/raid1/www/Hosts/bankrupt/TCRAP_Public/040505.mbx         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

            Wednesday, May 5, 2004, Vol. 7, No. 88

                            Headlines

A U S T R A L I A

ARISTOCRAT LEISURE: Unveils Annual General Meeting
CARTER HOLT: Issues Amendment To Employees Remuneration
NATIONAL AUSTRALIA: Malcolm Williamson Joins Board
NOVUS PETROLEUM: Issues Notice Re Take Over Bid


C H I N A  &  H O N G  K O N G

CHINA NAN: AGM Set For May 28
GAIN HONOUR: Winding Up Hearing Set By Court
HAN KA: Winding Up Hearing Set For May 19
HK CONSTRUCTION: Posts Changes In Board Members
I-CHINA HOLDINGS: Answers HKSE Query

KING CHUNG: Schedules Winding Up Hearing For June 2
LEUNG YIU: Enters Bankruptcy Proceedings
LIK CHUNG: Date For Hearing Of Petition Set
SHEK YUK: Enters Bankruptcy Proceedings
STARBOW HOLDINGS: Unveils Results Of Special General Meeting

TSE WAI: Court Sets Hearing Date


I N D O N E S I A

CITRA MARGA: JCR Views Debt Restructuring Negotiation


J A P A N

ANDO MARBLE: Stone Product Manufacturer Enters Bankruptcy
CAPCOM COMPANY: R&I Downgrades Rating To BBB
MITSUBISHI MOTORS: DaimlerChrysler May Reduce Stake
MITSUBISHI MOTORS: Executives Face Investigation
MITSUBISHI MOTORS: April U.S. Vehicle Sales Down 34.3%

MITSUBISHI MOTORS: R & I Gives Review
OSAKA GODO: Alarm System Company Files For Bankruptcy

* CORPORATE BANKRUPTCIES: Monthly Report For Japan Shows Rise


K O R E A

HANARO TELECOM: Unveils 2004 First Quarter Results
HYNIX SEMICONDUCTOR: Citigroup Fund Raises Bid For Units
LG CARD: Making Headway In Process Of Normalization
ORION ELECTRIC: Creditors OK Sale To Investors
SEWON TELECOM: Files For Bankruptcy


M A L A Y S I A

MMC ENGINEERING: MMC Oil Unit Projects RM60M in Revenue
NCK CORPORATION: APB Resources To Take Over NCK Listing
PERNAS INTERNATIONAL: Issues Update To Ambang Budi Acquisition
PERNAS INTERNATIONAL: Completes Restructuring Scheme
PILECON ENGINEERING: Monthly Practice Note 1/2001 Update

POS MALAYSIA: Listing and Quotation of 159,000 New Shares
PROTON: Monthly Disclosure Pursuant To Paragraph 5.11(2)
SOUTHERN STEEL: Announces First And Final Dividend
SUGAR BUN: Gives Proposals' Details
TANJONG PUBLIC: Additional 4,000 Shares To Be Listed

TANJONG PUBLIC: Informs Of Principal Officers' Dealings
TEXCHEM RESOURCES: Reports RM1.86M Loss
UNISEM BERHAD: Planning China Expansion
UNISEM BERHAD: Discloses Recurrent Related Party Transactions


P H I L I P P I N E S

BANK OF AURORA: Issues Notice To Creditors
BANK OF LLANERA: Issues Notice To Creditors
MANILA ELECTRIC: Projects Cash Deficit In 3Q  
NATIONAL POWER: Posts PhP100B Net Loss In 2003
NATIONAL STEEL: Landowner Asks SEC To Await RTC Decision

PHILIPPINE LONG: Releases Cash Dividend Declaration
PHILIPPINE LONG: Releases 2004 1Q Report


S I N G A P O R E

HEAP LEE: Issues Dividend Notice
MODULINE CABLE: Final General Meeting Set For May 31
NATSTEEL LIMITED: Natsteel Tech Unit Ups Stake In BGW
ONTRI PTE: Issues Debt Claim Notice To Creditors
SNP CORPORATION: To Restructure Printing Businesses

SWEE HONG: Winding Up Hearing Set For May 14
THAI VILLAGE: Posts 65% Increase In Interim Net Earnings
WHK INVESTMENT: Releases Winding Up Order Notice
ZEAL DESIGN: Faces Winding Up Petition


T H A I L A N D

CAPETRONIC INTERNATIONAL: Submits AGM Resolutions  
DATAMAT: To Set New Shareholder's AGM Date
PRASIT PATANA: Submits Resolutions Passed By The Board  
PRASIT PATANA: Unveils Annual Shareholders Meeting

     -  -  -  -  -  -  -  -

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


ARISTOCRAT LEISURE: Unveils Annual General Meeting
--------------------------------------------------
Aristocrat Leisure Ltd. disclosed to the Australian Stock
Exchange the company's Annual General Meeting held on Tuesday.

Chief Executive, Mr. Paul Oneile, announced the audited trading
results for the first quarter of 2004.

Mr. Oneile said: "I am pleased to report that trading for the
first quarter has continued to reflect the underlying strength
of the company and its global operations.  Historically, the
first quarter is the weakest trading period of the year.

Our unaudited management accounts for the three months ended
March 31, 2004 report that a profit after tax of $8.5 million.  
This compares with a loss after tax of $36.5 million in the
prior corresponding period.

When adjusted for one-off items in the prior year, the
normalized prior corresponding period loss after tax was $15.9.

Working capital levels have improved from the levels reported at
December 31, 2003 and cash flow remains strong.

At this stage however, it is not possible to provide any
guidance as to the likely first half and full year results given
that they will be significantly influenced by the outcomes of a
number of activities and events.  Specifically, in relation to
the first half, these include:

-The success of our new game in Japan, "Daruma Neko". Shipments
of this new game commence in mid May.  Early feedback and
indications from our customers are encouraging;

-The timing of product approvals in a number of jurisdictions

-Trading in June, which has generally been one of the strongest
trading months of the year: and

-The outcome of the litigation against the former CEO.

Contact:  

Aristocrat Leisure Limited
71 Longueville Rd. Lane Cove,
New South Wales 2066, Australia
Telephone: +61-2-9413-6300
Fax: +61-2-9420-1352
Website: http://www.aristocrat.com.au


CARTER HOLT: Issues Amendment To Employees Remuneration
-------------------------------------------------------
Carter Holt Harvey submits to the Australian Stock Exchange an
amendment to Employee Remuneration disclosure in 2003 Annual
Report.

The disclosure relates to the total number of Carter Holt Harvey
employees who received remuneration and other benefits including
termination payments in their capacity as employees totaling
NZ$100,000 or more during the year.

Unfortunately a number of employees at the Kinleith Mill who
received redundancy payments in January 2003 (reflecting their
accrued entitlements over a period of time extending up to 40
years in some cases), were omitted from the table due to a cross
over of payroll systems.

The financial impact of these redundancy payments was correctly
reflected in the accounts with the error being restricted to the
number of employees reported in the table.

To view a copy of the table click
http://bankrupt.com/misc/CARTERHOLT050304.pdf

Contact:  

Carter Holt Harvey Limited (New Zealand: CAH)
640 Great South Rd., Manukau City, Private Bag 92106
Auckland, New Zealand
Telephone: +64-9 262 6000
Fax: +64-9 262 6099
Website: http://www.chh.com/WSMApage


NATIONAL AUSTRALIA: Malcolm Williamson Joins Board
--------------------------------------------------
The National Australia Bank Chairman, Mr. Graham Kraehe
announced to the Australian Stock Exchange on Monday that Mr.
Malcolm Williamson, formerly VISA International President and
CEO, will join the Principal Board of National Australia Bank.

Before moving to the United States to take up the role at VISA
he was Group Chief Executive of Standard Chartered Bank for five
years and prior to this was Managing Director of Girobank.

His early career included a number of senior roles at Barclays
Bank.

"Mr. Malcolm's experience in both the United Kingdom and the
United States leading major financial services organizations
makes him a valuable addition to the National's Board," National
Chairman, Mr. Graham Kraehe said.

Subject to UK regulatory approval, Mr. Williamson will also join
the National Australia Group Europe, Clydesdale Bank and
Yorkshire Bank Boards.

"When I was appointed Chairman in February, I committed to a
program of Board renewal including the acceleration of
appointments of non-executive Directors with banking experience
to the board," he said.

"Mr. Williamson's appointment is an important step in that
process.  The next step will be the appointment of an Australian
based non-executive Director with banking experience which I
expect to be able to announce soon."

Contact:  

Brandon Phillips
Group Manager
Group Corporate Relations
Telephone: 03 8641 3857
Mobile: 0419 369 058
Website: http://www.nabgroup.com

For more information, click
http://bankrupt.com/misc/NATIONALAUSTRALIA050304.pdf


NOVUS PETROLEUM: Issues Notice Re Take Over Bid
-----------------------------------------------
Medco Energy (Australia) Pty Ltd. submits a notice to the
Australian Stock Exchange that the offers are hereby varied by
extending the period, which the Offers are open for acceptance
by a further period of two weeks, thereby extending the closing
date for the offers to 7:00 p.m. (Melbourne time) on May 25,
2004 (unless further extended).

This variation (combined with the previous variations made to
the Offers) has the effect of postponing, for more than one
month, the time when MEAPL must meet its obligations under the
Offers for those shareholders who have already accepted the
Offers.  As a result, under section 650E of the Corporations
Act, those shareholders may withdraw their acceptance by giving
notice to MEAPL within one month of the day after the day on
which they first receive a copy of this notice.

To view full copy of this notice click
http://bankrupt.com/misc/NOVUSPETROLEUM050304.pdf

Contact:  Novus Petroleum Ltd.
          Level 9, 321 Kent Street,
          SYDNEY, NSW, AUSTRALIA, 2000  
          Head Office Telephone: (02) 9299 4888  
          Head Office Fax: (02) 9299 4077  
          Website: http://www.novuspetroleum.com/


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C H I N A  &  H O N G  K O N G
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CHINA NAN: AGM Set For May 28
-----------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
China Nan Feng Group Limited will be held at 9:30 a.m. on 28 May
2004 at Ward Room, Royal Hong Kong Yacht Club, Kellett Island,
Causeway Bay, Hong Kong for the following purposes:

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

2. Upon Mr. Tam Kai On, Mr. Ko Chung Ting, Peter and Mr. Lau
Kwok Wah retiring from office as directors, and each of Mr. Tam
Kai On, Mr. Ko Chung Ting, Peter and Mr. Lau Kwok Wah is
offering himself for re-election, to re-elect Mr. Tam Kai On and
Mr. Ko Chung Ting, Peter as executive directors and Mr. Lau Kwok
Wah as independent Non-executive director and authorize the
board of directors of the Company to fix all directors'
remuneration.

3. To consider and, if thought fit, re-appoint Messrs. RSM
Nelson Wheeler as auditors and to authorize the board of
directors of the Company to fix their remuneration.

As special business, to consider and, if thought fit, pass the
following resolutions, which will be proposed with or without
amendments, as ordinary resolutions at
http://bankrupt.com/misc/tcrap_chinanan0505.pdf

By Order of the Board
China Nan Feng Group Limited
Tao Ke Wei
Executive Director

This is a Hong Kong Stock Exchange announcement.


GAIN HONOUR: Winding Up Hearing Set By Court
--------------------------------------------
Notice is hereby given that a Petition for the winding up of
Gain Honour Limited by the High Court of Hong Kong was on 8
April 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 10 a.m. on the
16 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 15 June 2004.


HAN KA: Winding Up Hearing Set For May 19
-----------------------------------------
Notice is hereby given that a Petition for the winding up of Han
Ka Yuen Container Transportation Company Limited by the High
Court of Hong Kong was on 6 February 2004 presented to the said
Court by Lo Kun Cheong Henry of Ground Floor, Block A, Wai King
Vila, Tung Ping Road, Kam Sheung Road, Yuen Long, New
Territories, Hong Kong. The said Petition will be heard before
the Court at 10 a.m. on 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.

