquired assets,"
PNB Executive Vice-President and AMG sector head Federico Y.
Cadiz, Jr. said in a statement.

Philippine National Bank beat other commercial banks in terms of
asset sale.  A total of 1,602 closed transactions generate a
PhP600 million gross profit margin for the bank.

Mr. Cadiz said the PNB group is strengthening the information
database of its property portfolio for better market positioning
and exit performance tracking. Also, it is continuously defining
financial exit strategies for groups of assets through better
distribution management via branch network or broker sales,
auctions, property leasing or development of joint ventures.

The group's efforts are likewise backed by a more systematic
enforcement of ownership control of PNB's properties both
legally and physically, he said.


NATIONAL POWER: Reports a 2.01% Increase in 2003 Power Output
-------------------------------------------------------------
National Power Corporation reports a 2.01 percent increase in
power output, from 38,158 GWh in 2002 to 38,926 GWh last year,
according to ABS-CBN News.

The biggest share of the gross generation came from Luzon at
25,209 GWh or 64.76 percent.  Year-on-year the region posts a
0.95 percent increase in terms of power output from 24,971 GWh
in 2002, the state-owned power firm's sales and services group
said.

Second is Visayas with 7,262 GWh or 18.66 percent, while
Mindanao accounted for the remaining 16.58 percent or 6,455 GWh.
Mindanao also posted the highest increase among regions, with
gross generation growing by 8.07-percent year-on-year from 5,973
GWh in 2002.

Coal-fired plants continued to contribute the biggest share of
the total generation at 31 percent or 12,067 GWh. This, however,
is lower than the year-ago figure of 36.74 percent, or 14,018
GWh.

Geothermal plants came in second with 25.23 percent or 9,822
GWh, slightly lower than the 26.13-percent share or 9,972 GWh
output recorded last year.

Hydroelectric plants accounted for the third-largest share of
the gross generation at 20.07 percent or 7,813 GWh, up from the
2002 figure of 18.19 percent or 6,941 GWh.

The natural gas plants, whose share shot up from 7.87 percent to
11.57 percent year-on-year, posted the most dramatic growth in
terms of generation-mix share. Gross generation by the gas-fired
plants rose from 3,002 GWh to 4,505 GWh, year-on-year.

Finally, oil-based power plants contributed 12.12 percent or
4,718 GWh, up from 11.07 percent or 4,226 GWh in 2002.

38.19 percent of the gross generation in 2003 came from Napocor
owned and operated power plants.  The other 61.81 percent came
from independent power producers of Napocor power plants.


NEGROS NAVIGATION: Tsuneishi Unveils PhP111.25M Debt
----------------------------------------------------
Tsuneishi Heavy Industries Incorporated claims that Negros
Navigation Company (Nenaco) owes them PhP111.25 million,
contrary to what is disclosed by Nenaco which is PhP36 million,
The Philippine Star reports.

Tsuneishi and Nenaco used to have a partnership deal until the
latter failed to pay repairs on its vessels and ship drydocking
charges since 2002.

"All Nenaco's press releases tend to malign Tsuneishi who in
this case is the victim of Nenaco's broken commitments. Under
the admiralty law, a sheriff of the court can attach any vessel
at port for unpaid bills and the arrest is until such time that
the creditor has been paid," Tsuneishi said.

Tsuneishi also alleged that Nenaco had altered its financial
statements to avoid repayment of its loans.  The question is if
they are in such a good position why do they not settle their
accounts to Tsuneishi," the company said.

Nenaco, on the other hand, said it "consistently and responsibly
fully discloses its entire financial records as required by the
relevant regulatory agencies, in accordance with the highest
accounting standards."

Nenaco claims that it continues to hold talks with Tsuneishi
despite a case filed in court compelling Nenaco to repay its
debt, and its ship schedules continue uninterrupted.


NEGROS NAVIGATION: Tsuneishi Files Contempt Charges
---------------------------------------------------
Negros Navigation Company's (Nenaco) non-compliance to a court
order that entitled Tsuneishi Heavy Industries to seize one of
its ships as payment for unpaid debts compelled the ship repair
firm to file contempt charges against Nenaco, BusinessWorld
reports.

