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

                     A S I A   P A C I F I C

            Friday, April 16, 2004, Vol. 7, No. 75

                          Headlines

A U S T R A L I A

METABOLISM HEALTH: Issues Notice to Creditors
QANTAS AIRWAYS: Business Clients Angry Over Transfer to Jetstar
WALLACE ABSOLUTE: Releases Underwriting Agreements
WOODSIDE PETROLEUM: Unit Finalizes Gas Sales Agreement with TXU
WOODSIDE PETROLEUM: Submits COO's Address to Shareholders

WOODSIDE PETROLEUM: Submits Chairman's Address to Shareholders


C H I N A  &  H O N G  K O N G

EDELMAN PUBLIC: Issues Notice to Creditors to Prove Debts
GUANGDONG TANNERY: Narrows 2003 Net Loss to HK$101M
PROMINENCE REALTY: Winding up Hearing Set March 10
SAKAR CONSULTANTS: Schedules Winding up Hearing
SHANGHAI MERCHANTS: Schedules Special General Meeting April 26

STARBOW HOLDINGS: Special General Meeting Set May 3
STARBOW HOLDINGS: Unveils Capital Reorganization Timetable


I N D O N E S I A

ANEKA TAMBANG: Nickel Prices to Increase Until 2006
BANK NEGARA: To Issue $200M Worth of Bonds
BANK PERMATA: To Sell Recapitalization Bonds


J A P A N

ECO-TECH CONSTRUCTION: Goes Bankrupt
MITSUBISHI MOTORS: Preparing Stock Issue
MITSUBISHI MOTORS: Daimler Schedules Meeting Next Week
SEIBU RAILWAY: Chairman to Quit Over Racketeer Scandal

* 2003 JAPAN CORPORATE BANKRUPTCIES: Down By 16.6%


K O R E A

DAEWOO HEAVY: Wins Defense-product Deals from Malaysia
HANBO IRON: Attracts Eager Buyers  
HANBO IRON: Posco, Hyundai Submits Bid
HYNIX SEMICONDUCTOR: Citigroup Willing to Raise Takeover Offer
HYNIX SEMICONDUCTOR: Removed From S & P Credit Watch List

HYNIX SEMICONDUCTOR: Creditors Work Out New Restructuring Plan
LG CARD: Employees Suffer Heavy Debt Loads


M A L A Y S I A

ACTACORP HOLDINGS: Replies To KLSE Re PJS Buy
BOUSTEAD HOLDINGS: Issues Crop Production Figures For March 2004
DISCCOMP BERHAD: Projects Bigger Losses For FY 2003
HAP SENG: Issues Listing and Quotation of New Ordinary Shares
HAP SENG: Announces the Buy Back of Shares

HO WAH: Needs More Time for Private Placement
I-BERHAD: European Prospects Looking Good
JASATERA: Announces a Change in Address
JAYARENA CONSTRUCTION: Replies To KLSE Query
LANKHORST BERHAD: Appends Reply To KLSE Query

LANKHORST BERHAD: E-Van Discontinuance Petition Filed
LANKHORST BERHAD: Discloses Agenda for 7 May EGM
MITHRIL BERHAD: Shares Down By 25%
MITHRIL BERHAD: Planning To Market Slim Bricks To Japan
POS MALAYSIA: Appends Reply to KLSE Query

POS MALAYSIA: Announces a Change in the Boardroom
PROTON: Mahathir Appointed as New Adviser
PROTON: General Motors Denies Report of Proton Stake Purchase
PROTON: Analysts Predict Share Prices To Plummet
TANJONG PUBLIC: Listing 54,000 New Shares


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Reports PhP886M Net Revenue
BENPRES HOLDINGS: Net Loss Drops 52%
MUSIC SEMICONDUCTORS: Disallows Use of Old Stock Certificates
NEGROS NAVIGATION: New Receiver Says Rehab Plan is Workable
PHILIPPINE LONG: Submits SEC Form 23-A

PHILIPPINE LONG: Submits SEC Form 23-A


S I N G A P O R E

ACE SEAL: Releases Dividend Notice
FLEXTECH HOLDINGS: AGM Scheduled for 29 April
GUAN LEONG: Issues Winding up Order Notice
HONG LEONG: Bares Agenda for AGM
NATSTEEL LIMITED: Issues Corrections To 5 April AGM Notice

PACIFIC CENTURY: AGM Set April 29
SEATOWN CORPORATION: Unveils 2003 Financial Results
T4 CONSTRUCTION: Issues Dividend Payment Notice
TECH-RENTALS: Creditors Must Submit Claims by May 16
TRANS-SEND CARGO: Court Sets Petition Hearing Date

WANT WANT: Incorporates New Subsidiary in PRC

* KHOO TECK PUAT: Police Investigating Undisclosed Stakes


T H A I L A N D

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


METABOLISM HEALTH: Issues Notice to Creditors
---------------------------------------------
Notice is given under section 450B that Metabolism Health Ltd.
executed a Deed of Company Arrangement on April 4, 2004.

A copy of the deed may be inspected at the offices of Ernst and
Young, Level 34, 152 St. Georges Terrace, Perth, Western
Australia, 6000.

Dated this 7th day of April 2004.

Brian McMaster
Deed Administrator
Metabolism Health Limited
(Subject to Deed of Company Arrangement)


QANTAS AIRWAYS: Business Clients Angry Over Transfer to Jetstar
---------------------------------------------------------------
Talks on Qantas Airways Ltd's move about dumping customers onto
its budget offshore Jetstar angered the business travel sector
and sparked warnings that big conferences could be moved
offshore, Asia Pulse reports.

The Australian Financial Review said the insurance, motor,
finance and liquor industries, the biggest buyers of group
travel, would find executives forced to travel at a budget level
after Jetstar's launch next month.

Tour organizers expects companies would choose overseas leisure
destinations for conferences and meetings over Australia for the
reason that Executives would prefer to buy business or full-
service economy class, the paper said.

"All of our corporate clients are successful business people.
They want to feel a bit special and expect better service than a
budget airline," one conference travel agent was quoted as
saying.

A Qantas spokesman denied that passengers had not been informed
before being moved to Jetstar.

Contact:  Qantas Airways Limited
          Qantas Centre, Level 9, Bldg. A, 203 Coward St.
          Mascot, New South Wales 2020, Australia
          Telephone: +61-2-9691-3636
          Fax: +61-2-9691-3339
          Website: http://www.qantas.com.au


WALLACE ABSOLUTE: Releases Underwriting Agreements
--------------------------------------------------
Wallace Absolute Return Ltd. announced to the Australian Stock
Exchange that it has entered into agreements with Baker Young
Stockbrokers Ltd., Grange Securities Ltd. and Catholic Church
Insurances Ltd.  to underwrite up to $943,000 of the DRP
shortfall for the 4.5 cents per share interim dividend which was
payable on April 7, 2004.  Shares issued under the underwriting
agreements will be issued at the DRP price of $0.991325 per
share.  Underwriters will be paid an underwriting fee of up to
two percent for each share underwritten and will be paid by the
investment manager Wallace Funds.

All shares pursuant to the underwriting agreements will rank
equally with existing ordinary shares on issue.

To view full copy of this press release click
http://bankrupt.com/misc/WALLACEABSOLUTE041404.pdf


WOODSIDE PETROLEUM: Unit Finalizes Gas Sales Agreement with TXU
---------------------------------------------------------------
Woodside Energy Ltd. and TXU Electricity Ltd have signed a gas
sales agreement under which TXU will buy Woodside's share of
natural gas from the Otway Gas Project at up to 30 petajoules a
year for more than 10 years.

The agreement is conditional on the project receiving all joint
venture and government approvals by mid-2004 and follows a heads
of agreement signed with TXU in August 2002. The joint venturers
are marketing their gas separately.

TXU Electricity is a subsidiary of TXU Australia, a major gas
and electricity retailer in Victoria and South Australia and
operator of the Torrens Island Power Station in South Australia.
TXU is the largest shipper and one-third owner of the recently
commissioned SEAGas pipeline between Port Campbell, in western
Victoria, and Adelaide.

The Otway Gas Project includes the development of the Geographe
gas field, about 55km south of Port Campbell in Victorian permit
Vic/P43, and the Thylacine gas field, a further 15km south in
Tasmanian permit T/30P.

Natural gas, liquefied petroleum gas and condensate will be
produced from the gas fields and transferred by subsea and
underground pipeline to an onshore gas processing plant next to
TXU's Iona gas plant, about 6km north of Port Campbell.

Production is planned to start in 2006 at up to 60 petajoules a
year. This is equivalent to about 10 percent of south-eastern
Australia's current gas demand.  The project will produce up to
950,000 barrels of condensate and up to 125,000 tonnes of LPG a
year.

Woodside's Gas Business Unit Director, David Maxwell, said the
gas sales contract with TXU was an important step in achieving
Woodside's commitment to establish a significant gas business in
eastern Australia.

"The contract involves more than half the gas to be produced
from the Geographe and Thylacine fields," he said.  "The Otway
Gas Project should give south-eastern Australia gas customers
the confidence that an alternative, competitively priced gas
supply will be available."

Participants in the project are Woodside, with 51.55 percent
(Operator), Origin Energy Resources Limited (29.75 percent),
Benaris International NV (12.7 percent) and CalEnergy Gas
(Australia) Limited (6 percent).

Contact:  Woodside Petroleum Ltd. (OTC: WOPEY)
          No. 1 Adelaide Terrace
          Perth, 6000, Australia
          Phone: +61-8-9348-4444
          Fax: +61-8-9348-4142
          Website: http://www.woodside.com.au


WOODSIDE PETROLEUM: Submits COO's Address to Shareholders
---------------------------------------------------------
Woodside Petroleum Ltd. submits to the Australian Stock Exchange
a copy of Keith Spence, Woodside's chief executive officer's
address to the shareholders at the company's 33rd Annual General
Meeting, on April 15, 2004, in Perth.

To view full copy of this press release, click
http://bankrupt.com/misc/WOODSIDEPETROLEUM2.pdf


WOODSIDE PETROLEUM: Submits Chairman's Address to Shareholders
--------------------------------------------------------------
Woodside Petroleum Ltd. submits to the Australian Stock Exchange
a copy of the company's chairman, Charles B. Goode's address to
the shareholders at the 33rd Annual General Meeting on April 15,
2004, in Perth.  

