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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, April 6, 2004, Vol. 7, No. 68

                            Headlines


A U S T R A L I A

BRAMBLES INDUSTRIES: Releases Notification of Shares Interests
NATIONAL AUSTRALIA: Investors Call for Change
NOVUS PETROLEUM: Bidders Believe Trading is Unrealistic
QANTAS AIRWAYS: Employees To Receive Medical Assistance
VILLAGE ROADSHOW: Completes On-Market Shares Buy-Back

WMC RESOURCES: Sets Annual General Meeting
ZINIFEX LIMITED: Releases Share Offer Final Price and Allocation


C H I N A  &  H O N G  K O N G

CELESTIAL ASIA: Posts Smaller Net Losses
OPENWIN INDUSTRIES: Court Sets Date for Petition Hearing
VIEW SHARP: Date For Hearing of Petition Set


J A P A N

KANEBO: Updates Info on Purchase by Sanjiu
MITSUBISHI HEAVY: Enters Joint Venture With China
MITSUBISHI MOTORS: Needs 5.5 Billion Euros
MITSUBISHI MOTORS: Revamp To Be Undertaken By DaimlerChrysler
MITSUBISHI MOTORS: S & P Cuts Ratings


K O R E A

DAEWOO HEAVY: Lands US$56.8M Deal
HYUNDAI HEAVY: To Build Tankers For Primorsk Shipping
KIA MOTORS: U.S. Sales Up by 11.3%
KUMGANG KOREA: Off S & P's Credit Watch List


M A L A Y S I A

BERJAYA GROUP: Sime Darby Makes Offer For Hyundai Shares
BERJAYA GROUP: Extends Share Trading Halt
BOUSTEAD HOLDINGS: Aiming For A 2-Digit Growth
BOUSTEAD HOLDINGS: Resolutions Unanimously Passed
BOUSTEAD HOLDINGS: Issues Convertible Bonds

CRIMSON LAND: Issuing New Shares for Listing and Quotation
EPE POWER: Regularizes Financial Condition
GADANG HOLDINGS: New Shares Up For Listing
HOTLINE FURNITURE: Assigns Conversion Price for ICULs
MALAYSIA AIRLINES: Extends Operations to China

MALAYSIA AIRLINES: Looks To Forging Ties With Other Carriers
NCK CORPORATION: Perumahan Unit Under Voluntary Liquidation
PAN MALAYSIA: Assigns Price To New Shares
PARK MAY: Completes Disposal of Rangkaian Shares
TRONOH MINES: Zelan Unit Lands MYR118 Million Joint Venture

UNITED CHEMICAL: Issues Monthly Practice Note 4 Update
WEMBLEY INDUSTRIES: Updates Status of Practice Note 4/2001


P H I L I P P I N E S

BENPRES HOLDINGS: SEC Sees No Evidence of Insider Trading
NEGROS NAVIGATION: Metro Pacific Shows Concern on Units Debt Row
PHILIPPINE LONG: 2004 Net Profit Most Likely to Reach PhP18B


S I N G A P O R E

ADROIT INNOVATIONS: Believes Profitability Attainable Again
G T Eng Engineering: Issues a Notice of Intended Dividend
JETDREAM HOLIDAY: Gives Notice of Intended Preferential Dividend
ROAD DYNAMICS: Notice of Intended Dividend Issued
WATERMARK INVESTMENTS: Issues Notice of Final Dividend


T H A I L A N D

ADVANCE PAINT: Increases Paid-Up Capital to THB2,223,431,750
CHRISTIANI & NIELSEN: Issues Update on OGM
EMC PUBLIC: Sells Shares of Subsidiaries
PAE LIMITED: Receives Approval from Central Bankruptcy Court
RAIMON LAND: Details Resignation and Appointment of Officer

TELECOMASIA CORPORATION: Expects New Name to Make a Mark
THAI ENGINE: Submits Progress Report on Rehabilitation Plan

* BOND PRICING: For The Week 5 April - 9 April 2004

     -  -  -  -  -  -  -  -

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


BRAMBLES INDUSTRIES: Releases Notification of Shares Interests
--------------------------------------------------------------
Brambles Industries Limited announced to the Australian Stock
Exchange the company's notification of major interests in
shares.

(1) Name of Company:   Bramble Industries Limited

(2) Name of Shareholder having a major interest:

   FMR Corporation and its direct and
    indirect subsidiaries

(3) Please state whether notification indicates that it is in
respect of holding of the shareholder named in 2 above or in
respect of a non-beneficial interest or in the case of an
individual holder if it is a holding of that person's spouse or
children under the age of 18

-Funds under management (Non beneficial)

(4) Name of the registered holder(s) and, if more than one
holder, the number of shares held by each of them.

See attached copy

To view full copy of the document, click
http://bankrupt.com/misc/BRAMBLESINDUSTRIES040204.pdf


NATIONAL AUSTRALIA: Investors Call for Change
---------------------------------------------
Rumors about four out of five of National Australia Bank's top
executives resignation increased the pressure on the bank's
directors to quit, which prompted the key investors to call for
a widespread change at the bank, The Age reports.

However, Investors' Mutual's Paul Frost said spilling the board
in one swoop would create further unwanted instability.  "The
issue is who and when," he said. "What is most important to us
is that the composition of this board is strengthened over
time."

Mr. Frost told Channel Nine's Business Sunday program that calls
from dissident director Catherine Walter for directors to resign
as their terms expired had merit.

"We don't think that the process of spilling this board is
necessarily the right one at this point but we are fully
supportive of change on this board over time," Mr. Frost said.

The call came as fallout from the $360 million foreign exchange
currency options scandal took a fresh twist on Friday when chief
financial officer Richard McKinnon announced his resignation.
His resignation follows former chairman Charles Allen and chief
executive Frank Cicutto also departing the bank.

Australian Shareholders' Association's chairman John Curry told
Seven's Sunday Sunrise program the board had to go.

Mr. Curry criticized institutional shareholders - who control
about 80 per cent of the bank's shares - for complacency. "It's
really now up to the board, I think, to have a long hard look at
themselves," he said.

"I suspect the institutions should be in that, even if they're
not overtly doing it."

He said lawyers were the only group to profit from the NAB's
latest mess. "The lawyers are having a feast and the
shareholders are suffering," he said.

"I think shareholders are absolutely sick and tired of the
messing around by the board. They want the bank to resume the
profitable position it had over some years. They really want the
lawyers to get out of this exercise and for the board to work
out these issues."


NOVUS PETROLEUM: Bidders Believe Trading is Unrealistic
-------------------------------------------------------
The company behind a proposed management buyout of Novus
Petroleum Limited (NVS) said on Monday, 5 April that the oil and
gas firm was trading above its value based on the unrealistic
expectation of a third bid. Sunov Petroleum Pty Limited has made
a $328 million takeover offer for Novus, trumping an earlier
$1.74-a-share bid by Indonesian oil and gas company PT Medco
Energi Internasional Tbk, according to Australian Stock News,
Egoli.

Sunov, the bidding vehicle of Crosby Capital and Novus managing
director Bob Williams believed that there are only two bidders
involved.  However, Novus Chairman, David Blair urges the
investors to reject Sunov's bid saying the company is still in
discussion with other counter bidders.


QANTAS AIRWAYS: Employees To Receive Medical Assistance
-------------------------------------------------------
Medaire is pleased to announce that it has expanded its
agreement with Qantas Airways and will begin providing medical
assistance services to Qantas employees traveling worldwide,
according to The Australian Stock Broking news, Egoli.

The agreement makes Qantas the fifth commercial carrier of
Medaire's 68 airline clients to contract for its crew assistance
services which include 24-hour access to physicians; patient
monitoring; access to a network of international medical
clinics; and emergency medical evacuations.


VILLAGE ROADSHOW: Completes On-Market Shares Buy-Back
-----------------------------------------------------
Village Roadshow announced to the Australian Stock Exchange that
it completed its on-market buy-back of A Class preference shares
on 1 March 2004.  Under that buy-back, Village Roadshow bought
back 90,086,114 preference shares.

Following completion of the buy-back which was fully completed
in only 3 trading days, it would appear that there still remains
a number of shareholdings wishing to dispose of their preference
shares.

The reconstruction of Village Roadshow's capital still remains a
priority.  Accordingly, the Board of Village Roadshow will
immediately assess whether to investigate a further on-market
buy-back of up to a further 60,000,000 A class preference
shares.

To fund this initiative the Company will need to discuss and
agree with its bankers the provision of funding in light of
other obligations and also is investigating and assessing the
timing of the sale of non-core assets.

To view full copy of this press release, click
http://bankrupt.com/misc/VILLAGEROADSHOW040504.pdf


WMC RESOURCES: Sets Annual General Meeting
------------------------------------------
WMC Resources Ltd. announced in its company website the
company's Annual General Meeting scheduled on Tuesday, April 6,
2004 at 10 a.m. WST (12:00p.m. AEST), at the Hyatt Regency, 99
Adelaide Terrace, Perth.

Items of business to be considered at the meeting include the
receipt of the Company's 2003 financial statements and reports
and re-election of directors. The Chairman and CEO will also
review the Company's performance for 2003 and the outlook for
2004.

Shareholders unable to attend the Annual General Meeting at the
Perth venue, can view the meeting through the live webcast from
WMC's website.

