/raid1/www/Hosts/bankrupt/TCRAP_Public/030708.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, July 8, 2003, Vol. 6, No. 133

                         Headlines

A U S T R A L I A

EXOTIC TIMBERS: Federal Court Orders Liquidator Appointment
TOWER AUSTRALIA: To Reimburse Underpaid Investors
TOWER LIMITED: Clarifies Rights Issue, Underwriting Arrangements
TOWER LIMITED: Underwritten Capital Raising Confirmed
WESTERN METAL: Discloses June Resource, Reserve Statement


C H I N A   &   H O N G  K O N G

KARTECH (HONG KONG): Petition to Wind Up Filed
LINKERWAY (GROUP): Winding Up Petition Slated for Hearing
LINKERWAY (HOLDING): Winding Up Sought by Bank of China
TACK HSIN: Inks Placing Agreement With Get Nice


I N D O N E S I A

TEXMACO GROUP: IBRA to Forcibly Collect Owner's Rp1.3Tr Debt


J A P A N

DAIEI INC.: Narrows Potential Buyers to Three
FUJITSU LIMITED: Launches 32-Bit RISC Microcontroller
ISHIMORI SEISAKUSHO: Elevator Installation Firm Enters Rehab
ISUZU MOTORS: Enters OEM Supply Deal With Mazda
MARUBENI CORPORATION: Y1.6B Hidden Net Income Uncovered

SANWA KOKI: Steel Firm Enters Rehab
TAKARA HOUSING: Real Estate Firm Enters Bankruptcy


K O R E A

KOOKMIN BANK: FSS Scrutinizes Bank President's Actions
KOOKMIN BANK: Issues Hybrid Bonds
SK GLOBAL: Creditors Sue Auditor Young Wha
SK GLOBAL: Creditors Prepare Court Receivership
SK GLOBAL: SK Corporation Lowers Stake to 52.09%


M A L A Y S I A

ASSOCIATED KAOLIN: Adviser OKs Modified Workout Proposal
BERJUNTAI TIN: Submits Restructuring Scheme Application to SC
BESCORP INDUSTRIES: Updates Corporate Proposals Status
COMSA FARMS: RAM Lowers RM50M Bonds, Rating Watch Remains
FURQAN BUSINESS: Unit Proposes Disposal to Streamline Business

GADANG HOLDINGS: KLSE Grants ICULS Conversion Listing
GADANG HOLDINGS: Unit Undertakes Shares Acquisition
KRAMAT TIN: Awaits KLSE's Requisite Announcement Request Reply
KSU HOLDINGS: Injunction Application Hearing Set on Aug 8
LONG HUAT: Public Bank Obtains Winding-Up Order Against Unit

MGR CORPORATION: Crest Builder Disposes of Paid Up Share Capital
MYCOM BERHAD: Seeks Profit Guarantee Arrangement Appeal
NAUTICALINK BHD: Submitting Restructuring Proposals by July 15
NCK CORPORATION: Oversight Committee OKs Units' SA Discharge
PAN MALAYSIAN: Discloses Rights Entitlement Notice

SASHIP HOLDINGS: Audit Committee Member Zaki bin Hamzah Retires
SENG HUP: SC Approves Revised Proposed Restructuring Exercise
SITT TATT: Replies to KLSE Disposal Query
SITT TATT: Terminates Profit Guarantee Agreement
SJA BERHAD: Court Adjourns Winding-Up Petition Hearing


P H I L I P P I N E S

ABS-CBN BROADCASTING: Set to Sign Restructuring Deal With Bank
MANILA ELECTRIC: Clarifies Preliminary Talks With Creditors
NATIONAL BANK: Senior Vice President Resigns
UNITED COCONUT: PDIC Signs P20-B Relief Package
VICTORIAS MILLING: Names Loyal Employee Compliance Officer


S I N G A P O R E

ASIA PULP: Rupiah Bondholders Gets 50% Repayment in 10 Years
ASTI HOLDINGS: Disposes of Entire Reel Service Stake
CHARTERED SEMICONDUCTOR: Chartered Japan Names New VP
FALMAC LIMITED: Issues Progress Report on Restructuring
SEATOWN CORPORATION: Banking Facilities in Default


T H A I L A N D

ASIA HOTEL: Stocks Excluded From Index Calculation
MILLENNIUM STEEL: Issues Warrants Exercise Results
NATIONAL FERTILIZER: Seeks Restructuring Period Extension
THAI PETROCHEMICAL: New Management to Ask for 30% Debt Writedown
THAI PETROCHEMICAL: New Planner Assured of Creditors' Backing

     -  -  -  -  -  -  -  -

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


EXOTIC TIMBERS: Federal Court Orders Liquidator Appointment
-----------------------------------------------------------
The Federal Court in Brisbane ordered Friday that Mr Geoffrey
Donald Finch of KPMG, Darwin, be appointed liquidator of Exotic
Timbers.

Exotic Timbers is the responsible entity for two Northern
Territory-based agricultural managed investment schemes, known
as the NT1 and NT3 Schemes (the Schemes). The schemes produce
sandalwood, name, white cedar and mahogany trees, and are
located at Batchelor, south of Darwin.

The orders follow an Australian Securities and Investments
Commission investigation into the affairs of Exotic Timbers.


TOWER AUSTRALIA: To Reimburse Underpaid Investors
-------------------------------------------------
The Federal Court of Australia on Friday gave judgment and made
orders in proceedings brought by the Australian Securities and
Investments Commission (ASIC) against Tower Australia Limited
(Tower). Tower consented to the orders and will reimburse
investors who have been underpaid for their investments in
Tower's Blue Ribbon Products.

The Court declared that Tower had engaged in misleading and
deceptive conduct since early 1993, by sending:

   * annual statements of account to some investors that
recorded incorrect redemption or withdrawal benefits; and

   * letters (either attaching a cherub or confirming a direct
deposit into a nominated account) to some investors incorrectly
stating that the amount of the cherub or the deposit represented
the sum total of the investors' redemption or withdrawal
benefit.

Tower estimated that the cost of repaying policyholders is about
$600,000, and has made provision in its accounts for that
amount.

The Court has ordered Tower to send notices (if it has not
already done so) to affected investors advising them that, as a
result of computer error, they may have received incorrect
surrender values and/or withdrawal amounts.

"Aspic's action has ensured that any investor who lost money as
a result of Tower's actions will now be fully reimbursed with
interest", Aspic's Deputy Executive Director of Enforcement, Ms
Jan Red fern said.

The Court also noted ASIC's acceptance of an enforceable
undertaking on 19 June 2003 from Tower stating that Tower will:

   * repay any shortfall (plus interest) to investors who have
fully redeemed their investments;

   * correct the entitlements of investors who have partially
redeemed their investments;

   * take all reasonable steps to ensure that all redemption
advices, and redemption and withdrawal amounts are correct;

   * use its best endeavors to rectify the computer error; and
not take any action against investors who may have been
overpaid.

Tower has also undertaken to conduct an internal review to
ensure that financial products similar to the Blue Ribbon
Products are not similarly affected by computer error.

Friday's orders follows an ASIC investigation into complaints
alleging that surrender values shown in annual statements for
the Blue Ribbon Products were incorrect. Tower has co-operated
with ASIC throughout the investigation, and took steps to
address ASIC's concerns.


TOWER LIMITED: Clarifies Rights Issue, Underwriting Arrangements
----------------------------------------------------------------
TOWER Limited confirmed Monday that the Underwriter of its
NZ$210.8 million renounceable Rights issue, Guinness Peat Group
plc (GPG) and Organizing Broker JB Were (NZ) Limited are
currently arranging a broad panel of substantial Sub-
underwriters.

The Panel of Sub-underwriters has not yet been finalized. GPG is
obliged to complete the sub-underwriting arrangements by 11 July
2003. Details are expected to be finalized earlier than that.
The appointment of Sub-underwriters is subject to TOWER's
approval.

TOWER was confident that its agreement with GPG complied fully
with the NZX Listing Rules. The agreement contains appropriate
provisions recognizing the need to obtain a NZX waiver from
Listing Rule 9.2 (Related party transactions). TOWER made
application to the NZX for the appropriate waiver on Saturday.
NZX have confirmed this morning that the waiver has been granted
subject to certain conditions.

TOWER has also supplied to NZX information regarding its
arrangements with GPG. NZX have confirmed this morning that it
does not disagree with TOWER's determination that the
arrangement is in compliance with Listing Rule 7.5.

Trading in TOWER securities will commence on NZX as usual Monday
when the markets open. The Record Date for calculation of
entitlements to new shares as a result of the Rights issue will
be 5pm (NZ time) Friday 11 July 2003.

Share trading on ASX

Shares traded on ASX as from today will be ex-Rights. This means
that the right to subscribe for new shares as a result of the
Rights issue will remain with the seller of shares and will not
pass to the buyer. This applies only to shares traded on ASX.


TOWER LIMITED: Underwritten Capital Raising Confirmed
-----------------------------------------------------
TOWER Limited confirmed on Friday that it will be proceeding
with a 4 for 3 pro rata renounceable rights issue.

The issue price will be NZ$0.90 per share. The record date will
be 11 July 2003 and rights will commence trading on the NZX and
ASX on 14 July 2003. The rights issue will raise NZ$210.8
million capital for the company.