To view full copy of this press release, click
http://bankrupt.com/misc/WOODSIDE3.pdf


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


EDELMAN PUBLIC: Issues Notice to Creditors to Prove Debts
---------------------------------------------------------
Notice is hereby given that the creditors of Edelman Public
Relations Worldwide Limited, whose debts or claims have not
already been admitted, are required on or before 28 April 2004
to prove by affidavit their debts or claims by sending in their
names, addresses and descriptions and full particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any) to the undersigned Liquidators of the said Company.

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Julian Kai Wo Chow
Natalia Seng
Joint and Several Liquidator
28/F, BEA Harbour View Centre
56 Gloucester Road
Wanchai, Hong Kong

This Quamnet Gazette announcement is dated 13 April 2004.


GUANGDONG TANNERY: Narrows 2003 Net Loss to HK$101M
---------------------------------------------------
Guangdong Tannery Limited incurred a net loss of $101.294
million for the year 2003, versus a net loss of $205.201 million
a year earlier, Infocast reports. No final dividend was
declared.  

The Group's principal activities are processing and selling of
semi-finished and finished leather. Leather processing accounted
for 78 percent of 2002 revenues; merchandise trading, 17
percent; leather ware products, 3 percent and packaging
materials, 2 percent.


PROMINENCE REALTY: Winding up Hearing Set March 10
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Prominence Realty (International) Limited by the High Court of
Hong Kong was on 10 March 2004 presented to the said Court by
Cheung Yuet Tai of Room 1641, 16/F., Kwong Wai House, Kwong Fuk
Estate, Tai Po, New Territories, Hong Kong. The said petition
will be heard before the Court at 9:30 a.m. on the 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.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


SAKAR CONSULTANTS: Schedules Winding up Hearing
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Sakar Consultants Company Limited by the High Court of Hong Kong
was on the 12 March 2004 presented to the said Court by Yim Chun
Sing of Flat 8, 2/F., Yan Sau House, Yan Shing Court Fanling,
New Territories, Hong Kong.  The said petition will be heard
before the Court at 9:30 a.m. on the 12 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.

Ms. Ada Chau Ming Wai
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 11 May 2004.


SHANGHAI MERCHANTS: Schedules Special General Meeting April 26
--------------------------------------------------------------
Notice is hereby given that a Special General Meeting (SGM) of
Shanghai Merchants Holdings Limited will be held at Chapter Room
1, B/3, Regal Hongkong Hotel of 88 Yee Wo Street, Causeway Bay,
Hong Kong on 26 April 2004 at 9 o'clock in the morning for the
purpose of considering and (if thought fit) passing the
following resolution "That Ms. Mo Yuk Ping and Ms. Gong Bei
Ying, Angela be removed as Directors of the Company with
immediate effect and that the resulting vacancies on the board
of Directors be filled immediately thereafter in accordance with
bye-law 86(5) of the bye-laws of the Company."

This Special General Meeting is being convened by the Company
pursuant to the powers conferred by section 74 of the Companies
Act 1981 of Bermuda (as amended) and Bye-law 58 of the Bye-laws
of the Company.

Names of the Requisitionists             No. of Shares

Profit Harbour Investments Limited       262,602,000
                                     (approximately 63.6%)

Hong Lui Cynthia                         20,000,000
                                     (approximately 4.8%)

In a disclosure to the Stock Exchange of Hong Kong Limited, a
copy of this Notice can be inspected during the normal business
hours at the offices of Appleby Spurling & Kempe, Bermuda
attorneys to the Requisitionists located at 5511, The Center, 99
Queen's Road Central, Hong Kong until the conclusion of the
Special General Meeting on 26 April 2004.

Shanghai Merchants Holdings Limited (Receivers and Managers
appointed) has proceeded to the second stage of the delisting
procedures as set out under the Stock Exchange Listing Rules on
March 24, 2004, TCR-AP reported recently. Pursuant to the
delisting procedures, the Company is required to submit to the
Stock Exchange a viable resumption proposal within a six-month
period commencing from 25 March 2004.

For a copy of the release, go to
http://bankrupt.com/misc/tcrap_shanghaimerchants0416.pdf


STARBOW HOLDINGS: Special General Meeting Set May 3
---------------------------------------------------
Notice is hereby given that a Special General Meeting of Starbow
Holdings Limited will be held at Lotus & Begonia Room, 2/F,
Regal Oriental Hotel, 30-38 Sa Po Road, Kowloon City, Hong Kong
on 3 May 2004 at 9 a.m. or at any adjournment thereof, for the
purposes of considering and, if thought fit, passing, with or
without modification, the following resolutions of the Company:

1. AS SPECIAL RESOLUTION NO. 1

THAT subject to and conditional upon (i) the compliance with the
relevant legal procedures and requirements under the Companies
Act to effect the capital reorganization as set out in sub-
paragraphs (i) to (v) below (Capital Reorganization); (ii) the
granting by the Listing Committee of The Stock Exchange of Hong
Kong Limited of the listing of and permission to deal in the
Consolidated Shares (as defined in sub-paragraph (iii) below);
and (iii) the obtaining of all necessary approvals from the
regulatory authorities or otherwise as may be required in
respect of the Capital Reorganization:

(i) The nominal value of all issued shares of HK$0.01 (Share)
each be reduced by HK$0.009 each by canceling an equivalent
amount of paid up capital per Share so that the nominal value of
each of such Shares be reduced from HK$0.01 to HK$0.001 (Capital
Reduction) resulting in the reduction of issued share capital of
the company from HK$73,579,685.30 to HK$7,357,968.53;

(ii) Each authorized but un-issued Shares be and is hereby
subdivided (Shares Subdivision) into 10 shares of HK$0.001 each;

(iii) Every 10 shares of HK$0.001 each created from the Capital
Reduction and Shares Subdivision be consolidated (Share
consolidation) into 1 consolidated share of HK$0.01 each
(Consolidated Share);

(iv) The credit standing to the share premium account of the
Company be cancelled and the credit arising be credited to the
contributed surplus account of the Company and the directors of
the Company (Directors) be and are hereby authorized to apply
such credit arising there from to set off against the
accumulated losses of the Company;

(v) The amount which shall arise as a result of the Capital
Reduction be credited to the contributed surplus account of the
Company and the Directors be and are hereby authorized to apply
such credit together with the balance already standing in the
contributed surplus account of the Company to set off against
the accumulated losses of the Company; and

(vi) Any Director be and is hereby authorized generally to do
all things appropriate to effect and implement any of the
foregoing."

Notes:

1. A form of proxy for use at the meeting is enclosed herewith.

2. A member entitled to attend and vote at the above meeting may
appoint one or more than one proxies to attend and to vote in
his stead. A proxy need not be a shareholder of the Company.

3. In order to be valid, this form of proxy together with any
power of attorney or other authority (if any) under which it is
signed, or a notarially certified copy of such power or
authority, must be deposited with the Company's branch share
registrars and transfer office in Hong Kong, Tengis Limited, at
Ground Floor, Bank of East Asia Harbour View Centre, 56
Gloucester Road, Wanchai, Hong Kong not less than 48 hours
before the time appointed for the holding of the SGM or at any
adjourned meeting.

4. Completion and return of the form of proxy will not preclude
a member of the Company from attending and voting in person at
the meeting convened or at any adjourned meeting and in such
event, the form of proxy will be deemed to be revoked.

5. Where there are joint holders of any share of the Company,
any one of such joint holders may vote, either in person or by
proxy, in respect of such share as if he/she were solely
entitled thereto, but if more than one of such joint holders are
present at the meeting, the most senior shall alone be entitled
to vote, whether in person or by proxy.

For this purpose, seniority shall be determined by the order in
which the names stand on the register of members of the Company
in respect of the joint holding.

The accumulated losses of the Company, based on the un-audited
management accounts as of September 30, 2003, were approximately
HK$550.3 million, TCR-AP reported recently. The Directors
believe that it is unlikely that the Company will generate
sufficient profits in the immediate future to eliminate this
deficit and that it would be inappropriate for the Company to
pay dividends while the deficit remains.

For more information, go to
http://bankrupt.com/misc/tcrap_Starbow0416.pdf

The Hong Kong Stock Exchange announcement was dated 13 April
2004.


STARBOW HOLDINGS: Unveils Capital Reorganization Timetable
----------------------------------------------------------
Starbow Holdings Limited unveiled the timetable for the
implementation of the Company's capital reorganization and its
trading arrangements. In a disclosure to the Stock Exchange of
Hong Kong, the shareholders will be informed of any significant
changes to the expected timetable by press notice.

Latest time for lodging proxy form for Special General Meeting
(SGM): 9 a.m. on 1 May 2004.

Special General Meeting: 9 a.m. on 3 May 2004.

Effective date for Capital Reorganization: 4 May 2004.

Original counter for trading in Shares in board lot of 20,000
Shares closes: 9:30 a.m. on 4 May 2004.

Temporary counter for trading in Consolidated Shares in board
lot of 2,000 Consolidated Shares opens (in the form of existing
share certificate(s)): 9:30 a.m. on 4 May 2004.

First day for free exchange of existing share certificate(s) for
new share certificate(s): 4 May 2004.

Original counter for trading in Consolidated Shares in board lot
of 20,000 Consolidated Shares re-opens (in the form of new share
certificate(s)): 9:30 a.m. on 18 May 2004.

Parallel trading commences:  9:30 a.m. on 18 May 2004

First day of operation of odd lot trading facility: 18 May 2004.

Temporary counter for trading in Consolidated Shares in board
lot of 2,000 Consolidated Shares closes (in the form of existing
share certificate(s)): 4 p.m. on 9 June 2004.

Parallel trading ends: 4 p.m. on 9 June 2004.

Last day of operation of odd lot trading facility:  9 June 2004.

Latest time for lodging certificate(s) for Shares in exchange
for certificate(s) for Consolidated Share free of charge: 4 p.m.
on 14 June 2004.


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


ANEKA TAMBANG: Nickel Prices to Increase Until 2006
---------------------------------------------------
PT Aneka Tambang forecasts an increase in the price of nickel
this year to US$11,000 per ton from US$9,637 per ton on the
average in 2003, Asia Pulse reports.

The price hike is due to an increase in demand from China, Dedi
Aditya Sumanagara, the bank's president said.  The company's
production of ferronickel is likely to decline to 7,900 tons in
2004 from 8,900 tons in 2003 due to maintenance work that will
halt production, Mr. Dedi added.

Mr. Dedi said the price of nickel is expected to remain high
until 2006 but after that the price may decline as new
producers are expected to boost output.


BANK NEGARA: To Issue $200M Worth of Bonds
------------------------------------------
PT Bank Negara, Indonesia's second largest bank disclosed on
Wednesday its plans to issue bonds worth $200 million in the
first half of this year in order to strengthen its capital,
Reuters reports.

