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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 27, 2004, Vol. 7, No. 82

                            Headlines

A U S T R A L I A

DUKE ENERGY: S&P Raises Rating to "BBB"
MAYNE GROUP: Completes Acquisition of Multivitamin Products
NATIONAL AUSTRALIA: QIC Chairman Urges Mr. Kraehe to Go


C H I N A  &  H O N G  K O N G

BNP PARIBAS: Issues Notice to Creditors
CENTRAL CHINA: Posts HK$58.859 Net Loss in 2003
CENTRAL CHINA: AGM Set May 28
CHERRY LIMITED: Schedules Winding up Hearing for May 12
CHINA VELOCITY: Incurs FY03 HK$170M Net Loss

CHINA VELOCITY: Schedules AGM May 28
DORKU LIMITED: Schedules Winding up Hearing June 9
GREATER CHINA: Widens 2003 Net Loss to HK$108M
HARVEST AIM: Winding up Hearing Set May 5
HARVEST ZONE: Court Sets Hearing Date

LEUNG CHI: Creditors Meeting Set May 4
LINK-TEC INDUSTRIAL: Winding Up Hearing Set for June 2
TANG YUK: Creditors Meeting Set May 4
VENTO LIMITED: Date for Hearing Petition Set


J A P A N

FUJITSU LIMITED: Samsung SDI Files Suit to Counter Complaint
MITSUBISHI MOTORS: Establishes Business Revitalization Team
MITSUBISHI MOTORS: DaimlerChrysler Ceases Financial Support
MITSUBISHI MOTORS: JCR Downgrade Ratings to B+/B/NJ
MITSUBISHI MOTORS: Australian Operation Confident on Survival

K.K. MITSUTOMI: Office Space Leasing Firm Enters Bankruptcy


K O R E A

HANARO TELECOM: Urges Government to Block KT's Phone Service
INCHON REFINERY: Sinochem Buys Bankrupt Oil Refinery for US$556M
KOOKMIN BANK: Turns Profit in First Quarter


M A L A Y S I A

ANTAH HOLDINGS: Reprimanded and Fined by BMSB
BERJAYA SPORTS: Listing 6,687,865 New Ordinary Shares
BESCORP INDUSTRIES: Extension for Proposals and Audit Approved
CHASE PERDANA: Warrantholder's Meeting Scheduled 18 May
HAP SENG: Sells Off Lam Soon Shares

HAP SENG: Announces a Buy Back of Shares
HAP SENG: Announces Listing of New Shares
HOTLINE FURNITURE: Mahajaya To Take Over Hotline Listing
HUME INDUSTRIES: Noewell Unit To Be Wound Up
KRAMAT TIN: Enters Into a Restructuring Agreement, Among Others

LONG HUAT: Slapped With a Public Reprimand
PILECON ENGINEERING: Stratch Unit To Be Wound Up
POS MALAYSIA: Announces the Listing and Quotation of New Shares
SRIWANI HOLDINGS: Announces Changes in the Audit Committee
SRIWANI HOLDINGS: Announces Changes in the Boardroom

TANJONG PUBLIC: Lists New Ordinary Shares
TENAGA NASIONAL: CRIS Conversion Price Determined
TRONOH MINES: Exercises IJM Warrants
UNITED CHEMICALS: Updates Proposed Restructuring


P H I L I P P I N E S

MANILA ELECTRIC: Applies for Power Supply Settlement Agreement
NATIONAL BANK: To Develop Buendia Property
NATIONAL POWER: ERC Clarifies Rate Adjustment
NEGROS NAVIGATION: Clarifies News Article
NEGROS NAVIGATION: Passengers of 5 Vessels Stranded

PHILIPPINE LONG: Posts Additional Listing
VICTORIAS MILLING: Posts Income After 7 Years


S I N G A P O R E

CYBER VILLAGE: Issues Update on Ericsson Litigation
LKN-PRIMEFIELD: Discloses Results of Annual General Meeting
NATSTEEL LIMITED: Subsidiary Changes Name
RICHARDS HOGG: Issues Debt Claim Notice to Creditors
STALLONE MARINE: Schedules Winding up Hearing

SUK-A ENGINEERING: Faces Winding up Petition Hearing
TELE-WORLD SHOP: Creditors Must Submit Claims by May 22
TELE-WORLD SHOP: Unveils April 19 AGM Resolutions
WANT WANT: To Close Books In Order To Determine Dividends


T H A I L A N D

NATIONAL FERTILIZER: Submits Progress Of Rehabilitation Process
SAHAMITR PRESSURE: SET Suspends Trading

* BOND PRICING: For The Week 26 April - 30 April 2004

     -  -  -  -  -  -  -  -

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


DUKE ENERGY: S&P Raises Rating to "BBB"
---------------------------------------
Standard & Poor's Ratings Services said on Monday it has raised
its rating on Duke Energy Australia Pty. Ltd.'s (DEA) A$250
million guaranteed MTN to 'BBB' from 'BBB-'. This rating action
is due to the changes resulting from Alinta Ltd.'s (Alinta)
acquisition of DEA as part of the transaction to acquire the
Australian and New Zealand gas transmission and electricity
generation assets of Duke Energy Corp. (BBB/Stable/A-2).

At the same time, the rating was placed on CreditWatch with
positive implications on the basis of a proposed trust structure
that may elevate the rating on the MTN above the corporate
credit rating on Alinta.  The higher rating fully reflects the
credit rating on DEA's new parent, Alinta, on the basis that
although the unconditional and irrevocable guarantee by Duke
Capital Corp. (BBB/Stable/A-2) remains in place until maturity
of the notes, the underlying obligation to repay continues to
lie with DEA, which has now become a subsidiary of Alinta.

"The CreditWatch reflects Standard & Poor's belief that a
proposed trust structure, which sets aside sufficient cash for
repayment of the outstanding MTN, if sufficiently stringent,
could mean a higher rating on the MTN," said credit analyst
Colin Atkin, Corporate & Infrastructure Finance Ratings.

"Standard & Poor's will resolve the CreditWatch once it
ascertains that the proposed structure is sufficiently stringent
to prevent any shortfall of cash held by the trust to meet
outstanding MTN obligations, including interest, until maturity
of all notes."

The ratings on Alinta reflect the consolidated Alinta group. The
group benefits from a diversified geographic, product, and
counterparty risk profile. Creditworthiness is further enhanced
by: the expected stability of cash flows in the short term due
to its highly contracted revenues with good-quality
counterparties; minimal immediate significant competitive
threats; and reasonably young assets, with solid gas- and
electricity-demand profiles. These strengths are offset by
integration risks associated with the group's diversification/
acquisition strategy, an increasing exposure to unregulated
revenues over the medium-term, and an aggressive financial
profile.


MAYNE GROUP: Completes Acquisition of Multivitamin Products
-----------------------------------------------------------
In a company press release, Mayne Group Limited (ASX: MAY)
announced on Monday the completion of its acquisition of the
injectable multivitamin suite of products (MVIO products) from
aaiPharma Inc., as part of growing its specialty pharmaceutical
presence in the United States.

The acquisition which was announced on March 1 this year, is in
line with Mayne's global strategy to focus on the research,
development, manufacture and sale of injectable, specialty
pharmaceuticals with an increasing emphasis on branded generic
and proprietary products.

The decision to complete the transaction was based on the
satisfactory completion of a number of due diligence steps and
the existence of contractual safeguards previously agreed.

Mayne performed its own thorough due diligence and engaged a
leading accounting and auditing firm and other advisors to
perform additional work to investigate the MVIO products'
historical sales and inventory levels. Mayne has concluded that
both due diligence processes have:

- Not identified any evidence of "channel stuffing";

- Verified that the total level of inventory in the wholesaler
channel is at an acceptable level;

- Verified that unit sales and dollar sales for the last five
quarters exhibit a consistent trend with the independent sales
data reported by IMS and also by aaiPharma's independent
distributor; and

- Verified that the chargeback expense and chargeback unit
information relied upon by Mayne is consistent with data
obtained from aaiPharma's independent distributor.

Prior to the initial announcement of the MVIO acquisition, Mayne
also negotiated the following protections in the asset purchase
agreement:

- aaiPharma will bear the risk of all sales chargebacks, sales
discounts and product returns on sales generated prior to
completion;

-The level of inventory in the wholesaler channel at completion
is limited to two months of sales; and

- The level of inventory in aaiPharma's possession and included
in the purchase price was not to be less than three months.

In addition, Mayne has held back $US 10.9 million of the $US 100
million purchase price to set off against claims that may arise
following completion.

Group Managing Director and Chief Executive Officer, Mr Stuart
James, said the overall strategic rationale for purchasing the
injectable multivitamin products was compelling, and due
diligence confirmed that substantial manufacturing synergies
were achievable within Mayne that could not be reaped by
aaiPharma.

"As previously advised, we expect to generate incremental EBITDA
earnings of US$11 million on revenues of approximately US$35
million in 2005," Mr. James said.

"There is a real opportunity to reduce the production costs for
the MVIO products by more than 35-40% through in-house
manufacturing. This, together with our sales growth targets will
result in EBITA earnings of at least $US 15 million in our 2006
fiscal year which delivers a return on invested capital in
excess of 11%," he said.

"With the addition of this suite of branded generic products, we
have laid a solid revenue and earnings foundation for our US
business upon which we can further strengthen our specialty
pharma portfolio."

