/raid1/www/Hosts/bankrupt/TCRAP_Public/040510.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

            Monday, May 10, 2004, Vol. 7, No. 91

                            Headlines

A U S T R A L I A

MITSUBISHI AUSTRALIA: Delays Foley Meeting
MITSUBISHI AUSTRALIA: Tom Phillips To Meet MMC Global Chief
NATIONAL AUSTRALIA: Walter Intends To Resign From Board
QANTAS AIRWAYS: Releases Monthly Traffic And Capacity Stats
SANTOS LIMITED: Enters Agreement With Origin

SANTOS LIMITED: Releases Business Improvement Program
SANTOS LIMITED: Eyes Improvement In 2005


C H I N A  &  H O N G  K O N G

C.P. POKPHAND: Unveils Special Meeting Results
D.E. SIGN: Served With Winding Up Petition
FORTUNE STARLET: Schedules Winding Up Hearing For June 16
GOLDEN LIGHT: Faces Winding Up Petition
LAI SUN: Issues Group Restructuring Update

LAI SUN: Unveils Liquidity, Financial Resources
LAI SUN: Raises $450M From Hotel Stake Sale
STRONG FORCE: Schedules Winding Up Petition For June 2
WAMAX LIMITED: Winding up Hearing Set for June 2


I N D O N E S I A

BANK MANDIRI: To Pay Dividend From 50% Of Profit Earned In 2003


J A P A N

JAPAN AIRLINES: Posts JPY88.6M Net Loss
MITSUBISHI MOTORS: May Reduce DaimlerChrysler's Stake
MITSUBISHI MOTORS: Police Arrest Seven Former Executives
MITSUBISHI MOTORS: Sets Up New Quality-Control Team
RESONA HOLDINGS: Expects JPY80B Net Profit In 2003


K O R E A

DAEWOO GROUP: Government Set To Write-Off US$3B In Public Funds
HYNIX SEMICONDUCTOR: Citigroup Raises Offer To US$771M


M A L A Y S I A

AOKAM PERDANA: Enters Into Conditional Share Sale Agreement
DAMANSARA REALTY: Agrees To Sale and Purchase Agreement
GEAHIN ENGINEERING: SC Approves RCSLS Amendments
GENERAL SOIL: Announces Status of Restructuring Scheme
HAP SENG: Buys Back 8,000 Units Of Ordinary Shares

HO HUP: Director TO Deal During Closed Period
HUME INDUSTRIES: To Dispose Of Industrial Concrete Shares
JASATERA BERHAD: Gets Order To Axe Debt Settlement Agreement
NAUTICALINK BERHAD: Issues Monthly Restructuring Update
OMEGA HOLDINGS: Says Restructuring in Its Final Stage

PAN MALAYSIA: Posts Developments On Material Litigation
PROMTO BERHAD: Replies To BMSB Query
PROTON: To Spend RM5 Billion On Research
PROTON: Teams Up With Lotus To Provide Engineering Services
SARAWAK ENTERPRISE: Announces Resumption Of Trading

SARAWAK ENTERPRISE: Enters Into Memorandum Of Understanding
SBC CORPORATION: FIC Approves Proposed Debt Settlement
UCP RESOURCES: To Shorten Period For Notice Of Books Closure
UNISEM BERHAD: Listing New Ordinary Shares
WING TIEK: Issues Debt and Restructuring Update

WOO HING: Provides Follow Up On Restructuring Plan


P H I L I P P I N E S

NATIONAL POWER: Defers Plan To Sell Bonds Abroad
NEGROS NAVIGATION: SC Lifts Ground Order On 5 Vessels
PHILIPPINE LONG: Powers NAMFREL For Clean Elections


S I N G A P O R E

BURKE'S FINE: Issues Dividend Notice
BURKE'S RESTAURANT: Releases Dividend Notice
DATACRAFT ASIA: CAD Concludes Investigations
DATACRAFT ASIA: Welcomes End Of CAD Investigation
FALMAC LIMITED: Appeal For Time Extension Rejected

FERTIVA ASIA: Final Meeting Set For June 8
GEK HONG: Faces Winding Up Petition
HOTEL PROPERTIES: Increases Stake In PT Bali Girikencana
LAMIMORI PACKAGING: Winding Up Hearing Set For May 21
SNP CORPORATION: Informs of Changes In Shareholder's Interest

TEAMSPHERE LIMITED: Appoints New Executive Director
TEAMSPHERE LIMITED: Posts Changes In Board and Audit Committee


T H A I L A N D

THAI WAH: Releases Reviewed and Consolidated 1Q F/S
THAI WAH: Releases Explanation For Decreased Profit
TONGKAH HARBOUR: Issues Change in Paid-Up Capital

     -  -  -  -  -  -  -  -

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


MITSUBISHI AUSTRALIA: Delays Foley Meeting
------------------------------------------
A planned meeting between the South Australian Treasurer, the
Federal Industry Minister and the Mitsubishi management in Tokyo
has been rescheduled to May 14 instead of May 10, according to
ABC News Online.

Treasurer Kevin Foley told the South Australian Parliament
that Mitsubishi wanted the meeting delayed.

"I wish to advise the House that the company has subsequently
asked for the meeting to be delayed for a few days in order to
achieve more meaningful talks in Tokyo," Foley said.

"The Federal Industry Minister and I now expect to travel to
Japan towards the end of next week for a meeting on Friday the
14th of May," he said.

Mitsubishi Motor's Adelaide-based Australian operations are
again under scrutiny after comments by its International Chief
Executive Officer Rolf Eckrodt at the Geneva Motor Show, TCR-AP
reported recently.

Mr. Eckrodt has described the Australian operation as being "on
a knife edge".

Globally the carmaker is facing losses of almost $900 million
for the year and Australian sales are well down. Federal
Treasurer Peter Costello says car sales in Australia are higher
than they have ever been, consumer sentiment is strong and
interests rates are low.


MITSUBISHI AUSTRALIA: Tom Phillips To Meet MMC Global Chief
-----------------------------------------------------------
Mitsubishi Australia President Tom Phillips will visit Japan
soon to restate his Company's business case and ensure the
long-term future of the local manufacturing operations, Asia
Pulse reports. Mr. Phillips wants to meet with Company's new
Global Chief Yoichiro Okazaki, who was appointed recently.

Mr. Okazaki also heads up a group of senior executives working
on a rescue plan for the ailing global carmaker.

His visit will also follow a trip to Tokyo by South Australian
Treasurer Kevin Foley and Federal Industry Minister Ian
Macfarlane who were expected to meet Mr. Okazaki next Friday.

They also want to press Australia's case for continued
manufacturing.


NATIONAL AUSTRALIA: Walter Intends To Resign From Board
-------------------------------------------------------
The National Australia Bank Ltd. released the correspondence it
received from the its Director, Catherine Walter, detailing her
intention to resign from the Board.

The statement reads:

I propose to resign shortly as a director of National Australia
Bank.

In announcing this decision I would like to thank the many
dedicated people I have worked with over the years in this role.

At all times I have tried to stand up for what I believe is in
the long term interests of the Bank, its shareholders, customers
and staff.  It will be for to others to judge whether I have
been successful in doing so.

I could not have done this without the many people who have
contacted me and offered me support.  But, in particular, it
would have been impossible without the unflinching loyalty of my
family, of all generations.

I do not propose to make any further media statement on these
matters.

According to The Age, the statement has brought widespread
relief in the banking and investment community for the nation's
largest lender, which next Wednesday reports its interim
results, could now focus on business and rebuilding its
reputation.


QANTAS AIRWAYS:  Releases Monthly Traffic And Capacity Stats
------------------------------------------------------------
Qantas Airways disclosed to the Australian Stock Exchange its
Summary of Traffic and Capacity Statistics.

Total Domestic (Qantas and QantasLink) traffic, measured in
Revenue Passenger Kilometres (RPKs) increased by 6.7 percent in
March 2004 while capacity, measured in Available Seat Kilometres
(ASKs) increased by 2.2 percent.  This resulted in a revenue
seat factor of 78.3 percent, 3.3 percentage points higher than
for March 2003.

Total International (Qantas and Australian Airlines) RPKs
increased by 6.6 percent, in March, while ASKs increased by 3.0
percent over the same period.  The resulting revenue seat factor
of 75.7 percent was 2.6-percentage points higher than the
previous year.

March Group (comprising Qnatas Domestic, QantasLink, Qantas
International and Australian Airlines) passenger numbers
increased by 6.1 percent over the previous year.  RPKs increased
by 6.7 percent while ASKs were up 2.8 percent, resulting in a
revenue seat factor of 76.5 percent, which was 2.8 percentage
points higher than the previous year.

To view a full copy of this press release, click

http://bankrupt.com/misc/QANTASAIRWAYS050704.pdf


SANTOS LIMITED: Enters Agreement With Origin
--------------------------------------------
Santos Limited disclosed in a company press release that it has
an ongoing deal with Origin.

The conditional agreement is designed to provide Origin with
access to up to 200 petajoules (PJ) of gas at the Moomba Gas Hub
in central Australia, with a mechanism to increase these
quantities.

Details in the agreement will be finalized through ongoing
negotiations.

It is expected that the first gas to be swapped under the
agreement will occur within the next three months. The amount of
gas to be swapped in 2004 will depend on South Australian and
New South Wales requirements.

Under the agreement, gas swapping would continue until the end
of 2011.

Nature of the gas swap

Origin has agreed to deliver gas produced in its central
Queensland fields to the Producers at Roma in Queensland.  The
Producers will then use this gas to meet part of their customer
requirements in southeast Queensland.

In return for the gas from Origin, the Producers will redirect
(swap) an equal quantity of Cooper Basin produced gas to Origin
at the Moomba Gas Hub.

Benefits to Origin by swapping gas

Origin is expected to use the swapped gas volumes to supply its
customer base in South Eastern Australia in conjunction with
other supplies of gas, including Cooper Basin gas already
purchased by Origin.

Having access to swapped gas at the Moomba Gas Hub eliminates
the need for Origin to construct major additional pipeline
infrastructure in the short term.

Benefits to the Producers in swapping gas

Under the Heads of Agreement, the Producers will receive swap
fees from Origin for the quantities of gas to be delivered to
Origin at the Moomba Gas Hub. The Producers will also receive
increased gas liquids revenue as a result of processing
incremental gas at the Moomba Gas Hub, which recovers higher
levels of gas liquids than the Producers' processing facilities
at Ballera in south-west Queensland.

Moomba Gas Hub

This unique gas swap arrangement confirms the Moomba Gas Hub's
important ongoing role in continuing to supply gas to the
eastern seaboard states.

"This is a significant agreement for the Cooper Basin as it
confirms Moomba's standing as a key Australian gas hub," Santos'
Managing Director, Mr. John Ellice-Flint, said today.

"It brings pipeline cost savings and greater supply flexibility
to Origin Energy, along with additional Moomba Gas Hub revenue
for the Producers," he said.

The Cooper Basin processing, transport and storage assets are in
a unique position to provide value-adding services to gas
customers in the eastern seaboard states," he said.

The interests of the South West Queensland Gas Producers are:

Santos Limited- 60.0625%
Origin Energy- 16.7375%
Delhi Petroleum- 23.2000%


SANTOS LIMITED: Releases Business Improvement Program
------------------------------------------------------
Santos Limited announced in a company press release on Friday
the details of its new business improvement program, which will
enhance the oil and gas group's future profits.

Features of the program are a new senior leadership team, a
dramatic reduction in executive reporting structures, and a 16
percent reduction in staff and contractor numbers.

Detailing the improvement program, Santos' Chief Executive
Officer, Mr. John Ellice-Flint, said it was expected to achieve
improvements to after-tax earnings (before restructuring and
implementation costs) in the order of $22 million in 2005 and
$30 million in 2006.

The improvement in after-tax earnings will come primarily from
reductions in operating expenditures, estimated at $23 million
in 2005 and $28 million (Santos share) in 2006. This is a
reduction in operated operating expenditure of approximately 16
percent in 2005. There will also be some revenue improvement.

Savings in capital expenditure are estimated to be approximately
$57 million (Santos share) in each of 2005 and 2006, largely in
the Cooper Basin. This is a reduction in operated capital
expenditure of approximately 13 percent in 2005 and will be
derived from a number of initiatives including strategic
sourcing, drilling and completions improvements and improved
efficiency in flowline construction and connection. Reductions
in DD&A and interest will result from the capital savings.

The program restructuring and implementation costs to be
incurred in the current year to December 31, 2004, will be of
the order of $20 million adverse impact on net profit after tax.
Of this, around $14 million will be incurred in the current
opening half to June 30, 2004. Costs in 2005 are expected to be
around $4 million.

Mr. Ellice-Flint said the program was the most significant
reorganization of Santos in 10 years and would further increase
Santos' focus on the identification and execution of value-
adding growth projects.

"The main aim of this continuous improvement program is to
achieve a leaner and more efficient Santos, enabling the Company
to move forward in a progressive and competitive manner on the
global resources stage," he said.

The number of Santos executives in the top three levels of the
Company has been halved under the new program from 120 to 60.
Levels within the reporting structure for both field and office
operations, have also been reduced to create a flatter
organization.

The re-organization includes the net loss of approximately 300
positions across Santos' operations, reducing total numbers from
about 1,900 to 1,600.

The key objectives of the improvement program are:

- Simplifying the Santos organizational structure;
- Reviewing and improving key business processes to add value;
- Reducing the cost base, over and above ongoing efforts, and
- Improving the organizational culture.

In addition, key decision processes across Santos have also been
identified and benchmarked, with steps under way to upgrade
processes critical for growth.

"The program commenced in November 2003 and all of our key
business processes have now been reviewed, simplified and
strengthened," Mr. Ellice-Flint said.

"As a result, we are implementing: a new streamlined
organizational structure; cost savings able to have a meaningful
impact on after-tax earnings; and, a cultural change program."

Streamlined organizational restructure

Effective this week, the Santos organization has been
restructured on a functional basis, a departure from the
previous structure based on business units.

The core functions, reporting to the Chief Executive Officer,
Mr. Ellice-Flint, are:

- Mr. Jacques Gouadain has been appointed Vice President
Geoscience and New Ventures, with responsibility for all
exploration, appraisal and new venture activities in the
Company. Mr Gouadain was previously General Manager,
Exploration.

- Mr. Rick Wilkinson has been appointed Vice President Gas
Marketing and Commercialization, with responsibility for gas and
liquids marketing, gas planning and economics and
commercialization projects, including discovered but not
commercialized gas resources and developing new gas business. He
was previously General Manager, Southern Australia.

- Mr. Paul Moore has been appointed Vice President Development
Projects and Technical Services, with responsibility for the
offshore and international development portfolio of the Company,
including operated and non-operated projects, subsurface
engineering and technical services. Mr. Moore was previously
General Manager Western Australia.

- Mr. Jon Young has been appointed Executive Vice President
Operations, with responsibility for all of the Company's
production operations, including delineation and development of
onshore Australian operations, facilities engineering,
maintenance and environment, health and safety. Mr. Young was
previously General Manager Central Australia.

