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

                     A S I A   P A C I F I C

            Tuesday, April 20, 2004, Vol. 7, No. 77

                          Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Share Price Decrease May Prompt Downgrade
QANTAS AIRWAYS: Australian Air Force Appoints Unit as Tenderer
QANTAS AIRWAYS: Welcomes Hong Kong Decision


C H I N A  &  H O N G  K O N G

CITYMAX VIDEO: Schedules Winding up Hearing
C.P. POKPHAND: Schedules Special May 6 General Meeting
ESUN HOLDINGS: Widens 2003 Net Loss to HK$93M
GRANDABLE INDUSTRIAL: Winding up Hearing Set June 9
LAI SUN: Posts HK$167M Net Loss in Second Half

LASER CITY: Date for Hearing of Petition Set
SUN TAK: Issues Winding Up Petition
UNITED TONES: Faces Winding Up Petition


I N D O N E S I A

BANK DANAMON: Staff Embezzles IDR33B
SEMEN GRESIK: Reports a Net Profit Increase of 5%

*BANK INDONESIA: Wants Bapepam to Investigate 6 Securities Firms


J A P A N

DAIEI INC: Exceed Earnings Target for 2003
MITSUBISHI FUSO: Chairman Takashi Usami Resigns
MITSUBISHI MOTORS: DaimlerChrysler, Mitsubishi OKs JPY750B Aid
MITSUBISHI MOTORS: Enters Deal With DaimlerChrysler Unit
SEIBU DEPARTMENT: Nomura May Inject JPY50B

SHOWA DENKO: Withdraws Toll Production Deal With Yasuda
TAIHEI KOYGO: Affirms BB+ Rating


K O R E A

HYNIX SEMICONDUCTOR: Citigroup Fund Still Eyeing Units

* MANUFACTURING BANKRUPTCY: Increases to 5-Month High


M A L A Y S I A

ACTACORP HOLDINGS: Submits Applications To Revised Plan
ANSON PERDANA: Winding Up Petition Served on Chemstab Unit
AXIS INCORPORATED: Makes Strong Debut
BOUSTEAD HOLDINGS: Listing New Shares on 20 April
CHIN FOH: Asset Securitization Not Pushing Through

I-BERHAD: Schedules 37th AGM for 13 May
KRAMAT TIN: Announces a Change of Address
LONG HUAT: Winding Up Hearings Adjourned To 26 May
MALAYSIA MINING: Changes Company Address
MALAYSIA MINING: Issues a First and Final Dividend

MALAYSIAN RESOURCES: To Renew Shareholder's Mandate
MALAYSIAN RESOURCES: Registrar Changes Address
MGR CORPORATION: Discloses Results of Investigative Audit
MITHRIL BERHAD: Answers Query By The KLSE
MYCOM BERHAD: Presents Proposed Scheme of Arrangement

OLYMPIA INDUSTRIES: Seeks Approval for Proposals
POS MALAYSIA: Lists Newly Converted Shares
PROTON: Faces Tough Search For Foreign Partner
RNC CORPORATION: Deadline For Implementing Proposals Lapses
SBC CORPORATION: Proposed Debt Settlement Approved

SRI HARTAMAS: Not Complying With Listing Requirements
SRIWANI HOLDINGS: SC Approves Proposals
TANJONG PUBLIC: Embarks on Berlin Tropical Islands Project
TRONOH MINES: Changes Company Address


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Reports PhP1.26B Net Loss  
MANILA ELECTRIC: To Pay Maturing Debts by April and May   
MANILA ELECTRIC: Clarifies News Article
PILIPINO TELEPHONE: Creditors Ask Smart For Extension


S I N G A P O R E

ASIATIC UNDERWATER: Issues Debt Claim Notice to Creditors
KOGHAR BROTHERS: Issues Dividend Notice
LAM LEONG: Winding Up Hearing Set for April 30
LIN SIN: Court Sets Petition Hearing Date
RACAL SURVEY: Creditors Must Submit Claims by May 17

UCB-PLATOU DRY: Unveils April 12 EGM Resolutions


T H A I L A N D

ABICO HOLDINGS: Submits Rehabilitation Progress Report
TANAYONG: Submits Business Reorganization Report
THAI GERMAN: Submits Progress Report on Reorganization Plan
THAI MILITARY: Projects Continuance of Strong Profitability
THAI MILITARY: 2004 Q1 NPL Increases to 10.80%

THAI WAH: Submits Progress Report on Financial Status

* BOND PRICING: For The Week 19 April - 23 April 2004

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Share Price Decrease May Prompt Downgrade
-------------------------------------------------------------
Last Friday report on the decrease of share price of National
Australia Bank (NAB) may result to a fall in its status as
Australia's biggest bank, The Sydney Morning Herald newspaper
reports.  Based on the fall in share prices, the banks $44.7
billion market capitalization places it barely $5 billion above
that of the Commonwealth bank.

In another news, the board is under greater pressure following
Friday's announcement that the first-half profit, due on May 12,
would be 8 to 10 per cent lower before significant items,
pointing to bigger problems than those highlighted by the forex
scandal.

NAB will hire an investment bank to underwrite its dividend
reinvestment plan, meaning that all the cash it pays out in
dividends comes back to the bank after a share issue.

Investors should be aware that NAB was disguising a capital
raising in the form of a dividend payment according to 452
Capital director Peter Morgan.  "It also raises questions about
how capital is being managed in the bank," Mr. Morgan added.

Goldman Sachs JBWere said NAB's profit downgrade was worse than
the market had expected and further highlighted the risks to the
bank's earnings profile.


QANTAS AIRWAYS: Australian Air Force Appoints Unit as Tenderer
--------------------------------------------------------------
Qantas and EADS CASA confirmed on Friday, 16 April that they had
been selected as the preferred tenderer to acquire, modify and
maintain up to five Airbus A330-200 tanker aircraft for the
Royal Australian Air Force to be delivered between 2007 and
2009.

In a company press release, Executive General Manager Associated
Businesses, Denis Adams, said Qantas Defence Services (QDS), a
wholly owned specialist division of Qantas, was delighted to
have the opportunity to extend its relationship with the
Commonwealth Department of Defence.

"QDS already provides a range of aviation services to the
Department of Defence, and understands the specialized needs of
Australia's defence services.

"This contract not only gives the RAAF an enhanced tanker
capability, but will help to create jobs in Australia," Mr.
Adams said.

"Once this new arrangement is finalized, we will recruit up to
50 new staff to provide customized maintenance and crew training
systems and programs to the RAAF.

"There will also be new jobs created as a result of sub-
contracting opportunities in the Australian aeronautics and
engineering industries," Mr. Adams said.

Mr. Adams said heavy maintenance would be undertaken at Qantas'
new facility at Brisbane Airport due to open later this year,
with operational and logistics support provided at the RAAF base
at Amberley.

As the preferred tenderer, Qantas and EADS CASA - the military
aircraft division of EADS, which is the owner of Airbus - will
now enter negotiations with the Department of Defence on this
important contract.

"Qantas already operates a fleet of seven A330s, growing to 13
by the end of 2005, so we are completely familiar with the
aircraft, aircrew training and maintenance," Mr. Adams said.

Issued by Qantas Corporate Communication (3077)
Email: qantasmedia@qantas.com.au


QANTAS AIRWAYS: Welcomes Hong Kong Decision
-------------------------------------------
Qantas Airways welcomed on Friday the decision by the
Governments of Australia and the Hong Kong Special
Administrative Region to increase capacity between Australia and
Hong Kong, and to link Hong Kong services to London.

In a company press release, the Chief Executive Officer of
Qantas, Geoff Dixon, said the new arrangements would allow
Qantas to look at developing Hong Kong as a transit and stop-
over point as well as a destination in its own right.

Mr. Dixon said the additional capacity meant Qantas could look
at developing new services to London via Hong Kong, as well as
additional services between Australia and Hong Kong.

"Under the new arrangements, Qantas has the potential to offer
four Hong Kong-London flights immediately, increasing to seven
flights a week in 2006.

"Hong Kong is an important market for Qantas. The airline
company has been flying to Hong Kong since 1949, and currently
operates 28 services a week from Sydney, Melbourne, Brisbane and
Perth to Hong Kong, with Australian Airlines also flying three
Cairns-Hong Kong services a week.

"The additional capacity available, which represents a doubling
of capacity in 2006, will allow us to look at a range of
competitive opportunities to promote air travel to Hong Kong and
beyond," Mr. Dixon said.

Issued by Qantas Corporate Communication (3078)
Email: qantasmedia@qantas.com.au


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


CITYMAX VIDEO: Schedules Winding up Hearing
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Citymax Video Production Limited by the High Court of Hong Kong
was on the 22 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  The said Petition will be heard before the Court at
9:30 a.m. on the 2 June 2004. Any creditor or contributory of
the company desirous to support or oppose the making of an order
on the said petition may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or contributory of
the said company requiring the same by the undersigned on
payment of the regulated charge for the same.

Tsang, Chan & Wong
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the 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 1 June 2004.