Accordingly, Mayne has paid $US 89.1 million to aaiPharma at
completion.  The purchase price includes a filling line that
will be installed in Mayne's Puerto Rico facility and has a
replacement value of approximately $US 2-3 million.

Based on IMS data, Mayne's injectable multivitamin suite of
products holds approximately 70% market share in the United
States in an overall market estimated to be worth approximately
$US 50 million.

MVIO is used to provide vitamin intake to patients on total
parenteral nutrition (TPN).  These patients are typically in a
hospital's intensive care unit or under in-patient care
following surgery or serious burns, but the market also includes
home healthcare.  Mayne will supply MVIO in two formulations:
Adult and Paediatric.  It will be supplied in four
presentations: pharmacy bulk pack, adult mixing vials,
paediatric lyophilised powder and the unique unit-vial.

A further attractive feature of the purchased suite of MVIO
products is the existing high barriers to entry due to the
complexity of product formulation, leading to only one other
competitor in the US market.

Mayne has been advised that its new multivitamin product
formulation that does not contain vitamin K (No K) has received
U.S. Food and Drug Administration (FDA) approval as well as an
Orphan Drug Designation.  This designation could provide up to
seven years of sales and marketing exclusivity for the product.
The No K formulation addresses a patient population of
approximately 40,000 patients per year in the United States that
receive multivitamin products while on a blood thinning
treatment regime such as warfarin.  In accordance with the
contract, Mayne has paid an additional $US 5 million to
aaiPharma for the rights to market and sell No K in the United
States.

Mr. James will be hosting a market briefing conference call at
12:30 p.m. AEST on Tuesday 27 April to discuss the MVIO product
opportunity in further detail and answer questions from analysts
and investors.  Details of the market briefing are set out
below.

Mayne has businesses in pharmaceuticals (the manufacture of oral
and injectable pharmaceuticals for distribution to more than 50
countries), diagnostic services (pathology, diagnostic imaging,
medical centres), pharmacy services and health-related consumer
products.

Media and Investor enquiries:
Larry Hamson
Phone: 03 9868 0380
Mobile: 0407 335 907


NATIONAL AUSTRALIA: QIC Chairman Urges Mr. Kraehe to Go
-------------------------------------------------------
Trevor Rowe, chairman of the Queensland Investment Corp. which
holds more than one percent of National Australia Bank (NAB)
shares calls for the resignation of Graham Kraehe the bank's
chairman in six months, according to The Australian newspaper.

Mr. Rowe said the chairman does not have the skills to take the
bank forward, and would support the removal of director
Catherine Walter but only if new board members, with financial
services were appointed.

"I think there needs to be a change in some of the directors,
there needs to be a change in the mix, people with relevant
skill sets," Mr. Rowe added.

Mr. Rowe, who is also the Australian chairman of investment
banking at US financial giant Citigroup, insisted QIC had not
yet decided which way it would vote, but said the decision would
be made in "the next few weeks".


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


BNP PARIBAS: Issues Notice to Creditors
---------------------------------------
Notice is hereby given that the creditors of BNP Paribas AROC
(Hong Kong) Limited (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before the 10 May 2004 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the liquidators of the
said Company. In default of complying with this notice, such
creditors will be excluded from the benefit of any distribution
made before such debts or claims are proved and/or from
objecting to any distribution made before such priorities are
established.

This Quamnet.com announcement is dated 23 April 2004.

Natalia SENG & Susan LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


CENTRAL CHINA: Posts HK$58.859 Net Loss in 2003
-----------------------------------------------
Central China Enterprises incurred a net loss of HK$58.859
million for 2003, versus a net loss of HK$148 million a year
earlier. The loss per share (LPS) was $0.0221. No final dividend
was declared.

For a copy of the company's annual results for the year ended
December 31, 2003, go to
http://bankrupt.com/misc/tcrap_centralchina0427.pdf


CENTRAL CHINA: AGM Set May 28
-----------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Central China Enterprises will be held at Harbour Room,
Mezzanine Level, Kowloon Shangri-La, 64 Mody Road, Tsimshatsui,
Kowloon on 28 May 2004 at 2:00 p.m. for the following purposes:

1. To receive and consider the audited financial statements and
the reports of the directors and auditors of the Company for the
year ended 31 December 2003.

2. To re-elect directors and to authorize the board of directors
to fix their remuneration.

3. To re-appoint auditors and to authorize the board of
directors to fix their remuneration.

4. As special business to consider and, if thought fit, pass
with or without amendments of the resolutions as Ordinary
Resolutions and Special Resolution of the Company.

For a copy of the May 28 AGM Resolutions, go to
http://bankrupt.com/misc/tcrap_centralchina0427.pdf


CHERRY LIMITED: Schedules Winding up Hearing for May 12
-------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Cherry (Hong Kong) Limited by the High Court of Hong Kong was on
the 11 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 12 May 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. 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.

Ford, Kwan & Co.
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, 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 11 May 2004.


CHINA VELOCITY: Incurs FY03 HK$170M Net Loss
--------------------------------------------
China Velocity Group Limited booked a net loss of HK$170 million
for 2003, versus a net loss of HK$99.81 million a year earlier.
Loss per share (LPS) was $0.61. No final dividend was declared.


CHINA VELOCITY: Schedules AGM May 28
------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
China Velocity Group Limited will be held at Room 1416, 14/F,
China Merchants Tower, Shun Tak Centre, Sheung Wan, Hong Kong on
28 May 2004 at 11:00 a.m. for the following purposes:

1. To receive and consider the audited financial statements and
the reports of the directors and auditors of the Company for the
year ended 31st December 2003.

2. To re-elect retiring directors and to authorize the board of
directors of the Company to fix the remuneration of directors of
the Company.

3. To re-appoint auditors and to authorize the board of
directors of the Company to fix the remuneration of auditors of
the Company.

4. As special business, to consider and, if thought fit, pass
with or without amendments of the following resolutions as an
ordinary resolution.

For a copy of the Company's AGM resolutions, go to
http://bankrupt.com/misc/tcrap_greaterchina0427.pdf


DORKU LIMITED: Schedules Winding up Hearing June 9
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Dorku 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. 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. WAT & CO.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong

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


GREATER CHINA: Widens 2003 Net Loss to HK$108M
----------------------------------------------
Greater China Holdings Limited incurred a net loss of HK$107.791
million for 2003, versus a net loss of HK$83.349 million for
2002. Loss per share (LPS) was $0.73. No final dividend was
declared.

For a copy of the Company final results for the year ended 31
December 2003, go to
http://bankrupt.com/misc/tcrap_greaterchina0427.pdf


HARVEST AIM: Winding up Hearing Set May 5
-----------------------------------------
Notice is hereby given that a petition for the winding up of
Harvest Aim Trading Limited by the High Court of Hong Kong was
on the 3 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. 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.

DEACONS
Solicitors for the Petitioner,
5th Floor, Alexandra House
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.


HARVEST ZONE: Court Sets Hearing Date
-------------------------------------
Notice is hereby given that a petition for the winding up of
Harvest Zone Limited by the High Court of Hong Kong was on the
17 March 2004 presented to the said Court by Wah Sun Finance
Limited whose registered office is situated at Top Floor,
Chinachem Golden Plaza, No. 77 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong. The said petition will be heard before the
court at 9:30 a.m. on the 19 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. 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.

FORD, KWAN & CO.
Solicitors for the Petitioner,
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street, 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 18 May 2004.


LEUNG CHI: Creditors Meeting Set May 4
--------------------------------------
Notice is hereby given that the General Meeting of creditors of
Leung Chi Hang will be held at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong on 4 May 2004 at 11 o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 23 April 2004.


LINK-TEC INDUSTRIAL: Winding Up Hearing Set for June 2
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Link-Tec Industrial Limited by the High Court of Hong Kong was
on the 24 March 2004 presented to the said Court by Hung Pik
Kwan Queenie whose registered office is situated at Room C,
14/F, Block 01, Lok Hin Terrace, Chaiwan, Hong Kong. The said
petition will be heard before the Court at 10 a.m. on the 2 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. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

(Ms. Ada Chau Ming Wai)
for Director lf Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 1 June 2004.

The Standard announcement is dated 23 April 2004.


TANG YUK: Creditors Meeting Set May 4
-------------------------------------
Notice is hereby given that the General Meeting of the creditors
of Tang Yuk Lin Jenny will be held at the Official Receiver's
Office, 10th Floor, Queensway Government Offices, 66 Queensway,
Hong Kong on 4 May 2004 at 10 o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 23 April 2003.


VENTO LIMITED: Date for Hearing Petition Set
--------------------------------------------
Notice is hereby given that a petition for the winding up of
Vento 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. 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. WAT & CO.
Solicitors for the Petitioner,
12th Floor, Chuang's Tower
30&32 Connaught Road Central
Hong Kong

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


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


FUJITSU LIMITED: Samsung SDI Files Suit to Counter Complaint
------------------------------------------------------------
Samsung SDI Co. filed a lawsuit with the Tokyo District Court on
Thursday seeking the dismissal of a suit filed by Fujitsu
Limited to ban the import of plasma display panels (PDPs)
produced by Samsung on the grounds that they violated Fujitsu's
patents, according to Kyodo News.

Samsung also requested the Japan Patent Office to nullify some
of the patents held by Fujitsu related to PDPs.


MITSUBISHI MOTORS: Establishes Business Revitalization Team
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has decided to draw up a new
mid-term business plan aimed at revitalizing the carmaker's
operations together with Mitsubishi Heavy Industries, Mitsubishi
Corporation, and The Bank of Tokyo-Mitsubishi.