Enquiries should be directed to:

Media enquiries: Troy Hey on 0419 502 852
Investor enquiries: Nerida Mossop on (03) 9685 6274

Peter Horton
Company Secretary


ZINIFEX LIMITED: Releases Share Offer Final Price and Allocation
----------------------------------------------------------------
Zinifex Limited announced to the Australian Stock Exchange the
details on its share offer final price and allocation policy.

The Zinifex share offer closed for retail applicants on March
30, 2004 and for institutional applicants on April 2, 2004.

-Final Price

The price to be paid by institutions under the institutional
offer is $1.95 per share.

The retail price to be paid by general public applicants, broker
firm applicants and eligible Zinifex employees is $1.85 per
share which is a $0.10 discount to the final price paid by
institutions (representing a 5% discount).

The total amount raised under the Offer will be approximately
$960 million.  These proceeds are to be received by the Seller,
Pasminco Holdings Limited.

-Allocation Policy

Applications under the General Public Offer

-General public applicants will be allocated 100 percent of the
shares applied for up to 5000 shares and 60 percent of the
shares applied for above that level.

Applications under the Broker Firm Offer

-Applications by broker firm applicants will be accepted in
full, subject to the size of each broker's overall firm
allocation.

Priority Employee Offer

-Applications that were received after the close of the offer or
that were accompanied by cheques that were subsequently
dishonoured will not be allocated any shares.

Holding statements and refund cheques are expected to be
dispatched on April 13, 2004.

Applicants under any of the Real Offers may confirm their
allocations by calling the Zinifex Information Line on 1 300 307
624 from 8:30 a.m., Monday April 5, 2004.

To view full copy of this press release, click
http://bankrupt.com/misc/zinifex040504.pdf



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


CELESTIAL ASIA: Posts Smaller Net Losses
----------------------------------------
Celestial Asia Securities Holdings said its net loss shrank 88.3
percent to HK$516M last year despite poor consumer and investor
sentiment as its financial services business turned around.
Consolidated turnover fell 6.3 percent year on year to $1.02B.
Loss per share was 15 cents against $1.41 a year earlier. No
dividend was recommended.


OPENWIN INDUSTRIES: Court Sets Date for Petition Hearing
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Openwin Industries Limited by the High Court of Hong Kong was on
16 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 28 April 2004. 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 and Lau
Solicitors for the Petitioner
2nd Floor, The Chinese General Chamber of Commerce Bldg.
24-25 Connaught Road Central
Hong Kong

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,
notice in writing of his intention to do so. 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 above named not
later than six o'clock in the afternoon on 27 April 2004.


VIEW SHARP: Date For Hearing of Petition Set
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
View Sharp Limited by the High Court of Hong Kong was on 9 March
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 5 May 2004. 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 and Wong
Solicitors for the Petitioner
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

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,
notice in writing of his intention to do so. 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 above named not
later than six o'clock in the afternoon on 4 May 2004.


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


KANEBO: Updates Info on Purchase by Sanjiu
------------------------------------------
Sanjiu Honsoubou Medical & Pharmaceutical Company, Sanjiu
Enterprise Group's Japan unit has confirmed that the company is
interested in acquiring the drug business of Kanebo Limited,
Reuters reports on Friday, 2 April.

But Ichiro Nishimura, president of the Japanese unit, said the
group hasn't approached the government-backed body overseeing
Kanebo's restructuring about a purchase, adding that Sanjiu is
in contact with two other firms on a possible buyout.

"Kanebo is just one option in pursuing our strategy of making
inroads into the booming business of traditional Chinese herbal
medicines in Japan," he said, without giving details.

Sanjiu Honsoubou Medical & Pharmaceutical Co's main creditor
bank is Sumitomo Mitsui Banking Corp (SMBC), part of the
Sumitomo Mitsui Financial Group, which is also Kanebo's main
bank.

Nishimura said he had informed SMBC of his company's interest in
Kanebo's drug business.

If Sanjiu buys the drug operations of the ailing cosmetics and
textiles firm, it would mark a rare case of spin-offs from top
Japanese companies to Chinese firms. Sanjiu, which is also
China's biggest drug maker already owns a small, Japanese
regional drug maker.

Sanjiu is interested in acquiring Kanebo's pharmaceutical
business so it can use the company's brand power to boost sales
in Asia and expand its Chinese medicine business in Japan,
Nishimura said.

The Industrial Revitalization Corp of Japan (IRCJ), a corporate
revival body, is helping to rehabilitate Kanebo after announcing
last month a 366 billion yen ($3.53 billion) bailout of the
debt-laden company.

Kanebo needs to pare down 520 billion yen in debt and wipe out
liabilities, which the company said were likely to have exceeded
assets by 170 billion yen at the end of fiscal 2003/04.

The IRCJ is to assume a majority stake in a firm to be set up to
take over Kanebo's cosmetics operations -- the most viable part
of its business.

The IRCJ is currently assessing the value of assets held by
Kanebo and hopes to decide on a revitalization program for
Kanebo's non-cosmetics operations by the middle of May.

The IRCJ declined to comment on the report in the Nihon Keizai
Shimbun on Friday that Sanjiu had told the IRCJ that it wanted
to buy Kanebo's drug business.

"We are still in the middle of due diligence for Kanebo's non-
cosmetics operations and we have not decided whether we will
sell any business divisions," said Shigeaki Koga, an IRCJ
spokesman.

"We also can't and won't comment on whether we have received any
offer to buy some of Kanebo's businesses, or on who made an
offer even if that was the case."

An industry source said there had been no formal requests
regarding purchases of Kanebo's non-cosmetics operations
although interest appears to be high.

Kanebo shares shot higher on the report of the sale.


MITSUBISHI HEAVY: Enters Joint Venture With China
-------------------------------------------------
A joint venture has been forged between Mitsubishi Heavy
Industries Limited and Chinese electrical machinery firm
Dongfang Electrical Corporation to produce gas turbines for
power plants, Dow Jones Newswires reports, citing The Nihon
Keizai Shimbun on Saturday, 3 April.

They plan to establish a start-to-finish production site
sometime next year. The partnership marks the first time
Mitsubishi Heavy will produce gas turbines fuelled by natural
gas overseas.

The demand for these types of turbines is growing because their
nitrogen-oxide emissions are less than half the levels emitted
by coal-powered steam turbines. Mitsubishu Heavy has so far
produced and delivered more than 100 of such turbines to foreign
customers.

By spring 2005, the joint firm will build a factory in Guangzhou
at a cost of roughly Y5 billion. The plant will initially focus
on maintenance works for turbine components shipped from Japan
but will gradually start producing turbines from start to
finish, manufacturing key components as well.

For the first two years or so, turbines made at the planned
factory will be delivered to power plants that are fueled by
natural gas and slated to come online in Guangdong and other
provinces. But Mitsubishi Heavy and Dongfang Electric hope to
eventually ship them not only to other areas in China but to
Southeast Asian countries as well.

Last March, Mitsubishi Heavy won an order from the Chinese
government to build 10 gas turbines. After receiving the order,
the firm announced its plan to establish a joint venture and
forge a technological alliance with the Dongfang Electric group.


MITSUBISHI MOTORS: Needs 5.5 Billion Euros
------------------------------------------
Up to 5.5 billion euros (US$6.8 billion) is needed by Mitsubishi
Motors Corporation in order to cut debt, restructure and launch
new models, reports Reuters, quoting Der Spiegel magazine on
Saturday, 3 April.

The EUR5.5 billion-figure was reportedly arrived at by the team
headed by Andreas Renschler, chief of DaimlerChrysler AG's Smart
Cars unit. Daimler will also shoulder two billion of that amount
as part of its 37 percent holding in MMC.

According to the restructuring team, Daimler will also take a
majority stake in MMC and fully integrate the Japanese firm into
the group.

A spokesman for DaimlerChrysler in Stuttgart declined to comment
on the figure, calling it speculation. He said there had been no
final decision and that the group was still working on a plan to
be presented to Mitsubishi Motors' shareholders at an
extraordinary meeting on April 30 in Tokyo.

The spokesman also said that Daimler had never excluded the
possibility of taking a majority stake in Mitsubishi Motors,
adding that such a step depended on the group's return to
sustainable profitability and the reduction of its debt.

Reeling under losses from loan control problems at its North
American finance unit, Mitsubishi Motors has been working out a
restructuring plan with its shareholders over the past month.

Sources told Reuters earlier this week, that Daimler and Japan's
Mitsubishi group are set to spend at least $1.9 billion to bail
out the company but that the German car maker will have to
provide any extra support alone.

They are also set to ask for government backing for the plan.

Under the plan, Daimler and three Mitsubishi group companies --
Mitsubishi Heavy Industries, Mitsubishi Corp and Bank of Tokyo-
Mitsubishi -- are set to buy at least 200 billion yen ($1.9
billion) in newly issued preferred shares in Mitsubishi Motors.


MITSUBISHI MOTORS: Revamp To Be Undertaken By DaimlerChrysler
-------------------------------------------------------------
Andreas Renschler, DaimlerChrysler executive will assume the
post of president and Chief executive officer of Mitsubishi
Corporation (MMC) in June, Dow Jones reports, citing The Nihon
Keizai Shimbun on Saturday, 3 June.

This comes as part of DaimlerChrysler AG and the Mitsubishi
Group's plan to rehabilitate the troubled Japanese automaker
under the direction of the German carmaker.

The major stakeholders in Mitsubishi Motors have also agreed to
consolidate the carmaker's production bases in Japan and abroad
and file for the application of the industrial revitalization
law with the Ministry of Economy, Trade and Industry to make it
easier to reduce heavy debts and eliminate surplus facilities.