DICKIE TSANG & CO.
Solicitors for the Petitioner,
10th Floor, Hang Seng Yuen Long Building
91-93 Castle Peak Road, Yuen Long
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 May 2004.


HK CONSTRUCTION: Posts Changes In Board Members
-----------------------------------------------
Reference was made to the announcement regarding the Change of
Directors of Hong Kong Construction (Holdings) Limited on 29
April 2004. Mr. Chung Cho Yee Mico, a newly appointed
independent non-executive director of the Company, is currently
holding directorships in E2-Capital (Holdings) Limited, Pacific
Century Insurance Holdings Limited and PCCW Limited, all being
companies listed on The Stock Exchange of Hong Kong Limited.

In a disclosure to the Stock Exchange of Hong Kong Limited, the
Company added that Mr. Chui Ka Chun has resigned as Company
Secretary and Mr. Tsang Sai Chung Kirk has been appointed as his
replacement, both with effect from 3 May 2004. Mr. Tsang is also
an Executive Director of the Company. The Board would like to
thank Mr. Chui Ka Chun for his contribution to the Company
during the past.

By Order of the Board
Hong Kong Construction (Holdings) Limited
Oei Kang Eric
Managing Director & Chief Executive Officer
Hong Kong, 3 May 2004.


I-CHINA HOLDINGS: Answers HKSE Query
------------------------------------
The Stock Exchange of Hong Kong Limited has received a message
from I-China Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited."

"We have noted the recent price fluctuation of the shares of the
Company and wish to state that we are not aware of any reasons
for such fluctuation."

"We also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under rule 13.23, neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09, which is or may be of a price-sensitive nature."

As at the date of this statement, the Board of the Company
comprises Messrs Zen Wei Peu, Derek and Yu Sai Yen as executive
directors, and Dr. Chow Ming Kuen, Joseph and Mr. Ng Chi Ming,
James as independent non-executive directors.

Made by the order of I-China Holdings Limited, the Board of the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.

For and on behalf of
I-China Holdings Limited
Keter Fong Shiu Leung
Company Secretary
3 May 2004


KING CHUNG: Schedules Winding Up Hearing For June 2
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of
King Chung Hop Kee Mfre. Co. Limited by the High Court of Hong
Kong was on the 26 March 2004 presented to the said Court by Lai
Ying Tai of Room 703, Block E, Golden Glory Court, Golden Lion
Garden Phase I, Tai Wai, Shatin, New Territories, Hong Kong. The
said Petition will be heard before the Court at 10 a.m. on 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 of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

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


LEUNG YIU: Enters Bankruptcy Proceedings
----------------------------------------
A notice is hereby given that Bankruptcy Order against Leung Yiu
Wai was made on the 13 April 2004. All debts due to the estate
should be paid at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

E. T. O'Connell
Official Receiver

This Standard announcement is dated 30 April 2004.


LIK CHUNG: Date For Hearing Of Petition Set
-------------------------------------------
Notice is hereby given that a petition for the winding up of Lik
Chung Group International Company Limited by the High Court of
Hong Kong was on the 7 April 2004 presented to the said Court by
Chiyu Banking Corporation Limited whose registered office is
situated at No. 78, Des Voeux Road Central, Hong Kong. The said
Petition will be heard before the Court at 10 a.m. on 16 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.

ROWLAND CHOW, CHAN & CO.
Solicitors for the Petitioner,
15th Floor, Wing Lung Bank Building
45 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of 15 June 2004.


SHEK YUK: Enters Bankruptcy Proceedings
---------------------------------------
A notice is hereby given that Bankruptcy Order against Shek Yuk
Lui was made on 19 April 2004. All debts due to the estate
should be paid at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

E. T. O'Connell
Official Receiver

This Standard announcement is dated 30 April 2004.


STARBOW HOLDINGS: Unveils Results Of Special General Meeting
------------------------------------------------------------
Reference is made to Starbow Holdings Ltd's announcements dated
17 March and 7 April 2004 and the circular of the Company dated
8 April 2004. Capitalized terms used in this announcement have
the same meanings as defined in the Circular.

In a disclosure to the Hong Kong Stock Exchange Limited, the
Directors announced that at the Special General Meeting (SGM)
held on Tuesday, the special resolutions put to the Shareholders
in respect of the Capital Reorganization and the amendments to
the Bye-Laws were duly passed by the Shareholders by show of
hands. Details of the Capital reorganization and the amendments
to the Bye-Laws are set out in the Circular.

The Listing Committee of the Stock Exchange has granted the
listing of, and permission to deal in, the Consolidated Shares
created from the Capital Reorganization. As all other conditions
have been fulfilled, the Capital Reorganization has become
unconditional and will take effect from 4 May 2004.

TIMETABLE AND TRADING ARRANGEMENTS

The timetable for the Capital Reorganization and the associated
trading arrangements are set out as below:

Effective date for Capital Reorganization: 4 May 2004

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

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

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

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

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

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

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

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

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

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

Note: All times refer to Hong Kong local time

With effect from 9:30 a.m. on 10 June 2004, trading will only be
in the Consolidated Shares in board lots of 20,000 Consolidated
Shares and the temporary counter for trading in the Consolidated
Shares in board lots of 2,000 Consolidated Shares will be
closed.

The Board as of the date of this announcement comprises six
Directors, including Mr. Chi Chi Hung, Kenneth as the Chairman,
Mr. Hui Sze Yin, Clarence as the Executive Director, Mr. So Hon
Cheung, Stephen, Mr. Lee Kin Chung, Simon, Mr. Lau Man Tak and
Ms. Xia Ling Yun as the independent non-executive Directors.

By Order of the Board
Starbow Holdings Limited
Kenneth Chi
Chairman

Hong Kong, 3 May 2004.


TSE WAI: Court Sets Hearing Date
--------------------------------
Notice is hereby given that a petition for the winding up of Tse
Wai Limited by the High Court of Hong Kong was on 2 April 2004
presented to the said Court by Bank of China (Hong Kong) Limited
whose registered office is situate at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong. The said petition
will be heard before the Court at 10 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.

FORD, KWAN & COMPANY
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 8 June 2004.


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


CITRA MARGA: JCR Views Debt Restructuring Negotiation
-----------------------------------------------------
Japan Credit Rating Agency (JCR) expressed its views on PT Citra
Marga Nusaphara Persada (CMNP)'s ongoing debt restructuring
negotiation with its creditors as follows:

(1) PT Citra Marga Nusaphara Persada (CMNP) has been
negotiating with the creditors on the debt restructuring of its
Euro bond and floating-rate notes (FRNs) totaling USD32.1
million (at end-2003) due on February 2002. The proposed debt-
restructuring plan is mainly focusing on the extension of
maturity profile up to 2007. Besides these U.S. dollar
denominated papers, CMNP has already agreed with the creditors
of IDR bonds (IDR199 billion at end-2003) originally due on
March 2004, to extend its maturity profile up to 2007. Current
"CC" rating on CMNP's foreign currency debts reflects its
suspension of principal payments on U.S. dollar denominated
papers, and is to be revised to reflect the credit standing of
the company if the debt restructuring should be agreed.

(2) CMNP was forced to suspend the principal payment in 1998
and 2002, mainly due to the increased debt servicing cost
derived from a large depreciation of Indonesian rupiah's value
and suspension of toll tariff increase (until July 2003) in the
years of rapid price inflation. CMNP is still exposed to the
fluctuation of rupiah exchange rate with its U.S. dollar
denominated debts remain in gun hedged. However, CMNP's
vulnerability to exchange rate volatility is not so high as in
the past, because the company has succeeded to decrease the
amount of U.S. dollar debts in recent years.

(3) Traffic volume on the Jakarta Intra Urban Tollway (JIUT),
part of which is operated by CMNP, has been increasing steadily
in recent years, with its annual growth rate of 9.2 percent and
7.1 percent in 2002 and 2003 respectively, against the backdrop
of robust economic recovery. As it will still take time for the
new roads to be constructed, growth in traffic volume is likely
to continue in the years to come. While the domestic fuel price
has been increasing in recent years with the gradual government-
subsidy reduction, the fuel price hike is unlikely to suppress
the growth in traffic in the near future, with the subsidy cut
cycle already coming to an end.

(4) Toll revenue sharing on the JIUT with state-owned Jasa
Marga was revised to reduce the share of CMNP to 55 percent from
75 percent effective from January 2003. However consequent
reduction in CMNP's toll revenue is partly mitigated by the
tariff increase from June 2003. Under the new regulation, CMNP
has "an opportunity to increase toll tariff every three years on
the maximum rate of 25 percent," based on parliament approval,
which leads to claim whether CMNP could make sufficient
adjustment in the tariff in the future is not clear. CMNP,
together with other toll road operating companies, is calling
for a rule-based adjustment formula for toll tariff, and the
government's response should be closely observed.

(5) In recent years, CMNP has reduced U.S. dollar debts, mainly
through buyback funded by its own operating cash flow, and thus
made its balance sheet less vulnerable. Total debts at end-2003
have almost halved to IDR470.7 billion from two years ago,
making its net debts to equity ratio to 72 percent from 197
percent.

(6) CMNP is a private toll road construction and operating
company in Indonesia, and presently operates two sections, the
North-South Link and Harbor Road, of the three sections of the
JIUT, which runs through the heart of Jakarta. Its gross revenue
was IDR353.9 billion and its total assets were IDR1.2 trillion
at end-2003.


=========
J A P A N
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ANDO MARBLE: Stone Product Manufacturer Enters Bankruptcy
---------------------------------------------------------
Ando Marble Co. Ltd. has entered bankruptcy, according to
Teikoku Databank America. The stone product manufacturer, which
is located at Ampachi-Gun, Gifu Japan, has total liabilities of
US$25 million.


CAPCOM COMPANY: R&I Downgrades Rating To BBB
--------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
senior long-term credit rating of Capcom Co., Ltd. to BBB from
BBB+.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 3 Jun 17, 1994 Sep 30, 2005 Yen 20,000
Unsec. Conv. Bonds No. 4 with a 130% call option Dec 20, 2001
Mar 30, 2007 Yen 10,000
Unsec. Conv. Bonds No. 5 with a 130% call option Dec 20, 2001
Mar 31, 2009 Yen 15,000

RATIONALE:

Entertainment software developer Capcom Co. Ltd. expects a net
loss of 9.4 billion yen for the year ended March 31, 2004,
attributed to the underperformance of released titles increasing
provisions for price concession and returns, and extraordinary
losses related to the dissolution of its finance subsidiary and
a business restructuring charge.

In the gaming industry, the burden of higher development costs
and lower unit sales prices result in an overall increase in
business risk. On the basis of previous development experience
and the number of its franchises, R&I predicted that Capcom
would be able to supplement its income from flagging domestic
sales with those overseas, particularly in North America.
However, sales results of many titles fell far short of its
forecast. In addition, the company expects extraordinary losses
for liquidation of its subsidiaries and for a structural
overhaul in fiscal 2003. R&I has downgraded Capcom's Senior
Long-term Credit Rating to BBB and has assigned the bonds here a
BBB- rating considering expected recovery, to reflect these
decline of equity capital.

Home video game machines are anticipated to move to the next
generation during the middle of 2006, accompanied by increases
in risk factors such as further rises in development costs and
erosions in soft prices for the current hardware. The rating is
under a strong downward pressure.


MITSUBISHI MOTORS: DaimlerChrysler May Reduce Stake
---------------------------------------------------
Mitsubishi Motors Corporation and DaimlerChrysler AG will meet
this week to discuss reducing the German company's 37 percent
stake in the ailing automaker to 33 percent or 20 percent, Kyodo
News reports, citing the Financial Times.

According to the report, the proposed move will not involve
DaimlerChrysler selling part of its stake, and the holding will
instead be diluted by the issue of new Mitsubishi Motors common
stock to Mitsubishi group firms and outside investors.