In a press release, Mitsubishi Heavy Industries Director
Yoichiro Okazaki will head up a business revitalization team
within MMC, which will finalize the plan within one month.

ABOUT MITSUBISHI HEAVY INDUSTRIES, LTD.

Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo,
Japan, is one of the world's leading global heavy machinery
manufacturers, with consolidated sales of 2,593 billion yen
(US$21.6 billion) in fiscal 2002 (year ended March 31, 2003).
MHI's diverse lineup of products and services encompasses
shipbuilding, steel structures, power plants, chemical plants,
steel plants, environmental equipment, industrial and general
machinery, aircraft, space rocketry and air-conditioning
systems. For further information, please visit the Mitsubishi
Heavy Industries, Ltd. home page at: www.mhi.co.jp/indexe.html

ABOUT MITSUBISHI MOTORS CORPORATION

Mitsubishi Motors Corporation was established in 1970 and is one
of the few automobile companies in the world that produces a
full line of automotive products ranging from 660-cc mini cars
and passenger cars to commercial vehicles and heavy-duty trucks
and buses. The company also operates consumer-financing services
and provides this to its customer base. Sales were 3.88 bilion
yen in 2003. DaimlerChrysler is the largest shareholder with a
37% shareholding.


MITSUBISHI MOTORS: DaimlerChrysler Ceases Financial Support
-----------------------------------------------------------
In an extraordinary meeting on April 22, 2004, the Board of
Management and the Supervisory Board of DaimlerChrysler AG have
decided not to participate in a capital increase planned by
Mitsubishi Motors Corporation (MMC) and to cease further
financial support for MMC, DaimlerChrysler announced in its Web
site.

After the earnings collapse of MMC in fiscal 2003, MMC has
established a new business plan with the strong support of
DaimlerChrysler. According to this plan, substantial financial
resources are required to guarantee a sustainable financial
recovery of the company. Together with the major shareholders of
the Mitsubishi Group DaimlerChrysler has tried hard to establish
a solid financial structure. However, it was not possible to
find a solution leading to an acceptable result for
DaimlerChrysler.


MITSUBISHI MOTORS: JCR Downgrade Ratings to B+/B/NJ
---------------------------------------------------
Japan Credit Rating Agency has downgraded the ratings on shelf
registration, senior debts, Euro Medium Term Note Program and CP
program of Mitsubishi Motors Corporation from the preliminary
BB-, BB-, B+ and J-3 to the preliminary B+, B+, B and NJ,
respectively. The rating agency places the ratings under Credit
Monitor, continually.

Senior debts
Shelf Registration:
Maximum: Y250 billion
Valid: two years effective from May 22, 2002

CP:
Maximum: Y250 billion
Backup Line: 0%

Euro Medium Term Note Program:

Issuers: Mitsubishi Motors Corporation, Mitsubishi Motors Credit
of America, Inc. and MMC International Finance (Netherlands)
B.V.

Maximum: equivalent of US$4 billion
Maturities: 1 month - 30 years

Note: Keep Well Agreement has been entered into between each of
the subsidiaries and the parent company.

RATIONALE

JCR announced the downgrade of the rating for Mitsubishi Motors
Corporation (MMC) on April 2, 2004. It downgraded the rating on
the grounds of the following assessments. Scenario for recovery
of earnings in North America and Japan was not easy to be
envisaged. JCR was also concerned about additional burden to be
incurred such as restructuring charges associated with
restructuring of production and sales system. JCR considered
that the lowered brand image due to the tire coming-off problem
of Mitsubishi Fuso Truck & Bus would pose an impediment to
improvement in earnings of MMC.

DaimlerChrysler AG and Mitsubishi Group have been discussing the
restructuring plan for MMC. DaimlerChrysler announced that it
would not purchase new shares to be issued by MMC and that it
would make an end of its financial assistance to MMC. JCR
factored in the future turnaround under the leadership of the
largest shareholder DaimlerChrysler and the backup support from
Mitsubishi Group. JCR downgraded the rating for MMC again since
direction of business alliance with DaimlerChrysler as well as
fundraising plan for the turnaround is now clouded in emergency
situations where MMC needs to restructure the business
drastically. JCR will remove Credit Monitor after announcement
of the mid-term management plan as determined before. JCR will
also follow up the support systems centering on Mitsubishi
Group.


MITSUBISHI MOTORS: Australian Operation Confident on Survival
-------------------------------------------------------------
Mitsubishi Australia Managing Director Tom Phillips is certain
that the car manufacturer's two Adelaide plants will survive
despite the global Mitsubishi Group being in danger of collapse,
AFP reported on Saturday.

DaimlerChrysler, which holds a 37 percent stake in the carmaker,
has announced it will not participate in a capital increase
planned by the ailing Mitsubishi Motors Corporation and will
cease further financial aid.

Phillips told the Adelaide Advertiser that he had received news
from Japan of the survival plan.

"Mitsubishi Motors Corporation (MMC) ... announced it has
decided to draw up a new mid-term business plan aimed at
revitalizing MMC's operations together with Mitsubishi Heavy
Industries, Mitsubishi Corporation, and The Bank of Tokyo-
Mitsubishi," Mitsubishi said in a statement from Japan.

"Yoichiro Okazaki, director at Mitsubishi Heavy Industries, will
head up a business revitalization team within MMC which will
finalize the plan within one month."

Phillips said he was hopeful of success.


K.K. MITSUTOMI: Office Space Leasing Firm Enters Bankruptcy
-----------------------------------------------------------
K.K. Mitsutomi Uji has entered bankruptcy, according to Teikoku
Databank America. The office space leasing firm, which is
located at Osaka-shi, Osaka Japan, has total liabilities of
US$79.17 million.


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


HANARO TELECOM: Urges Government to Block KT's Phone Service
------------------------------------------------------------
Hanaro Telecom and LG Telecom Ltd. has urged the government to
ban market leader KT Corporation from offering a new local-phone
service with wireless connectivity because it could harm fair
competition in the country's hyper-competitive telecom market,
Yonhap News reported on Friday.

Hanaro Telecom Inc. posted a net loss of 165.3 billion won
(US$142 million) in 2003, TCR-AP reported recently. The Internet
service provider attributed its loss to the disposal of non-
performing assets and other costs associated with its takeover
by a U.S. consortium led by American International Group.


INCHON REFINERY: Sinochem Buys Bankrupt Oil Refinery for US$556M
----------------------------------------------------------------
China National Chemicals Import & Export Corporation has offered
644 billion won (US$556 million) for the control of bankrupt
Inchon Oil Refinery Co., beating rival bids, Bloomberg reports.

China National, or Sinochem, was picked over three South Korean
bidders and may sign a final deal by the end of May. Inchon,
which has 900 billion won in net assets, would issue new shares
to give Sinochem a majority stake.


KOOKMIN BANK: Turns Profit in First Quarter
-------------------------------------------
Kookmin Bank posted a net profit of 169 billion won (US$145.85
million) in the first quarter of this year, up 311.4 percent
from 2003, Asia Pulse reports. Operating profit before setting
aside loan loss provisions also increased, by 0.6 percent to
1.38 trillion won, during the three-month period.

"The enhanced records were attributable to the easing of our
burden on provisions, as we allocated sufficient provisions for
our credit card business last year," a bank official said.

Kookmin Bank revised its 2003 loss to 753.3 billion won
(US$639.5 million) after an audit by finance regulators found
the lender hadn't paid all its taxes related to trust accounts,
TCR-AP reported recently.

The bank, which plans to challenge the ruling through a tax
judge, may have to pay 129.3 billion won in additional corporate
taxes in March. The net loss widened 23 percent from its
previously stated figure of 611.8 billion won, announced on
February 9.


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


ANTAH HOLDINGS: Reprimanded and Fined by BMSB
---------------------------------------------
Bursa Malaysia Securities Berhad (the Exchange) in consultation
with the Securities Commission, publicly reprimanded Antah
Holdings Berhad (Antah or the Company) for the following
breaches of paragraphs 2.17, 9.03(1), 9.04(f), 9.04(l) and 9.27
of the Listing Requirements (LR) and paragraphs 2.1(d) and
2.1(e) of Practice Note 1/2001 (PN1/2001) of the Exchange.

A fine of RM25,000 was also imposed on ANTAH for breach of
paragraphs 9.03(1), 9.04(f), 9.04(l) of the LR and paragraphs
2.1(d) and 2.1(e) of PN1/2001.

A. Paragraphs 9.03(1), 9.04(f), 9.04(l) of the LR and
paragraphs 2.1(d) and 2.1(e) of PN1/2001

Paragraph 9.03(1) of the LR states that a listed issuer must
make immediate public disclosure of any material information,
except as set out in Paragraph 9.05 of the LR.

Paragraph 9.04(f) of the LR states that the commencement of or
the involvement in litigation and any material development
arising therefrom may require immediate disclosure by the listed
issuer.

Paragraph 9.04(l) of the LR states that an event, which may
require immediate disclosure by the listed issuer is the
occurrence of an event of default on interest and/or principal
payments in respect of loans.