The offer documents and letters confirming the entitlements of
shareholders are expected to be dispatched on 15 July 2003.

The rights issue will be fully underwritten by Guinness Peat
Group plc (GPG) with a broad panel of substantial sub-
underwriters. GPG may retain not more than 15.6 million shares
allotted under the underwriting arrangements. This would result
in GPG moving to a shareholding in TOWER of not more than 13.75%
as a result of shares allotted under the underwriting
arrangement.

The underwriting fee is 2.5% of the full issue (NZ$5.3m). A
management fee of 0.5% (NZ$1.1m) will be payable. The organizing
broker will be J B Were.

The Board had available to it two alternative proposals to
underwrite the rights issue. The Board is of the opinion that
the GPG underwriting proposal represented the best option for
the Company.


WESTERN METAL: Discloses June Resource, Reserve Statement
--------------------------------------------------------
Western Metal Limited posted its June Resource & Reserve
Statement, as attached at
http://bankrupt.com/misc/TCRAP_WMT0707.pdf.

A conservative view of the near term metal price and exchange
rates have been adopted which was resulted in change to the
Pillara reserves and placing of Kapok on care and maintenance.


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


KARTECH (HONG KONG): Petition to Wind Up Filed
----------------------------------------------
The petition to wind up Kartech (Hong Kong) Limited is scheduled
for hearing before the High Court of Hong Kong on August 6, 2003
at 9:30 in the morning.

The petition was filed with the court on June 18, 2003 by Bank
of China (Hong Kong) Limited of 14/F., Bank of China Tower, No.
1 Garden Road, Central, Hong Kong.


LINKERWAY (GROUP): Winding Up Petition Slated for Hearing
---------------------------------------------------------
The petition to wind up Linkerway (Group) Development Limited is
set for hearing before the High Court of Hong Kong on July 23,
2003 at 9:30 in the morning.

The petition was filed with the court on May 27, 2003 by Bank of
China (Hong Kong) Limited of 14/F., Bank of China Tower, No. 1
Garden Road, Central, Hong Kong.


LINKERWAY (HOLDING): Winding Up Sought by Bank of China
-------------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Linkerway (Holding) Company Limited. The petition was filed on
May 27, 2003, and will be heard before the High Court of Hong
Kong on July 23, 2003 at 9:30 in the morning.

Bank of China holds its registered office at 14/F., Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


TACK HSIN: Inks Placing Agreement With Get Nice
-----------------------------------------------
Get Nice Investments Limited, the Placing Agent, has on 3 July,
2003 entered into the Placing Agreement with Tack Hsin Holdings
Limited to procure Placees, on a fully underwritten basis, to
subscribe for 60,000,000 new Shares at a price of HK$0.105 per
Share. The Placing Shares represent approximately 19.98% of the
Company's existing share capital and approximately 16.65% of its
issued share capital as enlarged by the Placing.

The Placing Price represents

   (i) a discount of approximately 17.97% to the closing price
of the Shares of HK$0.128 quoted on the Stock Exchange at 12:30
p.m. on 3 July, 2003, being the end of the morning trading
session prior to the suspension of trading of the Shares at 2:30
p.m. on 3 July, 2003; and

   (ii) a discount of approximately 4.89% to the average closing
price of the Shares of HK$0.1104 quoted on the Stock Exchange
from 19 June, 2003 to 3 July, 2003, both days inclusive, being
the last ten consecutive trading days prior to the suspension of
trading of the Shares at 2:30 p.m. on 3 July, 2003.

The net proceeds from the Placing will be approximately HK$6.15
million and will be used as general working capital of the
Company. The Directors consider that it is appropriate and in
the Company's interest to maintain a higher working capital
level under the current unfavorable economic environment,
in particular the adverse impact of SARS on the Group's
restaurant operations.

The Placing is conditional upon the Stock Exchange granting
listing of and permission to deal in the Placing Shares.

The Directors have noted the recent increase in the trading
price of the Shares and wish to state that except as disclosed
below, the Directors are not aware of any reason for such
increase.

According to Wrights Investors' Service, at the end of 2002,
Tack Hsin had negative working capital, as current liabilities
were HK$93.23 million while total current assets were only
HK$39.91 million. It has reported losses during the previous 12
months and has not paid any dividends during the previous 3
fiscal years.


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


TEXMACO GROUP: IBRA to Forcibly Collect Owner's Rp1.3Tr Debt
-------------------------------------------------------------
Time is up for businessman Marimutu Sinivasan, says the
Indonesian Bank Restructuring Agency, which will proceed on his
assets to repay his estimated Rp1.317 trillion debt to the
government.

IBRA communications chief, Raymond van Beekum, told Asia Pulse
the agency has three options to effect a forcible repayment of
Mr. Sinivasan's debt:

(a) Replace his exchangeable bond with equity in one of
    Texmaco's operating companies, thus giving IBRA access to
    Control;

(b) Ask him to hand over asset control after reevaluation of the
    assets, which the businessman has delivered to the agency to
    meet his obligations, while the shortfall will be covered
    with a personal guarantee; or

(c) Force him to hand over his prospective assets, while the
    shortfall will be covered with a personal guarantee.

Mr. Beekum said the agency had already written Mr. Sinivasan to
inform him of these options.  He said the businessman should
have repaid at least 30 percent of his debts by June 30, 2003.
He said IBRA will exercise one option should Mr. Sinivasan
refuse to sign the power of attorney to cash his BCA Bank
account.  According to him, Mr. Sinivasan's obligation to repay
his Rp1.317 trillion debt (US$160 million) can be covered by his
account in the BNI Bank, but he has refused to do so on the
pretext that he needs the money as Texmaco's working capital.


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


DAIEI INC.: Narrows Potential Buyers to Three
---------------------------------------------
Creditor banks of Daiei Inc. have narrowed the list of potential
buyers to three U.S. firms out of five candidates, Japan Times
reports. The three final candidates are Ripplewood Holdings LLC,
Colony Capital LLC and Lehman Brothers Holdings Incorporated.
Lone Star Group and MKS Partners Ltd. have apparently pulled out
of the bidding.

As part of its reorganization plan, Daiei will sell the Fukuoka
Dome stadium and adjacent Sea Hawk Hotel and Resort. It has yet
to decide whether to sell its professional baseball team, the
Fukuoka Daiei Hawks. Daiei will sell the stadium and adjacent
hotel to help cut its massive interest-bearing debts.


FUJITSU LIMITED: Launches 32-Bit RISC Microcontroller
-----------------------------------------------------
Fujitsu Limited announced that it has jointly developed with
subsidiary Fujitsu VLSI Limited, a new 32-bit RISC
microcontroller that controls character displays for television
screens/monitors, including cathode ray tubes (CRTs), liquid
crystal displays (LCDs), and plasma display panels (PDPs). The
new MCU, the MB91F312, is embedded with both a high-resolution
onscreen display controller (OSDC) and a universal serial bus
(USB) host interface, enabling customers to deliver high-
resolution, high-performance home theater systems.

With the evolution of television screens in ever-larger sizes,
there has been a growing need for OSDCs capable of displaying
information from peripheral systems, such as TV display modes or
DVD players, with progressively higher quality and colorful
expression. The devices also need to be equipped with a
comprehensive communications interface that allows audio/viao
equipment to be connected to a TV set.

To accommodate these demands, Fujitsu developed the MB91F312,
which is equipped with both a high-resolution OSDC and USB host
and operates at speeds of 40MHz. This microcontroller enables
high-speed processing of character displays in high-resolution
TVs, and also enables a USB mouse or keyboard to be directly
connected to a TV or set-top box.

[Sample Pricing and Availability]
  Product name:         MB91F312
  Price (excl. taxes):  2,900 yen (in Japan)
  Shipment date:        July 3, 2003

[Special Features of Fujitsu's MB91F312 MCU]
1) Maximum clock frequency of 40MHz (52 MIPS)
    With a maximum clock frequency of 40MHz, offering the
    ability to process 52 MIPS, this product can handle the
    enormous processing resources required.

2) High-resolution character display with wide display area
    With a wide display field of 42 characters by16 lines and a
    font resolution of 24 x 32 dots per character, even
    large-screen TVs can display characters in crystal-clear
    resolution without needing to use enlarged font sizes.

3) 1,792 character types--largest in the industry--stored in
    font memory

    With a bountiful collection of fonts to choose from, this
    product offers greater flexibility in font design.  Even
    multi-colored font designs can be used in menu displays.

4) Equipped with USB host functions

    The product is equipped with a USB macro that has host
    functions for USB communications.   Thus, a set-top box
    running on this MCU will be able to connect and control
    peripherals, such as a USB mouse or keyboard, on its own.

    In addition, connecting a USB printer to the embedded
    system would enable print outs of the display screen.