MITSUBISHI MOTORS: Executives Face Investigation
------------------------------------------------
Japanese police will investigate seven former and current
Mitsubishi Motors Corporation officials, possibly this week, for
allegedly falsifying reports of an accident in which a wheel
came off a Mitsubishi truck and killed a woman in 2002, the
Japan Times reported on Monday.

The Kanagawa Prefectural Police will investigate former
Mitsubishi Fuso Truck & Bus Corporation Chairman Takashi Usami,
who was Vice President of Mitsubishi Motors at the time of the
accident, and former Mitsubishi Motors Managing Director Akio
Hanawa. Usami and Hanawa are suspected of violating the Road
Trucking Vehicle Law by submitting a false report on the
accident.

Mitsubishi Fuso was spun off from Mitsubishi Motors in January
2003.


MITSUBISHI MOTORS: April U.S. Vehicle Sales Down 34.3%
------------------------------------------------------
Following are Mitsubishi Motors Corporation U.S. sales of cars
and light trucks in April 2004 versus the same year-earlier
month and for the year to date, according to Reuters.

                           April 2004     April 2003    % Change

All Vehicles                16,269         24,762      -34.3%
Domestic Car                 6,075         13,324      -54.4%
Domestic Truck               2,033          1,794       13.3%
Import Car                   5,588          4,980       12.2%
Import Truck                 2,573          4,664      -44.8%
Dom+Imp Cars                11,663         18,304      -36.3%
Dom+Imp Trucks               4,606          6,458      -28.7%
Domestic Vehicles            8,108         15,118      -46.4%
Imported Vehicles            8,161          9,644      -15.4%

                           Yr-to-Date      Prev Year    % Change
All Vehicles                73,130         94,841      -23.6%
Domestic Car                28,706         41,735      -31.9%
Domestic Truck               9,395          2,029      358.5%
Import Car                  22,160         23,980       -8.5%
Import Truck                12,869         27,097      -53.0%
Dom+Imp Cars                50,866         65,715      -23.4%
Dom+Imp Trucks              22,264         29,126      -24.3%
Domestic Vehicles           38,101         43,764      -13.8%
Imported Vehicles           35,029         51,077      -32.1%

Percent changes are based on the daily sales rate, and reflect
26 selling days this month versus 26 in the month last year, and
102 this year to date versus 101 last year to date.


MITSUBISHI MOTORS: R & I Gives Review
-------------------------------------
The Rating and Investment Information Inc. (R&I) announced that
the downward pressure on the creditworthiness of Mitsubishi
Motors Corporation has increased further. On April 23, R&I
downgraded the Senior Long-term Credit Rating of Mitsubishi
Motors to B- as well as maintaining it on the Rating Monitor
scheme with a view to downgrading in light of the announcement
from German firm Daimler Chrysler (DCX), a leading shareholder
in the company, that it will not provide financial support. R&I
continues to take a rigorous view of the outlook for the
company's reconstruction based on the Mitsubishi Group.

On April 23, Mitsubishi Motors established a "Business
Revitalization Team" together with the three core companies in
the Mitsubishi Group; Mitsubishi Heavy Industries, Mitsubishi
Corp., and Bank of Tokyo-Mitsubishi, and it embarked on the
formulation of a reconstruction plan within a month. However,
there are concerns that the operational and financial base of
Mitsubishi Motors, including financial management, marketing
activities and materials procurement, will deteriorate with the
passage of time now that non-participation in a capital increase
has been announced by DCX. It will be particularly necessary to
adequately monitor developments that include domestic and
overseas automobile dealers and used car prices. The decline in
support from Daimler and the problem of tire shedding at
Mitsubishi Fuso Truck and Bus have overlapped, and there are
also concerns about the possibility of a strong negative impact
on new car sales.

Moreover, there have been few launches of the new models of
leading cars that were scheduled in 2004, and the maintenance of
the sales base in the automobile market is a major issue. While
Mitsubishi Motors hurries to formulate a comprehensive revival
plan, as a manufacturer the company has no time to lose in
implementing measures such as a stabilization strategy for the
sales frontline, and downward pressure is likely to increase
further if it is unable to do that. Another pressing issue is
whether the company will be able to secure adequate liquidity in
funds from banking syndicates and the three core Mitsubishi
companies to address the overall shortage of funds at the
Mitsubishi Motors group and dealers in Japan and overseas
accompanying the forecast decline in sales and the
implementation of restructuring.

R&I will also focus on the decision-making capability of senior
management at Mitsubishi Motors in the formulation of the future
revival plan. Despite obtaining cooperation from the three core
Mitsubishi companies, there are already limits to reconstruction
using purely financial support, and it is difficult to expect a
quick business reconstruction without the formulation and
implementation of a revival plan by a management team that has
an adequate appreciation of the risks of the automobile business
and provides strong leadership. At present, the management team
at Mitsubishi Motors includes managers dispatched from DCX, and
an important point in the future will be what kind of management
line up will come about in the context of the relationship with
DCX.

Meanwhile, it is needless to say that the development of new
cars is essential for business revival. However, joint
development with DCX has been a prerequisite in the past, and
considerable time would be needed for Mitsubishi Motors to
develop new cars by itself if the company was unable to secure a
cooperative relationship with DCX. The kind of relationship
formed with DCX in areas such as quality control and technology
partnership will be a key point in influencing the time until
the launch of new cars in the future. Mitsubishi Motors has
failed to remove the damage inflicted on confidence in its
product safety in the past due to "recall cover ups" in the spun
off truck division as well as in passenger cars, and R&I
believes that a rapid restoration of customer confidence is an
important element.


OSAKA GODO: Alarm System Company Files For Bankruptcy
-----------------------------------------------------
Osaka Godo Keiso K.K. has entered bankruptcy, according to
Teikoku Databank America. The Alarm System and Electronic
Measuring Instrument manufacturer, which is located at Hachio-
shi, Osaka, Japan has total liabilities of US$25 million.


* CORPORATE BANKRUPTCIES: Monthly Report For Japan Shows Rise
-------------------------------------------------------------
The number of Japan corporate bankruptcies in March (1,343
cases) increased 11.2 percent from February (1,208 cases), but
decreased 14.3 percent compared to the same month last year  
(1,568 cases), Teikoku Databank America reports. Total
liabilities in March (US$10,903.85 million) increased 20.1
percent from last month (US$3,779.60 million) and also increased
10.7 percent compared to the corresponding month in 2003  
($9,850.61 million).

The record shows that the month of March makes the 7th highest
in its number of liabilities after the World War II. Around
1,208 corporations with liability of over one billion yen
(US$8.33 million) entered bankruptcy in the month of March.


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


HANARO TELECOM: Unveils 2004 First Quarter Results
--------------------------------------------------
Hanaro Telecom, Inc., one of Korea's largest broadband Internet
access and local call service providers, achieved revenues of
KRW 349.3 billion and an operating profit of KRW 25.2 billion
during the first quarter of this year.

According to the Business Wire, the Company's total revenue
during the first quarter of this year was KRW349.3 billion. The
Company's operating profit during the quarter was KRW 25.2
billion reflecting an 18.3 percent increase from the fourth
quarter of 2003. The Company's net losses during the first
quarter of 2004 were KRW 5.4 billion, which reflects an
improvement of 94.8 percent from its previous quarter.

Hanaro further said that it achieved KRW 140 billion of EBITDA
during the first quarter, and this amount represents 25.2
percent of the Company's annual EBITDA target for the year.
These positive results can be attributed to, among other things,
the continuing growth of the Company's customer bases in the
broadband Internet and local telephony service sectors, a
decrease in the Company's churn rate, and an improvement of
customer satisfaction.

Mr. Samuel Kwon, Senior Executive Vice President of Hanaro
Telecom, said, "Given the recent rise in its subscriber numbers
and the improvement of its operating profit, the Company does
not anticipate a difficulty in posting a net profit for the
first time in its business operation during the fiscal year of
2004."

The Company plans to host a conference call on May 12, 2004 to
discuss details of its performance during the first quarter of
2004.

During the quarter, the Company wrote off certain non-performing
network/terminal equipment assets in the amount of KRW 7.3
billion. As of now, Hanaro expects the total write-off of
network/terminal equipment during this year to be in the range
of KRW 21~25 billion, and these figures are well within the
Company's estimation and have been provided in its budget for
this year. In addition, the Company's aggregate book value of
its terminal equipment, such as modems, stands at approximately
KRW 230 billion, and this amount accounts for less than 10
percent of the aggregate total book value of the Company's
tangible assets of more than KRW 2.4 trillion. Accordingly, the
Company does not expect the write-offs of terminal equipment,
such as modems, to present any serious problem to the Company's
ability to protect its profitability going forward. * This
disclosure contains "forward-looking statements" that are based
on the Company's current expectations, assumptions, estimates
and projections about our company and our industry. The forward-
looking statements are subject to various risks and
uncertainties. Actual results may differ materially from those
contained in such forward-looking statements, as a result of a
number of factors, including without limitation, the Company's
history of operating losses; the Company's inability to generate
sufficient cash flow from its operations to meet its operating
needs and its reliance on equity and debt financings to fund its
operations; the decline in the prices for communications
services; increasing competition in the telecommunications
sector in Korea and other factors beyond the Company's control.
Investors are directed to Hanaro Telecom's reports and documents
filed from time to time with the U.S. Securities and Exchange
Commission for additional factors that should be considered
prior to investing in Hanaro Telecom's securities. Hanaro
Telecom does not intend to update or otherwise revise the
forward-looking statements in this release, whether as a result
of new information, future events or otherwise. Because of these
risks, uncertainties and assumptions, the forward-looking events
and circumstances discussed in this release might not occur in
the way the Company expects, or at all. Investors should not
place undue reliance on any of the forward-looking statements.

COMPANY INFORMATION

Founded September 23, 1997, Hanaro Telecom Inc. is one of
Korea's largest high-speed Internet service and local
telecommunications providers. The Company, which was established
in 1997 and commenced commercial operations on April 1, 1999, is
the only competitive local exchange carrier in Korea licensed to
provide voice telephony services across its own last-mile access
network. It also provides broadband Internet access, multimedia
content and corporate data services bundled with voice telephone
in an integrated package. Hanaro deploys multiple broadband last
mile access technologies to ensure rapid rollout in high-density
areas while preserving access speeds and minimizing coverage
overlaps as well as capital expenditure. Hanaro listed on the
NASDAQ through issuance of American Depository Receipts (ADRs)
on March 29, 2000. Its common shares are listed on KOSDAQ.

For additional information, please visit Hanaro Telecom's
Investor Relations website: http://ir.hanaro.com/eng

CORPORATE HEADQUARTERS

10/F Ilsan Information Center, 726 Janghang-2dong, Ilsan-ku,
Koyang-shi, Kyunggi-do, Korea, 411-837
  
CONTACTS  

Hanaro Telecom, Inc.
Investor Relations:
YB Chang, 822-6266-2741
ybchang@hanaro.com
or
Taylor Rafferty, New York
Brian Rafferty, 1-212-889-4350
or
Taylor Rafferty, London
Noah Schwartz, 44-20-7936-0400
hanaro@taylor-rafferty.com
  
   
HYNIX SEMICONDUCTOR: Citigroup Fund Raises Bid For Units
--------------------------------------------------------
Citigroup Venture Capital Equity Partners LP, an equity fund at
Citigroup Inc., has raised its offer to buy Hynix Semiconductor
Inc.'s non-memory chip business to over 900 billion won (US$768
million), according to Bloomberg News.

Citigroup wants to buy the business as demand grows for consumer
electronics and computers. A sale will help Icheon, South Korea-
based Hynix cut debt of 4.2 trillion won and fund a plant in
China to keep up with memory- chip rivals Samsung Electronics
Co. and Micron Technology Inc.

Hynix posted a quarterly net income of 351 billion won in the
three months to March 31, as sales and prices for chips rose.
The non-memory business accounted for 17 percent of first-
quarter revenue for Hynix. The company does not break out profit
contributions from operating units.