- Mr. Bruce Wood has been appointed Vice President Strategic
Projects, with responsibility for identified projects and
regions of strategic importance to Santos, including the
Timor/Bonaparte region and US and Indonesian interests. He was
previously General Manager Gas Commercialization and Marketing.

- Mr. Peter Wasow will continue in his role of Chief Financial
Officer, with responsibility for finance, accounting, treasury,
corporate planning, risk, audit, corporate development and
investor relations.


SANTOS LIMITED: Eyes Improvement In 2005
----------------------------------------
In a press release, Santos Limited expects its annual results to
improve significantly in 2005 following the previously forecast
downturn in the current calendar year.

Addressing the Company's Annual General Meeting in Adelaide
Friday, Santos Chairman, Mr. Stephen Gerlach, outlined several
factors that would contribute to strong growth in production,
cash flow and earnings in 2005.

"Santos has entered 2004 - the year marking the Company's 50th
anniversary - with six new company-building projects located in
South East Asia, the Timor Gap and offshore Victoria and Western
Australia," Mr. Gerlach told shareholders.

"Like all shareholders, we look forward to Santos benefiting
from the many positive developments that we currently have in
train that will significantly increase our production in 2005,
2006 and 2007," he said.

Mr. Gerlach repeated earlier advice that Santos expected lower
production in 2004 ahead the expected 2005 improvement.

"Our current estimate is for 2004 production of around 47-to-48
million barrels of oil equivalent (boe) compared with our 49
million boe forecast made earlier this year," he said.

"This reflects reduced deliverability from the East Spar gas
field off Western Australia and lower than previously forecast
Cooper Basin oil production.

"However, Cooper Basin oil production is expected to be steady
in the current year, arresting the continuous decline in output
over the past 17 years.

"All of these forecasts are prior to any acquisitions."

Mr. Gerlach said that, as previously advised, the Moomba
incident was likely to have an adverse impact on Santos' net
profit after tax of $25-30 million in the current year, after
expected insurance recoveries.

"On the other side of the ledger, we have today announced
details of a new business improvement program which will enhance
future profits," he said.


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


C.P. POKPHAND: Unveils Special Meeting Results
----------------------------------------------
In a disclosure to the Stock Exchange of Hong Kong Limited, C.P.
Pokphand Co. Ltd. announced that at the Special General Meeting
held on 6 May 2004, the ordinary resolutions relating to the
Disposal of shares in the companies listed in the Jakarta Stock
Exchange was duly passed by the Shareholders.

Reference is made to the Company circular dated 19 April
2004 (the Circular) in relation to the Disposals. Capitalized
terms used herein shall have the same meanings as those defined
in the Circular.

The Directors are pleased to announce that the Shareholders duly
passed the Resolution set out in the notice of the Special
General Meeting on 6 May 2004.

As at the date of this announcement, the issued share capital of
the Company was 2,158,480,786 Shares. Since none of the
Shareholders was interested in the Disposals, all Shareholders
were entitled to attend and vote for or against the Resolution
at the Special General Meeting.

Computershare Hong Kong Investor Services Limited of Rooms
1901-5, 19th Floor, Hopewell Centre, 183 Queen's Road East,
Wanchai, Hong Kong, the Company's registrar in Hong Kong, was
appointed as the scrutineer for the Special General Meeting.

At the Special General Meeting, the Resolution was voted on by
way of a poll and was duly passed by the Shareholders. An
aggregate of 841,352,883 Shares, representing approximately
99.99% of the total of 841,358,883 Shares the votes attached to
which were cast in relation to the Resolution were voted in
favor of the Resolution. An aggregate of 6,000 Shares,
representing approximately 0.01% of the total of 841,358,883
Shares the votes attached to which were cast in relation to the
Resolution were voted against the Resolution.

As at the date of this announcement, the directors of the
Company comprise nine executive directors, namely, Mr. Jaran
Chiaravanont, Mr. Montri Jiaravanont, Mr. Dhanin Chearavanont,
Mr. Sumet Jiaravanon, Mr. Prasert Poongkumarn, Mr. Min
Tieanworn, Mr. Thirayut Phitya-Isarakul, Mr. Thanakorn Seriburi
and Mr. Veeravat Kanchanadul, and two independent non-executive
directors, namely, Mr. Budiman Elkana and Mr. Cheung Koon Yuet,
Peter.

For a copy of the Company's interim report for 2003-2004, go to
http://bankrupt.com/misc/tcrap_laisun0510.pdf


D.E. SIGN: Served With Winding Up Petition
------------------------------------------
Notice is hereby given that a petition for the winding up of
D.E. Sign Engineering Limited by the High Court of Hong Kong was
on the 26 March 2004 presented to the said Court by Wu Tze Hang
of Room D, 15/F., Rosedale Garden, Castle Peak Road, Tuen Mun,
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.


FORTUNE STARLET: Schedules Winding Up Hearing For June 16
---------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Fortune Starlet Development Limited by the High Court of Hong
Kong was on the 19 April 2004 presented to the said Court by
Gilroy Company Limited whose registered office is situated at
11th Floor, Lai Sun Commercial Cenre, 680 Cheung Sha Wan Road,
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.

VINCENT T.K. CHEUNG, YAP & CO.
Solicitors for the Petitioner,
15th, Alexandra House
Central
Hong Kong

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


GOLDEN LIGHT: Faces Winding Up Petition
---------------------------------------
Notice is hereby given that a petition for the winding up of
Golden Light Consultants Limited by the High Court of Hong Kong
was on the 24 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said petition will be heard before the Court at
10 a.m. on the 2 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, 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 1 June 2004.


LAI SUN: Issues Group Restructuring Update
------------------------------------------
In a disclosure to the Hong Kong Stock Exchange Limited, Lai Sun
Development Company Limited announced the latest development in
respect of the Group's overall debt restructuring program. The
negotiations with various creditors have reached a fairly
advanced stage, and the company is hopeful that this
longstanding matter will be resolved and completed within 2004.

As mentioned in the previous annual report, the consensual
restructuring agreement will likely comprise the retirement of
all or most of the outstanding indebtedness owed to the
Convertible and Exchangeable Bondholders (collectively the
Bondholders) and eSun by a combination of cash repayment, new
share issue and property transfers.

Notwithstanding such optimism, shareholders should be mindful of
the fact that no legally binding agreement has been signed as at
the time of writing, and that the Group remains in a period of
informal standstill, with this position expected to subsist
until the restructuring scheme is being approved by all
creditors, although the Directors continue to believe that
during this informal standstill period, the Bondholders, eSun
and the secured creditors will not take action to ensure a
stable platform for the daily operations of the Group.


LAI SUN: Unveils Liquidity, Financial Resources
-----------------------------------------------
As at 31 January 2004, Lai Sun Development Company Limited had
outstanding borrowings of approximately HK$6,670 million (as at
31st July, 2003: HK$7,625 million) comprising

(i) secured bank loans and other borrowings of approximately
HK$2,999 million,

(ii) an accrued loan repayment premium of approximately HK$30
million under a loan facility,

(iii) an outstanding amount of approximately HK$881 million
payable under the Exchangeable Bonds (principal of HK$622
million and accrued bond redemption premium of HK$259 million)
and

(iv) an outstanding amount of approximately HK$1,260 million
payable under the Convertible Bonds (principal of HK$907 million
and accrued bond redemption premium of HK$353 million) and (v)
an amount due to the eSun Group of approximately HK$1,500
million.

Consolidated net deficiency in assets of the Group as at the
same date was HK$480 million (as at 31st July, 2003, as
restated: HK$418 million). The deterioration in the Group's net
asset position was mainly resulted from the operating loss
incurred during the period. The Group has defaulted in the
settlement of both the Convertible Bonds and the Exchangeable
Bonds and the debt due to the eSun Group. Such defaults, in
turn, have triggered cross defaults under all of the Group's
other borrowing facilities. As such, all bank and other
borrowings have been classified under current liabilities in the
consolidated balance sheet.

As at 31 January 2004, certain investment properties with
carrying value of approximately HK$3,184 million, certain fixed
assets with carrying value of approximately HK$1,441 million and
certain bank balances and time deposits with banks of
approximately HK$112 million were pledged to banks to secure
banking facilities granted to the Group. At the same date,
certain investment properties with carrying value of
approximately HK$3 million, certain fixed assets with carrying
value of approximately HK$25 million and a time deposit with a
bank of approximately HK$10 million were pledged to a bank to
back up certain corporate guarantees issued by the Company in
respect of certain banking facilities granted by a bank to a
subsidiary and an associate. In addition, 285,512,791 ordinary
shares of eSun, the entire holding of the shares of Peakflow
Profits Limited together with its 10% shareholding in and its
advance to Bayshore Development Group Limited, the joint venture
company for the AIG Tower project, and certain shares in other
subsidiaries held by the Group were also pledged to banks and
other lenders to secure loan facilities granted to the Group. In
addition, pursuant to the terms and conditions of the
Exchangeable Bonds and the Convertible Bonds, the Exchangeable
Bondholders share on a pari passu and pro rata basis with the
Convertible Bondholders the security charge over a second charge
over 285,512,791 shares of eSun beneficially owned by the
Company. The Exchangeable Bondholders also share on a pari passu
and pro rata basis with the Convertible Bondholders and eSun the
security of a limited recourse second charge over 6,500 shares
of Diamond String Limited (which owns The Ritz-Carlton, Hong
Kong) beneficially owned by the Company. The secured bank and
other borrowings were also secured by floating charges over
certain assets held by the Group.

The Group is still in its ongoing discussions with all of its
financial creditors on a consensual debt-restructuring plan. The
Group is currently under a period of informal standstill. Up to
now, neither the Exchangeable Bondholders, the Convertible
Bondholders, eSun nor its other financial creditors have taken
any action to enforce their respective securities and other
rights. Negotiation with various financial creditors has reached
a fairly advanced stage and the Directors are hopeful that the
Group will be able to secure the agreement of all its financial
creditors to a consensual debt-restructuring plan within the
year 2004.

The Group's principal sources of funding comprise mainly funds
generated from its business operations including property rental
income, proceeds from sale of investment and development
properties and revenue from its hotel and restaurant operations.
The Group will continue to implement its orderly disposal of
assets to help provide working capital for the Group's
operation. The Directors believe that the currency peg to US
dollar would be maintained in the foreseeable future. The
majority of the Group's borrowings is denominated either in Hong
Kong dollars or US dollars thereby avoiding exposure to
undesirable exchange rate fluctuations. On the interest rate
front, the majority of the bank borrowings is maintained as
floating rate debts. The current low interest rate environment
has benefited the Group in relieving to some extent the interest
burden of the Group. The Directors are of the view that increase
in interest rate in the ensuing year, if any, will be moderate.
However, the market situation will be closely monitored such
that hedging instruments may be employed as and when necessary.

By Order of the Board
Lam Kin Ngok, Peter
Chairman and President
Hong Kong, 16th April, 2004

This is a Hong Kong Stock Exchange announcement.


LAI SUN: Raises $450M From Hotel Stake Sale
-------------------------------------------
Property developer Lai Sun Development Company Limited, which is
seeking to restructure debts of HK$6.67 billion, will sell a 50
percent stake in its three-star Majestic Hotel to tycoon
Francis Choi for HK$450 million, the Standard reported on
Friday, 7 May. Mr. Choi is the Chairman of privately owned Early
Light International.

It is estimated the hotel will offer a yield of 5 per cent for
the investment; and rental from its mall provides about HK$1.5
million income a month. Lai Sun will retain management of the
hotel.

The developer suffered huge losses on its property investments
during the Asian financial crisis in 1998 and has been selling
assets to repay debts. For the half year ending January, it lost
HK$167 million. It defaulted on US$265 million (HK$2.07 billion)
bonds in March last year.

Majestic Hotel, located in Nathan Road, Jordan, has 380 rooms
and a 30,000-square-foot shopping arcade.


STRONG FORCE: Schedules Winding Up Petition For June 2
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Strong Force Investments Limited by the High Court of Hong Kong
was on the 24 March 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong. The said petition will be heard before the Court at
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.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

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


WAMAX LIMITED: Winding up Hearing Set for June 2
------------------------------------------------
Notice is hereby given that a petition for the winding up of
Wamax Limited by the High Court of Hong Kong was on the 24 March
2004 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong. The said
petition will be heard before the Court at 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.

KAO, LEE & YIP
Solicitors for the Petitioner,
17th Floor, Gloucester Tower
The Landmark, Central
Hong Kong

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


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


BANK MANDIRI: To Pay Dividend From 50% Of Profit Earned In 2003
---------------------------------------------------------------
State-owned Bank Mandiri is set to pay dividends amounting to
Rp115 per share which comes from 50 percent of its net profit in
2003 amounting to Rp4.586 trillion, according to Asia Pulse
citing the president director ECW Neloe's statement at the
bank's shareholders meeting.

The distribution of dividends will consist of two separate
payments first of which will amount to Rp50 per share and the
remaining Rp65 would be paid later.

The bank's interest income last year fell 19.8 per cent to
Rp25.557 trillion, while its net profit rose 27.9 per cent to
Rp4.586 trillion.


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


JAPAN AIRLINES: Posts JPY88.6M Net Loss
---------------------------------------
Japan Airlines System Corporation (JAL), a holding company
established on October 2, 2002 to oversee the integration of
Japan Airlines and Japan Air System (JAS), announced the
consolidated financial results of the JAL Group for the year
ended March 31, 2004. The results include the consolidated
results of Japan Airlines and Japan Air System, which completed
their integration as of 1 April 2004.

The announcement includes the company's forecast for the year
ending March 31, 2005.

i. Sales revenues were 1.931 trillion yen, 7.3 percent down on
fiscal year 2002.

ii. Iraq conflict and SARS' impact on international passenger
traffic  "lost" JAL nearly 3 million passengers.

iii. Operating loss was 67.645 billion yen.

iv. Ordinary loss was 71.938 billion yen.

v. Net loss was 88.619 billion yen.

vi. *Domestic passenger revenue was greater than international
passenger revenue, a reverse of results in more normal
circumstances.

This is the second time that the JAL/JAS results have been
published together on a consolidated basis. As of April 1st, the
JAS brand has been eliminated and all domestic and international
flights, products and services now come under the JAL brand.
These results can be attributed to the JAL Group, Japan Airlines
or JAL.

For a copy of the Company's financial results for the year ended
March 2004, go to http://bankrupt.com/misc/tcrap_jal0510.pdf


MITSUBISHI MOTORS: May Reduce DaimlerChrysler's Stake
-----------------------------------------------------
Mitsubishi Motors Corporation may reduce its shareholders'
capital by half to cover losses from drops in the value of its
fixed assets and sell about 200 billion yen (US$.8 billion) in
new shares to Mitsubishi group companies, Bloomberg News
reports, citing the Mainichi newspaper.

The move would reduce DaimlerChrysler AG's shareholding in the
ailing carmaker to less than a third from 37 percent, leaving
DaimlerChrysler with no veto power. Mitsubishi has started to
negotiate the move with the German automaker.