Following the agreement, current Mitsubishi Motors President
Rolf Eckrodt will resign in late June to take responsibility for
the automaker's poor performance.

Renschler, who heads DaimlerChrysler's Smart Cars division, has
played a central role in drawing up the blueprint for Mitsubishi
Motors' restructuring plans. To make the transition of top
management smoother, he will likely join Mitsubishi Motors as
early as this month as a consultant.

As for the reduction of production capacity in Japan and abroad,
which constitutes the main pillar of the rehabilitation plans,
DaimlerChrysler and the Mitsubishi group are considering closing
the factory of wholly owned Mitsubishi Motors subsidiary Pajero
Mfg. Co. while maintaining two other domestic factories in Aichi
and Okayama prefectures.

Outside Japan, the automaker's Australian factory is to be
closed and sold off. Much of its output has been exported to
North America, where Mitsubishi Motors has been particularly
struggling. In addition, a large-scale production cut is planned
at the factory in the U.S. state of Illinois.

In contrast, Mitsubishi Motors will likely expand joint venture
operations in China and strengthen production and sales in
Thailand and other Southeast Asian countries.

To finance the restructuring plans, the Mitsubishi group was
initially considering a capital increase of about 300 billion
yen. But after consulting with DaimlerChrysler executives
Friday, it is now reportedly leaning toward expanding the size
of the increase to Y400-500 billion to implement thorough
measures. The two sides are expected to meet Saturday to make a
decision.


MITSUBISHI MOTORS: S & P Cuts Ratings
-------------------------------------
Standard and Poor's has lowered its ratings for Mitsubishi
Motors Corporation (MMC), Channel News Asia reports.

The ratings agency downgraded MMC's long-term corporate credit
rating to B-minus from B-plus and its unsecured debt rating to
B-plus from BB.

S and P also placed all of Mitsubishi's ratings on creditwatch
with negative implications.

"The downgrade and creditwatch status reflect increasing
concerns over the ongoing deterioration in Mitsubishi Motors'
operating and financial performance and its weakened capital
structure and financial flexibility," said S and P analyst
Chizuko Satsukawa.

"Uncertainty over the possibility of debt restructuring under
the company's upcoming restructuring plan is also a concern."

Reflecting its slumping sales in North America, Mitsubishi
Motors has revised down its projection for the year to March
2004 to a net loss of 72 billion yen (690 million dollars) from
a loss of 11 billion yen seen before.

S and P also raised concerns about a recall scandal involving
subsidiary Mitsubishi Fuso Truck and Bus Corp., saying the
scandal would have a negative impact on Mitsubishi Motors'
sales.

Last month, Mitsubishi Fuso, said it would recall 112,000 trucks
over a faulty wheel hub, admitting it was the likely cause of a
series of accidents, one of which killed a woman. Mitsubishi
Fuso had initially blamed the accidents to improper vehicle
maintenance.


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


DAEWOO HEAVY: Lands US$56.8M Deal
---------------------------------
Daewoo Heavy Industries and Machinery Limited announced on
Monday, 5 April that it has won contracts worth 47 million euros
(US$56.8 million), Asia Pulse reports, citing Yonhap News.

Daewoo Heavy, South Korea's biggest construction equipment maker
said the contract, which was signed last week during the world's
largest construction industry fair in Bauma, Germany involves
the delivery of a variety of construction equipment.


HYUNDAI HEAVY: To Build Tankers For Primorsk Shipping
-----------------------------------------------------
Hyundai Heavy Industries Company has recently signed a deal to
build two large Suezmax oil tankers for Russian shipping firm,
Primorsk Shipping Company (Prisco), Reuters reports.

The tankers, which will be built by 2007 will be used to ferry
crude from Russia's ports on the Baltic Sea to international
markets.

Prisco, Russia's fourth biggest shipping firm with 43 tankers
made up mainly of barges, had previously contacted Hyundai Heavy
to build three 100,000-ton tankers to be used to ship oil from
ExxonMobil-led Sakhalin-1 oil project in the Russian far east to
Asian markets.


KIA MOTORS: U.S. Sales Up by 11.3%
----------------------------------
The following are Kia Motors Corporation's sales figures for
cars and light trucks in the United States for March 2004, as
reported by Reuters. The sales figures for March 2002 and 2003
are provided for comparison.

March 2004     March 2003    % Change
All Vehicles                23,769         21,353       11.3%
Domestic Car                     0              0        N.A.
Domestic Truck                   0              0        N.A.
Import Car                  12,461         12,079        3.2%
Import Truck                11,308          9,274       21.9%
Dom+Imp Cars                12,461         12,079        3.2%
Dom+Imp Trucks              11,308          9,274       21.9%
Domestic Vehicles                0              0        N.A.
Imported Vehicles           23,769         21,353       11.3%

                      Yr-to-Date      Prev Year    % Change
All Vehicles                59,384         57,646        1.7%
Domestic Car                     0              0        N.A.
Domestic Truck                   0              0        N.A.
Import Car                  34,646         33,422        2.3%
Import Truck                24,738         24,224        0.8%
Dom+Imp Cars                34,646         33,422        2.3%
Dom+Imp Trucks              24,738         24,224        0.8%
Domestic Vehicles                0              0        N.A.
Imported Vehicles           59,384         57,646        1.7%
--------------------------------------------------------------

Percent changes are based on the daily sales rate, and reflect
26 selling days this month vs. 26 in the month last year, and 76
this year to date vs. 75 last year to date


KUMGANG KOREA: Off S & P's Credit Watch List
--------------------------------------------
Standard & Poor's Ratings Services announced on Friday, 2 April
that South Korea's Kumgang Korea Chemical (KCC) has been dropped
from the credit caution list, Asia Pulse reports, quoting Yonhap
News.

This comes after Kumgang declared that it will be abandoning
plans to takeover control of Hyundai Elevator Company.

However, S & P retained its "BBB-" rating on Kumgang saying that
the company's outlook was still negative and that it would lower
the rating if there was any indication that Kumgang was
providing support to other members of the Hyundai Group that
have no definite strategic ties to its business.

KCC had been placed on S & P's credit watch on November last
year after the company attempted to take over Hyundai Elevator.
At that time, the chairmanship of Hyundai had been just handed
over to Hyun Jung-eon, after her late husband, Hyundai Group
Chairman Chung Mong-Hun committed suicide in late August.

Hyundai Elevator is the de facto holding company of Hyundai
Group.

Earlier this week, KCC said it will drop its months-long attempt
to take over managerial control of Hyundai Elevator following
Hyun's election to the board of Hyundai Elevator as executive
director.

"Its willingness to put family ownership concerns ahead of the
interests of creditors and minority shareholders has revealed a
higher appetite for risk than originally assumed," S&P credit
analyst Kim Eun-jin said.

S&P said the company's outlook may be revised to stable if it
sells its shares in Hyundai Elevator and focuses on its core
operations in the paint, glass and building material businesses.

KCC and its founder currently hold 8.61 per cent of Hyundai
Elevator.


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


BERJAYA GROUP: Sime Darby Makes Offer For Hyundai Shares
----------------------------------------------------
On behalf of the Board of Directors of Berjaya Group Berhad
(Bgroup)(Board), Commerce International Merchant Bankers Berhad
(CIMB), wishes to announce that the Company has received an
offer dated 31 March 2004 (Offer) from Sime Darby Berhad (Sime
Darby) to acquire the following ordinary shares and warrants
from BGroup and/or certain shareholders to be procured by BGroup
(BGroup and these shareholders shall hereinafter be referred to
as the Selling Shareholders):

(i) 92,208,000 ordinary shares of RM1.00 each in HBCorp (HBCorp
Shares) representing 51 percent of the issued and paid-up share
capital of HBCorp and 34,578,000 warrants in HBCorp (HBCorp
Warrants) representing 51 percent of the total HBCorp Warrants
for an aggregate cash consideration of RM488,702,400 or RM4.10
per HBCorp Share and RM3.20 per HBCorp Warrant;

(ii) 3,060,000 ordinary shares of RM1.00 each in Hyumal (Hyumal
Shares) representing 51 percent of the issued and paid-up share
capital of Hyumal for a cash consideration of RM76,500,000 or
RM25.00 per Hyumal Share; and

(iii) 51,000,000 ordinary shares of RM1.00 each in Inokom
(Inokom Share) representing 51\ percent of the issued and paid
up share capital of Inokom for an aggregate cash consideration
of RM76,500,000 or RM1.50 per Inokom Share.

For a copy of the Share Summary, click on the following link:

http://bankrupt.com/misc/BerjayaShares6April2004.doc

The completion of the Proposed Disposals are inter-conditional.

