/raid1/www/Hosts/bankrupt/TCRAP_Public/040511.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

             Tuesday, May 11, 2004, Vol. 7, No. 92

                            Headlines

A U S T R A L I A

NATIONAL AUSTRALIA: Cancels Extraordinary General Meeting
SANTOS LIMITED: Unveils Annual General Meeting


C H I N A  &  H O N G  K O N G

CHINA GUANG: Schedules Winding up Petition for May 19
CHU WAI: Creditors Meeting Set May 17
DOWAVE INVESTMENT: Faces Winding up Hearing
FONG YUEN: Enters Bankruptcy Proceedings
HK LONG SHAN: Enters Winding up Petition

SUN GROWTH: SFC Issues Public Reprimand
TRUMP GOLD: Schedules Winding up Hearing for June 9
LAI SUN: Sells 50% Equity Interest in Majestic Hotel
LUK LAI: Enters Bankruptcy Proceedings
UNI-CENTRAL INVESTMENTS: BOK Initiates Winding up Petition

WONG KAM: Creditors Meeting Set for May 18


I N D O N E S I A

BANK INTERNASIONAL: Fitch Ups Rating
MERPATI NUSANTARA: To Seek Financing From Foreign Investors


J A P A N

JAPAN AIRLINES: Expects to Return to Profit This Year
KANEBO LIMITED: Kanebo Cosmetics Starts New Operations
MITSUBISHI HEAVY: Shares Fall After Shipyard Fire
MITSUBISHI MOTORS: Barred From Bids on Vehicle Contracts
MITSUBISHI MOTORS: To Withdraw from Domestic Luxury Car Market

MITSUBISHI MOTORS: Mitsubishi Fuso Scandal Undermines Recovery
SAKURAYA CO.: Phoenix Capital to Acquire Electronics Retailer


K O R E A

LG CARD: Posts W121B Profit in First Quarter


M A L A Y S I A

BERJAYA GROUP: Cayman Unit Acquires SIG Holdings
CONSOLIDATED FARMS: Issues Default in Debt Payments
CSM CORPORATION: Presents Loan Default Update
HAP SENG: Issues Notice Of Share Buy-back
HAP SENG: Issues Share Buy-back Notice

HAP SENG: Releases Notice Of Share Buy-back
HOTLINE FURNITURE: Mahajaya Sells Hotline to Raeco
LANKHORST BERHAD: Relates Resolutions Approved At EGM
LONG HUAT: Issues Restructuring Developments
LONG HUAT: Submits Loan Default Status Update

MALAYSIA MINING: To Dispose of 91 Million Sime Darby Shares
MTD CAPITAL: Deliberating on Planned Group Restructuring
NCK CORPORATION: Completes Restructuring Scheme
PAN PACIFIC: Applies For Extension
PROMTO BERHAD: Releases Update To Board Changes And Suits

PROMTO BERHAD: Issues Notice of EGM
PROTON: Capable of Producing Motorcycles
SOUTHERN STEEL: Lands US$85M Term Loan Facility
SRI HARTAMAS: Unit Enters Voluntary Liquidation
UNITED CHEMICALS: Provides Update on Loans in Default

WOO HING: Two Subsidiaries Enter Provisional Liquidation


P H I L I P P I N E S

NATIONAL POWER: ERC Issues Order For Industrial Customers Refund
NATIONAL POWER: Losses Most Likely Not To Reach PhP100B
NEGROS NAVIGATION: Issues Clarification of News Article
PHILIPPINE LONG: Lists Additional Shares


S I N G A P O R E

HESHE HOLDINGS: Enters Share Sale Agreement with Sim Lian
ISRICH PROPERTIES: Issues Debt Claim Notice to Creditors
LEK CHUAN: Issues Dividend Notice
NANRONG MECHATRONICS: Creditors Must Submit Claims by June 7
NMB PRECISION: Creditors Must Submit Claims by June 8

POLY-ALLIED KNITWEAR: Enters Winding up Petition
YAP'S FORMATION: Winding Up Petition Set for May 28


T H A I L A N D

MILLENIUM STEEL: Exits Rehabco Sector of SET
RAIMON LAND: Unveils Board of Directors Meeting

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


NATIONAL AUSTRALIA: Cancels Extraordinary General Meeting
---------------------------------------------------------
In a company press release, The National Australia Bank
announced the resignation of Mrs. Catherine Walter as a non-
executive director.

The Extraordinary General Meetings scheduled for May 21 will be
cancelled.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
Telephone: 03 8641 3857
Mobile: 0419 369 058


SANTOS LIMITED: Unveils Annual General Meeting
----------------------------------------------
Santos Limited disclosed to the Australian Stock Exchange the
results of its Annual General Meeting held on May 7, 2004.

(1) The outcome in respect of each resolution put at the AGM
are:

(i) "That Mr. Richard Michael Harding be elected a Director."

(ii) "That Professor Judith Sloan be re-elected a Director."

(iii) "That Mr. Stephen Gerlach be re-elected a Director."

(2) "That pursuant to the provisions of Article 105 of the
Company's Constitution, from January 1, 2004 Directors be paid
out of the property of the Company for their services as
Directors, a fixed sum not exceeding $1,500,000 per year being
$550,000 per year in excess of the sum of $950,000 per year
approved by members at the Annual General Meeting of the Company
held on May 4, 2001."

Outcome:  Passed as Ordinary Resolution

To view information regarding proxy votes in respect of the
above resolutions, click
http://bankrupt.com/misc/SANTOSLIMITED050704.pdf

Contact:  Santos Ltd (NASDAQ (SC): STOSY [ADR])
          Level 29, Santos House, 91 King William St.
          Adelaide, 5000, Australia
          Phone: +61-8-8218-5111
          Fax: +61-8-8218-5476
          Website: http://www.santos.com.au



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


CHINA GUANG: Schedules Winding up Petition for May 19
-----------------------------------------------------
Notice is hereby given that a petition for the winding up of
China Guang Ao (Hong Kong) Limited by the High Court of Hong
Kong was on the 18 March 2004 presented to the said Court by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, No. 1 Garden Road, Central, Hong Kong.
The said petition will be heard before the Court at 9:30 a.m. on
the 19 May 2004. Any creditor or contributory of the said
company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose. A copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

TSANG, CHAN & WONG
Solicitors for the Petitioner,
16th Floor, Wing On House
71 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 18 May 2004.


CHU WAI: Creditors Meeting Set May 17
-------------------------------------
Notice is hereby given that the General Meeting of the Creditors
of Chu Wai Ha (In Bankruptcy Proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on 17th May 2004 (Monday) at
2:30 in the afternoon.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


DOWAVE INVESTMENT: Faces Winding up Hearing
-------------------------------------------
Notice is hereby given that a petition for the winding up of the
Dowave Investment Limited by the High Court of Hong Kong was on
the 6 April 2004 presented to the said Court by Cheong Ming
Investment Company Limited whose registered office is situated
at Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong. The said petition will be heard before
the Court at 9:30 a.m. on the 16 June 2004. Any creditor or
contributory of the said company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose. A
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

FORD, KWAN & COMPANY
Solicitors for the Petitioner,
Roms 1202-1206, 12th Floor
Wheelock House
20 Pedder Street, Central
Hong Kong

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


FONG YUEN: Enters Bankruptcy Proceedings
----------------------------------------
Notice is hereby given that the General Meeting of the Creditors
of Fong Yuen Yee Judy (In Bankruptcy Proceedings) will be held
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong on 19 May 2004 at 10
o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


HK LONG SHAN: Enters Winding up Petition
----------------------------------------
Notice is hereby given that a petition for the winding up of
Hong Kong Long Shan Pharmaceutical Limited by the High Court of
Hong Kong was on the 30 April 2004 presented to the said Court
by Ma Chi Kwong whose address is situated at Room 8, 11th Floor,
Kam Wai House, Kam Fung Court, Ma On Shan, New Territories, Hong
Kong. The said petition will be heard before the Court at 10
a.m. on the 23 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

MESSRS. KING & COMPANY
Solicitors for the Petitioner,
12th Floor, New World Tower II
18 Queen's Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 21 June 2004.


SUN GROWTH: SFC Issues Public Reprimand
---------------------------------------
The Securities and Futures Commission (SFC) has reprimanded Sun
Growth Securities Limited and suspended the license of Mr. Ng
Kei Choy, Stephen, a responsible officer of Sun Growth, for one
month from 6 May 2004 to 5 June 2004, the SFC said in a
statement.

Mr. Chan Yuk Fei, a dealer's representative of Sun Growth, was
earlier convicted of intentionally creating a false market in
respect of China Development Corporation Limited between 7
January 2002 and 7 March 2002. Mr. Ng was Chan's supervisor at
the time of the offence.

An SFC inquiry found that Mr. Ng said that he found it "weird"
that Chan had made a number of single-board-lot-orders near
market close on several occasions. Mr. Ng said that he had given
three verbal warnings to Mr. Chan to stop his activities but
Chan continued.  He then gave Mr. Chan a written warning letter
but did not report Chan's illegal activities to the SFC
immediately as required by the Code of Conduct for Persons
Licensed by or Registered with the Securities and Futures
Commission.