Paragraphs 2.1(d) and 2.1(e) of PN 1/2001 state the situations
which a listed issuer shall be required to make an immediate
announcement under paragraphs 9.03 and 9.04 are:

a. default in payments of either interest or principal
sums or both in respect of a credit facility where the
credit facility is 5% or more of the net tangible assets
of the listed issuer; or

b. default in payments of either interest or principal
sums or both in respect of a credit facility which is
reasonably expected to have a material effect on the
price, value or market activity of any of the listed
issuer's securities or the decision of a holder of
securities of the listed issuer or an investor in
determining his choice of action.

Antah was found to be in breach of the aforesaid paragraphs of
the LR and PN1/2001 as follows:

(i) Paragraph 9.04(l) of the LR and paragraphs 2.1(d) and 2.1(e)
of PN1/2001 for failing to make immediate announcements in
respect of the default in payment of the banking facilities by
the Company as announced by the Company on 6 October 2003. The
delay in making the relevant announcements ranges from
approximately 3 to 19.5 months;

(ii) Paragraphs 9.03(1) and 9.04(f) of the LR for failing to
make immediate announcements in respect of the legal suits
instituted against the Company in relation to the default in
payment of the banking facilities by the Company as announced by
the Company on 6 October 2003. The delay in making the relevant
announcements ranges from approximately 1 to 14 months; and

(iii) Paragraphs 9.03(1) and 9.04(f) of the LR for failing to
make immediate announcements in respect of the Order 14
Judgements/Judgements in Default obtained against the Company in
relation to the legal suits commenced by the financial
institutions as announced by the Company on 6 October 2003. The
delay in making the relevant announcements ranges from
approximately 2.5 to 11 months.

B. Paragraphs 9.27 and 2.17 of the LR

Paragraph 9.27 of the LR states that a listed issuer must ensure
that the director or person primarily responsible for the
financial management of the listed issuer, as the case may be,
who signs the statutory declaration pursuant to section 169(16)
of the Companies Act 1965 satisfies the following requirements:

(a) the signatory is a member of the Malaysian Institute of
Accountants; or

(b) if the signatory is not a member of the Malaysian Institute
of Accountants, the signatory must have at least 3 years'
working experience and:

(i) must have passed the examinations specified in Part 1
of the 1st Schedule of Accountants Act 1967; or

(ii) must be a member of one of the associations of
accountants specified in Part II of the 1st Schedule of
the Accountants Act 1967; or

(c) the signatory fulfils such other requirements as prescribed
by the Exchange.

For the purpose of paragraph 9.27(c) of the LR, paragraph 7.1 of
Practice Note 13/2002 (PN13/2002) prescribed that the following
qualifications are also acceptable:

(a) a degree/masters/doctorate in accounting or finance and at
least 3 years' post qualification experience in accounting or
finance; or

(b) at least 7 years' experience being a chief financial officer
of a corporation or having the function of being primarily
responsible for the management of the financial affairs of a
corporation.

Paragraph 2.17(1) of the LR states that a listed issuer or an
adviser or a director of an applicant or a listed issuer must
ensure that any statement, information or document presented,
submitted or disclosed pursuant to the LR is clear, unambiguous
and accurate, and is not false or misleading.

Antah was found to be in breach of the aforesaid paragraphs of
the LR as follows:

(i) Paragraph 9.27 of the LR for failure to ensure that the
person who signed the statutory declaration in the Company's
audited financial statements for the financial year ended 30
June 2003 fulfilled the requirements of paragraph 9.27 of the LR
or paragraph 7.1 of PN13/2002; and

(ii) Paragraph 2.17 of the LR for confirming in the checklist
for the annual report for the financial year ended 30 June 2003
which was submitted to the Exchange on 8 December 2003 that the
requirements under paragraph 9.27 of the LR had been complied
with.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the LR after having considered all relevant factors
including the fact that ANTAH had previously breached the LR and
after consultation with the Securities Commission.

Previous Public Reprimands

1. On 27 July 2002, the Exchange had publicly reprimanded ANTAH
for breach of Section 114 of the Main Board Listing Requirements
(MBLR) for failing to make an immediate announcement to the
Exchange for public release in relation to the following:

(a) the Option & Investment Deed Agreement (the Deed) signed on
14 August 1997 between Antah European Holdings Sdn Bhd, a
wholly-owned subsidiary of Antah, JW Carpenter Limited and five
other parties. The Deed was only announced by Antah on 9 March
2001, after a delay of approximately 3 years and 7 months; and

(b) the agreement entered on 15 December 2000 between Antah and
Global Empire Sdn Bhd for Antah to buy back the entire shares of
Convenience Shopping Sdn Bhd (the Agreement). The Agreement was
only announced by the Company on 7 March 2002, after a delay of
approximately 15 months.

Antah was also publicly reprimanded for breach of Section 335 of
the MBLR for failing to make an immediate announcement to the
Exchange for public release of the lapse of the Agreement on 15
December 2001 which was only announced by Antah on 7 March 2002,
after a delay of 50 market days.

2. On 2 March 2004, the Exchange had publicly reprimanded and
imposed a fine of RM14,000 on the Company for breach of
Paragraph 9.23(b) of the LR for failing to furnish its annual
audited accounts for the financial year ended 30 June 2003 (the
Annual Audited Accounts) to the Exchange on or before 3l October
2003. The Annual Audited Accounts were only furnished by Antah
to the Exchange on 11 November 2003.

The Exchange views the above contravention seriously and hereby
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


BERJAYA SPORTS: Listing 6,687,865 New Ordinary Shares
-----------------------------------------------------
Berjaya Sports Toto Berhad would like to inform the public that
the company's additional 6,687,865 new ordinary shares of RM1.00
each arising from the Conversion of RM6,687,865 nominal amount
of 8 percent irredeemable convertible unsecured loan stocks
2002/2012 will be granted listing and quotation with effect from
9 a.m., Tuesday, 27 April 2004.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


BESCORP INDUSTRIES: Extension for Proposals and Audit Approved
--------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators
Appointed)would like to refer to the announcement made on behalf
of the company by Commerce International Merchant Bankers Berhad
(CIMB) on 24 March 2004 in relation to the application to the
Securities Commission (SC) for the following:

(i) a further extension of time of six (6) months from 9 May
2004 to 8 November 2004 for the Company to complete the
Corporate Proposals (Further Extension of Time to Complete the
Corporate Proposals); and

(ii) a further extension of time to 8 July 2004 for
PricewaterhouseCoopers Advisory Services Sdn Bhd to complete the
investigative audit (Further Extension of Time to Complete the
Investigative Audit) pursuant to a condition imposed by the SC
in its letter of approval dated 9 May 2003.

On behalf of the Company, CIMB is pleased to announce that the
SC had via its letters dated 15 April 2004 and 16 April 2004
which were both received on 21 April 2004, approved the Further
Extension of Time to Complete the Corporate Proposals and
Further Extension of Time to Complete the Investigative Audit,
respectively.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


CHASE PERDANA: Warrantholder's Meeting Scheduled 18 May
-------------------------------------------------------
Chase Perdana Berhad (CPB or Company) would like to announce
that a Warrantholders' Meeting of the Company will be held in
Suite 5.2, 5th Floor, Wisma Chase Perdana, Off Jalan Semantan,
Damansara Heights, 50490 Kuala Lumpur on Tuesday, 18 May 2004 at
9:45 a.m. or immediately following the conclusion, adjournment
or postponement (as the case may be) of the Extraordinary
General Meeting which will be held at the same venue and on the
same day, whichever is the later, in respect of the Proposed
Warrants Extension.

The Notice of Warrantholders' Meeting may be viewed in full on
the following link for your reference:

http://bankrupt.com/misc/ChasePerdanaNotice27April2004.doc

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


HAP SENG: Sells Off Lam Soon Shares
-----------------------------------
Pursuant to paragraph 9.19(26) of Bursa Malaysia Listing
Requirements, the Board of Directors of Hap Seng Consolidated
Berhad (the Company/ HSCB) is pleased to announce that the
Company has on even date disposed of its entire 12.099 percent
shareholding comprising 29,444,411 shares in Lam Soon (Hong
Kong) Limited (LSHK) at HK$2.50 per share.

LSHK was incorporated in Hong Kong on 13 May 1961 and listed on
The Stock Exchange of Hong Kong Limited on 30 October 1972. LSHK
is an investment holding company with its subsidiary companies
involved in manufacturing and distribution of food and household
cleaning products as well as manufacturing and supply of
aluminum cans for beverage industry.

c c: Securities Commission

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


HAP SENG: Announces a Buy Back of Shares
----------------------------------------
Hap Seng Consolidated Berhad in a disclosure to the Bursa
Malaysia Securities Berhad dated 23 April 2004 announces the buy
back of ordinary shares. Details are as follows:

Date of buy back:    23 April 2004

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

Total number of shares purchased
(units):      20,000

Minimum price paid for each share
purchased (RM):     2.620

Maximum price paid for each share
purchased (RM):     2.640

Total consideration paid (RM):  53,090.28

Number of shares purchased
retained in treasury (units):  20,000

Number of shares purchased which
are proposed to be cancelled
(units):      0

Cumulative net outstanding
Treasury shares as at to-date
(units):      32,841,500

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

Remarks :
cc: Securities Commission

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


HAP SENG: Announces Listing of New Shares
-----------------------------------------
Hap Seng Consolidated Berhad would like to advise that the
Company's additional 10,000 new ordinary shares of RM1.00 each
issued pursuant to the Hapseng-Employees' Share Option Scheme
will be granted listing and quotation with effect from 9 a.m.,
Tuesday, 27 April 2004.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