[Major Specifications]
Process technology:   CMOS 0.25 micrometer
Operating voltage:    2.3 to 2.7V (standard 2.5V); 3.0 to 3.6V
                      (standard 3.3V)
Memory:  512 KBytes Flash
         24 KBytes RAM
         168 KBytes font ROM

Max. operating clock frequency (CPU): 40MHz

Max. operating clock frequency (dot): 90MHz (embedded PLL)

Communications interface:  USB host function (USB 2.0 FS
  compliant) I2C controller, Universal Asynchronous
  Receiver/Transmitter controller

Package:  144-pin low-profile quad flat package (LQFP)

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Standard & Poor's Ratings Services said in May that it might
cut Fujitsu's credit rating to below investment grade because of
the Company's poor financial condition. The Company has
outstanding bonds of 927 billion yen, more than triple the 284
billion yen in cash and securities with maturities of less than
90 days it held as of March 31.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


ISHIMORI SEISAKUSHO: Elevator Installation Firm Enters Rehab
------------------------------------------------------------
Ishimori Seisakusho K.K., which has total liabilities of 5.3
billion yen against a capital of 50 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The elevator installation firm is located in Ota-ku,
Tokyo, Japan.


ISUZU MOTORS: Enters OEM Supply Deal With Mazda
-----------------------------------------------
Mazda Motor Corporation and Isuzu Motors Limited have signed a
basic agreement on OEM supply of the Isuzu "Elf" small truck
series to Mazda. Mazda will sell the vehicles as "Titan" at its
nationwide dealerships in Japan.

Mazda and Isuzu have agreed on the OEM supply with a mutual
interest in commercial vehicle strategy reflecting changes
surrounding commercial vehicles, such as the expected
introduction of new diesel engine emission regulations. Mazda
and Isuzu have a strong relationship maintained through Isuzu
diesel engine supply business for a long period of time.

This OEM agreement allows Mazda to continue supplying a wide-
range of competitive Titan trucks that meet the new regulations,
while focusing its business resources on its strengths of
passenger vehicles and other commercial vehicles. Isuzu, on the
other hand, aims to strengthen its commercial vehicle business
with leading-edge diesel engine technology and enhanced
competitiveness through the incremental production volume of Elf
trucks resulting from this agreement.

Outline of the agreement is as follows:

Isuzu will supply vehicles to Mazda.
- Product name to be used by Mazda: "Titan"
- Product to be supplied by Isuzu: "Elf" small truck (compliant
with the 2003 New Short-term Emission Regulations)
- Supplier: Isuzu
- Purchaser: Mazda
- Sold in: Japan
- Start of the sales: In the 2nd half of 2004
- Supply volume: 6,000 units/year

Mazda Motor Corporation will continue production and procurement
of the commercial vehicles, and provide them at its nationwide
dealerships.

Production and sales of the Titan

Mazda will continue to provide the Titan through an OEM basis
agreed between Mazda and Isuzu, while the production of the
current Titan, which Mazda outsources to Press Kogyo, will cease
in late 2004, based on the contract between the two companies.
The small truck "Titan" will be available at Mazda and Mazda
Anfini dealerships throughout Japan.

Production and sales of other trucks
The production of the Titan Dash, Bongo truck and Bongo Brawny
truck (for export) will commence at Press Kogyo's Onomichi Plant
from August this year. Mazda will continue to outsource the
production of these three products; even after the Titan
production has ceased in late 2004.

Production and sales of other commercial vehicles
Mazda will continue production and procurement of other
commercial vehicles such van-type commercial vehicles as Bongo
van and Bongo Brawny van, as well as mini trucks. These vehicles
will be available at its nationwide dealerships.

About Mazda Motor Corporation

Mazda Motor Corporation was established in 1920 and is one of
Japan's leading automobile manufacturers. With its headquarters
in Hiroshima, Mazda has two plants in Japan and manufacturing
and assembly operations in sixteen other countries. Mazda cars
and trucks are sold in more than one hundred and thirty
countries. Ford Motor and Mazda agreed to collaborate in 1979;
Ford Motor Company started investing in Mazda and increased its
shareholding to 33.39 percent as of March 31, 1999. For further
information, please visit the Mazda Motor Corporation home page
at: www.mazda.com/flash.html

About Isuzu Motor Limited

Isuzu Motor Limited was established in 1937. Isuzu's principal
activities are the manufacture and distribution of automobiles
and motor vehicle parts and components. Principle divisions are
Automobiles (passenger cars, trucks, buses, engines, components
and parts for overseas production), Finance (credit services and
leasing) and Real Estate. For further information, please visit
the Isuzu Motor Limited home page at: www.isuzu.co.jp

Isuzu Motors Ltd. has seen its share price quadruple in six
months, helped by a bank bailout and a surge in truck sales
triggered by new rules aimed at cleaning up vehicle exhaust
gases, TCR-AP reported recently. Some investors say the advance
may stall unless Isuzu further pares its debt, which led banks
to agree to a 100 billion yen (US$840 million) debt- for-equity
swap last November.

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


MARUBENI CORPORATION: Y1.6B Hidden Net Income Uncovered
-------------------------------------------------------
Marubeni Corporation hid about 1.6 billion yen in income over
the five years to fiscal 2001 and failed to declare another 3.4
billion yen, partly due to incorrectly writing off expenses,
Japan Times reports.

In 2001, Marubeni consolidated subsidiaries in Australia by
transferring operations and about 1.3 billion yen in surplus
funds of a profit-generating subsidiary to a loss-making unit.
But Marubeni failed to first declare the surplus funds as income
of the parent firm, as required when a subsidiary is liquidated,
leading the Osaka Regional Taxation Bureau to conclude the
Company intentionally hid the income.


SANWA KOKI: Steel Firm Enters Rehab
-----------------------------------
Sanwa Koki Co., Ltd., which has total liabilities of 8.3 billion
yen against a capital of 300 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The structural steel erection installer is located in Minato-ku,
Tokyo, Japan.


TAKARA HOUSING: Real Estate Firm Enters Bankruptcy
--------------------------------------------------
Takara Housing K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Shinagawa-ku, Tokyo, Japan has 350 million yen in capital
against total liabilities of 10.155 billion yen.


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


KOOKMIN BANK: FSS Scrutinizes Bank President's Actions
------------------------------------------------------
The Financial Supervisory Service (FSS) is investigating a stock
option exercised by Kookmin Bank President Kim Jung-tae, the
Korea Times reports. The probe follows a check up by the Board
of Audit and Inspection of Korea (BAI), which criticized Kim for
enjoying capital gains from exercising dubious stock options. On
July 4, the BAI asked the FSS to reprimand the Kookmin President
for reaping 11 billion won from the transaction in 2002. It
indicated that Kim used internal information in exercising his
stock options.

DebtTraders reports that Kookmin Bank Ltd.'s 7550% floating rate
note due in 2006, rates between 98 and 99. For real-time bond
pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


KOOKMIN BANK: Issues Hybrid Bonds
---------------------------------
Kookmin Bank will raise US$500 million through the overseas
issue of hybrid bonds this month, the Korea Times reported
Friday. The bank said its bond-type hybrid security, a
combination of bonds and stocks, carries an annual interest rate
of 7 percent. The bank plans to float hybrid bonds amounting to
1.3 trillion won this year.


SK GLOBAL: Creditors Sue Auditor Young Wha
------------------------------------------
Creditors of SK Global will file a lawsuit against its auditor
Young Wha Corporation for making inaccurate audits over the past
10 years, the Korea Times reports. While the Financial
Supervisory Service (FSS) began investigating 12 local creditor
banks of SK Global, the move is expected to cause great concern
within the market.

Young Wha, a member firm of U.S.-based Ernst & Young, said it is
impossible for external auditors to uncover fabricated documents
made between banks and enterprises. Meanwhile, the FSS has yet
to announce its audit reviews of SK Global despite starting the
process two months ago.


SK GLOBAL: Creditors Prepare Court Receivership
-----------------------------------------------
Domestic creditors of SK Global Co. are preparing to place the
Company under court receivership, according to Asia Pulse. The
move came after foreign creditors' refusal to accept a cash
buyout plan under which they would be required to sell their
loans to SK Global to domestic creditors at 40 percent of the
principal.

SK Global, the trading arm of SK Group, has been faltering since
early March when prosecutors uncovered a large-scale accounting
fraud by the firm. Its total liabilities reach about 8.5
trillion won (US$7.19 billion), while its debts to foreign
creditors are estimated at 1.3 trillion won.


SK GLOBAL: SK Corporation Lowers Stake to 52.09%
------------------------------------------------
SK Corporation has lowered its stake in SK Global to 52.09
percent from 57.08 percent, according to Reuters. The refiner
did not give a reason for the stake decrease. SK Global has been
on the verge of bankruptcy since the accounting scandal was
unveiled in March, sending shock waves through financial
markets.


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


ASSOCIATED KAOLIN: Adviser OKs Modified Workout Proposal
--------------------------------------------------------
Pursuant to Practice Note No. 4/2001 in relation to Paragraph
8.14 of the Revamped Listing Requirements and further to AKI's
announcement on 12 May 2003, the Special Administrators (SA) of
Associated Kaolin Industries Berhad (Special Administrators
Appointed) had subsequently made certain consequential
amendments to Appendix XI - Term sheet for Put & Call Option,
(proposed modification) to the Modified Workout Proposal dated
29 January 2003 prepared by the SA to reflect the Securities
Commission's approval via their letter dated 7 May 2003 to allow
the Promoters to be governed by the new guidelines on the
moratorium for disposal of GHB shares.