The SFC found that Sun Growth had internal controls weaknesses
and that Mr. Ng did not exercise sufficient supervision over
staff.  Both failed to take effective action against problematic
staff, and merely gave verbal warnings in the first instance.
Sun Growth did not keep a proper record of the verbal warnings,
and the subsequent written warning lacked clarity.

The SFC concludes that Sun Growth and Mr. Ng failed to conduct
their business with sufficient due skill, care and diligence,
and failed to report Chan's illegal activities immediately.  Sun
Growth also failed to implement and maintain appropriate
measures to ensure compliance with the laws and codes.  Their
fitness and properness has been called into question.  In
reaching its conclusion, the SFC took into account the fact that
it has previously disciplined Ng on three occasions.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"In conducting business activities, a licensee has a duty to act
honestly in the best interests of his clients and of the
integrity of the market.  The supervisor of the licensee has a
duty to supervise staff diligently.  Verbal and written warnings
are inadequate to deal with suspected illegal trading by staff.
Suspicious trading activities must be reported to the SFC
immediately they are detected."


TRUMP GOLD: Schedules Winding up Hearing for June 9
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Trump Gold Korn Jewelry Company Limited by the High Court of
Hong Kong was on the 26 March 2004 presented to the said Court
by The Hongkong and Shanghai Banking Corporation whose
registered office is situate at No. 1 Queen's Road Central, Hong
Kong. The said petition will be heard before the Court at 9:30
a.m. on the 9 June 2004. Any creditor or contributory of the
said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose. A copy of the petition
will be furnished to any creditor or contributory of the said
company requiring the same by the undersigned on payment of the
regulated charge for the same.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner,
18th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.


LAI SUN: Sells 50% Equity Interest in Majestic Hotel
----------------------------------------------------
Lai Sun Development Company Limited announced the sale of 50
percent of the equity interest in and advances to the Majestic
Hotel and the Majestic Centre to Eternal Force Limited for
HK$185 million, Infocast News reports. The entire proceeds from
the Transaction will be used to reduce debt and for the purpose
of working capital.

Trading in the shares of the company resumed Monday.

The site area of the Majestic Hotel and the Majestic Centre is
1,969 square metres. The Majestic Hotel comprises of 380
guestrooms, while the Majestic Centre is a shopping centre with
retail shops and entertainment and leisure outlets.

For a copy of the Company's disclosure to the Stock Exchange of
Hong Kong Limited, go to
http://bankrupt.com/misc/tcrap_laisun0511.pdf


LUK LAI: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that Bankruptcy Orders against the
debtors of Luk Lai Man were filed on 26 April 2004. All debts
due to the Company should be paid to its official receiver Mr.
E.T. O'Connell.

The Standard announcement is dated 7 May 2004.


UNI-CENTRAL INVESTMENTS: BOK Initiates Winding up Petition
----------------------------------------------------------
Notice is hereby given that a petition for the winding up of the
Uni-Central Investments Limited by the High Court of Hong Kong
was on the 7 April 2004 presented to the said Court by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, No. 1 Garden Road, Central, Hong Kong. The said
petition will be heard before the Court at 10 a.m. on the 9 June
2004. Any creditor or contributory of the said company desirous
to support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

OR, NG & CHAN
Solicitors for the Petitioner,
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 8 June 2004.


WONG KAM: Creditors Meeting Set for May 18
------------------------------------------
Notice is hereby given that the General Meeting of the Creditors
of Wong Kam Piu (In Bankruptcy Proceedings) will be held at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on 18 May 2004 (Tuesday) at 10
o'clock in the morning.

E. T. O'CONNELL
Official Receiver

The Standard announcement is dated 7 May 2004.


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


BANK INTERNASIONAL: Fitch Ups Rating
------------------------------------
Fitch Ratings, the international ratings agency, has upgraded on
Friday Bank Internasional Indonesia's (BII) ratings to long-term
foreign currency to 'B+' from 'B', individual 'D' from 'D/E',
national long-term to 'BBB' from 'BBB-' (BBB minus), and support
to '4' from '5'.

The support upgrade follows a majority stake acquisition by
Sorak Financial Holdings, which is 50 percent-owned by the
Singapore government's major investment arm Temasek Holdings,
and 25 percent by Korea's Kookmin Bank. But Kookmin has 51
percent of Sorak's voting rights. The other upgrades are based
on BII's return to financial soundness and profitability after
some very difficult years.

At end-2001, despite having been bailed out by the government
for the third time (albeit finally properly), it was still
unclear if the BII had been fully restored to financial health.
A fourth bailout was inconceivable and yet BII's franchise was
waning. However, by end-2003, BII has turned around with an
equity/assets ratio of 9.6 percent compared to a negative 7.2
percent, in 2001 and a pre-provisioning profit/average assets
ratio of 0.98 percent versus a negative 1.43 percent in 2001.
Considerably better results are expected for 2004. Also, there
has been some focus on its operations and a return of its
franchise. Operational development should continue under
Temasek/Kookmin.

Along with its peers, BII's fortunes will be determined by its
environment. Indonesia poses considerable challenges. After this
year's elections, it needs to maintain fiscal prudence and
encourage fixed investment.

Contact:

Peter Tebbutt
Brisbane
Telephone: +617 3222 8613

Ambreesh Srivastava
Singapore
Telephone: +65 6336 6801

David Marshall
Hong Kong
Telephone: +852 2263 9963


MERPATI NUSANTARA: To Seek Financing From Foreign Investors
-----------------------------------------------------------
In order to help the ailing state-owned airline company Merpati
Nusantara, State Minister for State Enterprises, Laksamana
Sukardi suggested that the company should seek the involvement
of foreign investors, according to Asia Pulse.

The company's debt has reached Rp1.3 trillion (US$151 million)
and is finding ways to obtain fresh funds to cope with its
financial problems and to lease new aircraft, that's why foreign
investors should come into the picture, Mr. Laksamana said.


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


JAPAN AIRLINES: Expects to Return to Profit This Year
-----------------------------------------------------
Japan Airlines (JAL) said cost cutting measures and reviving
passenger traffic would help the airline return to profit this
fiscal year, the Financial Times reports.

The carrier posted an 88.6 billion yen (US$789 million) loss on
revenues of 1.932 trillion yen for the year to March after an
11.6 billion gain in the previous twelve months. But JAL
forecast it would return to bounce back with 36 billion yen in
profit this year on expected revenues of 2.1 trillion yen.


KANEBO LIMITED: Kanebo Cosmetics Starts New Operations
------------------------------------------------------
Kanebo Cosmetics Inc. started operations Friday as a spin off
from struggling cosmetics maker Kanebo Limited, which has been
receiving aid from the Industrial Revitalization Corporation of
Japan (IRCJ), Kyodo News reports.

The new company immediately confronted the need to survive the
intense competition in Japan's cosmetics market, which has seen
the entry of foreign cosmetics manufacturers in recent years.

Meanwhile, Japan Times reported that the IRCJ was unable to find
an outside cosmetics specialist to chair Kanebo Cosmetics Inc.,
IRCJ Director Ryutaro Katayama said. Fellow IRCJ Director
Kunihiko Yogo was appointed to fill the slot Friday.


MITSUBISHI HEAVY: Shares Fall After Shipyard Fire
-------------------------------------------------
Shares in Mitsubishi Heavy Industries Limited fell 2.36 percent
at 289 yen on Monday after a fire broke out on Sunday on a ferry
it was building in Nagasaki, southern Japan, according to
Reuters.

The company, along with other core members of the Mitsubishi
group, faces a tough time after DaimlerChrysler AG abandoned a
capital increase plan for Mitsubishi Motors Corporation on April
23, leaving it to group firms to sort out.

A Mitsubishi Heavy spokesman said the fire broke out at around
3:20 p.m. (0620 GMT) on Sunday and started in a turbine
generator in the central section of the ferry. He said the cause
of the latest fire and the impact on earnings was not yet clear.


MITSUBISHI MOTORS: Barred From Bids on Vehicle Contracts
--------------------------------------------------------
Japan's Ministry of Land Infrastructure and Transport has banned
Mitsubishi Motors Corporation and its affiliate, Mitsubishi Fuso
Truck & Bus Corporation, from participating in the public
bidding process to supply official vehicles until November 6,
2005, the Wall Street Journal reported on Monday. The decision
was made after seven former senior officials were arrested on
Thursday in connection with an alleged cover-up of defective
truck parts.


MITSUBISHI MOTORS: To Withdraw from Domestic Luxury Car Market
--------------------------------------------------------------
Mitsubishi Motors Corporation will withdraw from the domestic
luxury car market by ending production of the Diamante and other
large-sized passenger vehicles, as part of its rehabilitation
plan, Kyodo News reports.

The carmaker will stop producing luxury cars targeted at the
domestic market -- passenger cars with an engine displacement of
2500 cc or larger -- and instead focus on cars with engines of
around 2000 cc.

For overseas markets, including the North American market, the
automaker will continue to produce large-sized cars, but unify
their key components with those of other models as a means of
cutting production costs.


MITSUBISHI MOTORS: Mitsubishi Fuso Scandal Undermines Recovery
--------------------------------------------------------------
The fallout from a scandal at Mitsubishi Fuso Truck & Bus
Corporation is affecting Mitsubishi Motors Corporation's own
sales and revitalization plans, according to Asia Pulse.