C.P. POKPHAND: Schedules Special May 6 General Meeting
------------------------------------------------------
Notice is hereby given that a special general meeting of C.P.
Pokphand Co. Ltd. will be held at 21st Floor, Far East Finance
Centre, 16 Harcourt Road, Hong Kong on 6 May 2004 at 9:30 a.m.
for the purpose of considering and, if thought fit, passing,
with or without modifications, the following resolution of the
Company:

ORDINARY RESOLUTION

"THAT the Share Sale and Purchase Agreements (as defined in the
circular of the Company dated 19th April, 2004), copies of which
have been produced to the Meeting marked "A-1" and signed by the
chairman of the Meeting for purposes of identification, and the
execution, delivery and performance by the Company of the Share
Sale and Purchase Agreements, be and are hereby ratified and
approved AND THAT the directors of the Company be and are hereby
authorized to sign any document or to do anything on behalf of
the Company which they may consider necessary, desirable or
expedient for the purpose of, or in connection with, the
implementation of the Share Sale and Purchase Agreements (as
amended, if applicable) and to make such amendments thereto as
any director of the Company may consider necessary, desirable or
expedient."

By Order of the Board
Choi Yi Mei
Company Secretary
Hong Kong, 19 April 2004

Notes:

1. A member entitled to attend and vote at the meeting is
entitled to appoint one or more proxies to attend and, on a
poll, vote instead of him. A proxy need not be a member of the
Company.

2. In order to be valid, the proxy form together with the 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 lodged with the Company's registrar in Hong Kong,
Computer share Hong Kong Investor Services Limited, 17th Floor,
Hopewell Center, 183 Queen's Road East, Hong Kong not less than
48 hours before the time appointed for the holding of the
meeting.

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

4. Pursuant to the Bye-Law 59 of the Company, at any general
meeting a resolution put to the vote of the meeting shall be
decided on a show of hands unless (before or on the declaration
of the result of the show of hands or on the withdrawal of any
other demand for a poll) a poll is demanded (i) by the chairman
of the meeting; or (ii) by at least three members present in
person or by proxy and entitled to vote: or (iii) by any member
or members present in person or by proxy and representing in
aggregate not less than one-tenth of the total voting rights of
all members having the right to attend an vote at the meetings;
or (iv) by any member or members present in person or by proxy
and holdings shares conferring a right to attend and vote at the
meeting on which there have been paid up sums in the aggregate
equal to not less than one-tenth of the total sum paid up on all
shares conferring that right. The above ordinary resolution will
be determined by a poll.

The Standard announcement is dated 19 April 2004.


ESUN HOLDINGS: Widens 2003 Net Loss to HK$93M
---------------------------------------------
Esun Holdings Limited booked a net loss of HK$92.707 million for
the year 2003, versus a net loss of $68.799 million a year
earlier, according to Infocast News. No final dividend was
declared.  


GRANDABLE INDUSTRIAL: Winding up Hearing Set June 9
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Grandable Industrial Limited by the High Court of Hong Kong was
on the 30 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  The said Petition will be heard before the Court at
9:30 a.m. on the 9 June 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.

Or, Ng & Chan
Solicitors for the Petitioner,
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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 8 June 2004.


LAI SUN: Posts HK$167M Net Loss in Second Half
----------------------------------------------
Lai Sun Development Company Limited sustained a net loss from
ordinary activities attributable to shareholders of HK$167
million for the six-month period ended 31 January 2004.  

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Group is currently having ongoing discussions with all of its
financial creditors with the objective of refinancing the Group
to put it in a better financial position.  On 17 December 2002,
meetings with the holders (the Exchangeable Bondholders) of
US$115 million exchangeable guaranteed bonds (the Exchangeable
Bonds) and the holders (the Convertible Bondholders) of US$150
convertible guaranteed bonds (the Convertible Bonds) were held
at which, among other things, resolutions to approve the
deferral of the Group's obligations to redeem the Exchangeable
Bonds and the Convertible Bonds to 31 March 2003 were duly
passed.

The Group defaulted in the repayment of the Debt (note 9) due to
Golden Pool Enterprise Limited (GPEL), a wholly owned subsidiary
of eSun Holdings Limited (eSun), on 31 December 2002.  In
addition, the Convertible Bonds were due to be redeemed by the
Group on 31st March, 2003 but were not so redeemed and, at the
same time, the Group also failed to satisfy the redemption
rights exercised by certain of the Exchangeable bondholders,
which in turn, has resulted in the Exchangeable Bonds
becoming due for redemption in their entirety.  Accordingly, the
Group had defaulted in the repayment of the Debt and the
redemption of both of the Convertible Bonds and the Exchangeable
Bonds.  Such defaults, in turn, constituted a technical event of
default under all of the Group's other borrowing facilities.

As at the date of approval of these condensed consolidated
financial statements, the Group has yet to reach an agreement
with the Exchangeable Bondholders, the Convertible Bondholders,
eSun and its other financial creditors as to the terms of a
comprehensive restructuring of the Group's indebtedness (the
Debt Restructuring Plan).  The Group is currently operating
under a period of informal standstill and up to now, neither the
Exchangeable Bondholders, the Convertible Bondholders, eSun nor
its other financial creditors have taken any action to enforce
their respective securities.  The Group is, with the assistance
of its financial and legal advisers, conducting ongoing
negotiations with all of its financial creditors with a view to
securing the terms of a Debt Restructuring Plan acceptable to
all relevant parties.  Negotiation with various financial
creditors has reached a fairly advanced stage and the directors
of the Company are hopeful that the Group will be able to secure
the agreement of all its financial creditors to a consensual
debt-restructuring plan within the year 2004.

Throughout the period and up to the date of approval of these
condensed financial statements, the Group continued to implement
an orderly disposal of its assets, including properties and
other investments, to generate positive cash flows for the
partial repayment of bank and other borrowings and to help
provide sufficient working capital for the Group's operations
and for the future partial repayment of Exchangeable Bonds and
Convertible Bonds.

The directors of the Company believe that the Group will be able
to secure the agreement of all its financial creditors to the
Debt Restructuring Plan and, at the same time, will be able to
continue the orderly disposal of the assets of the Group and to
obtain financing or refinancing arrangements to generate
additional positive cash flows.  On this basis, the directors of
the Company consider that the Group will have sufficient working
capital to finance its operations in the foreseeable future.  

Accordingly, the directors of the Company are satisfied that it
is appropriate to prepare the financial statements on a going
concern basis.

If the going concern basis were not appropriate, adjustments
would have to be made to restate the values of the assets to
their recoverable amounts, to provide for any further
liabilities, which might arise, and to reclassify non-current
assets and liabilities as current assets and liabilities,
respectively.


LASER CITY: Date for Hearing of Petition Set
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Laser City Audio and Video Equipment Limited by the High Court
of Hong Kong was on the 5 March 2004 presented to the said Court
by Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.  The said Petition is directed to be heard
before the Court at 9:30 a.m. on the 5 May 2004 and any creditor
or contributory of the said company desirous to support or
oppose the making of an order on the said petition may appear at
the time of hearing by himself or his counsel for that purpose;
and a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Tsang, Chan & Wong
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear 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.


SUN TAK: Issues Winding Up Petition
-----------------------------------
Notice is hereby given that a petition for the winding up of Sun
Tak Shing Confectionery (HK) Limited by the High Court of Hong
Kong was on the 4 March 2004 presented to the said Court by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  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.

Messrs. T.H. Koo & Associates
Solicitors for the Petitioner,
Room A2, 15th Floor, United Centre
No. 95 Queensway
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.


UNITED TONES: Faces Winding Up Petition
---------------------------------------
Notice is hereby given that a petition for the winding up of
United Tones Limited by the High Court of Hong Kong was on the
12 February 2004 presented to the said Court by Simmons &
Simmons of 35th Floor, Cheung Kong Center, No. 2 Queen's Road
Central, Hong Kong.  The said Petition will be heard before the
Court at 9:30 a.m. on the 28 April 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose; and
a copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

Simmons & Simmons
Solicitors for the Petitioner,
35th Floor, Cheung Kong Center
No. 2 Queen's Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention 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 27 April 2004.


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


BANK DANAMON: Staff Embezzles IDR33B
------------------------------------
PT Bank Danamon discovered on Friday that some employees had
embezzled about 33 billion rupiah at the banks North Sumatra
branch, Dow Jones reports.  Analysts say the scandal highlights
the lack of internal control mechanisms in some Indonesian
banks, where corruption remains a problem.

"We found indications of a criminal act that involved our staff
in Medan," the bank said.  However, the case has been reported
to the local police.  The bank has recovered about IDR14 billion
from those involved in the scandal.

Bank Danamon is 51 percent owned by a consortium led by
Singapore government investment company Temasek Holdings.


SEMEN GRESIK: Reports a Net Profit Increase of 5%
-------------------------------------------------
PT Semen Gresik, Indonesia's largest cement maker, reports a
five percent increase in 2003 net profit to 290 billion rupiah
($33.6 million) from the previous year, according to Reuters.

The state-run company has been plagued by management trouble at
the key PT Semen Padang unit, which has delayed filing its
audited results for 2002 and 2003.

"The plan is to file the audited consolidated 2002 and 2003
financial results in June," company president Satriyo told a
public meeting.

Earlier, the company reported an unaudited 2002 net profit of
268.8 billion rupiah.  Analysts forecasted the Padang unit would
post net losses in 2003 but Gresik, which only regained control
of the unit in September last year, declined to comment.