Halving the company's 252.2 billion yen capital would help cover
a charge from the revaluation of assets to meet new accounting
rules to be enforced by the Financial Services Agency in the
year starting April 2005.


MITSUBISHI MOTORS: Police Arrest Seven Former Executives
--------------------------------------------------------
Japanese police arrested seven former executives of Mitsubishi
Motors Corporation for alleged professional negligence and the
filing of false reports to authorities on vehicle defects
related to a fatal wheel accident in 2002, the Japan Times
reported on Friday, 7 May.

The seven executives include Takashi Usami, former Chairman of
Mitsubishi Fuso Truck & Bus Corporation, who was the Mitsubishi
Motors Vice President at the time of the accident; and Akio
Hanawa, former Mitsubishi Motors Managing Director. Usami
stepped down as Mitsubishi Fuso Chairman on April 26.

Investigators plan to establish a criminal case against the
carmaker, as they believe the company was responsible for the
accident because it failed to carry out adequate safety
measures.


MITSUBISHI MOTORS: Sets Up New Quality-Control Team
---------------------------------------------------
Mitsubishi Motors Corporation will set up a new section in
charge of quality-control issues under the direct control of its
new President Yoichiro Okasaki, following the arrests of former
executives over a fatal wheel accident in 2002, Kyodo News
reports.

"I'm planning to set up a section under my own supervision to
collect opinions from our users as part of efforts to improve
our quality control," Mr. Okasaki said in a press conference
following the arrests.


RESONA HOLDINGS: Expects JPY80B Net Profit In 2003
--------------------------------------------------
Resona Holdings Inc. expects to post a consolidated net profit
of 80 billion yen (US$728.7 million) in the second half of 2003,
60 percent better than its target of 50 billion yen, according
to Reuters.

The Japanese banking group would post the better-than-expected
result on the back of bad-loan disposals and an improving
economy.

The government bailed out Resona's core bank unit Resona Bank
with 1.96 trillion yen in public funds last year.


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


DAEWOO GROUP: Government Set To Write-Off US$3B In Public Funds
---------------------------------------------------------------
The South Korean government will write off 3.7 trillion won
(US$3.1 billion) worth of public funds injected into former
Daewoo Group affiliates despite efforts to sell its stakes, Asia
Pulse reports, citing the Public Fund Oversight Committee.

The committee has poured 12.7 trillion won into four affiliates
belonging to Daewoo Group, which started to disintegrate in the
late 1990's under a severe liquidity crunch.

The report said the losses were expected even if it was able to
sell the government's holdings in Daewoo Heavy Industries and
Machinery, Daewoo Shipbuilding and Marine Engineering Co.,
Daewoo International Corporation and Daewoo Engineering and
Construction Company.


HYNIX SEMICONDUCTOR: Citigroup Raises Offer To US$771M
------------------------------------------------------
Hynix Semiconductor Inc. has received an improved offer for its
non-memory operations, Computer Business Review Online reports.

In November 2003, the chipmaker received an offer of about
US$600 million to sell its non-memory operations to a fund owned
by bankers Citigroup Inc. Last month however, the talks
collapsed after the memory chipmaker felt it was better off
keeping the business in the wake of a market recovery after
years of losses during the economic downturn.

Despite the refusal, Citigroup Venture Capital Equity Partners
LP remained interested and raised its offer to more than KRW 900
billion (US$771 million).

The total value of the revised offer is reportedly made up of
cash and assumed debt.


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


AOKAM PERDANA: Enters Into Conditional Share Sale Agreement
-----------------------------------------------------------
Aokam Perdana Berhad, in a communication dated 6 May 2004 to the
Bursa Malaysia Securities Berhad, announced the company had
entered into a conditional share sale agreement with Amalan
Menang Sdn Bhd, Madam Ong Sok Hean and Samudra Sentosa Sdn Bhd.

For background information, Aokam Perdana Berhad would like to
refer to a series of announcements made on behalf of the Board
of Directors (Board) of Aokam in relation to the Proposals,
which include, inter-alia, the announcements made on 18 December
2002, 7 May 2003, 19 September 2003, 14 October 2003, 18
December 2003 and 8 January 2004.

Following the execution of the definitive agreement between
Aokam and Amalan Menang Sdn Bhd, Madam Ong Sok Hean and Samudera
Sentosa Sdn Bhd (collectively known as the Vendors) on 17
December 2002, Aokam is required to enter into a share sale
agreement with the Vendors to acquire the entire equity interest
in Key Heights Sdn Bhd (KHSB) after the approval of the
Securities Commission (SC) on the Proposed Rescue Scheme has
been obtained. The SC had approved the Proposals on 31 December
2003.

Now on behalf of the Board of Aokam, Southern Investment Bank
Berhad announced that Aokam had on 5 May 2004 entered into a
conditional share sale agreement (SSA) with the Vendors to
acquire the entire equity interest in KHSB comprising 6,000,002
ordinary shares of RM1.00 each (Shares) from the Vendors for a
purchase consideration of RM94,536,000 (Proposed Acquisition).

1. Proposed Acquisition

Aokam proposes to acquire the entire equity interest in KHSB
from the Vendors for a purchase consideration of RM94,536,000.
KHSB has four (4) wholly-owned subsidiaries, namely:

ú Kumpulan Kinabatangan Timber Sdn Bhd (KKT);
ú Pinawantai Sdn Bhd (PSB);
ú Wincohasil Sdn Bhd (WSB); and
ú Bizkaya Sdn Bhd (BSB).

The purchase consideration for the Proposed Acquisition will be
satisfied by the issuance of:

(i) 71,036,000 new Aokam Shares at an issue price of RM1.00 per
share; and

(ii) 23,500,000 new 1.5 percent 3-year Irredeemable Cumulative
Convertible Preference Shares (ICCPS) at an issue price of
RM1.00 per ICCPS.

1.1 Basis of arriving at the purchase consideration

The purchase consideration for the Proposed Acquisition has been
arrived at on a willing buyer-willing seller basis after taking
into consideration the long term liability amounting to
RM10,000,000 in the KHSB Group as well as the approved market
values of:

(a) the rights to extract and sell timber held by KKT and PSB in
timber area Benta Wawasan IIC, Kalabakan Forest Reserve, Tawau,
Sabah measuring approximately 25,000 hectares; and

(b) the rights to extract and sell timber held by WSB and BSB in
timber areas YK1/01, YK1/02 and YK1/03, Sungei Pinangah Forest
Reserve, Keningau, Sabah measuring approximately 6,000 hectares.
Jordan Lee, Jaafar and Chew Sdn Bhd in their valuation reports
dated 17 December 2002 valued the market value of (a) and (b)
above at RM116,500,000 and RM49,000,000 respectively. The SC had
vide its letter dated 5 May 2003 revised the value of (a) and
(b) to RM90,600,000 and RM40,700,000 respectively.

1.2 Ranking of new Aokam Shares

The new Aokam Shares to be issued pursuant to the Proposed
Acquisition and upon conversion of the ICCPS will upon allotment
and issue, rank pari passu in all respects with the existing
Aokam Shares after the proposed capital reduction and
consolidation to be undertaken by Aokam pursuant to the Proposed
Rescue Scheme, except that they will not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of
the aforesaid shares.

1.3 Basis of determining the issue price of new Aokam Shares

The issue price of the new Aokam Shares pursuant to the Proposed
Acquisition is fixed at RM1.00 each after taking into
consideration the following:

(a) Pre-suspension market price of Aokam Shares as at 24
September 2002 of RM0.06 per Aokam Share;

(b) The proforma adjusted net tangible assets of Aokam as at 30
June 2003 after the Proposed Rescue Scheme of 33 sen per Aokam
Share; and

(c) Section 59 of the Companies Act, 1965 that restricts the
issue of shares at a discount to its par value.

2. Salient Terms of the Conditional SSA

The salient terms of the conditional SSA are as follows:

(i) Aokam shall acquire the entire issued and paid-up share
capital of KHSB comprising of 6,000,002 Shares free from all
claims, charges, liens, encumbrances and equities whatsoever
together with all rights attached thereto including all
dividends, rights and distributions declared paid or made in
respect thereof after the completion date;

(ii) the purchase consideration of RM94,536,000 shall be
satisfied on the completion date if such a day is not a market
day, the next succeeding market day whereby Aokam shall allot
and issue 71,036,000 new Aokam Shares and 23,500,000 new ICCPS;

(iii) the acquisition of KHSB by Aokam is also inter-conditional
upon all the other proposals comprised in the Proposed Rescue
Scheme;

(iv) the conditional SSA is subject to, among others, the
approvals of relevant authorities which include the SC, Foreign
Investment Committee (FIC), Ministry of International Trade and
Industry (MITI), the shareholders of Aokam to be obtained and
the extension of the timber extractions agreement between WSB
and RBJ, as well as the timber purchase agreement between BSB
and SBJ, all within a period of twelve (12) months from the date
of the SSA; and

(v) Completion of the conditional SSA shall take place within
three (3) months from the date when the conditional SSA is
deemed unconditional.

3. Approvals Required

The Proposed Acquisition is subject to the following approvals:

(a) SC, the approval of which was obtained on 31 December 2003;

(b) FIC, the approval of which was obtained on 27 January 2003,
23 December 2003 and 25 February 2004;

(c) MITI, the approval of which was obtained on 13 February 2003
and 21 November 2003;

(d) Bursa Malaysia;

(e) High Court of Malaya (Court);

(f) Secured and unsecured creditors of Aokam, Aokam Industries
Sdn Bhd and Pembangunan Papan Lapis (Sabah) Sdn Bhd at the
meetings to be convened by the Court;

(g) Shareholders of Aokam at an extraordinary general meeting to
be convened; and

(h) Any other relevant authorities/parties, if applicable.

4. Documents Available for Inspection

The SSA is available for inspection at the registered office of
Aokam during office hours from Mondays to Fridays (except public
holidays) at B-11-3, Megan Phileo Promenade, 189 Jalan Tun
Razak, 50400 Kuala Lumpur for a period of three (3) months from
the date of this announcement.


DAMANSARA REALTY: Agrees To Sale and Purchase Agreement
-------------------------------------------------------
The Board of Directors of Damansara Realty Berhad (DBHD), in a
disclosure dated 6 May 2004 to the Bursa Malaysia Securities
Berhad announced that Damansara Realty (Pahang) Sdn Bhd (DRP), a
60 percent owned subsidiary of the Company, had on 6 May 2004,
entered into a conditional Sale and Purchase Agreement (SPA)
with Pasdec Corporation Sdn Bhd (PCSB), a wholly owned
subsidiary of Pasdec Holdings Berhad (PHB), to dispose several
plots of acres of freehold land in BDK with a provisional land
area of 535.68 acres (Property) for RM40,834,885.00 in cash.

1. Details of the Proposed Disposal

1.1 Information on the Property

The Property forms part of the following parcels of land in
Bandar Damansara Kuantan (BDK):

(a) Geran No. 9488 (formerly held under C.T. 2425) Lot No. 8
Mukim Sungai Karang, District of Kuantan in the State of Pahang
Darul Makmur; and

(b) Geran No. 2238 (formerly held under EMR 788) Lot No. 823,
Mukim Sungai Karang, District of Kuantan in the State of Pahang
Darul Makmur; and

(c) C.T. 2424 Lot No.7, Mukim Sungai Karang, District of Kuantan
in the State of Pahang Darul Makmur; and

(d) Geran No. 6681 (formerly held under C.T. 1186) Lot No. 1026,
Mukim Beserah, District of Kuantan in the State of Pahang Darul
Makmur; and

(e) C.T. 2470 Lot No.6, Mukim Beserah, District of Kuantan in
the State of Pahang Darul Makmur.

The Property with an aggregate provisional land area of 535.68
acres forms part of BDK, a proposed integrated township with a
total land area of 2,050 acres of freehold land and is approved
for mixed development. BDK is sited 10 km north of Kuantan.

1.2 Basis of the Disposal Price

The disposal price of RM40,834,885.00 or RM1.75 per sq. ft was
based on a willing buyer-willing seller basis after taking into
consideration the land and development costs of the Property
amounting to RM35.467 million based on the audited accounts of
DRP as at 31 December 2003.

1.3 Salient features of the SPA

The salient features of the SPA are as follows:

a. The sale would involve lands in BDK with provisional lands to
be surrendered for main infrastructure, public amenities and the
like, free from all encumbrances, with vacant possession and
subject to the existing conditions of title and category of land
use.

b. The proceeds from the Disposal shall be paid by PCSB to DRP
at the following times, manner and order:

(i) Upon execution of the SPA, PCSB shall pay the sum of
RM4,083,488.50 to DRP and shall, in the event of completion of
the sale and purchase, be part payment towards the Purchase
Price; and,

(ii) The balance sum of RM36,751,396.50 (Balance Sum) based on
the price of RM1.75 per sq. ft (subject to final survey as to
land area) shall be paid to DRP's solicitors within one (1) year
from date of the SPA (hereinafter referred to as "the Completion
Date")

(iii) Should PCSB be unable to make final payment by the
Completion Date, DRP shall grant an extension of three (3)
months from the Completion Date (the Extended Completion Date)
subject to payment by PCSB of interest at the rate of ten per
centum per annum on the Balance Sum outstanding calculated on a
daily basis from the Completion Date until full payment of the
same on or before the Extended Completion Date (Late Payment
Interest).

(iv) Both parties expressly agreed that in the event that the
Master Title of the Property are not issued within twelve (12)
months from the date of the SPA, PCSB shall pay to DRP 80
percent of the Disposal Price SUBJECT THAT DRP shall have
complied with all the pre requisite for the issuance of such
titles and the remaining 10 percent of the Disposal Price shall
be paid to DRP upon issuance of the Master Title.

(v) The property is subject to a survey to be carried out and
that the Purchase Price shall be adjusted to reflect the final
land size at the rate of RM1.75 per sq ft and it is hereby
agreed between the parties that the Balance Sum shall be
adjusted accordingly.

c. First Right of Refusal:

(i) In consideration of PCSB entering into the SPA and
successfully completing the sale and purchase, DRP grants PCSB
the first right of refusal to acquire several other parcels of
land in BDK listed below in terms that are no less favorable
than those offered by DRP to other parties when DRP decides to
sell the said parcels as set out below.

- Phase Perumahan 2 to 6
- Phase Pusat Bandar 3
- Phase Institusi 1

(ii) The right of First Refusal shall only be applicable if PCSB
shall proceed with the sale of the parcels listed above within a
period of two (2) years following the successful completion of
the sale and purchase as stipulated in the SPA.

(iii) To exercise the option, PCSB shall express its intention
to exercise the option in writing to DRP within two (2) weeks of
being notified by DRP of DRP's intention to sell any of the
parcels listed above and PCSB and DRP shall finalize and execute
the agreement for the sale and purchase of any of the parcels
listed above within two (2) weeks or such other period as may be
agreed between the parties, of DRP receiving PCSB's expression
of its intention to exercise its option.

1.4 Original Cost of Investment

The original cost of the Property in DRP's books is RM16.631
million.