In a complaint filed with the Cebu City regional trial court on
March 15, 2004, Serafin P. Rivera, Tsuneishi legal counsel asked
the court to hold in contempt Nenaco President Conrado Carballo,
legal counsel Elmer D. Nitura and ship captain Oscar Jadoc for
ignoring an order issued by the court on March 5.

Also included in the charges were Manila North Harbor port
manager Alex Cruz and harbor manager Robert Avellana.

Judge Ireneo Lee Gako, granted Tsuneishi's request that it be
allowed to hold one of Nenaco's ships, MV St. Peter the Apostle,
as Nenaco's partial payment of debt.

On March 5, at Manila North Harbor, Tsuneishi implented the
courts order to seize the ship, but Nenaco refused and allowed
the ship to depart from the port.


PHILIPPINE LONG: Forecasts 2004 Net Profit Will Exceed PhP18B
-------------------------------------------------------------
Philippine Long Distance Telephone Company's (PLDT) initial
forecast of its 2004 net profit would exceed PhP18 billion if
Smart Communications Incorporated acquires debts and controlling
stake of Pilipino Telephone Corporation (Piltel), PLDT Chairman,
Manuel Pangilinan said, quoted by AFX Asia.

Smart got a positive feedback when Piltel creditors were asked
to sell or swap their Piltel debts for Smart-issued bonds or
sovereign bonds.

Smart also intends to acquire PLDT's 45 percent stake in Piltel.
If it pushes through, the Smart-Piltel transaction will pave the
way for Smart to backdoor-list its shares on the local bourse.
It has until August this year to offer its shares to the public
under its franchise.

Mr. Pangilinan said acquiring Piltel will boost Smart's profits
by as much as 2 billion pesos per year.

Earlier PLDT reported an audited net profit of 11.2 billion
pesos in 2003, more than triple the previous year.  Smart's
earnings soared to 16.1 billion pesos, almost 10 billion more
compared to that of 2002.


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


CHARTERED SEMICONDUCTOR: Starts Moving Into New Hi-Tech Home
------------------------------------------------------------
Chartered Semiconductor Manufacturing is celebrating the initial
installation of equipment at its Fab 7, the Company's state-of-
the-art 300-millimeter (mm) wafer manufacturing facility located
on its Singapore Woodlands campus.

Engineering wafer starts in Fab 7 are scheduled to begin in late
third quarter of 2004, and pilot production is expected to
commence by the end of 2004.  Fab 7 is designed for "equipment
smart" compatibility with IBM's East Fishkill 300mm fab based on
the joint-technology development and reciprocal manufacturing
agreements between the two companies.

Chartered is acknowledging the Fab 7 milestone with
representatives from its key customers, partners and equipment
suppliers. The move-in ceremony will feature remarks by special
guest speakers, including:

? Chia Song Hwee, president and CEO of Chartered
? Teo Ming Kian, Chairman, Singapore Economic Development
Board
? Dr. Bernard Meyerson, chief technologist and vice
president, IBM Systems and Technology Group

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's Safe Harbor 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 milestones for Fab 7 and it's "equipment smart"
compatability with IBM's East Fishkill 300mm fab 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; 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.

Media Contact:

Maggie Tan
Chartered Semiconductor Manufacturing
(65) 6360.4705
maggietan@charteredsemi.com


CORTEN FURNITURE: Appoints Liquidators
--------------------------------------
The High Court of Singapore would like to announce that a
Liquidator has been appointed in the matter of Corten Furniture
Pte Ltd Winding Up Order issued on 19 March 2004. The name and
address of the Liquidator appears below:

Mr. Don Ho Mun-Tuke
Messrs Don Ho and Associates
20 Cecil Street #12-02/03
Equity Plaza
Singapore 049705

Messrs LAM W.S. and Co.
Solicitors for the Petitioner

This Singapore Government Gazette announcement is dated 26 March
2004.


GENNET TECH: Liquidators Appointed
----------------------------------
The High Court of Singapore would like to announce that a
Liquidator has been appointed in the matter of Gennet
Technologies Asia Pte Ltd Winding Up Order issued on 19 March
2004. The Name and address of the Liquidator appears below:

The Official Reciever
Insolvency and Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118

Ascentsia Law Corporation
Solicitors for the Petitioner

This Singapore Government Gazette announcement is dated 26 March
2004.