In 2003, Padang's cement sales volume represented around 31
percent of the company's total sales of 14 million tonnes.


*BANK INDONESIA: Wants Bapepam to Investigate 6 Securities Firms
----------------------------------------------------------------
Bank Indonesia sought the investigation of the involvement of
six firms of securities through the supervisory agency of stock
market (Bapepam).  The firms are said to have issued negotiable
certificate documents (NCD) of Bank Asiatic and Bank Dagang Bali
(BDB) worth Rp900 billion, according to Indoexchange.

"Whether or not the issuance of the NCD was tricky would be
decided by the Bapepam since it is under its authority. In this
regard we want the Bapepam to further investigate the case,"
said the director of supervision of Bank IBI, Anton Sabar
Tarihoran, as quoted from Investor Indonesia.

Mr. Tarihoran said, "We could not simply accuse that the six
firms of securities were guilty. There has to be further
investigation on their involvement in the two banks that has
been liquidated.

The six firms of securities are PT Summit Nusantara Capital
(SN), PT Pandurama Sekuritas (FX), PT Semesta Indovest Sekuritas
(MG), PT GS Capital Sekuritas, PT Graha Lestari Utama, and PT
Graha Lestari Investama. According to Tarihoran, the six firms
might get involved in various transactions of Bank Asiatic and
BDB.

Bapepam's head, Herwidayatamo said, Bapepam is in collaboration
with Bank Indonesia to reveal the facts of the case since July
2003. "The Bapepam found that the transactions in stock markets
by BDB and Asiatic were merely fictitious," Mr. Herwidayatamo
added.

Mr. Tarihoran said Bank Indonesia found the fictitious
transactions of NCD when the bank conducted inspection at mid
September of 2002.  At the time, in addition to a number of
securities, BI also queried about some credits of motor vehicles
that seemed to be suspiciously obscure. "The case was in fact
deceitfully covered up but we managed to find out some weird
figures in the documents," Mr. Tarihoran assured.


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


DAIEI INC: Exceed Earnings Target for 2003
-------------------------------------------
Struggling Daiei Inc. said its recurring profit rose 146.4
percent in the year to February, helped by the sale of
unprofitable stores and special sales promotions.

According to Just-food.com, the retailer incurred a consolidated
recurring profit of 31.5 billion yen (US$290.4 million) for the
year to 29 February, compared to 12.79 billion yen in the
previous year, reported Reuters.

Revenues dropped 9.3 percent to 1.99 trillion yen.

Group net profit fell 86.6 percent to 18.15 billion yen, mainly
due to the effect of a bailout in the previous year. However,
this was the company's second straight successive of
profitability.


MITSUBISHI FUSO: Chairman Takashi Usami Resigns
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation, in a press release,
announced the resignation of its Chairman of the Board, Takashi
Usami.

"Even before the spin-off of the truck and bus business, I was
extensively involved in the commercial vehicle business over
many years." Usami commented on his resignation. "I would like
to take the series of events related to the recall of our heavy-
duty vehicles as an opportunity to express my sincerest
apologies to our valued customers and all parties involved for
the inconveniences and apprehension caused. Additionally, I
would like to pray for the soul of the victim that died in the
accident and offer my condolences to the grieving family. It is
my wish that Mitsubishi Fuso will restore the confidence and
strive for a fresh beginning."

BIOGRAPHICAL OUTLINE OF TAKASHI USAMI

1963  Joined Mitsubishi Nippon Heavy-Industries, Ltd.

1970  Joined Mitsubishi Motors Corporation

1995  Member of the Board, Deputy Corporate General Manager of
Truck & Bus Development & Engineering Office

1998  Managing Director

2000  Senior Vice President, Senior Executive Officer, Executive
      Vice President of MFTB, Corporate General Manager of
      Planning & Administration Office

2001  Senior Vice President, Senior Executive Officer, Chief
      Operating Officer, President of MFTB, in the same year,
      Executive Vice President, Chief Operating Officer,
      President of MFTB
     
2003  Joined Mitsubishi Fuso Truck & Bus Corporation, Chairman
      of the Board


MITSUBISHI MOTORS: DaimlerChrysler, Mitsubishi OKs JPY750B Aid
--------------------------------------------------------------
DaimlerChrysler AG and three major Mitsubishi Group companies
have agreed to inject 750 billion yen into Mitsubishi Motors
Corporation, the Yomiuri Shimbun reported on Sunday.

Under a rehabilitation plan, MMC will issue common stock and
preferred stock, the latter having preference over common stock
in the payment of dividends and liquidation of assets, although
usually not carrying voting rights.

DaimlerChrysler, which has a 33.6 percent stake in MMC, will
purchase 450 billion yen worth of new shares, while Mitsubishi
Heavy Industries Ltd., trading house Mitsubishi Corp., Bank of
Tokyo-Mitsubishi and other Mitsubishi Group affiliates will
provide a total of 100 billion yen. The remaining 200 billion
yen worth of new shares will be placed among institutional
investors in Japan and abroad.

The injection of new funds will enable MMC to reduce its
interest-bearing debts, which amounted to 1.1 trillion yen as of
the end of September.


MITSUBISHI MOTORS: Enters Deal With DaimlerChrysler Unit
--------------------------------------------------------
Mitsubishi Motors Corporation will jointly develop a common
engine and chassis for new subcompacts with Smart GmbH, a
DaimlerChrysler unit producing and marketing compact cars, Asia
Pulse reports. The carmaker will primarily oversee the
development of the chassis and gasoline engine, expected to be
in the 660cc to 1-liter range.


SEIBU DEPARTMENT: Nomura May Inject JPY50B
------------------------------------------
Nomura Holdings plans to inject some 50 billion yen ($462
million) to take a majority stake in Seibu Department Store, as
part of a planned 100 billion yen rescue package for the ailing
retailer, according to Reuters.

The move is thought to be the biggest investment by Nomura's
Japanese merchant banking unit, Nomura Principal Finance, since
it began operating in 2000.

Seibu, which in May 2003 combined operations with failed
department store Sogo under a holding company, has been
restructuring its business.


SHOWA DENKO: Withdraws Toll Production Deal With Yasuda
-------------------------------------------------------
Showa Denko K.K. (SDK) and Yasuda Kinzoku Kogyo Co., Ltd.
(Yasuda) have agreed to cancel their plan for producing large-
sized aluminum extrusions through a tolling arrangement, Japan
Corporate News reports.

Under the plan, a large press suspended since March 2003 at
SDK's Sakai Plant in Osaka was to be sold to Yasuda for
operation at its original location. The period of relevant
land/building lease was set at three years to allow for future
expansion of the Sakai Plant.

However, Yasuda has come to judge that it will not be possible
for the company to recover the expenses pertaining to the
restart of the press within that time frame. SDK accepted
Yasuda's request for cancellation of the plan. Despite the
cancellation, the two companies have confirmed their intention
to maintain their friendly relations.

To meet growing demand for large-sized aluminum extrusions and
to shorten delivery periods, SDK will continue full capacity
operation at its Oyama Plant in Tochigi Prefecture with
increased manpower. At the same time, utilization of a 3,250-ton
press at SDK's Hikone Plant in Shiga Prefecture will be stepped
up. Through these measures, SDK intends to increase production
of large-sized aluminum extrusions by around 10%.

About Showa Denko K.K.

Showa Denko is a major manufacturer and marketer of chemical
products serving a wide range of fields ranging from heavy
industry to the electronic and computer industries. the company
makes petrochemicals (ethylene, propylene), aluminum products
(ingots, rods) electronic equipment (hard disks for computers),
and inorganic materials (ceramics, carbons). The company has
overseas operations and a joint venture with Netherlands-based
Montell and Nippon Petrochemicals to make and market
polypropylenes. In March 2001, SDK merged with Showa Denko
Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers.

Showa Denko is a major chemical company in Japan. In the midst
of severe business environment surrounding chemical industry,
Showa Denko increased the operating profit and pretax profit for
fiscal 2003 ended December 31, 2003, Japan Credit Rating Agency
reported recently. Rise of digital home appliances and increase
in earnings from hard disk operations derived from acquisition
of the business operation improved the profits for two years in
a row. Although the financial structure remains weak, it has
improved with the interest-bearing debt being reduced.

Contact:
Showa Denko K.K.
IR & PR Group, Nobuhiro Kato
nobuhiro_kato@sdk.co.jp
+81-3-5470-3235


TAIHEI KOYGO: Affirms BB+ Rating
--------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BB+ and the J-
3 ratings on senior debts and CP program of Taihei Koygo,
respectively.

RATIONALE:

Taihei Kogyo is now carrying out the three-year mid-term
management plan. The orders have been below the plan. On the
other hand, profit is expected to exceed the plan, supported by
cutback in unprofitable business and fixed expenses.
Profitability of works for Nippon Steel, which are the largest
earnings source of the company, is on the rise. JCR believes
that Taihei Kogyo's sales to Nippon Steel will be stable, given
the performance of the latter. The financial structure
deteriorated, however, due to loss incurred for fiscal 2002. It
is difficult for Taihei Kogyo to improve the financial structure
soon. JCR considers it necessary to watch continually the
disposal of real estate for sales.