1.5 Information on PCSB, PHB and DRP

PCSB

PCSB was incorporated in Malaysia as a private limited company
on 8 February 1980. It is a wholly owned subsidiary of PHB.

PCSB has an authorized share capital of RM30 million comprising
30 million ordinary shares of RM1.00 each, of which 17,541,707
ordinary shares are issued and fully paid-up.

The principal activities of PCSB include property development,
project management and provision of management services.

The directors of PCSB and their respective direct and indirect
share holdings in PCSB as at 6 May 2004 are as follows:

Name       Nationality       Direct     Indirect
                 No of shares - % No of shares - %

YBhg. Dato'
Mohd Hilmey
bin Mohd Taib  Malaysian ---     ---    ---        ---

YBhg. Dato'
Haji Lias bin
Mohd Noor    Malaysian ---     ---    ---        ---

Encik Majid
bin Mohamad    Malaysian ---     ---    ---        ---

PHB

PHB was incorporated in Malaysia on 14 November 1995 as a public
limited company and was listed on the Bursa Malaysia on 27
October 1997.

PHB has an authorized share capital of RM500 million comprising
500 million ordinary shares of RM1.00 each, of which 205.978
million ordinary shares are issued and fully paid-up.

PHB is principally an investment holding company with interests
in property development, project management, quarrying, trading
of building materials, resort ownership and management and other
property related activities.

The directors of PHB and their respective direct and indirect
shareholdings in PHB as at 30 April 2004 are as follows:

Name        Nationality     Direct      Indirect
                  No of shares - % No of shares - %

YAB Dato' Sri
Haji Adnan bin
Haji Yaakob    Malaysian ---       ---        ---       ---

YBhg. Dato'
Haji Abdul
Ghani bin
Sulaiman       Malaysian ---       ---        ---       ---

YBhg. Dato'
Mohd Hilmey
bin Mohd Taib  Malaysian ---       ---        ---       ---

YBhg. Dato'
Haji Abdullah
@ Mohamad Nor
Bin Ali    Malaysian      ---       ---        ---     ---

YBhg. Dato'
Haji Lias bin
Mohd Noor    Malaysian ---       ---         ---     ---

Encik Majid
bin Mohamad    Malaysian ---       ---         ---     ---

YBhg. Dato'
Hamdan bin
Jaafar    Malaysian ---       ---     56,000 - 0.03%

(*)
YBhg. Dato'
Mohamed Amin
bin Haji Daud   Malaysian ---       ---         ---     ---

YBhg. Dato'
Khalid bin
Mohamad Jiwa     Malaysian    ---        ---        ---     ---

Encik Abdullah
bin A.Rasol      Malaysian ---       ---         ---     ---

Note:

(*) Deemed interested through his spouse.

The substantial shareholders of PHB and their respective direct
and indirect shareholdings in PHB as at 30 April 2004 are as
follows:

Name                              Direct             Indirect
                      No of shares - % No of shares - %


PKNP                  106,395,650 - 48.04% (*)    ---      ---

Pasdec Resources
Sdn Bhd             25,978,000 - 12.61%    ---      ---

Ciri Ehsan Sdn Bhd 18,100,000 - 8.79%    ---      ---

Note (*) Inclusive of 4,300,000 Ordinary shares, 1,500,000
Ordinary shares, 5,892,650 Ordinary shares and 5,600,000 held by
nominee Companies, Kuala Lumpur City Nominees (Tempatan) Sdn
Bhd, RHB Capital Nominees (Tempatan) Sdn Bhd, Dual Elegance Sdn
Bhd and CIMB Nominees (Tempatan) Sdn Bhd respectively whereby
Perbadanan Kemajuan Negeri Pahang is the ultimate beneficial
owner.

DRP

DRP was incorporated in Malaysia as a private limited company on
18 June 1994. It is a 60 percent owned subsidiary of DBHD.

DRP has an authorized share capital of RM 20 million comprising
of 20 million ordinary shares of RM1.00 each, all of which are
issued and fully paid-up.

DRP is principally involved in property development.
The substantial shareholders of DRP and their respective direct
and indirect shareholdings in DRP as at 30 April 2004 are as
follows:

Name                                Direct      Indirect
                         No of shares - % No of shares - %

DBHD                          12,000,000 - 60%    ---      ---

Lembah Angsana Sdn Bhd         4,000,000 - 20%    ---      ---

Uniphoenix Bhd               4,000,000 - 20%    ---      ---

The directors of DRP and their respective direct and indirect
shareholdings in DRP as at 30 April 2004 are as follows:

Name      Nationality          Direct           Indirect
                   No of shares - % No of shares - %

YBhg. Dato'
Johari Bin
Mohamed Malaysian        ---      ---        ---      ---

Kamaruzzaman
Abu Kassim Malaysian        ---      ---        ---      ---

Cheong Ho
Kuan       Malaysia        ---      ---        ---      ---

2. Rationale

DRP currently has a term loan from a syndicate of banks with an
amount of RM54.7 million as at 31 December 2003. Unless
otherwise reduced by development/outright sales of individual
titles, the said term loan is payable on a lump sum basis on 31
December 2005.

Based on the current pace of development in BDK, the Board
believes that the proceeds from the development will be
insufficient to substantially reduce the term loan amount by 31
December 2005 so as to relieve the pressure on DRP to make the
bullet payment on the same date.

The Proposed Disposal will therefore enable DRP to substantially
reduce the term loan by approximately RM36.75 million whilst
ensuring that DRP retains a substantial portion of undeveloped
lands in BDK (1,417 acres) to cater for its immediate and future
development plans.

3. Proposed Utilization of Proceeds

Of the gross proceeds of RM40.835 million, DRP proposes to
utilize RM36.7515 million as repayment of its term loan and the
remaining RM4.0835 million will be utilized for interest
payments, working capital and other purposes. However, the
above-proposed utilization of disposal proceeds is subject to
the negotiation between DRP and its syndicate lenders.

4. Effects of the Proposed Disposal

a) Share Capital

The Proposed Disposal will not have any effect on the issued and
paid-up capital of DBHD.

b) Net Tangible Assets

Based on the unaudited consolidated balance sheet of DBHD as at
31 December 2003 and assuming that the Proposed Disposal is
completed on that date, the Proposed Disposal is not expected to
have a material effect on the NTA of the Group.

c) Earnings

On the assumption that the Proposed Disposal is completed in
year 2005, the Proposed Disposal is expected to result in a gain
from disposal of RM5.367 million to the Group. In addition, DRP
will achieve annual interest savings of approximately RM3.07
million with the repayment of the term loan at the assumed
interest rate of 8.36 percent per annum.

5. Approvals Required

The Proposed Disposal is conditional upon the approvals of the
following:

i Foreign Investment Committee; and

ii State Authority for the transfer of the Property to PCSB (if
required).

7. Directors' and Substantial Shareholders' Interest

None of the directors and substantial shareholders of DBhd as
well as persons connected with them have any interest, direct or
indirect, in the Proposed Disposal.

7. Directors' Recommendation

Having considered the Proposed Disposal, the Board of Directors
is of the opinion that the terms of the Proposed Disposal are
fair and reasonable and that the Proposed Disposal is in the
long-term interest of DBHD and its shareholders.

8. Expected Completion Date

The Board of Directors of DBHD envisages that the Proposed
Disposal will be completed by May 2005.

9. Departure from SC's Policies and Guidelines on the Issue/
Offer of Securities (SC Guidelines)

To the best knowledge of the Board Directors of DBHD, the
Proposed Disposal does not depart from the Securities
Commission's Policies and Guidelines on Issue/ Offer of
Securities.

10. Documents For Inspection

The SPA will be available for inspection at the registered
office of DBHD at 3rd Floor, Block C (South), Pusat Bandar
Damansara, 50490 Kuala Lumpur during normal business hours on
any weekday (except for public holidays) for a period of three
(3) months from the date of this announcement.


GEAHIN ENGINEERING: SC Approves RCSLS Amendments
------------------------------------------------
Public Merchant Bank Berhad, on behalf of Geahin Engineering
Berhad, announced on 6 May 2004 on the Bursa Malaysia Securities
Berhad, that the Securities Commission (SC) had vide its letter
dated 29 April 2004, which was received on 5 May 2004, approved
the Amendments to the principal terms and conditions in relation
to the RM22,615,598 nominal amount of 5-year 2 percent
redeemable convertible secured loan stocks (RCSLS) subject to
the following conditions:

(i) PMBB having informed all the relevant parties on the
Amendments, including but not limited to, the trustee and, if
required, obtain their approvals on the Amendments;

(ii) PMBB is required to furnish the SC with a hard copy of the
amended term sheet and principal terms and conditions of the
RCSLS and RULS together with a disc in PDF file format, prior to
the issuance of the RCSLS and RULS; and

(iii) PMBB is required to provide written confirmation to the SC
on compliance with the above terms and conditions, prior to the
issuance of the RCSLS and RULS.

For more information on the amended RCSLS, Geahin Engineering
Berhad would like to refer to the announcement dated 30 December
2002.

On behalf of Geahin and Maxbiz Corporation Sdn Bhd (Maxbiz),
Public Merchant Bank Berhad (PMBB) had on 24 September 2003 and
6 April 2004, written to the Securities Commission (SC) to seek
its approval to amend the following principal terms and
conditions in relation to the RM22,615,598 nominal amount of 5-
year 2 percent redeemable convertible secured loan stocks
(RCSLS) and RM3,000,000 nominal amount of 2-year 5 percent
redeemable unsecured loan stocks (RULS) to be issued by Maxbiz
pursuant to the Proposed Restructuring Scheme (PRS).

Original Terms and Conditions of the RCSLS:

Unless previously redeemed, purchased and/or cancelled, the
RCSLS are redeemable as follows:

- 20.0 percent of the nominal value will be redeemed at the end
of the first year

- 20.0 percent of the nominal value of the RCSLS will be
redeemed at the end of the second year

- 20.0 percent of the nominal value of the RCSLS will be
redeemed at the end of the third year

- 20.0 percent of the nominal value of the RCSLS will be
redeemed at the end of the fourth year

- 20.0 percent of the nominal value of the RCSLS will be
redeemed at the maturity date

Profit on disposal:

Where Maxbiz disposes of the core assets before the underlying
collateral is fully discharged, any surplus arising from the
disposal of the core assets after the settlement of the
remaining RCSLS shall be utilized for the early redemption of
the RULS issued to the scheme creditors and any surplus
remaining thereafter shall be fully distributed to the scheme
creditors

Amended Principal Terms and Conditions of the RCSLS:

Unless previously redeemed, purchased and/or cancelled, the
RCSLS are redeemable as follows:

- 10.0 percent of the nominal amount will be redeemed at the end
of the second year;

- 20.0 percent of the nominal amount will be redeemed at the end
of the third year;

- 30.0 percent of the nominal amount will be redeemed at the end
of the fourth year; and

- 40.0 percent of the nominal amount will be redeemed at
maturity date

Profit on Disposal:

Where Maxbiz disposes of the core assets before the underlying
collateral is fully discharged, any surplus arising from the
disposal of the core assets after the settlement of the
remaining RCSLS shall be fully distributed to the scheme
creditors.


GENERAL SOIL: Announces Status of Restructuring Scheme
------------------------------------------------------
The Board of Directors of General Soil Engineering Holdings, in
a notice dated 6 May 2004 to the Bursa Malaysia Securities
Berhad, presented a monthly status update on the company's
restructuring scheme pursuant to Practice Note 4/2001.

Further to the announcement dated 8 April 2004, the Board of
Directors of General Soil Engineering Holdings Berhad said that
the Proposed Restructuring Scheme had been submitted to the
Securities Commission (SC) and the SC (on behalf of Foreign
Investment Committee) on 14th February 2004.

As at today, SC is in the midst of finalizing the Proposed
Restructuring Scheme.

About the Company:

General Soil Engineering Holdings Berhad is engaged in
investment and property holding and the Group is principally
involved in foundation engineering and construction.

The contracting services provided by the Group are specialized
and technical in nature and include design provisions. Major
construction and installation services include grouting and soil
stabilization; slope rehabilitation; ground and rock anchorages;
gunite and shotcrete; well-points for dewatering and horizontal
drains; foundation micropiles, secant walls, and deepwells
(groundwater resources).

The general construction works provided by the Group involve the
construction of low and medium cost properties both in West and
East Malaysia.


HAP SENG: Buys Back 8,000 Units Of Ordinary Shares
--------------------------------------------------
Hap Seng Consolidated Berhad made known on 6 May 2004 on the
Bursa Malaysia Securities Berhad, that on the same date, the
company bought back 8,000 units of ordinary shares of RM1.00
each for a total cash consideration of RM21,574.10.

The minimum price paid for each share was RM2.660 while the
maximum price paid was RM2.680.

To date, Hap Seng Consolidated has a total of 32,910,000 units
of cumulative net outstanding treasury shares.


HO HUP: Director TO Deal During Closed Period
---------------------------------------------
Ho Hup Construction Company Berhad, in a notice dated 6 May 2004
and posted with the Bursa Malaysia Securities Berhad (BMSB),
informs the BMSB that the company had received notification on
the same date from the Company's Director, Mr. Lai Moo Chan.

Mr. Chan had expressed his desire to deal in the company's
securities during the closed period pending the announcement of
Ho Hup Construction's financial results for the first quarter
ending 31 March 2004.

Mr. Chan's shareholdings consist of 2,247,622 units of ordinary
shares, representing 2.2 percent of the total number of shares.


HUME INDUSTRIES: To Dispose Of Industrial Concrete Shares
---------------------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB or the Company), in a
disclosure dated 6 May 2004 to the Bursa Malaysia Securities
Berhad (BMSB), announced that both HIMB and its wholly-owned
subsidiary, Hume Plastics (Malaysia) Sdn Berhad (HPlastics) had
on 6 May 2004, entered into an unconditional Sale and Purchase
Agreement (Agreement) with IJM Corporation Berhad (IJM) to
dispose of an aggregate of 33,955,080 ordinary shares of RM1.00
each in Industrial Concrete Products Berhad (ICP) (Sale Shares),
representing 32.41 percent of the issued and paid-up share
capital of ICP as at 27 April 2004, to IJM for a total cash
consideration of RM95,074,224 or RM2.80 per ICP share (the
Disposal).

With the Disposal, the HIMB Group no longer holds any equity
interest in ICP.

As at 31 March 2004, IJM owns 20.48 percent of the issued and
paid-up share capital of ICP. As a result of the acquisition of
the Sale Shares, IJM is obliged to undertake a mandatory general
offer (Mandatory Offer) to ICP shareholders pursuant to the
Malaysian Code on Take-Overs and Mergers, 1998.

1. Information on Companies

ICP

ICP was incorporated in Malaysia on 6 April 1977 and is
currently listed on the Main Board of Bursa Malaysia Securities
Berhad. The authorized share capital of ICP is RM1 billion
divided into 1 billion ordinary shares of RM1.00 each. As at 27
April 2004, the issued and paid-up share capital is
RM104,760,000 comprising 104,760,000 ordinary shares of RM1.00
each. The principal activities of ICP are the production and
sale of concrete products and investment holding. Its
subsidiaries are principally engaged in the processing of steel
bars, manufacturing of rubber products, trading of building
materials and plant machinery, engineering works and mould
making.