LG CARD: Making Headway In Process Of Normalization
---------------------------------------------------
The once financially battered LG Card is showing signs of
recovery and its operations are normalizing, Yonhap News
reported on Tuesday. The credit card issuer has introduced a new
card, "T-plus" which gives a bonus to travelers. This is the
first time that LG Card has introduced a new product since last
October.


ORION ELECTRIC: Creditors OK Sale To Investors
----------------------------------------------
The acquisition of ailing television maker Orion Electric Co. is
likely to turn into a three-way race among Korean firms,
according to Yonhap News on Tuesday.

Creditors holding over 90 percent of Orion Electric's
liabilities recently agreed to sell off the display producer to
investors for an undisclosed sum. The selection of its lead
manager is slated for this week. Orion Electric, a former unit
of the now-defunct Daewoo Group, has been put under court
receivership.


SEWON TELECOM: Files For Bankruptcy
-----------------------------------
Midsize handset manufacturer Sewon Telecom Ltd. has filed for
bankruptcy on Monday, the Korea Herald reports. The Company
endured a series of liquidity crises since the beginning of the
year with snowballing debts of about 389 billion won.

Sewon specializes in manufacturing cell phones using code
division multiple access technology. It also makes radio
broadcast equipment, personal digital assistants and MP3
players.


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


MMC ENGINEERING: MMC Oil Unit Projects RM60M in Revenue
-------------------------------------------------------
MMC Oil and Gas Engineering, a wholly owned subsidiary of MMC
Engineering Group Berhad is expecting revenues to double to RM60
million over the next two years. According to The Edge Daily,
this is based on the company's projection that it will land
several contracts it has bid for this year.

Company director and Chief Operating Officer Shaharel Shafiei
says the local engineering design company is at present carrying
out several projects for oil majors in the country. Present
projects include the Baram Field development for Petronas
Carigali, Guntong Field for ExxonMobil and the revamp work at
Shell's Bintulu facility, which is worth RM50 million.

Notwithstanding the prospects in the local market, which
contributes 90 percent of the company's current revenue,
Shaharel says the MMC Oil & Gas has set its eyes on foreign
contracts to help sustain revenue growth over the next few years
and boost its overseas revenue contribution to 50 percent over
the next few years.

"The prospects for us going overseas are very real and we are
pushing hard at it. What we have outlined (overseas expansion)
last year is currently on track. Apart from the Melor and Tangga
Barat fields development tenders by Petronas in the country
expected by middle this year, MMC Oil & Gas is also bidding for
a project in West Africa, as well as on-shore upstream and
downstream projects in block 3 and 7 in Sudan. In Sudan, we will
be bidding for US$10 million worth of engineering design
contracts for the field surface facilities, crude pipelines,
central processing facilities and export terminals on the
expansion mode with engineering, procurement and construction.
This is not something new to us as the company has had
experience with the Peninsular Gas Utilization II works and
refinery project in Malacca," Shaharel said.

He added the company hopes to strengthen its position in Nigeria
and Vietnam after having gained a foothold in these countries
last year. The company is also scouting for jobs in Iran.

"The combined job potential is US$3 million for the Middle East,
Nigeria and Vietnam," he adds.

On the question of competition from international giants in
overseas fields, Shaharel says MMC Oil & Gas has built up its
expertise to be at par with the big boys.

"We may not have the resources of the foreign companies but we
have the cost competitiveness edge. The game plan here is for us
to complement their (foreign companies) requirements in a
partnership for a win-win situation. Our capability was proven
when Shell, which owns the revolutionary "Twister" gas
conditioning technology that enables condensation and separation
at supersonic velocity, asked us to incorporate that technology
at its B-11 platform offshore Sarawak," he says.

"That makes MMC Oil & Gas Engineering the first engineering
design company in the world given the trust by Shell to
incorporate the Twister technology into a production facility,"
he adds.

About the Company

MMC Engineering Services, through a merger with Malaysia Mining
Corporation Berhad, formed MMC Engineering Group Berhad in 1992.

In 2000, the Group consolidated its position in key business
areas by undertaking a reorganization exercise involving its
strategic business units, winding down MMC Engineering Services
and putting in three new subsidiaries in its place.

These subsidiaries each concentrate on a particular area of
business and are MMC Engineering and Construction Sdn Bhd, MMC
Transport Engineering Sdn Bhd and MMC Defense Sdn Bhd.

After the restructuring, the Group intends to benefit from
possible spin-off projects.


NCK CORPORATION: APB Resources To Take Over NCK Listing
-------------------------------------------------------
NCK Corporation Berhad (NCK) would like to refer to the
company's restructuring scheme.

1. Acquisition of the following companies by APB Resources
Berhad (APB):

(a) 37,360,005 ordinary shares of RM1.00 each in NCK
representing the entire equity interest in NCK for a purchase
consideration of RM934,000 satisfied by the issuance of 934,000
ordinary shares of RM1.00 each in APB (APB Shares) at par. Upon
completion of this acquisition, existing shareholders of NCK had
exchanged the NCK shares held by them for new APB Shares on the
basis of one (1) APB Share for every forty (40) existing NCK
shares held (Acquisition of NCK);

(b) 45,638,085 ordinary shares of RM1.00 each in Era Julung Sdn
Bhd (EJ) representing the entire equity interest in EJ for a
purchase consideration of RM76,837,000 satisfied by the issuance
of 51,837,000 new APB Shares at par and 25,000,000 5.5 percent
2004/2009 cumulative irredeemable convertible preference shares
of RM1.00 each at par;

2. Transfer of the listing status of NCK on the Main Board of
Bursa Malaysia Securities Berhad to APB;

3. Transfer of the entire equity interest in NCK comprising
37,360,005 NCK shares to a nominee/nominees of the Special
Administrators of NCK for a nominal consideration of RM1.00. As
part settlement of the liabilities of NCK amounting to
RM624,885,637, APB issued 14,102,000 APB Shares at par to NCK,
its assigns and/or creditors' agents;

4. Restricted issue of 2,802,000 new APB Shares at par to the
existing shareholders of NCK on the basis of three (3) new APB
Shares for every one (1) APB Share held after the Acquisition of
NCK;

5. Public issue of 2,000,000 new APB Shares at par to the
Malaysian public;

6. Special issue of 16,200,000 new APB Shares at par to
Bumiputera investors approved by the Ministry of International
Trade and Industry;

Kindly be advised that NCK which is an affected listed issuer
pursuant to Practice Note No. 4/2001 and Practice Note No.
10/2001 will be removed from the Official List of Bursa Malaysia
Securities Berhad following the completion of NCK's
Restructuring Exercise. APB will be admitted to the Official
List of Bursa Malaysia Securities Berhad in place of NCK with
effective 9 a.m. on Thursday, 6 May 2004.

In this connection, APB's entire issued and paid-up share
capital of RM87,875,002 comprising 87,875,002 ordinary shares of
RM1.00 each will be admitted to the Official List of Bursa
Malaysia Securities Berhad, and the listing and quotation of
APB's ordinary shares on the Main Board under the "Industrial
Products" sector will be granted effective 9 a.m., Thursday, 6
May 2004, on a "Ready" basis pursuant to the Rules of Bursa
Malaysia Securities Berhad.

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

Stock Short Name: Ordinary Shares APB
Stock Number: 5568
ISIN Code:  MYL5568OO000

The reference price for APB's ordinary shares is RM1.00 and the
trading limit will be 500 percent.

Kindly be advised that APB's ordinary shares are prescribed
securities. Dealings in the aforesaid securities shall be
carried out in accordance with Securities Industry (Central
Depositories) 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 announcement is dated 30 April 2004.


PERNAS INTERNATIONAL: Issues Update To Ambang Budi Acquisition
--------------------------------------------------------------
Pernas International Holdings would like to refer to the
previous announcement dated 16 April 2004 in relation to the
Proposed Acquisition of the Entire Equity Interest of Ambang
Budi Sdn bhd (ABSB) and the Joint Venture that ABSB has entered
into with Hartaplus Realty Sdn Bhd (Hartaplus) and Renewed
Development Sdn Bhd (Renewed) to develop Approximately 865.09
acres of land hald collectively under H.S. (D) 342889 PTD 47439,
H.S. (D) 342891 PTD 47441 and part of H.S.(D) 342890 PTD 47440
all Of which are situated in Mukim Senai-Kulai, Daerah Johor
Bahru, Negeri Johor (ABSB Land).

Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of PIHB, announced at the Bursa Malaysia on 30 April,
that Pernas International Holdings Berhad (PIHB) has consented
to an extension of one (1) month for the cash payment of
RM3,778,900 by Hartaplus to ABSB due under the joint venture to
develop the ABSB Land.

PIHB had been informed by ABSB (via their letter dated 30 April
2004) that an extension of one (1) month from 30 April 2004 to
31 May 2004 had been requested by Hartaplus for the full cash
payment of RM51,778,900 (First Guaranteed Entitlement) being the
first part of the aggregate RM181,778,900 due under the joint
venture agreement between ABSB, Hartaplus and Renewed dated 1
October 2003.

To date RM48,000,000 of the First Guaranteed Entitlement has
been paid by Hartaplus to ABSB. ABSB with the consent of PIHB
has agreed to grant Hartaplus the extension of time sought of
one (1) month to settle the remaining RM3,778,900 outstanding.

All other terms and conditions of the joint venture agreement
between ABSB, Hartaplus and Renewed remain unchanged.


PERNAS INTERNATIONAL: Completes Restructuring Scheme
----------------------------------------------------
On behalf of Pernas International Holdings Berhad, Aseambankers
Malaysia Berhad announced on the Bursa Malaysia on 30 April
2004, that the Group's Proposed Restructuring Scheme has been
completed.


PILECON ENGINEERING: Monthly Practice Note 1/2001 Update
--------------------------------------------------------
Pilecon Engineering Berhad, in a notice posted with the Bursa
Malaysia on 30 April 2004, announced that there have been no
significant changes to the status of default in payment pursuant
to the Practice note 1/2001.

The company however, said that it had revised its earlier
Proposed Scheme of Arrangement and on 28 February of this year,
submitted an appeal to the Securities Commission regarding the
SC's decision in rejecting the original Scheme.


POS MALAYSIA: Listing and Quotation of 159,000 New Shares
---------------------------------------------------------
POS Malaysia and Services Holdings Berhad, in a disclosure dated
30 April 2004 to the Bursa Malaysia, announced that the
company's additional 159,000 new ordinary shares of RM1.00 each
issued pursuant to the POSHLDG-Employee Share Option Scheme will
be granted listing and quotation effective 9 am on Thursday, 6
May 2004.


PROTON: Monthly Disclosure Pursuant To Paragraph 5.11(2)
--------------------------------------------------------
On behalf of Khazanah  Nasional Berhad, Proton Holdings Berhad
disclosed to the Bursa Malaysia on 30 April, the following
information up to 30 April 2004 pursuant to Paragraph 5.11(2) of
the Listing Requirements.

Particulars      No. of Call Warrants

The number of call warrants exercised
During the month (April 2004)   Nil

The cumulative number of call warrants
Exercised to date     Nil

The number of call warrants outstanding 24,250,000


SOUTHERN STEEL: Announces First And Final Dividend
--------------------------------------------------
Southern Steel Berhad, in a notice posted with the Bursa
Malaysia dated 30 April 2004, announced the company will be
issuing a first and final dividend of 5 percent per share tax
exempt, which will be payable on 30 June 2004.

Southern Steel's securities will then be traded and quoted (Ex-
Dividend) as from 3 June 2004. Last date of filing is 7 June
2004.


SUGAR BUN: Gives Proposals' Details
-----------------------------------
On behalf of Sugar Bun Corporation Berhad (SBCB), Commerce
International Merchant Bankers Berhad (CIMB), in a disclosure
dated 30 April to the Bursa Malaysia, was pleased to announce
that the Company proposes to implement the following:

1. Proposed Termination
     
     The Proposed Termination of the Company's Existing Employee
Share option Scheme (Existing ESOS)

2. Proposed New ESOS

     The Proposed New Employee Share Option Scheme for Eligible
Employees and Directors of SBCB and its Subsidiaries (SBCB Group
or Group), save for dormant subsidiaries.