I. CRAFTERS: In Members' Voluntary Liquidation
----------------------------------------------
Notice is hereby given that the creditors of I. Crafters Pte
Ltd, which is being wound up voluntarily are required on or
before the 26th day of April 2004 to send in their names and
addresses and particulars of their debts and claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the said Company. And if so
required by notice in writing by the said Liquidator is, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 26th day of March 2004.

Koh Yeo Liong
Liquidator
C/o 18 Cross Street
# 08-01 Marsh and McLennan Centre
Singapore 048423

This Singapore Government Gazette announcement is dated 26 March
2004.


INFRONTIER: Court Schedules Petition Hearing
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Infrontier (Singapore) Pte Ltd by the High Court was on 12 March
2004, presented by SPH Mediaworks Limited, a company
incorporated in the Republic of Singapore and having its
registered office at 1000 Toa Payoh North, Singapore 318994, a
Judgment Creditor, and that the said Petition is directed to be
heard before the Court sitting at High Court at 10 o'clock in
the forenoon on Friday, 16 April 2004; and any creditor or
contributory of the said Petition may appear at the time of
hearing by himself or his counsel for that purpose. A copy of
the Petition will be furnished to any creditor or contributory
of the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

The Petitioner's address is at 82 Genting Lane, News Centre,
Singapore 349567.

The Petitioner's solicitors are Yeo-Leong and Peh LLC of 20
McCallum Street, #12-03 Asia Chambers, Singapore 069046.

Yeo-Leong and Peh LLC
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
solicitors notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock on 15
April 2004 (the day before the date appointed for the hearing of
the petition).

This Singapore Government Gazette announcement is dated 26 March
2004.


LIGHTWEIGHT: Creditors To Meet on 15 April
-------------------------------------------
Take notice that a meeting of creditors of Lightweight Concrete
Pte Ltd (In Liquidation), will be held at 18 Cross Street, #08-
01 Marsh and McLennan Centre, Singapore 048423 on Thursday, 15
April 2004 at 2:30 pm.

The agenda is as follows:

1. To update on the status of liquidation;

2. To consider and if thought fit to appoint a committee of
inspection; and

3.Any other business.

Chee Yoh Chuang
Liquidator
C/o Chio Lim and Associates
18 Cross Street
#08-01 Marsh and McLennan Centre
Singapore 04423

Proxies to be used at the meeting must be lodged not later than
4 pm on 14 April 2004

This Singapore Government Gazette announcement is dated 26 March
2004.


LIGHTWEIGHT: Creditors' Meeting Set For 15 April
------------------------------------------------
Take notice that a meeting of creditors of Lightweight Concrete
Pte Ltd (In Liquidation), will be held at 18 Cross Street, #08-
01 Marsh and McLennan Centre, Singapore 048423 on Thursday, 15
April 2004 at 3pm.

The agenda is as follows:

1. To update the status of liquidation;

2. To consider and if thought fit to appoint a committee of
inspection; and

3.Any other business.

Chee Yoh Chuang
Liquidator
C/o Chio Lim and Associates
18 Cross Street
#08-01 Marsh and McLennan Centre
Singapore 04423

Proxies to be used at the meeting must be lodged not later than
4 pm on 14 April 2004

To entitle you to vote thereat, your proof must be lodges with
the liquidators not later than 4 pm on 13 April 2004 if you have
not submitted your proof earlier to the liquidators.

This Singapore Government Gazette announcement is dated 26 March
2004.


MANON MANI: Discloses Results of Extraordinary General Meeting
--------------------------------------------------------------
At an Extraordinary General meeting of the members of Manon Mani
K. Pillay Holdings Pte Ltd duly convened and held at 3 Mount
Elizabeth, #03-04/05 Mount Elizabeth Medical Centre , Singapore
228510 on 19 March 2004 at 10 am, the following Special
resolutions were duly passed:

1. That the Company be wound up voluntary pursuant to
Section 290 (1)(b) of the Companies Act, Cap.50 and that Mdm.
Chia Lay Beng and Mdm. Goh Wei Ling, both of 1 Scotts Road, #21-
07/08/09 Shaw Centre, Singapore 228208 be and are hereby
appointed Liquidators for the purpose of such winding up.

2. That the Liquidators be indemnified by the Company
against all costs, charges, losses, expenses and liabilities
incurred or sustained by them in the execution and discharge of
their duties in relation thereto.

Dr. Ravindran Karthigesu
Kandasamy Pillay
Chairman

This Singapore Government Gazette announcement is dated 26 March
2004.