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


HYNIX SEMICONDUCTOR: Citigroup Fund Still Eyeing Units
------------------------------------------------------
Citigroup Fund CVC wants to revive talks with Hynix
Semiconductor Inc. to buy its non-core chip-making units,
according to Reuters. Talks on the units, which make "non-
memory" chips for camera phones and flat screens, collapsed on
Tuesday, 13 April over the price, Hynix had said. CVC had
offered to buy the operations for $550 million.

Hynix then said it would stop negotiations with CVC, citing a
recovery in the market after years of losses in a prolonged
slump in the industry.


* MANUFACTURING BANKRUPTCY: Increases to 5-Month High
-----------------------------------------------------
The number of South Korean corporate bankruptcies in the
manufacturing sector hit a five-month high of 158 since it fell
since last October, the Korea Times reports, citing the Bank of
Korea. On the contrary, the total number of corporate
bankruptcies, including the service and construction sectors,
declined from 401 in February to 391 in March, the central bank
said.


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


ACTACORP HOLDINGS: Submits Applications To Revised Plan
-------------------------------------------------------
With reference to the Company's announcement dated 8 April 2004,
PM Securities Sdn Bhd, on behalf of the Board of Directors of
Actacorp Holdings Berhad (AHB) wishes to announce that the
relevant applications in relation to the Revised Proposed
Restructuring Scheme of AHB (as defined in our announcement
dated 14 April 2004) have been submitted to the relevant
authorities on 16 April 2004.

cc Securities Commission
Attn.: Encik Kris Azman Abdullah

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


ANSON PERDANA: Winding Up Petition Served on Chemstab Unit
----------------------------------------------------------
Anson Perdana Berhad (Anson) wishes to announce that a winding-
up petition dated 19 March 2004 has been served on the Company's
subsidiary, Chemstab Asia (M) Sdn Bhd (Chemstab) on 15 April
2004 by Jethsuch Sdn Bhd. The amount claimed under the petition
is RM510,000.00. No interest is chargeable on the amount
claimed. The filing of the winding-up petition was a result of
unsettled claims due to Jethsuch Sdn Bhd by Chemstab for
contractual works. The hearing on the petition has been fixed on
21 July 2004.

The Company is seeking legal advice as to the appropriate course
of action in respect of the above petition. At this juncture,
the Company is assessing the financial impact, operational
impact and expected losses with the lawyers as the Company is in
the process of trying to diffuse the claims through
negotiations. In the event that negotiations do not yield
positive results, then Chemstab may face liquidation
proceedings.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


AXIS INCORPORATED: Makes Strong Debut
-------------------------------------
Axis Incorporation Berhad made a strong debut on the Second
Board of the Malaysia Securities Exchange Berhad on Monday, 19
April. The Edge Daily reports that Axis, which took over the
listing status of Ganad Corporation Berhad opened at RM1.98, 98
sen above the reference price of RM1.

Within the first half hour of trade, 4.23 million shares were
done at prices ranging from RM1.78 to RM1.98. At 9.30am, the
shares of the garment manufacturer were trading at RM1.78.

About 60 percent of Axis' sales are from the US-based Gap
Incorporated, which owns the Banana Republic, Gap and Old Navy
brands.

Its existing clients include K-Mart, Target Stores and JCPenny,
and new ones in Japan and Russia.

Axis plans to increase its market share in Europe and the US
upon the abolition of textile quotas under the World Trade
Organization regulations in 2005.


BOUSTEAD HOLDINGS: Listing New Shares on 20 April
-------------------------------------------------
Kindly be advised that Boustead Holdings Berhad's additional
4,238,000 new ordinary shares of RM0.50 each issued pursuant to
the Boustead-Employees' Share Option Scheme will be granted
listing and quotation with effect from 9.00 a.m., Tuesday, 20
April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


CHIN FOH: Asset Securitization Not Pushing Through
--------------------------------------------------
On behalf of Chin Foh Berhad (CFB), Alliance Merchant Bank
Berhad wish to announce that further to the announcement made on
15 April 2004, CFB had on 30 December 2003 announced, amongst
others, proposals to issue redeemable convertible secured loan
stocks and irredeemable convertible unsecured loan stocks to
certain financial institutions, creditors and directors of CFB
(the Proposal).

Upon consultation with the advisers of the Asset Securitization
exercise, and in view of the length of time expected to complete
the Proposal, CFB is of the view that the Proposal should be
concluded first. Hence, CFB decided not to proceed with the
Asset Securitization exercise but may consider a similar
exercise in the future.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


I-BERHAD: Schedules 37th AGM for 13 May
---------------------------------------
I-Berhad is pleased to set out below the notice of 37th Annual
General Meeting (AGM) of the Company to be held at No. 3, Jalan
Astaka U8/84, Section U8, Bukit Jelutong, 40150 Shah Alam,
Selangor Darul Ehsan on Thursday, 13 May 2004 at 10 a.m.

The notice of AGM will be advertised in the New Straits Times on
Monday, 19 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


KRAMAT TIN: Announces a Change of Address
-----------------------------------------
Kramat Tin Dredging Berhad wishes to announce a change in
company address from 10th Floor, Block B, Wisma Semantan, No.
12, Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur to
10th Floor, Block B, HP Towers, No.12, Jalan Gelenggang, Bukit
Damansara, 50490 Kuala Lumpur.

With a telephone number of 03-20878718 and facsimile number 03-
20940424. The company's e-mail address is cosec@mmc.com.my

This change took effect on Saturday, 17 April 2004. The change
refers to the change of the name of the building from "Wisma
Semantan to HP Towers."

This is a Kuala Lumpur Stock Exchange announcement.


LONG HUAT: Winding Up Hearings Adjourned To 26 May
--------------------------------------------------
Long Huat Group Berhad wish to refer to the winding-up petitions
against Long Huat by Public Bank Berhad and Export-Import bank
of Malaysia Berhad, which were fixed for hearing on 14 April
2004.

Our solicitors, Messrs Kadir Andri Aidham & Partners, had
informed us that the hearing date for both suits has been
adjourned to 26 May 2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


MALAYSIA MINING: Changes Company Address
----------------------------------------
Malaysia Mining Corporation Berhad wishes to announce a change
in company address from 10th Floor, Block B, Wisma Semantan, No.
12, Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur to
10th Floor, Block B, HP Towers, No.12, Jalan Gelenggang, Bukit
Damansara, 50490 Kuala Lumpur.

With a telephone number of 03-20878718 and facsimile number 03-
20940424. The company's e-mail address is cosec@mmc.com.my

This change took effect on Saturday, 17 April 2004. The change
refers to the change of the name of the building from "Wisma
Semantan to HP Towers."

This is a Kuala Lumpur Stock Exchange announcement.


MALAYSIA MINING: Issues a First and Final Dividend
--------------------------------------------------
Malaysia Mining Corporation Berhad posted the following
announcement with the Kuala Lumpur Stock Exchange pertaining to
the issuance of first and final dividends on 16 April 2004.
Details are:

EX-date:    02 June 2004
  
Entitlement date:   04 June 2004
  
Entitlement time:   4 PM
  
Entitlement subject:  First and Final Dividend

Entitlement description:

A First and Final Dividend comprising 3.0 sen per share less 28
percent income tax and 2.0 sen per share, tax exempt

Period of interest payment:    to  

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

Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements:  4 June 2004  to  

Registrar's name ,address, telephone no:

Signet Share Registration Services Sdn Bhd
Level 26, Menara Multi Purpose, Capital Square,
No.8, Jalan Munshi Abdullah,
50100 Kuala Lumpur.  

Payment date:     29 June 2004

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

b) Securities deposited into
the Depositor's Securities Account
before 12:30 pm in respect
of securities exempted from
mandatory deposit:

c) Securities bought on MSEB
on a cum entitlement basis
according to the Rules of the MSEB.

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

Entitlement in RM (RM): 0.05

Remarks


MALAYSIAN RESOURCES: To Renew Shareholder's Mandate
---------------------------------------------------
Malaysian Resources Corporation Berhad wishes to announce that
the Company intends to seek its Shareholders' approval for the
proposed renewal and new Shareholders' mandate for recurrent
related party transactions of a revenue or trading nature at the
forthcoming Annual General Meeting to be held on 20 May 2004.

The Circular containing the information on the above will be
dispatched to the Shareholders in due course.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


MALAYSIAN RESOURCES: Registrar Changes Address
----------------------------------------------
Malaysian Resources Corporation Berhad wishes to announce that
the company's registrar has changed address. Details follow:

Change description:  Registrar

Old address:    7th Floor, Exchange Square,
Bukit Kewangan,
50200 Kuala Lumpur

New address:  Level 26, Menara Multi Purpose,
Capital Square, No. 8 Jalan Munshi
Abdullah, 50100 Kuala Lumpur

Name of Registrar:  Malaysian Share Registration
Services Sdn Bhd

Telephone no:    03-2721 2222

Facsimile no:    03-2721 2530 and 03-2721 2531

E-mail address:  

Effective date:    19 April 2004
  
Remark :  

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


MGR CORPORATION: Discloses Results of Investigative Audit
---------------------------------------------------------
This announcement is made by Crest Builder Holdings Berhad
(CBHB) on behalf of MGR Corporation Bhd (In Provisional
Liquidation) (MGR).