"We have decided to issue around $200 million of bonds at the
end of May or early in June," bank President Sigit Pramono told
Reuters. He said the bank would start selecting the underwriters
next week.


BANK PERMATA: To Sell Recapitalization Bonds
--------------------------------------------
Indonesia's 7th largest bank in terms of assets plans to sell up
to Rp3 trillion (US$353.5 million) worth of recapitalization
bonds it still holds, according to Asia Pulse.

The recapitalization bonds valued at Rp10 trillion were issued
by the government to aid the bank's recovery after the impact of
the 1997 monetary crisis.

A bank director Elvyn G. Masasya said on Monday the bank also
plans to issue around Rp3.6 trillion in new credits this year.

With third parties' fund amounting to Rp24.3 trillion and
outstanding credits of Rp9.6 trillion, the bank's loan to
deposit ratio is relatively low at 41.3 per cent.

Mr. Elvyn added that the banks increase in capital from retained
profit contributed to the improvement of its capital adequacy
ratio (CAR).  The bank's CAR increased in February to 13 percent
despite its credit expansion.


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


ECO-TECH CONSTRUCTION: Goes Bankrupt
------------------------------------
The Tokyo District Court has declared Eco-Tech Construction Co.
bankrupt on Thursday following its petition for insolvency,
according to Kyodo News. The midsize construction firm had
liabilities totaling 52.7 billion yen as of February.

The Company's principal activities are construction works, land
development and real estate management. The Company is also
involved in golf industries. Building Construction accounted for
83 percent of fiscal 2002 revenues; Environmental business, 8
percent and other, 9 percent.


MITSUBISHI MOTORS: Preparing Stock Issue
----------------------------------------
Mitsubishi Motors Corporation plans to issue new shares and
appoint an executive from parent DaimlerChrysler AG as part of a
soon-to-be unveiled turnaround plan, the Associated Press
reports. The announcement followed speculation that the German-
American carmaker may have to make an expensive injection of
capital into Mitsubishi, of which it owns 37 percent.

The proposed new ceiling of 5.93 billion ordinary and preferred
shares is almost twice the current limit of 3.22 billion shares.
The automaker has about 1.48 billion ordinary shares outstanding
and has never issued preferred stock before.

Mitsubishi expects to post a group net loss of 72 billion yen
($671.5 million) for the fiscal year ended March 31, reversing a
record net profit of 37.4 billion yen in the previous fiscal
year.


MITSUBISHI MOTORS: Daimler Schedules Meeting Next Week
------------------------------------------------------
DaimlerChrysler AG's senior management team will meet next week
to discuss future plans for Mitsubishi Motors Corporation,
according to Reuters. The report did not disclose details of the
meeting or whether it would involve all members of the
DaimlerChrylser management board, headed by Chief Executive
Juergen Schrempp.

Schrempp declined to discuss published reports about a possible
DaimlerChrysler bailout of Mitsubishi in brief remarks on
Wednesday to reporters at Chrysler's headquarters in this
Detroit suburb.

But he acknowledged that DaimlerChrysler, which owns a
controlling 37 percent of Mitsubishi, had been in talks with its
Japanese partner about "the framework" for future cooperation
between the automakers.


SEIBU RAILWAY: Chairman to Quit Over Racketeer Scandal
------------------------------------------------------
Seibu Railway Co. Chairman Yoshiaki Tsutsumi announced his
intention to step down on Wednesday to take responsibility for
the company paying off a corporate racketeer, the Mainichi
Shimbun reports.

"Even though I didn't cause the incident, I've decided to assume
moral responsibility for failing to supervise the President to
whom I left to manage the company," Tsutsumi told a news
conference held on noon Wednesday at the Seibu Railway
headquarters in Tokorozawa.

Seiichi Ikura, 65, former Senior Managing Director and other
former executives are under arrest for providing about 187
million yen in illegal payoffs to the racketeer. Specifically,
they sold the racketeer land lots at prices some 187 million yen
lower than the market prices.

Corporate racketeers, known as sokaiya, typically own shares of
companies to gain access to shareholder meetings, and threaten
to reveal scandals involving the firms unless they are paid off.

The Commercial Code prohibits paying off such extortionists.


* 2003 JAPAN CORPORATE BANKRUPTCIES: Down By 16.6%
--------------------------------------------------
Japan corporate bankruptcies in the fiscal year 2003 fell 16.6
percent from the previous year to 15,790, down for the second
straight year, Japan Times reports, citing Teikoku Databank
Limited.

The combined debt left by the failed companies dropped 19.7
percent in the year to March 31 to 10.69 trillion yen, falling
for the third straight year, the credit-research company said in
a report covering bankruptcies involving liabilities of 10
million yen or more.

Of the fiscal 2003 total, 12,062 companies, or 76.4 percent,
collapsed due to recession-linked factors, including poor sales
and inflated bad loans. Failures of companies that had been in
business for 30 years or longer numbered 4,163, accounting for
26.4 percent of the total.

In March alone, the number of bankruptcies came to 1,343, down
14.3 percent from a year earlier for the 15th straight monthly
fall. But the total debt amount increased 10.7 percent from the
year before to 1.31 trillion yen.


=========
K O R E A
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DAEWOO HEAVY: Wins Defense-product Deals from Malaysia
------------------------------------------------------
Daewoo Heavy Industries & Machinery Ltd. (DHI) has won a US$10
million deal from Malaysia to enhance the performance of the
Southeast Asian country's fleet of 32 armored fighting vehicles,
Yonhap News reported on Thursday, 15 April.

DHI, a leading producer of defense products, industrial
vehicles, engines and machine tools, said the Malaysian contract
was signed on the sidelines of an international defense-product
fair held in Kuala Lumpur on April 12-14.

Daewoo Heavy Industry and Machinery, Ltd. has narrowed its debt
ratio to 190 percent in 2003 from 253 percent a year earlier,
due to early clearing of debts of 52 billion won (US$43.8
million), TCR-AP reported recently.


HANBO IRON: Attracts Eager Buyers  
---------------------------------
The bidding of state-controlled Hanbo Iron & Steel Co. closed on
Wednesday with a handful of buyers eager to snatch up the steel
maker amid an industry boom triggered by growing steel prices,
the Korea Herald reports.

Major prospective bidders include POSCO, Dongbu Steel, INI
Steel, Hyundai Hysco and Dongkuk Steel Mill. Hanbo declined to
identify the bids submitted to a team of lead managers, Samil
Accounting Corporation and Q-Capital Partners.

The steel maker has been on the sale block since its bankruptcy
and state takeover during the 1997-98 Asia financial crisis.


HANBO IRON: Posco, Hyundai Submits Bid
--------------------------------------
Hyundai Hysco and INI Steel have submitted a joint bid to buy
Hanbo Iron & Steel, a bankrupt Korean steelmaker, while Posco
and Dongkuk Steel Mill also formed a consortium to make a joint
bid for the company, according to The Maeil. The deadline to
submit letters of intent to buy Hanbo was 3 p.m. in Seoul on
April 14, 2004.


HYNIX SEMICONDUCTOR: Citigroup Willing to Raise Takeover Offer
--------------------------------------------------------------
Citigroup Inc. is willing to raise its price for Hynix
Semiconductor Inc.'s non-memory chip business after its 750
billion won (US$647 million) offer was rejected, Bloomberg News
reports.

Korea Exchange Bank, Hynix's largest shareholder, and other
creditors, indicated they are prepared to accept Citigroup's
cash and assumed debt offer. The offer is stymied because Korea
Exchange hasn't got all creditors to agree, the report said.

For Hynix, the sale would help it reduce debt of 4.2 trillion
won and keep up with research spending by rivals such as Samsung
Electronics Co.

The proposed sale price is larger than the $430 million
Citigroup offer Seoul-based Internet news provider Edaily
reported on January 26, or the 520 billion won offer reported by
the Chosun Ilbo in November, an unnamed company source said.


HYNIX SEMICONDUCTOR: Removed From S & P Credit Watch List
---------------------------------------------------------
Standard and Poor's Ratings Services has removed Hynix
Semiconductor Inc. from its credit watch list, following a
decision not to sell its non-memory chip division.

The global credit appraiser reaffirmed a long-term credit rating
of "CCC plus" for the South Korean chipmaker and said its
outlook was positive.

The rating agency said Hynix could be raised if the company
shows improved credit protection measures and displays clear
business strategies that incorporate the System IC segment.


HYNIX SEMICONDUCTOR: Creditors Work Out New Restructuring Plan
--------------------------------------------------------------
Hynix Semiconductor Inc. creditors have worked out new
restructuring plans to strengthen the chipmaker, Agence France-
press reports.

"The new plans, drawn up Monday by major creditor banks, have
been sent to other creditors for approval," a Korea Exchange
Bank official told AFP.

Korea Exchange Bank, a key creditor for Hynix, said other
creditors were asked to reply by Friday.

The new restructuring plan includes withdrawing a plan to sell
the U.S. plant of the world's third largest microchip maker.

Creditors also may allow Hynix to build a new chip plant in
China with a budget of two trillion won (1.8 billion dollars),
adding Chinese banks were ready to extend a one billion dollar
credit.

The chipmaker is now looking to report an operating profit this
year for the first time in four years, riding on a strong
rebound in chip prices.


LG CARD: Employees Suffer Heavy Debt Loads
------------------------------------------
Around 2,200 employees of LG Card are suffering from heavy debt
loads as their company stock portfolios have plummeted in value.

The Korea Times reported that more than 200 former LG Card
workers experienced a sharp cut in retirement allowances due to
their borrowings for company stocks.

The maturity of the loans made to the 2,200 individuals is April
30, and the credit card company is now moving to roll over the
maturity date. Their combined debts for company stock investment
are estimated at 70 billion won.


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


ACTACORP HOLDINGS: Replies To KLSE Re PJS Buy
---------------------------------------------
Actacorp Holdings Berhad (AHB) would like to refer to the
announcement dated 8 April 2004  and Malaysia Securities
Exchange Berhad's query dated 12 April 2004 in respect to the
proposed warrants issue; revised proposed rights issue; revised
proposed acquisition of PSC Asset Holdings Sdn Bhd ; proposed
acquisition of PJS Development Sdn Bhd (PJSD); and the revised
proposed general offer exemption, in conjunction with the
revised proposed restructuring scheme of AHB.

The Exchange's query letter reads as follows:

We refer to your announcement on behalf of ACTACOR dated 8 April
2004 in respect of, amongst others, the aforesaid Proposed
Acquisition.