MANON MANI: Issues Notice To Creditors
--------------------------------------
Notice is hereby given that the creditors of Manon Mani K.
Pillay Pte Ltd, which is being wound up voluntarily, are
required on or before 26 April 2004 to send in their names and
addresses with particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
Liquidators at 1 Scotts Road, #21-07/08/09 Shaw Centre,
Singapore 228208. And if so required by notice in writing from
said Liquidators are, by their solicitors or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

Mdm Chia Lay Beng
Mdm Goh wei Ling
Liquidators

This Singapore Government Gazette announcement is dated 26 March
2004.


PERTAMA: Date for Hearing of Petition Set
-----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Pertama Development Pte Ltd by the High Court was on 11 March
2004, presented by Salinger Group Limited, a company
incorporated in British Virgin Island and having its registered
office at Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands, a creditor, and that the said Petition
is directed to be heard before the Court sitting at High Court
at 10 o'clock in the forenoon on Friday, 2 April 2004; and any
creditor or contributory of the said Petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the Petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at Offshore Incorporations Centre,
Road Town, Tortola, British Virgin Islands.

The petitioner's solicitors are Messrs Leong Kwok Yan of 32B
Keong Saik Road, Singapore 089139.

Leong Kwok Yan
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
solicitors notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock on 16
April 2004.

This Singapore Government Gazette announcement is dated 26 March
2004.


R & N ENGINEERING: Petition Hearing Date Set
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of R &
N Engineering Construction Pte Ltd by the High Court was on the
16th day of March 2004, presented by Lee Han Chew trading as Joe
Li Electrical Supplies of No.6 Foch Road, Singapore 209254, a
creditor, and that the said Petition is directed to be heard
before the Court sitting at High Court at 10 o'clock in the
forenoon on Friday, 16 April 2004; and any creditor or
contributory of the said Petition may appear at the time of
hearing by himself or his counsel for that purpose. A copy of
the Petition will be furnished to any creditor or contributory
of the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

The petitioner's address is at No. 6 Foch Road, Singapore
209254.

The petitioner's solicitors are Messrs B T Tan and Company of 10
Anson Road, # 27-16 International Plaza, Singapore 079903.

B T Tan and Company
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
solicitors notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock on 16
April 2004.

This Singapore Government Gazette announcement is dated 26 March
2004.


RAMCO-YKK: Issues Notice of Final Meeting
-----------------------------------------
Notice is hereby given that pursuant to Section 308 of the
Companies act, Cap. 50, a Final meeting of the members of Ramco-
YKK (Singapore) Pte Ltd will be held at 138 Cecil Street, #15-00
Cecil Court, Singapore 069538 on Monday, 26 April 2004 at 11 am
for the purposes of laying before the Meeting an account showing
how the winding up has been conducted, and the property of the
Company disposed of and of hearing any explanation that may be
given by the Liquidators and also of determining by resolution
the manner in which the books, accounts and documents of the
Company and of the Liquidators shall be disposed of.

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidator

Note: Pursuant to Section 181 of the Companies Act. 50, a member
entitled to attend and vote at this meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.

This Singapore Government Gazette announcement is dated 26 March
2004.


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


EASTERN WIRE: Unveils Board of Directors Meeting
------------------------------------------------
Eastern Wire Public Company Limited (EWC) submitted to the Stock
Exchange of Thailand the details of the resolution of its Board
of Directors' Meeting No. 1/2004 on March 26, 2004 at 2:00 p.m.,
at the company's meeting room

(1) Appointed Managing director, Executive committee and
Management

(1.1) Mr. Pirom Priyawat act as Manager

(1.2) Mr. Rapee Sukhyanga , Mr. Somkiat Kamolbal , Mr.Sontaya
Noicharoen ,  Mr. Pirom Priyawat act as  Executive committee.

(1.3) Mr. Somkiat Kamolbal act as chief financial officer
Mr. Sontaya Noicharoen act as chief operation officer

(2) Approved the convening of the 2004 Ordinary Shareholder
Meeting with the following agenda:

(1) To adopt the report of 2000 Ordinary Shareholder Meeting on
April 28, 2000.

(2) To approve the report on the company performance for the
year 2003.

(3) To consider and approve the financial statement as of
December 31, 2003.