According to new figures from the Japan Automobile Dealers
Association, the carmaker saw new-vehicle sales for April drop
19 percent on the year, making it the only firm to register a
double-digit decline.


SAKURAYA CO.: Phoenix Capital to Acquire Electronics Retailer
--------------------------------------------------------------
Phoenix Capital Co. will buy a majority stake in Sakuraya Co. by
injecting 7 billion yen into the troubled mass retailer of
cameras and electronic equipment, Kyodo News reports, citing the
Nihon Keizai Shimbun.

Phoenix will acquire 4 billion yen worth of Sakuraya shares
through a third-party share allocation and extend about 3
billion yen in subordinated loans to Sakuraya, both possibly by
early June.


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


LG CARD: Posts W121B Profit in First Quarter
--------------------------------------------
LG Card Co. incurred a net profit of 121 billion won in the
first quarter, versus a loss of 385 billion won a year earlier,
Digital Chosun reports. Profits were boosted mainly by W667.3
billion in extraordinary gains, rising from a debt-for-equity
swap by its creditors. However, the company recorded recurring
losses of 546 billion won in the first quarter.

Creditors of the Company are scheduled to carry out capital
reduction this month, which followed the additional 2.5 trillion
won worth of debt-for-equity swap from last month.

The LG Card averted bankruptcy in January after creditors and
major shareholders agreed to a 5 trillion won bailout package.


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


BERJAYA GROUP: Cayman Unit Acquires SIG Holdings
------------------------------------------------
The Board of Directors of Berjaya Group, in a disclosure dated 7
May 2004 to the Bursa Malaysia Securities Berhad, announced that
pursuant to an internal re-organization, Berjaya Group (Cayman)
Limited (B-Cayman), a wholly owned subsidiary company of B-Group
had on 7 May 2004 acquired 100 percent equity interest in SIG
Holdings (Cayman) Limited (SIG) comprising 1,000 ordinary shares
of US$1.00 each from Dewangsa Holdings Sdn Bhd (DHSB), a 60
percent owned subsidiary company of B-Group for a nominal cash
consideration of RM1.00 (the Acquisition).

About SIG

SIG was incorporated in the Cayman Islands on 18 May 1993 as an
Exempted Company pursuant to the Companies Law Cap. 22. The
authorized share capital of SIG is US$50,000 comprising 50,000
ordinary shares of US$1.00 each of which 1,000 ordinary shares
are currently issued and fully paid-up.

SIG is an investment holding company whose principal asset
consists of investment in Berjaya Engineering & Construction
(HK) Limited (B-Engineering). Currently, SIG has a 25 percent
equity interest in B-Engineering.

B-Engineering is an investment holding company and is
incorporated in Hong Kong of which its principal 52 percent
owned subsidiary company, Berjaya Sanhe Real Estate Development
Co. Ltd. (incorporated in China) is involved in property
development and investment and provision of management services
in China.

Presently, B-Cayman has a direct equity interest of 40 percent
in B-Engineering.

The Acquisition

The Acquisition will enable B-Group to streamline its equity
interest in B-Engineering under B-Cayman as well as increasing
its equity interest from 40 percent to 65 percent and thus
making B-Engineering and Berjaya Sanhe Real Estate Development
Co. Ltd, subsidiary companies of B-Group.

Material Effects

There were no material effects on the share capital,
shareholders' fund and earnings of B-Group and B-Cayman as the
transaction involved the re-organization of shareholding
structure in B-Engineering.

The Board of Directors of B-Group is of the opinion that the
internal restructuring via the Acquisition is in the best
interest of the Company.


CONSOLIDATED FARMS: Issues Default in Debt Payments
---------------------------------------------------
The Board of Directors of Consolidated Farms Berhad (Confarm)
wishes to announce that the Confarm Group is unable to pay the
principal and/or interest in respect of its banking facilities
as set out in Table 1.

Under the facility agreements for the banking facilities as set
out in Table 1 below, the lenders may by written notice cancel
the facilities and declare all monies payable under such
facilities to be immediately due and payable.

Should the indebtedness by Confarm Group be declared due
prematurely by reason of default by the Confarm Group, the other
lenders, including the holders of the Redeemable Convertible
Unsecured Loan Stocks (RCULS), of Confarm Group could also, by
written notice, cancel the facilities and declare all monies
payable under their facilities to be immediately due and
payable.

As at 5 May 2004, Confarm Group's aggregate indebtedness to its
financiers and holders of RCULS, which will become immediately
due and payable in the event all its lenders give notices of
default amounts to RM 130.0 million.

Confarm Group is also not in the position to meet its immediate
debt obligations as and when they fall due and is not in a
position to repay the total amount of indebtedness as it is
presently facing operational difficulties and cash flow
deficiencies.

The Board of Directors is currently undertaking a thorough
review to ascertain its financial position before deciding the
way forward for the Confarm Group.

This announcement is dated 7 May 2004.

Table 1 - Amount of Principal and/or interest Due as at 5 May
2004

Lender                  Borrower    Amount due as at Type of
                                    May 2004         Facilities
                                    (RM'000)

Bank Pertanian         Confarm      1,29.8      Term Laon (TL)
Malaysia (BPM)

Bumiputra-Commerce     Confarm      1,692.0     Bankers'
Acceptance
Berhad Bank Berhad                               (BA)

Malayan Banking Berhad Confarm      1,400.6    TL and BA

BCBB           Consolidated Breeder   876.5    TL and BA
               Farms Sdn Bhd

BCBB           Consolidated           3,610.8  TL and BA
               Feedmill Sdn Bhd

BCBB           Consolidated Liquid    226.6   TL and BA
               Sdn Bhd

BPM            Consolidated Liquid     36.7    TL
               Eggs Sdn Bhd

BPM            Consolidated Organic   20.0     TL
               Fertiliser Sdn Bhd

Total                                7,993.0


CSM CORPORATION: Presents Loan Default Update
---------------------------------------------
CSM Corporation Berhad, in a disclosure dated 7 May 2004 to the
Bursa Malaysia Securities Berhad (BMSB), presented to BMSB an
update on the status of default in interest payments and
principal loan repayments of the CSM Group bank borrowings as of
30 April 2004.

For full details, click on the following link:

http://bankrupt.com/misc/CSMCorpLoans11May2004.doc


HAP SENG: Issues Notice Of Shares Buy Back
------------------------------------------
Hap Seng Consolidated, in a disclosure dated 7 May 2004 to the
Bursa Malaysia Securities Berhad, announced that the company
bought back on the same date, 20,000 units of Ordinary Shares of
RM1.00 each for a total cash consideration of RM53,392.20.

Price paid for each unit was RM2.650.

The company to date has 32,930,000 units of cumulative
outstanding treasury shares.


HAP SENG: Issues Notice Of Share Buy-back
-----------------------------------------
Hap Seng Consolidated Berhad announced on 7 May 2004 to the
Bursa Malaysia Securities Berhad, that the company had bought
back a total of 101,200 units of shares in the period from 26
April 2004 to 30 April 2004 through the Bursa Malaysia for a
total cash consideration of RM266,405.67.

The minumum price paid for each share was RM2.550 while the
maximum price paid was RM2.640.

The purchased shares were retained in the treasury, thereby
bringing the total number of shares retained in the treasury to
32,881,700 units.

This was lodged with the registrar of companies on 7 May 2004.


HAP SENG: Releases Notice Of Share Buy-back
-------------------------------------------
Hap Seng Consolidated Berhad, in a notice dated 7 May 2004 to
the Bursa Malaysia Securities Berhad, announced that the company
cancelled 61,000 units of treasury shares in the period from 26
April 2004 to 30 April 2004.

The company to date still has 32,881,700 shares retained in the
treasury. Total issues capital as diminished stands at
2,226,000.

This was lodged with the registrar of companies on 7 May 2004.


HOTLINE FURNITURE: Mahajaya Sells Hotline to Raeco
--------------------------------------------------
Mahajaya Berhad, in a communication dated 7 May 2004 to the
Bursa Malaysia Securities Berhad, announced that pursuant to the
Restructuring Scheme of Hotline Furniture Berhad (HFB) and the
transfer of the Listing Status of HFB to Mahajaya, Mahajaya had
disposed of the entire issued and paid-up shares capital of HFB
to Raeco Holdings Sdn Bhd. for a nominal cash consideration of
RM1.00.

Upon completion of the disposal, HFB and its subsidiaries will
cease to be the subsidiaries of Mahajaya.

The disposal is in line with the intention of Mahajaya to
dispose off HFB upon completion of the Restructuring Scheme of
HFB on 27th April 2004 as set out in the Explanatory Statement
cum Circular to Shareholders dated 17th January 2004.


LANKHORST BERHAD: Relates Resolutions Approved At EGM
-----------------------------------------------------
Lankhorst Berhad, announced on 7 May 2004 to the Bursa Malaysia
Securities Berhad, the Ordinary Resolutions that were duly
passed and approved by the shareholders at an Extraordinary
General Meeting held on the same day.

1. Proposed Disposal of property by Lankhorst Hartanah Sdn Bhd
(LHSB)

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

2. Proposed Issue of Options to Abdul Halim a Rahim

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

This notice was issued by order of the Board.


LONG HUAT: Issues Restructuring Developments
--------------------------------------------
In compliance with Practice Note 4/2001, Long Huat Group Berhad
issued a monthly restructuring status update on 7 May 2004 to
the Bursa Malaysia Securities Berhad.