MGR is required to release an announcement on the findings of
the investigative audit on MGR in accordance with the condition
imposed by the Securities Commission (SC) following its approval
of the corporate exercise of MGR dated 8 November 2002 which
includes, inter-alia, the transferring of MGR's listing status
to CBHB. MGR was de-listed from the Main Board of the KLSE
following the transfer of its listing status to CBHB on 12 June
2003.  Upon its listing,  CBHB disposed the entire issued and
paid up share capital of MGR on 2 July 2003.  

CBHB takes no responsibility for the contents of this
announcement, makes no representation as to its accuracy or
completeness and expressly disclaims any liability whatsoever
for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement and is
making this announcement on the findings of the investigative
audit in view of the request by the KLSE as well as to ensure
compliance with the SC's condition.

MGR CORPORATION BHD. (143299-P)
(In Creditors' Voluntary Liquidation)

INVESTIGATIVE AUDIT OF MGR CORPORATION BHD
(In Creditors' Voluntary Liquidation)

Introduction

MGR Corporation Bhd. (In Creditors' Voluntary Liquidation) (MGR
or the Company) wishes to announce that on 8 September 2003,
Messrs Horwath. (Horwath), who was appointed by the Company to
investigate the past losses incurred by MGR group, had submitted
their investigative audit report to the Company.

Background

The Company was a PN4 Company listed on the Main Board of the
Kuala Lumpur Stock Exchange (the Exchange) until its listing
status was transferred to Crest Builder Holdings Berhad (CBHB)
on 12 June 2003. The transfer of the listing status to CBHB,
which met with the approvals of the Securities Commission and
the Exchange, was undertaken in accordance with the workout
proposal approved pursuant to the Pengurusan Danaharta Nasional
Berhad Act, 1998.

The Securities Commission in granting their approval to the
restructuring scheme of MGR (which included the transfer of
listing status to CBHB) imposed a requirement for MGR to appoint
an experienced independent audit firm to carry out an
investigative audit on the past losses incurred by the MGR
group. The Company is required to take the necessary steps to
recover the losses incurred by the MGR group. Furthermore based
on the findings of the investigative audit, MGR is required to
make reports to the relevant authorities if it is established
that there have been breaches of law, regulations, guidelines
and/or MGR's memorandum and articles of association that are
related to the board of Directors of MGR and/or any other
parties that have caused the said losses of the MGR group.

In compliance with the Securities Commission's requirement, the
Company appointed Horwath on 8 January 2003 to carry out an
investigative audit. On 8 September 2003, two copies of the
investigative audit reports issued by Horwath were submitted to
the Securities Commission in accordance with their requirements.

This announcement is made in accordance with the requirements of
the Securities Commission following their approval of the
restructuring scheme of MGR dated 8 November 2002.

Summary of Findings of Investigative Audit

a. Summary of Irregularities Noted

Summary of the losses transactions investigated suffered by the
NCK Group and the nature of the transactions for the period from
1 October 1997 to 30 September 2002 may be viewed on the
following link:

http://bankrupt.com/misc/MGRSummary20April2004.doc

Conclusion

The Company will carry out a review of the investigative report
and make the necessary reports to the relevant authorities of
the potential breaches, where reports have not already been made
and also consider the appropriate recovery action for the losses
highlighted in the investigative audit.


MITHRIL BERHAD: Answers Query By The KLSE
-----------------------------------------
Mithril Berhad (which recently took over the listing of Tajo
Berhad) would like to refer to the Malaysia Securities Exchange
Berhad's query letter dated 15 April 2004.

The KLSE letter reads as follow:

We refer to the article appearing in Utusan Malaysia, Ekonomi,
page 23, on Thursday, 15 April 2004, a copy of which is enclosed
for your reference.

In particular, we would like to draw your attention to the
underlined sentence which is reproduced as follows :

"... Mithril Bhd yakin mampu mencatat perolehan hampir RM70 juta
bagi tahun kewangan berakhir 31 Disember 2004 ...."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article in particular the underlined sentence after due and
diligent enquiry with all the directors, substantial
shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this
respect.

In the event you deny the above reported sentence or any other
part of the article, you are required to set forth facts
sufficient to clarify any misleading aspects of the same.

In the event you confirm the above reported sentence or any
other part of the article, you are required to set forth facts
sufficient to support the same, including the relevant basis and
assumptions in arriving at the above forecasts.

In this respect, you are required to confirm whether the
accounting bases, calculations and assumptions have been
reviewed by the external auditors.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully

TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
TYE/LMN
cc: Securities Commission

The Board of Directors would like to inform that the above
quotation is inaccurate and henceforth, the Board of Directors
would like to confirm that the projected turnover for 2004 is
RM63.988 million as disclosed in page 18 of our Prospectus dated
16 March 2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


MYCOM BERHAD: Presents Proposed Scheme of Arrangement
-----------------------------------------------------
The Board of Mycom Berhad (Mycom) wishes to inform that the
Company has on 16 April, filed an application to the High Court
of Malaya at Kuala Lumpur to seek the Court's approval for the
Proposed Mycom Scheme of Arrangement under the Company's
Proposed Restructuring Scheme as approved by its shareholders on
30 October 2003.

The Proposed Mycom Scheme of Arrangement is a proposed balance
sheet reconstruction exercise comprising of a Proposed Capital
Reduction and Proposed Capital Consolidation, Proposed Share
Premium Account Reduction and a Proposed Revaluation Reserve
Account Reduction collectively pursuant to a scheme of
arrangement under Sections 176 and 64 of the Companies Act 1965.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


OLYMPIA INDUSTRIES: Seeks Approval for Proposals
------------------------------------------------
The Board of Olympia Industries Berhad (OIB ) wishes to inform
the Malaysia Securities Exchange Berhad that OIB has filed an
application to the High Court of Malaya at Kuala Lumpur to seek
the Court's approval and confirmation for the Proposed Capital
Reduction & Proposed Capital Consolidation and the Proposed
Share Premium Account Reduction pursuant to Sections 60 and 64
of the Companies Act, 1965 under the Proposed Restructuring
Scheme of OIB as approved by its shareholders on 30 October
2003.

c.c. Securities Commission

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


POS MALAYSIA: Lists Newly Converted Shares
------------------------------------------
POS Malaysia and Services Holdings Berhad would like to advise
that the Company's additional:

(i) 170,000 new ordinary shares of RM1.00 each arising from the  
Conversion of RM306,000 nominal value 5-year 8 percent
irredeemable convertible unsecured loan stocks 1999/2004 and

(ii) 46,000 new ordinary shares of RM1.00 each issued pursuant
to the Employee Share Option Scheme

will be granted listing and quotation with effect from 9.00
a.m., Tuesday, 20 April 2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


PROTON: Faces Tough Search For Foreign Partner
----------------------------------------------
Industry analysts say foreign carmakers are unlikely to be
interested in an alliance with Malaysia's national automaker
Perusahaan Otomobil Nasional or Proton if they cannot have a
controlling stake in it, AFP reports.

Many of the key players have also stationed themselves in
neighboring Thailand to cater for the region and may not be keen
in establishing another large base in Malaysia, they say.

"This is likely to be a long-drawn issue. There is not much of
an incentive for technology transfer if the foreign partner does
not gain control of Proton, just like in the case of Proton's
previous partnership with Mitsubishi," brokerage K and N Kenanga
said in a report.

Song Seng Wun, regional economist with GK Goh in Singapore, said
it could be tough to draw foreign interest given the
government's intention to maintain Proton's local standing.

"It's an uphill battle. Almost all the major players are already
in Thailand, which has become the Detroit of Asia. So what is
the pull for them to invest in Proton?" he said.

Yet analysts concur that Proton's future lies in a technology,
assembly and ownership tie-up with a global manufacturer such as
General Motors or Ford ahead of market liberalization in 2005
under the ASEAN Free Trade Area (AFTA).

World's number one carmaker General Motors last week denied it
was in talks to buy a stake in Proton, but said there were plans
for a possible product and engineering collaboration with its
South Korean unit, GM Daewoo.

OSK Securities, in a report, said a foreign alliance was
essential to boost Proton's brandname internationally and create
a global distribution link for it to sell its cars abroad.

Proton's 1.8 billion ringgit (474 million dollar) new plant is
designed to produce a million cars a year by 2010 but with a
local consumption of only about 200,000 units, exports are key
to the carmaker's survival.

With a cash pile of more than three billion ringgit, Proton is
moving aggressively to expand assembly overseas, including
China, India and Indonesia and has plans to put up to 20 new
models on the road in the next decade.