AKI is pleased to announce that the Independent Advisor via
their letter dated 1 July 2003 advised that the proposed
modification in the Modified Workout Proposal dated 13 June 2003
does not affect their opinion on the Modified Workout Proposal,
comprising:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

AKI also announced that KLSE had on 2 July 2003 approved AKI's
application for a further extension of time of six months until
31 December 2003 to amend its Articles of Association in order
to comply with Chapter 7 of the Listing Requirements.


BERJUNTAI TIN: Submits Restructuring Scheme Application to SC
-------------------------------------------------------------
Berjuntai Tin Dredging Berhad refers to the Requisite
Announcement made on 26 May 2003 and the announcement made on 28
May 2003 regarding the Proposed Restructuring Scheme.

On behalf of the Board of Directors of BTD, Southern Investment
Bank Berhad wishes to announce that the applications to the
Securities Commission and other relevant authorities in relation
to the Proposed Restructuring Scheme were submitted on 3 July
2003.

The Proposed Restructuring Scheme collectively refers to:

   - Proposed Capital Reconstruction;
   - Proposed Debt Conversion;
   - Proposed Acquisition;
   - Proposed Exemption;
   - Proposed Restricted Offer for Sale/Offer for Sale;
   - Proposed Amendment; and
   - Proposed Increase in Authorized Share Capital.


BESCORP INDUSTRIES: Updates Corporate Proposals Status
------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
refers to the announcements made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 13
December 2002, 27 December 2002, 17 March 2003, 20 May 2003, 22
May 2003 and 3 June 2003 in relation to the Corporate Proposals,
comprising:

   ú Proposed Share Split;
   ú Proposed Share Exchange;
   ú Proposed Cash Payment;
   ú Proposed Capitalization;
   ú Proposed Conversion of Advances;
   ú Proposed Restricted Offer for Sale/Private Placement;
   ú Proposed Transfer of Listing;
   ú Proposed Exemption; and
   ú Proposed Liquidation.

On behalf of the Company, CIMB is pleased to announce that WCT
Engineering Berhad (WCT) had via its letter dated 2 July 2003
informed the Company that WCT Land Sdn Bhd (formerly known as
WCT Realty Sdn Bhd) (WCTL), a wholly-owned subsidiary of WCT,
which will be utilized to implement the Corporate Proposals, had
on 2 July 2003 entered into a conditional share sale agreement
(SSA) with MTD Realty Sdn Bhd, a wholly-owned subsidiary of MTD
Capital Bhd for the acquisition of 2,500,000 ordinary shares of
RM1.00 each in Labur Bina Sdn Bhd (LBSB), representing the
balance 50% equity interest in LBSB, not already owned by WCTL,
for a total cash consideration of RM48,900,000 (Proposed
Acquisition).

The Proposed Acquisition and Corporate Proposals are not inter-
conditional. Pursuant to the SSA, an application will be made to
the relevant authorities for the Proposed Acquisition within 30
business days of the date of the SSA.

CIMB has been appointed by WCT as the main adviser for the
Proposed Acquisition. On behalf of WCT, CIMB has on even date
released an announcement on the Proposed Acquisition and a copy
of it can be found at
http://bankrupt.com/misc/TCRAP_Bescorp0708.doc.


COMSA FARMS: RAM Lowers RM50M Bonds, Rating Watch Remains
---------------------------------------------------------
In November 2002, Comsa's RM50 million Redeemable Unsecured
Bonds (the Bonds) had been put on Rating Watch with a negative
outlook as a result of its inability to meet the sinking fund
payment of RM5 million on time.  Comsa had purchased 6 months'
worth of raw materials for its feed milling operations in
anticipation of a global supply shortage and corresponding price
hikes.  Consequently, Comsa had fallen short of cash and had
been unable to meet the payment.

RAM has now downgraded Comsa's rating from A3 to BBB3 while
simultaneously continuing the Rating Watch on the Bonds, with a
negative outlook. The downgrade reflects Comsa's  weakened
balance sheet and diminished cash flow as a consequence of its
aggressive expansion.  Comsa's debt has doubled from our
original expectations, mainly to fund its expansion as well as
for working capital needs.  Huge investments have been made
beyond our initial estimates, to upgrade and modernize its
poultry facilities to strengthen its foothold in the East
Malaysian poultry market.  A new feed mill has also been
constructed to complement its poultry business.

Comsa has spent a total of RM139.75 million cash on capital
expenditure in the past 3 financial years.  The expansion has
been mostly funded by debt as its total borrowings ballooned
from RM97.21 million as at end-FY 2001 to RM201.31 million as at
end-FY 2003.  Although the expansion programmed was completed in
FY 2002, it yielded poor returns.

Meanwhile, Comsa's feed mill operations are constantly exposed
to fluctuations in the prices of soft agricultural commodities
such as corn and soybean as these represent about 80% of its raw
material requirements.  Due to its larger post-expansion
operations, its operating cash flow is constantly tied up in
inventories as Comsa purchases its raw materials a few months
ahead.  As a result, its net operating cash flow has been in
deficit for the past 2 financial years.   Notably, its
aggressive expansion has led to a huge deficit in its free cash
flow of RM42 million-RM51 million for the last 3 financial
years. Should Comsa's financial profile continue to deteriorate,
this would exert further pressure on its rating.

Balancing these factors are Comsa's entrenched position in a
levy-protected poultry market in East Malaysia, the moderate
level of competition that it faces amongst a handful of players,
and stable demand for poultry goods from consumers.  Comsa is
the largest poultry producer in Sabah, with an estimated market
share of 35% before its expansion.

CONTACT INFORMATION: Kek Pei Chin
        Tel: 03-7628 1770
        E-mail: peichin@ram.com.my


FURQAN BUSINESS: Unit Proposes Disposal to Streamline Business
--------------------------------------------------------------
Furqan Business Organisation Berhad wishes to announce its 55%
owned subsidiary, Mandarin Tours & Travel Sdn. Bhd. (MTT) has
entered into the following transactions on 1 July 2003 with Tan
Sai Sung (NRIC No.: 580130-10-5577) of No. 168-11-1, The
Regency, Persiaran Gurney, 10250 Penang (the Purchaser):

   i. A Sale and Purchase Agreement (SPA) with the Purchaser for
the disposal of the entire 200,000 issued and paid-up share
capital (Sale Shares) of Mandarin Tours & Travel (Pen) Sdn. Bhd.
(MTT Penang), free from all claims and encumbrances for a total
cash consideration of RM50,000.00 (Ringgit Malaysia Fifty
Thousand Only); and

   ii. Disposal of the entire 3 issued and paid-up share capital
of Zillion Travels (Penang) Sdn. Bhd. (Zillion Travels) for a
total consideration of RM1.00. No Sale and Purchase Agreement
was prepared for this disposal.

(collectively, both the disposal consideration is referred as
the "Disposal Consideration").

Upon completion of the Proposed Disposals, MTT Penang and
Zillion Travels will cease to be the subsidiaries of the
Company.

BASIS OF ARRIVING AT THE DISPOSAL CONSIDERATION

The Disposal Consideration was arrived at based on a willing
buyer-willing seller basis and is paid to MTT upon completion of
the SPA.

CORPORATE INFORMATION ON MTT PENANG

MTT Penang was incorporated in Malaysia under the Companies Act,
1965 as a private limited company and having its registered
office at 4B (2nd Floor), Jalan USJ 10/1E, Taipan Triangle,
47620 UEP Subang Jaya, Selangor Darul Ehsan.

The principal activity of MTT Penang is that of tour operator
and travel agent and having its business address at 368-2-8,
Belisa Row, Jalan Burmah, 10350 Penang.

The authorized share capital is RM500,000.00 divided into
500,000 ordinary shares of RM1.00 each. The present issued and
paid-up share capital is RM200,000.00 comprising 200,000
ordinary shares of RM1.00 each.

CORPORATE INFORMATION ON ZILLION TRAVELS

Zillion Travels was incorporated in Malaysia under the Companies
Act, 1965 as a private limited company and having its registered
office at 4B (2nd Floor), Jalan USJ 10/1E, Taipan Triangle,
47620 UEP Subang Jaya, Selangor Darul Ehsan.

The principal activity of Zillion Travels is that of tour
operator and travel agent.

The authorized share capital is RM100,000.00 divided into
100,000 ordinary shares of RM1.00 each. The present issued and
paid-up share capital is RM3.00 comprising 3 ordinary shares of
RM1.00 each.