(4) To suspend the dividend payment for the operating period of
January 1,2003 to December31, 2003.

(5) To consider the appointment of the directors and
remuneration for the year 2004

(6) To consider the amendment of the Company Article of
Association.

(7) To consider the scope and duties of Board of director,
Executive Director and Managing Director.

(8) To consider the appointment of Auditors and the annual fee.

(9) Others (If any).

(3) The date and place of the 2004 Ordinary Shareholder Meeting
shall be held on April 29, 2004 at 10:00 a.m. at 7th floor
Rakongthong Room Tharnsettakit Building.

(4) The closing date of the shareholders registration book for
the rights to attend the ordinary Meeting of Shareholders 2004
shall be on April 19, 2004 at 12:00 p.m. until the meeting is
adjourned.

Please be informed accordingly.

Yours sincerely,

(Mr. Phiraphan Phalasuk)
Chairman of The Board


NATURAL PARK: Transfers to Property Development Sector
------------------------------------------------------
Natural Park PCL's performance now complies with the Stock
Exchange of Thailand's guidelines, for the year 2003 (starting
from January 1, 2003-December 31, 2003). Prior to requesting
approval to transfer to Property Development Sector, it has been
disclosing its net operating profits from its core business, a
positive shareholder's equity of 7,671 million bath as of
December 31, 2003 and cash flow from operations of (223) million
baht.

According to the opinion of the company's auditor, the adjusted
cash flow from operations would be equal to 327 million baht
after excluding non-operating cash flow.

The company has also successfully completed more than 75% of its
debt restructuring and has settled its debt on time.

According to the conditions specified by the SET allowing N-PARK
for resumption trading in the REHABCO sector since 23 July 2003,
five of N-Park's strategic shareholders will not sell their
3,024,726,644 common shares (37.54% of paid up capital), for the
remaining period. The silent period will be expired on 22 July
2004.

N-PARK, like other companies leaving the REHABCO sector, is
required to:

(1) Show positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector.

(2) Have a net operating profit from the core business for three
consecutive quarters or one year before submitting the
application.

(3) Have successfully restructured over 75 percent of its total
debt and be able to settle debt on time.

(4) Have a positive cash flow from operating activities after
having booked interest expenses.

(5) Have continually demonstrated its strong financial position
and performance.


SAMART CORPORATION: Subsidiaries To Boost Total Income
------------------------------------------------------
Samart Corporation PCL (Samart), projects an increase in total
income by more than 50 percent to 15 billion baht as it will
realize more income from it's affliated firms this year,
Businessday reports.

Samart's Executive Vice Chairman Sirichai Rasameechan said his
firm's income in 2004 is expected to be about 15 billion baht on
the back of income increases in its affiliates, particularly
Samart I-Mobile Plc (SIM), which projects that its income will
be around 10 billion baht, an increase of 37.5 percent from the
8.33 billion baht it posted last year.

SIM expects an increase in income as a result of the company's
increase in sales of mobile phone handsets and the development
of additional content for its service system.  SIM is projected
to be able to pay a dividend to its shareholders at 0.35 baht a
share, Mr. Sirichai said, adding that Samart currently holds a
69 percent stake in SIM.

Mr. Sirichai said the voice and non-voice information service
business continues to expand substantially and income from
Samart's businesses overseas, including Cambodia, Malaysia, Sri
Lanka and Bangladesh is expected to be realized within the
second half of this year.

This year, Samart Telecoms is expected to post an income of 2.1
billion baht, an increase of about 50 percent from the 1.43
billion baht it generated in 2003.

Samart Telecoms plans to clean up its 200 million baht in
accumulated losses within the second quarter of this year by
using its one billion baht shareholders' equity margin, he
added.

As for Samart Comtech, he said, the firm expects to post about
1.5 billion baht in income this year, up by as much as 400
percent from 296 million baht in income last year on the back of
income which will be gradually realized in the second quarter
from government projects the firm won in bidding for contracts.

Samart will realize a combined income of about 1.4 billion baht
from Samart Cambodia Engineering, which operates an air traffic
control business at Cambodian's international airport, while
Samart Engineering sells satellite dishes, Mr. Sirichai said.