RNC CORPORATION: Deadline For Implementing Proposals Lapses
-----------------------------------------------------------
On behalf of the Special Administrators of RNC Corporation
Berhad (Special Administrators Appointed) (RNC), OSK Securities
Berhad wish to announce that the deadline of 16 April 2004 for
the implementation of the Proposed Corporate and Debt
Restructuring Scheme has lapsed. OSK Securities Berhad, on
behalf of the Special Administrators of RNC, has already
submitted an application to the Securities Commission (SC) on 2
April 2004 for a further extension of time for the
implementation of the Proposed Scheme to 16 October 2004. The
application is currently pending the SC's approval.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


SBC CORPORATION: Proposed Debt Settlement Approved
--------------------------------------------------
On behalf of the Board of Directors of SBC Corporation Berhad,
Southern Investment Bank Berhad wishes to announce that the
resolution pertaining to the Proposed Debt Settlement totaling
RM37,720,372 by Smart Home Sdn Bhd to Syarikat Siah Brothers
Construction Sdn Bhd and Mixwell (Malaysia) sdn Bhd, wholly
owned subsidiaries of SBC and as stated in the Notice of
Extraordinary General Meeting (EGM) dated 31 March 2004 has been
approved by the shareholders of SBC at the EGM held on 16 April
2004.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


SRI HARTAMAS: Not Complying With Listing Requirements
-----------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) would
like to refer to the Malaysia Securities Exchange Berhad's
(MSEB) letter dated 14 April 2004 regarding the company's non-
compliance with Paragraphs 15.02, 15.10(1)(a), (b) and (c),
15.19 and 15.20 of MSEB's Listing Requirements.

The Special Administrators of SHB wish to inform that the
Company presently does not comply with Paragraphs 15.02,
15.10(1)(a), (b) & (c), 15.19 and 15.20 of the Listing
Requirements of the MSEB.

However, MSEB had, via its letter dated 14 April 2004, granted
an extension of time until 31 May 2004 for the Company to comply
with Paragraphs 15.02, 15.10(1)(a), (b) & (c), 15.19 and 15.20
of the Listing Requirements (Extension of Time).

The approval of MSEB for the Extension of Time is subject to the
following conditions:

1. SHB must make an announcement stating the non-compliance of
Paragraphs 15.02, 15.10(1)(a), (b) & (c), 15.19 and 15.20 of the
Listing Requirements disclosing:

(a) That the extension of time for compliance has been
granted; and

(b) The duration of the extension.

2. SHB must submit quarterly reports to the Exchange as to the
Company's efforts or progress to comply with the aforesaid
requirements; and

3. In respect of Paragraph 15.10 (1) (c), the Special
Administrators are required to provide a written undertaking
that at least one of the them (who is a member of the Malaysian
Institute of Accountants) will sit in all audit committee
meetings and shall advise or provide guidance to the audit
committee on all matters pertaining to financial management and
reporting so as to assist the audit committee in its decision
making.

Should you require any further information or explanation,
please do not hesitate to contact the undersigned at 03-2095
3388 (ext. 8002) or Tan Kim Chuan (ext. 8101).

Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed

Ooi Woon Chee
Special Administrator

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


SRIWANI HOLDINGS: SC Approves Proposals
---------------------------------------
Commerce International Merchant Bankers Berhad (CIMBB) would
like to refer to the announcements dated 13 December 2003 and 29
December 2003 pertaining to the proposed property disposals and
proposed alternative restructuring plan. Unless otherwise
defined, all abbreviations used herein shall have the same
meaning as those previously defined in the earlier
announcements.

On behalf of Sriwana Holdings Berhad (SHB), Commerce
International Merchant Bankers Berhad is pleased to announce
that the Securities Commission (SC) has through its letter dated
15 April 2004 (which was received on 16 April 2004), approved
the Proposals.

The approval of the SC for the Proposals is, however, subject to
the following:

(i) The following conditions must be adhered to with regards to
the utilization of proceeds from the Rights Issue and Restricted
Issue:

(a) The approval of the SC is required for any revision in the
utilization of proceeds from the Rights Issue and Restricted
Issue unless the revision is utilized for the core business of
SHB;

(b) SHB is required to inform its shareholders of the
utilization of the proceeds. Should there be any variation in
the utilization of proceeds, appropriate disclosure should be
made to the shareholders of SHB;

(c) Any extension of time for the utilization of the proceeds
must be approved by way of a final resolution from the Board of
Directors of SHB and must be fully disclosed to Malaysia
Securities Exchange Berhad; and

(d) Appropriate disclosure on the status of the utilization of
proceeds from the Rights Issue and Restricted Issue must be made
in the quarterly report and annual report of SHB until such time
when the proceeds have been fully utilized;

(ii) CIMB and SHB are required to comply with all the terms and
conditions that have been imposed by the SC in its letter dated
31 October 2002, in particular those terms and conditions which
are still relevant; and

(iii) SHB is required to comply fully with the relevant
requirements of the Policies and Guidelines on Issue/Offer of
Securities issued by the SC.

In addition to the above, CIMB and SHB are also required to
provide the SC with written confirmations on the compliance of
all the terms and conditions imposed by the SC in their approval
letter until such time when the Proposals are completed and all
the terms and conditions imposed by the SC are fully complied
with.

This Kuala Lumpur Stock Exchange announcement is dated 16 April
2004.


TANJONG PUBLIC: Embarks on Berlin Tropical Islands Project
----------------------------------------------------------
Tanjong Public Limited Company (Tanjong) announced on 16 April
that the Group has successfully completed the acquisition of the
assets of German based CargoLifter AG group of companies, with
the payment of balance of EUR12.5 million (approximately RM57.4
million) effected today.

The acquisition, for a total cash consideration of EUR17.5
million, include the largest free standing dome (Berlin Dome) in
the world measuring 360 meters long, 210 meters wide and 107
meters high, an exhibition center and buildings as well as 500
hectares of freehold land outside Berlin, in the State of
Brandenburg, Germany.

The acquisition was completed following the fulfillment of the
conditions set out in the commercial agreement signed in July
last year. These include the necessary planning approvals and
building permits, which have been obtained from the relevant
German authorities for the development and operation of the
Berlin Tropical Islands project, an edutainment and leisure
based tourist holiday destination that provides an all year-
round indoor tropical environment within the Berlin Dome.

A joint "Passing of Keys and Ground Breaking" ceremony will be
held in Berlin today to mark the completion of the acquisition.
Guests of Honour are the Prime Minister of the Federal State of
Brandenburg, Mr. Matthias Platzeck, who will officiate the
"Passing of the Keys" ceremony, while the ground-breaking
ceremony will have the Minister of Economic Affairs of the State
of Brandenburg, Mr. Ulrich Junghanns doing the honours. Also
present at the ceremony are Datuk Khoo, Chairman of Tanjong; Mr
Colin Au, President and Chief Executive Officer of Tropical
Islands; as well as other dignitaries from the State of
Brandenburg.

The Berlin Tropical Islands project is a resort destination with
an exotic year-round tropical setting featuring different themed
areas of natural islands, such as rainforest, sea, lagoon,
village, park, flower garden and market place.

Its year-round tropical setting means that it will be extremely
attractive to visitors from Germany and Europe in winter while
in summer, it will have a significant number of visitors as it
is located next to Spreewald, a huge nature reserve with large
number of rivers and lakes. Spreewald, which is listed as a
UNESCO world heritage site, attracts some 4 million visitors a
year.

Total development costs for the Berlin Tropical Islands project,
which is scheduled for completion in the fourth quarter of 2004,
is estimated at approximately EUR70 million, which includes the
EUR17.5 million acquisition costs of the assets of CargoLifter
AG Group.

A joint venture company, Central Pacific Assets Limited (CPA),
held equally by Tanjong Entertainment Sdn Bhd (TESB), a wholly-
owned subsidiary of Tanjong, and Au Leisure Investments Pte Ltd
(Au Leisure), had initially been formed to undertake the above
acquisition and the completion of the project.

Following the successful completion of the acquisition, the
partners had agreed to a new joint venture arrangement which
sees Tanjong Group increasing its equity interest to 75 percent
in Tropical Island S.ar.l (TISARL), the joint venture company
which will now undertake the Berlin Tropical Islands project. Au
Leisure holds the remaining 25 percent equity interest.

Datuk Khoo said, "The increased percentage of equity
participation in TISARL of 75 perecnt will accord the Tanjong
Group control of TISARL. As a subsidiary of the Tanjong Group,
TISARL would be better placed to draw upon the Tanjong Group's
internal resources and external business relationships in its
development of the Berlin Tropical Islands project."

Details of the announcement are available from the Kuala Lumpur
Stock Exchange website at www.klse.com.my and at Tanjong
website, www.tanjongplc.com.

Issued by Tanjong Public Limited Company. For more information,
please contact:

Ms. Shirene Lee (tel 603-23813021) or Ms. Wang Siew Lan (tel
603-23813168)


TRONOH MINES: Changes Company Address
-------------------------------------
Tronoh Mines Malaysia Berhad wishes to announce a change in
company address from 10th Floor, Block B, Wisma Semantan, No.
12, Jalan Gelenggang, Bukit Damansara, 50490 Kuala Lumpur to
10th Floor, Block B, HP Towers, No.12, Jalan Gelenggang, Bukit
Damansara, 50490 Kuala Lumpur.

With a telephone number of 03-20878718 and facsimile number 03-
20940424. The company's e-mail address is cosec@mmc.com.my

This change took effect on Saturday, 17 April 2004. The change
refers to the change of the name of the building from "Wisma
Semantan to HP Towers."

This is a Kuala Lumpur Stock Exchange announcement.