IJM

IJM was incorporated in Malaysia on 16 July 1983 and is
currently listed on the Main Board of Bursa Malaysia Securities
Berhad. The authorized share capital of IJM is RM1,000,000,000
divided into 1,000,000,000 ordinary shares of RM1.00 each. As at
29 April 2004, the issued and paid-up share capital is
RM427,430,859 comprising 427,430,859 ordinary shares of RM1.00
each. IJM is principally engaged in construction, property
development and investment holding whilst the IJM Group's
principal activities are in construction, property development,
manufacturing and quarrying, oil palm cultivation and investment
holding.

2. Details of the Disposal

Pursuant to the Agreement, the Company and its wholly-owned
subsidiary, HPlastics, disposed of an aggregate of 33,955,080
ordinary shares of RM1.00 each in ICP, representing 32.41
percent of the issued and paid-up share capital of ICP as at 27
April 2004, to IJM for a total cash consideration of
RM95,074,224 or RM2.80 per ICP share (before deduction of
brokerage and stamp duty charges). The transfer of the Sale
Shares will be effected through stockbrokers by way of a Direct
Business Transaction not later than 5 p.m. on the business day
immediately following the date of the Agreement. The sale
consideration for the Sale Shares will be received in accordance
with the Rules of Trading of Bursa Malaysia Securities Berhad
(i.e. T + 3) (Completion Date).

HIMB holds 33,540,080 ICP shares representing 32.02 percent
equity interest in ICP whilst HPlastics holds 415,000 ICP shares
representing 0.39 percent equity interest in ICP.

The consideration for the Sale Shares was arrived at on a
willing buyer willing seller basis after taking into
consideration the prevailing market price of ICP shares.

The proceeds of the Disposal will be utilized for repayment of
bank borrowings and working capital purposes.

Except as disclosed herein, there are no other liabilities to be
assumed by IJM pursuant to the Disposal.

HIMB and HPlastics's cost of investment in the Sale Shares is
RM92.83 million and the Sale Shares was acquired from 30
November 1994 to 2 June 1998. The audited net tangible assets
(NTA) of ICP as at 30 June 2003 and the profit after taxation of
ICP for the financial year ended 30 June 2003 are RM187.31
million and RM14.91 million respectively.

3. Salient Terms of Agreement

The salient terms of the Agreement are as follows:

3.1 The Sale Shares were disposed of free from all claims,
charges, liens, pledges, encumbrances, trusts, options and
equities whatsoever together with all rights, benefits, title,
interest and advantages attached thereto from the Completion
Date but excluding the interim dividend of 3.5 percent declared
in respect of the financial period ending 30 June 2004 as
announced by ICP on 24 February 2004;

3.2 In the event that pursuant to the Mandatory Offer the price
per share offered to the shareholders of ICP is higher than
RM2.80 per share, IJM shall pay to HIMB and HPlastics an
additional amount equal to the difference between such higher
price per share and RM2.80 per share in respect of each of the
Sale Shares;

3.3 If, within twelve (12) months after the Completion Date, IJM
or any concert party of it makes any general offer (other than
the Mandatory Offer) (Subsequent Offer) to acquire the ICP
shares (other than the ICP shares held IJM or any concert party
of it) at a price share higher than the price per share under
the Mandatory Offer (that is RM2.80) or any increased price as
referred to in paragraph 4.2 above) which, if conditional,
becomes or is declared unconditional in all respects, then IJM
shall pay to HIMB and HPlastics in respect of each of the Sale
Shares, an additional amount equal to the amount by which the
final offer price per share under the Subsequent Offer exceeds
the final offer price per share under the Mandatory Offer
(taking account of any increase in such offer price per share
under the Mandatory Offer as referred to in paragraph 4.2
above). If there are more than one Subsequent Offers, then
paragraph 4.2 above shall apply mutatis mutandis so that the
additional amount payable to IJM per Sale Share shall be equal
to the amount by which the highest offer price per share under
the Subsequent Offer made within such 12 month period exceeds
the final offer price per share under the Mandatory Offer
(taking account of any increase in such offer price per share
under the Mandatory Offer as referred to paragraph 4.2 above),
but deducting any additional amount previously paid to HIMB and
HPlastics under this paragraph 4.3 in respect of prior
Subsequent Offers;

3.4 Payment of any additional amounts under paragraph 4.2 or
paragraph 4.3 shall be made within seven (7) days after the
relevant general offer (that is the Mandatory Offer or the
relevant Subsequent Offer) is declared unconditional in all
respects or, if already unconditional, within seven (7) days
after the date of posting to shareholders of ICP, the offer
document containing the offer at the higher price;

3.5 HIMB undertakes for a period of five (5) years from the
Completion Date, whether by itself or through its subsidiaries
in any way whatsoever whether directly or indirectly not to
compete with ICP in the business of manufacturing and sale of
pre-tensioned spun piles and poles or in the provision of
technical assistance to any third party relating to the said
pre-tensioned spun piles and poles in Malaysia, Brunei and
Singapore;

3.6 IJM undertakes to use its best endeavors to purchase or
cause ICP to purchase HIMB's existing plant and machinery (Plant
& Machinery) for the manufacture of spun piles and poles at a
price to be mutually agreed upon within 3 months from the date
of the Agreement, failing which and notwithstanding anything to
the contrary herein, HIMB shall be at liberty to sell the Plant
& Machinery to any third parties and to provide technical
assistance to the buyers; and

3.7 IJM undertakes to cause ICP to provide to HIMB and HPlastics
immediately upon the signing of this Agreement an undertaking
that it shall not, for a period of 5 years from the Completion
Date, in any way whatsoever, whether by itself or through its
subsidiaries, and whether directly or indirectly:

(i) compete with the HIMB and HPlastics and their subsidiaries
in the business of manufacturing and sale of square piles or
pre-cast concrete products other than pretensioned spun concrete
piles and poles; or

(ii) be involved in the provision of technical assistance to any
third party relating to the business of manufacturing and sale
of square piles or pre-cast concrete products in Malaysia,
Brunei and Singapore;

and IJM shall cause ICP and do everything necessary to ensure
ICP complies with this undertaking.

4. Rationale for the Disposal

The Disposal will enable the HIMB Group to realize the
investment in ICP for repayment of bank borrowings and for
working capital purposes.

5. Effects of the Disposal

5.1 Share Capital and Substantial Shareholders' Shareholdings
The Disposal does not have any effect on the share capital and
substantial shareholders' shareholdings in HIMB as the Disposal
will be fully satisfied by cash.

5.2 Earnings

The Disposal had resulted a gain of approximately RM2.24 million
at Company level. However, there is a loss of approximately
RM11.31 million at the HIMB Group level arising from the
Disposal. The loss from the Disposal at the HIMB Group level
will translate to a decrease in net earnings per share of
approximately 6.7 sen for the financial year ending 30 June
2004.

5.3 Net Tangible Assets

The Disposal does not have any material impact on the HIMB's
Group NTA based on the audited consolidated accounts of the HIMB
Group for the financial year ended 30 June 2003.

6. Directors' and Substantial Shareholders' Interests

None of the Directors or substantial shareholders of HIMB and/or
any persons connected with them has any interest, direct or
indirect, in the Disposal.

7. Approval required

IJM had on 29 April 2004 obtained the approval of the Ministry
of International Trade and Industry for the purchase of the Sale
Shares.

The Disposal does not require the approval of the shareholders
of HIMB. However, an Information Circular in relation to the
Disposal will be dispatched to the shareholders of HIMB in due
course.

8. Directors' Opinion

The Directors of HIMB are of the opinion that the Disposal is in
the best interest of the HIMB Group.

9. Document for Inspection

The Agreement will be available for inspection at the Registered
Office of HIMB at Level 9, Wisma Hong Leong, 18 Jalan Perak,
50450 Kuala Lumpur during normal business hours from Mondays to
Fridays (except public holidays) from the date of this
announcement up to a period of two weeks from the date of the
Information Circular.


JASATERA BERHAD: Gets Order To Axe Debt Settlement Agreement
------------------------------------------------------------
The Directors of Jasatera Berhad, in a disclosure dated 6 May
2004 to the Bursa Malaysia Securities Berhad, announced that the
Company had on 5 May 2004, received a notice (issued by Messrs
Lee Hishammuddin under instruction from Sabah Development Bank
Berhad ) to terminate the Debt Settlement Agreement (DSA) dated
5 September 2000 and the Supplemental Debt Settlement Agreement
dated 3 September 2001 effective immediately.

The DSA is an agreement signed between the Company and a group
of 8 lenders inclusive of Sabah Development Bank Berhad (SDBB)
and is part of the Revised Proposed Recapitalization Exercise
(RPRE).

The ground for the termination notice is that the Company had
failed to obtain the Approvals (as defined in DSA) by the Cut-
Off date (as defined in DSA).

The Directors of the Company wish to highlight that it had
already obtained the approvals for the RPRE from the Securities
Commission, the Ministry of International Trade and Industry as
well as the Foreign Investment Committee. Presently, the Company
is in the process of preparing the necessary documents for the
shareholders' approval on the RPRE at an Extraordinary General
Meeting to be convened. In addition, Messrs Lee Hishammuddin had
informed the Company in writing on 6 October 2003 that they had
been given a verbal conditional agreement by SDBB to grant the
Cut-Off date extension to 3 June 2004. As such, the Directors
are of the opinion that the notice of termination is invalid.

The Directors of the Company is of the opinion that the RPRE
should be fully implemented by the third quarter of 2004 as most
of the approvals have already been obtained and the
restructuring work is in progress. As such, the notice of
termination is definitely not in the interest of all
stakeholders of the Company.

As the notice of termination affects all stakeholders of the
Company, an urgent lenders' meeting will be called to resolve
this matter.


NAUTICALINK BERHAD: Issues Monthly Restructuring Update
-------------------------------------------------------
In compliance with Practice Note 4/2001, the Board of Directors
of Nauticalink Berhad, submitted on 6 May 2004 an update on the
company's restructuring scheme to the Bursa Malaysia Securities
Berhad.

The company announced that since submission of the Group's
revised corporate restructuring proposals on 15 April 2004 to
the relevant authorities, the Directors hope that the revised
submission would meet with the approval of the relevant
authorities in the near future.

About the Company

Nauticalink Berhad provides ferry services; maintenance services
for barges, vessels and ships; transportation, hauling and
integrated logistics services.


OMEGA HOLDINGS: Says Restructuring in Its Final Stage
-----------------------------------------------------
Affin Merchant bank Berhad, on behalf of the Board of Directors
of Omega Holdings Berhad, announced on 6 May 2004 on the Bursa
Malaysia Securities Berhad (BMSB) that the company is currently
in the final stages of implementing the Restructuring Scheme.

This announcement was made in accordance with Paragraph 4.1(b)
of Practice Note 4/2001 of the Listing Requirements of BMSB.


PAN MALAYSIA: Posts Developments On Material Litigation
-------------------------------------------------------
Pan Malaysia Holdings Berhad, in a notice dated 6 May 2004 and
submitted to the Bursa Malaysia Securities Berhad, referred to a
previous announcement dated 12 January 2004 concerning the suit
filed on 17 May 1996 in the High Court of Kuala Lumpur by Loyal
Design Sdn Bhd (LDSB), a wholly-owned subsidiary of Malayan
United Industries Berhad (MUI), against the Company and all its
then existing directors.

The suit was for breach of directors' duties in conducting the
affairs of the Company during the period involved with the
takeover offer by MUI through LDSB in respect of the Company.
The suit also seeks to declare, inter-alia, that various options
granted by the Company under the Company's Executive Share
Option Scheme are void.

Pan Malaysia informed Bursa Malaysia that the case has now been
fixed for further case management on 25 May 2004.


PROMTO BERHAD: Replies To BMSB Query
------------------------------------
Promto Berhad, on Thursday, 6 May 2004, submitted its reply to
the Bursa Malaysia Securities Berhad's (BMSB) inquiry pertaining
to the 3 legal suits filed against the company.

The query letter from BMSB reads as follows:

We refer to your announcement dated 22 April 2004.

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

The date(s) on which the 3 legal suits were served on PROMTO.

The particulars of the suits, including the amount claimed, the
interest rate, names of the plaintiff(s) and defendant(s).

The details of the circumstances leading to the filing of the
suits against Promto.

The financial and operational impact of the suits on the Group.
The expected losses, if any, arising from the suits.

The steps taken and proposed to be taken by PROMTO in respect of
the suits.

Yours faithfully

Tan Yew Eng
Sector Head
Issues & Listing
Group Regulations
LPY/zm

The response of Promto Berhad reads as follows:

We refer to your fax dated 30 April 2004 and apologize for the
delay due to time taken to obtain information from the Directors
who were away for the long weekend.

We wish to advise as follows:

A) Legal Suit No: 1

Plaintiffs
   1. Azzatan Holdings Sdn Bhd
   2. Tan Kok Chee
   3. Sharifah Azizah bte Syed Hadad

Defendants
   1. Arab-Malaysia Finance Berhad
   2. AMSEC Nominees (Tempatan) Sdn Bhd
   3. Promto Berhad

Date Suit Served on Promto Bhd: 20 April 2004

Particulars of the Claim:

   1) Declaration that the Plaintiffs (including the guarantors-
Tan Kok Chee and Sharifah Azizah bte Syed Hadad) are still the
registered and beneficial owners of 5,957,471 ordinary shares
and 3,369,000 warrants of Promto Berhad (the Mortgaged
Securities).

   2) Declaration that the change/ registration and/ or transfer
of ownership of the Mortgaged Securities into the name of the
Second Defendant (nominee for the First Defendant) violates the
Memorandum of Deposit.

   3) An injunction that the Second Defendant is restrained by
itself or by its Directors, Servants or Agents or Proxies or
Corporate representatives or any party amongst them or otherwise
from exercising whatever rights attached to the shares in the
Third Defendant at the Extraordinary General Meeting (EGM)
scheduled on 22 April 2004 or any General Meeting which is
called by the Third Defendant.

   4) Costs to be borne by the First Defendant and the Second
Defendant; and

   5) Any other orders which the Court deems fit.

B) Legal Suit No: 2

   Plaintiffs:
      1. Sharifah Azizah bte Syed Hadad

   Defendants:
      1. Arab-Malaysia Finance Berhad,
      2. AMSEC Nominees (Tempatan) Sdn Bhd,
      3. Promto Berhad

   Date Suit Served on Promto Bhd: 20 April 2004

   Particulars of the Claim:

   1) Declaration that the plaintiff is still the registered and
beneficial owner of 1,000,000 units and 67,900 ordinary shares
and 1,188,000 warrants in Promto Berhad (the Mortgaged
Securities).

   2) Declaration that the change/ registration and/ or transfer
of the Mortgaged Securities to the name of the Second Defendant
violates Clause 2 of the Memorandum Deposit dated 15 September
1994.