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

Net tangible assets of PJSD;

Particulars of all liabilities to be assumed, apart from the
indebtedness owing by PJSD to Kumpulan Jetson Berhad, if any;

Prospects in respect of the Proposed Acquisition; and
Estimated timeframe for completion of the Proposed Acquisition.
Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM

As requested, the reply of Actacorp Holdings Berhad reads as
follows:

1. Based on the audited accounts of PJSD for the financial year
ended 31 December 2002, the net tangible assets of PJSD as at 31
December 2002 is RM6,301,480.

2. As at 29 February 2004, the indebtedness of RM25,944,126 was
an amount owing by PJSD to Kumpulan Jetson Berhad (KJB) arising
from the construction costs payable to KJB in respect of the
contract for the construction of the Hostels by PJSD. Pursuant
to the Proposed Acquisition of PJSD, AHB, via Newco has agreed
to settle the said amount owing amounting to RM26.0 million via
the issuance of 52.0 million new Newco shares of RM0.50 each at
par.

Further, PJSD currently has an outstanding term loan owing to a
financial institution amounting to RM20.2 million as at 31
December 2003. The said term loan is presently secured by,
inter-alia, a corporate guarantee by KJB, the holding company of
PJSD. Upon completion of the Proposed Acquisition of PJSD, it is
proposed that Newco should provide a replacement corporate
guarantee in favour of the said financial institution.

3. Based on the preliminary assessment by the management of AHB
on PJSD, there are approximately 30,000 students in Universiti
Putra Malaysia (UPM) pursuing various diplomas, degrees, and
doctorates courses. The hostels managed and maintained by PJSD
known as Kolej 12 and Kolej 14 (Hostels) provide up to 2,800
rooms with 6,960 beds which can cater up to 6960 students.
Presently, the Hostels accommodation are catering to
approximately 23.2 percent of the total student population of
UPM.

The future prospects of the PJSD would very much be dependent on
the continuing intake of students pursuing tertiary education at
UPM, which in turns ensures continuing demand for accommodation
such as the Hostels. Based on the historical response of the
outstation UPM students and strategic location of Hostels, PJSD
would expect the Hostels to continue to offer the students in
UPM a preferred accommodation and maintain its steady flow of
rental income to the Newco Group.

PJSD will uphold the existing good image and high standard of
management and maintenance services for the Hostels in order to
achieve a high level of occupancy rate. In line with the growing
demand for tertiary education, the demand for hostel
accommodation are expected to grow in tandem, which would augur
well to the business of PJSD.

4. The Proposed Acquisition of PJSD is expected to be completed
in conjunction with the Revised Proposed Restructuring Scheme of
AHB during the last quarter of 2004.

c.c. Securities Commission
Encik Kris Azman Abdullah

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


BOUSTEAD HOLDINGS: Issues Crop Production Figures For March 2004
----------------------------------------------------------------
Boustead Holdings Berhad would like to announce the crop
production figures for March 2004.

Rubber (kilos): Nil

Cocoa (kilos) Nil

FFB (M):  73,387

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


DISCCOMP BERHAD: Projects Bigger Losses For FY 2003
---------------------------------------------------
Disccomp Berhad will be reporting a bigger loss per share for
the financial year ending 31 December 2003, The Edge daily
reports on Thursday, 15 April.

The Mesdaq-listed company claims that losses will go up by an
additional 13 sen as a result of a RM6.1 million fire insurance
settlement to AMI Insurans Berhad.

It had been agreed that Disccomp would pay a sum of RM1.83
million to AMI by April 9 and settle the balance of RM4.27
million in 12 equal monthly installments of RM355,833.33 from
May 9 onwards.

Disccomp proposed to use its initial public offering proceeds
amounting to RM3.8 million as partial payment of the damages. It
said the remaining amount of the damages would be funded by
other methods, which had yet to be determined.

The legal suit came following a claim by Disccomp subsidiary
Optical Disc Technology Sdn Bhd (ODT) under its fire insurance
with American Malaysian Insurance Berhad, now AMI, as a result
of a fire in 1996.

ODT signed a receipt discharge and subrogation form dated Jan
22, 1997, prior to the disbursement by AMI to ODT the sum of
RM5.27 million as full and final settlement under the fire
insurance.

The form authorized AMI to use ODT's name to exercise all or any
rights and remedies which ODT has against the party responsible
for the loss.

With such rights, AMI on behalf of ODT commenced the legal
action against Disccomp to recover the damages as the fire was
allegedly caused by Disccomp.

On July 28, 2003, the Kuala Lumpur High Court found Disccomp
liable to ODT for the loss sustained as a result of the fire and
it was required to pay for the damages.

Disccomp's appeal with the court of Appeal is currently pending.
Its application for a stay of execution was dismissed by both
the High Court and Court of Appeal.

Thus, Disccomp came to the settlement with AMI, where Disccomp
is withdrawing its appeal, with AMI for going its rights to
insist on immediate execution of the full sum amounting to RM8.1
million being the full amount plus 8% per annum interest.

"The board had entered into the settlement agreement in order to
manage the risk of losing the judgment appeal," Disccomp said,
adding that it may result in it incurring additional costs in
the event the appeal was dismissed.

Disccomp had already incurred a loss per share of 2.95 sen for
FY2003 compared with a loss of 0.15 sen a year earlier. Its net
tangible asset per share in FY2003 will also decrease by 13 sen
per share.

It made a net loss of RM1.43 million in FY2003, while its
revenue declined to RM33.01 million from RM35.2 million
previously. The company had a paid-up capital of 48.5 million
shares of RM1 each as at Dec 31, 2003.

Disccomp group is involved in the manufacturing and distribution
of data storage products, retailing of IT-related products and
other IT-related activities.


HAP SENG: Issues Listing and Quotation of New Ordinary Shares
-------------------------------------------------------------
Hap Seng Consolidated Berhad would like to announce that the
Company's additional 188,000 new ordinary shares of RM1.00 each
issued pursuant to the Hapseng-Employees' Share option Scheme
will be granted listing and quotation effective 9 am, Friday, 16
April 2004.

This Kuala Lumpur stock Exchange announcement is dated 14 April
2004.


HAP SENG: Announces the Buy Back of Shares
------------------------------------------
Hap Seng Consolidated Berhad in a disclosure to the Kuala
Lumpure Stock Exchange dated 14 April 2004 announces the buy
back of ordinary shares, details of which follows:

Date of buy back:    14 April 2004

Description of shares purchased:   Ordinary shares of RM1.00
each

Total number of shares purchased
(units):      5,000

Minimum price paid for each
share purchased (RM):    2.740

Maximum price paid for each
share purchased (RM):    2.740

Total consideration paid (RM):  13,801.68

Number of shares purchased
retained in treasury (units):  5,000

Number of shares purchased
which are proposed to be
cancelled (units):    32,810,600

Cumulative net outstanding
treasury shares as at
to-date (units):     0

Adjusted issued capital after
cancellation
(no. of shares) (units):   0
   
Remarks :
c c: Securities Commission


HO WAH: Needs More Time for Private Placement
---------------------------------------------
On behalf of Ho Wah Genting Berhad (HWGB), AmMerchant Bank
Berhad (AmMerchant Bank) wishes to announce that HWGB will not
be able to meet the deadline to complete the implementation of
the Proposed Private Placement of new ordinary shares of RM1.00
each up to 10 percent of the issued and paid-up capital of HWGB  
by 28 April 2004.

The Board of Directors of HWGB (Board) is of the opinion that
additional time is required to source for the placees and
complete the Proposed Private Placement.

In this connection, AmMerchant Bank had, on behalf of HWGB, made
an application to the Securities Commission (SC) on 13 April
2004 seeking the approval of the SC for an extension of time of
six (6) months from 28 April 2004 to 28 October 2004, to enable
HWGB to complete the implementation of the Proposed Private
Placement.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


I-BERHAD: Europe Prospects Looking Good
---------------------------------------
I-Berhad's I-brand digital products made a splash at CeBIT 2004,
the world's biggest ICT trade show in Hanover, Germany last
month, according to The Edge Daily.

In an April 14 statement, the company said that there was
overwhelming response for its products comprising its full range
of digital cameras from two to five megapixels; I-pocket DV
(digital camcorder); I-pocket cinema (portable DVD player); I-
flash (a HDD storage watch) and its latest I-partyTIME (an MP3
watch).

"Our products could stand up to other international products, in
being as technologically advanced on both designs and
specifications, as well as competitively priced," said I-Berhad
executive director Monica Ong.

She said a total of 200 enquiries were received from prospective
purchasers worldwide.

"We're already in serious follow-up discussions with these
potential buyers," she said.

"A few parties also showed interest in possible joint ventures
to produce our products in an European country for the market in
the region.

"The interest stems from our speed-to-market in terms of rolling
out the latest technologically advanced products and the over-
arching factor of competitive pricing," said Ong.

"We are keeping our options open and will seriously consider the
joint venture possibilities," she added.

I-brand products are now exported to Asean and Organization of
Isalmic Conference (OIC) countries as well as Europe.


JASATERA: Announces a Change in Address
---------------------------------------
Jasatera Berhad would like to announce that the Company has
changed its company address. Details are as follow:

Change Description:  Registered

Old Address: 29, Jalan SS15/ 4E, Subang Jaya,
47500 Subang Jaya, Selangor darul
Ehsan

New Address: 29, Jalan SS23/11, Taman SEA,
47400 Petaling Jaya, Selangor
Darul Ehsan

Name of Registrar:

Telephone Number: 603-78031626

Facsimile Number: 603-78800801

E-mail Address: jasatera@po.jaring.my

Effective date: 15 April 2004

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


JAYARENA CONSTRUCTION: Replies To KLSE Query
--------------------------------------------
Avangarde Resources Berhad would like to announce that it has
replied to the query letter by Kuala Lumpur Stock Exchange
(KLSE) regarding the petition by API Aluminum Sdn Bhd to wind up
Jayarena Construction Berhad, a wholly owned subsidiary of
Avangarde Resources, for a non-judgment sum of RM630,000.00

The letter from the KLSE reads as follows:

Query Letter content:

We refer to your announcement dated 6 April 2004 in respect of
the aforesaid Petition.

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

The particulars of the interest rate claimed under the petition,
if any;

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

The total cost of investment in Jayarena;

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

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

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

Yours faithfully

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

Avangarde Resources' reply to the query letter reads as follows:

We refer to our announcement dated 6 April 2004 and your letter
ref: KM-040407-52397 dated 8 April 2004.