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


DIGITAL TELECOMMUNICATIONS: Reports PhP1.26B Net Loss  
-----------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) posts its
2003 results:

Revenue: 6.47 billion pesos vs. 5.6 billion pesos

Cost and expenses: 7.01 billion pesos vs. 4.35 billion

Operating loss: 539.6 million pesos vs. profit 1.25 billion

Net loss: 1.26 billion pesos vs. profit 112.6 million

The telecommunications arm of the Gokongwei family Digitel said
the rise in revenue in 2003 was a result of PhP1.04 billion
revenue from the wireless segment, which was partly offset by a
fall in local toll revenue.  The increase in costs and expenses
increased largely due to higher costs in the wireless services
segment amounting to 2.5 billion pesos.


MANILA ELECTRIC: To Pay Maturing Debts by April and May   
-------------------------------------------------------
Manila Electric Co. (Meralco) president Jesus P. Francisco said
the company will be able to pay maturing obligations in April
and May from internally generated funds, but Meralco will have
to get refinancing for $80 million in short-term debts due in
June, BusinessWorld Online reports.

Mr. Francisco said Meralco will need to refinance some maturing
long-term loans towards the end of the year. "Our requirements
are staggered. Our short-term credit has to be renewed every 90
days and the long-term debt requires periodic payment of
interest and principal. This is continuous. Sooner or later, the
refund we will give will be of such magnitude that it would be
difficult for us not to get a refinancing. Ideally, before that
point is reached, we will have to get a refinancing,".  

This year, Meralco has allocated between PhP4.8 billion and PhP5
billion to service a refund due big residential users, or
residential customers that use more than 300 kilowatt hours in
their April 2003 billing.  In 2005,  Meralco needs to allocate
PhP18 billion to service the last phase of the refund, which
covers industrial and commercial users.


MANILA ELECTRIC: Clarifies News Article
---------------------------------------
Manila Electric Co. submits to the Philippine Stock Exchange a
statement regarding the news article entitled "SEC Okays Meralco
plan to convert $600-M unsecured loans to bonds" published in
the April 19, 2004 issue of The Philippine Star (Internet
Edition). The article reported that:

The Securities and Exchange Commission (SEC) has approved the
plan of power distributor Manila Electric Co. Inc. to convert
its unsecured loans into bonded indebtedness in the amount of
$600 million. The $600 million that it seeks to be converted
into bonded indebtedness will be used to fund its capital
projects for 2004-2006, refinance all its existing long-term
unsecured loans, and convert existing unsecured short-term debts
to long-term secured debts.

The form of security being proposed is for Meralco to issue
bonds credited against its mortgage trust indenture (MTI) as
collateral for the proposed loans to be termed out. The credit
facilities proposed to be secured are the $220-million worth of
syndicated loans with ING Barings and Citibank; and the $110-
million short-term loans with Citibank, Bank of the Philippine
Islands Equitable-PCI Bank and Banco de Oro.

Manila Electric Company, in its letter dated April 19, 2004,
stated that:

The company confirms the veracity of the subject news item in
the April 19, 2004 issue of the Philippine Star (Internet
Edition).

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

Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President - Operations Group


PILIPINO TELEPHONE: Creditors Ask Smart For Extension
-----------------------------------------------------
Pilipino Telephone Corp. (Piltel) creditors ask for an extension
of Smart Communications Incorporated's offer period to convert
their exposure from Piltel to Smart for the reason that Piltel
needs more time to study the debt-swap plan, according to Dow
Jones quoting a Philippine Daily Inquirer report, citing unnamed
sources.

Smart plans to buy out the bulk if not all of Piltel's PhP41
billion in debt at a discount in March, paying up to US$20
million in cash along with Smart's own debt paper, or sovereign
bonds of the Philippines.  The deal if pushed throught will add
up to PhP2 billion a year to Piltel's bottom line.

A successful debt conversion would allow Smart to acquire PLDT's
45 percent stake in Piltel.  Piltel's creditors have up to
Tuesday to decide on Smart's offer.


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


ASIATIC UNDERWATER: Issues Debt Claim Notice to Creditors
---------------------------------------------------------
Notice is hereby given that the creditors of Asiatic Underwater
Contractors Pte Ltd (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 17 May 2004 to submit particulars of their debts or
claims and any security held by them to the liquidator.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Lim Say Wan
Liquidator.

c/- 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

The Singapore Government Gazette announcement is dated 16 April
2004.


KOGHAR BROTHERS: Issues Dividend Notice
---------------------------------------
Koghar Brothers (Private) Limited issued a notice of intended
dividend as follows:

Address of Registered Office: Formerly of 83 Arab Street
Singapore 199779.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 330 of 1998.

Last Day for Receiving Proofs: 30 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 16 April
2004.


LAM LEONG: Winding Up Hearing Set for April 30
----------------------------------------------
Notice is hereby given that a petition for the winding up of Lam
Leong Textiles (Private) Limited by the High Court was on the 5
April 2004 presented by Bank of China of 4 Battery Road, Bank of
China Building, Singapore 049908. The Petition will be heard
before the Court sitting at Singapore at 10 a.m., on 30 April
2004. Any creditor or contributory of the company desiring to
support or oppose the making of an order on the 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 Company requiring a copy of the
Petition by the undersigned on payment of the regulated charge
for the same.

The Petitioners' address is at 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioners' Solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. (Ref:
HJ/tgmn/10560.6).

Messrs Rodyk & Davidson
Solicitors for the Petitioners.

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
Messrs Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, notice in writing of his intention so to do.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the above named not later than 12 o'clock noon of
the 29 April 2004 (the day before the appointed date for the
hearing of the Petition).

The Singapore Government Gazette announcement is dated 16 April
2004.


LIN SIN: Court Sets Petition Hearing Date
-----------------------------------------
Notice is hereby given that a petition for the winding up of Lin
Sin Trading Pte Ltd. by the High Court of Singapore was on 8
April 2004 presented by United Overseas Bank Limited, having its
registered office at 80 Raffles Place, UOB Plaza 1, Singapore
048624. The said Petition will be heard before the Court at 10
a.m. on 30 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, 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.

The Petitioners' address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

The Petitioners' solicitors are Messrs Wong Partnership of 80
Raffles Place, #58-01 UOB Plaza 1, Singapore 048624.

Messrs Wong Partnership
Solicitors for the Petitioners.

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
Messrs Wong Partnership of 80 Raffles Place, #58-01 UOB Plaza 1,
Singapore 048624, notice in writing of his intention so to do.
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 solicitors (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 twelve o'clock noon
of 29 April 2004 (the day before the day appointed for the
hearing of the Petition).

The Singapore Government Gazette announcement is dated 16 April
2004.


RACAL SURVEY: Creditors Must Submit Claims by May 17
----------------------------------------------------
Notice is hereby given that the creditors of Racal Survey
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 17 May 2004 to submit particulars of their debts or
claims and any security held by them to the liquidator.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Lim Say Wan
Liquidator.

c/- 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.

This Singapore Government Gazette announcement is dated 16 April
2004.


UCB-PLATOU DRY: Unveils April 12 EGM Resolutions
------------------------------------------------
At an Extraordinary General Meeting (EGM) of the members of UCB-
Platou Dry Cargo Pte Ltd duly convened and held at 1 Temasek
Avenue, #18-03 Millenia Tower, Singapore on 12 April 2004, the
following Special Resolutions were duly passed:

1. That the Company be wound up voluntarily and that Mdm Chia
Lay Beng and Mdm Goh Wei Ling, both of 1 Scotts Road, #21-
07/08/09 Shaw Centre, Singapore 228208, be appointed Liquidators
for the purpose of such winding up.

2. That the Liquidators be authorized in their absolute
discretion to distribute to the contributories in all or part of
the assets of the Company and to exercise any of the powers
given by Section 272 (1) (b),(c), (d) and (e) of the Companies
Act, Cap. 50.

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

Christian Bartz-Johannessen
Chairman.

The Singapore Government Gazette announcement is dated 16 April
2004.


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


ABICO HOLDINGS: Submits Rehabilitation Progress Report
------------------------------------------------------
As the Stock Exchange of Thailand has required the Abico
Holdings PCL listed in the REHABCO category to report the
progress on the business rehabilitation for every six months, we
would like to report the progress of the Company on the
continued course of business rehabilitation in relation to the
solution to the problems on financial position and operating
results for removal from the following rehabilitation category:

(1) Improvement in the operating results.  The company has
undertaken the business restructure since 2002 to ensure
stability and continued profitability in the core businesses. It
is evident that the core business of the company which is ABICO
Dairy Farm Co., Ltd. made a net profit of 30.20 million baht in
2003, an increase of 27.70 million baht on 1,108% from that of
2002.

(2) Debt Restructuring.  The company has applied for business
rehabilitation through the Central Bankruptcy Court on March 16,
2004. An advisor on the business rehabilitation plan is Wise
Management Co., Ltd.  The rehabilitation process through the
court procedure is expected to be completed by 2004 and the
Central Bankruptcy Court has made an appointment for the trial
on the rehabilitation request on April 12,2004. The major
progress will be periodically reported to the Stock Exchange of
Thailand.

Forwarded for your information.
Sincerely yours,
Abico Holdings Public Co., Ltd.
Kitti Vilaivarangkul
Managing Director


TANAYONG: Submits Business Reorganization Report
------------------------------------------------
The Central Bankruptcy Court gave the orders on December 30,
2003 for the business reorganization of Tanayong PCL and on
March 15,2004 to appoint Tanayong PCL as the Planner.