On 2 April 2004, BGroup and Sime Darby agreed that the Offer be
based on, inter-alia, the following terms and conditions:

(a) The execution of separate sale and purchase agreements
(Agreements) based on terms to be mutually agreed upon between
both parties within five (5) market days from the date of
acceptance of the Offer;

(b) The approvals of the relevant regulatory authorities;

(c) Due diligence review on Hyumal, Inokom and HBCorp (including
subsidiaries and associated companies of Hyumal, Inokom and
HBCorp) to be completed within ten (10) market days of the
execution of the Agreements;

(d) No material adverse changes to the financial positions of
HBCorp, Hyumal and Inokom between the date of acceptance of the
Offer and completion of the Proposed Disposals;

(e) The approvals of Hyundai Motor Company, shareholders of
Hyumal and Inokom (other than the Selling Shareholders) and
shareholders of Oriental-Hyundai Sdn Bhd (other than Hyumal)
pursuant to any subsisting agreements; and

(f) The shareholders of Hyumal and Inokom (other than the
Selling Shareholders) to provide written undertakings that they
will not accept any take-over offer on the shares held by them
in Hyumal and Inokom.
The disposal consideration shall be satisfied in the following
manner:

(i) upon execution of the Agreements, ten per cent (10%) of the
disposal consideration shall be deposited in an account to be
kept by an escrow agent mutually acceptable to the Selling
Shareholders and Sime Darby for release to the Selling
Shareholders upon completion of the Proposed Disposals; and

(ii) on a day falling on or before the expiry of seven (7) days
from the date of fulfillment of the last of the conditions
precedent set out in the Agreements, the balance of the disposal
consideration shall be released to the Selling Shareholders.

The HBCorp Shares, HBCorp Warrants, Hyumal Shares and Inokom
Shares held by BGroup Group are set out in Table 1. BGroup
intends to utilise the cash consideration for repayment of
borrowings and/or working capital of the BGroup Group.

1. DETAILS OF THE PROPOSED DISPOSALS

Full details of the Proposed Disposals will be announced upon
signing of the Agreements.

2. BRIEF INFORMATION ON HBCORP, HYUMAL AND INOKOM

2.1 HBCorp

HBCorp was incorporated under the name of Transwater Bina Sdn
Bhd on 19 February 1981 under the Companies Act, 1965 (Act) as a
private limited company. On 3 April 1986, it changed its name to
Transwater Corporation Sdn Bhd and was subsequently converted to
a public company on 3 May 1991. It assumed its present name on
11 July 2003 following the reverse take-over of Hyundai-Berjaya
Sdn Bhd (HBSB). HBCorp was listed on the Second Board of
Malaysia Securities Exchange Berhad (MSEB) on 28 September 1993.
HBCorp's listing was transferred to the Main Board of MSEB on 2
March 2004.

The principal activities of HBCorp are that of investment
holding and provision of management services. The subsidiaries
and associated companies of HBCorp are principally involved in
the management of sale and distribution activities of
Hyundai/Inokom passenger vehicles and light commercial vehicles
in Malaysia, specialist engineers and contractors for water and
wastewater works supply and installation of pumping equipment,
industrial machinery, process equipment and systems, industrial
automation products, oil and gas equipment, construction,
investment holding and provision of metal and machinery
fabrication.

HBCorp's present authorised share capital is RM500,000,000
divided into 500,000,000 ordinary shares of RM1.00 each of which
180,800,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. It also has 67,800,000 HBCorp Warrants
unexercised as at todate.

2.2 Hyumal

Hyumal was incorporated on 16 October 1990 in Malaysia under the
Act as a private limited company under the name of Pelangi
Merjan Sdn Bhd. It assumed its present name on 5 January 1991.
The principal activities of Hyumal are to import and distribute
certain Hyundai passenger vehicles and related spare parts and
the provision of workshop services in Malaysia.

Hyumal's present authorised share capital is RM25,000,000
divided into 25,000,000 ordinary shares of RM1.00 each of which
6,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

2.3 Inokom

Inokom was incorporated on 19 October 1992 in Malaysia under the
Act as a private limited company under the name of Nilai Melati
Sdn Bhd. It changed its name to Industri Otomotif Komersial (M)
Sdn Bhd on 23 October 1993 and assumed its present name on 11
November 2002. The principal activities of Inokom are
manufacture and assemble passenger and light commercial vehicles
and contract assembly.

Inokom's present authorised share capital is RM500,000,000
divided into 500,000,000 ordinary shares of RM1.00 each of which
100,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

3. INFORMATION ON SIME DARBY

Sime Darby was incorporated in Malaysia under the name of Sime
Darby Holdings Berhad as a public company under the Act on 11
September 1978. Pursuant to a Scheme of Arrangement, which
became effective on 20 December 1979, Sime Darby acquired the
entire issued and paid-up capital of Sime Darby Holdings
Limited, a company incorporated in England on 15 April 1958.
Sime Darby Holdings Limited was placed in voluntary liquidation
on 1 January 1980 and its assets were transferred in specie to
Sime Darby. Sime Darby was listed on the Main Board of MSEB on
28 December 1979. It changed its name from Sime Darby Holdings
Berhad to Sime Darby Berhad on 30 June 1979.

The origins of Sime Darby can be traced back to 1910 when a
British company, Sime Darby & Co Ltd, was formed to manage about
202 hectares of rubber estates in Malacca. Sime Darby was
incorporated to bring about the transfer of the domicile of the
British company to Malaysia. Today, Sime Darby is Malaysia's
leading multinational and one of Southeast Asia's largest
conglomerates, with interests in more than 280 companies in 20
countries. The Sime Darby Group's core business activities
consist of plantations, tyre manufacturing, heavy equipment and
motor vehicle distribution, property development,
engineering/oil and gas, power generation and general trading
and services. While the core businesses are based in Malaysia,
the Group has extensive trading and manufacturing interests in
the Hong Kong S.A.R., Singapore and Australia. The Group also
operates in Brunei, Indonesia, Thailand, the Philippines,
Myanmar, United Kingdom, Egypt, China, South Africa, Macau,
Vietnam, the Solomon Islands, Papua New Guinea and New Zealand.

4. RATIONALE FOR THE OFFER

Though the Board continues to believe in the long term potential
of HBCorp, Hyumal and Inokom, the Board has decided to accept
the Offer as it allows BGroup to realise the value of its
investment in HBCorp, Hyumal and Inokom for a cash consideration
which will allow it to strengthen its balance sheet by partly
repaying its bank borrowings (resulting in interest savings),
and improve its working capital. In addition, the Proposed
Disposals will result in BGroup Group realising a gain of
approximately RM381.15 million (calculated based on the
unaudited results of HBCorp as at 31 January 2004).

5. EFFECTS OF THE PROPOSED DISPOSALS

5.1 Issued and Paid-up Share capital

The Proposed Disposals will not have any effect on the issued
and paid-up share capital of BGroup.

5.2 Substantial Shareholders

The Proposed Disposals will not have any effect on the
substantial shareholders of BGroup.

5.3 Earnings and Net Tangible Assets (NTA)

Based on the unaudited results of HBCorp as at 31 January 2004
and assuming the Proposed Disposals are completed on 31 January
2004, the Proposed Disposals will result in a gain of
approximately RM381.15 million to BGroup Group and the NTA of
BGroup Group will also increase by the same amount.

6. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

(i) Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Chairman and
Chief Executive Officer of BGroup, has a direct shareholding of
600,000 Hyumal Shares representing 10% equity interest in
Hyumal; and

(ii) Mr. Freddie Pang Hock Cheng, an Executive Director of
BGroup, has a direct holding of 100 HBCorp Shares and 100 HBCorp
Warrants.

Notwithstanding the above and to the best of the knowledge of
the Directors of BGroup, none of the Directors, substantial
shareholders of BGroup and/or any persons connected with them
has any interest, direct or indirect in the Proposed Disposals.

7. STATEMENT BY THE BOARD

The Board is of the opinion that the Proposed Disposals are in
the best and long term interest of BGroup.

8. COMPLIANCE WITH AND DEPARTURE FROM THE POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES ISSUED BY SC (SC
GUIDELINES)

The Board is of the opinion that the Proposed Disposals do not
indicate a change in business direction of BGroup and will be
seeking a waiver from the SC from deeming the Proposed Disposals
as a significant change in business direction of BGroup.

9. ADVISER

CIMB has been appointed as the adviser to BGroup for the
Proposed Disposals.

10. DOCUMENTS AVAILABLE FOR INSPECTION

A copy of the letters of agreement are available for inspection
at the Registered Office of BGroup at 11th Floor, Menara
Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 56100 Kuala Lumpur
during normal office hours for a period of three (3) months from
the date of this Announcement.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


BERJAYA GROUP: Extends Share Trading Halt
-----------------------------------------
Berjaya Group Berhad has extended its share trading halt pending
"an imminent material announcement," Dow Jones reports.

The Group had initially stopped trading in its shares on
Thursday, 1 April. They said that they company was considering
an offer for its shares and warrants in the auto-assembler
Hyundai-Berjaya Corporation.


BOUSTEAD HOLDINGS: Aiming For A 2-Digit Growth
----------------------------------------------
Boustead Holdings Berhad expects a double-digit growth this
year, The Star Online reports. The increase is attributed to a
rising property demand and strong crude palm oil (CPO) prices.

Group managing director Tan Sri Lodin Wok Kamaruddin said the
group was hopeful of double-digit growth in revenue and profit
should CPO prices remain around current levels.

"Property sales would pick up in tandem with the accelerating
economic growth," he told reporters after Boustead's EGM and AGM
in Kuala Lumpur yesterday.

Lodin said the current tight supply condition in the world
edible oils market would support the price of CPO, which was at
a US$70 to US$80 discount to soyaoil.

"We are still bullish on plantation, particularly palm oil. The
CPO price will sustain at the RM1,500 to RM1,600 level at least
until the end of the year," he added.

Spot CPO closed at RM2,010 per tonne in Kuala Lumpur yesterday.

On the other hand, Datuk Ghazali Mohd Ali, the director of the
group's property arm, said sales in Johor was were brisk, and
with less than 100 units remaining unsold.