3. Proposed Articles Amendment; and
   
     The Proposed Amendment to the Articles of Association of
SBCB

4. Proposed Revision

     The Proposed Revision in Utilization of Proceeds Arising
From the Rights Issue and private placement of SBCB.

A. DETAILS OF THE PROPOSALS

A.1 Proposed Termination

In accordance with the provisions of Paragraph 8.21C of the
Listing Requirements (Listing Requirements) of Bursa Malaysia
Securities Berhad (Bursa Malaysia), a listed issuer that has
implemented a share scheme for employees must not implement a
new scheme unless the existing scheme has expired or been
terminated in accordance with the Listing Requirements.
The Proposed Termination involves the termination of the
Existing ESOS to enable the Company to implement the Proposed
New ESOS. The tenure of the Existing ESOS is for a period of
five (5) years commencing on 20 September 1999 and expiring on
20 September 2004. Notwithstanding the above, should the
Existing ESOS expire prior to the completion of the Proposed
Termination, the Proposed New ESOS may be implemented without
the completion of the Proposed Termination.

Based on the Listing Requirements, a listed issuer may not
terminate a share scheme for employees prior to expiry unless,
amongst others, the listed issuer obtains the written consent of
all option holders who have yet to exercise their options,
whether partly or wholly (Consent). As of to date, there are no
options granted under the Existing ESOS which remain unexercised
and subject to the Company being able to procure all the
necessary approvals of the relevant authorities and its
shareholders for the Proposed Termination and Proposed New ESOS,
the Company will not grant any further options under the
Existing ESOS. As such, there is no need for the Company to
obtain the Consent for the purpose of the Proposed Termination.

A.2 Proposed New ESOS

The salient terms and conditions of the Proposed New ESOS are as
follows:

(i) The total number of new ordinary shares of RM1.00 each in
SBCB (SBCB Shares) which may be made available under the
Proposed New ESOS (ESOS Shares) shall not exceed fifteen percent  
of the issued and paid-up ordinary share capital of the Company
at any one time.

(ii) Only employees and Directors of the SBCB Group, save for
subsidiaries which are dormant, are eligible to participate in
the Proposed New ESOS (Eligible Employees).

(iii) A Director in a non-executive capacity must not sell,
transfer or assign any SBCB Shares obtained through the exercise
of options granted to him pursuant to the Proposed New ESOS
within one (1) year from the date of offer of such options.

(iv) The Proposed New ESOS will be in force for a period of five  
years from the Date of Commencement, being the date of full
compliance with all relevant requirements in Chapter 6 of the
Listing Requirements, and may, at the absolute discretion of the
Board of Directors of SBCB (Board), without the approval of the
Company's shareholders, be extended from time to time for
further period(s) subject to the aggregate duration of the
Proposed New ESOS being no more than ten (10) years from the
Date of Commencement.

(v) The subscription price for each ESOS Share (Option Price)
shall be the higher of the following:

(a) the weighted average market price of SBCB Shares for the
five (5) market days immediately preceding the date the options
to subscribe for the ESOS Shares (Options) are offered, subject
to a discount of not more than ten percent thereof (or such
other pricing mechanisms as may be permitted by Bursa Malaysia
and/or other relevant regulatory authorities from time to time);
and

(b) the par value of SBCB Shares.

(vi) The ESOS Shares will, upon allotment and issuance, rank
pari passu in all respects with the then existing issued and
fully paid-up SBCB Shares except that the ESOS Shares so issued
will not rank for any dividends, rights, allotments and/or other
distributions, the entitlement date (namely the date as at the
close of business on which shareholders must be registered in
order to be entitled to any dividends, rights, allotments and/or
other distributions) of which is prior to the date of allotment
of the ESOS Shares, and will be subject to all the provisions of
the Memorandum and Articles of Association of the Company
relating to transfer, transmission and otherwise of SBCB Shares.

(vii) The maximum number of ESOS Shares that may be offered and
allotted to an Eligible Employee shall be determined at the
discretion of the committee comprising such persons as may be
appointed by the Board to administer the Proposed New ESOS (ESOS
Committee), after taking into consideration, amongst other
criteria, the designation, performance and the number of years
in service of the Eligible Employee in the SBCB Group, save for
those subsidiaries which are dormant, or such other criteria
which the ESOS Committee may in its sole and absolute discretion
deem fit, provided that:

(a) not more than fifty percent of the new SBCB Shares available
under the Proposed New ESOS are allocated, in aggregate, to the
Directors and senior management of SBCB; and

(b) not more than ten percent of the new SBCB Shares available
under the Proposed New ESOS are allocated to any individual
Eligible Employee.

A.3 Proposed Articles Amendment

The Proposed Articles Amendment involves the amendment to
Article 17(b) of the Articles of Association of SBCB which
prohibits the Directors of SBCB Group who do not hold office in
an executive capacity (Non-executive Directors) from
participating in the Proposed New ESOS.

The Proposed Articles Amendment is required to enable the Non-
executive Directors to participate in the Proposed New ESOS,
which is consistent with the recent amendments to the provisions
of the Listing Requirements, which allow non-executive directors
to participate in employee share option schemes.
Nevertheless, in order to implement the Proposed Articles
Amendment, SBCB may be required to obtain the approval of Bursa
Malaysia to exempt it from the need to comply with Paragraph
7.04 of the Listing Requirements, which states that no director
shall participate in an issue of shares to employees unless
shareholders in a general meeting have approved of the specific
allotment to be made to such director and unless he holds office
in an executive capacity.

A.4 Proposed Revision

The Company had raised total gross proceeds of RM48.048 million
via the renounceable rights issue of 41,184,000 SBCB Shares
together with 32,947,200 free detachable warrants at an issue
price of RM1.00 per rights share (Rights Issue) and private
placement of 6,864,000 SBCB Shares at an issue price of RM1.00
per placement share (Private Placement) (collectively referred
to as the Exercises), which were completed on 25 November 2002
and 2 March 2004 respectively.

Based on the letter from the Securities Commission (SC) dated 23
January 2002 approving the Exercises, one of the conditions set
out therein is that any changes to the utilization of proceeds
arising from the Exercises that deviates by 25 percent or more
from the original utilization of proceeds require the approval
of shareholders.

In connection with the above, the Company proposes to reallocate
the balance of the unutilized proceeds from the Exercises of
approximately RM9.894 million in the manner as set out in Table
1, which may be viewed on the following link:

http://bankrupt.com/misc/SugarBunTables3May2004.doc

As shown in Table 1, the Proposed Revision will involve a
reduction of RM13.467 million from the allocation to capital
expansion, whilst increasing in aggregate the same amount to the
allocations made for opening of new outlets, expenses for the
Exercises and working capital requirements. As the total
revision above represents approximately 28.03 percent of the
original approved utilization, which is more than the 25 percent
threshold as set out above, the approval of the shareholders of
SBCB for the Proposed Revision is required.

B. RATIONALE FOR THE PROPOSALS

B.1 Proposed Termination

The Proposed Termination is to enable the Company to implement
the Proposed New ESOS as soon as possible, in view that the
Listing Requirements preclude a public listed company from
implementing a new employee share option scheme prior to the
expiry or termination of an existing scheme. The reason for the
termination of the Existing ESOS and replacing it with the
Proposed New ESOS is that only a limited number of options are
available in the Existing ESOS and granting new options, which
are exercisable into a limited number of SBCB Shares, is
unlikely to motivate the employees of the SBCB Group. The
Proposed New ESOS will serve to further enhance the achievement
of the objectives of an employee share option scheme, as set out
in Section 3.2 hereof.

B.2 Proposed New ESOS

The purpose of the Proposed New ESOS is to enable Eligible
Employees to participate in the future growth of the SBCB Group,
thereby motivating them towards better performance, greater
dedication and loyalty. The Proposed New ESOS is also intended
to reward and retain employees whose services are vital to the
operations and continued growth of the SBCB Group while
attracting prospective employees to fill key positions within
the SBCB Group as and when necessary. The Proposed New ESOS will
also reward and retain the Non-executive Directors who have
continued to contribute to the growth and strategic direction of
the SBCB Group.

B.3 Proposed Articles Amendment

As explained in Section 2.3 hereof, the Proposed Articles
Amendment is required to enable the Non-executive Directors to
participate in the Proposed New ESOS.

B.4 Proposed Revision

The Proposed Revision involves the reallocation of funds
originally proposed for capital expansion, which were unutilized
to fund the shortfall in funding requirements for opening of new
outlets and expenses of the Exercises, which were higher than
those originally proposed. The balance of the excess funds is
allocated to fund the working capital requirements of the SBCB
Group.

Under the original utilization of proceeds for the Exercises,
the Company had proposed to utilize RM14.0 million for capital
expansion through the setting up of a new plant-cum-warehouse at
Jalan Bako, Kuching (Centralized Facilities). The Centralized
Facilities were proposed for building for the following
purposes:

(i) To facilitate better co-ordination and work efficiencies,
sharing of resources as well as to enhance cost savings.

(ii) To introduce new production lines to cater for SBCB's then
proposed new products, which included, amongst others, sausages,
fish balls and crumbed-formed products. The availability of such
products would have provided an opportunity for SBCB to sell
semi-processed food in the open market.

(iii) The Centralized Facilities were to be built and designed
with the aim of achieving the Hazard Analysis Critical Control
Point accreditation, which will enable SBCB to tap into the
export market of processed food as well as to obtain the
necessary manufacturing license for processed food.

(iv) The Centralized Facilities were also intended to increase
the production capacity of Caprila ice cream by incorporating an
ice-cream plant.

(v) The Centralized Facilities were also intended to house the
additional production of the Malaysian Toast Bread, in view that
the Company expected an increase in retail sales for this type
of bread, in line with the future trend towards the consumption
of premium bread.

However, the management of SBCB is of the view that, with the
implementation of the 3-in-1 concepts in year 2002, which
provides a wider choice of food and beverages for customers, the
restaurants operated by the SBCB Group have been able to retain
existing customers and attract new customers throughout East and
West Malaysia. This has prompted the Company to place more
emphasis on its strategy of opening more new outlets in the
country (Outlets Expansion Programme) to meet the increasing
demand from customers.

In view of its Outlets Expansion Programme, the Board is of the
view that the Centralized Facilities in Kuching are no longer
practicable and cost efficient and it is now more cost effective
and timesaving to have decentralized facilities.

Further, with the successful implementation of the 3-in-1
concept, the Board is of the view that the Company should focus
on maximizing returns from its existing core business of
operating fast food restaurants by implementing the Outlets
Expansion Programme instead of venturing into the semi-processed
food products business which is new to it or increasing the
production capacity for ice cream and bread.

C. EFFECTS OF THE PROPOSALS

The effects of the Proposed New ESOS are as follows:

C.1 Share Capital

The Proposed New ESOS will not have an immediate effect on the
existing total issued and paid-up share capital of the Company.
However, the total issued and paid-up share capital of the
Company will increase progressively depending on the number of
ESOS Shares issued.

Assuming the full exercise of the Options, the effect of the
Proposed New ESOS on the issued and paid-up share capital of the
Company is set out in Table 2. (Please click on the link
provided above).

C.2 Substantial Shareholders' Shareholdings

The proforma effects of the Proposed New ESOS on the
shareholdings of the substantial shareholders of SBCB based on
the Register of Substantial Shareholders and Record of
Depositors as at 31 December 2003, assuming that Options
exercisable into a total of 12,486,000 new SBCB Shares,
representing fifteen percent of the total issued and paid-up
share capital of SBCB as at that date, have been fully
exercised, are set out in Table 3. (Please click on the link
provided above).

C.3 Net Tangible Assets (NTA)

The Proposed New ESOS will not have an immediate effect on the
NTA per share of the Group. However, the NTA per share of the
SBCB Group will increase if the exercise price exceeds the NTA
per share of the SBCB Group at the point of allotment of the
ESOS Shares. Conversely, if the exercise price is below the NTA
per share of the SBCB Group at the point of allotment of the
ESOS Shares, the NTA per share of the SBCB Group will be
reduced.