   3) An injunction that the Second Defendant is restrained by
itself, or its Directors or Servants or Agents or Proxies or
Corporate representatives or whosoever amongst them or otherwise
from exercising whatever rights or power to vote and all rights
attached to the shares in the Third Defendant at the
Extraordinary General Meeting (EGM) scheduled on 22 April 2004
or any General Meeting which is held by the Third Defendant.

   4) Costs to be borne by the First Defendant and the Second
Defendants and any other Orders which the Court deems fit.

C) Legal Suit No: 3

   Plaintiffs:
     1. Tan Kok Chee
     2. Fong Hoong Heng

   Defendants:
     1. AMSEC Nominees (Tempatan) Sdn Bhd
     2. Wah Yi Shin
     3. Ganesan a/l Sundaraj
     4. Lean Chee Seng
     5. Promto Bhd

   Date Suit Served on Promto Bhd: 20 April 2004

   Particulars of the Claim:

   1) Declaration that the Notice of Meeting dated 24 March 2004
is void and invalid and has no effect in law.

   2) Declaration that the Notice of Meeting dated 24 March 2004
is cancelled and becomes void and illegal and no effect in law.

   3) Declaration that the First Defendant failed to give
written notice to the Fifth Defendant in line with Section 69E
and 69F of Companies Act, 1965.

   4) An order that the Registrar of Companies is empowered to
make an application under Section 69N of Companies Act, 1965 to
prevent the First Defendant from exercising the voting or any
other rights relating to the shares with the Fifth Defendant.

   5) An injunction to restrain the First Defendant, Second
Defendant, Third Defendant and Fourth Defendant by themselves,
their Agents, their Servants, Proxies or Corporate
representatives or others proposing, act on or discuss the
proposed resolutions one to four at the Extraordinary General
Meeting which is to be held on 22 April 2004 or any other
General Meeting of the Fifth Defendant.

   6) An injunction to restrain the First Defendant, Second
Defendant, Third Defendant and Fourth Defendant by themselves,
their Agents, their Employees, Proxies or Corporate
representatives or others to exercise the rights to vote or any
other rights relating to the shares in the Fifth Defendant at
the Extraordinary General Meeting to be held on 22 April 2004 or
any other General Meeting of the Fifth Defendant.

   7) Alternative to (5) and (6) above, the Fifth Defendant by
itself or its Directors, Agent, Employees, Nominees, Members and
others be restrained from carrying out the proposed
Extraordinary General Meeting of the Fifth Defendant to remove
the First Plaintiff and Second Plaintiff as Directors of the
Fifth Defendant.

   8) An order that the First Defendant, Second Defendant, Third
Defendant and Fourth Defendant will jointly and severally pay
the Plaintiffs' compensation to be decided by the Honourable
Court with interest at rate and time frame which the Court deems
fit.

   9) Costs and

   10) Any other relief which the Court deems fit.

D.1) Circumstances leading to the suits

       The suits are essentially relating to Shareholders
       Rights.

D.2) Financial and Operational impact

       No financial impact for the time being.

D.3) Expected losses, if any arising from the suits

       No expected losses for the time being.

D.4) Steps taken by Promto Berhad in respect of the suits

       Company has sought legal advice on the above matter.


PROTON: To Spend RM5 Billion On Research
----------------------------------------
Perusahaan Otomobil Nasional (Proton) Holdings Berhad Research
and Development (R & D) head Tengku Azizan Tengku Ahmad says
that the company is looking ahead to spending RM5 billion for R
& D in the next five years, The Edge Daily reports. This comes
as the company fights to stay competitive in both local and
international markets.

"For product development alone, our cost can easily reach RM500
million to RM600 million," Tengku Azizan was quoted. So far,
Proton has already invested a total of RM4.3 billion for
research and developments in the past five years.

Payoffs in R & D investment has Proton buying less foreign
components as well as becoming more competitive in terms of
production cost and pricing. A good example is the Proton Gen.2
model which is composed of more than 90 percent local parts.

In the past, the purchase of foreign components for their
vehicles accounted for RM1.29 billion of the RM4.98 total
spending for parts and components.

Tengku Azizan also said Proton is currently negotiating with
Iranian parties for services like homologation and testing,
prototyping and engineering development.

"The idea is to jointly develop a national car in Iran, to sell
its platforms and other technology, apart from selling Proton
marques," he said.

At present Proton is gearing for the launch of the Satria and
Tiara replacement models later this year.


PROTON: Teams Up With Lotus To Provide Engineering Services
-----------------------------------------------------------
Perusahaan Otomobil Nasional (Proton) Holdings Berhad Research
and Development (R & D) division head, Tengku Azizan Tengku
Ahmad has said that Proton and Lotus Engineering Malaysia Sdn
are teaming up to provide engineering and consultancy services
in the automotive industry.

According to Malaysia's National News Agency- Bernama, Proton's
R & D facility can provide a complete and comprehensive range of
engineering services for the car industry. It is also well
capable of providing engineering consultancy for any industry
that needs R & D expertise.

Tegku Azizan proudly declared that Malaysia is one of only 11
countries in the world with the necessary expertise and
technology to design, engineer and build a car from scratch. It
is the only country in Asean with such capabilities and one of
the few independent car manufacturers in the world.

As one of the engines of growth, Tengku Azizan said Proton has a
responsibility to contribute towards Malaysia's
industrialization process.

"The facilities and expertise available at the R&D center
provides Malaysia with the capability to lead the way by
offering a complete range of engineering solutions to both local
and foreign companies," he said.

Tengku Azizan also said that while Proton is busy with its own
product development, the company has already started providing
engineering and consultancy services to its local vendors. At
present, the company has already provided such services to
Bufori, Perodua and to the country of Iran.

In working together with Lotus Malaysia, he said it could use
Proton's key R&D facilities such as vehicle platforms,
protoptyping centre, powertrain engineering & services,
homologation & testing, engineering development and services as
well as engineering research.

Lotus Malaysia, sales & engagement manager, Karl de Souza, said
the company's main objective is to be a center of design
excellence.

"We are to act as a regional hub for the Lotus global network,
pulling technologies from Group Lotus, its suppliers, global
partners and associations with technology institutes," he said.

Group Lotus' main operating subsidiary is Lotus Cars Ltd, which
in turn has two operating divisions: Lotus Engineering and Lotus
Cars.

Lotus Engineering provides consultancy services to car
manufacturers while Lotus Cars makes hand-built sports cars that
are sold in more than 40 countries.

Lotus Malaysia, which is a subsidiary of Group Lotus offers full
engineering services and transfer technology and expertise to
local employees and suppliers.

"Our policy is to help build Malaysia as a world's leading R&D
automotive center which will both work in partnership and
complement the existing mature manufacturing base in Asia," said
de Souza.

He added that Lotus Malaysia would continue to service the
design and development requirements of Proton's projects while
developing new opportunities in the Asean, Australian and Indian
regions.

At present, Lotus Malaysia has secured a project to provide
engineering and consultancy services to a leading Chinese car
manufacturer.


SARAWAK ENTERPRISE: Announces Resumption Of Trading
---------------------------------------------------
Further to Listing circular no. L/Q 24464 of 2004, Sarawak
Enterprises Corporation Berhad, announced to the Bursa Malaysia
Securities Berhad, that trading of the company's shares resumed
on Friday, 7 May 2004 at 9 am.

Attention is drawn to the announcement dated 6 May 2004
submitted by AmMerchant Bank Berhad on behalf of the company.

About the Company

Sarawak Enterprise Corporation Berhad's principal businesses are
power generation, transmission and distribution; investment
holding; property development and investment; the manufacturing
and trading of plastic packaging products; and the manufacturing
and trading of plastic packaging products and steel structures
like lattice towers, steel poles, steel bridges and highway
guard-rails.


SARAWAK ENTERPRISE: Enters Into Memorandum Of Understanding
-----------------------------------------------------------
On behalf of Sarawak Enterprise Corporation Berhad (SECB or the
Company), AmMerchant Bank Berhad (AmMerchant Bank) announced in
a notice dated 6 May 2004 and submitted to the Bursa Malaysia
Securities Berhad, that the Company entered on the same day into
a Memorandum of Understanding (MOU) with State Financial
Secretary (SFS), the controlling shareholder of SECB, with
respect to the company's Proposed Restructuring And
Rationalization.

Pursuant to the MOU, the parties have agreed to negotiate in
good faith the terms and conditions of the Proposed
Restructuring And Rationalization, including the purchase
consideration for the Proposed Acquisition and Proposed
Disposals, with the intention to finalize and enter into the
relevant sale and purchase agreements for the Proposed
Restructuring And Rationalization (SPAs). The MOU shall be
binding upon the parties.

It is the intention of both parties that the Proposed
Acquisition and Proposed Disposals are inter-conditional upon
each other, and shall be subject to such terms and conditions of
the SPAs.

According to paragraph 10.08 of the Listing Requirements of
Bursa Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) (Bursa Malaysia), the Proposed
Acquisition and Proposed Disposals are deemed to be related-
party transactions. The interests of certain directors and major
shareholder of the Company in the Proposed Restructuring And
Rationalization are set out in Section 8 of this announcement.

1. Background Information On Companies/ Assets Involved in the
Proposed Restructuring and Rationalization

1.1 Information On Sarawak Electricity Supply Corporation
(SESCo)

SESCo is a statutory body, which was set up in Malaysia under
the Sarawak Electricity Supply Corporation Ordinance 1962 on 1
January 1963 to take over the assets and operations of the
predecessor company, the Sarawak Electricity Supply Company
Limited. Its authorized share capital is RM500,000,000
comprising 500,000,000 ordinary shares of RM1.00 each (Shares),
all of which have been issued and credited as fully paid-up
(SESCo Shares).

SESCo is a vertically integrated electric utility company that
monopolizes the transmission and distribution of electricity in
the State of Sarawak. SESCo currently operates and maintains
about 36 power stations with a total generating capacity of 557
MW throughout Sarawak.

SESCo shares the power generation sector with 2 independent
power producers, namely Sejingkat Power Corporation Sdn Bhd
(SPC), a 50.82 percent-owned subsidiary of SECB, and Sarawak
Power Generation Sdn Bhd (SPG), a wholly-owned subsidiary of
SECB. SESCo holds 49.18 percent equity interest in SPC which has
been granted an electricity generation licence valid until 1
July 2022 by the Yang di-Pertua Negeri Sarawak. SPC operates two
(2) units of 50MW coal-fired steam-turbine generating plants
located at Kampung Goebilt, Kuching, Sarawak with total
dependable capacity of 90MW. On the other hand, SPG has an
electricity generation licence valid until 31 December 2030 to
generate and transmit up to 1350MW of electricity in the State
of Sarawak, for delivery to SESCo. SPG operates a 210 MW open-
cycle gas turbine power plant in Tanjung Kidurong, Bintulu.

SESCo accounts for about 65 percent of Sarawak's total installed
capacity, with the balance contributed by SPC and SPG.

Presently, SECB holds 45.0 percent equity interest in SESCo. The
remaining 51.6 percent and 3.4 percent equity interest
respectively are held by SFS and the employees of SESCo pursuant
to an employees' loyalty share option scheme (SESCo ELSOS).

1.2 Information On State Financial Secretary (SFS)

SFS is a body corporate incorporated under the State Financial
Secretary (Incorporation) Ordinance of Sarawak and is wholly
owned by the State Government of Sarawak. SFS holds 52.31
percent equity interest in the Company.

Information on the non-core assets of the SECB Group (Other
Assets), being the subject matter of the Proposed Disposals,
will be announced at a later stage upon execution of the SPAs.

2. Salient Terms of the MOU

The salient terms of the MOU are as follows:

(i) Subject to all governmental authorities', corporate,
creditors or other consents which are required or advisable for
or in connection with the Proposed Acquisition, including but
not limited to the approvals set out in Section 6 of this
announcement, and the fulfillment of all other conditions
precedent as may be determined by the parties, and upon
completion of the Proposed Acquisition, SFS shall sell the 51.6
percent of the Shares in SESCo held by SFS and shall exercise
best endeavors to procure the sale of the 3.4 percent of the
Shares in SESCo held by the employees of SESCo pursuant to the
SESCo ELSOS, to SECB;

(ii) the consideration payable for the Proposed Acquisition
shall be determined by an independent valuation of the Shares in
SESCo, to be carried out by an independent valuer acceptable to
SFS and SECB, taking into account the assets of SESCo, including
but not limited to the balance 49.18 percent equity interest in
SPC held by SESCo;

(iii) the consideration for the Proposed Acquisition shall be
satisfied through a combination of the following:

(a) the issuance of such number of new SECB Shares at an
indicative issue price to be determined based on the weighted
average market price of SECB Shares for a period of up to ninety
(90) days prior to the signing of the MOU, subject to the
approval of the Securities Commission (SC). The new SECB Shares
to be credited as fully paid-up shall rank pari passu in all
respects with the existing issued Shares of the Company, except
that they shall not be entitled to participate in any dividends,
rights, allotments and/or any other distributions that may be
declared, made or paid prior to the date of allotment of the new
SECB Shares; and

(b) the issuance of such number of redeemable convertible
preference shares (RCPS) of RM0.10 each in SECB at an issue
price of RM1.00 per RCPS, to be credited as fully paid-up. The
RCPS shall be redeemable at any time and shall be convertible
into new SECB Shares at a conversion price to be based on the
issue price of the new SECB Shares;

(iv) the consideration payable for the Proposed Disposals shall
be determined by an independent valuation of the Other Assets,
to be carried out by an independent valuer acceptable to SFS and
SECB; and

(v) Subject to all governmental authorities', corporate,
creditors or other consents which are required or advisable for
or in connection with the Proposed Disposals, including but not
limited to the approvals set out in Section 6 of this
announcement, and the fulfillment of all other conditions
precedent as may be determined by the parties, and upon
completion of the Proposed Disposals, the consideration for the
Proposed Disposals shall be satisfied by an exchange of the RCPS
to be issued pursuant to the Proposed Acquisition.

3. Rationale for the Proposed Restructuring and Rationalization

The Board of Directors expects that the Proposed Restructuring
And Rationalization will enable the SECB Group to streamline its
operations and ultimately, reposition itself as a major utility
and energy player in Sarawak, capitalizing on SESCo's exclusive
position as the sole utility and power distributor for the
State. With a much focused and strengthened business model, the
Group would be able to directly benefit from the anticipated
increase in the demand for power as a result of various
development projects and new investments by the private sector
in Sarawak, which augurs well with the future growth and
earnings prospects of SESCO. This is expected to boost and
contribute positively to the Group's performance in the long
run.

4. Effects of the Proposed Restructuring and Rationalization

The effects of the Proposed Restructuring And Rationalization
can only be determined upon finalization of the terms and
conditions of the Proposed Restructuring And Rationalization.

5. Approvals Required

The Proposed Restructuring And Rationalization is conditional
upon, inter alia, the following approvals being obtained:

(a) the shareholders of SECB;

(b) the SC;

(c) the Foreign Investment Committee;

(d) the Ministry of International Trade and Industry;

(e) the Bursa Malaysia for the listing of and quotation for the
new SECB Shares to be issued pursuant to the Proposed
Acquisition; and

(f) all such other relevant authorities and persons as may be
necessary.