CONDITIONS PRECEDENT

The conditions precedent of the SPA for the disposal of MTT
Penang is as follows:

   i. The approval of the Board of Directors of MTT in respect
of the sale of the Sale Shares upon the terms contained in SPA;

   ii. The approval of the shareholders of MTT in respect of the
sale of the Sale Shares upon the terms herein contained in SPA;

   iii. The Purchaser being satisfied in all respects prior to
completion the license granted to MTT Penang under the Tourism
Act, 1992 (Act 482) are still valid and subsisting;

   iv. The consents or approvals (if any) as may be necessary
from any relevant authorities including but not limited to the
Ministry of Culture Arts & Tourism (MOCAT) in respect of the
change of shareholding and directorship in MTT Penang. In the
event that the relevant authorities shall impose any conditions
in respect of the equity structure of MTT Penang which are not
acceptable to the Purchaser, such consent or approval imposing
the said conditions shall be deemed not to have been obtained
PROVIDED THAT the Purchaser shall have given a written notice of
the Purchaser's rejection within fourteen (14) days of such
conditional consent or approval to MTT. In the event the
Purchaser does not give any written notice to MTT as aforesaid,
the Purchaser shall be deemed to have accepted the said
conditions and the said consent or approval shall be deemed
unconditional; and

   v. such other consents or approvals (if any) as may be
necessary from any third party, governmental or regulatory body
or relevant competent authority having jurisdiction over the
transactions contemplated under the SPA to the entry into and
completion of the SPA by the parties being granted or obtained
and not withdrawn or revoked and if such consents or approvals
are granted or obtained subject to any conditions, such
conditions being acceptable to the Purchaser.

RATIONALE FOR THE PROPOSED DISPOSALS

The Proposed Disposals are in line with FBO's intention to
streamline the business of FBO following the completion of the
restructuring of Austral Amalgamated Berhad Group.

The sale proceeds will be utilized for working capital of MTT.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSALS

The Proposed Disposals will not have a significant effect on the
earnings, net tangible assets per share, share capital and the
substantial shareholding of FBO Group for the financial year
ending 31 December 2003.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the directors, substantial shareholders and persons
connected with the directors and substantial shareholders has
any interest, direct or indirect, in the Proposed Disposals.

DIRECTORS' OPINION

The Board is of the opinion that the Proposed Disposals are in
the best interest of FBO.

INSPECTION OF DOCUMENTS

The SPA is available for inspection at the Registered Office of
FBO at Level 14, Uptown 1, 1 Jalan SS21/58, Damansara Uptown,
47400 Petaling Jaya, Selangor Darul Ehsan during office hours
and on Mondays to Fridays (public holidays excepted) from the
date of this announcement up to a period of three (3) months in
accordance with Paragraph 8.32 of the Kuala Lumpur Stock
Exchange Listing Requirements.


GADANG HOLDINGS: KLSE Grants ICULS Conversion Listing
-----------------------------------------------------
Kindly be advised that the Gadang Holdings Bhd's additional
5,300,000 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of RM5,618,000 Nominal Value of 3% 2002/2007
Irredeemable Convertible Unsecured Loan Stocks into 5,300,000
New Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Tuesday, 8 July 2003.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous 3 fiscal years.


GADANG HOLDINGS: Unit Undertakes Shares Acquisition
---------------------------------------------------
The Board of Directors of Gadang Holdings Berhad announced that
Gadang Land Sdn Bhd, a wholly-owned subsidiary of Gadang, has on
2nd July 2003 acquired two (2) ordinary shares of RM1.00 each
representing 100% of the issued and paid-up capital of Noble
Paradise Sdn Bhd (NPSB) for a total consideration of RM2.00
only.

NPSB was incorporated on 5 November 2002 and has an authorized
share capital of RM100,000 of which 2 shares of RM1.00 each have
been issued and fully paid-up. The intended principal activity
of NPSB shall be property development.

The above acquisition will have no effect on the Group's
earnings and net tangible assets for the financial year ending
31 May 2004.

None of the Directors and/or substantial shareholders or persons
connected to the Directors or substantial shareholders has any
interest, direct or indirect, in the above acquisition.


KRAMAT TIN: Awaits KLSE's Requisite Announcement Request Reply
--------------------------------------------------------------
Pursuant to the announcement dated 1 July 2003, the Board of
Directors of Kramat Tin Dredging Berhad wishes to announce that
the Company has submitted an application to the Exchange for an
extension of time of three (3) months from 5 July 2003 to 6
October 2003 to make the Requisite Announcement and is presently
awaiting the Exchange's response on its application.


KSU HOLDINGS: Injunction Application Hearing Set on Aug 8
---------------------------------------------------------
KSU Holdings Bhd refers to the Commencement of Litigation
against the Vendors of shares in Earnest Equity Development
Berhad and the Vendors of shares in Kembangan Alam Berhad
Pursuant to the Various Share Sale Agreements entered into as
part of the Scheme for the Restructuring of May Plastics
Industries Berhad.

KSU Holdings announced that the hearing for the Inter Partes
Injunction Application, which was scheduled on 20th March 2003
and postponed to 30th May 2003 and 2nd July 2003 has now been
further postponed to 8th August 2003.


LONG HUAT: Public Bank Obtains Winding-Up Order Against Unit
------------------------------------------------------------
Long Huat Group 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 from its
previous announcement dated 6 June 2003 on the said defaults,
save for the following:

  1. The Mention date for the winding-up petition against LHuat
by Public Bank Berhad has been adjourned from 25 June 2003 to 13
August 2003.

   2. The Public Bank Berhad had obtained a winding-up order
against Long Huat Marketing Sdn Bhd, a wholly owned subsidiary
of the Company.

The Company further announced that there is no material
development on the proposed restructuring exercise of the
Company and the Company's application on the proposed
restructuring exercise is still being reviewed.


MGR CORPORATION: Crest Builder Disposes of Paid Up Share Capital
----------------------------------------------------------------
As part of the Restructuring Scheme of MGR Corporation Bhd
(Special Administrators Appointed) (MGR), and the transfer of
the listing status to Crest Builder Holdings Bhd, the company
wishes to announce the disposal of the entire issued and paid up
share capital of MGR to Special Administrator and/or Messrs
Howarth and/or their nominee identified below for a cash
consideration of RM1 with immediate effect:

   Transferor : Crest Builder Holdings Bhd (573382-P)
   Transferee : Signet Nominess Sdn Bhd (139044-M)
   No. of Shares : 50,250,000 ordinary shares by the Securities
                   Commission and other relevant authorities.


MYCOM BERHAD: Seeks Profit Guarantee Arrangement Appeal
-------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance), on behalf of the Board of Directors of Mycom
Berhad (Board) on 13 March 2003 and 9 May 2003 in relation to
the proposed revision to the profit guarantee arrangement in
respect of the Proposed Restructuring Scheme, Alliance, on
behalf of the Board wishes to announce that an appeal to the
profit guarantee arrangement was made by Mycom and Kenny Height
Developments Sdn Bhd (KHD), the guarantor, to the Securities
Commission (SC) on 2 July 2003 (Proposed Appeal).

DETAILS OF THE PROPOSED APPEAL

As announced earlier on 9 May 2003, the SC had, in its letter
dated 7 May 2003 approved the profit guarantee arrangement as
proposed by Mycom as follows:

As approved on 7 May 2003

The profit guarantee for the three (3) twelve (12) month periods
from the completion date of the proposed acquisition of six (6)
parcels of land measuring 41.14 acres on Lot 21763-21768, Mukim
Batu, District of Kuala Lumpur, Wilayah Persekutuan (KHD Land)
(Proposed KHD Land Acquisition) which is proposed to be given by
KHD for the Bandar Sri Duta project, is to be based on profit
before tax (PBT).

The approval of the SC is subject to the following conditions:

   (i) The revised profit guarantee period is required to be
extended to the fourth twelve (12) month period from the
completion date of the Proposed KHD Land Acquisition, to achieve
the total PBT which was guaranteed originally; and

   (ii) The details of the revised profit guarantee are to be
disclosed fully in the circular to the shareholders and
prospectus of Mycom.

On 2 July 2003, Mycom and KHD submitted an appeal to the SC for
the profit guarantee to be based on profit after tax (PAT)
instead of PBT. The Proposed Appeal shall result in a revision
in the amount to be guaranteed by KHD in respect of the Bandar
Sri Duta project to be developed on the KHD Land and the land
situated at Lot Nos 21759 to 21762, Mukim of Batu, District of
Kuala Lumpur, Wilayah Persekutuan proposed to be acquired by OIB
(collectively referred to as the Total KHD Land). KHD proposes
to guarantee PAT of RM42.414 million over four (4) twelve (12)
month periods commencing from the completion date of the
proposed acquisition of Total KHD Land, as set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Mycom0708.pdf.

RATIONALE FOR THE PROPOSED APPEAL

The profit guarantee arrangement based on PAT was negotiated and
agreed between Mycom and KHD on a willing-buyer-willing-seller
basis. Pursuant to the Proposed Appeal, Mycom has given the
matter due consideration based on commercial grounds and is of
the view that the Proposed Appeal is reasonable and fair to all
parties. As such, the profit guarantee arrangement based on PAT
is deemed to be of a fair basis to Mycom and KHD.

APPROVALS REQUIRED

The Proposed Appeal, which is in relation to the Proposed
Restructuring Scheme, is subject to, inter-alia, the following
approvals being obtained from:

   (i) The SC. An application to the SC on the Proposed Appeal
was submitted on 2 July 2003;

   (ii) Shareholders of Mycom for the Proposed Restructuring
Scheme at the forthcoming extraordinary general meeting and
court convened meeting to be convened; and

   (iii) Any other relevant authorities or parties.

DIRECTORS' OPINION

The Proposed KHD Land Acquisition is a related party transaction
by virtue of the interests of certain Directors and substantial
shareholders of Mycom, namely Duta Equities Sdn Bhd, Dato' Yap
Yong Seong, Datin Leong Li Nar, Yap Wee Keat and Yap Wee Chun.