C.4 Earnings

The Proposed New ESOS is not expected to have an immediate
effect on the earnings per share (EPS) of the Group. Any
potential effect on the EPS of the Group in the future would
depend on the number of Options granted and exercised, the
exercise price payable upon the exercise of the Options as well
as the utilization of the proceeds raised from the Options
exercised.

C.5 Dividend

Barring any unforeseen circumstances, the Board does not expect
the Proposed New ESOS to materially affect the dividend policy
of the Company.

The Proposed Termination, Proposed Articles Amendment and
Proposed Revision will not have any effect on the issued and
paid-up share capital, shareholdings of the substantial
shareholders and dividend policy of the Company, as well as the
NTA and earnings of the Group.

D. CONDITIONS OF THE PROPOSALS

The Proposals are conditional upon approvals being obtained from
the following:

(i) Bursa Malaysia, for the Proposed Termination, Proposed New
ESOS, Proposed Articles Amendment (where applicable) and the
listing of and quotation for the ESOS Shares on the Second Board
of Bursa Malaysia;

(ii) shareholders of the Company, for the Proposals, at a
general meeting to be convened; and

(iii) any other relevant authorities and/or parties, where
applicable.

The Proposed Termination and Proposed New ESOS are inter-
conditional upon one another, whilst the Proposed Articles
Amendment and Proposed Revision are not interconditional with
other proposals under the Proposals.

E. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Save as disclosed below, none of the other Directors and/or
major shareholders of SBCB and persons connected with them have
any interest, direct or indirect, in the Proposals.

All the Directors of SBCB are entitled to participate in the
Proposed New ESOS and are therefore deemed interested in the
Proposed New ESOS and Proposed Termination. Accordingly, the
Directors of SBCB have declared their interests with respect to
the Proposed New ESOS and have deliberated and resolved to
present the Proposed Termination and Proposed New ESOS to the
relevant authorities and shareholders of the Company, at a
general meeting to be convened, for their consideration and
approval. Notwithstanding the above, the Directors have
abstained and will continue to abstain from deliberating and
voting at all Board meetings in relation to their respective
entitlements under the Proposed New ESOS. The Directors will
also abstain from voting in respect of their direct and indirect
interest in SBCB, if any, pertaining to resolutions on the
Proposed Termination and Proposed New ESOS as well as their
respective entitlements under the Proposed New ESOS at the
general meeting to be convened. They will also ensure that
persons connected with them, if any, will abstain from voting on
the relevant resolutions to be tabled at the general meeting.

In addition to the above, the Non-executive Directors are also
deemed interested in the Proposed Articles Amendment.
Accordingly, the Non-executive Directors have abstained and will
continue to abstain from deliberating and voting at all Board
meetings in relation to the Proposed Articles Amendment. The
Non-executive Directors will also abstain from voting in respect
of their direct and indirect interest in SBCB, if any,
pertaining to the resolution on the Proposed Articles Amendment
at the general meeting to be convened. They will also ensure
that persons connected with them, if any, will abstain from
voting on the relevant resolution to be tabled at the general
meeting.

F. DIRECTORS' OPINION
The Board, after careful deliberation, is of the opinion that
the Proposals are in the best interest of the SBCB Group.

G. TIMING OF SUBMISSION TO BURSA MALAYSIA

Barring any unforeseen circumstances, the Board expects to
submit the relevant application(s) to Bursa Malaysia in relation
to the Proposals within four (4) months from the date of this
announcement.

H. ADVISER

CIMB has been appointed by SBCB as the Adviser for the
Proposals.


TANJONG PUBLIC: Additional 4,000 Shares To Be Listed
----------------------------------------------------
Tanjong Public Limited Company announced on the Bursa Malaysia
on 30 April, that the company's additional 4,000 new ordinary
shares of 7.5 pence each issued pursuant to the Tanjong-
Employees' Share Option Scheme will be granted listing and
quotation effective 9 am, Thursday, 6 May 2004.


TANJONG PUBLIC: Informs Of Principal Officers' Dealings
-------------------------------------------------------
Tanjong Public Limited Company, in a disclosure dated 30 April
to the Bursa Malaysia, announced that the company had been
notifies of the dealings by the Principal Officers of the
company pursuant to Paragraph 14.09 (a) of the Listing
requirements of Bursa Malaysia Securities Berhad (BMSB):

1. Notification by Ng Eng Tong on 29 April 2004:

a. That he has disposed in the open market of the BMSB, 5,000
shares of 7.5 pence each in Tanjong representing 0.0012 percent
of the issued share capital of Tanjong as at the date of the
transaction;

b. Date of transaction - 19 April 2004;

c. Transaction price - RM12.30 per share of 7.5 pence each.

2. Notification by Chong Kah Yoong on 30 April 2004:

a. That he has disposed in the open market of the BMSB, 10,000
shares of 7.5 pence each in Tanjong representing 0.0025 percent
of the issued share capital of Tanjong as at the date of the
transaction;

b. Date of transaction - 29 April 2004;

c. Transaction price - RM12.50 per share of 7.5 pence each.


TEXCHEM RESOURCES: Reports RM1.86M Loss
---------------------------------------
Consumer and family care company Texchem Resources Berhad has
incurred a net loss of RM1.86 million for the first three months
of 2004, The Edge Daily reports. Last year, the company raked in
a profit of RM1.14 million.

This despite a 32 percent increase in group revenue to RM232.59
million from the RM176.76 million a year ago. Its losses per
share were 1.7 sen.

Texchem attributed the increase in revenue to better performance
of its industrial division due to a rise in demand for
industrial raw materials from the manufacturing sector.

"The first quarter of the year was a challenging one for the
group with some of our businesses performing better than
others."

"Moving forward, we will be introducing more effective
mechanisms to guide the group's expansion plans over the course
of the year," its president and chief operating officer Jeffrey
Lee said.

Texchem's operations comprise the following main business
segments: consumer (distribution and marketing of a wide range
of consumer and family care products); family care (manufacture
and sale of family care products and household insecticides);
packaging (manufacture and sale of packaging products for the
electronics, electrical, semiconductor and disk drive
industries); industrial (trading in industrial chemicals and
other products) and investment holding (the holding of
investments in shares).


UNISEM BERHAD: Planning China Expansion
---------------------------------------
Unisem (M) Berhad is mulling plans to expand the company's
manufacturing facilities to China. According to The Edge Daily,
this is part of the company's strategy to cater to its
multinational clients in China.

Chairman John Chia Sin Tet was quoted, "We have been asked by
our clients to set up facilities in China to meet the local
content requirements."

He added that the company is seriously considering the
possibility and is in the first stages of planning.

It was widely believed that when Unisem announced its US$150
million (RM570 million) EuroConvertible Bonds in June 2002, it
intended to use the proceeds to expand its manufacturing
facilities to China. However, the company said the proceeds were
mainly for capital expenditure, acquisition of other packaging
and test companies and working capital requirements.

Unisem is involved in the manufacture, assembly and packaging of
integrated circuits and other semiconductor devices. It also
provides final testing services, general and customized packing
including tape and reel operations, as well as drop-shipment
services. Unisem thereby enables subcontract manufacturing on a
"one-stop" integrated turnkey basis.

Approx. 90 percent of Unisem's products are directly exported to
the US, North America, Canada, Europe, Japan and Asia. The
balance is exported to MNCs located in various free
trade/industrial zones in Malaysia.


UNISEM BERHAD: Discloses Recurrent Related Party Transactions
-------------------------------------------------------------
Pursuant to Bursa Malaysia Securities Berhad (BMSB) Practice
Note No. 12/2001 issued in relation to Paragraphs 10.08 and
10.09 of the BMSB listing Requirements, Unisem (M) Berhad
announced on Friday, 30 April at the Bursa Malaysia, the
following recurrent related party transactions of a trading
nature which are necessary for day-to-day operations (Recurrent
Related Party Transactions) entered into between Unisem and Hiti
Engineering (M) Sdn Bhd (hiti), which by way of aggregation
exceeded the applicable prescribed limit of RM1.0 million
between the period of 5 March 2003 and 30 April 2004, both dates
inclusive.

1. INFORMATION ON HITI

Hiti was incorporated in 1986 under the Companies Act, 1965. It
is a specialist contractor who is actively involved in the
"turnkey" design and build of environmentally controlled
buildings including cleanrooms, sterile suites and containment
facilities.

With over 17 years of experience and more than 10 turnkey
cleanroom projects completed, Hiti's wide range of capabilities
allows it to design and construct proven, practical and
affordable cleanrooms for any application. From Class 1 to Class
100,000 and from ISO Class 1 to ISO Class 9, Hiti designs and
builds self-contained rooms as well as custom-built permanent
facilities. Hiti operates throughout Malaysia and its engineers
have extensive experience especially with the semiconductor
industry.

2. DETAILS OF THE TRANSACTIONS

The Recurrent Related Party Transactions involve the provision
of goods and services by Hiti in the construction and
facilitisation of cleanroom and other construction works at
Unisem's factory buildings. For the period between 5 March 2003
and 30 April 2004, the aggregate contracts value incurred on the
Recurrent Related Party Transactions amounted to RM8,480,031.86
as follows:

Date Contracted        Description of Work        Contract Value
                                                        (RM)

5 March 2003 to    Please refer to Company's      1,541,570.03
25 June 2003       announcement dated 30 June 2003

28 July 2003       Please refer to Company's        882,527.23
                   announcement dated 29 July 2003

9 December 2003    Please refer to Company's      3,196,346.00
                   announcement dated 10 December
    2003

30 April 2004      Construction and               1,921,155.88
                   facilitisation of cleanroom
                   for final test activity

                   Construction and                  938,432.72
                   Facilitisation of cleanroom
         For assembly activity

3. DESCRIPTION OF THE TRANSACTIONS

The Recurrent Related Party Transactions are within the ordinary
course of business of Unisem and Hiti. The transactions are
carried out on terms not more favorable to the related parties
than those generally available to the public for similar
transactions. Market forces of supply and demand determine the
prices, terms and conditions of transactions. Comparison of
quotations obtained from third parties provides the Company true
and fair suppliers' evaluations and ranking of the price,
delivery, services and other terms and conditions before
entering into such transactions with related parties. All
related parties are to be kept aware that all Recurrent Related
Party Transactions entered into must be at arm's length basis
and on normal commercial terms and such terms shall not be more
favorable to the related parties than those generally available
to the public.

4. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS
CONNECTED WITH THEM

Mr Tee Yee Loh and Mr Francis Chia Mong Tet are deemed
interested in the Recurrent Related Party Transactions as a
result of their common directorships and shareholding in Unisem
and Hiti. The shareholdings of these two Directors in Unisem are
disclosed in Table 1.

Table 1. Shareholdings of Interested Directors as of 30 April
2004

                      Direct                    Indirect
           No. of Shares   Percentage  No. of Shares  Percentage

Tee Yee Loh  1,199,600        0.83       1,100,000        0.76
Francis Chia
Mong Tet       358,200        0.25       3,100,000        2.14    

Save as disclosed above, none of the Directors and substantial
shareholders of Unisem or persons connected to the Directors and
substantial shareholders of the Company have any interest,
direct or indirect, in the Recurrent Related Party Transactions.

5. RATIONALE FOR THE TRANSACTIONS

The Recurrent Related Party Transactions are in the ordinary
course of business of Unisem and of a recurring nature. Unisem
has a long-standing business relationship with Hiti
(approximately 10 years). Hiti has been a reliable supplier to
Unisem for the construction and maintenance of its cleanroom
facilities. The services provided by Hiti are priced
competitively and all transactions between Unisem and Hiti have
been entered into in the normal course of business and have been
established under terms that are no more favourable than those
arranged with independent third parties. The close co-operation
between Unisem and Hiti has reaped mutual benefits and has been
and is expected to continue to be of benefit to the business of
Unisem.