The followings are the information requested:

1. no interest rate was claimed under the petition;

2. the petition is on an alleged outstanding payment for work
done, claimed by API Aluminium Sdn Bhd against Jayarena
Construction Sdn Bhd (JCSB), which JCSB is disputing;

3. the total cost of investment in JCSB is RM13,360,396.00;

4. the financial impact and expected losses on the proceeding
amounts to RM630,000.00 in the event the petitioner succeed in
the case.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


LANKHORST BERHAD: Appends Reply To KLSE Query
---------------------------------------------
Lankhorst would like to refer to the query letter by the KLSE
pertaining to the advertisement of winding up petition on
Lankhorst Pancabumi Contractors Sdn Bhd (LPCSB) and our reply to
the query by the Exchange on 13th April 2003. We append below
the additional information requested for:

On Item No. 8, the Company undertakes to provide the Exchange
with a solvency declaration executed by the Directors within
seven (7) days from the date of this announcement.

By Order of the Board.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


LANKHORST BERHAD: E-Van Discontinuance Petition Filed
-----------------------------------------------------
Lankhorst Berhad would like to refer to the announcement to the
Exchange in respect to the advertisement of a winding up
petition on Lankhorst Contractors Sdn Bhd (LPCSB) on 24 March
2004. The company wishes to inform that the Petitioner, Teng
Yuen Fook (trading as E-Van Enterprise) had filed a Notice of
Discontinuance of the Winding-up Petition with the High Court of
Kuala Lumpur on 25th March 2004.

The matter will be heard by the High Court for disposal on 27th
April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


LANKHORST BERHAD: Discloses Agenda for 7 May EGM
------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Lankhorst Berhad (LB) will be held at Sri Impian 1, Hotel UiTM,
Persiaran Raja Muda, 40450 Shah Alam, Selangor Darul Ehsan; at
10 a.m. on Friday, 7 May 2004 for the purpose of considering
and, if thought fit, passing the following Resolutions as
Ordinary Resolutions, with or without modifications:

Ordinary Resolution 1
Proposed Disposal of Property By Lankhorst Hartanah Sdn Bhd

"That, subject to the approvals of all relevant authorities,
approval be and is hereby given to the Board of Directors of the
Company to dispose off the leasehold property provisionally
known as Precinct 2.8 Section 14, Pusat Bandar Shah Alam,
Selangor Darul Ehsan and held by Lankhorst Hartanah Sdn Bhd to
Haji Ahmad Shalimin bin Ahmad Shaffie for a consideration of
RM5,000,000.00 only and to be paid in cash in accordance with
the terms of the SPA dated 30 July 2003 between Lankhorst
Hartanah Sdn Bhd and Haji Ahmad Shalimin bin Ahmad Shaffie."

Ordinary Resolution 2
Proposed Issue of Options To Abdul Halim A Rahim

"That, the Board of Directors of the Company be and is hereby
authorised at any time and from time to time to offer and to
grant to Abdul Halim A Rahim, the Executive Director of the
Company, options to subscribe for such number of shares subject
to the provisions of Clause 7 of the Bye-Laws of the Company's
Employee Share Option Scheme (the "Scheme") and subject always
to such terms and conditions and/or any adjustments which may be
made in accordance with the provisions of the Bye-Laws of the
Scheme."

By Order of the Board

Maznah Haron
(LS0000497)

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


MITHRIL BERHAD: Shares Down By 25%
---------------------------------
Mithril Berhad, which took over the listing status of troubled
Tajo Berhad under a restructuring exercise, became one of the
worst performers for a newcomer to the Malaysia Securities
Exchange Berhad in recent months.

The Edge Daily reports that Mithril made a weak debut at a time
when the regional markets were down.

The counter opened at RM1 with 267,000 shares done but went
downwards and was traded at 81 sen 30 minutes later.

A total of 5.51 million shares were transacted on its first day
of trading.

Its irredeemable convertible unsecured loan stocks ended the day
at 60.5 sen after opening at 89 sen against its reference price
of RM1 with 7.34 million units done.

Its redeemable convertible secured loan stocks, which opened at
84 sen, closed at a low of 52 sen with 5.03 million units
traded.

Mithril chief executive officer Yeoh Hong Hwang said the opening
price was "as good as what we could expect" given that Mithril,
controlled by MAA Holdings Bhd, was a new company and that it
received little publicity.

"The market in general has also been quite weak," he told
reporters in Kuala Lumpur on April 14 after Mithril made its
debut on the Second Board.

Mithril's closing price at 75 sen was well below the fair value
of 85 sen that TA Securities Bhd had accorded the company based
on the fact that Mithril was still in the red and on the
industry average price-to-book value ratio (PBV) of 1.44 times.

Mithril had acquired Tajo Berhad, which is involved in the
manufacturing and distribution of bricks. The company also
acquired Saferay Sdn Bhd, a manufacturer and trader of
architectural mouldings and polyurethane rigid foam (PU)
decorative ornaments.


MITHRIL BERHAD: Planning To Market Slim Bricks To Japan
-------------------------------------------------------
Mithril Berhad Chief Executive Officer Yeoh Hong Hwang says
Mithril is mulling plans to market slim bricks to Japan, the
Malaysian National News Agency- Bernama reports.

Negotiations are underway with Japanese authorities on product
quality requirements and should be concluded by the latter half
of the year.

Slim bricks, which are manufactured by the financially
distressed Tajo Bhd, a wholly owned subsidiary of Mithril, is a
piece of brick of 10mm in thickness used for decorative
purposes.

Mithril plans to up production of slim bricks to 55 million this
year from the previous year's output of 45 million.

The company, which is making an effort to reduce production
costs will be switching to palm kernel shell instead of diesel.
The switch will help save Mithril as much as RM4 million per
year and is expected to take place in June.

Mithril is involved in manufacturing and trading of
architectural mouldings, leasing of commercial properties and
manufacturing, distribution and selling of bricks.

The company recently took over the listing of Tajo Berhad on the
Exchange under a restructuring Scheme. Mithril has also just
recently acquired Saferay Sdn Bhd and two Menara MAA buildings
in Kuching and Kota Kinabalu.


POS MALAYSIA: Appends Reply to KLSE Query
-----------------------------------------
POS Malaysia and Services Holdings Berhad announces that further
to the announcement dated 12 April 2004 in respect to the
company's reply to the query by the Kuala Lumpur Stock Exchange
pertaining to the disposal of the company's non-core business,
we wish to inform the Exchange that our subsidiary Pos Malaysia
Berhad is presently undergoing its normal internal business
review. As at the date of this announcement, neither the Company
nor any of its subsidiaries has entered into any arrangement or
agreement with any party to dispose of its 30 percent equity
interest in a subsidiary in exchange for shares in Transmile
Group Berhad.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004


POS MALAYSIA: Announces a Change in the Boardroom
-------------------------------------------------
POS Malaysia and Services Holdings Berhad posted the following
announcement with the Kuala Lumpur Stock Exchange on 14 April
2004.

Date of change:    13 April 2004
  
Type of change:    Redesignation

Previous Position:   Executive Director

New Position:    Managing Director

Directorate:    Executive

Name:     Dato' Ikmal Hijaz bin Hashim

Age:      51

Nationality:    Malaysian

Qualifications:  Master of Philosophy (Land
Management) from University of
Reading, United Kingdom;

Bachelor of Arts (Honours) from
University of Malaya

Working experience
and occupation:  Dato' Ikmal became the Chief
Executive Officer of Pos Malaysia
Berhad on 27 October 2003 and was
later appointed as the Company's
Managing Director on 6 December
2003. He was appointed as the
Executive Director of Pos Malaysia
& Services Holdings Berhad on 19
December 2003.

Dato' Ikmal began his career by
serving in the Administrative and
Diplomatic Service of the
Government from 1976 to 1990. He
then joined United Engineers (M)
Berhad as the General Manager of
the Malaysian-Singapore Second
Crossing project before resigning
in 1992. In 1993, he became the
Chief Operating Officer of Projek
Lebuhraya Utara-Selatan (PLUS) and
was later appointed as its
Managing Director, a post he held
between 1995 to 1999. Prior to
joining Pos Malaysia Berhad, Dato'
Ikmal was the Managing Director of
Renong Berhad and the President of
Renong Group Property Division.
Dato' Ikmal was the Managing
Director of Prolink Development
Sdn Bhd before resigning in 2003.

Directorship of public
companies (if any):   Pos Malaysia Berhad
Faber Group Berhad
UEM Environment Berhad

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

Details of any interest
in the securities of the
listed issuer or its
subsidiaries:    Nil
   
Remarks : Dato' Ikmal Hijaz bin Hashim was redesignated as the
Group Managing Director/Chief Executive Officer on 13 April 2004


PROTON: Mahathir Appointed as New Adviser
-----------------------------------------
Former Prime Minister Tun Dr Mahathir Mohamad has been appointed
adviser to the national automaker Perusahaan Otomobil Nasional
(Proton), according to The Edge Daily, quoting Reuters News
Agency.

Mahathir says that Malaysia's state investment arm, Khazanah
Nasional Berhad has been informed of the appointment.

"Nobody has made that announcement, but the government wrote
recently informing Khazanah that I am now an adviser to Proton,"
said Dr Mahathir, who is also adviser to national oil firm
Petronas.

Mahathir bared his plans for Proton by saying the company needed
partnerships based on the company's terms.

"Proton, I think, wants to remain Proton, remain a Malaysian
company, but it is not against foreign alliances."

But he ruled out the idea of control passing to a partner who
might ditch the Proton marque and push for what would amount to
a local assembly operation for foreign models.

"In that case, the engineering capability of Proton would be
very low," said Dr Mahathir.

"There are quite a number of foreign companies that are keen to
work with Proton. I think eventually, the terms will be
accepted," he added.

Though Dr Mahathir declined to give specifics on partners or
strategy, saying he first needed a full briefing from the
company, he gave some broad indications of his thinking.

"Generally, Proton must be competitive, without any protection
and they need to take on a foreign strategic partner."

Lately, the company had been the subject of fierce criticism
over tariffs that are seen as forcing Malaysians to pay high
prices for old car designs of poor quality.

Dr Mahathir made no apologies. "The reason why Malaysia has been
able to have an automotive industry is simply because we were
able to protect it."

He said the issue extended to Malaysia's trade and development
potential, way beyond just the price of a car.

"If we lose out, it's not just a question of the industry
shutting down, it is also the fact that we will not be able to
acquire the kind of engineering knowledge and skills that we
need for ourselves."

Dr Mahathir launched Proton in 1983 as part of Malaysia's
industrialization drive.