Long Huat announced that the Court had on 29 April 2004, granted
an extension of time from 3 May 2004 for a further 90 days
(expiry date of 31 July 2004) or up to the date the proposed
restructuring scheme of the Company becomes effective, being the
date that an official copy of the order of the High Court of
Malaya sanctioning the proposed scheme of arrangement is lodged
with the Companies Commission of Malaysia, whichever occurs
earlier, as announced to the Bursa Malaysia on 7 May 2004.

And on 16 April 2004, Long Huat and Lee Swee Kiat Group Berhad
(LSKG) had made an application to Bursa Malaysia for inter-alia,
the delisting of the entire Issued and Paid-up Capital of Long
Huat, transfer of the listing status of Long Huat to LKSG,
admission of LKSG to the Second Board of Bursa Malaysia and
listing of and quotation for the entire Issued and Paid-up Share
Capital of new LSKG shares.


LONG HUAT: Submits Loan Default Status Update
---------------------------------------------
Long Huat Group Berhad, in a notice posted on 7 May 2004 with
the Bursa Malaysia Securities Berhad, announced that there is no
material development pertaining to the default in respect of the
credit facilities granted to the Company and its subsidiaries
save for the following:

1. The hearing date for the winding-up petitions against Long
Huat by Public Bank Berhad (Public Bank) and Export-Import Bank
of Malaysia Berhad (Exim Bank) had been adjourned from 14 April
2004 to 26 May 2004, as announced on 16 April 2004.

2. The hearing date for the winding-up petition against Long
Huat Development Sdn Bhd (LHDSB), a wholly owned subsidiary of
LHuat, by Sim Huat Timber & Hardware Sdn Bhd (Sim Huat) and LTT
Veneer (Singapore) Pte Ltd (LTT Veneer) has been adjourned from
25 March 2004 to 10 June 2004, as announced on 31 March 2004.


MALAYSIA MINING: To Dispose of 91 Million Sime Darby Shares
-----------------------------------------------------------
On 29 March 2004, the Board of Directors of Malaysia Mining
Corporation (MMC)(Board) announced that Anglo-Oriental had
disposed an aggregate of 32,000,000 ordinary shares of RM0.50 in
Sime Darby Berhad (Sime Darby Shares) to Employees Provident
Fund Board on the same day at a disposal price of RM5.55 per
Sime Darby Share totaling RM177.6 million, representing a
discount of approximately 8.9 percent from the five (5)-day
volume weighted average market price (VWAP) of Sime Darby Shares
up to 26 March 2004 (Initial Disposal). Subsequent to the
Initial Disposal, Anglo-Oriental has a remaining balance of
91,082,047 Sime Darby Shares.

Further thereto, on behalf of the Board, Commerce International
Merchant Bankers Berhad (CIMB), in a disclosure dated 7 May 2004
to the Bursa Malaysia Securities Berhad, announced that the
Company proposes to:

(i) undertake and implement the proposed disposal of up to
91,082,047 Sime Darby Shares (Remaining Shares) by Anglo-
Oriental for cash to purchaser(s) to be identified later; and

(ii) seek a general mandate from its shareholders for recurrent
related party transactions of a revenue or trading nature (RRPT)
with certain related parties as set out in Table 1 (Related
Parties)(*) pursuant to Paragraph 10.09 of the Listing
Requirements of Bursa Malaysia Securities Berhad (Bursa
Malaysia).

A circular containing further details of the Proposals together
with the Notice of Extraordinary General Meeting (EGM) will be
dispatched to the shareholders of MMC in due course.

1. Details of the Proposals

1.1 Proposed Disposal

1.1.a. Details of the Proposed Disposal

The Proposed Disposal involves the proposed disposal of the
Remaining Shares for cash via Direct Business Transaction
through Bursa Malaysia.

As at the date of this Announcement, the purchaser(s) for the
Remaining Shares has/have yet to be identified. However, the
Remaining Shares will not be offered to the Directors of MMC
and/or persons connected to them.

The disposal price would be determined using a bookbuilding
process. Nevertheless, the disposal price for the Remaining
Shares would not be at a discount of more than 10 percent to the
five (5)-day VWAP of the Sime Darby Shares prior to the date on
which the disposal price of the Remaining Shares for each
tranche will be determined pursuant to the Proposed Disposal
(Price Determination Date).

MMC and/or Anglo-Oriental will appoint a placement agent, if
required, to place out the Sime Darby Shares.

Depending on the market conditions and investors' sentiments at
the Price Determination Date, the Proposed Disposal may be
executed in tranches.

The purchaser(s) for the Remaining Shares is/are not expected to
assume any liabilities in respect of the Proposed Disposal,
which may arise prior to the completion of the Proposed
Disposal.

The Proposed Disposal is expected to be implemented within one
(1) year from the date of the forthcoming EGM, provided always
that it shall occur prior to the conclusion of the next Annual
General Meeting (AGM) of the Company (or earlier if authority to
dispose is revoked or varied by resolution of the shareholders
of the Company in general meeting).

Part of the Remaining Shares are currently charged. However,
arrangements will be made to discharge the charges.

Anglo-Oriental initially acquired the Sime Darby Shares in
August 1981. The original cost of investment of the Remaining
Shares is approximately RM189.1 million.

1.1.b Utilization of proceeds

For illustrative purpose, assuming that the Remaining Shares
will be disposed based on a disposal price of RM5.55 per Sime
Darby Share, being the same price in which Anglo-Oriental has
transacted the 32,000,000 Sime Darby Shares pursuant to the
Initial Disposal, the gross proceeds arising from the Proposed
Disposal will be approximately RM505 million.

The gross proceeds arising from the Proposed Disposal will be
utilized to partly repay the Group's bank borrowings as well as
for working capital purposes.

1.2 Proposed General Mandate

MMC is principally involved in investment holding and
undertaking mining and mineral exploration activities, whilst
the principal activities of its subsidiaries are broadly
categorized under the following sectors:

(a) Transport & logistics;
(b) Energy & utilities; and
(c) Engineering & construction.

The MMC Group, in the ordinary course of business, enters into
RRPT, which are necessary for the day-to-day operations with
certain Related Parties of MMC. Such RRPT are carried out and
will be carried out on an arm's length basis and on normal
commercial terms which are not more favorable to the Related
Parties than those generally available to the public and which
will not be detrimental to the minority shareholders of the
Company.

Details of the RRPT between the MMC Group and the Related
Parties for which general mandate is sought are as set out in
Table 1(*).

The Proposed General Mandate is subject to annual renewal. In
this respect, any authority conferred by the Proposed General
Mandate shall only continue to be in force until the earlier of
the following:

(a) the conclusion of the next AGM of MMC following the
forthcoming EGM, at which such Proposed General Mandate is
passed, at which time the said authority will lapse, unless by a
resolution passed at a general meeting of the Company, the
authority is renewed;

(b) the expiration of the period within which the next AGM of
MMC is required to be held pursuant to Section 143(1) of the
Companies Act, 1965 (Act) (but shall not extend to such
extension as may be allowed pursuant to Section 143(2) of the
Act); or

(c) revoked or varied by resolution passed by the shareholders
in a general meeting of MMC.

2. Rationale for the Proposals

2.1 Proposed Disposal

The Proposed Disposal would enable the MMC Group to partly repay
the Group's bank borrowings, which in turn would result in
interest savings of approximately RM22 million per year before
adjusting for tax impact, as well as for working capital
purposes.

The Proposed Disposal is also in line with MMC's overall
objective of disposing some of its non-strategic assets and
enable the Company to realize a gain from its investment in Sime
Darby as illustrated in Table 2(*).

2.2 Proposed General Mandate

The Proposed General Mandate will enable the MMC Group to
eliminate the need to announce and to convene separate general
meetings on each occasion to seek prior approval of shareholders
for the RRPT.

This will improve administrative efficiency and allow human
resources and time to be channeled towards attaining other
corporate objectives and business opportunities.

3. Effects of the Proposals

3.1 Share capital and substantial shareholders' shareholdings

The Proposals will not have any effect on the issued and paid-up
share capital and the shareholdings of substantial shareholders
of MMC.

3.2 Earnings

The proforma effect of the Proposed Disposal on the earnings of
the MMC Group is set out in Table 2(*).

As at 31 January 2004, the total bank borrowings of the MMC
Group amounted to approximately RM3.66 billion. Assuming that
approximately RM415 million of these bank borrowings are repaid
from the proceeds of the Proposed Disposal, the interest savings
to the Group would be approximately RM22 million annually, based
on a weighted average interest rate of 5.23 percent per annum
(computed based on the average interest rates of the relevant
bank borrowings anticipated to be repaid) incurred on the bank
borrowings.

The Proposed General Mandate is not expected to have any
material effect on the earnings of the MMC Group for the
financial period ending 31 December 2004.

3.3 Net Tangible Assets (NTA)

Based on the audited consolidated accounts of MMC as at 31
January 2004, the proforma effect of the Proposed Disposal on
the audited consolidated NTA of MMC as at 31 January 2004 is set
out in Table 3(*).

The Proposed General Mandate is not expected to have any
material effect on the consolidated NTA of MMC as at 31 December
2004.