HOTLINE FURNITURE: Mahajaya To Take Over Hotline Listing
--------------------------------------------------------
Hotline Furniture Berhad would like to refer to the company's
restructuring exercise comprised of:

i) Acquisition By Mahajaya of the following
companies:-
ú Acquisition of 3,150,000 ordinary shares of RM1.00
each representing the entire equity interest in Jiwa
Property Sdn Bhd ("JPSB") for a purchase
consideration of RM179,412,000;

ú Acquisition of 2,000,000 ordinary shares of RM1.00
each representing the entire equity interest in
Kejuruteraan Mahajaya Sdn Bhd for a purchase
consideration of RM23,407,000;

ú Acquisition of the remaining 150,000 ordinary
shares of RM1.00 each representing 6% of the
remaining equity interest in Medan Damai Realty Sdn
Bhd not already owned by JPSB, for a purchase
consideration of RM8,258,000;

ú Acquisition of 700,001 ordinary shares of RM1.00
each representing the entire equity interest in
Salak Park Property Sdn Bhd for a purchase
consideration of RM32,711,000; and
ú Acquisition of 50,000 ordinary shares of RM1.00
each representing the entire equity interest in
Spangate Sdn Bhd for a purchase consideration of
RM1,817,000;

(ii) Settlement of debt owing by the Hotline group
of companies to financial institution creditors and
trade creditors amounting to RM105,616,908 vide the
issuance of 19,600,000 new Mahajaya Shares at par
and cash payment of up to RM900,000.
(iii) Scheme of arrangement between Hotline, its
shareholders and Mahajaya under Section 176 of the
Companies Act, 1965 whereby the 21,788,000 ordinary
shares of RM1.00 each in Hotline ("Hotline Shares")
will be exchange with 2,178,800 Mahajaya Shares, on
the basis of one (1) new Mahajaya Share for every
ten (10) existing Hotline Shares held;

(iv) Restricted issue of 3,300,000 new Mahajaya
Shares to Tan Ming Wai and Tan Ming Ban each,
totalling 6,600,000 Mahajaya Shares at par; and

(v) Transfer of the listing status of Hotline to
Mahajaya.

Hotline would like to advise that following the completion of
the Restructuring Exercise, Hotline, a PN4 Condition company,
will be removed from the Official List of Bursa Malaysia
Securities Berhad and Mahajaya will be admitted in its place
effective 9 am, Tuesday, 27 April 2004.

In this connection, Mahajaya's entire issued and paid-up share
capital of RM224,890,804 comprising 224,890,804 ordinary shares
of RM1.00 each will be admitted to the Official List of Bursa
Malaysia, and the listing and quotation of Mahajaya's ordinary
shares on the Main Board under the "Properties" sector will be
granted with effect from 9.00 a.m., Tuesday, 27 April 2004, on a
"Ready" basis pursuant to the Rules of Bursa Malaysia.

The Stock Short Name, Stock Number and iSIN Code of Mahajaya's
ordinary shares are as follows:

   Stock Short Name Stock Number  ISIN Code

Ordinary Shares MAHJAYA  9725    MYL9725oo002

The reference price for Mahajaya's ordinary shares is prescribed
securities. Dealings in the aforesaid securities shall be
carried out in accordance with Securities Industry (Central
Depository) Act, 1991 and the Rules of Malaysian Central
Depository Sdn Bhd.

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid
ordinary shares.

This Bursa Malaysia Securities Exchange announcement is dated 23
April 2004.


HUME INDUSTRIES: Noewell Unit To Be Wound Up
--------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB or the Company) writes
to inform that HIMB will place Noewell Management Company Sdn
Bhd (Noewell), a wholly-owned subsidiary of the Company, under
Member's Voluntary Winding-up pursuant to Section 254(1)(b) of
the Companies Act, 1965. Mr Ling Kam Hoong (I.C. No. 391019-08-
5069) of Messrs Ling Kam Hoong & Co., No. 6-1, Jalan 3/64A,
Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur will be
appointed as liquidator of Noewell.

Noewell was principally involved in the provision of management
services. It ceased operations in the beginning of financial
year ended 30 June 2002 and remained dormant since then. The
Company does not have any plans to activate it.

There is no loss arising from the voluntary winding-up of
Noewell.

The voluntary winding-up of Noewell will not have any material
impact on the net tangible assets and earnings per share of the
HIMB Group for the financial year ending 30 June 2004.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


KRAMAT TIN: Enters Into a Restructuring Agreement, Among Others
---------------------------------------------------------------
On behalf of the Board of Directors of Kramat Tin Dredging
Berhad (KTD), Commerce International Merchant Bankers Berhad
(CIMB) is pleased to announce that the Company had on 24 April
2004 entered into the following agreements to address its
position as an affected listed issuer having an inadequate level
of operations under Practice Note 10/2001 of Bursa Malaysia's
Listing Requirements.

(i) a Restructuring Agreement with Prudent, SP Setia Berhad (SP
Setia), Putrajaya Holdings Sdn Bhd (PJH), Abad Kilat Sdn Bhd
(AKSB) and Kelana Ventures Sdn Bhd (KVSB) in relation to the
Proposals. The Proposed Scheme of Arrangement involving the
shareholders of KTD will be implemented pursuant to Section 176
of the Companies Act, 1965;

(ii) a Sale of Shares Agreement with SP Setia, PJH, AKSB
(collectively referred to as the SPJ Vendors) and SPJ in
relation to the Proposed Acquisition of SPJ, which involves the
proposed acquisition by Prudent of the entire equity interest in
SPJ comprising 50,000,000 SPJ Shares from the SPJ Vendors for a
total purchase consideration of RM148,000,000. The purchase
consideration will be settled through the issuance of 74,000,000
Prudent Shares credited as fully paid-up at an issue price of
RM1.00 per Prudent Share together with 74,000,000 Prudent ICPS
at an issue price of RM1.00 per Prudent ICPS, on the basis of
one (1) Prudent Share plus one (1) Prudent ICPS for every RM2.00
of the purchase consideration; and

(iii) a Sale and Purchase of Land Agreement with KVSB in
relation to the Proposed Acquisition of Land, which involves the
proposed acquisition by Prudent of a piece of freehold land
measuring approximately 272.021 acres that forms part of HS(D)
290193, PTD 88357 in Mukim Tebrau, District of Johor Bahru from
KVSB for a total purchase consideration of RM59,246,174. The
purchase consideration will be settled through the issuance of
29,623,087 Prudent Shares credited as fully paid-up at an issue
price of RM1.00 per Prudent Share together with 29,623,087
Prudent ICPS at an issue price of RM1.00 per Prudent ICPS, on
the basis of one (1) Prudent Share plus one (1) Prudent ICPS for
every RM2.00 of the purchase consideration.

The full announcement and details of the Proposals may be viewed
on the following links:

http://bankrupt.com/misc/KramatScheme27April2004.doc

http://bankrupt.com/misc/KramatTables27April2004.doc

This Bursa Malaysia Securities Berhad announcement is dated 24
April 2004.


LONG HUAT: Slapped With a Public Reprimand
------------------------------------------
Bursa Malaysia Securities Berhad (the Exchange) in consultation
with the Securities Commission, publicly reprimanded Long Huat
Group Berhad (LHUAT or the Company) for breach of Paragraph
9.19(19) of the Exchange's Listing Requirements (LR).

Paragraph 9.19(19) of the LR states that a listed issuer must
make an immediate announcement to the Exchange of the
commencement of any winding-up proceedings against the listed
issuer or any of its subsidiaries or major associated companies.

LHUAT had breached Paragraph 9.19(19) of the LR for failing to
make an immediate announcement to the Exchange when a winding-up
petition was served on Long Huat Development Sdn Bhd, a wholly-
owned subsidiary of the Company on 16 October 2003 by Sim Huat
Timber & Hardware Sdn Bhd and LTT Veneer (Singapore) Pte Ltd
claiming an outstanding amount of RM115,824.50. The announcement
on the winding-up petition was only made on 7 November 2003,
after a delay of fifteen (15) market days.

The public reprimand was imposed pursuant to Paragraph 16.17 of
the LR after taking into consideration all relevant factors
including the fact that LHUAT had previously breached the LR and
after consultation with the Securities Commission.

Previous Public Reprimands

(i) On 12 April 2002, LHUAT was publicly reprimanded for breach
of Section 335(4)(b)(x) of the Main Board Listing Requirements
applicable by virtue of Clause 1.18 of the Second Board Listing
Requirements for failing to make immediate announcements to the
Exchange pertaining to seven (7) writs of summons served on the
Company and/or its subsidiaries, from 30 November 1998 to 23
March 2001.
(ii) On 17 January 2003, LHUAT was publicly reprimanded for
breach of Paragraph 6.1 of Practice Note No. 4/2001 and
Paragraph 8.14 (3)(d) of the LR for failing to appoint a
monitoring accountant within the timeframe as stipulated by the
Exchange.

The Exchange views the above contravention seriously and hereby
cautions LHUAT and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.


PILECON ENGINEERING: Stratch Unit To Be Wound Up
------------------------------------------------
Further to the announcement made on 28 November 2003 with
regards to the appointment of an Administrator to Stratch
International Limited (SIL), a 51 percent-owned subsidiary of
Pilecon Engineering Berhad (PEB), PEB wishes to hereby announce
that the creditors of SIL had, at a Major Meeting of Creditors
held in Sydney, Australia on 11 March 2004, resolved that SIL be
wound up under Section 439C(c) of the Australian Corporations
Act 2001 (the Act) and accordingly, due to the application of
Section 446A of the Act, SIL is taken to have passed a Special
Resolution under Section 491 of the Act that SIL be wound up
voluntarily on that date and that Mr Robert Elliott of Messrs
Hall Chadwick, Level 29, 31, Market Street, Sydney NSW 2000 be
appointed Liquidator in accordance with Section 446A(4) of the
Act.