6. Departure from the SC's Policies and Guidelines on Issue/
Offer of Securities (SC Guidelines)

The issue price for the new SECB Shares to be issued pursuant to
the Proposed Acquisition based on the weighted average market
price of SECB Shares for a period of up to ninety (90) days
prior to the signing of the MOU, as determined and agreed upon
by the parties, represents a departure from paragraph 10.07 of
Chapter 10 of the SC Guidelines which stipulates that new shares
to be issued to related parties as consideration must be set at
least at the five (5) day weighted average market price prior to
the date the terms of the transactions were agreed upon.
Accordingly, the issue price to be fixed for the new SECB Shares
is subject to the approval of the SC.

7. Directors' and Major Shareholders' Interests

7.1 Major Shareholder's Interest

SFS, the controlling shareholder of SECB, is the vendor to the
Proposed Acquisition and acquirer for the Proposed Disposals.
Accordingly, SFS is deemed interested in the Proposed
Restructuring And Rationalization.

7.2 Directors' Interests

The following directors of the Company are deemed interested in
the Proposed Restructuring And Rationalization by virtue of them
being persons connected with SFS:

(i) Datuk Fong Joo Chung, a director of SECB, is currently the
State Attorney-General, Sarawak; and

(ii) Datu Wilson Baya Dandot, a director of SECB, is currently
the Acting State Secretary Sarawak.

Datuk Wan Ali Tuanku Yubi, the Chief Executive Director of SECB,
is deemed interested in the Proposed Restructuring And
Rationalization by virtue of his shareholdings in SESCo obtained
pursuant to the SESCo ELSOS. In addition, Dato' Chew Kong Seng,
the Executive Director of the Company, is deemed interested in
the Proposed Restructuring And Rationalization by virtue of his
spouse's shareholdings in the Company.

The abovementioned directors do not have any shareholdings in
the Company.

Accordingly, Datuk Fong Joo Chung, Datu Wilson Baya Dandot,
Datuk Wan Ali Tuanku Yubi and Dato' Chew Kong Seng have
abstained and will continue to abstain from deliberating and
voting on the Proposed Restructuring And Rationalisation at the
Board meetings of the Company.

Save as disclosed above, none of the directors and substantial
shareholders of the Company as well as persons connected with
them have any interest, direct and/or indirect, in the Proposed
Restructuring And Rationalisation.

Datuk Fong Joo Chung is a director of SESCo. Dato' Chew Kong
Seng is the Deputy Chairman of SESCo. Haji Idris bin Haji Buang
is a director of SECB and SESCo.

8. Directors' Statement

The Board of Directors (save for Datuk Fong Joo Chung, Datu
Wilson Baya Dandot, Datuk Wan Ali Tuanku Yubi and Dato' Chew
Kong Seng) is of the opinion that the Proposed Restructuring And
Rationalisation, when implemented, will be in the best and long-
term interest of the SECB Group.

9. Advisers and Independent Adviser

AmMerchant Bank and Newfields Advisors Sdn Bhd have been
appointed as Joint Advisers to the Company for the Proposed
Restructuring And Rationalization. An independent adviser will
be appointed for the Proposed Restructuring And Rationalization
once the terms are finalized.

10. Document Available For Inspection

The MOU will be available for inspection at the registered
office of SECB at the 1st Floor, Wisma Naim, Lot 2679, Jalan
Rock, 93200 Kuching, Sarawak during normal business hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement.


A detailed announcement on the Proposed Restructuring And
Rationalisation will be made upon finalisation of the terms and
conditions of the Proposed Restructuring And Rationalisation,
including the valuation of the SESCo Shares and Other Assets,
and execution of the SPAs for the Proposed Restructuring And
Rationalization respectively.


SBC CORPORATION: FIC Approves Proposed Debt Settlement
------------------------------------------------------
The Southern Investment Bank Berhad, on behalf of the Board of
Directors of SBC Corporation Berhad, announced on 6 May 2004 on
the Bursa Malaysia Securities Berhad, that the Foreign
Investment Committee has via its letter dated 6 April 2004,
which was received on 6 May 2004, informed that it has no
objection to the Proposed Debt Settlement.

The Proposed Debt Settlement refers to the debt totaling
RM37,720,373 by Smart Home Sdn Bhd to Syarikat Siah Brothers
Construction Sdn Bhd and Mixwell (Malaysia) Sdn Bhd, being
wholly owned subsidiaries of SBC Corporation


UCP RESOURCES: To Shorten Period For Notice Of Books Closure
------------------------------------------------------------
Further to the announcement dated 21 April 2004,Public Merchant
Bank Berhad on behalf of UCP Resources Berhad, in a notice dated
26 May 2004 to the Bursa Malaysia Securities Berhad (BMSB),
declared that BMSB had approved UCP's application to shorten the
notice of books closure from twelve (12) market days to three
(3) market days in relation to the Proposed Share Exchange.


UNISEM BERHAD: Listing New Ordinary Shares
------------------------------------------
Unisem (M) Berhad, in a disclosure dated 6 May 2004 to the Bursa
Malaysia Securities Berhad, said that the company's additional
14,000 new ordinary shares of RM1.00 each, issued pursuant to
the Unisem-Employees' Share Option Scheme will be granted
listing and quotation effective 9 am on Monday, 10 May 2004.


WING TIEK: Issues Debt and Restructuring Update
-----------------------------------------------
Wing Tiek Holdings Berhad, in accordance with Paragraph 4.1(b)
of Practice Note 4/2001, issued on 6 May 2004 to the Bursa
Malaysia Securities Berhad, an update on the company's proposed
debt and restructuring scheme.

The company announced that further to the announcement on 21
April 2004, Wing Tiek issued a Circular to its shareholders on
22 April 2004, advising them of the Extraordinary General
Meeting to be held on Monday, 17 May 2004. The EGM will consider
the resolutions in respect to the company's proposed debt and
restructuring scheme.


WOO HING: Provides Follow Up On Restructuring Plan
--------------------------------------------------
Woo Hing Brothers (Malaya) Berhad, in a notice dated 6 May 2004
and submitted to the Bursa Malaysia Securities Berhad, provides
a monthly update on the company's plan to regularize its
financial condition.

The company said that Securities Commission had via its letter
dated 31 March 2004 approved the proposed revisions to the
scheme to transfer the Company's listing status to Kamdar Group
(M) Bhd. The details of the proposed revisions are highlighted
in the announcements made by the Commerce International Merchant
Bank on behalf of the company and dated 1 and 29 April 2004.

The Special Administrators of the Company also announced that
the deadline of the perfection of the transfer and assignment
for the Company's three (3) Remaining Properties to Malayan
Banking Bhd in accordance with the Settlement Agreement dated 18
June 2003 was extended to 31 July 2004.


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


NATIONAL POWER: Defers Plan To Sell Bonds Abroad
------------------------------------------------
The National Power Corp. (Napocor) has junked its plan to raise
$100 million through a foreign bond sale before the May 10
national elections as the Monetary Board failed to approve the
said bond sale because of time constraints, BusinessWorld Online
reports.

As a result Napocor will have to decide after the May 10
elections whether to pursue with the bond sale or not.  However,
a Finance official said that the deal could still be considered
or Napocor can look for other arrangements that could be offered
after the election.

The governments need to raise funds for Napocor is a result of a
failed $400 million private placement deal with Barclays.

Napocor's losses will affect the projected revenue gains of the
government, and because of this, the International Monetary Fund
fears that the government will not be able to manage the budget
deficit because the state-owned power utility company is
expected to incur losses again this year.


NEGROS NAVIGATION: SC Lifts Ground Order On 5 Vessels
-----------------------------------------------------
Five Negros Navigation Co. (Nenaco) vessels can continue normal
operations again after the Supreme Court (SC) lifted the ground
order issued by the Court of appeals, according to The
Philippine Star.

Senior Associate Justice Reynato Puno of the Second Division, in
his resolution dated May 4, found the petition for certiorari
and prohibition with prayer for the issuance of a TRO or writ of
preliminary injunction filed by Nenaco to be sufficient in form
and substance.

The Supreme Court seeks for an explanation from the Appeals
Court and Tsuneishi Heavy Industries Inc. why the five ships
should be grounded.

On the other hand Nenaco is required by the Supreme Court to
post a PhP500,000 bond within five days of the temporary
restraining order it issued, otherwise the order shall have no
effect.


PHILIPPINE LONG: Powers NAMFREL For Clean Elections
---------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) Group is
backing the National Citizen's Movement for Free Elections
(NAMFREL) this coming May 10 national elections by extending the
largest and most extensive corporate support with its
telecommunications facilities and services to help ensure the
speedy, secure and accurate canvassing of ballots.

"Through the years, PLDT has consistently supported NAMFREL in
its mission.  Elections are held sacrosanct by freedom-loving
Filipinos and that is why it is important PLDT does its share to
ensure the impartiality and fairness of these political
exercises," said Napoleon L. Nazareno, who is President and CEO
of both PLDT and Smart Communications Inc.

PLDT has set up a monitoring and coordinating center at its main
office at the Ramon Cojuangco Building in Makati City for the
installation of telecommunications facilities in all of
NAMFREL's different chapters nationwide.

PLDT will be installing more than 200 phone lines nationwide and
four E1 leased lines of high-speed data communications links to
ensure that NAMFREL can communicate easily and pass on crucial
information quickly.  Prepaid PLDT Vibe Internet cards worth
PhP300 each will also be distributed by PLDT for free to all
major sites of NAMFREL.

PLDT's subsidiary Smart Communications Inc. will also have a
crucial role since transmission of results for the Quick Count
will be done mainly via text messaging.  All the NAMFREL
volunteers using Smart cellphones will be texting in the results
of the election returns to the quick count center at La Salle
Greenhills via a designated access number.  These text messages
from the volunteers will pass through the Smart hub and then
transmitted to Greenhills and a back-up site using PLDT's
secure, high-speed data facilities.  Cellphone prepaid have also
been provided to NAMFREL volunteers.

Smart has developed cell sites on wheels to augment capacity in
high traffic areas.

Virgilio V. Hernandez, PLDT Relationship Management Executive
and a long-time coordinator for projects with NAMFREL, said
advances in technology are changing the way NAMFREL is
monitoring the elections.

"Unlike in previous elections, NAMFREL will be employing
cellular phones and the internet aside from the usual voice and
fax communications.  It will now be more efficient, faster and
less prone to miscommunication and inaccuracies," said
Hernandez, who heads the operations of PLDT's monitoring and
coordinating center.

To view full copy of this press release, click
http://bankrupt.com/misc/PHILIPPINELONG050704.pdf


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


BURKE'S FINE: Issues Dividend Notice
------------------------------------
Burke's Fine Coffees Private Limited (In Creditors' Voluntary
Liquidation) issued a notice of first and final dividend as
follows:

Address of Registered Office:

c/o 2 Mistri Road
#12-01 HMC Building,
Singapore 079624.

Amount Per Centrum: 100 percent for preferential creditors and
2.44 percent for unsecured creditors.

First and Final or otherwise: First and final return to
preferential and unsecured creditors.

When Payable: 7 May 2004.

Where Payable:

2 Mistri Road
#12-01 HMC Building,
Singapore 079624.

Teh Kwang Hwee
Liquidator

This Singapore Government Gazette announcement is dated 30 April
2004.


BURKE'S RESTAURANT: Releases Dividend Notice
--------------------------------------------
Burke's Restaurant and Cafe Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of first and final dividend:

Address of Registered Office:

c/o 2 Mistri Road
#12-01 HMC Building,
Singapore 079624.

Amount Per Centrum: 7.38 percent for unsecured creditors.

First and Final or otherwise: First and final return to
unsecured creditors.

When Payable: 7 May 2004.

Where Payable:

2 Mistri Road
#12-01 HMC Building,
Singapore 079624.

Teh Kwang Hwee
Liquidator

This Singapore Government Gazette announcement is dated 30 April
2004.


DATACRAFT ASIA: CAD Concludes Investigations
--------------------------------------------
Datacraft Asia Limited has been informed that the Commercial
Affairs Department (CAD) has concluded investigations into the
matters concerning the Company. A summons has been served on a
former Director of the Company to answer charges relating to
alleged non-disclosure of certain trades in the Company's
shares.

Submitted by Bill Padfield, Chief Executive Officer on 06 May
2004 to the Singapore Exchange.


DATACRAFT ASIA: Welcomes End Of CAD Investigation
-------------------------------------------------
In a company press release, Datacraft Asia Limited says it
welcomes the conclusion by the Singapore Commercial Affairs
Department (CAD) of its investigation into the company.

"We are very pleased that the investigation is now over. The
board has been convinced from the outset that there have been no
regulatory breaches by the company. CAD's announcement now
eliminates the market uncertainty concerning Datacraft and
relieves us of what has, at times, been a significant management
distraction," said Patrick Quarmby, Chairman of Datacraft Asia.

"With the investigation now behind us, we can fully focus on
leveraging the underlying strength of the company to deliver
improved results to shareholders and high value-add solutions to
our blue chip customers.

"It is, of course, a disappointment to learn that a former
director of Datacraft has been summoned on charges relating to
alleged non-disclosure of share trading. We will be able to
comment on this once we have a full understanding of all the
circumstances."

Non-executive director of Datacraft Asia, Ron Cattell, who was
the Chief Executive Officer at the time the investigation
commenced, said, "I am extremely pleased that this long
investigation has now been brought to a close and that any
doubts surrounding the company have been removed."

About Datacraft

"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia

Datacraft Asia is the leading independent IT services company in
Asia Pacific. It specializes in providing IT solutions and
services that enable businesses to operate seamlessly across
Application Networks. Application Networks are the convergence
of two previous separate areas of IT: application integration
and network infrastructure. The Group's expertise in networking
integration, application deployment and global managed services
makes it uniquely positioned to deliver the IT solutions that
businesses need to connect information, applications, business
processes, people and organizations. A member of the worldwide
Dimension Data, Datacraft Asia is listed on the main board of
the Singapore Exchange and is a component company of the Straits
Times Index. Anchored by a distributed headquarters in Hong Kong
and Singapore, Datacraft spans more than 50 offices and 1,100
staff in 13 Asia Pacific markets.

More information about Datacraft Asia can be found on the Web at
www.datacraft-asia.com.


FALMAC LIMITED: Appeal For Time Extension Rejected
--------------------------------------------------
Falmac Limited announced on 6 May 2004 at the Singapore
Exchange, that the Company's appeal to the Accounting &
Corporate Regulatory Authority to reconsider its application for
an extension of time to hold its annual general meeting (AGM) in
respect of the financial year ended 31 December 2003 has been
unsuccessful.

The Company will make all efforts to hold its AGM in respect of
the financial year ended 31 December 2003 as soon as possible.

About the Company

Falmac Limited and its subsidiaries are involved in the
manufacture of and trading of circular knitting machines, their
related precision parts and components as well as a producer of
cotton yarn.