He said described bungalow sales in the Klang Valley as
excellent. "The re-sale value for of our bungalows has reached
RM2mil, compared with RM1.1mil previously."

Ghazali, who is also SCB Developments Bhd executive director,
said the group would continue to launch new property units in
Johor, and bungalow lots in the Klang Valley.

"We expect earnings for the property division this year to be
better than last year's,'' he said.

Mutiara Damansara in Petaling Jaya, Selangor, and Mutiara Rini
in Skudai, Johor, are the 2 main property development projects
in SCB Developments, which will soon be re-named Boustead
Properties Bhd.

Boustead made a voluntary offer to privatize its 56.5 percent-
owned subsidiary, Kuala Sidim Bhd, in March last year.

Lodin said the group had an on-going rationalization exercise to
hive off non-performing assets.

Boustead's core businesses include plantation, property
development, finance and investment, manufacturing and trading,
and services (including education).

But, plantation and property development are the two major
profit contributors, generating 55 percent and 45 percent,
respectively, of last year's pre-tax profit.


BOUSTEAD HOLDINGS: Resolutions Unanimously Passed
-------------------------------------------------
The Directors of Boustead Holdings Berhad wish to announce that
at the Annual General Meeting of the Company held on 2 April
2004, all the resolutions put to the meeting were unanimously
passed namely:

1. Adoption of Directors' Report and financial statements.
2. Declaration of dividend.
3. Re-election of YBhg. Dato' (Dr.) Megat Abdul Rahman Megat
Ahmad.
4. Reappointment of YBhg. Gen (R) Tan Sri Dato' Mohd Ghazali Hj
Che Mat.
5. Reappointment of YBhg. Lt Gen (R) Dato' Mohd Yusof Din.
6. Reappointment of Tuan Hj. Johari Muhamad Abbas.
7. Approval of the increase in Directors' fees.
8. Reappointment of Auditors.
9. Approval for Directors to allot and issue shares.
10. Authority to transact with Directors.
11. Renewal of shareholders' mandate for Recurrent Related Party
Transactions.
12. Additional shareholders' mandate for Recurrent Related Party
Transactions.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


BOUSTEAD HOLDINGS: Issues Convertible Bonds
-------------------------------------------
The Directors of Boustead Holdings Berhad wish to announce that
at the Extraordinary General Meeting of the Company held on
Friday, 2 April 2004, the resolution put to the meeting was
unanimously passed namely:

Ordinary Resolution

Proposed Issuance of 4.5 percent seven-year bank guaranteed
redeemable convertible bonds of up to RM100 million at 100% of
its nominal value.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


CRIMSON LAND: Issues New Shares for Listing and Quotation
--------------------------------------------------
Kindly be advised that Crimson Land Berhad's additional
100,000,000 new ordinary shares of RM0.50 each issued pursuant
to the settlement of bank borrowings owing to AmFinance Berhad
will be granted listing and quotation with effect from 9 a.m.,
Tuesday, 6 April 2004.

As the new ordinary shares arising from the Debt Settlement to
AmF shall not be entitled to participate in the Proposed Rights
ICULS Issue with free Rights Warrants as detailed in the
Circular to Shareholders dated 18 February 2003, they will be
quoted as "CRIMSON-OA".

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


EPE POWER: Regularizes Financial Condition
-----------------------------------------
On behalf of EPE Power Corporation Berhad (EPE), Commerce
International Merchant Bankers Berhad is pleased to announce
that Malaysia Securities Exchange Berhad has on 2 April 2004
confirmed that EPE has regularized its financial condition and
no longer fulfils the criteria under paragraph 2.0 of Practice
Note No. 4/2001 (PN4). Accordingly, EPE is no longer a PN4
company.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


GADANG HOLDINGS: New Shares Up For Listing
------------------------------------------
Kindly be advised that Gadang Holdings Berhad's additional
43,000 new ordinary shares of RM1.00 each issued pursuant to the
Gadang-Employees' Share Option Scheme will be granted listing
and quotation with effect from 9 a.m., Tuesday, 6 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


HOTLINE FURNITURE: Assigns Conversion Price for ICULs
-----------------------------------------------------
For consistency, the abbreviations used throughout this
announcement shall have the same meaning as previously defined
in Hotline Furniture Berhad's (HFB) announcements dated 20
September 2002, 15 October 2002 and 29 April 2003.

Public Merchant Bank Berhad, on behalf of the Board of Directors
of Mahajaya, being the issuer of the 5-year 3.5 percent
irredeemable convertible unsecured loan stocks (ICULS), wishes
to announce that the Board of Directors of Mahajaya, has decided
to fix the conversion price of the ICULS at RM1.00 for every one
(1) ordinary share of RM1.00 each in Mahajaya. The ICULS will be
issued as part consideration for the Proposed Acquisitions,
which formed part of the Proposed Restructuring Scheme of
Hotline Furniture Berhad approved by the shareholders of HFB at
the Extraordinary General Meeting held on 9 February 2004.

The conversion price was proposed to be fixed at a price
representing a discount of not more than 10 percent to the 5-
days weighted average price of Mahajaya Shares or at the par
value of the Mahajaya Shares, whichever is higher. However, as
the Mahajaya Shares are not traded presently, the conversion
price has been fixed at RM1.00, being the par value of the
Mahajaya Shares.

We have also set out the salient terms of the ICULS in the table
that may be viewed at the following link:

http://bankrupt.com/misc/HotlineICULS6April2004.doc

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


MALAYSIA AIRLINES: Extends Operations to China
----------------------------------------------
Malaysia Airlines System Berhad (MAS) has opened flights to
Shanghai, China, The Edge Daily reports.

MAS announced in a company statement that starting April 2,
flight MH394 would leave Kota Kinabalu for Shanghai at 1030
hours twice weekly, on Wednesdays and Fridays. The flight would
last approximately 4 hours and 15 minutes.

The return flight MH395 leaves Shanghai at 1700 hours to arrive
at Kota Kinabalu at 2120 the same day.

Boeing 737-400 aircraft will service the new route with 16
business and 128 economy class seats.

MAS adds that the new service reflects its strategy for
expansion within China and India; and its commitment to extend
links within the BIMP_EAGA (Brunei, Indonesia, Malaysia,
Philippines-East Asean Growth Area) region.


MALAYSIA AIRLINES: Looks To Forging Ties With Other Carriers
------------------------------------------------------------
Malaysia Airline System Berhad (MAS) is aiming to extend its
reach by forging alliances with other carriers, Dow Jones
reports, citing a New Straits Times interview with newly-
appointed MAS managing director Ahmad Fuaad Dahlan.

But Fuaad would not confirm if Malaysia Air would join the
SkyTeam alliance. The airline currently has a code-share
agreement with Dutch carrier KLM, which is a member of the
SkyTeam alliance.

So far the airline has hired a foreign consultant to assess the
viability of joining airline alliances and a decision is
expected in the next two months.

The airline is also looking to increase frequencies to several
countries including China and India.

It also plans to intensify its tie-up with Indonesia's Garuda
airline, Fuaad said, possibly by forming a regional alliance.
Both airlines currently code-share on several Malaysia-Indonesia
flights.

Malaysian Air also posted "good numbers" for the year ended
March 31 but Fuaad declined to reveal the results.

"The momentum from the third quarter looks good. We hope to do
well," he said.


NCK CORPORATION: Perumahan Unit Under Voluntary Liquidation
-----------------------------------------------------------
NCK Corporation wishes to announce that Perumahan NCK Sdn Bhd
(PNCK) will be wound up voluntarily by way of creditors'
voluntary liquidation and Mr Lim Tian Huat and Mr Adam Primus
Varghese bin Abdullah of Messrs Ernst & Young be appointed
jointly and severally as Provisional Liquidators for the purpose
of the Creditors' Voluntary Liquidation pursuant to Section 255
of the Companies Act, 1965 with effect from 2 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


PAN MALAYSIA: Assigns Price To New Shares
-----------------------------------------
Further to the announcement dated 12 March 2004 in relation to
the Private Placement of 73,950,000 new ordinary shares, PM
Securities Sdn Bhd is pleased to announce that the Board of
Directors of Pan Malaysia Corporation Berhad (PMC) had on 2
April 2004 fixed the issue price for the first tranche of
39,800,000 new ordinary shares of RM0.50 each at RM0.50 per
share based on a discount of RM0.07 or 12.30 percent from the
weighted average market price of PMC shares for the five (5)
market days ended 2 April 2004 of RM0.57.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


PARK MAY: Completes Disposal of Rangkaian Shares
-------------------------------------------------
Park May Berhad wishes to refer to the announcements dated 25
May 2003, 8 August 2003 and 23 September 2003 respectively in
relation to the disposal of the Park May's entire equity
interest of 20 percent in Rangkaian Segar Sdn Bhd comprising of
3,334,000 ordinary shares of RM1.00 each to MTD Equity Sdn Bhd,
a wholly owned subsidiary of MTD Capital Berhad, for a cash
consideration of RM25,000,000.

In this respect, on behalf of the Company, AmMerchant Bank
Berhad is pleased to announce that the Proposed Disposal Of
Rangkaian Segar was completed on 2 April 2004. The sale
proceeds, net of incidental expenses, will be utilized to partly
redeem the Company's outstanding Commercial Papers.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


TRONOH MINES: Zelan Unit Lands MYR118 Million Joint Venture
----------------------------------------------------------
Zelan Construction Sdn Bhd, a unit of Tronoh Mines Malaysia Bhd
will be forming a joint-venture company with South Africa-based
engineering company Murray & Roberts, Dow Jones reports on
Friday, 2 April.