The cost of PEB's investment in SIL amounted to RM6.9 million.

With the winding-up of SIL, the PEB Group recorded an estimated
exceptional gain of RM6.1 million. However, the PEB Group has,
as a consequence to the winding-up, lost SIL's patented building
systems for the purpose of generating future businesses.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


POS MALAYSIA: Announces the Listing and Quotation of New Shares
---------------------------------------------------------------
POS Malaysia and Services Holdings Berhad would like to advise
that the Company's additional 105,000 new ordinary shares of
RM1.00 each issued pursuant to the POSHLDG-Employee Share Option
Scheme will be granted listing and quotation with effect from 9
a.m., Tuesday, 27 April 2004.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


SRIWANI HOLDINGS: Announces Changes in the Audit Committee
----------------------------------------------------------
Sriwani Holdings Berhad, in a disclosure dated 23 April 2004,
announced changes in the company audit committee.

The company announced that Wong Soo Teong, Terry has resigned
from the audit committee. He has been an executive director of
Sriwani Holdings Berhad since 1990.

At the same time the company also announced the appointment of
Wong Peng Yew as member; and Mohamed Suhaimi bin Sulaiman as
chairman to the aforementioned audit committee. Wong is a
chartered accountant of the Malaysian Institute of Accountants
and currently, is also the Corporate Affairs and Finance
Director of Sriwani Holdings.

Suhaimi holds a Bachelkor of Business Administration from the
Central State University, Oklahoma and is currently executive
director of Konsortium Jaringan Selangor Sdn Bhd.

This story is sourced from the Bursa Malaysia Securities Berhad.


SRIWANI HOLDINGS: Announces Changes in the Boardroom
----------------------------------------------------
Sriwani Holdings Berhad announced on 23 April 2004 the
resignation of non-executive director Teoh Ah Guan.

Mohamed Suhaimi bin Sulaiman has been appointed in his place.
Suhaimi holds a degree in Business Administration (Finance) from
Central State University, Edmond, Oklahoma. He is currently an
executive director for Konsortium Jaringan Selangor Sdn Bhd.

This story is sourced from Bursa Malaysia Securities Berhad
announcements.


TANJONG PUBLIC: Lists New Ordinary Shares
-----------------------------------------
Tanjong Public Limited Company would like to announce that the
Company's additional 78,000 new ordinary shares of 7.5 pence
each issued pursuant to the Tanjong-Employees' Share Option
Scheme will be granted listing and quotation with effect from 9
a.m., Tuesday, 27 April 2004.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


TENAGA NASIONAL: CRIS Conversion Price Determined
-------------------------------------------------
Tenaga Nasional Berhad, the Malaysian state power utility firm
announced on Saturday, 24 April that the company had set the
conversion price for its 5-year unsecured convertible redeemable
income securities or CRIS.

The price has been set at 11.47 ringgit, which represents a 13.0
percent premium to the weighted average market price of the
Tenaga ordinary shares for the five market days up to April 23
of 10.15 ringgit.

Tenaga ended its book-building exercise for the CRIS Issue on 23
April 2004. Results of the exercise may be viewed in full detail
on the following link:

http://bankrupt.com/misc/TenagaBookBuilding27April2004.doc

This story is sourced from the Bursa Malaysia Securities Berhad.


TRONOH MINES: Exercises IJM Warrants
-------------------------------------
Tronoh Mines Malaysia Berhad announced that the company had, on
Friday, 23 April, exercised/converted 14,575,000 IJM Warrants
for 14,575,000 IJM Ordinary Shares at RM2.76 each.

With the conversion, Tronoh Mines Malaysia Berhad's
shareholdings in IJM has increased to 20.27 percent.

This is based on a Bursa Malaysia Securities Berhad announcement
dated 23 April 2004.


UNITED CHEMICALS: Updates Proposed Restructuring
------------------------------------------------
In reference to the announcement dated 2 April 2004, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
United Chemicals Industries Berhad (UCI), wishes to announce
that:

(i) The Ministry of International Trade and Industry (MITI) had,
vide its letter dated 22 April 2004, informed that it has no
objection to the revisions made to the Proposed Restructuring of
UCI, subject to the Company obtaining approval of the Securities
Commission (SC) on the restructuring scheme and the compliance
with the guidelines on acquisition of interests, mergers and
take-overs; and

(ii) All other conditions as set out in MITI's letter dated 16
February 2004 remain unchanged.

UCI is currently awaiting the outcome of its application to the
Foreign Investment Committee in respect of the revised Proposed
Restructuring.

This Bursa Malaysia Securities Berhad announcement is dated 23
April 2004.


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


MANILA ELECTRIC: Applies for Power Supply Settlement Agreement
--------------------------------------------------------------
The National Power Corp. (Napocor) and the Manila Electric Co.
(Meralco) is applying to the Energy and Regulatory Commission
(ERC) for a PhP20.05 billion-power supply settlement agreement,
which is opposed by the consumer group, National Association of
Electricity Consumers for Reforms (Nasecore), according to The
Philippine Star.

The settlement according to Nasecore is an evident violation of
contract on the part of Meralco.  "We will fight this settlement
agreement in the ERC and even up to the Supreme Court, if
necessary. Meralco unilaterally violated its contract with
Napocor and it is only proper that the Lopez-managed utility
firm should pay the penalty imposed by Napocor. To pass this
cost of penalty to the consumers is utterly unconscionable,"
Nasecore president Pete Ilagan said over the weekend.

The settlement agreement executed on July 2003 states that
Meralco will compensate Napocor PhP27.515 billion for the
electricity it contracted but failed to purchase from the
government owned corporation.  Napocor as well will pay Meralco
PhP7.465 billion for the delayed completion of transmission
facilities as well as the energy corresponding to Napocor's
sales to directly-connected customers located in Meralco's
existing franchise area.

Ilagan said under the joint application, the P20.05-billion
pass-on cost to consumers will translate to about 12 centavos
per kilowatt-hour (kwh). The application, he said, also claims
that the settlement agreement will allow the operation of
Meralco's independent power producers (IPPs) at their respective
contracted levels or minimum energy quantities (MEQ) which will
result to an estimated 25-centavo reduction in Meralco's
purchased power cost.

Thus, the estimated net effect to Meralco's customers would be a
reduction of P0.13/kwh in the cost of electricity. "We welcome
the 25-centavo reduction as a result of the operation of Meralco
IPPs at their MEQ level. What we are against is allowing Meralco
to pass on to its customers the cost of violating its contract
with Napocor," Ilagan said.

He added: "If Meralco only bought the power it contracted with
Napocor and sold it to its customers then it would have save
itself from this P 20.5-billion penalty. The ERC has asked the
two power firms to file a joint application so that the
resolution of the case will be easier for the commission."


NATIONAL BANK: To Develop Buendia Property
------------------------------------------
The Philippine National Bank (PNB) is seeking investors to
become potential partners in the development of an 8,000-square
meter lot worth PhP2 billion located in Buendia Makati, The
Philippine Daily Inquirer reports.

Instead of selling the property at a big discount, the bank
wants to develop the property, currently used as a parking lot.
It generates an income of PhP700,000 to PhP800,000 for a
commercial complex, with residential, office and hotel
components, similar to that of the Lopeze's Rockwell
development.

The Buendia property was priced at PhP460,000 per square meter
when it was bought by previous owner Ramon Jacinto who failed to
pay PNB for the funds he borrowed to buy the lot.  Since the
regional currency crisis, property prices in the Philippines
have decreased resulting to a lower market value of the said lot
to PhP 250,000 per square meter.


NATIONAL POWER: ERC Clarifies Rate Adjustment
---------------------------------------------
In a company press release, the Energy Regulatory Commission
(ERC) clarified that the rate increase reported in one of the
major newspapers on April 22, 2004 is not an increase but a mere
recovery of foreign exchange currency costs incurred by the
National Power Corporation (NPC).

Moreover, the amount declared in the report is overstated, as
the actual ICERA recommended for approval by the Commission is
only 29.34 centavos per kilowatt-hour instead of 33.63 centavos
as proposed by NPC. "In fact, the change in the ICERA is only
7.27 centavos per kilowatt-hour from 22.07 centavos previously
approved by the ERC," Chairman Rodolfo B. Albano, Jr. pointed
out.

The ERC Chief also refuted the statement in the news item that
ICERA is a form of hedge for companies that make use of foreign
exchange. "ICERA is revenue neutral. It merely allows NPC to
collect foreign currency exchange adjustments deferred for
collection from customers. ERC first reviews the validity of the
charges prior to pass on to customers to protect their
interest," the chief regulator averred.

Distribution utilities (DUs) with no existing Currency Exchange
Rate Adjustment (CERA) will automatically adjust the FOREX
component of its Generation Charge (whether upward or downward)
based on the rates approved by ERC relative to NPC's ICERA. On
the other hand, DUs with CERA will apply with ERC its own ICERA
before it can change the same.