4. Conditions of the Proposals

The Proposals are subject to the approval of the shareholders of
MMC at an EGM to be convened.

The Proposed Disposal and the Proposed General Mandate are not
conditional upon one another.

5. Directors' and Major Shareholders' Interests

5.1 Proposed Disposal

As at the date of this Announcement, the purchaser(s) for the
Remaining Shares has/have yet to be identified. The Remaining
Shares could therefore be offered to local and/or foreign
investors and/or related parties. However, the Remaining Shares
will not be offered to the Directors of MMC and/or persons
connected to them.

As at 30 April 2004, the major shareholders of MMC (including
persons who were within the preceding 12 months a major
shareholder) are as set out in Table 4(*). They will be required
to abstain from voting on the resolution pertaining to the
Proposed Disposal in respect of their direct and/or indirect
interest, if any, in MMC at the EGM to be convened should they
express their interests to participate in the Proposed Disposal
subsequent to the release of this Announcement.

In order to ensure that the Remaining Shares will not be sold to
the Directors and/or persons connected to them, all the
Directors have confirmed that they have and shall continue to
ensure that persons connected to them would not be potential
purchasers for the Remaining Shares.

Save as disclosed above, none of the Directors or major
shareholders of MMC or persons connected to them has any
interest, direct or indirect, in the Proposed Disposal.

5.2 Proposed General Mandate

Dato' Ismail bin Shahudin, the Group Chief Executive of MMC, is
also a Director of PTP and by virtue of his directorship and
shareholding interest of 6,000 shares in MMC as at 30 April
2004, held via his wife, is deemed interested in the Proposed
General Mandate. He has abstained and shall continue to abstain
from deliberations and voting at all Board meetings on the
Proposed General Mandate. He shall also ensure that persons
connected to him shall abstain from voting on the Proposed
General Mandate at the forthcoming EGM of MMC.

Datuk Mohd. Sidik bin Shaik Osman is the Chief Executive Officer
of PTP and a Director of MMC. As a matter of good corporate
governance, Datuk Mohd. Sidik has abstained and shall continue
to abstain from deliberations and voting at all Board meetings
on the Proposed General Mandate. He shall also ensure that
persons connected to him shall abstain from voting on the
Proposed General Mandate at the forthcoming EGM of MMC.
Seaport, a major shareholder of MMC holding 40.09 percent equity
interest therein, by virtue of its shareholding of 19.90 percent
in PTP, is deemed interested in the Proposed General Mandate.
Accordingly, Seaport will abstain from voting on the resolution
pertaining to the Proposed General Mandate in respect of its
direct and/or indirect interests in MMC at the EGM to be
convened. Seaport shall also ensure that persons connected to it
will also abstain from voting on the Proposed General Mandate in
respect of their interests (if any), direct and indirect, at the
forthcoming EGM of MMC.

Save as disclosed above, none of the other Directors or major
shareholders of MMC or persons connected to them has any
interest, direct or indirect, in the Proposed General Mandate.

6. Adviser and Independent Adviser

MMC has appointed CIMB as its Adviser for the Proposals.

Since the purchaser(s) of the Remaining Shares has/have yet to
be identified, there is a possibility that the major
shareholders and/or persons connected to them may potentially be
one (1) of the purchasers of the Remaining Shares. In this
respect, MMC has appointed Malaysian International Merchant
Bankers Berhad as the Independent Adviser to the minority
shareholders of MMC for the Proposed Disposal.

7. Directors' Recommendations

Your Directors, after careful deliberation on all aspects of the
Proposed Disposal, are of the opinion that the Proposed Disposal
is in the best interest of the Company.

Your Directors, save for Dato' Ismail bin Shahudin and Datuk
Mohd. Sidik bin Shaik Osman who are deemed interested in the
Proposed General Mandate, having considered all aspects of the
Proposed General Mandate, are of the opinion that the Proposed
General Mandate is in the best interest of the Company.

(*) Tables 1-4 may be viewed in full detail at the following
link:

http://bankrupt.com/misc/MalaysiaMiningTables11May2004.doc


MTD CAPITAL: Deliberating on Planned Group Restructuring
--------------------------------------------------------
MTD Capital Berhad is mulling over a proposed group-
restructuring proposal that may include the purchase of IJM
Corporation Berhad stakes, the Edge Daily reports.

"However, this proposal has yet to be deliberated and approved
by the board of directors (MTD)," MTD Capital said in response
to a query by the Bursa Malaysia Securities Berhad on Friday, 7
May.

In its May 3 issue, The Edge reported that ACP Industries Bhd, a
company controlled by MTD Capital, was proposing to acquire a
substantial stake in IJM from a group of institutional
shareholders to form the largest construction company in
Malaysia.

However, IJM chief executive officer and managing director Datuk
Krishnan Tan Boon Seng, when contacted, said it was difficult to
speculate at this point of time.

"Anything is possible ... it does not stop anyone from offering
to our shareholders. If there is a value in the price being
offered, particularly (to) the institutional shareholders. If
they sell, that can happen."

"Frankly, I am not aware if there is any negotiation going on,"
he said, when asked if there were any preliminary discussions
between the parties mentioned.

Tronoh Mines, a company under the Malaysia Mining Corp Bhd
stable, is the largest shareholder of IJM with 17.5 percent. The
Employees Provident Fund has a 14.1 percent stake in IJM.

MTD Capital said it would make the necessary announcement should
there be any material development.


NCK CORPORATION: Completes Restructuring Scheme
-----------------------------------------------
This announcement dated 7 May 2004 and issued to the Bursa
Malaysia Securities Berhad, was released on behalf of NCK
Corporation Berhad, of which APB resources Berhad has assumed
listing status.

Further to the announcement dated 3 November 2003, 12 March 2004
and 19 March 2004, OSK Securities Berhad (OSK), on behalf of the
Special Administrators of NCK announced that save for the
Proposed Acquisition of ECSB and Proposed Acquisition of KRSB
that are envisaged to be completed by second quarter of 2004,
the Restructuring Scheme was completed on 6 May 2004.


PAN PACIFIC: Applies For Extension
----------------------------------
Pan Pacific Asia Berhad (PPAB or Company) would like to refer to
the announcement dated 23 May 2003 whereby Alliance Merchant
Bank Berhad (Alliance), on behalf of PPAB, announced that the
Securities Commission (SC) has vide its letter dated 21 May 2003
approved the Proposed Restructuring Scheme of PPAB. In
accordance with Practice Note No. 4/2001 of Bursa Malaysia
Listing Requirements, the Company has up to 12 months to
implement the Restructuring Scheme upon receipt of the SC's
approval.

Alliance, on behalf of PPAB, announced in a notice dated 7 May
2004 and submitted to the Bursa Malaysia Securities Berhad, that
the Company had on the same date, sought for an extension of
time of one (1) year from the SC until 21 May 2005 to complete
the implementation of the Proposed Restructuring Scheme.

The application for the extension of time is currently pending
the approval of the SC.


PROMTO BERHAD: Releases Update To Board Changes And Suits
---------------------------------------------------------
Promto Berhad, on 7 May 2004, issued an update to the company's
announcement dated 22 April 2004.

As reported in TCR-AP April 24, 2004 issue, the announcement
referred to an Extraordinary General Meeting convened to discuss
changes in the company board.

The EGM discussed resolutions pertaining to the removal of Tan
Kok Chee and Foong Hoong Heng as directors of the company; the
appointment of Ganesan A/L Sundaraj and Lean Chee Seng as
directors of the company; and the three legal suits filed in
respect to the EGM.

Promto Berhad, in a notice dated 7 May 2004 and posted with the
Bursa Malaysia Securities Berhad, advices of the developments in
relation to the abovementioned EGM.

(i) Mr Tan Kok Chee and Mr Fong Hoong Heng had voluntarily
resigned on 20 April 2004.

(ii) On 20 April 2004, Ms Tan Cho Hon, Mr Lim Cheng Hock and
Brig-Gen (Rtd) Dato' Mior Azam bin Mior Safi were appointed as
directors. With the appointments, there are presently nine
directors which is the maximum quota. Article No. 100 states
that the maximum number of directors for the Company is 9.

(iii) Accordingly, the Chairman informed the meeting that the
motion of the appointment of Mr Ganesan A/L Sundaraj and Mr Lean
Chee Seng cannot be considered.


PROMTO BERHAD: Issues Notice of EGM
-----------------------------------
Promto Berhad issued on 7 May 2004 to the Bursa Malaysia
Securities Berhad, a copy of the company's notice of
Extraordinary General Meeting. The EGM, which is to be held on
28 May 2004 is being called by the shareholders under Section
145 of the Companies Act 1965.

To read a full copy of the notice, click on the following link:

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


PROTON: Capable of Producing Motorcycles
----------------------------------------
Kenny Roberts, owner of Proton Team KR has said the outfit is
capable of producing street motorcycles, the Malaysian National
News Agency- Bernama reports.

According to Roberts, the world motorcycle-racing outfit Proton
Team KR which is sponsored by Perusahaan Otomibil Nasional
Berhad (Proton) has built up the necessary expertise and
technology to produce such motorcycles commercially.

He added that Proton should capitalize on its brand, image and
the technology, which had been developed by Proton Team KR over
the last few years to produce motorcycles that would be much
sought-after.