As such, after due consideration, the Board (save for Dato' Yap
Yong Seong, Yap Wee Chun and Yap Wee Keat) is of the opinion
that the Proposed Appeal which is in relation to the proposed
profit guarantee to be given by KHD in respect of the Bandar Sri
Duta project to be developed on the Total KHD Land is in the
best interest of Mycom.


NAUTICALINK BHD: Submitting Restructuring Proposals by July 15
--------------------------------------------------------------
In compliance with Practice Note No. 4/2001, the Board of
Directors of Nauticalink Berhad is obliged to announce that the
merchant bankers and its corporate advisors are in the midst of
finalization of corporate restructuring proposals in order to
enable the Company to submit these to relevant authorities on
the targeted time line at 15 July 2003.

Refer to the Troubled Company Reporter - Asia Pacific Tuesday,
April 01 2003, Vol. 6, No. 64 issue for details of the
Restructuring Proposals.


NCK CORPORATION: Oversight Committee OKs Units' SA Discharge
------------------------------------------------------------
NCK Corporation Bhd announced that pursuant to Section 28(2) of
the Pengurusan Danaharta Nasional Berhad Act, 1998, the
Oversight Committee, on the recommendation of Pengurusan
Danaharta Nasional Berhad, has approved the termination of the
Special Administrators (SA) of Ng Choo Kwan & Sons Hardware Sdn
Berhad (Special Administrators Appointed)(NCKH), Nck Aluminium
Extrusion Sdn Bhd (Special Administrators Appointed)(NCKA), Fook
Chuan Trading Sdn Bhd (Special Administrators Appointed)(FCT),
subsidiaries of NCK.

In view of the above, the SA of NCKH, NCKA and FCT have been
released from their appointment with effect from 4 July 2003.
The Special Administration of NCKH, NCKA and FCT and the
moratorium in respect of NCKH, NCKA and FCT are terminated with
effect from 4 July 2003.

Subsequently, NCKH, NCKA and FCT are proposed to be wound up
voluntarily by way of a creditors' voluntary liquidation and Mr
Lim Tian Huat and Mr Adam Primus Varghese bin Abdullah have been
appointed as Joint Provisional Liquidators for the purpose of
winding up of NCKH, NCKA and FCT with effect from 4 July 2003.


PAN MALAYSIAN: Discloses Rights Entitlement Notice
--------------------------------------------------
Rights Issue of up to 782,737,200 new ordinary shares of RM0.50
each in Pan Malaysian Industries Berhad (PMI) (Rights Shares) at
an issue price of RM0.50 per Rights Share payable in full upon
application on the renounceable basis of two (2) Rights Shares
for every five (5) existing ordinary shares held.

Further to Listing's Circulars No. L/Q: 17970 of 2003 and L/Q:
18054 of 2003, kindly be advised of the following:

   1) The Rights commence of trading : [ 3 July 2003 (Instead of
2 July 2003) ]

   2) The Date of Dispatch of the Prospectus and Provisional
Allotment Letter of Offer : [ 30 June 2003 (Remain Unchanged) ]

   3) The last day and time for Acceptance, Renunciation and
Payment : [ 28 July 2003 @ 5:00pm (Remain Unchanged)]

   4) The Rights cease quotation : [ 16 July 2003 (Remain
Unchanged) ]

The Stock Short Name, Stock Number and ISIN Code [ PMIND-OR,
4103OR and MYL4103OR000 ] respectively

REMARKS:

In addition to the above, PMI is also undertaking a bonus issue
of up to 704,463,480 new ordinary shares of RM0.50 each in PMI
(Bonus Shares) on the basis of nine (9) Bonus Shares for every
ten (10) Rights Shares subscribed by the entitled shareholders
of PMI and/or their renouncees under the Rights Issue (Bonus
Issue). Accordingly, the Entitled Shareholders and/or their
renouncees who subscribe for their entitlements under the Rights
Issue will also be entitled to be issued and allotted the Bonus
Shares pursuant to the Bonus Issue, at no additional cost, on
the basis of nine (9) Bonus Shares for every ten (10) Rights
Shares subscribed under the Rights Issue.


SASHIP HOLDINGS: Audit Committee Member Zaki bin Hamzah Retires
---------------------------------------------------------------
Saship Holdings Berhad posted this Change in Audit Committee
Notice:

Date of change : 30/06/2003
Type of change : Retirement
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : Tn Hj Mohd Zaki bin Hamzah
Age            : 46
Nationality    : Malaysian

Qualifications :
1. Master degree in Business Administration (Finance &
Management Information Systems)
2. Bachelor of Science (Accounting)

Working experience and occupation  :
1981-1985
Arthur Andersen & Co -Senior Consultant
1986-1998
Bank Bumiputra Malaysia Berhad - Chief Internal Auditor
1998-Present
Mohd Nor, Zaki & Partners - Consultant

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) : The composition of Audit Committee is as
follows:

         Name                 Designation
1.Rahiman bin Bustaman Independence & Non-Executive Director
2.Mohd Zin Bin Arif    Independence & Non-Executive Director
3.Mr Yoong Weng Yip    Independence & Non-Executive Director

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission's approval for the
Proposed Restructuring Scheme has lapsed, thus, Saship will not
proceed with the implementation of the Proposed Restructuring
Scheme.


SENG HUP: SC Approves Revised Proposed Restructuring Exercise
-------------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
refers to the announcement made on 9 October 2002 (Requisite
Announcement) by AmMerchant Bank Berhad (AmMerchant Bank) on the
Proposed Restructuring Exercise.

AmMerchant Bank Berhad, on behalf of the Company, wishes to
announce that further to the approvals obtained from the
Securities Commission (SC) via its letters dated 26 December
2002, 31 December 2002 and 2 June 2003, the SC had, via its
letter dated 30 June 2003, approved the following:

   (a) A revision to the Proposed Restructuring Exercise to
complete a proposed sale of assets and business of SHCB prior to
the completion of the proposed disposal of the entire issued and
paid-up share capital of SHCB to a special purpose vehicle and
the liquidation of SHCB and its subsidiaries, which is part of
SHCB's Proposed Restructuring Exercise; and

   (b) A proposed extension of time of up to 31 October 2003 for
SHCB to implement and complete its Proposed Restructuring
Exercise, which includes the proposed transfer to the main board
of the Kuala Lumpur Stock Exchange and the proposed employee
share option scheme.


SITT TATT: Replies to KLSE Disposal Query
-----------------------------------------
Sitt Tatt Berhad, in reply to the KLSE's Query Letter reference
ID: TH-030618-38458 on Disposal of Shares by Misl & Associates
Sdn Bhd, appended below its reply as follows:

  1. The Company after having consulted legal opinion, is of the
view that the disposal may affect the status of the Securities
Commission (SC)'s approvals via letters dated 29 October 2002, 3
December 2002 and 7 May 2003.

   2. The Company has not clarified with SC on the above matter.

KLSE's Query Letter content:

We refer to your announcement dated 12 June 2003 in respect of
the aforesaid matter. In this connection, please furnish the
Exchange with the following additional information for public
release immediately:

   1. Whether the Disposal has affected the status of the
Securities Commission (SC)'s approvals via letter dated 29
October 2002, 3 December 2002 and 7 May 2003.

   2. Whether your Company has consulted SC on item (1) above
and SC's decision thereon.

Yours faithfully,
LISA LAM
Senior Manager
Listing Operations
LL/ASL/GTH


SITT TATT: Terminates Profit Guarantee Agreement
------------------------------------------------
Sitt Tatt Berhad informed that MISL & Associates Sdn Bhd has,
via its solicitors, notified the Company that they are not going
to honor the Profit Guarantee Agreement dated 23 January 2002
(PGA) and the Company in turn views this as a breach of the SSA
and has acted to terminate the Share Sale Agreement dated 10
September 2001(SSA) via a notice dated 2 July 2003 in the best
interest of the Company.

The Company refers to its earlier announcement on the Notice of
Requisition for Extraordinary General Meeting dated 11 June 2003
by MISL & Associates Sdn Bhd and wish to inform that the Company
will not be convening the EGM in view of the above development.


SJA BERHAD: Court Adjourns Winding-Up Petition Hearing
------------------------------------------------------
SJA Berhad informed that in the High Court Of Malaya at Pulau
Pinang on the matter of Companies (Winding-up) No: 28-86-2002
petitioned by Mr. Tan Hock Lai @ Tan Hock Chan to wind up SJA
Berhad which came up for hearing on 1/7/2003, the Court had
adjourned to the 17/7/2003 the Petition of Winding-up as well as
the opposition via Notice of Motion by HLB Nominees (Tempatan)
Sdn Bhd.

In the interim, the Court had also ordered that the intended
Extraordinary General Meeting requisitioned by Messrs HLB
Nominees (Tempatan) Sdn Bhd and Cheong Heng Choy scheduled to be
held on 2/7/2003 be postponed until the disposal of the said
cases.