The new company will undertake a MYR118 million civil works
project involving the construction of a 2,100 megawatt coal-
fired power plant in Malaysia's southern state of Johor.

So far, those were the only details released by Tronoh on the
joint-venture deal.


UNITED CHEMICAL: Issues Monthly Practice Note 4 Update
------------------------------------------------------
Further to the announcements dated 2 March 2004 and 5 March
2004, Alliance Merchant Bank Berhad (Alliance), on behalf of the
Board of Directors of United Chemical Industries Berhad (UCI),
wishes to announce that:

(i) UCI had on 8 March 2004, made submissions to the Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry, in relation to the
variation to the method of shares issuance and offering from the
Proposed Public Issue and the Proposed Offer for Sale
respectively to private placement to individuals and
corporations to be identified (Proposed Placement) pursuant to
the Proposed Restructuring.

UCI, Perbadanan Kemajuan Negeri Perak and Aspirasi Ekuiti Sdn
Bhd (Newco), had on 3 March 2004, agreed that the Proposed
Public Issue and Proposed Offer for Sale pursuant to the
Corporate Restructuring Agreement dated 18 December 2002, shall
be proceeded by way of the Proposed Placement.

The SC, had, via its letter dated 1 April 2004, approved the
abovementioned variation to the method of shares issuance and
offering from the Proposed Public Issue and the Proposed Offer
for Sale respectively to the Proposed Placement pursuant to the
Proposed Restructuring of UCI. The SC's approval is subject to
Alliance/ the placement agent submitting to the SC the final
list of placees who are the ultimate beneficiaries of the Newco
shares and confirmation that the Proposed Placement fully
complies with the requirements stipulated under the Policies and
Guidelines on Issue/ Offer of Securities.

(ii) Syarikat Majuperak Berhad (an acquiree company of Newco)
had on 30 March 2004, obtained an Order from the High Court of
Malaya in Ipoh for the convening of a meeting between the
company, its members and UCI under Section 176 of the Companies
Act, 1965 (CCM), pursuant to the Proposed Majuperak Scheme. The
CCM is required to be held within six (6) months from the date
of the Order, i.e. by 29 September 2004.

(the Proposed Public Issue, Proposed Offer for Sale and Proposed
Restructuring are defined in the announcements dated 18 December
2002, 14 February 2003 and 4 July 2003)

UCI is currently awaiting the outcome of its application to the
FIC in respect of the Proposed Placement before proceeding to
seek creditors' and shareholders' approvals for the Proposed
Restructuring of UCI.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


WEMBLEY INDUSTRIES: Updates Status of Practice Note 4/2001
----------------------------------------------------------
On 23 February 2001, Wembley Industries Holdings Berhad (WIHB)
announced to the Kuala Lumpur Stock Exchange (the Exchange) that
the Company is an affected listed issuer pursuant to Practice
Note No. 4/2001 (PN4) as the Auditors of the Company had
expressed a disclaimer opinion of the going concern of the
Company and its subsidiaries. As an affected listed issuer, the
Company has its obligations under PN4.

1. The Requisite Announcement as required under PN4 was
made to the Exchange on 31 July 2002.

2. The applications for its regularization plan were
submitted to the Securities Commission (SC) and Foreign
Investment Committee (FIC) on 29 October 2002.

On 7 January 2003, the FIC approved the Company's regularization
plan. Subsequently, on 7 April 2003 the FIC revised its approval
to include the possible participation of Daewoo Corporation, the
former turnkey contractor of Plaza Rakyat Project in the
Proposed Debt Restructuring. As a result, the approval of FIC
now includes the approval for the additional RM112 million ICULS
and 11.2 million warrants to be issued to Daewoo Corporation (in
the event Daewoo participates in the Proposed Debt
Restructuring). The condition that the FIC would review the
equity structure of the WIHB shares 3 year after the completion
of the proposals remains the same. The revised approval
supercedes the approval dated 7 January 2003.

On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.

On 13 January 2004, Alliance Merchant Bank Berhad (Alliance)
announced on behalf of the Company certain revisions to the
Company's regularization plan. The application to the SC for the
said revisions will be made within two (2) months from 13
January 2004.

On 16 January 2004, the SC further approved an extension of time
of one (1) year to 27 January 2005 for the Company to complete
the implementation of its regularization plan following an
application made by Alliance.

a. The regularization plan is now pending the approvals of
the shareholders of the Company and any other relevant
authorities.

b. The Company has received a notice dated 2 January 2003
from the Exchange noting that the Company has failed to
obtain all regulatory approvals necessary for the
implementation of its regularization plan by 31 December
2002 pursuant to paragraph 5.0 of PN4.

Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9 a.m., Friday, 10
January 2003 until further notice.

INVESTIGATIVE AUDIT

On 26 March 2003, the Company announced that it had on 22 March
2003 appointed Messrs Horwath, Kuala Lumpur Office as the
independent audit firm to carry out an investigative audit on
the previous losses incurred by the Company. The said
appointment is in compliance with one of the conditions imposed
by the SC in approving the Company's regularization plan. The
Investigative Audit needs to be completed within 6 months from
the date of appointment.

On 22 December 2003, Alliance announced that the Company had
sought for a further extension of time from the SC until 22 June
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The SC had vide its letter dated 7 January 2004 approved
the extension of time until 22 March 2004 to complete the
investigative audit. The said approval granted by the SC is
subject to the condition that Messrs Horwath is required to
furnish to the SC a monthly report in relation to the
development of the investigative audit on WIHB.

On 22 March 2004, Alliance announced that an application to the
SC was made for a further extension of time until 22 September
2004 for Messrs Horwath to complete the investigative audit of
WIHB. The approval for the SC is still pending.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)

1. On 7 September 2001, the Company announced to the Exchange
that the Company is deemed an affected listed issuers pursuant
to paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5
percent or less of the issued and paid up share capital of the
listed issuer.

2. As an affected listed issuer under PN10, the Company must
comply with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of operations
(PN10) to warrant a continuing listing on the Official List.

This Kuala Lumpur Stock Exchange announcement is dated 2 April
2004.


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


BENPRES HOLDINGS: SEC Sees No Evidence of Insider Trading
---------------------------------------------------------
So far no evidence of insider trading has surfaced in relation
to the shares of Lopez holding firm Benpres Holdings Corp. and
information technology firm PhilWeb Corp. according to the ABS-
CBN News citing the Securities and Exchange Commission (SEC).

"We did not see any unusual movements. There wasn't any
significant increase. The average volume was normal for
Benpres," SEC director for market regulation Jose Aquino told
reporters.

Senator Juan Ponce Enrile claims some insider trading in the
shares of Benpres prior to the compromise deal of Maynilad and
the government.

As for PhilWeb, Mr.Aquino said the initial analysis of trading
of PhilWeb shares for the month did not show any significant
upward or downward movement.

"If you want to go after insider trading, you have to know the
beneficial owners of the shares traded during the period. We
have yet to get the list of beneficial owners. It would take
some time," a SEC source said.

In the case of Benpres, the SEC source noted the shares even
appreciated after the news of the Lopez's exit from Maynilad.

"It's hard to determine if anyone benefited, the price even went
up and not down. It's difficult to know," the source said.


NEGROS NAVIGATION: Metro Pacific Shows Concern on Units Debt Row
----------------------------------------------------------------
Metro Pacific Corp. is seriously concerned on the issues
involving its unit Negros Navigation Corp. (Nenaco) regarding
its debt row with Tsuneishi Heavy Industries, BusinessWorld
reports.

Metro Pacific chairman, Manuel V. Pangilinan is now showing more
concern by taking into his own hands Nenaco's debt issues.  Mr.
Pangilinan did an inquiry to Nenaco officers as to how the debt
row of Nenaco got out of hand.

"He wanted to have a weekly meeting with Nenaco officials to be
appraised of developments in the court cases the company is
faced with," said a source who asked not to be named.

Present at the meeting were Nenaco Chairman Daniel Lacson,
President and Chief Executive Conrado Carballo, board director
Edward Go, and Metro Pacific President and Chief Executive Jose
Ma. Lim.


PHILIPPINE LONG: 2004 Net Profit Most Likely to Reach PhP18B
------------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) expects a net
profit of PhP4.5 billion for the first quarter of this year, as
a result of a strong performance of unit Smart
Telecommunications Inc., ABS-CBN News reports.

"The first-quarter numbers are being finalized. At this point,
net income is breaking the P4.5-billion level. This is
consistent with the PhP18 billion net income forecast for the
year," a highly placed source revealed.

Smart's innovative products that extend the affordability of
cellular service were able to attract more subscribers in 2003.
Smart Load, Smart's award-winning "over-the-air" reloading
service, has been embraced by the market and was a major factor
in the strong subscriber take-up recorded by Smart and affiliate
Pilipino Telephone Corp.'s Talk 'N Text during the second half
of last year.


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


ADROIT INNOVATIONS: Believes Profitability Attainable Again
-----------------------------------------------------------
Richard Chan, new managing director of Adroit Innovations says
that the company could soon be in the black with the help of
financial discipline and a new goods sterilization business, The
Business Times reports.

"Two years, I think, will be a safe time frame," Chan said.
Adroit had been losing money for the past four years; in fact
the company had been on the brink of bankruptcy when Chan took
over last November.