As of the moment there are only three major motorcycle
manufacturers in the world, namely Honda, Yamaha and Suzuki,
which would allow Proton to move quickly into the top ranks
should it decide to enter the motorcycle industry.

Roberts said Proton had proven that it could build good quality
cars and it could do the same with motorcycles and the company
should harness the goodwill from its brand name, which had been
enhanced through its acquisition of Group Lotus.

The Proton Team KR produced the best motorcycle frame in this
year's World Motorcycling Championship and received a number of
enquiries from other countries to produce street bikes.

Roberts said serious thought should be given to this proposal as
Proton Team KR could work with Proton and Group Lotus to produce
world-beating street motorbikes.


SOUTHERN STEEL: Lands US$85M Term Loan Facility
-----------------------------------------------
Banking sources revealed on Monday, 10 May that Southern Steel
Berhad might have secured an US$85 million term loan facility
with a five-year tenure. According to The Star Online, the loan
will be used to refinance its existing loans and for future
working capital.

The term loan facility came with a green shoe option of an
additional US$20mil that the steel maker could draw anytime it
needed to.

The sources said the new facility offered very competitive
rates, prompting the steel maker to refinance some of its
existing loans, which were reported to be about RM1.2 billion as
of middle of last year.

The lead arranger for the loan facility is reported to be
Singapore's DBS Bank together with its offshore Labuan unit.

Southern Steel is involved in the manufacture and trading of
bars, rods, wires and pipes. The company holds approximately 60
percent of the market share in wire rods, which have wider
applications than steel bars.

Southern Steel's major shareholders are Hong Leong Company (M)
Berhad and David Fu Kuo Chen with the rest of the shares held by
the public.


SRI HARTAMAS: Unit Enters Voluntary Liquidation
-----------------------------------------------
As announced to the Bursa Malaysia on 9 April 2004, the
Directors of Bartercard Enterprise Sdn Bhd In Creditors'
Voluntary Liquidation), had on 9 April 2004 resolved:

   i) That the Company cannot by reason of its liabilities
continue its business and that it be wound up voluntarily;

  ii) That pursuant to Section 255 of the Companies Act, 1965,
Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-
8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew,
55200 Kuala Lumpur, be and is hereby appointed as Provisional
Liquidator for the purpose of the winding up; and

iii) That separate meeting of members and creditors of the
Company be convened on 7 May 2004 pursuant to Section 255(1)(b)
of the Companies Act, 1965.

The Special Administrators of Sri Hartamas Berhad (SHB), being
the holding company of BARTERCARD, wish to inform the Bursa
Malaysia Securities Berhad that the following meetings were held
pursuant to Section 255(1)(b) of the Companies Act, 1965.

1. Members Meeting

At an Extraordinary General Meeting (EGM) of the members of the
Company convened on 7 May 2004, the following resolutions were
duly passed:

Special Resolution

i) That it has been proven to the satisfaction that the Company
cannot by reason of its liabilities continue its business, and
that it is advisable to wind-up the same and that accordingly
the Company be wound-up voluntarily.

Ordinary Resolution

ii) That Tam Kok Meng c/o Tam & Associates Corporate Services
Sdn Bhd, D-8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan
Loke Yew, 55200 Kuala Lumpur, be and is hereby appointed as
Liquidator for the purpose of such winding-up.

2. Creditors Meeting

In a creditors' meeting held on 7 May 2004 immediately following
the said EGM, the creditors have confirmed the appointment of
Tam Kok Meng as Liquidator of the Company.

The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.

This announcement is dated 7 May 2004

Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed
Ooi Woon Chee
Special Administrator


UNITED CHEMICALS: Provides Update on Loans in Default
-----------------------------------------------------
In compliance with Section 3.1 of Practice note No. 1/2001, the
Board of Directors of United Chemical Industries Berhad (UCI)
provided the Bursa Malaysia Securities Berhad on 7 May 2004, an
update on all facilities in default.

Details may be viewed on the following link:

http://bankrupt.com/misc/UtdChemLoans11May2004.xls


WOO HING: Two Subsidiaries Enter Provisional Liquidation
--------------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad
announced on 7 May 2004 in a notice to the Bursa Malaysia
Securities Berhad that two of the company's subsidiaries are in
provisional liquidation effective Friday, 7 May 2004.

These subsidiaries are Golden Linear Marketing Sdn Bhd and Soon
Hee Goldsmith Jewellery Sdn Bhd.

The liquidation was initiated by the respective company's
directors under Section 255 (1) of the Companies Act, 1965. The
subsidiaries are dormant and their liquidation is provided under
the Special Administrators' Workout Proposal dated 8 August 2002
and its modifications.

There is no material impact of the above provisional liquidation
on the net tangible assets and the earning per share of the
Company for the financial year ended 31 December 2003.

This announcement was submitted by Special Administrator Heng ji
Keng.


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


NATIONAL POWER: ERC Issues Order For Industrial Customers Refund
----------------------------------------------------------------
In a press release, the Energy Regulatory Commission (ERC)
ordered the National Power Corporation (NPC) to refund 30
centavos per Kilowatt-hour to its qualified industrial customers
that availed the Special Program to Enhance Electricity Demand
(SPEED).

The Order dated April 2004 was issued after NPC failed to
satisfactorily explain to the ERC why it only granted 50
centavos per kilowatt-hour SPEED discount. The Commission's
mandated a rate mark down of 80 centavos per kilowatt-hour in
its Order dated October 11, 2002.

"The 30› difference must be returned to the concerned industrial
electricity users. We have ordered NPC to propose to us a scheme
to effect the refund to affected customers," ERC Chairman
Rodolfo B. Albano, Jr. said.

SPEED is a promotional program of the NPC to perk up electricity
demand and aid distressed industries. The hike in power demand
is expected to generate more productivity and socio-economic
benefits for the people. Moreover, the increase in power usage
will minimize the unutilized generation capacity of NPC.

The Commission earlier charged NPC for violation of ERC Orders,
Rules, and Regulations when it did not grant the correct amount
of discount.

NPC issued a Show-Cause Order (SCO) to justify its action. In
its reply, the state-run power firm cited in part that there is
a need for it to evaluate the Customer's Baseline Load (CBL)
which is a pre-requisite to properly implement SPEED. It also
told the Regulator that it was never its intention to violate
any order, rule and regulation of the Commission.

"ERC finds the explanation unmeritorious. The argument that
there was a need for it to evaluate the CBL as a condition
precedent to the proper implementation of the SPEED is
unacceptable. NPC should have made such evaluation even before
it applied for the approval of the SPEED discounts knowing that
it would delay the implementation of said discounts once it is
approved by the Commission," the Chief Regulator stressed.

The Commission also emphasized that good faith is not a valid
defense in cases of violations of its lawful Orders validly
issued in the performance of its mandate in answer to NPC's
statement that it never intended to violate any Order of its
Orders.

"ERC is a fair and just regulatory body. It always stands in the
middle, balancing the interests of consumers and the power
providers," Chairman Albano remarked.


NATIONAL POWER: Losses Most Likely Not To Reach PhP100B
-------------------------------------------------------
The reported 2003 PhP100 billion loss of National Power
Corporation (Napocor) yet to be determined for the company's
financials are yet to be audited, BusinessWorld Online Edition
reports, citing the company's president Rogelio M. Murga.

Power Sector Assets and Liabilities Management (PSALM)
president, Raphael PM Lotilla said that the reported losses are
not likely to be that bad, accounting changes may have unduly
increased Napocor's losses but it would not reach PhP100
billion.


Napocor's losses


Net Loss/Gain *

2002    2001      2000     1999     1998     1997
-33.7   -10.4     -12.964  -5.953   -3.617   3.054



Long Term Debts

2002     2001     2000     1999     1998     1997
376.315  290.135  292.008  238.825  214.489  197.814

(net of current portion in billion pesos)*


NEGROS NAVIGATION: Issues Clarification of News Article
-------------------------------------------------------
Negros Navigation Co. (Nenaco) submits to the Philippine Stock
Exchange clarification of news articles:

(a) "Five Nenaco vessels grounded anew" published in the May 6,
2004 issue of the BusinessWorld (Internet Edition).  The article
reported that "Bacolod City--Five vessels of Negros Navigation
Co. (Nenaco) were grounded anew Monday evening, causing the
temporary restraining order (TRO) issued by the Court of Appeals
Special 12th division upon the petition of shipbuilder Tsuneishi
Heavy Industries (Cebu) Inc. Angeliton Salvio, Nenaco Bacolod-
Iloilo branch manager, said the vessels that were grounded were
M/V Princess of Negros, M/V St. Peter the Apostle, M/V San
Paolo, M/V San Sebastian and M/V Fatima."

(b) "High Court allows Nenaco to sail five grounded vessels"
published in the May 7, 2004 issue of the BusinessWorld
(Internet Edition).  The article reported that "Negros
Navigation Co. (Nenaco) can again put to launch five of the
vessels grounded by the Court of Appeals, this time with the go-
ahead from the Supreme Court.  Teh high Court on May 4 barred
the appeals court from implementing its April 29 order grounding
Nenaco's M/V Princess of Negros, M/V St. Peter the Apostle, M/V
San Paolo, M/V San Sebastian and M/V Fatima.  The Supreme Court
also ordered both the appeals court and Tsuneishi Heavy
Industries (Cebu) Inc. to show cause why the vessels should be
grounded.  The appeals court last Monday grounded the vessels
based on a petition form Tsuneishi, a Nenaco creditor.  The
grounding had caused the debt-ridden shipping firm at least
PhP15 million in losses as of Thursday.  The high Court required
Nenaco to post a PhP500,000 bond within five days of the
temporary restraining order it issued otherwise the order shall
have no effect."