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


ABS-CBN BROADCASTING: Set to Sign Restructuring Deal With Bank
--------------------------------------------------------------
ABS-CBN Broadcasting Corporation is close to signing a US$3.6
million debt restructuring agreement with creditor bank BNP
Paribas, Business World reports, citing ABS-CBN Chief Executive
Officer Eugenio Lopez III. BNP Paribas and Standard Chartered
Bank earlier declared the Company in default for loans worth
US$3.6 million and US$100 million pesos, respectively. For the
Standard Chartered loan, Lopez said the Company is still trying
to come up with an "acceptable" scheme.


MANILA ELECTRIC: Clarifies Preliminary Talks With Creditors
-----------------------------------------------------------
This is in reference to the news article entitled "Meralco talks
with creditors bog down" published in the July 4, 2003 issue of
the Philippine Star. The article reported "the preliminary talks
between the Manila Electric Co. (Meralco) and its major
creditors Citibank N.A. and Bank of the Philippine Islands
bogged down yesterday after the power utility firm refused to
accept the proposals of the banks. "We met with them (yesterday
morning). They made a proposal to us but we are not quite happy
about their proposal," Meralco President Jesus Francisco said.
Francisco said they have given the two banks, which are also
designated as Meralco's financial advisors, at least two more
weeks to come up with a new proposal.

Manila Electric Company (Meralco), in its letter to the Exchange
dated July 4, 2003, clarified that:

"Please be informed that there is an ongoing dialogue with
creditor banks particularly the short term lenders which the
Company believes will result in terms that would satisfactorily
address all stakeholders issues. We understand that the initial
proposal presented to us by the short-term lenders serves as
initial basis for discussions and that revisions are expected
along the way. The Company is likewise evaluating other options
that would ensure its ability to meet all its obligations.

A copy of the press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2159_MER.pdf


NATIONAL BANK: Senior Vice President Resigns
--------------------------------------------
Philippine National Bank advised the Philippine Stock Exchange
that the Board of Directors of the Company, in its meeting held
on June 27, 2003, approved the honorable cessation from service
of Ms. Ann M. Tuason, Senior Vice President & Deputy Head of the
Human Resource Group effective July 1, 2003.


UNITED COCONUT: PDIC Signs P20-B Relief Package
-----------------------------------------------
State-owned Philippine Deposit Insurance Corp. is scheduled to
sign Monday an agreement providing a 20-billion-peso financial
support to United Coconut Planters Bank, the Inquirer News
Service reports. The package included the PDIC's purchase of 13
billion pesos worth of UCPB's non-performing assets (NPAs). The
deal on NPAs involves the outright purchase of eight billion
pesos worth of assets. Other assets worth five billion pesos
will be bought back by UCPB after 10 years.

PDIC President Ricardo Tan said the purchase of the NPAs would
help clean up the balance sheet of UCPB and provide the bank
with seven to eight billion pesos in additional capital. UCPB's
capital prior to the expected signing of the agreement Monday
was well below the requirements of the Philippine central bank.


VICTORIAS MILLING: Names Loyal Employee Compliance Officer
----------------------------------------------------------
Victorias Milling Company, Inc. (VMC), using SEC Form 17-C dated
February 4, 2003, which the Exchange received on July 4, 2003,
disclosed that:

"The Management Committee (Mancom) of Victorias Milling Company,
Inc. (VMC), in its meeting on August 6, 2002, appointed, Mr.
Nilo A. Florcruz as Compliance Officer of the Company as
required in the Code of Corporate Governance.

Mr. Florcruz, age 55, is Assistance Vice President for Makati
Operations of VMC and concurrently Assistance Corporate
Secretary and Mancom Secretary. As a licensed Chemist and Sugar
technologist, he has been connected with VMC for 31 years and
served in various positions in the Company. At present he is
responsible for the Makati Office operations."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2174_VMC.pdf


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


ASIA PULP: Rupiah Bondholders Gets 50% Repayment in 10 Years
------------------------------------------------------------
In Indonesia, Asia Pulp and Paper (APP) rupiah bondholders will
receive 50 percent of their debt over 10 years, which is better
than what U.S. dollar creditors agreed on earlier this year,
DebtTraders reports. U.S. dollar creditors, including the
Indonesian Bank Restructuring Agency (IBRA) and Export Credit
Agency (ECA), will only be repaid a fifth in 10 years.

The rupiah bondholders plan to seek a higher interest rate of at
least 13 percent in return for a 10-year repayment period
instead of 5 years. The outstanding amount of the rupiah bonds
is approximately US$300 million.

DebtTraders believes the group has to provide better terms to
rupiah bondholders because the local currency bonds are mainly
owned by the group's pension funds. If APP's operating
subsidiaries fail to provide terms acceptable by the pension
funds, there is a possibility that workers may initiate strikes.


ASTI HOLDINGS: Disposes of Entire Reel Service Stake
----------------------------------------------------
ASTI Holdings Limited announced that on 27 June 2003, its wholly
owned subsidiary, Reel Service Limited RSL had completed the
transactions contemplated in a sale and purchase agreement (the
"S&P Agreement entered into with Kurt Hubrig KH on 19 June 2003
in respect of RSL's sale of the entire issued share capital of
Reel Service GmbH RSG to KH.

RSG is a wholly owned subsidiary of RSL and is primarily
involved in the provision of tape and reel packaging services
and supplies to the electronics components manufacturing
industry in Germany.

Under the S&P Agreement, RSL sold to RSG's managing director,
KH, the entire issued share capital of RSG of Euro 122,710 (the
"Sale Shares.

The aggregate sale consideration paid to RSL is Euro 2,440,000
and this was satisfied in the following manner:

(a) Euro 1,875,000 in cash;

(b) Euro 385,000 in the form of pre-sale dividend paid to RSL
and waiver of debts owing by affiliates of RSL to RSG; and

(c) Euro 180,000 as royalty payable to RSL over 3 years.

The sale consideration was agreed on a "willing-seller, willing
buyer" basis, taking into account the net tangible asset value
and cash flow of RSG.

In relation to the Sale Shares being disposed, the net tangible
asset value of the Sale Shares as at 31 May 2003 was
S$3,485,000.

The excess of the sale consideration over the book value of the
Sale Shares being disposed, after netting off the expenses in
connection with the transactions contemplated in the S&P
Agreement, is S$627,000.

RSL and the remaining for working capital will use the sale
proceed to repay the overdraft owing to the Bank of Scotland
BoS. BoS has since agreed to restructure the remaining term loan
outstanding, from 1 year to 5 years following the disposal of
RSG.

The un-audited net profit before income tax, minority interest
and extraordinary items attributable to the Sale Shares for the
5 months ended 31 May 2003 is S$1,044,000.

The financial effect of the sale of the Sale Shares is as
follows:

(a) The effect of this disposal on the net tangible assets
NTA per share of the ASTI group for the financial year
ended 31 December 2002, assuming the disposal had been
effected on 31 December 2002 would have been as follows:
(b)
NTA per share before disposal NTA per share after     % Change
                                        disposal

7.35 cents            7.94 cents              8.0 %increase
                                           in NTA per share

(b) The effect of this disposal on the earnings per share of the
ASTI group for the financial year ended 31 December 2002,
assuming the disposal had been effected on 1 January 2002 would
have been as follows:

Loss per share before disposal  Loss per share after   %Change
                                disposal

19.82 cents                     19.12 cents           3.5%
                                                  decrease
                                                  in the loss
                                                  per share

(c) The effect of this disposal on the gearing of the ASTI group
for the financial year ended 31 December 2002, assuming the
disposal had been effected on 31 December 2002 would have been
as follows:-

Gearing ratio before    Gearing ratio after disposal  %Change in
                                                   Gearing ratio

1.32                    1.09                         17.4 %
                                                   decrease in
                                                   gearing ratio

Although RSG's business is similar to that of the Company and
RSL, it operates only in Germany, which is not a major market or
operating base of the Company since the Company is presently
focusing on its business operations in Asia. The disposal is
also in line with the Group's recent efforts in strengthening
its financial position. The proceeds from the disposal will
allow the Group to repay its overdraft owing to BoS as well as
reduce its gearing ratio.

No director or controlling shareholder of the Company has any
interest, direct or indirect, in this transaction.

As this may be seen as a major transaction under Chapter 10 of
the SGX-ST Listing Manual (as the ASTI group's operating loss
before income tax as set out in its last Annual Report,
financial year ended 31 December 2002 is negative as compared
against RSG's positive operating profit for the same period),
requiring shareholders' approval, the Company has sought a
waiver from this requirement from the SGX-ST. The SGX-ST has
since granted the waiver.


CHARTERED SEMICONDUCTOR: Chartered Japan Names New VP
-----------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, recently announced the
appointment of Makoto Kawakami as its new Vice President and
General Manager of Chartered Japan. Mr. Kawakami will succeed
Masayuki Suzuki, who will retire on June 30, 2003 after a 30-
year career in the semiconductor industry. Mr. Kawakami will
lead the Japan organization to leverage Chartered's
collaborative business model and strengthened position in
advanced technology for broadening the Company's access to new
customers and market opportunities.