Adroit made a net loss of $9.6 million in 2003, after revenue
had been falling for the past three years. Adroit's original
business of IT development is still losing. But since it has had
some recent success with major Malaysian lenders like Maybank,
Chan believes that the business's strength continues to be in
financial IT services.

He also wants to focus the business on getting overseas
customers, which he said would take some time. To tide the
company over, Chan is looking into some cost cutting measures.

Last month, Adroit agreed to sell its building for $2.2 million,
a loss of $457,000 against its net book value. "At least we
won't be bleeding now," Chan said.

While keeping costs down, Adroit is also seeking new revenue
sources. Last year, the company said it was seeking a
significant stake in PT Perkasa Sterilindo for US$1.6 million.

PT Perkasa Sterilindo is an Indonesian company that owns and
operates the country's only gamma irradiation facility.

The plant has obtained international quality assurance
standards, and Mr. Chan sees its potential as a third-party
service provider for US and European importers who want to
sterilize their goods at significantly lower costs to similar
plants overseas.

Once the acquisition is completed, Mr. Chan said he would try to
build a similar plant in China.

Chan has also been building up Adroit's cash surplus. Adroit
recently placed out 35 million new shares at 10 cents apiece for
about $3.5 million in net proceeds. That brings Adroit's current
cash on hand to roughly $15 million.

'.[O]ce a very good acquisition is there, we have the
resources,' Chan said.


G T Eng Engineering: Issues a Notice of Intended Dividend
---------------------------------------------------------
G T Eng Engineering Construction Pte Ltd has issued a notice of
intended  dividend, dated 2 April 2004 and published on the
Singapore Government Gazette.

Details are as follows:

Name of Company: G T Eng Engineering Construction
Pte Ltd

Address of Registered Office: formerly of
2 Jurong East Street 21
#01-27 IMM Building
Singapore 609601

Court:    Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 101 of
1997

Last day for receiving
Proofs: 16 April 2004

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

Dated: 2 April 2004

Moey Weng Foo
Assistant Official Receiver


JETDREAM HOLIDAY: Gives Notice of Intended Preferential Dividend
----------------------------------------------------------------
Jetdream Holiday Pte Ltd. has issued a notice of intended
preferential dividend, dated 2 April 2004 and published on the
Singapore Government Gazette.

Details are as follows:

Name of Company: Jetdream Holiday Pte Ltd

Address of Registered Office: 10 Anson Road
#24-04A International Plaza

Court:    High Court, Singapore

Number of Matter: Companies Winding Up No. 198 of
1991

Last day for receiving
Proofs: 16 April 2004

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

Dated: 2 April 2004

Kamala Ponnampalam
Assistant Official Receiver


ROAD DYNAMICS: Notice of Intended Dividend Issued
-------------------------------------------------
Road Dynamics Pte Ltd has issued a notice of intended dividend,
dated 2 April 2004 and published on the Singapore Government
Gazette.

Details are as follows:

Name of Company: Road Dynamics Pte Ltd

Address of Registered Office: 220 Orchard Road
     #05-01 Midpoint Orchard
Singapore 238852

Court:    High Court, Singapore

Number of Matter: Companies Winding Up No. 218 of
1999

Last day for receiving
Proofs: 16 April 2004

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

Dated: 2 April 2004

Kamala Ponnampalam
Assistant Official Receiver


WATERMARK INVESTMENTS: Issues Notice of Final Dividend
------------------------------------------------------
Watermark Investments Pte Ltd, in an announcement dated 2 April
2004 in the Singapore Government Gazette wishes to inform of the
issuance of first and final dividend.

Details are as follows:

Name of Company:   Watermark Investments Pte Ltd.

Address of Registered Office: formerly of 8 Robinson Road
     # 06-00 Cosco Building
     Singapore 048544

Court:    Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 36 of
2000

Amount per centum: 59.25 Percent

First and Final or Otherwise: First and Final Dividend

When Payable: 23rd day of March 2004

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

Dated: 2 April 2004

Sunari Bin Kateni
Assistant Official Receiver


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


ADVANCE PAINT: Increases Paid-Up Capital to THB2,223,431,750
------------------------------------------------------------
Advance Paint & Chemical (Thailand) PCL, would like to inform
the Stock Exchange of Thailand that according to the first
exercise of APC-W1 and APC-W2 on 31st March, 2004,the Company
has registered an increase in paid-up capital from
THB2,217,231,750 (two thousand two hundred seventeen million two
hundred thirty one thousand seven hundred and fifty baht only)
to THB2,223,431,750 (two thousand two hundred twenty three
million four hundred thirty one thousand seven hundred  and
fifty baht only) at the Ministry of Commerce since April 5,
2004.

Please be informed accordingly.
Yours faithfully,
(Mrs. Narumol Punnakitikashem)
Executive Director


CHRISTIANI & NIELSEN: Issues Update on OGM
------------------------------------------
According to the Court order for Business Reorganization of
Christiani & Nielsen (Thai) PCL and appointment of CN Advisory
Company Limited as Plan Administrator, please be informed that
there will be no Ordinary General Meeting of Shareholders
including the submission of Annual Report (56-2) to
shareholders, The Stock Exchange of Thailand, The Office of The
Securities and Exchange Commission.

Please be informed accordingly.
Yours faithfully,
(Mr. Sommai Ungsrithong) (Mr. Danuch Yontararak)
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited


EMC PUBLIC: Sells Shares of Subsidiaries
----------------------------------------
EMC Public announced to the Stock Exchange of Thailand the
detail of its plan on the sale of shares of EMC Power Ltd.

(1) Characteristic of the Transaction

EMC has sold the currently held ordinary shares of its
subsidiaries, namely EMC Power Co., Ltd. (EMC Power) in an
amount of 99,993 shares, on March 31, 2004.

(2) Parties Involved
Buyer: Phol Dhanya Co., Ltd.
Seller: EMC Plc.
Relationship between buyer and seller: No relationship and not
connected personally.

(3) Selling price of ordinary shares

EMC has sold the whole ordinary shares of EMC Power at the price
of 2,499,825 baht.  EMC Power's registered capital is 10,000,000
baht and the paid - up capital is 2,500,000 baht, divided into
10,000 ordinary shares at par value of 100 baht per share.

EMC has total of 99,993 ordinary shares of EMC Power, at par
value of 100 baht per share, the paid - up capital stood at 25
percent, book value of EMC Power as of December 31, 2003, was
2,365,158 baht.

(4) Reasons and Necessity

After EMC has terminated the business reorganization plan, EMC
Power is not be a Plan Administrator onward. EMC Power will
still be the Plan Administrator of BIP Engineering and
Construction Co., Ltd., Hydrotek Co., Ltd. and Sahakarn
Wisavakorn Co., Ltd.

(5) The basis used to determine the value of consideration

The total value of the consideration:

2,499,825 x 100 = 0.72

348,391,176

Please be informed accordingly.
Yours faithfully,
(Komol Wongpornpenpap)
Managing Director


PAE LIMITED: Receives Approval from Central Bankruptcy Court
------------------------------------------------------------
PAE (Thailand) Limited PCL informed the Stock Exchange of
Thailand on March 26, 2004 that PAE was permitted by the Central
Bankruptcy Court on March 24, 2004 to provide assets of PAE as
additional collateral for additional credit facilities of
Freeinternet Co., Ltd., the new investor of PAE in accordance
with the rehabilitation plan with Krung Thai Bank PCL for the
commercial benefit of PAE.

PAE would like to inform you that PAE no longer has to provide
assets of PAE as additional collateral for additional credit
facilities of Freeinternet Co., Ltd. due to it is not necessary
for Freeinternet Co., Ltd and is no longer requesting that PAE
provides the assets as collateral as explained above.

PAE (Thailand) Public Company Limited
Ian Pascoe
GTT Planners Co., Ltd
Acting as the Plan Administrator


RAIMON LAND: Details Resignation and Appointment of Officer
-----------------------------------------------------------
Raimon Land PCL, wished to notify the Stock Exchange of Thailand
of the resolutions of the Board of Directors Meeting held on
April 2, 2004:

(1) Acknowledgement of the resignation as the director,
independent director and audit committee member of the Company
of Miss Korbsook Iamsuri effected from March 31, 2004.

(2) Approval for appointment of Mr. Kitti Gajanandana as the new
director, independent director and audit committee member of the
Company to replace Miss Korbsook Iamsuri.

Please be informed accordingly.
Sincerely Yours,
Mr. Kitti Tungsriwong
Director


TELECOMASIA CORPORATION: Expects New Name to Make a Mark
--------------------------------------------------------
The renaming of TelecomAsia Corp. PLC is the first step to
change its image to the public.  While industry buffs doubt that
last week's name change will of itself make much of a mark,
president Supachai Chearavanont said it underscored a new
departure, The Nation reports.

"We want to erase the public perception that we're just a fixed-
line carrier and not a provider of complete products," he said.

The True Corp. group embraces cell-phone operator TA Orange,
pay-TV operator United Broadcasting Corp. Plc and Internet-
provider Asia Infonet.

Besides the new name, all the group's products will be branded
with a bright-red logo.  True Corp. wants to combine its whole
business by restructuring internally to allow all units to
collaborate and communicate smoothly.

"All units in the group must share information and work
seamlessly together to achieve the goal," said a source at True
Corp.

"When everything is in place, access to all True services from
fixed line to wireless will be possible at any True shop," said
Suphakit Vuntanadit, True Corp's director and general manager of
corporate marketing and brand management.