THAI DURABLE: Sets Date of Annual General Meeting
-------------------------------------------------
Thai Durable Group PCL's submits to the Stock Exchange of
Thailand the resolutions of it's Board of Director's meeting,
held on March 26, 2004, at 2:00 p.m.:

(1) That the operating results of the Company during the year
2003 are acknowledged and the Annual Report of the Board of
Directors, be approved.

(2) That the audited balance sheet and profit and loss
statements of the Company for the year ended 31st December,
2003, be approved.

(3) That no dividend in respect of the 2003 operating results.

(4) That Mr. Teing Jongteingtrong and Mr. Mongkorn
Dhanasuckanchana, being the Company's directors who retired by
rotation, be re-elected as the Company's directors and that the
directors' remuneration for the year 2004 not more than of Baht
3,000,000, be approved.

(5) That the appointment of Mr.Pisit Chiwaruangroch Certified
Public Accountant No. 2803 and/or Mr.Vichien Thamtrakul
Certified Public Accountant No. 3183, and/or Miss.Kalyarat
Chaivorapongsa Certified Public Accountant No. 3460 of KPMG
Phoomchai Audit Ltd. as the Company's auditor with the
remuneration not more than of Baht 1,350,000, be approved.

(6) That the amendment of the terms and condition of the
warrants allocated to existing shareholders and specific
investors and/or institutional investors, be approved as
follows;

"The company has the right to call some or all units of warrants
if the closing price of the company's shares traded in the Stock
Exchange of Thailand has been higher than 20% of the exercise
price at 7.10 Baht for 5 consecutive working days. The company
will inform warrant holders not less than 3 months in advance.
After the said period, the right of warrants will be
terminated."

(7) That the 2004 Annual General Meeting of Shareholders be held
on 30th April, 2004 at 2:00 p.m. at Chao Praya, Room 1, 3rd
Floor The Montien Riverside Hotel. No. 372 Rama III Road,
Bangklo Subdistrict, Bangcholeam District, Bangkok to consider
the following agenda:

(1) To certify the Minutes of the Extraordinary General Meeting
of Shareholder, No 1/2004.

(2) To consider and acknowledge the report of operating results
during the year 2003 and approve the Annual Report of the Board
of Directors.

(3) To consider and approve the balance sheet and profit and
loss statements for the year ended 31st December 2003.

(4) To consider and approve the non-distribution of dividend.

(5) To consider and approve the election of directors replacing
those retired by rotation and to fix the remuneration of the
Board of Directors.

(6) To consider and approve the appointment of the auditors and
to fix the auditors'' remuneration.

(7) To consider and approve the amendment of the terms and
condition of the warrants allocated to existing shareholders and
specific investors and/or institutional investors.

(8) To consider any other business.

(9) That the share register book be close on 12th April, 2004 at
12:00 noon until the conclusion of the Meeting in order to
determine the shareholders' entitlement to attend the 2004
Annual General Meeting of Shareholders.

For your acknowledgement
Yours sincerely,
(Mrs. Phakarat  Visudhimark)
The Managing Director


THAI GERMAN: Hires New Company Auditor
--------------------------------------
Thai-German Products PCL (TGPRO) announces to the Stock Exchange
of Thailand that the company changed auditor from Ernst & Young
Office Limited to Miss Chaovana Viwatpanachati, Pitisevi &
Company because of saving TGPRO cost. The new auditor will audit
TGPRO financial statements starting January 1, 2004.

Faithfully yours,
(Apinun Ratchatasombat)
Executive Planner Representation


TPI POLENE: Clarifies News Article
----------------------------------
Reference is made to the article in Thai Rat Newspaper on March
26, 2004, economic section, page 9, which states that "The
Ministry of Finance signaled Krung Thai Bank Plc. (KTB) not to
provide new loan for the amount of USD 750 million to TPI Polene
Plc. (TPIPL) to refinance the existing debt of TPIPL's scheme
creditors. This is by the reason that TPIPL did not cooperate
and allow KTB to conduct financial due diligence, thus, KTB
could not know TPIPL's financial status. In addition, KTB could
not be certain on the amount of equity fund raising by TPIPL.

Therefore, KTB may enter into loss and damage in case KTB
provides new loan to TPIPL and thereafter TPIPL reenters into
difficulties.