Mr. Kawakami has more than 20 years of experience in the
semiconductor industry, and has held several senior management
positions in business development, marketing and sales. Prior to
joining Chartered, Mr. Kawakami was President of Xilinx K.K. in
Japan, where he successfully led the team that regained Xilinx's
market share leadership position for programmable logic devices.
Before Xilinx K.K., Mr. Kawakami served as President of ZILOG
Japan K.K., with responsibilities for business development and
the preparation of ZILOG's initial public offering on the OTC
Bulletin Board. From 1988 to 1998, Mr. Kawakami was President of
Xicor K.K. where he established Xicor's first office in Japan,
established a network of distributors, and helped strengthen key
customer relationships with leading Japanese companies including
NEC, Matsushita, Mitsubishi, Sharp, Toshiba, Nikon, JVC and
Hitachi. Mr. Kawakami also spent five years at Intel K.K. in
Japan, where his last position was director of distribution
sales. Mr. Kawakami holds a Bachelor of Arts degree in
management from the Musashi University, Tokyo and a master's
degree in international management from the American Graduate
School of International Management in Glendale, Arizona.

"We are pleased to have an accomplished semiconductor industry
veteran like Mr. Kawakami leading Chartered Japan," said Bruno
Guilmart, senior vice President of sales and marketing for
Chartered. "Mr. Kawakami's extensive semiconductor product
knowledge is important for strengthening our trusted
relationships with Japanese customers and partners as well as
growing our customer base."

Guilmart added, "We would like to take the opportunity to also
thank Mr. Suzuki for his valuable contributions, and in
particular, for his leadership during the early stages of
Chartered's entry into the Japan market. Under his leadership,
Chartered Japan has evolved into a strong customer service
organization, with the capability to offer total product
solutions for helping customer's transition seamlessly from
advanced system-on-chip (SoC) design to manufacturing. Mr.
Suzuki's achievements are also reflected in Chartered's steady
revenue growth and expanding customer base in Japan over the
past three years, and we wish him well as he moves into a new
phase in his life."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.


FALMAC LIMITED: Issues Progress Report on Restructuring
-------------------------------------------------------
Falmac Limited is still in discussion with its bankers to
restructure its repayment obligations under facilities provided
by the bank to the Company. The Company will keep shareholders
informed of further developments.

According to Wright Investor's Service, at the end of 2002,
Falmac Limited had negative working capital, as current
liabilities were 21.56 million Singapore Dollars while total
current assets were only 20.37 million Singapore Dollars.


SEATOWN CORPORATION: Banking Facilities in Default
--------------------------------------------------
The Board of Directors of Seatown Corporation Ltd. announced the
state of the banking facilities, which are in default resulting
in the outstanding amounts being repayable on demand for the
subsidiaries within the Group as follows:

Names of subsidiaries  Lenders   Outstanding        Note
                                 at 30.9.02
                                 S$'000 Note

Seatown Development
(Tuas) Pte Ltd        HSBC Bank   10,713             1
Fermold Pte Ltd (A)   DBS Bank     4,540             2
                      OCBC Bank    2,423             3
Seatown Construction
Pte Ltd (B)           HSBC Bank    3,143          No development
                      DBS Bank     1,373          No development
                      MBB Bank     910            No development

Tri-Mix Pte Ltd (B)  DBS Bank      2,922          No development
                     OCBC Bank     1,774          No development
                     Std Chartered 439            Legal letter
received

Seatown Foundation
Engineering Pte
Ltd (B)             DBS Bank       552            No development
                    MBB Bank       529            No development
                    HSBC Bank      515            No development

Capital I Sdn
Bhd                 EON Bank       1,512          No development
                    Hong Leong
                    Finance Bhd    1,282          No development

(A) - Company under Section 210(10)
(B) - Company under judicial management.

Note: (1) Accepted S$1.4 million facilities from banker to
complete Phase 1 of the Seatown Industrial Centre project. In
process of completing the legal documentation for drawdown.

(2) Proposed rescheduling of repayment rejected by banker on 20
May 2003. Re-negotiating with banker.

(3) Negotiating with banker.


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


ASIA HOTEL: Stocks Excluded From Index Calculation
--------------------------------------------------
The Stock Exchange of Thailand (SET) announces an adjustment of
Index calculation by the exclusion of those stocks that have
been suspended for over one year from the Index.

The SET wishes to inform that ASIA Hotel Public Co., Ltd.
(ASIA)'s stock will be excluded from the calculation of the SET
Index on August 6, 2003 until such time as it is permitted to
resume trading.


MILLENNIUM STEEL: Issues Warrants Exercise Results
--------------------------------------------------
Millennium Steel Public Company Limited has issued and offered
1,068,328,082 units of Warrants 1 to purchase ordinary shares of
company (MS-W1) and 1,499,779,189 units of Warrants 2 to
purchase ordinary shares of company (MS-W2), which is a total of
warrants 2,568,107,271 units. The exercise date will be the
company's last business day in each quarter (each last business
day of March, June, September and December during 10 years term
of warrants, the first and the last day for exercise of rights
will be on March 31, 2003 and on December 1, 2012, respectively.
The exercise ratio of Warrants 1 and Warrants 2 is 1 unit of
warrant for 1 ordinary share, at the price of Bt2.10 and
Bt6.114, respectively.

The company would like to report the results of the exercise of
warrants, as follows:

Description     No. of issued   No. of       No. of
                Warrant         exercised    unexercised

Warrant 1       1,068,328,082      -         1,068,328,082


NATIONAL FERTILIZER: Seeks Restructuring Period Extension
---------------------------------------------------------
Further to the Stock Exchange of Thailand's relating to the
notice of rehabilitation plan and informed that the Company's
financial statements for the year ended 31st December 2002
showed a negative net-worth of shareholders' equity.

In this respect, National Fertilizer Plc is in the condition to
prepare the rehabilitation plan imposed by the rules of the
Securities Exchange and that the Company has to present its
alternative method to this solution to SET within the date of
7th July 2003.

In this regard, the Company is currently in process of
identifying the strategic partner, which is considered by the
finance creditor group, composing the Thailand Asset Management
Corporation and Siam Commercial Bank PLC, and expected to be
finalized within this July 2003.

In process to conclude to any alternative of financial and
business restructuring, it is obliged that they work together
among the finance creditors, the Company and new strategic
partner.  In this constraint, the Company cannot give notice on
time, the deadline as set by the Securities Exchange within this
day of 7th July 2003.  Thus the Company would request for the
extension of the date to inform the solution to next 15th August
2003.


THAI PETROCHEMICAL: New Management to Ask for 30% Debt Writedown
----------------------------------------------------------------
The government panel that will take over management of Thai
Petrochemical Industry Plc will reportedly ask creditors to
forgive as much as 30% of the company's outstanding debt,
Business Day reported yesterday.

Lender Bank of Ayudhya Plc told the paper the panel wants a
US$2.8 billion writedown as an initial step to rehabilitating
the firm under the new management.  Ayudhya Vice President
Nuttawit Boonyawat said creditor banks -- including foreign
lenders which own 70% of the firm's debt -- would likely
acquiesce to the plan.

"Foreign investors have already written off the loss," Mr.
Nuttawit said. "If they get one cent from this, it's one cent of
profit."

Bangkok Bank Plc, TPI's largest creditor, said however it had no
information about a 30 percent haircut.

"We did meet the ministry on Thursday and discussed some of the
operational issues but there was no talk of a 30 percent haircut
on the current debts," said a Bangkok Bank official.

Earlier, the current administration of TPI, headed by Prachai
Leophairatana, said the banks need to cut TPI's debts down to
100 billion baht from 140 billion baht.  In 2000, lenders
approved a debt-for-equity swap that converted US$756 million in
unpaid interest for a 75 percent stake in the company.  The
remaining debt was to be repaid in four years.


THAI PETROCHEMICAL: New Planner Assured of Creditors' Backing
-------------------------------------------------------------
The new planner of Thai Petrochemical Industry Plc headed by
General Mongkol Ampornpisit was expected to get enough votes, if
not the complete backing of creditors, who were scheduled to
confirm their selection yesterday.

This, according to The Nation, after Finance Minister Suchart
Jaovisidha assured creditors that founder and interim plan
administrator Prachai Leophairattana will not be part of the
team.  Mr. Prachai and most of the creditors have been at odds
since the company fell into administration.  Several creditors
last week said they believe they can work with the new planner.

"This team had been picked by the prime minister.  If former TPI
chief executive Prachai goes against the new planner, he would
be running into trouble," a unnamed source told The Nation.

The panel consists of General Mongkol, Pala Sukhavej, Pakorn
Malakul Na Ayudya, Thanong Bidaya and Aree Wongaraya.  Creditor
banks that hold a 75-percent stake in TPI were scheduled to vote
on the new planner yesterday and forward the result to the
Central Bankruptcy Court for deliberation on Friday. If
approved, Mr. Pala will become acting CEO.  Due diligence will
then be completed within 90 days to see whether it is necessary
to revise the debt-restructure plan, the report said.

TPI ran into severe financial difficulty in 1997 after
accumulating US$3.8 billion (Bt158 billion) of debt. It has
undergone debt restructuring since 2000.  The company's major
creditors include Bangkok Bank, the International Finance Corp,
Kreditanstalt fuer Wiederaufbau (KfW), Citibank, the US Export-
Import Bank, Bank of Ayudhya and Sukhumvit Asset Management Co,
which is a unit of Krung Thai Bank.


                            *********


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

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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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