The company has manufacturing facilities in Singapore and
Tianjin, China as well as sales and marketing offices in China
and USA.


FERTIVA ASIA: Final Meeting Set For June 8
------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Fertiva Asia Pacific Pte Ltd (In Members' Voluntary Winding Up)
will be held at 138 Cecil Street, #15-00 Cecil Court, Singapore
069538 on 8 June 2004 at 10 a.m. for the purpose of laying
before the Meeting an account showing how the winding up has
been conducted, and the property of the Company disposed of and
of hearing any explanation that may be given by the Liquidators,
and also of determining by resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidators shall be disposed of.

DOUGLAS TAN KAY YEOW
Joint Liquidator.

Note: Pursuant to section 181 of the Companies Act, Cap. 50, a
member entitled to attend and vote at this Meeting is entitled
to appoint another person or persons (whether a member or not)
as his proxy to attend and vote in his stead.

This Singapore Government Gazette announcement is dated 7 May
2004.


GEK HONG: Faces Winding Up Petition
-----------------------------------
Notice is hereby given that a petition for the winding up of Gek
Hong Enterprise Pte. Ltd. by the High Court was on the 29 April
2004 presented by United Overseas Bank Limited of 80 Raffles
Place, UOB Plaza, Singapore 048624. The petition will be heard
before the Court sitting at the High Court at 10 o'clock in the
forenoon on 21 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 same by the undersigned on payment of the
regulated charge for the same.

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

The Petitioner's Solicitors are RAJAH & TANN of 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908.

RAJAH & TANN
Petitioner's Solicitors.
Ref: LTJ/ANM/172064/1732/mkk

Note: Any person who intends to appear at the hearing of the
Petition must serve on or send by post to the above named RAJAH
& TANN, the Petitioner's Solicitors, 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 the 20th day of May 2004 (the day
before the day appointed for the hearing of the Petition).

This Singapore Government Gazette announcement is dated 7 May
2004.


HOTEL PROPERTIES: Increases Stake In PT Bali Girikencana
--------------------------------------------------------
The Directors of Hotel Properties Limited (HPL or the Company),
in a notice dated 6 May 2004 and submitted to the Singapore
Exchange by Mr. Boon Suan Lee and Ms. Chuang Sheue Ling, Joint
Company Secretaries, announced that its 93.3 percent-owned
subsidiary, Cleaton Investments Pte Ltd (Cleaton), has entered
into an agreement with Mrs. Loeana Kanginnadhe.

This agreement is in relation to the sale and transfer of shares
in PT Bali Girikencana (PTBGK) for Cleaton to acquire 3,000,000
ordinary shares of US$1/- par value each, representing 25
percent equity interest in PTBGK, for a consideration of
US$6,000,000 (the Acquisition).

Details relating to the Acquisition

The principal investment of PTGK is a property known as Four
Seasons Resort Bali at Jimbaran Bay in Bali, Indonesia ( the
Resort).

Prior to the Acquisition, Cleaton had, directly and indirectly,
an equity interest of 75 percent in PTBGK, being 70 percent of
the equity held indirectly through its wholly-owned subsidiary
Cleaton International B.V. (CIBV) (comprising 8,400,000 shares
of US$1/- par value each) and 5 percent of the equity held
directly by Cleaton (comprising 600,000 shares of US$1/- par
value each).

Upon completion of the Acquisition, Cleaton directly and
indirectly owns 100 percent of the equity interests in PTBGK,
being 30 percent of the equity held directly by Cleaton and 70
percent of the equity held through CIBV.

Consideration

The purchase consideration of US$6,000,000 has been agreed
between the parties through negotiation on a willing buyer
willing seller basis and is financed by a combination of
internal resources and bank borrowings.

Financial Effects

The Acquisition is not expected to have any material impact on
the earnings per share and net tangible asset value per share of
the HPL Group based on the audited consolidated accounts of the
HPL Group for the year ended 31 December 2003.

Rationale for the Acquisition

The Acquisition will enable the HPL Group to consolidate its
interest in a premier international resort, which has
consistently won many international awards in the travel and
leisure industry as one of the best resorts in the world.
Although the HPL Group already has a controlling interest in
PTBGK prior to the Acquisition, a 100% ownership in PTBGK will
give the Company greater flexibility in the financial and
operational management of PTBGK and the Resort.

Disclosure of Interest

None of the Directors, controlling shareholders or substantial
shareholders of the Company has an interest, direct or indirect,
in the above transaction.

By Order of the Board
Mr Boon Suan Lee & Ms Chuang Sheue Ling
Joint Company Secretaries
Dated: 6 May 2004


LAMIMORI PACKAGING: Winding Up Hearing Set For May 21
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Lamimori Packaging Industries by the High Court was on the 26
April 2004 presented by the Bank of China, a bank incorporated
in The People's Republic of China and having a place of business
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 21 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, #15-01 Bank of China Building, Singapore 049908.

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, #15-01 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 20th May 2004
(the working day before the day appointed for the hearing of the
Petition).

This Singapore Government Gazette announcement is dated 7 May
2004.


SNP CORPORATION: Informs of Changes In Shareholder's Interest
-------------------------------------------------------------
SNP Corporation Limited, in a notice submitted on 6 May 2004 by
Guok Suan Choo, Company Secretary, to the Singapore Exchange,
announces a change in Seow Kui Lim, a substantial shareholder's,
deemed interest in the company.

Part I

1. Date of notice to issuer: 6 May 2004

2. Name of Substantial Shareholder: Seow Kui Lim

3. Please tick one or more appropriate box(es):
x a Change in the Percentage Level of a Substantial
Shareholder's Interest or Cessation of Interest. [Please
complete Parts III and IV]

PART II

1. Date of change of interest:

2. Name of Registered Holder:

3. Circumstance(s) giving rise to the interest or change in
interest:

4. Information relating to shares held in the name of the
Registered Holder:

No. of shares held before the change:
As a percentage of issued share capital:
No. of shares which are the subject of this notice:
As a percentage of issued share capital:
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:
No. of shares held after the change:
As a percentage of issued share capital:

PART III

1. Date of change of deemed interest: 5 May 2004

2. The change in the percentage level: From 2.07 percent to 2.08
percent

3. Circumstance(s) giving rise to the interest or change in
interest: Others

Please specify details: Exercise of share options by spouse.

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

Change is a result of exercising share option.

PART IV

1. Holdings of Substantial Shareholder, including direct and
deemed interest: Direct Deemed

No. of shares held before the change: 5,201,856 2,397,912
As a percentage of issued share capital: 4.48 2.07

No. of shares held after the change: 5,201,856 2,410,412
As a percentage of issued share capital: 4.48 2.08

About the Company

SNP is an investment holding company that also performs the role
of the Government Printer. SNP addresses group-wide issues such
as long-term business direction, broad objectives and targets of
growth, as well as overseeing the development of subsidiaries.

It was formed in 1973 as a wholly owned subsidiary of the
Singapore government through the Ministry of Finance, under the
name of Singapore National Printers (Pte) Ltd. In March 1975 its
shares were transferred to Temasek Hldgs (Pte) Ltd to take over
the operations of the former Government Printing Office and to
operate as a commercial printer and publisher. In its capacity
as government printer, it published the Government Gazette,
Bills and Acts and other publications required by law to be
printed by the government printer.

The Company was the first to be listed on Sesdaq. On 5 November
1990, it was transferred from Sesdaq to the Mainboard. On 1
January 1995, it changed its name to SNP Corporation Ltd and
transferred its printing and related operating assets to two
newly formed wholly owned subsidiaries, SNP Printing and SNP
Security Printing.

In 1996, the Group embarked on the multimedia business. In 1997,
faced with losses, SNP Printing transferred its printing
operations to SNP Security Printing and SNP Offset (Malaysia).

SNP has grown regionally with thirteen principal subsidiaries.
Four are located in Singapore, five in China/Hong Kong, two in
Malaysia, one in Australia and one in Thailand. It also has five
associated companies and joint ventures in Singapore, the
Philippines, Thailand and China.


TEAMSPHERE LIMITED: Appoints New Executive Director
---------------------------------------------------
Teamsphere Limited, in a disclosure dated 6 May 2004 and
submitted by Yeo Lee Luang, Company Secretary to the Singapore
Exchange, announced the appointment of a new executive director.

A. Date of appointment: 6 May 2004

B. Name: Tan Wai Keong, Lester

C. Age: 34

D. Country of principal residence: Singapore

E. Whether appointment is executive, and if so, the area of
responsibility:

Chief Executive Officer of Fine Components (Thailand)., Co Ltd-
overall management, strategic planning, business development and
operational control

F. Working experience and occupation(s) during the past 10
years:

Jul 1994-Dec 1996
ST Aerospace Engines Pte Ltd-Technical Service Engineer

Jan 1997-Dec 2001
Team Precision Pte Ltd-General Manager

G. Other directorships:

   1.  Past (for the last five years)
          (1) Sep 2000-Feb 2002 Team Precision Pte Ltd

   2. Present
          Team Precision Pte Ltd
          Fine Components (Thailand) Co., Ltd

H. Shareholding in the listed issuer and its subsidiaries: 3000

I. Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: None

J. Conflict of interest: None

K. Information required by Rule 704(7)(h):

L. Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any question is "yes", full
details must be given.

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner?
No

(b)  Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency?
No

(c) Whether there is any unsatisfied judgment against him?
No

(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose?
No

(e) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach?
No

(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misrepresentation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of) involving an allegation of
fraud, misrepresentation or dishonesty on his part?
No

(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation?
No

(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation?
No

(i) Whether he has ever been the subject of any order, judgment
or ruling of any court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity?
No

(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of:

(i) any corporation which has been investigated for a breach of
any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

(ii) any corporation or partnership which has been investigated
for a breach of any law or regulatory requirement that relates
to the securities or futures industry in Singapore or elsewhere,

in connection with any matter occurring or arising during the
period when he was so concerned with the corporation or
partnership?
No

About the Company

Teamsphere Limited is an investment holding company. The
principal activities of its subsidiaries are the manufacture and
marketing of precision tooling, mould and die sets, precision
metal stamped components for automotive and consumer electronic
businesses.


TEAMSPHERE LIMITED: Posts Changes In Board and Audit Committee
--------------------------------------------------------------
Teamsphere Limited, in a notice dated 6 May 2004 to the
Singapore Exchange, announced changes in members of the Board of
Directors, Reconstitution Board and Audit Committee.

(A) On 6 May 2004,

1. Mr Chan Kah Hong resigned as a Director of the Company;
2. Mr Tan Wai Keong Lester, the Chief Executive Officer of Fine
Components (Thailand) Co., Ltd, a wholly-owned subsidiary of the
Company in Thailand, was appointed as an executive Director of
the Company; and
3. Mr Sze Shaw Pao, a non-executive and independent Director of
the Company, was appointed as the Chairman of the Board.

(B) Following the above changes in the Board of Directors (the
Board), the present Board comprises the following members:

1. Mr Sze Shaw Pao, non-executive Chairman of the Board and
independent Director;
2. Mr Poh Kiat, Managing Director;
3. Mr Tan Wai Keong Lester, Executive Director; and
4. Mr Lim Cher Lin, non-executive and independent Director.

(C) Also with effect from 6 May 2004, the Audit Committee
comprises the following members:

1. Mr Sze Shaw Pao, Chairman
2. Mr Lim Cher Lin, Member
3. Mr Poh Kiat, Member.

The Company wishes to express its appreciation to Mr Chan Kah
Hong for his services rendered to the Company during his tenure
as a Director of the Company.


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


THAI WAH: Releases Reviewed and Consolidated 1Q F/S
---------------------------------------------------
Thai Wah PCL reports to the Stock Exchange of Thailand its
reviewed quarterly financial statement:

Thai Wah PCL

Reviewed
Ending March 31, (In thousands)
Quarter 1

                    Year       2004        2003
Net profit (loss)              100,606     125,433
EPS (baht)                     1.34        2.39

Type of report: Unqualified Opinion with an emphasis of matters

Comment: 1. Please see details in financial statements,
auditor's report and remarks from SET Information Management
System

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Signature
(Mr. Kuan Chiet)
Thai Wah PCL
By Thai Wah Group Planner Co., Ltd.
Authorized to sign on behalf of the company


THAI WAH: Releases Explanation For Decreased Profit
---------------------------------------------------
Thai Wah Group PCL as the Plan Administrator of Thai Wah PCL
(TWC) would like to offer the following explanation of TWC's
operations for the decrease in profit of 25 million baht for the
period ended March 31, 2004 as compared to the same period of
2003.

(1) An 84 million baht reduction in share of profit of
associated companies in equity method resulting from the
transfer of two associated companies under the equity method to
long-term available-for-sale investments, as the plan
administrator intends to dispose of those investments in the
future.

(2) Decrease in foreign exchange gains of 13 million baht
resulting from a 31 million baht gain in the translation of USD
loans as compared to a gain of 44 million baht in the same
period in 2003.

(3) A 37 million baht reduction in interest expenses as no real
interest expense was recorded in the income statement in
accordance with Thai Accounting Standard No. 34, "Troubled Debt
Restructuring", resulting from the amendment of the business
rehabilitation plan accepted by the Central Bankruptcy Court on
30 June 2003.

(4) A 9 million baht reduction in selling and administrative
expenses mainly due to a decrease in financial advisory expense
amounting to 6 million baht.

(5) A 21 million baht gain on debt restructuring resulting from
the amendment of the business rehabilitation plan accepted by
the Central Bankruptcy Court on June 30, 2003. The gain was from
compliance with the incentive payment condition in accordance
with the amendment of the debt restructuring agreement, which is
the part of the amendment of the business rehabilitation plan.

The company hopes the above information would be beneficial to
all investors.

Very truly yours,
(Mr. Kuan Chiet)
Thai Wah PCL
By Thai Wah Group Planner Co., Ltd.
as the Plan Administrator

This is a Stock Exchange of Thailand announcement.


TONGKAH HARBOUR: Issues Change in Paid-Up Capital
-------------------------------------------------
Pursuant to the Annual General Meeting (AGM) of Shareholders
held on April 26, 2004 respectively, Tongkah Harbour PCL hereby
informs the Stock Exchange of Thailand (SET), the shareholders
and investors that on May 6, 2004 the company has registered the
amendment of clause 4 of the Memorandum of Association of the
Company to be in line with capital reduction with the Department
of Business Development, Ministry of Commerce, the change of
company's paid-up capital:

Capital Registration: 505,551,570 Baht

Divided into: 505,551,570 Shares

Having par value per share of: 1 Baht

Consisting of the amount of

The Ordinary shares of: 505,551,570 Shares
The Preferred share of: 0 Shares
Paid-up capital: 505,551,570 Baht
Divided into: 505,551,570 Shares
Having par value per share of: 1 Baht

Consisting of the amount of

The Ordinary shares of: 505,551,570 Shares
The Preferred share of: 0 Shares

Yours faithfully
Mr. Chalermchai Martmuang
Secretary to the Executive Board of Directors


                            *********


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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