PROTON: General Motors Denies Report of Proton Stake Purchase
-------------------------------------------------------------
General Motors (GM) has denied it is negotiating to buy a stake
in Malaysian carmaker Perusahaan Otomobil Nasional Berhad
(Proton), Dow Jones reports.

"There are no discussions on any equity stake," said Henry Wong,
a Singapore-based spokesman for General Motors, adding that his
statement on Proton was taken out of context.

Bloomberg News, citing Wong, had reported on Wednesday, 14 April
that General Motors is in preliminary negotiations to buy a
stake in Proton.

Wong, however, said General Motors' South Korea-based associate,
GM Daewoo Auto & Technology Co, is in some "preliminary and
exploratory" discussions with Proton on a potential engineering
collaboration. He did not give further details.

Analysts have been quoted as saying that Proton badly needs a
strategic foreign partner to survive the increasing competition
anticipated with the industry liberalization in 2005 when the
Asean Free Trade Area agreement comes into effect.


PROTON: Analysts Predict Share Prices To Plummet
------------------------------------------------
Analysts have declared that Perusahaan Otomobil Nasional or
Proton's shares could dip when trading resumes on Friday, 16
April.

According to Dow Jones, the predicted fall is affected by the
overall market weakness and uncertainty over the company's long
term outlook which hinges largely on the success of its recently
released Gen.2 car and two other models to be introduced later
in the year.

In addition, recent market and media speculation of a boardroom
tussle at Proton - subsequently denied by Proton's controlling
shareholder and Malaysian government investment arm Khazanah
Nasional Bhd. - may continue to weigh on the share price,
analysts said.

"I think the shares will be weak and will adjust in line with
the market," said HSBC Bhd.'s auto-sector analyst David Ng.

"The price (of Proton shares) may come down a bit because the
company's outlook isn't clear at this moment," said auto-sector
analyst Elaine Ng at OSK Securities.

Reports that the carmaker is planning to sell off its UK-based
Lotus unit has not helped strengthen sentiment for Proton
either, although the company had quickly dismissed the report as
"incorrect and purely speculative." The wholly owned Lotus unit
makes sports cars and is a key technology partner in proton's
efforts to design its own vehicles.

Analysts say Proton is fairly valued at an average 9.19 ringgit
($1=MYR3.80), a 7.2 percent discount to its last traded price of
MYR9.85. Proton shares were suspended on March 24, ahead of a
group restructuring in which a new company Proton Holdings Bhd.
will take over the group's listing status. Trading is to resume
on Friday, 16 April.


TANJONG PUBLIC: Listing 54,000 New Shares
-----------------------------------------
Tanjong Public Limited Company wishes to announce that an
additional 54,000 new ordinary shares of 7.5 pence each issued
pursuant the Tanjong-Employees' Share Option Scheme will be
granted listing and quotation with effect from 9 a.m., Friday,
16 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 14 April
2004.


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


BAYAN TELECOMMUNICATIONS: Reports PhP886M Net Revenue
-----------------------------------------------------
Bayan Telecommunications Inc. reported an 11 percent increase in
net revenue for the January-February period.  The net revenue
reached 886 million pesos compared to 798 million pesos in the
same months last year, The Philippine Daily Inquirer reports.

The increase in net revenue comes from the increase in growth in
its subscriber base and improvement in its international phone
and data services.
  
"Our voice services showed a give-percent net revenue growth
compared with last year, driven by the increased subscriber
base," said Michael Cervantes, BayanTel vice president for
corporate communications.

BayanTel said its subscribers totaled almost 250,000 at end-
February, up 25 percent from a year earlier.

Revenue from voice services in January-February benefited from a
43-percent revenue growth in international long distance
services, it said.  Data services grew 19 percent year-on-year
in February, it added.

"The growth was triggered by the 400-percent growth in our
Internet business compared with last year, led by the aggressive
selling efforts on digital subscriber line service for the
business and residential markets, and the business integration
of Sky Internet into BayanTel's operations," Mr. Cervantes said.

The company is optimistic that it could sustain revenue growth
for the remainder of the year, on the expectations of a much
improved business and political climate in the second half of
2004.


BENPRES HOLDINGS: Net Loss Drops 52%
------------------------------------
Benpres Holdings Corp. reported a 52 percent or a 1.91 billion-
peso ($34 million) decrease in net loss in 2003 from 2002,
according to Reuters.

The company, which has interests in power distribution and
generation, media, and property development, said it restated
its 2002 net loss to four billion pesos from the previously
reported 1.06 billion pesos. ($1=55.8 pesos)

Contact:  Benpres Holdings Corp.
          4/F, Benpres Building
          Exchange Road corner Meralco Avenue
          Ortigas Center, Pasig City
          Telephone No/s:  633-3368
          Fax No/s:  634-3009
          Email Address: jr_benpres@bayantel.com.ph
          Website: http://www.benpres-holdings.com


MUSIC SEMICONDUCTORS: Disallows Use of Old Stock Certificates
-------------------------------------------------------------
In connection with queries received regarding the payments of
fractional shares arising from the reduction of the capital
stock of MUSX (5:1 reverse stock split) and the reduction and
increase in par value of its shares, Music Semiconductors Corp.
advises that the fractional shares shall be paid in cash based
on the adjusted per share price of Ps. 1.85 [computed as Ps.
0.37x5].  The closing price of MUSX' shares on January 26, 2004,
which was the last trading day prior to the voluntary trading
halting of its shares, Ps. 0.37.

The company further reiterates that that stock certificates
reflecting shareholdings of stockholders as reduced, and bearing
the new Authorized Capital of PhP 100,000,000 and new company
name (Music Semiconductors Corporation), are available from the
stock transfer agent, Stock Transfer Service Inc.

Any stockholder desiring to secure replacement stock
certificate(s) may surrender the old stock certificate to Ms.
Lourdes Sevilla, 5/F Phinma Plaza, 39 Plaza Drive, Rockwell
Center, Makati City (Telephone No. 898 7555), from 9:30 a.m. to
11:30 a.m. and from 1:30 p.m. to 4:30 p.m. to claim the new
stock certificate(s).  

Trading of shares of the Corporation utilizing old stock
certificates will not be allowed. To avoid inconvenience,
stockholders and their trustees/brokers are requested to arrange
for the new stock certificates as soon as possible.

If you should have any questions, please call us/

Very truly yours,
Jimmy S. Soo
Chairman

Contact:  Music Semiconductors Corp.
          110 Excellence Ave. corner Accuracy Drive
          Special Export Processing Zone 1
          Carmelray Industrial Park
          Canlubang, Laguna
          Telephone No/s:  (049) 549-1480
          Fax No/s:  (049) 549-1024
          Email Address:  jos@music-mt.com
          Website: http://www.music-corp.com


NEGROS NAVIGATION: New Receiver Says Rehab Plan is Workable
-----------------------------------------------------------
Negros Navigation Company's (Nenaco) proposal to restructure
PhP2.4 billion in debts is feasible since the shipping company
has enough assets to cover liabilities, according to the
BusinessWorld Online.

"The rehabilitation plan seems workable because the basic
benchmark is there. Based on the documents Nenaco submitted to
the court, its assets exceed liabilities. This means that it has
PhP1.52 in asset for every PhP1 liability," he said. Based on
its rehabilitation plan, Nenaco has PhP3.697 billion in assets
and PhP2.425 billion in liabilities as of Feb. 29, 2004.

Mr. Tagud, however, said he still has to conduct a physical
audit to evaluate whether the financial documents submitted by
the shipping company to the court support its claims in the
rehabilitation proposal.

"I have just started to evaluate and verify the documents
submitted by Nenaco to the court. After doing this, I will
address the concern of creditors and the company's shareholders
regarding the rehabilitation plan," he said. Mr. Tagud said he
will not hold office in Nenaco's corporate center in Tondo,
Manila but will be frequenting the premises as he audits the
firm's books. He had also asked the creditors for their comments
on the rehabilitation proposal.

Nenaco is proposing to restructure its total secured debt for 10
years, with a one-year grace period on interest payments and a
three-year grace period on the principal. The company is also
proposing that all secured loans bear an interest rate of 5% per
annum. The company said it will prioritize paying PhP914.8
million in critical expenses composed of employee salary and
vessel upkeep, PhP324.89 million in leases and PhP578.26 million
in secured bank loans.

When the secured creditors are fully paid, any excess cash shall
be used to service interest and principal repayment of the
unsecured debts. The company said an estimated PhP50 million in
unsecured debts shall be settled via offsetting arrangements.
This scheme will be offered to creditors availing of Nenaco's
services.

An option will be given to some unsecured creditors, by
converting their receivables into new Nenaco shares at a par
value of PhP1 per share.

Some unsecured creditors will also be given the option to
convert some of their receivables into new Nenaco shares at a
par value of PhP1 per share. The new shares shall have a holding
period of one year from the date of conversion. Passenger
tickets and cargo spaces at face value shall also be offered for
dacion en pago or payment in kind to partly pay unsecured debts.
The remaining unsecured debt not covered by other debt
agreements shall be converted into redeemable convertible
preferred shares with a dividend rate of 2.5% per year which can
be converted into common shares on the fifth year and redeemable
on the 10th year.

Contact:  Negros Navigation Co.
          Pier II, North Harbor
          Tondo, Manila
          Telephone No/s:  245-5588
          Fax No/s:  245-0780 (Telefax)
          Email Address:  nnwebmaster@surfshop.net.ph
          Website: http://www.nenaco.com.ph


PHILIPPINE LONG: Submits SEC Form 23-A
---------------------------------------
A director of Philippine Long Distance Telephone Company (PLDT)
furnished the Philippine Stock Exchange a copy of his SEC Form
23-A (Initial Statement of Beneficial Ownership of Securities).

A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE
website: www.pse.com.ph  (under Listed Companies).

For your information
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
OIC, Disclosure Department

Contact:  Philippine Long Distance Telephone Co.
          Ramon Cojuangco Building
          Makati Avenue, Makati City
          Telephone No/s:  814-3552; 888-0188
          Fax No/s:  813-2292
          Website: http://www.pldt.com.ph


PHILIPPINE LONG: Submits SEC Form 23-A
--------------------------------------
A director of Philippine Long Distance Telephone Company (TEL)
furnished the Philippine Stock Exchange a copy of his SEC Form
23-A (Initial Statement of Beneficial Ownership of Securities).

A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE
website: www.pse.com.ph (under Listed Companies).