NEGROS NAVIGATION: Clarifies News Article
-----------------------------------------
Negros Navigation Co. clarified, for the Philippine Stock
Exchange, the news article entitled, "Tsuneishi files criminal
charges against Nenaco" published in the April 23, 2004 issue of
The Manila Times (Internet Edition).

The article reported that "TSUNEISHI Heavy Industries Cebu Inc.
(THICI), a shipbuilding, ship repair and drydocking firm, has
filed criminal charges against the president and rehabilitation
receiver of Negros Navigation Co. for allowing one of its
vessels to sail in spite of a seizure order by a Cebu court.

In an 11-page complaint, THICI sued Nenaco President and General
Manager Conrado A. Carballo and the shipping firm's receiver
Sulficio O. Tagud Jr. for indirect contempt for letting the M/V
Saint Peter the Apostle make a round trip to and from Bacolod
and Iloilo cities. `With the active connivance of respondent
Carballo, in a shameless effort to generate some funds for a
dying company, respondent Tagud caused to be issued by MARINA
[Maritime Industry Authority] on April 16, 2004 an alleged
`special permit' for the vessel St. Peter the Apostle to make a
round trip to Bacolod/Iloilo knowing fully well that said vessel
is under attachment by [the] this Court and cannot be moved, let
alone operated, without the approval of this Honorable Court,"
the complaint read.

Tsuneishi spokesperson Lelani P. Echaves said the writ of
attachment issued on the Nenaco vessel and five others is under
the admiral court of Cebu and so the rehabilitation court of
Manila has no authority to prevail upon the Cebu court's
directive. She explained that Nenaco could only file a counter-
bond or issue a post-dated check to block Tsuneishi and the Cebu
court from seizing its vessels. Other Nenaco vessels served with
arrest warrants include the M/V San Sebastian, M/S Princess of
Negros, M/V Nuestra Senora de Fatima, M/V San Paolo, and M/V
Sta. Ana."

Negros Navigation Co., Inc., in its letter dated April 26, 2004,
informed the Exchange that:

"The company has not received to date a letter or any formal
notice from the court regarding Tsuneishi filing a case against
Mr. Conrado A. Carballo and Mr. Sulfico Tagud, Jr."


NEGROS NAVIGATION: Passengers of 5 Vessels Stranded
---------------------------------------------------
Maritime Industry Authority (Marina) failed to renew the permits
of Negros Navigation Co. (Nenaco), in spite of the company's
compliance with regulatory requirements, halting the latter's
ships since Friday stranding the estimated 1,500 passengers of
each of its five vessels, The Manila Times reports.

The Nenaco ships were grounded during what was considered peak
travel time. The stranded passengers may have reached 9,000,
since one of the five ships was scheduled to take two trips over
the weekend, according to the Business Times citing, Nenaco
corporate communications manager, Gian Galvez in a telephone
interview.

Mr. Galvez said the shipping firm had to refer stranded
passengers to competitor Sulpicio Lines.

Nenaco seeks clarification from government agencies as it
doesn't understand why Marina has refused to issue permits for
their vessels, the company spokesperson said.


PHILIPPINE LONG: Posts Additional Listing
-----------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
to list additional 1,289,745 common shares, with a par value of
P5.00 per share, to cover the Executive Stock Option Plan (ESOP)
of the Company, at an exercise price of P814.00 per share.

In this connection, please be advised that a total of 1,372
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,372 common shares is set
for Tuesday, April 27, 2004. This brings the number of common
shares listed under the ESOP to a total of 20,332 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.


VICTORIAS MILLING: Posts Income After 7 Years
---------------------------------------------
In a press release submitted to the Philippine Stock Exchange,
Victorias Milling Company, Inc. posted an audited net Income of
PhP31.5 million for crop year ending August 31, 2003, for the
first time in seven years after the company was granted
suspension of payment of its loans and was put under
rehabilitation by the Securities and Exchange Commission.  The
financial statements audited by Joaquin Cunanan/Price Waterhouse
will be presented for stockholders' approval during the
forthcoming meeting on April 30.

The company achieved an audited earning before interest, taxes,
depreciation and amortization (EBITDA) of PhP743 million
compared to PhP445 million of the previous crop year.  This was
due to the fact that while gross revenues were only two percent
higher than the previous year, cost of sales were 14 percent
lower compared to the previous crop year.

Lower cost in peso terms were incurred in spite of the increase
in production, VMC milled broke the records chalked last crop
year.  Molasses production reached 143,746 metric tons, 28
percent higher than the previous crop year.

On the other hand, refined sugar production decreased from 6.4
million bags to 6.3 million bags due to the company's efforts to
optimize its production level relative to its fuel supply.

As of February of the current crop year, VMC had endured an
average 12 percent drop in raw sugar and molasses prices, which
accounted for a PhP116 million drop in gross revenues.  These,
however, were cushioned by better refinery revenues, which
increased by PhP65 million and a net reduction of PhP30 million
in cost and expenses.  The EBITDA for the period was PhP403
million compared to PhP425 million of the previous year.

VMC paid interest to bank creditors amounting to PhP204 million.
These charges coupled with higher off-season repairs and a drop
in raw sugar prices, resulted in a net loss of PhP15.3 million
for the first six months of the current crop year.  In
accordance with the Rehabilitation Plan, VMC will also pay the
trade suppliers 25 percent of their exposure amounting to PhP90
million before August this year.

VMC is currently undertaking a major expansion program totaling
PhP808 million that includes a new 15 MW turbo-generator to
replace aging power plants.  Internally generated cash, the
PhP300 million cash infusion by Tanduay Holdings, Inc. and the
proceeds from advance sales of sugar and molasses fund these
projects.

This capital rollout program is designed to increase VMC's
production levels of raw and refined sugar as well as achieve
greater cost efficiencies and savings particularly in energy
usage.

VMC's regular labor force has dipped below 1,500, lower than the
level of 1,700 ceiling set in Rehabilitation Plan.


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


CYBER VILLAGE: Issues Update on Ericsson Litigation
---------------------------------------------------
The Directors of Cyber Village Holdings Limited announced on 17
January 2003 that one of the Group companies, Cyber Village Sdn
Bhd (CV Malaysia) had served a writ of summons on Ericsson
Business Consulting (Malaysia) Sdn Bhd (Ericsson), in Kuala
Lumpur, Malaysia. CV Malaysia's claim was based on certain
provisions of a Sale & Purchase Agreement (the Agreement)
entered into with Ericsson on 28th August 2001 for the purchase
of Ericsson's IBM Lotus e-business software and consulting unit
(the Unit). CV Malaysia sought specific performance of the
Agreement under which Ericsson was obliged to procure payment of
outstanding amounts owing by certain debtors of the Unit (the
Outstanding Amounts). Alternatively, CV Malaysia was claiming
for damages for the sum of RM1,034,744.00.

The Directors had then also announced on 21 April 2003 that a
provision for doubtful debt for an amount of S$97,538 in
relation to aforementioned claim had been made. In this
connection, it was also stated in the Annual Report of the
Company for FY2003 that the Directors, on the advice of their
solicitors, believed that they had a reasonable case against
Ericsson, but that nonetheless, the subsidiary had set aside a
provision for doubtful debts amounting to 25% of the balance of
the Outstanding Amounts.

The Directors wish to now announce that Ericsson has
successfully applied to have CV Malaysia's claim struck out by
the High Court of Malaysia. The decision by the High Court to
strike out the claim was made on 23 April 2004.

The Directors wish to announce that it is the intention of CV
Malaysia to appeal against this decision.

If CV Malaysia does not succeed in its claim, this will have a
negative material impact on the Company's earnings or net
tangible assets for the current financial year.

However, notwithstanding the above, barring unforeseen
circumstances, the Directors maintain their position on the
prospect statements contained in the Annual Report of the
Company for FY2003, and the Financial Statement and Dividend
Announcement of the Company for FY2003.

The Directors will update the shareholders of the Company in
subsequent announcements as and when there are further
significant developments in this matter.

The Directors (including those who may have delegated detailed
supervision of this announcement) have taken all reasonable care
to ensure that the facts stated and opinions expressed in this
announcement are fair and accurate and that no material facts
have been omitted from this announcement, and they jointly and
severally accept responsibility accordingly.

Submitted by Tony Pua Kiam Wee, Chief Executive Officer on 24
April 2004 to the Singapore Exchange.


LKN-PRIMEFIELD: Discloses Results of Annual General Meeting
-----------------------------------------------------------
The Board of Directors of LKN-Primefield Limited announced that
at the Annual General Meeting (AGM) of the Company held on 23
April 2004, all the resolutions as set out in the Notice of AGM
dated 6 April 2004 were duly passed.

The Chairman highlighted to the shareholders that the aggregate
number of shares which the directors are authorized to issue
under Resolution 7 (as set out below) shall not exceed the
prescribed percentages of the Company's issued share capital at
the time of passing the resolution, i.e. as at 23 April 2004.

Resolution 7 - "That the Directors be and are hereby authorized
pursuant to Section 161 of the Companies Act (Cap. 50) from time
to time to allot and issue shares in the capital of the Company
(including without limitation equity securities like options,
warrants, transferable subscription rights or similar rights to
subscribe or purchase shares in the Company or debt instruments
convertible into or exchangeable for equity securities with non-
detachable options, warrants or similar rights to subscribe or
purchase equity securities attached) in such numbers, to such
persons, for such consideration and on such terms and conditions
as they deem fit provided that the aggregate number of shares to
be issued pursuant to this Resolution shall not exceed 50% of
the issued share capital of the Company, of which the aggregate
number of shares and convertible securities to be issued other
than on a pro rata basis to existing shareholders of the Company
shall not exceed 20% of the issued share capital of the Company
and that such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company or
the expiration of the period within which the next Annual
General Meeting of the Company is required by law to be held,
whichever is earlier."