TPIPL would like to inform the SET that the article in such
newspaper is inaccurate and clearly misrepresents the truth. On
the amount of equity fund raising, TPIPL earlier reported to the
SET on January 20, 2004 that TPIPL completed the equity fund
raising of THB11,100 million by way of issuing 300 million new
shares to the public. On TPIPL's financial due diligence
procedure, TPIPL and KTB agreed to appoint Phatra Securities
Co.,Ltd. (Phatra) to act as an independent financial advisor to
conduct such due diligence exercise.

During the due diligence process, TPIPL provided Phatra with
full information and cooperation. In addition, Phatra already
completed TPIPL's financial due diligence report and submitted
such report to KTB on March 2, 2004. The matter is now in KTB
internal approval process.

As such article in Thai Rat newspaper obviously misrepresents
the fact and may cause damage to TPIPL, therefore, we kindly
clarify this matter to the SET.

Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

This Stock Exchange of Thailand announcement is dated 26 March
2004.


* BOND PRICING: For The Week of 29 March - 2 April 2004
-------------------------------------------------------


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


AUSTRALIA
---------


Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   65
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   11
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.500%     4/15/04    7
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   15
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility         8.500%     9/15/13    8
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   74
NPT Capital Ltd                       9.500%    11/30/04    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    6
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   74
Richmond Ltd                         10.750%    12/15/04   10

Salomon Smith Barney Australia        4.250%       2/1/09     9
Sapphire Securities                   9.250%     12/20/06     9
Sky Network Television Ltd            9.300%     10/29/49     7
Straits Resources Ltd                10.000%     12/31/03     1
Strathfield Group Ltd                11.000%     12/31/05     1
Tower Finance Ltd                     8.750%     10/15/07     8
TrustPower Ltd                        8.300%      9/15/07     7
TrustPower Ltd                        8.500%      9/15/12     8
Vision Systems Ltd                    9.000%     12/15/08     2


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


China Government Bond                  2.900%      5/24/32   70
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----


Korea Electric Power Corporation       7.950%       4/1/96   70
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------


Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1

Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1

Integrax Bhd                           3.000%      12/24/05   1
Kretam Holdings Bhd                    1.000%       8/10/10   1
Kumpulan Emas Bhd                      7.000%      11/15/04   1
Kumpulan Jetson                        5.000%      11/28/12   1
Lebar Daun Bhd                     2.000%        1/6/07   3

LBS Bina Group Bhd                     4.000%      12/31/06   2
LBS Bina Group Bhd                     4.000%      12/31/07   1
LBS Bina Group Bhd                     4.000%      12/31/08   1
Lingkaran Trans Kota Holdings          7.150%      10/23/10  10
Media Prima Bhd                        2.000%       7/18/08   1
Mutiara Goodyear Development Bhd       2.500%       1/15/07   1
MWE Holdings                           5.500%       10/7/04   1
NAM Fatt Corporation Bhd               2.000%       6/24/11   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
OSK Holdings Bhd                       3.500%        3/1/05   1
OSK Holdings Bhd                       6.000%        3/1/05   1
Pahlawan Power                         5.150%       1/31/05  10
Pantai Holdings                        5.000%       3/28/07   1
Patimas Computer Bhd                   6.000%       2/19/06   1
Poh Kong Holdings                      3.000%       1/20/07   1
Prinsiptek Corporation Bhd             2.000%      11/20/06   1
Puncak Niaga Holdings Bhd              2.500%      11/20/16   1
POS Malaysia & Services Holdings Bhd   8.000%      11/26/04   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
Rashid Hussain Bhd                     0.500%      12/23/12   1
Rashid Hussain Bhd                     3.000%      12/23/12   1
Rhythm Consolidated Bhd                5.000%      12/17/08   1
Silver Group Bhd                       1.000%       2/15/09   1
Southern Steel Bhd                     5.500%       7/31/08   2
Tanah Emas Corporation Bhd             2.000%       12/9/06   1
Talam Corporation Bhd                  7.000%       7/19/05   1
Talam Corporation Bhd                  7.000%       4/19/06   1
Tap Resources Bhd                      2.000%       6/29/06   1
Time Engineering Bhd                   2.000%      12/25/05   1
VTI Vintage Bhd                        4.000%       8/22/06   2
Wah Seong Corporation Bhd              3.000%       5/21/12   3
Yu Neh Huat Bhd                        3.000%        9/2/08   1


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


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


SINGAPORE
---------


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


THAILAND
--------


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


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


                            *********


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

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

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

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

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

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