For your information
(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
OIC, Disclosure Department

Contact:  Philippine Long Distance Telephone Co.
          Ramon Cojuangco Building
          Makati Avenue, Makati City
          Telephone No/s:  814-3552; 888-0188
          Fax No/s:  813-2292
          Website: http://www.pldt.com.ph


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


ACE SEAL: Releases Dividend Notice
----------------------------------
Ace Seal Pte Ltd. issued a notice of intended dividend as
follows:  

Address of Registered Office: Formerly of 257 Selegie Road #03-
257 Selegie Complex Singapore 188350.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 30 of 2002.

Last Day for Receiving Proofs: 23rd April 2004.

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

Toh Hwee Lian
Assistant Official Receiver.

The Singapore Government Gazette announcement is dated 8 April
2004.


FLEXTECH HOLDINGS: AGM Scheduled for 29 April
---------------------------------------------
Notice is hereby given that the Annual General Meeting of
Flextech Holdings Limited (Company) will be held at 1 Kallang
Sector #06-01 Kolam Ayer Industrial Park, Singapore 349276 on
Thursday, 29 April 2004 at 2 p.m. for the following purposes:

As Ordinary Business

1. To receive and adopt the Directors' Report and the Audited
Accounts of the Company for the year ended 31 December 2003
together with the Auditors' Report thereon. (Resolution 1)

2. To re-elect the following Directors retiring pursuant to
Articles 103 and 107 of the Company's Articles of Association:

Mr Au Sai Chuen (Retiring under Article 103) (Resolution 2)
Mr Michael Loh (Retiring under Article 107) (Resolution 3)
Mr Onn Sin Ching (Retiring under Article 107) (Resolution 4)
Mr Choi Young Ju (Retiring under Article 107) (Resolution 5)
Mr Ahn Sang Ho (Retiring under Article 107) (Resolution 6)
Mr Zubir Bin Harun (Retiring under Article 107) (Resolution 7)
Mr Loh Eu-Tse Derek (Retiring under Article 107) (Resolution 8)
Mr Teh Kim Seng (Retiring under Article 107) (Resolution 9)

Mr Zubir Bin Harun, Mr Loh Eu-Tse Derek and Mr Teh Kim Seng
will, upon re-election as Directors of the Company, remain
members of the Audit Committee and will be considered
independent for the purposes of Rule 704(8) of Listing Manual of
the Singapore Exchange Securities Trading Limited.

3. To approve the payment of Directors' fees of $100,734 for the
year ended 31 December 2003 (2002: S$71,475). (Resolution 10)

4. To re-appoint Ernst & Young as the Company's Auditors and to
authorize the Directors to fix their remuneration. (Resolution
11)

5. To transact any other ordinary business which may properly be
transacted at an Annual General Meeting.

AS SPECIAL BUSINESS

To consider and if thought fit, to pass the following
resolutions as Ordinary Resolutions, with or without any
modifications:

6. Authority to allot and issue shares up to 50 per centum (50
percent) of issued share capital

That pursuant to Section 161 of the Companies Act, Cap. 50 and
Rule 806 of the Listing Manual of the Singapore Exchange
Securities Trading Limited, the Directors be empowered to allot
and issue shares and convertible securities in the capital of
the Company at any time and upon such terms and conditions and
for such purposes as the Directors may, in their absolute
discretion, deem fit provided that the aggregate number of
shares (including shares to be issued in accordance with the
terms of convertible securities issued, made or granted pursuant
to this Resolution) to be allotted and issued pursuant to this
Resolution shall not exceed fifty per centum (50 percent) of the
issued share capital of the Company at the time of the passing
of this Resolution , of which the aggregate number of shares and
convertible securities to be issued other than on a pro rata
basis to all shareholders of the Company shall not exceed twenty
per centum (20 percent) of the issued share capital of the
Company and that such authority shall, unless revoked or varied
by the Company in general meeting, continue in force (i) until
the conclusion of the Company's next Annual General Meeting or
the date by which the next Annual General Meeting of the Company
is required by law to be held, whichever is earlier or (ii) in
the case of shares to be issued in accordance with the terms of
convertible securities issued, made or granted pursuant to this
Resolution, until the issuance of such shares in accordance with
the terms of such convertible securities. [See Explanatory Note
(i)]
(Resolution 12)
7. Authority to allot and issue shares under the Flextech
Executives' Share Option Scheme

That pursuant to Section 161 of the Companies Act, Cap. 50, the
Directors be authorized and empowered to allot and issue shares
in the capital of the Company to all the holders of options
granted by the Company, whether granted during the subsistence
of this authority or otherwise, under the Flextech Executives'
Share Option (the Scheme) upon the exercise of such options and
in accordance with the terms and conditions of the Scheme,
provided always that the aggregate number of additional ordinary
shares to be allotted and issued pursuant to the Scheme shall
not exceed fifteen per centum (15 percent) of the issued share
capital of the Company from time to time. [See Explanatory Note
(ii)]
(Resolution 13)

By Order of the Board

Yvonne Choo
Secretary
Singapore, 14 April 2004

Explanatory Notes:

(i) The Ordinary Resolution 12 proposed in item [6] above, if
passed, will empower the Directors from the date of this Meeting
until the date of the next Annual General Meeting, or the date
by which the next Annual General Meeting is required by law to
be held or when varied or revoked by the Company in general
meeting, whichever is the earlier, to allot and issue shares and
convertible securities in the Company. The number of shares and
convertible securities that the Directors may allot and issue
under this resolution would not exceed fifty per centum (50
percent) of the issued capital of the Company at the time of the
passing of this resolution. For issue of shares and convertible
securities other than on a pro rata basis to all shareholders,
the aggregate number of shares and convertible securities to be
issued shall not exceed twenty per centum (20 percent) of the
issued capital of the Company.

For the purpose of this resolution, the percentage of issued
capital is based on the Company's issued capital at the time
this proposed Ordinary Resolution is passed after adjusting for
new shares arising from the conversion or exercise of
convertible securities, the exercise of share options or the
vesting of share awards outstanding or subsisting at the time
when this proposed Ordinary Resolution is passed and any
subsequent consolidation or subdivision of shares.

(ii) The Ordinary Resolution 13 proposed in item [7] above, if
passed, will empower the Directors of the Company, from the date
of the above Meeting until the next Annual General Meeting, to
allot and issue shares in the Company of up to a number not
exceeding in total fifteen per centum (15 percent) of the issued
share capital of the Company from time to time pursuant to the
exercise of the options under the Scheme.

Notes :

1. A Member entitled to attend and vote at the Annual General
Meeting (the Meeting) is entitled to appoint a proxy to attend
and vote in his/her stead. A proxy need not be a Member of the
Company.

2. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at 10 Collyer Quay #19-08 Ocean
Building Singapore 049315 not less than 48 hours before the time
appointed for holding the Meeting.

Submitted by Yvonne Choo, Company Secretary on 14 April 2004 to
the SGX


GUAN LEONG: Issues Winding up Order Notice
------------------------------------------
Guan Leong Construction Pte Ltd issued a notice of winding up
order made on 2 April 2004.

Name and Address of Liquidators: Lim Lee Meng and Chee Yoh of
Chuang Chio Lim & Associates 18 Cross Street #08-01 Marsh &
McLennan Centre Singapore 048423.

Wong Tan & Molly Lim Llc
Solicitors for the Petitioner.

The Singapore Government Gazette announcement is dated 12 April
2004.


HONG LEONG: Bares Agenda for AGM
--------------------------------
Hong Leong Asia Limited announces that the company's forty-third
Annual General Meeting will be held at the M Hotel Singapore,
the Banquet Suite, level 10, 81 Anson Road, Singapore on Friday,
30 April 2004.

To view the full agenda for the said meeting, please click on
the following link:

http://bankrupt.com/misc/HongLeongNotice.pdf

To read the Appendix to the Notice of Annual General Meeting,
please click on the following link:

http://bankrupt.com/misc/HongLeongAppendix.pdf

Submitted by Ng Siew Ping, Jaslin, Company Secretary on 14 April
2004 to the SGX.


NATSTEEL LIMITED: Issues Corrections To 5 April AGM Notice
----------------------------------------------------------
NatSteel Ltd refers to its Notice of Annual General Meeting
dated 5 April 2004, contained on pages 87 and 88 of the
Company's Annual Report 2003.

The Company wishes to inform that item 5 of the Notice of Annual
General Meeting which presently reads

" To transact any other ordinary business which may properly be
transacted at an Annual General Meeting "

should instead read as follows:

"5. To transact any other ordinary business which may properly
be transacted at an Annual General Meeting:

(a) to approve the payment of a final dividend of 16 percent per
ordinary share or 8 cents per ordinary share (exempt - one tier)
for the financial year ended 31 December 2003, as recommended by
the Directors.
(Resolution 8)"

The proposed final dividend recommended by the Directors formed
part of the Company's announcement of the unaudited results of
the Group and the Company for the financial year ended 31
December 2003 released on 25 February 2004.

The payment of the proposed final dividend is subject to the
approval of the shareholders at the forthcoming Annual General
Meeting which will be held on 27 April 2004 at 22 Tanjong Kling
Road, Singapore 628048 at 2 p.m. Subject thereto, notice of
books closure for the final dividend will be announced on or
after 27 April 2004.

A revised Proxy Form, incorporating the above item of routine
business will be dispatched to shareholders. Shareholders who
are unable to attend the Annual General Meeting and wish to
appoint a proxy to attend and vote in their stead at the Annual
General Meeting should use the revised Proxy Form. The
completion and return of a Proxy Form does not prevent a
shareholder from attending and voting in person at the Annual
General Meeting if he so wishes.

By Order of the Board

Lim Su-Ling
Company Secretary
14th April 2004

Submitted by Lim Su-Ling, Company Secretary on 14 April 2004 to
the SGX


PACIFIC CENTURY: AGM Set April 29
---------------------------------
Notice is hereby given that the 40th Annual General Meeting
(AGM) of Pacific Century Regional Developments Limited will be
held at Raffles Town Club, Dunearn Room III, Level 1, 1 Plymouth
Avenue, Singapore 297753 on Thursday, 29 April 2004 at 10
o'clock in the morning for the following purposes:

As Ordinary Business

1. To receive and adopt the Directors' Report and Audited
Accounts of the Company for the year ended 31 December 2003 and
the Auditors' Report thereon.

2. To re-elect the following Directors retiring pursuant to
Article 104 of the Articles of Association of the Company and
who, being eligible, offer themselves for re-election:

(i) Mr. Peter A. Allen
(ii) Ms. Marjorie Yang Mun Tak

Ms. Marjorie Yang Mun Tak, upon re-election as a Director of the
Company, will be considered as an independent Director.