Nenaco in its letter to the Philippine Stock Exchange dated May
7, 2004, stated that:

"On April 29, 2004 the Court of Appeals Special 12th Division
issued a temporary restraining order (TRO) grounding five
vessels of the company.  The Supreme Court, however ordered on
May 4, 2004 the release of the five vessels and allowed them to
sail."


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


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone Co.
(PLDT) to list additional 1,289,745 common shares, with a par
value of PhP5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the company, at an exercise price of PhP814.00
per share.

In this connection, please be advised that a total of 2,442
common shares have been availed of and fully paid by the
optionees under the company's ESOP.

In view thereof, the listing of the 2,442 common shares is set
for Tuesday, May 11, 2004.  This brings the number of common
shares listed under the ESOP to a total of 22,774 common shares.

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

To view full copy of this document click,
http://bankrupt.com/misc/PHILIPPINELONG051004.pdf

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


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


HESHE HOLDINGS: Enters Share Sale Agreement with Sim Lian
---------------------------------------------------------
The Board of Directors of Heshe Holdings Ltd announced that
together with Lea Fashion (S) Pte Ltd, a wholly owned subsidiary
of the Company, the Company has on 6 May 2004 entered into a
Share Sale Agreement with Sim Lian Group Limited (SLG), whereby
SLG has agreed to purchase the 5,000,000 ordinary shares of
S$1.00 each, equivalent to 50% of the share capital of Tele-
Hinterland Pte Ltd (Tele-Hinterland) held by the Company and Lea
Fashion, and the 1 ordinary share of S$1.00 in the share capital
of The Geo-Tele Heartland Pte Ltd (Geo-Tele) held by the Company
(collectively the Sale Shares), for a cash consideration of
S$1,900,000 payable to the Company.

In a disclosure to the Singapore Stock Exchange, Geo-Tele is a
joint venture company (with Geographic Network Affiliates-
International Inc) which the Company has an approximately 33%
indirect effective interest through Tele-Hinterland. The cash
consideration was based on commercial negotiation on a willing
buyer and willing seller basis.

The completion of the sale and purchase of the Sale Shares is
conditional upon an ordinary resolution of the Company being
passed within 3 months from 6 May 2004 at a general meeting of
the members of the Company, approving the entry into and
execution of the Share Sale Agreement by the Company and the
transactions contemplated thereunder; or the waiver by the
Singapore Exchange Securities Trading Limited (SGX-ST) within 3
months from 6 May 2004 of the requirement of the Company under
Chapter 10 of the SGX-ST Listing Manual to obtain the approval
of its members to the Share Sale Agreement. The Company has
applied to SGX for a waiver of a general meeting of the members
of the Company.

In consequence of the Share Sale Agreement, the Company has
settled Suit No. 375 of 2003/M in the High Court of the Republic
of Singapore commenced by Geo-Tele against the Company and Poly-
Allied Knitwear (Pte) Ltd (PAKPL), a wholly-owned subsidiary of
the Company, and Originating Summons No. 672 of 2003/K
(collectively the Proceedings), with parties in the Proceedings
agreeing to drop and discontinue all claims and counterclaims in
the Proceedings one business day after the completion of the
sale and purchase of the Sale Shares.

It has also been agreed pursuant to the terms of the Share Sale
Agreement that the Company shall assign to SLG, all of the
Company's present and future rights, title and interest in, to
and under, the shareholders' loan of S$3,905,000 advanced to
Tele-Hinterland by the Company. In return Geo-Tele will forgive
its claims, including rental arrears, of about $1.4 million and
$2.3 million from Heshe and PAKPL respectively. Furthermore, SLG
would procure a discharge of the corporate guarantee that the
Company has provided to the bank. The corporate guarantee is
equivalent to its effective one-third share or about $8 million
of the $24 million in outstanding debt to the bank.

The Company entered into the joint venture agreements for Tele-
Hinterland and Geo-Tele for the purpose of carrying out a
carrier hotel/data centre business. It relied greatly on its
anchor tenant, Tyco Networks (Singapore) Pte Ltd (Tyco) for the
future of this business. Tyco signed a 14-year long lease with
the plan to connect its facilities in the building to its global
network of data centres. However, with the sharp downturn in the
telco business coupled with its internal restructuring, Tyco
decided not to proceed and had served notice for an early
termination. As a result of Tyco pullout, the joint ventures for
data centre came to a halt. The deadlocks in partnership have
also worsened the situation.

The Board of Directors decided that it is in the best interest
of the Company to divest its 50% stake in Tele-Hinterland. This
sale transaction will bring in $1,900,000 cash. The proceeds
will be utilized for working capital needs and for repayment of
borrowings.

In accordance with Rule 1006 of the SGX Listing Manual, the
relative figures are computed as follows:

In accordance with Rule 1006 of the SGX Listing Manual, the
relative figures are computed as follows:

Rule   Bases               Sale     Heshe Group  Relative
1006                       Shares   (S$)         Figures
                          (S$)                  (%)

a)   Net asset value of the 283,000 6,690,000    3.7
     shares disposed of
     compared with Group's
     net asset value (1)

b)   Net profit attributable 114,000 (1,156,000) -9.9
     to the Sale Shares
     disposed of compared
     with Group's operating
     loss (2)

c) Consideration received    1,90,000 30,400,000  6.3
   compared with Group's
   market capitalization as at
   5 May 2004

Note: (1) & (2) The net asset and net profit/loss figures used
for comparison were based on the latest announced consolidated
accounts for the half year ended 31 December 2003.

The book value of the Sale Shares has been written down to
$1,965,000 and $169,000 respectively in audited accounts of the
Company and Group as at 30 June 2003. The disposal of the Sale
Shares will result in a profit of about S$1.7 million for the
Group. The net tangible assets per share and earnings per share
of the Group would improve by 0.53 cents, assuming that the
disposal of the Sale Shares had been effected at the last
financial year ended 30 June 2003.

A copy of the Share Sale Agreement will be made available for
inspection during normal business hours at the Company's
registered office for a period of 3 months from the date of the
announcement.

None of the Directors has any interest; direct or indirect in
the disposal of the Sale Shares save their shareholdings in the
Company.

Meanwhile, the Business Times reported that Loss-making Heshe
will reap a profit of $1.7 million from the sale, and plans to
use the proceeds from the transaction to repay loans and to fund
its working capital needs. For the six months ended December,
the group trimmed its net loss to $1.2 million from $1.7 million
a year ago, and reported net assets of around $7.7 million or
2.41 cents per share.


ISRICH PROPERTIES: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of Isrich Properties
Pte Ltd (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
7 June 2004 to submit their particulars to prove their debts or
claims to their liquidator in accordance with Form 77 containing
their respective debts or claims.

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

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

This Singapore Government Gazette announcement is dated 7 May
2004.

LEK CHUAN: Issues Dividend Notice
---------------------------------
Lek Chuan Building & Civil Engineering Pte Ltd. issued a notice
of intended dividend as follows:

Address of Registered Office: Formerly of 298A Upper Paya Lebar
Road Tai Keng Court Singapore 534931.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 153 of 2002.

Last Day for Receiving Proofs: 21st day of May 2004.

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

KAREN LOH
Assistant Official Receiver.

This Singapore Government Gazette announcement is dated 7 May
2004.


NANRONG MECHATRONICS: Creditors Must Submit Claims by June 7
------------------------------------------------------------
Notice is hereby given that the creditors of Nanrong
Mechatronics (Pte) Ltd (In Members' Voluntary Liquidation),
whose debts or claims have not already been admitted, are
required on or before 7 June 2004 to submit their particulars to
prove debts or claims to its liquidator in accordance with Form
77 containing their respective debts or claims.

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

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

This Singapore Government Gazette announcement is dated 7 May
2004.


NMB PRECISION: Creditors Must Submit Claims by June 8
-----------------------------------------------------
Notice is hereby given that the creditors of NMB Precision Tool
& Die (Pte) Ltd (In Members' Voluntary Liquidation), which is
being wound up voluntarily, are required on or before the 8 June
2004 to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said company, and, if so required by notice in writing by the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

SHOJI SHISHIDO
Liquidator.
c/o 1 Chai Chee Avenue
Singapore 469059.

This Singapore Government Gazette announcement is dated 7 May
2004.


POLY-ALLIED KNITWEAR: Enters Winding up Petition
------------------------------------------------
The Board of Directors of Heshe Holdings Limited (Heshe) wishes
to announce that a petition for the winding up of Poly-Allied
Knitwear (Pte) Limited (PAK), a wholly owned subsidiary of the
Company, has been filed by Hecny Transportation (S'pore) Private
Limited (Hecny) in the High Court of Singapore. The petition
will be heard on 21 May 2004.

Hecny in connection with the sum of S $95,986.58 issued the
winding up petition.