THAI ENGINE: Submits Progress Report on Rehabilitation Plan
-----------------------------------------------------------
Central Bankruptcy Court issued an order accepting the petition
to reorganize the business of Thai Engine Manufacturing PCL in
accordance to the Bankruptcy Act BE 2483 (Amended) on April 4,
2000, and appointed Churchill Pryce Planner Co., Ltd. (CPP) as
the Planner.

Subsequently on November 7, 2000, the Reorganization Plan was
considered and approved at the creditors meeting.

On December 20, 2000 the CBC approved the Plan and appointed CPP
as the Plan Administrator.

On February 1, 2002, the creditors meeting agreed to amend the
Plan.

On April 4, 2002, the Plan was amended and approved by the CBC.

The Plan consisted of 7 Steps:

(1) Restructuring of the Liabilities;

(2) Transferring certain assets and liabilities to Special
Purpose Companies

(3) Transferring collateral securities to secured Lenders;

(4) Reducing equity capital

(5) Increasing equity capital and Conversion of Debt to Equity;

(6) Partial debt forgiveness; and

(7) Relisting the core business units on the SET under TEM.

At present, Step 1 through 5 has been completed.  On December
21, 2000, the first Step was completed.  For Step 2, the signing
of the Assignments of Claims and Assets to 2 SPVs was executed
on April 23, 2000.  Step 3 was completed on March 8, 2002. Step
4 was completed on October 22, 2001, and Step 5 on May 22, 2002.
Step 6 and 7, which included partial loan write-off and
relisting of the core business unit, was a part of the amendment
in April 2002.

The amendment was approved to accommodate an offer from a
potential investor to buy 100 percent of common shares and repay
the convertible debentures issued to the Creditors issued to
creditors as a part of the Plan.

However, the said potential investor did not execute the
transaction within 60 days of the sale and purchase agreement.
In early August 2002, the sale and purchase agreement expired
after two 30-day extensions without substantial commitment from
the investor.

The investor search part of the Plan did not materialize; the
Plan was then reverted to the original plan, which was to repay
the Creditors using the TEM's cash flow.

On August 22, 2003, CBC approved the resignation of CPP as the
Plan Administrator and appointed TEM as the temporary Plan
Administrator.  On September 18, 2003, the Official Receiver
arranged for a creditors meeting to elect the new Plan
Administrator, in which TEM and Asian International Planner Co.,
Ltd. were appointed the co-Plan Administrators.  On October 6,
2000, the CBC approved the appointment.

-Management of the co-Plan Administrators

While CPP acted as the Plan Administrator, CPP focused mostly on
restructuring the financial liabilities and the organizational
structure in accordance to the Plan. When the current co-Plan
Administrators took on the job, their goals were to strengthen
TEM financially and make its business viable.  The goals of the
co-Plan Administrators consist of:

(1) Restoring TEM's market share to the level before financial
problem, which was about 25 percent by coordinating the
financial, marketing, and production functions more
systematically and efficiently.

In addition, the management of TEM has been negotiating with
Mitsubishi Heavy Industry Co., Ltd. (MHI) to extend the
exclusive rights of TEM as the producer and distributor of
"Mitsubishi" diesel engines.  The negotiation is currently on
hold, but is expected to continue when MHI's internal
reorganization is completed.

(2) For the financial planning, the co-Plan Administrators
believes that TEM will require additional capital to
successfully execute its business plan.  TEM has made some
progress in bringing a potential investor and is now in the
process of cooperating with the potential investor to develop a
business plan.  TEM plans to notify the SET of any substantial
development on the negotiation with the investor.

(3) For the marketing plan, the co-Plan Administrators started
to reestablish the connection with TEM's former distributors,
such as the Cooperatives and Agricultural Bank, etc., to rebuild
the business image, product image and after sales services,
including supports for spare parts and maintenance parts.

In 2003, TEM sold 3,590 units of diesel engines, an 88.65
percent increase from 2002 (Table 1).  For the quarterly
performance of 2003, the second half of 2003 saw a volume sales
increased significantly from 1,020 units in the first half to
2,570 units in the second half, or a 152 percent increase.

TABLE 1
Sales of Diesel Engines for 2001-2003

[Baht, millions]
                                    2001      2002    2003

Engine Sales (Units)                2,082     1,903   3,590

Revenues from Engine Sales          53.26     43.53   82.42

Revenues from Sales of Spare Parts  16.89     9.37    3.52

Total Sales Revenue                 70.15     52.90   85.94

TABLE 2
Quarterly Volume Sales of Diesel Engines for 2003

[Baht, millions]
                                   Q1     Q2      Q3     Q4
Engine Sales (Units)               391    629     515    2,055

Revenues from Engine Sales         8.73   14.53   13.25  45.91

Revenues from Sales of Spare Parts 1.26   0.88    0.38   0.98

Total Sales Revenue                9.99   15.41   13.63  46.89

Notes: While TEM is undergoing the Rehabilitation Plan, it
cannot procure spare parts to fill the orders from the dealers,
resulting in high volumes of Back Purchase Orders.

The target sales volume for 2004 is 10,000 units of direct
injection diesel engines and a sale value for spare parts of 36
MBaht.  The co-Plan Administrators plan to intensively use
promotional campaigns and various marketing strategies to
achieve its sales target.

(4) For its production lines, TEM has been working to repair and
restore all the production lines that had been halted during its
financial problem and buying back the machinery it had
previously sold.  TEM has also been negotiating with its
suppliers on its improved credit condition in order to regain
its credit terms with the suppliers.

(5) TEM has restructured its organization to improve management
efficiency and agility.  It has worked to improve employee's
morale and belief in the future operations of TEM.

(6) The co-Plan Administrators called for the Creditors Meeting
on December 17, 2003 to inform the creditors of framework for
the debt repayment and amendment of the Plan to accommodate this
in case a new investor is found.  The co-Plan Administrators
will arrange further meetings with the Creditors when there is
sufficient progress with the investor.

2003 Performance

In 2003, sales revenues were 85.94 MBaht, a 62.45 percent
increase from 2002; its operating margin was 10.76 percent, a
significant improvement from -1.897 percent margin from 2002.
The company was able to cut selling and administrative costs by
18.36 percent.

However, there were additional costs resulting from provisions
of increase in debts under Rehabilitation Plan and of asset
write-offs.  These provisions resulted in net losses in 2003 to
be larger than that of 2002.

TABLE 3
Income Statements for 2002-2003
[Baht,   2002    2003   Change +/- (%)    Revenues  Sales
52.896            85.935    62.46
Capital Gains           2.575               -         -

Write-back of Loan
Loss Provision          2.052               -         -

Others                  1.728             0.914       -

Total Revenue           59.434            86.849

CGS                     54.793            76.683      -

SG&A                    45.054            36.784     (18.34)

Loan Loss Provision     3.374             (3.057)

Provisions for
Obsolete Inventory      6.234            5.180

Provision for Increased
Debts under
Rehabilitation Plan        -            69.072

Losses from Asset Sales                 50.797          -
Provisions for
Reduced Asset Values       -            6.600

Total Adm. Expense     160.245         191.262

Losses Before
Interest Charges       (100.811)        (104.413)

Interest Charges       (14.279)         (20.142)
Losses After
Interest Charges       (115.09)        (124.555)

Net Losses             (115.09)        (124.555)

Net Margins            (1.897)          9.252              +

Future Plan New Products

TEM plans to become a manufacturer and distributor of a variety
of diesel engines to the requirements of the market.  TEM plans
to utilize the capacity and capability of the factory to expand
into the following businesses:

(1) Low Cost Single Cylinder Diesel Engine based on designs and
parts from China with a goal of becoming the low cost, low price
and high quality producer.  TEM plans to begin the production of
this product by mid-2004 with a target annual production of
100,000 units.

(2) Low cost motorcycles TEM will begin the production of this
product by mid-2005 with annual capacity of 20,000 units.

(3) Small-sized and Medium-sized Tractors.

(4) The management is under negotiation with Hyundai and
Mitsubishi for cooperation in diesel engines and other products.

(5) The management is under negotiation with a leading
Australian company for cooperation in new products to take
advantage of the impending Free Trade Area Agreement between the
two states.

Growth Potential under the Management of The Co-Plan
Administrators

(1) TEM aims to have its stocks traded under its normally
designated sector again by achieving three consecutive quarters
of making profits.

(2) TEM aims to increase the efficiency of its production
facilities for expansion as soon as it can reach a conclusion
with the new investor. TEM can operate Backward-Integration
process for machining, painting works, pressing, and production
of automotive parts.  TEM can also operate Forward-Integration
process for agricultural engines, motorcycles, pick-ups, and
passenger vehicles. TEM can strengthen and ensure loyalty in the
management team.

The co-Plan Administrators believe that TEM is a viable business
and in the long run the restructuring of the company will enable
it to reach its growth potential for the benefit of all related
parties, particularly the shareholders, Creditors, employees and
the government authorities, under the rules of law, good
business ethics and good corporate governance.


* BOND PRICING: For The Week 5 April - 9 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   63
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    8
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   13
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   73
NPT Capital Ltd                       9.500%    11/30/04    9
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    6
Powerco Ltd                           8.400%     5/22/07    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     8
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   71
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   67
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    1
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   2
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   73
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   15
Bangkok Land                             4.500%   10/13/03   15
Siam Commercial Bank PCL                 3.250%    1/24/04   64



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


                            *********


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

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

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

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

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

                 *** End of Transmission ***