3. To consider and, if thought fit, to pass the following
resolution:

"That pursuant to Section 153(6) of the Companies Act, Cap. 50,
Mr. Gordon Seow Li-Ming be and is hereby re-appointed as a
Director of the Company to hold such office until the conclusion
of the next Annual General Meeting of the Company."

Subject to his re-appointment, Mr. Gordon Seow Li-Ming, who is
an independent Director, will remain as Chairman of the
Nominating Committee and a member of the Executive Committee,
Audit Committee and Remuneration Committee.

4. To approve Directors' Fees of $148,500 for the year ended 31
December 2003 (2002: $103,200).

5. To re-appoint Messrs Ernst & Young as Auditors of the Company
and to authorise the Directors to fix their remuneration.

As Special Business

6. To consider and, if thought fit, to pass the following
resolutions as Ordinary Resolutions, with or without any
modifications:

(a) "That pursuant to Section 161 of the Companies Act, Cap. 50
and the Listing Manual of the Singapore Exchange Securities
Trading Limited, the Directors of the Company be and are hereby
authorised to issue shares and convertible securities in the
Company (whether by way of rights, bonus or otherwise) at any
time to such persons and upon such terms and conditions and for
such purposes as the directors may in their absolute discretion
deem fit, provided that the aggregate number of shares and
convertible securities to be issued pursuant to this resolution
does not exceed 50% of the issued share capital of the Company,
of which the aggregate number of shares and convertible
securities to be issued other than on a pro-rata basis to
shareholders of the Company does not exceed 20% of the issued
share capital of the Company, and for the purpose of this
resolution, the issued share capital shall be the Company's
issued share capital at the time this resolution is passed
(after adjusting for new shares arising from the conversion of
convertible securities or employee share options in issue at the
time this resolution is passed and any subsequent consolidation
or subdivision of the Company's shares), and unless revoked or
varied by Ordinary Resolution of the Company in general meeting,
such authority shall continue in force until the conclusion of
the next Annual General Meeting of the Company after the date of
this Resolution or until and including the date by which the
next Annual General Meeting of the Company after the date of
this Resolution is required by law to be held, whichever is the
earlier."

(b) "That authority be and is hereby given to the directors of
the Company to offer and grant options in accordance with the
provisions of the Pacific Century Regional Developments
Employees' Share Option Scheme (the "Scheme") and to allot and
issue from time to time such number of shares in the Company as
may be required to be issued pursuant to the exercise of the
options under the Scheme, provided that the aggregate number of
shares to be issued pursuant to the Scheme shall not exceed 15%
of the issued share capital of the Company from time to time."

7. To transact such other business as can be transacted at an
Annual General Meeting of the Company.

By Order of the Board
Lim Beng Jin
Company Secretary
Singapore

Company Secretary Lim Beng Jin submitted the announcement to the
Singapore Stock Exchange Limited on 12 April 2004.


SEATOWN CORPORATION: Unveils 2003 Financial Results
---------------------------------------------------
Seatown Corporation Ltd announced on 27 February 2004 its un-
audited consolidated financial statements for the year ended 30
September 2003.

One of the Company's subsidiaries, Seatown Construction Pte Ltd
(SCPL) is under judicial management and the judicial manager is
Mr. Michael Goh Ngiap Suan. SCPL was unable to provide the
Company with SCPL's financial results for the year ended 30
September 2003 in time for the preparation of the Company's un-
audited consolidated financial statements for the year ended 30
September 2003. Accordingly, only SCPL's un-audited financial
results for 6 months ended 31 March 2003 have been included in
the Company's un-audited consolidated financial statements for
the year ended 30 September 2003 announced on 27 February 2004.

The Company had also announced on 4 March 2004 that a further
announcement might be made as to any material differences in the
Company's un-audited consolidated financial statements for the
year ended 30 September 2003 if SCPL's financial results for the
year ended 30 September 2003 are included.

The Company has since received SCPL's un-audited financial
results for the year ended 30 September 2003 and these financial
results are included in the Company's un-audited consolidated
financial statements for the year ended 30 September 2003.

The Board of Directors of Seatown Corporation Ltd submitted this
announcement to the Singapore Stock Exchange on 14 April 2004.

For a full copy of its financial statement, go to
http://bankrupt.com/misc/tcrap_seatown0416.pdf


T4 CONSTRUCTION: Issues Dividend Payment Notice
-----------------------------------------------
T4 Construction Pte Ltd. (In Liquidation) issued a notice of
intended preferential payment & dividend to unsecured creditors.

Address of Registered Office: c/o The Liquidator's Office.

Number of Matter: Companies Winding Up No. 250 of 2003/D.

Last day for receiving Proofs: 10th May 2004.

Name of Liquidator: Mr. Don M Ho, CPA.

Address: c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Restructuring
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.

Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

The Singapore Government Gazette announcement is dated 8 April
2004.


TECH-RENTALS: Creditors Must Submit Claims by May 16
----------------------------------------------------
Notice is hereby given that the creditors of Tech-Rentals
(Singapore) Pte Ltd (In Member's Voluntary Liquidation), which
is being wound up voluntarily, are required, on or before the 16
May 2004 to send in their names and addresses, with particulars
of their debts and claims, and the names and addresses of their
solicitors (if any) to the liquidators of the said Company. And
if so required by notice in writing by the said liquidators,
are, personally or by their solicitors, to come in, and prove
their said debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Low Sok Lee Mona
Cheng Soon Keong
Liquidators.

c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807.

The Singapore Government Gazette announcement is dated 14 April
2004.


TRANS-SEND CARGO: Court Sets Petition Hearing Date
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Trans-send Cargo Services Pte Ltd. by the High Court was on the
31 March 2004, presented by Eng Bee & Company Pte Ltd of 302
Jalan Besar #01-01, Singapore 208963. The said petition will be
heard before the Court sitting at the High Court in Singapore at
10 o'clock in the morning on the 23 April 2004. Any creditor or
contributory of the said Company desiring 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.

The Petitioner's address is 302 Jalan Besar #01-01, Singapore
208963.

The Petitioner's solicitors are Messrs CHONG CHIA & LIM LLC of
No. 20 Maxwell Road, #03-01E/F Maxwell House, Singapore 069113.

Chong Chia & Lim Llc
Solicitors for the Petitioners.

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs Chong Chia & Lim Llc of No. 20 Maxwell Road, #03-01E/F
Maxwell House, Singapore 069113, notice in writing of his
intention to do so. The notice must state the name and address
of the person, or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the above named Messrs
CHONG CHIA & LIM LLC not later than twelve o'clock noon of the
22 April 2004 (the day before the day appointed for the hearing
of the Petition).


WANT WANT: Incorporates New Subsidiary in PRC
---------------------------------------------
The Directors of Want Want Holdings Ltd wish to announce that it
has incorporated a wholly-owned subsidiary in Harbin Development
Zone, People's Republic of China, known as Harbin Want Want
Foods Ltd (Harbin Want Want).

Harbin Want Want has a registered capital of US$5 million and
its principal activities include manufacturing, processing and
distribution of food products, dairy products, snack foods,
beverages and other related products.

The transaction is not expected to have a material impact on the
net tangible assets or earnings per share of the Company for the
financial year ending 31 December 2004. None of the Directors or
substantial shareholders of the Company has any interest, direct
or indirect, in the transaction.

Submitted by Adams Lin Feng I, Group Vice President and Director
on 14 April 2004 to the SGX


* KHOO TECK PUAT: Police Investigating Undisclosed Stakes
---------------------------------------------------------
Singapore police are now investigating the business deals of the
country's richest man, the late Khoo Teck Puat, Dow Jones
reports.

Police say that Khoo, who died on 21 February 2004 from a heart
attack had failed to declare his complete stakes in three listed
companies.

The late billionaire had left behind a fortune valued at
approximately US$2.6 billion, including a 13.4 percent stake in
Standard Chartered PLC as well as controlling stakes in Goodwood
Park, Hotel Malaysia and Central Properties.

Khoo's children who were appointed as trustees of his estate
revealed that Khoo had actually controlled 96.47 percent of
Goodwood Park, not 82.29 percent as was disclosed. The
additional 14.8 percent stake is said to be worth around S$247
million.

That meant just 0.36% of shares were owned by the public,
significantly lower than the 10% free float requirement set by
the Singapore Exchange.

Last month, Orchard Parade said Khoo's stake in the company was
5.97 percent and not 3.65 percent as previously believed.

Hotel Malaysia and Central Properties have been under voluntary
liquidation since September, while Goodwood Park may also
consider a voluntary delisting. Trading in Goodwood shares has
been suspended for a year.

Khoo's underdisclosure is already under investigation by the
Singapore Exchange.


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


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

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

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

Jinan Qingoi Motorcycle
Co., Ltd.                      600698    (-193.08)     113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600646    (-193.08)     113.96
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)      60.39
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-239.91)      60.39


INDONESIA
---------

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


JAPAN
-----

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

MALAYSIA
--------

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


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

C & P Homes, Inc.               CMP       (324.94)       2.45
Pilipino Telephone Co           PLTL     (-400.56)     115.91


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-931.65)    7369.85


  THAILAND
  --------

Asia Hotel PCL                  ASIA       (26.62)      96.21
Asia Hotel PCL                  ASIA/F     (26.62)      96.21
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     40.41
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Christiani & Nielsen            CNT/F      (-24.03)     35.80
(Thai) PCL
Christiani & Nielsen            CNT        (-24.03)     35.80
(Thai) PCL-F
Datamat PCL                     DTM         (9.53)      13.66
Datamat PLC-F                   DTM/F       (9.53)      13.66
Jutha Maritime                  JUTHA      (-0.78)      29.03
Jutha Maritime-F PCL            JUTHA/F    (-0.78)      29.03
National Fertilizer PCL         NFC        (-30.82)    297.40
National Fertilizer PCL-F       NFC/F      (-30.82)    297.40
Nakornthai Strip Mill PCL       NSM        (442.2)     748.20
Nakornthai Strip Mill PCL-F     NSM/F      (442.2)     748.20
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-13.88)      14.02
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-13.88)      14.02
Thai Nam Plastic-F              TNPC/F     (-2.00)      24.33
Thai Nam Plastic                TNPC       (-2.00)      24.33
Thai Wah Public
Company Limited                 TWC       (-61.48)     155.47
Thai Wah Public
Company Limited-F               TWC/F     (-61.48)     155.47
Tuntex (Thailand) PCL           TUNTEX    (-26.82)     381.43
Tuntex (Thailand) PCL-F         TUNTEX/F  (-26.82)     381.43


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***