6. FINANCIAL EFFECTS

The Recurrent Related Party Transactions do not have any
material effect on the earnings and net tangible assets of the
Unisem group. The Recurrent Related Party Transactions do not
have any effect on the issued and paid-up share capital of the
Unisem group.

7. APPROVALS REQUIRED

Based on the aggregate contract value amounted to
RM8,480,031.86, the Recurrent Related Party Transactions do not
require the approval of the shareholders of Unisem.

8. STATEMENT BY THE BOARD OF DIRECTORS OF UNISEM

Other than the interested directors disclosed above who have
abstained from forming any opinion on the Recurrent Related
Party Transactions due to their respective interest in the same,
the Board of Directors of Unisem is of the opinion that the
Recurrent Related Party Transactions are in the best interests
Of Unisem.


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


BANK OF AURORA: Issues Notice To Creditors
------------------------------------------
Please take notice that on February 17, 2004 the Honorable
Court, Regional Trial Court of Gumaca, Quezon Branch 61, sitting
as Liquidation Court, has approved the Project of Distribution
of the assets of Rural Bank of Aurora (Quezon), Inc.

Liquidating dividends will be distributed at the 6th Floor, SSS
Building, Ayala Avenue, Makati City starting April 30, 2004
until 60 days thereafter between 9:00 am to 4:00 pm.

CONTACT:  

PHILIPPINE DEPOSIT INSURANCE CORPORATION          
Liquidator                                      
2228 Chino Roces Ave., Makati City
          
Extension Office:
PDIC Ayala Extension Office, SSS Bldg.,
Ayala Avenue corner V.A. Rufino St.
(formerly Herrera St.), Makati City  
          
Mailing Address:

2228 Chino Roces Ave., Makati City or
MCPO Box 1177
Telephone Number: 841-4000
Fax Numbers:
818-6807
817-3566
893-6628
893-4942
894-5871


BANK OF LLANERA: Issues Notice To Creditors
--------------------------------------------
Please take notice that on April 30, 2004 at 8:30 A.M., the
Philippine Deposit Insurance Corporation, as Liquidator of the
closed Rural Bank of Llanera (Nueva Ecija), Inc., will submit
the Project of Distribution of the bank assets for the approval
of the Liquidation Court (Regional Trial Court - Branch 24,
Cabanatuan City).

PHILIPPINE DEPOSIT INSURANCE CORPORATION          
Liquidator                                      


MANILA ELECTRIC: Projects Cash Deficit In 3Q  
--------------------------------------------
Manila Electric Co. (Meralco) anticipates a cash deficit in the
third quarter of this year as it schedules payment of maturing
debts in September and October, AFX-Asia reports, citing the
BusinessWorld newspaper.

"The deficit will be moved back to the third quarter because the
sales we had for the first quarter were better than forecast ...
and the refund is not as much as originally projected,"
Francisco was quoted as saying.

The paper quoted Meralco Chief Finance Officer Daniel Tagaza as
saying that the firm has long-term obligations of 1.2 billion
pesos falling due in September, and another 1.4 billion in
October.  

In another news, the power utility firm said it might finally be
able to submit its final proposal for the fourth phase of its
refund scheme by May or June amounting to PhP30 billion,
according to the Philippine Daily Inquirer.


NATIONAL POWER:  Posts PhP100B Net Loss In 2003
-----------------------------------------------
National Power Corp. (Napocor) reported a net loss in 2003
amounting to PhP100 billion exceeding the PhP75 billion
estimate, Reuters reports.

Senior Finance Manager Lorna Dy said the loss is due to
uncontrollable factors, which include the fluctuation of the
peso against the dollar, wherein they incurred a loss totaling
PhP77 billion.

But she said that Napocor is expecting to incur loss in 2003 due
to the high cost of foreign borrowings, rises in global fuel
prices and problems with power distributors.

Last March, the government kicked off its privatization with $5
billion for the sale of one of Napocor's 35 power plants.  The
government said the privatization would help in the PhP38
billion it spends for financing the company each year.


NATIONAL STEEL: Landowner Asks SEC To Await RTC Decision
--------------------------------------------------------
The owner of the lot where National Steel Corp. (NSC) is
situated asked the Securities and Exchange Commission (SEC) to
wait for the resolution of the Quezon City Regional Trial court
before giving NSC approval to proceed with its liquidation plan,
according to the ABS-CBN news.

Teofilo Cacho claims that he owns the 38.5-hectare lot where the
NSC plant is located which is part of the company's asset sold
to Global Infrastructure Holdings (GIHL). However the agreement
between NSC and GIHL still has to be approved by the SEC.

"We strongly feel that prudence if not fairness, dictates that
this Honorable Commission hold in abeyance the approval of the
liquidation plan, until such time the honorable trial court
where the prohibition case is pending may be able to pass upon
the propriety of issuing the writ of preliminary injunction,
which the court is set to hear on May 18," Mr. Cacho said.

In his complaint, Mr. Cacho noted the SEC appointed liquidator
started negotiations for the sale to and takeover of GIHL of
NSC's assets and liabilities, without securing his consent. In
2002, Cacho demanded the NSC pay P220.83 million in accrued
rental fees, and subsequently asked the NSC to leave for failure
to pay the rent. However, the NSC did not give any reply to Mr.
Cacho's letters.

The original closing date of the sale of NSC to GIHL was on
April 28, but the creditors and GIHL failed to secure the proper
documents, which resulted to a rescheduling of the closing date
in July.



PHILIPPINE LONG: Releases Cash Dividend Declaration
---------------------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, Philippine Long Distance Telephone Co. advises
that during the meeting of the Board of Directors of the company
held on May 4, 2004, a cash dividend in the total amount of
PhP12,420,000.00 was declared on all of the Company's Series IV
Cumulative Non-Convertible Redeemable Preferred Stock, payable
on June 15, 2004 to the holders of record on May 26, 2004.


PHILIPPINE LONG: Releases 2004 1Q Report
----------------------------------------
Philippine Long Distance Telephone Co. announced in a press
release on Tuesday its preliminary and unaudited financial
results for the first three months of 2004.  With fully owned
subsidiary Smart Communications, Inc. (Smart) continuing to
exhibit robust growth, PLDT's consolidated net income rose to
PhP5.24 billion, 111 percent higher than the PhP2.48 billion net
income reported in the same period last year.  

Revenues for the PLDT group likewise increased by 19 percent to
PhP27.1 billion while consolidated EBITDA improved to PhP16.3
billion as a result of higher revenues and lower cash operating
expenses.  

Consolidated free cash flow grew significantly from PhP6.4
billion in the first quarter of 2003 to PhP9.3 billion in the
same period in 2004.  As a result, consolidated cash balances as
at the end of March 2004 reached the level of PhP24 billion,
positioning the group to address maturing debt obligations of
approximately US$200 million in the second quarter of 2004
alone.

To view full copy of this press release, click
http://bankrupt.com/misc/philippinelong050403.pdf


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S I N G A P O R E
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HEAP LEE: Issues Dividend Notice
--------------------------------
Heap Lee Heng Contractor & Woodwork Co Pte Ltd (In Liquidation)
issued a notice of dividend as follows:

Address of registered office: Office of the Liquidator.

Amount Per Centum: 100.0 percent

Full & Final or Otherwise: Full & Final Payment.

When Payable: 30th April 2004.

Where Payable: Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

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

This Singapore Government Gazette announcement is dated 30 April
2004.


MODULINE CABLE: Final General Meeting Set For May 31
----------------------------------------------------
Notice is hereby given that the Final General Meeting of
Moduline Cable Ducting Pte Ltd (In Members' Voluntary
Liquidation) will be held at 20 Reserve Street, Preston, 3072,
Victoria, Australia on 31 May 2004 at 10 a.m. for the following
purposes:

1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidators,
shall be disposed of.

KON YIN TONG
WONG KIAN KOK
Joint Liquidators.

Note: A member entitled to attend and vote at the General
Meeting is entitled to appoint a proxy to attend and vote in his
stead. All proxies should be deposited at the Liquidators'
Office not less than forty-eight hours before the time for
holding the meeting or any adjournment thereof. A proxy need not
be a member of the Company.

This Singapore Government Gazette announcement is dated 30 April
2004.


NATSTEEL LIMITED: Natsteel Tech Unit Ups Stake In BGW
-----------------------------------------------------
NatSteel Ltd wishes to announce that its wholly owned subsidiary
NatSteel Technology Investment Pte Ltd (NatSteel Technology) has
acquired a further 30 percent stake comprising 600,000 ordinary
shares of par value S$1.00 each in the capital of Building
Gateway Pte Ltd (BGW) for a consideration of S$6,000 (the
Consideration) from Novasprint Pte Ltd.

The Consideration, which was satisfied in cash, was arrived at
on a willing buyer-willing seller basis.

Upon the completion of the said acquisition, BGW will become a
wholly owned subsidiary of NatSteel Technology.

BGW has a net tangible liability value of S$588,000 as at 31
December 2003.

This transaction is funded by internal sources and is not
expected to have a material effect on the earnings per share and
net tangible assets per share of NatSteel Group.

None of the directors or substantial shareholders of NatSteel
has any interest in this transaction.

By Order of the Board

Lim Su-Ling
Company Secretary
3 May 2004

Announced pursuant to Rule 704(15)(d) of the Listing Manual of
the SGX-ST


ONTRI PTE: Issues Debt Claim Notice To Creditors
------------------------------------------------
Notice is hereby given that the creditors of Ontri Pte Ltd. (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before the 31 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 and, if so required by
notice in writing by the said Liquidators are, by their
solicitors or personally, to come in and prove their debts or
claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

This Singapore Government Gazette announcement is dated 30 April
2004.


SNP CORPORATION: To Restructure Printing Businesses
---------------------------------------------------
SNP Corporation Ltd's (SNP) announced in a press release dated
Monday, 3 May, that it has entered into two separate conditional
sale and purchase agreements (Agreements) with SNP Leefung
Holdings Limited (Leefung), its Hong Kong-listed subsidiary.
Pursuant to these Agreements, SNP will divest its interests in
its subsidiaries, Hong Kong-based SNP Excel United Company
Limited (Excel) and Thailand-based SNP SPrint (Thailand) Co.,
Ltd (SPrint) to Leefung (Proposed Restructuring).

The aggregate consideration payable by Leefung to SNP for the
stakes in both Excel and SPrint amounts to S$88 million.

The consideration payable is S$70.5 million for Excel and S$17.5
million for SPrint. The total purchase consideration has been
agreed upon after arm's length negotiation and will be satisfied
fully in cash.

Other Terms and Details of the Proposed Restructuring

Subject to several events, SNP will undertake not to engage in
the business of printing pop-up and touch-and-feel books in Asia
except through its investment in Leefung.

The Proposed Restructuring constitutes a very substantial
acquisition and will be treated as a New Listing Application for
Leefung. Leefung will be submitting a New Listing Application to
the Hong Kong Stock Exchange.

As SNP is a controlling shareholder of Leefung, the Proposed
Restructuring constitutes a connected transaction and will thus
be conditional upon the approval of Leefung's shareholders other
than SNP and its associates.

Other conditions to this Proposed Restructuring include the
approval of SNP shareholders for the Proposed Restructuring
unless otherwise waived by the Singapore Exchange Securities
Trading Limited (SGX) and the consent and/or approval by SGX for
the transactions contemplated under the Proposed Restructuring
exercise.

For the requirement to seek shareholders' approval for the
Proposed Restructuring, SNP has already obtained a waiver from
the SGX.

About Excel and Sprint

Excel and SPrint are both in the commercial printing business,
principally engaged in the production of pop-up and touch-and-
feel books. Both companies have enjoyed success in this niche
market and have a proven profitable track record.

For the year ended 31 December 2003, Excel's audited turnover
amounted to approximately S$79.4 million with a net profit
before tax and minority interests of S$9.5 million. Its net
tangible asset value was approximately S$38.9 million.

For the same period, SPrint recorded a turnover of approximately
S$24.4 million. Its profit before tax and minority interests was
S$2.03 million, bringing its net tangible asset value to
approximately S$15.8 million.