The Company, having assessed the export garment business of PAK,
has decided that it is the best interest of the Company to
discontinue the business of PAK. As such, the Company does not
intend to contest the petition.

There is no negative financial impact on the group results
arising from the winding up petition.

Submitted by Jessica Soh Ying Zhen, Acting Chief Executive
Officer on 07/05/2004 to the SGX


YAP'S FORMATION: Winding Up Petition Set for May 28
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Yap's Formation Pte Ltd. by the High Court, was on the 30 April
2004 presented by Marina Food Court Pte Ltd. The said petition
will be heard before the Court sitting at the High Court in
Singapore at 10 a.m. on the 28 May 2004. Any creditor or
contributory of the said Company desiring to support or oppose
the making of an order on the said Petition may appear at the
time of hearing by himself or his Counsel for that purpose and a
copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charges for the same.

The Petitioner's address is 6 Raffles Boulevard, #01-101 Marina
Square, Singapore 039594.

The Petitioner's Solicitors are Messrs A.Ang, Seah & Hoe of 141
Market Street, #06-01 International Factors Building, Singapore
048944.

Messrs A.ANG, SEAH & HOE
Solicitors for the Petitioner.

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs A. Ang, Seah & Hoe of 141 Market Street, #06-01
International Factors Building, Singapore 048944, notice in
writing of his intention so to do. The notice must state the
name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their Solicitors (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
above named not later than twelve o'clock noon on the 27th 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.


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


MILLENIUM STEEL: Exits Rehabco Sector of SET
--------------------------------------------
Millennium Steel Plc. (MS), the largest long steel producer in
Thailand, day announced that the Stock Exchange of Thailand
(SET) approved its application to move from the Rehabco sector
to its previous Building & Furnishing sector. The stock will
commence trading in the new sector on 18th May 2004.

SET Guidelines

The SET granted its approval as the Company's financial
performance complied with its requirements, as follows: for the
last four quarters (beginning from the second quarter of 2003 to
the first quarter of 2004) prior to its transfer request, MS
reported a combined net operating profit from its core business
of 218 million baht with positive shareholders' equity of 9,741
million baht (as of 31st March 2004) and cash flow from
operations of 194 million baht, after having booked interest
expense. The Company also successfully restructured all of its
debt and settled due debts on time and demonstrated a stable
financial status and performance.

Demand for rebar and wire rods in the Thai market has continued
to increase owing to continued expansion of the property and
construction industries as well as from government
infrastructure projects. In 2003, demand for rebar steel
increased around 15% over 2002 and is expected to grow by 17 to
20 percent this year.

According to the conditions specified by the SET to allow MS to
resume trading in its sector, the Company's strategic
shareholder, Cementhai Holding Co., Ltd. is prohibited from
selling its 1,311,999,388 ordinary shares (31.48 percent of MS's
ordinary issued shares, or 22.79 percent of its paid-up capital)
under a one-year "Silent Period", which will commence beginning
from the first day of trading in the Building & Furnishing
sector. However, Cementhai Holding is allowed to sell 25 percent
of its holding of MS in the first six months and another 25
percent in the subsequent six months. Upon the expiration of one
year, Cementhai Holding may sell its remaining shares.

Management's comments

"We are very confident that we will continue our strong
improvement in profitability for fiscal year 2004 compared to
2003 in terms of both production and sales. China has
implemented a series of measures, including limiting banks from
lending to potentially over-invested sectors, particularly
construction and property, which may slow imports of building
materials from Thailand and will likely result in fluctuations
in world market steel prices. We believe this will not have a
direct effect on MS's revenues, however, as China is not among
our clients."

Contact:

Millennium Steel Plc.
Khun Santi Charnkolrawee
President
22nd Floor, Shinawatra Tower III,
1010 Viphavadi-Rangsit Rd.
Chatuchak, Bangkok, 10900
Telephone: +66(0) 2949-2888
Fax: +66(0) 2949-2889
Email:santic@cementhai.co.th Seamico Securities Plc.

Mr. Robert W. McMillen
Chief Executive Officer
Seamico Securities Plc.
16th Floor, Liberty Square,
287 Silom Road, Bangrak,
Bangkok 10500, Thailand
Telephone: +66 (0) 2695-5000
Fax: +66 (0) 2631-1708:
Email:rwm@seamico.co.th


RAIMON LAND: Unveils Board of Directors Meeting
-----------------------------------------------
Raimon Land PCL, submits to the Stock Exchange of Thailand
(SET), the resolutions of the Board of Directors Meeting of the
Company held on April 7, 2004:

(1) Resolved for the Company to appoint Seamico Securities PCL
as the placement agent to place the remaining shares (after
right issue and excess right) to the investors in private
placement and/or institutional investors categorized under the
Notification of the Securities and Exchange Commission,
No.Kor.Jor.12/2543 regarding the Application and Permission for
Offering Newly Issued Shares.

The Company therefore prepared the report of the disclosure of
information in accordance with the SET's regulation regarding
Rules, Procedures and Disclosure of Connected Transaction of
Listed Companies, B. E. 2546, details as per attachment.

(2) Resolved for the Company to subscribe the capital increase
ordinary shares in Contemporary Property Co., Ltd. (being an
subsidiary in which the Company hold shares at 50.96 percent of
the registered capital of such subsidiary) in the amount of
152,871 shares, priced at 100 Baht per share, totaling
15,287,100 Baht, to maintain the proportion of shareholding of
the Company and in case there are shares remaining from the
subscription of other existing shareholders in any case
whatsoever, the Company will subscribe for all remaining shares,
provided that Contemporary Property Co., Ltd. first call the
payment of the capital increase ordinary shares at 25 Baht per
share.

Please be informed accordingly.
Sincerely Yours,
Mr. Nigel John Cornick
Chief Executive Officer



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

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

AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    4
Australia Commonwealth Govt. Loans    3.000%     7/29/49   61
Australian Food & Fibre Ltd.          4.000%     12/4/08   10
Bendigo Bank Ltd                      8.000%     5/29/49   10
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.250%    10/15/04    9
BIL Finance Ltd                       8.750%    10/15/04    8
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.000%    10/15/04    9
BIL Finance Ltd                       9.250%    10/15/06    9
BIL Finance Ltd                      10.000%    10/15/04    9
Capital Properties NZ Ltd             8.500%     4/15/05    7
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    9
Citigold Corp.     12.000%   3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    1
Djerriwarrh Investments Ltd           7.500%     9/30/04    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    7
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.500%     4/15/04    7
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    7
Feltex Carpets Ltd                   10.250%     9/15/08    1
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    2
Garratts Ltd                         12.000%    12/31/03    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   12
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility         8.500%     9/15/13    8
JB Were Capital Markets Ltd           8.750%    12/31/03   29
Macquarie Bank Ltd                    1.800%     8/15/15   66
New South Wales Treasury Corporation  0.500%     2/16/10   72
NPT Capital Ltd                       9.500%    11/30/04    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Retail Finance                9.250%     9/15/07   10
Port Douglas Reef Resorts Limited     9.000%      4/1/04    1
Powerco Ltd                           8.150%      9/1/07    7
Powerco Ltd                           8.400%     5/22/07    7
Queensland Treasury Corporation       0.500%     5/19/10   72
Richmond Ltd                         10.750%    12/15/04   11
Salomon Smith Barney Australia        4.250%      2/1/09    9
Sapphire Securities                   9.250%    12/20/06    9
Sky Network Television Ltd            9.300%    10/29/49    7
Straits Resources Ltd                10.000%    12/31/03    1
Strathfield Group Ltd                11.000%    12/31/05    1
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    7
TrustPower Ltd                        8.500%     9/15/12    8
Vision Systems Ltd                    9.000%    12/15/08    2


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

China Government Bond                  2.900%      5/24/32   63
China Government Bond                  2.600%      9/20/07   73
China Government Bond                  3.400%      4/17/23   75
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   57
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------

Alliance Bank Bhd       7.750%     06/20/11    5
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Denko Industrial Bhd                   5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    2
Equine Capital Bhd                     3.000%      8/26/08    2
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    3.000%     10/21/07    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    2
Gula Perak Bhd                         6.000%      4/23/08    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
Hong Leong Industries Bhd              4.000%      6/28/07    1
Hubline Bhd        4.000%      1/10/06    2
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
Lebar Daun Bhd                     2.000%       1/6/07    3
LBS Bina Group Bhd                     4.000%     12/31/06    2
LBS Bina Group Bhd                     4.000%     12/31/07    2
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lingkaran Trans Kota Holdings          7.150%     10/23/10   10
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pahlawan Power                         5.150%      1/31/05   10
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
Wah Seong Corporation Bhd              3.000%      5/21/12    3
Yu Neh Huat Bhd                        3.000%       9/2/08    1


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

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


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Housing and Dev. Board                 3.875%      2/11/04    1
Rabobank Singapore                     1.000%      1/15/13   69
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd           6.000%      12/7/06    1
Tincel Ltd                             5.000%      6/13/11   1
Tincel Ltd                             7.400%      6/13/11   1


THAILAND
--------

Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank                             4.589%     3/3/04   64
Bangkok Land              3.125%    3/31/01   15
Bangkok Land                             4.500%   10/13/03   20
Siam Commercial Bank PCL                 3.250%    1/24/04   64



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





                            *********






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

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

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

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

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

                 *** End of Transmission ***