Submitted by Tan Lee Chin, Company Secretary on 23 April 2004 to
the Singapore Exchange.


NATSTEEL LIMITED: Subsidiary Changes Name
-----------------------------------------
Natsteel Limited announced on the Singapore Exchange on 23 April
2004 that the company's wholly owned subsidiary Natsteel 2002
Pte Ltd, by order of the board, has changed its name to Natsteel
Asia (S) Pte Ltd.

This announcement was submitted by Lim Su-Ling, Company
Secretary to the Singapore Exchange on 13 April 2004.


RICHARDS HOGG: Issues Debt Claim Notice to Creditors
----------------------------------------------------
Notice is hereby given that the creditors of Richards Hogg
Lindley (Singapore) Pte Ltd (In Members' Voluntary Liquidation),
whose debts or claims have not already been admitted, are
required on or before 21 May 2004 to submit particulars of their
debts or claims and any security held by them to the liquidator
at its address a formal Proof of Debt in accordance with Form 77
containing their respective debts or claims.

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.

The Singapore Government Gazette announcement is dated April 23,
2004.

LIM SAY WAN
Liquidator.
C/- 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


STALLONE MARINE: Schedules Winding up Hearing
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Stallone Maring Pte Ltd. by the High Court was on the 19 April
2004 presented by United Overseas Bank Limited the successor-in-
title to Overseas Union Trust Limited of 80 Raffles Place, UOB
Plaza 1, Singapore 048624. The said petition will be heard
before the Court sitting at 10 a.m. on the 14 May 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 the hearing by himself or his Counsel for that
purpose, and a copy of the said Petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

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

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

DREW & NAPIER LLC
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Drew & Napier LLC a notice in writing of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their 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
the 13 May 2004.

The Singapore Government Gazette announcement is dated April 23,
2004.


SUK-A ENGINEERING: Faces Winding up Petition Hearing
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Suk-A Engineering Pte Ltd. by the High Court was on the 8 April
2004 presented by Peri-Hory Asia Formwork Pte Ltd, a company
incorporated in the Republic of Singapore and having its
registered office address at 1 Sims Lane #06-10, Singapore
387355. The said petition will be heard before the Court sitting
at 10 a.m. on the 30 April 2004. Any creditor or contributory of
the said 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.

The Petitioners' address is 1 Sims Lane #06-10, Singapore
387355.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

TAN KOK QUAN 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 Tan Kok Quan Partnership notice in writing of his
intention to do so. The notice must state the name and address
of the person or, if a firm, the name and address of the firm,
and must be signed by the person or firm, or his or their
solicitor (if any) and must be served or, if posted, must be
sent by post in sufficient time to reach the above named not
later than twelve o'clock noon of the 29 April 2004 (the day
before the day appointed for the hearing of the said Petition).

The Singapore Government Gazette announcement is dated April 23,
2004.


TELE-WORLD SHOP: Creditors Must Submit Claims by May 22
-------------------------------------------------------
Notice is hereby given that the creditors of Tele-World Shop Pte
Ltd, which is being voluntarily wound-up, are required on or
before 22 May 2004 to send their names and addresses and
particulars of their debts and claims, and the names and
addresses of their Solicitors (if any) to the undersigned
Liquidators of the Company and if so required by notice in
writing from the said Liquidators, are, by their Solicitors or
personally, to come in and prove their said debts or claims at
such time and place specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

ROHAN KAMIS
TAN TUAN HOCK
Liquidators.
c/o Rohan % Mah & Partners
78 Shenton Way #26-02
Singapore 079120.

The Singapore Government Gazette announcement is dated April 23,
2004.


TELE-WORLD SHOP: Unveils April 19 AGM Resolutions
-------------------------------------------------
At an Extraordinary General Meeting (AGM) of the members of the
Tele-World Shop Pte Ltd (In Members' Voluntary Liquidation) duly
convened and held at 78 Shenton Way #26-02, Singapore 079120 on
19 April 2004 at 10 a.m., the following Special Resolutions were
duly passed:

SPECIAL RESOLUTION

1. That the Company be wound up voluntarily and that Mr. Rohan
Kamis and Mr. Tan Tuan Hock of c/o 78 Shenton Way #26-02,
Singapore 079120 be and are hereby appointed as liquidators of
the Company for the purpose of such winding up.

2. That the said liquidators be and are herby authorized to
exercise any of the powers given by Section 272 (1) (b), (c),
(d) and (e) of the Companies Act, Cap. 50.

3. That any part of all of the surplus assets whatsoever
remaining in the Company after satisfaction of all debts and
liabilities shall be distributed in cash or in specie to the
members of the Company.

HSU YIN CHI
Director.

The Singapore Government Gazette announcement is dated April 23,
2004.


WANT WANT: To Close Books In Order To Determine Dividends
---------------------------------------------------------
Notice is hereby given that subject to the approval of Members
at the Annual General Meeting (AGM) to be held on 30 April 2004,
the Transfer Books and Register of Members of the Company will
be closed from 5.00 p.m. on 10 May 2004 up to and including 11
May 2004, for the purpose of determining Members' entitlements
to the proposed first and final dividends of 35% or US$0.035 per
ordinary share tax exempt (Dividends) in respect of the
financial year ended 31 December 2003.

The Dividends in respect of financial year ended 31 December
2003, if approved by Members of the Company at the AGM, will be
paid on 20 May 2004.

Duly completed registerable transfers received by the Company's
share registrar, Lim Associates (Pte) Ltd at 10 Collyer Quay,
#19-08 Ocean Building, Singapore 049315 up to 5.00 p.m. on 10
May 2004 will be registered to determine Members' entitlements.
Members whose Securities Accounts with The Central Depository
(Pte) Limited are credited with Shares at 5.00 p.m. on 10 May
2004 will be entitled to the Dividends for the financial year
ended 31 December 2003.

By Order of the Board

Submitted by Adams Lin Feng I, Group Vice President and Director
on 23 April 04 to the Singapore Exchange.


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


NATIONAL FERTILIZER: Submits Progress Of Rehabilitation Process
---------------------------------------------------------------
National Fertilizer submits to the Stock Exchange of Thailand
its progress report on rehabilitation process.

The Company would like to inform that since the request of
rehabilitation on 14th August 2003 and the Central Bankruptcy
Court issued an order on 8th September 2003 to allow
rehabilitation of National Fertilizer Public Company Limited and
concurrently the appointment of C. J. Morgan Company Limited to
be preparer of the Company's rehabilitation plan.  Subsequently,
the Central Bankruptcy Court has an order to approve the plan on
30th December 2003 and also appointed C. J. Morgan Company
Limited to be the plan administrator.

Hence the Company is currently in process of the new entry
capital of the investor, which is stipulated by the term of
reference to comply within 60 days commencing on the date of the
Court's order to approve this plan.  However, the investor has
requested the financial institution creditors to defer such
MOU's obligation to the day of 27th April 2004.  At any rate of
this progress the Company will acknowledge to the Securities
Exchange of Thailand.

Please be advised accordingly.
Your respectfully,
(Mr. Chamni Janchai)
C. J. Morgan Company Limited
On behalf of the Plan Administer of National Fertilizer Public
Company Limited


SAHAMITR PRESSURE: SET Suspends Trading
---------------------------------------
The Stock Exchange of Thailand (SET) has posted an NP (Notice
Pending) sign on the securities of Sahamitr Pressure Container
Pcl. (SMPC) from March 1, 2004 because the company has publicly
submitted to the SET its audited financial statement for the
year 2003 ending December 31, 2003 with a Disclaimer of Opinion
from SMPC's auditor.

The SET is waiting for information as to whether the company has
to amend its financial statements.

The Securities and Exchange Commission has now informed the SET
that it instructed SMPC to amend its financial statements.

Therefore, the SET has posted an SP (Suspension) sign to suspend
trading of SMPC 's securities on April 26, 2004 to provide
general investors sufficient time to comprehensively study the
Company's information.

The SET will later grant the company permission to continue
trading its securities, while still posting an NP sign, from
April 27, 2004 until the company submits its amended financial
statements for dissemination through the SET.




* BOND PRICING: For The Week 26 April - 30 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   61
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
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    8
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   11
Salomon Smith Barney Australia        4.250%       2/1/09     9
Sapphire Securities                   9.250%     12/20/06     9
Sky Network Television Ltd            9.300%     10/29/49     7
Straits Resources Ltd                10.000%     12/31/03     1
Strathfield Group Ltd                11.000%     12/31/05     1
Tower Finance Ltd                     8.750%     10/15/07     8
TrustPower Ltd                        8.300%      9/15/07     7
TrustPower Ltd                        8.500%      9/15/12     8
Vision Systems Ltd                    9.000%     12/15/08     2


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

China Government Bond                  2.600%      9/20/07   75
China Government Bond                  2.900%      5/24/32   64
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   60
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    2
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%      12/24/05   1
Killinghall Bhd                        5.000%       4/13/09   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
Mithril Bhd                            3.000%       4/05/12   1
Mithril Bhd                            8.000%       5/05/09   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   70
Sengkang Mall                          4.880%     11/20/12    1
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   16
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 ***