The Official Receiver had informed the creditors to submit the
claim for debt repayment within one month after the
advertisement of the order to appoint the planner in the Royal
Gazette. The advertisement in the Royal Gazette will be on April
27, 2004.
    
Please be informed accordingly.
Yours sincerely,
Mr.Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited


THAI GERMAN: Submits Progress Report on Reorganization Plan
-----------------------------------------------------------
The Central Bankruptcy Court has approved the second amendment
of Business Reorganization Plan (The Plan) of Thai-German
Products PCL (TGPRO).  The plan adjusts the interest rate and
term of payment of interest of the third and fourth quarter of
2003.

However, the creditor committee had resolved to amend the plan
to meet the Stock Exchange of Thailand's (SET) REHABCO
requirements.  PLV and Associated Company Limited (PLV) as Plan
Administrator of TGPRO have submitted the amendment plan to the
receiver on April 2, 2004.

The receiver had set the date of meeting for all creditors to
approve the plan on May 21, 2004. The Central Bankruptcy Court
considers to agree the on the plan on May 21, 2004.  The details
of the plan will be reported after the date of all creditors'
meeting.

Yours Sincerely,
(Mr.Apinun Ratchatasombat)
Executive Planner Representation


THAI MILITARY: Projects Continuance of Strong Profitability
-----------------------------------------------------------
Thai Military Bank posts a 49 percent growth on year in net
profit in its first quarter which entails a possibility of
strong profitability in the coming quarters, Dow Jones reports,
citing a bank's top executive.

"Our net profit in the coming quarters will be no less than that
of the first quarter," Thai Military Bank President Subhak
Siwaraksa told reporters.

On Monday, the bank said its net profit during the January-March
period was 1.43 billion baht compared to 961.3 million in the
same period in 2003.

Mr. Subhak said continued lending growth, lower interest
expenses, and lower non-performing loans support the state-
controlled bank's earnings prospects.

The projections do not include the performances of DBS Thai Danu
Bank PCL and state-controlled Industrial Finance Corp. of
Thailand PCL. The two banks' performances are to be consolidated
into Thai Military Bank's balance sheet in the third quarter
following the banks' three-way merger agreement in March.


THAI MILITARY: 2004 Q1 NPL Increases to 10.80%
----------------------------------------------
Thai Military Bank PCL reported on Monday an increase in non-
performing loans from 9.89 percent at end December to 10.80
percent at end March, Dow Jones reports.  In its assets and
liabilities report, its non-performing loans amounted to 32.81
billion baht compared to 29.83 billion baht at end-December.

At the end of March, the bank's total assets stood at THB385.14
billion versus THB379.15 billion at end-December. Its total
liabilities were THB357.35 billion, compared with THB351.62
billion at the end of the previous quarter.

The bank did not disclose an explanation for the rise of the bad
loans.


THAI WAH: Submits Progress Report on Financial Status
-----------------------------------------------------
Thai Wah PCL, through Thai Wah Group Planner Company Limited as
the Plan Administrator would like to inform the progress report
on the financial status and performance as well as the
implementation of Business Reorganization Plan of the Company
for the period beginning October 2003 to the end of March 2004:

(1) Progress Report on Financial Status and Performance of the
Company

(1.1) Starch Operations

The starch operations of TWC, being the core business of the
Company, consist of the manufacture and sale of tapioca flour
and other related products.  Fresh cassava roots are purchased
and processed into tapioca flour of which a small portion is
then used in the manufacture of downstream products such as
tapioca pearls, modified starch and pulp. Revenue generated from
the sale of tapioca flour on average contributes about 85
percent of the Company's total revenue.

As explained in the next section, the Company's starch
operations continue to be profitable and this is expected to
continue provided that the Company has sufficient working
capital to maintain an appropriate level of production and
sales.  On average, the Company requires approximately THB500
million in working capital in a combination of cash, inventory
and accounts receivable.  

Throughout the period from October 1, 2003 to March 31, 2004 the
Company has been operating at working capital levels, which are
below THB500 million.

(1.2) Performance of Starch Operations

Sales revenue during the six months from 1 October 2003 to 31
March 2004 amounted to THB474 million, which is about 22 percent
lower than the same six-month period of a year earlier.  Sales
volume decreased 19 percent to approximately 62,000 tons
(tapioca starch only) whilst the average unit-selling price
declined 7 percent, to THB 6,800 per ton (tapioca starch only).

Gross operating profit generated by starch operations in the
period under review increased marginally by 0.2 percent, over
the same period last year to THB109 million at a profit margin
of 23 percent.  Operating profit before interest & taxes
increased by 33 percent to THB39 million.

(2) Progress of Plan Implementation

(2.1) Payment to the Creditors

The Company by the Plan Administrator paid principal and
interest to the creditors as due on December 31, 2003 and March
31, 2004. The total of the principal & Interest payments was US$
1.51 million plus THB21.67 million.

(2.2) Sale of Non-Core Assets

See update provided by Class B Directors of Thai Wah Group
Planner Company Limited in a separate letter.

(2.3) Execution of the revised security documents

The Plan Administrator and the Security Agent executed the
revised security documents on December 24, 2003. Registration of
mortgages pursuant to the security documents commenced on 25
December and is still in progress as at April 16, 2004.

Please be informed accordingly
Yours sincerely
(Mr. Kuan Chiet)
Thai Wah Public Company Limited
By: Thai Wah Group Planner Company Limited as the Plan
Administrator


* BOND PRICING: For The Week 19 April - 23 April 2004
-----------------------------------------------------

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



AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   62
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   11
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.500%     4/15/04    7
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12   
Hutchison Telecoms Australia          5.500%     7/12/07    1    
Infrastructure and Utility         8.500%     9/15/13    8
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   72
NPT Capital Ltd                       9.500%    11/30/04    9
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    6
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   73
Richmond Ltd                         10.750%    12/15/04   10
Salomon Smith Barney Australia        4.250%       2/1/09   8
Sapphire Securities                   9.250%     12/20/06   9
Sky Network Television Ltd            9.300%     10/29/49   7
Straits Resources Ltd                10.000%     12/31/03   1
Strathfield Group Ltd                11.000%     12/31/05   1
Tower Finance Ltd                     8.750%     10/15/07   8
TrustPower Ltd                        8.300%      9/15/07   7
TrustPower Ltd                        8.500%      9/15/12   8
Vision Systems Ltd                    9.000%     12/15/08   2


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

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


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   63
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------
Alliance Bank Bhd       7.750%     06/20/11    5
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    6
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%      12/24/05   1
Kretam Holdings Bhd                    1.000%       8/10/10   1
Kumpulan Emas Bhd                      7.000%      11/15/04   1
Kumpulan Jetson                        5.000%      11/28/12   1
Lebar Daun Bhd                     2.000%        1/6/07   3
LBS Bina Group Bhd                     4.000%      12/31/06   2
LBS Bina Group Bhd                     4.000%      12/31/07   2
LBS Bina Group Bhd                     4.000%      12/31/08   1
Lingkaran Trans Kota Holdings          7.150%      10/23/10  10
Media Prima Bhd                        2.000%       7/18/08   1
Mutiara Goodyear Development Bhd       2.500%       1/15/07   1
MWE Holdings                           5.500%       10/7/04   1
NAM Fatt Corporation Bhd               2.000%       6/24/11   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
OSK Holdings Bhd                       3.500%        3/1/05   1
OSK Holdings Bhd                       6.000%        3/1/05   1
Pahlawan Power                         5.150%       1/31/05  10
Pantai Holdings                        5.000%       3/28/07   1
Patimas Computer Bhd                   6.000%       2/19/06   1
Poh Kong Holdings                      3.000%       1/20/07   1    
Prinsiptek Corporation Bhd             2.000%      11/20/06   1
Puncak Niaga Holdings Bhd              2.500%      11/20/16   1
POS Malaysia & Services Holdings Bhd   8.000%      11/26/04   1
Orlando Holdings Bhd                   3.000%       3/16/05   1
Rashid Hussain Bhd                     0.500%      12/23/12   1
Rashid Hussain Bhd                     3.000%      12/23/12   1
Rhythm Consolidated Bhd                5.000%      12/17/08   1
Silver Group Bhd                       1.000%       2/15/09   1
Southern Steel Bhd                     5.500%       7/31/08   2
Tanah Emas Corporation Bhd             2.000%       12/9/06   1
Talam Corporation Bhd                  7.000%       7/19/05   1
Talam Corporation Bhd                  7.000%       4/19/06   1
Tap Resources Bhd                      2.000%       6/29/06   1
Time Engineering Bhd                   2.000%      12/25/05   1
VTI Vintage Bhd                        4.000%       8/22/06   2
Wah Seong Corporation Bhd              3.000%       5/21/12   3
Yu Neh Huat Bhd                        3.000%        9/2/08   1


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

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

SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Housing and Dev. Board                 3.875%      2/11/04    1
Rabobank Singapore                     1.000%      1/15/13   71
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd           6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11   1
Tincel Ltd                             7.400%      6/13/11   1



THAILAND
--------

Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank                             4.589%     3/3/04   64
Bangkok Land              3.125%    3/31/01   15
Bangkok Land                             4.500%   10/13/03   15
Siam Commercial Bank PCL                 3.250%    1/24/04   64



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


                            *********


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

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

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

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

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

                 *** End of Transmission ***