Financial Effects of the Proposed Restructuring

The Proposed Restructuring will not result in a gain or loss to
the SNP Group.

Assuming the restructuring exercise was effective on 1 January
2003, SNP's net tangible assets per share in Financial Year 2003
would see a dip from S$0.90 to S$0.76 and earnings per share
would decrease from 8.5 cents to 8.0 cents.

Rationale for the Proposed Restructuring

SNP believes that the Proposed Restructuring will be beneficial
to shareholders as it will be able to achieve greater economies
of scale from the streamlining of the operations, namely in
marketing, purchasing and production functions. This will
translate into greater cost savings for the group.

With the synergies expected from the consolidation of the two
subsidiaries under Leefung, SNP can also look to improving the
internal rate of return on its investments in Excel and SPrint.

About SNP Corporation Ltd

SNP, which is part of the Singapore Technologies group's
Technology Division, is a leading media company whose core
businesses are in Printing and Publishing. The Group has twelve
principal subsidiaries, four of which are based in Singapore,
five in China/Hong Kong and the remaining three in Australia,
Malaysia and Thailand.

For more information, please contact:

Susan Tan
Vice President
(Finance)
Tel : (65) 6826-9628
Email : susantan@snpcorp.com
Website : www.snpcorp.com


SWEE HONG: Winding Up Hearing Set For May 14
--------------------------------------------
Notice is hereby given that a Petition for the winding up of
Swee Hong Investment Pte Ltd by the High Court was on the 21
April 2004 presented by the Bank of China, a bank incorporated
in the People's Republic of China and having its registered
office at 4 Battery Road, Bank of China Building, Singapore
049908. The Petition will be heard before the Court sitting at
Singapore at 10 o'clock in the forenoon on the 14 May 2004. Any
creditor or contributory of the Company desiring to support or
oppose the making of an Order on the Petition may appear at the
time of hearing by themselves or their Counsel for that purpose.
A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908.

Dated this 23rd day of April 2004.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the Petitioner's
solicitors, Messrs Rajah & Tann of 4 Battery Road, #15-00 Bank
of China Building, Singapore 049908, 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 Petitioner's
solicitors not later than twelve o'clock noon of 13 May 2004
(the day before the day appointed for the hearing of the
petition).

This Singapore Government Gazette announcement is dated 30 April
2004.


THAI VILLAGE: Posts 65% Increase In Interim Net Earnings
--------------------------------------------------------
Mainboard-listed Thai Village Holdings Ltd (Thai Village) a
chain of specialty restaurants in Thai-Teochew dishes, announced
in a press release on Monday, 3 May 2004, that for the half year
ended March 31, 2004, the Group achieved a 65 percent increase
in Group net profit to S$2.90 million from S$1.76 million
achieved in the previous corresponding period. This increase in
the Group's net profit is due to the disposal of the Group's
loss making outlets in FY2003, the implementation of better cost
control measures as well as higher profit contribution from its
PRC outlets, where cost reduction efforts and higher
productivity translated into lower operating cost and higher
margins.

The Group turnover increased 8 percent to S$24.4 million, due
mainly to contribution from the Group's four Shanghai outlets,
which contributed approximately 50 percent to total turnover.
The increase in revenue was also attributable to its provision
of consultation and management services to the new operator of
the Dalian processing plant. However, the increase in the Group
revenue was offset by the closure of several restaurants in
FY2003, namely Pasir Panjang in Singapore and Shenyang in the
PRC as well as the closure of the Group's Dalian processing
plant.

Commented Mr. Lee Tong Soon, Thai Village's Chairman & Managing
Director," We made strategic decisions to dispose of our loss
making operating businesses to focus on our core business areas
and better position ourselves to take advantage of the growing
markets."

Latest Developments

The Group's outlet at Seaview Hotel ceased operation in February
2004 due to change in the ownership of the Hotel. A new outlet
at Goodwood Park Hotel commenced operations in early April 2004.
In addition, in January 2004, the Group's MK Restaurant at
Singpost was converted into a kitchen restaurant concept and
renamed "Thai Village Kitchen".

"Our new concept focuses on providing our customers with a wide
variety of dishes including Thai Village specialties, popular
Thai cuisines, noodles and dim sum. This is part of our strategy
to diversify our Singapore's operations. We are confident of our
Thai Village Kitchen concept, given the trend towards a relaxed
yet affordable dining experience," said Mr. Lee.

The Group is also in the midst of setting up two restaurants in
the PRC, one in Hangzhou, which is expected to be operational by
Q3 2004 and the other in Songjiang, a district of Shanghai, by
June 2004.

It has also entered into a Joint Venture agreement with Palm
Beach Seafood Restaurant International Pte Ltd and three other
individuals to operate Singapore-style seafood restaurants in
the PRC.

Added Mr Lee, "We are constantly on a lookout for new business
opportunities. With a 51 percent stake in the JV, the Group has
a strategic platform to capitalize on its strong presence in the
PRC with partners who have the relevant expertise in the running
of Singapore-style seafood restaurants."

Interim Dividend

To reward shareholders for their loyalty, Thai Village has
proposed an interim cash dividend of 0.5 cents per ordinary
share.

About Thai Village

Established in 1991, Thai Village today has grown from a humble
restaurant in East Coast to a chain of specialty restaurants
serving Thai-Teochew dishes in Singapore, Indonesia and the PRC.
Today, it operates 5 outlets in Singapore and 7 outlets in the
PRC.

In 2002, the Group started its franchising concept. To-date, the
Group has 14 franchise outlets in the PRC and one in Indonesia.


WHK INVESTMENT: Releases Winding Up Order Notice
------------------------------------------------
WHK Investment Pte Ltd. issued a notice of winding up order made
on the 16 April 2004.

Name and address of Liquidator:

Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11 & #06-11
Singapore 069118.

ALLEN & GLEDHILL
Solicitors for the Petitioner.

This Singapore Government Gazette announcement is dated 30 April
2004.


ZEAL DESIGN: Faces Winding Up Petition
--------------------------------------
Notice is hereby given that a petition for the winding up of
Zeal Design & Construction Pte Ltd by the High Court was on 19
April 2004 presented by Peck Brothers Construction Pte Ltd of
203 Kranji Road, Singapore 739481. The petition will be heard
before the Court sitting at the High Court in Singapore at 10
a.m. on 14 May 2004. Any creditor or contributory of the company
desiring to support or oppose the making of an order on the
petition may appear at the time of hearing by himself or his
counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the company
requiring the copy of the petition by the undersigned on payment
of the regulated charge for the same.

The Petitioners' address is 203 Kranji Road, Singapore 739481.

The Petitioners' Solicitors are Messrs JOSEPHINE TAY & CO. of
151 Chin Swee Road, #07-06 Manhattan House, Singapore 169876.

Messrs JOSEPHINE TAY & CO.
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the above named Messrs
Josephine Tay & Co. of 151 Chin Swee Road, #07-06 Manhattan
House, Singapore 169876, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitor (if any)
and must be served, or if posted, must be sent by post in
sufficient time to reach the above named not later than 12
o'clock noon of 13 May 2004 (the day before the day appointed
for the hearing of the petition).

This Singapore Government Gazette announcement is dated 30 April
2004.


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


CAPETRONIC INTERNATIONAL: Submits AGM Resolutions  
-------------------------------------------------
Capetronic International disclosed to the Stock Exchange of
Thailand its Annual General Meeting of Shareholders, held on
Friday, 30th of April, 2004 at Cattleya Room, Novotel Bangna
Hotel, 14/49 Moo 6 Srinakarin Road, Nongbon, Pravet, Bangkok
10260,

The following were resolved:

(1) It was unanimously resolved to confirm the minutes of the
Annual General Meeting of Shareholders No. 1/2003;

(2) It was unanimously resolved to approve the operating results
of the Company during the year 2003 and to present the
Directors' Report.  

(3) It was resolved to approve the audited annual financial
statement of the Company for the year ended 31st December 2003;

(4) It was unanimously resolved to approve the non-distribution
of dividends for the operating results of 2003;

(5) It was unanimously resolved to approve Mr. Ma Chi Chiu, Mr.
Michael A.B. Binney and Dr. Noraini Abdullah be re-elected as
the directors of he Company and the independent directors'
remuneration of Baht 720,000; and

(6) It was unanimously resolved to appoint Ms. Suwimol
Krityakian or Ms. Wilairat Rojnakarin from office of D.I.A.
International Auditing as auditor of the Company and the Board
of Directors shall consider fixing the remuneration further.

Yours sincerely,
Seni Sudsawad
Financial Director


DATAMAT: To Set New Shareholder's AGM Date
------------------------------------------
The Annual General Shareholders' Meeting of Datamat PCL was set
on Friday, April 30, 2004 at 2 P.M., at the Westin Grand
Sukhumvit Hotel, Bangkok, but due to inadequate number of
shareholders and proxies under the Company's article of
Association, the meeting was cancelled.

Therefore, the Meeting has to be postponed.  The Company will
call a Board of Directors' meeting to set the date, time and
place for the new Annual General Shareholders' Meeting as soon
as possible, and such details will be disclosed at once.

Thank you for your kind attention.

Sincerely yours,
Kusol Sangkananta
Director and Secretary to the Board

This is a Stock Exchange of Thailand announcement.


PRASIT PATANA: Submits Resolutions Passed By The Board  
------------------------------------------------------
The Board of Directors of Prasit Patana PCL passed to the Stock
Exchange of Thailand the resolutions of its meeting on March 25,
2004. The Board expands the following roles and responsibilities
of the Committee:

(1) Review to ensure that the company has adequate and
sufficient financial statements.

(2) Consider and disclose sufficiently and accurately any
related transactions or any conflict of interests that might
arise

(3) Produce a report on good corporate governance by the Audit
Committee in the Annual Report, signed by the Chairman of the
Committee

(4) Execute any assigned responsibilities by the Board of
Directors with the agreement from the Audit Committee

(Mr. Wichai Thongtang)
Director
(Mr. Sitthichai Sukcharoenmitr)
Director    


PRASIT PATANA: Unveils Annual Shareholders Meeting
--------------------------------------------------
Prasit Patana PCL submits to the Stock Exchange of Thailand its
Annual Shareholders Meeting held on April 29, 2004.  

The Board of Directors informed the scope and responsibility of
the Audit Committee to shareholders and appointed members of the
Audit Committee:

(i) Mr. Wiseth Panutat- Member of Audit Committee, Effective
April 30, 2004

The Audit Committee now comprised of:

Chairman: Mr. Jitkasem Sangsingkeo
Member: Mr. Nuttawut Phowborom   
Member:  Mr. Wiseth Panutat      

(ii) The Audit Committee has the following roles and
responsibilities to the Board:
        
(a) Advise the Board on appointment and compensation of External
Auditor;     

(b) Coordinate with them in setting up objectives and boundaries
of audit as well as action plan for each year and ways to solve
the problems found;

(c) Coordinate with Internal Auditor in setting up internal
audit objectives and set up auditing plans and schedules. Report
and evaluate the internal control system of the company as well
as resources utilized in internal control and any problems found
in the process;

(c) Consult and Advise on audit reports and suggestions of both
internal and external auditors. Follow up the action plans of
the management to the proposed solutions to remedy those
problems and report results to the Board of Directors;

(d) Ensure all practices are law abiding and set up control
mechanisms, units and measurements;

(e) Establish appropriate risk management structure;

(f) Review to ensure that the company has adequate and
sufficient financial statements;

(g) Consider and disclose sufficiently and accurately any
related transactions or any conflict of interests that might
arise;
                     
(h) Produce a report on good corporate governance by the Audit
Committee in the Annual Report, signed by the Chairman of the
Committee; and

(i) Execute any assigned responsibilities by the Board of
Directors with the agreement from the Audit Committee.

The company hereby certifies that the above Audit Committee
members possess all the required qualifications as stipulated by
the Stock Exchange of Thailand.

(Mr. Wichai Thongtang)
Director
(Mr. Sitthichai Sukcharoenmitr)
Director    


                            *********


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

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

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