TCRAP_Public/030722.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 22 2003, Vol. 6, No. 143

                         Headlines

A U S T R A L I A

ALINTAGAS NETWORKS: S&P Rates A$30M Loan Facilities 'BBB'
AUSTAR UNITED: Discloses Rights Issue Prospectus
AUSTRALIAN INVESTORS: ASIC Bans Former Financial Planner
BALLARAT GOLDFIELDS: Capital Raising Successfully Completed
BEACONSFIELD GOLD: Inks Equity Funding Agreement With Tolhurst

ERG LIMITED: Unsuccessful in Perth Tender
STRAITS RESOURCES: 60,000 Notes Converted to Ordinary Shares
TRANZ RAIL: Signing Heads of Agreement With Genesis
WATTLE GROUP: Former Administrator Pleads Guilty
WESTERN METALS: Board Remains Hopeful on Administration


C H I N A   &   H O N G  K O N G

21CN CYBERNET: Trims Q103 Net Loss to HK$27.054M
BEST POOL: Petition to Wind Up Pending
FARAS LIMITED: Winding Up Hearing Scheduled in August
HONGKONG LAND: Fitch Assigns 'BBB' Rating
GOODMADE CONSTRUCTION: Faces Winding Up Petition

NEW ORIENTAL: Winding Up Hearing Scheduled on July 30
NINGBO BIRD'S: Xinhua Changes BB+(pi) Rating Outlook to Negative
PCCW LIMITED: Inks Placing Agreement for Debt Repayment Purposes
PCCW LIMITED: Pacific Century Acquires 10,724,000 Shares
REGENT CONNECTION: Winding Up Petition Pending

TOP GLORY: Requests Suspension of Trading
WO KEE: Requests Trading Suspension


I N D O N E S I A

DUTA PERTIWI: Pefindo Ups Restructured Bond Ratings to "idBBB-"
PERUSAHAAN LISTRIK: S&P Withdraws DSPL Finance `CCC' Rating


J A P A N

DAIEI INC.: Baseball Club Up for Sale
FUJITSU LTD: Develops Low Power Tech for Mobile Applications
HAYASHI MARINE: Ship Manufacturer Enters Bankruptcy
JAPAN AIRLINES: Eyes Domestic Fare Discount Cuts


K O R E A

KOOKMIN BANK: Expects W97B Second Quarter Net Loss
KOOKMIN BANK: Issues Bond-Type Hybrid Tier 1 Securities
KOOKMIN BANK: Reorganizes Headquarters and New Positions of EVPs
SK GLOBAL: Creditors Set Meeting July 24
SK GLOBAL: Foreign Creditors Demand Debt Repayment

SK GLOBAL: Overseas Creditors Oppose Receivership
SK GLOBAL: SK Corp. Supports Rescue Plan


M A L A Y S I A

AOKAM PERDANA: Court Grants Restraining Order Time Extension
KELANAMAS INDUSTRIES: Court Sets Winding Up Hearing on Sept 9
KIARA EMAS: Scheme Creditors' Approved Proposed Scheme
KPS CONSORTIUM: RAM Reaffirms BBB1 Rating
KUMPULAN JAYA: Issues Additional Winding-up Petition Info

MBF CAPITAL: Court Sanctions Proposed Scheme of Arrangement
MYCOM BERHAD: Proposes Unit Sale for Working Capital
PILECON ENGINEERING: Creditors' Meeting Adjourned to August 15
SAP HOLDINGS: De-listed; Securities Listing Transferred to KPS
SUNWAY HOLDINGS: Seeks Unit's Deregistration

TONGKAH HOLDINGS: Disposes of Quoted Securities
UNITED CHEMICAL: Approves PKNP's Corporate Reorganization Plan


P H I L I P P I N E S

FIL-ESTATE GROUP: Inks Debt Restructuring Deal
MANILA ELECTRIC: Creditors Extend Loan Maturity Due July 21
MANILA ELECTRIC: Tax Refund Needs Congress OK
NATIONAL BANK:  NPLs 49% at June 19
NATIONAL POWER: Japanese, European Firms Keen on Assets

PHILIPPINE LONG: No New Borrowings This Year, Says Pangilinan
UNITED COCONUT: Needs Additional P20B to Get Back on Track


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Forecasts Stronger Quarter
CHARTERED SEMICONDUCTOR: Raised US$1.1B Since 2001


T H A I L A N D

MILLENNIUM STEEL: Submits New Financial Statement
SIAM UNITED: SET Will Not Post Beneficiary Sign on Stocks
THAI ELECTRONIC: Posts Shares Sale Results

     -  -  -  -  -  -  -  -

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


ALINTAGAS NETWORKS: S&P Rates A$30M Loan Facilities 'BBB'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB/A-2'
ratings to the proposed Alinta Network Holdings Pty Ltd. (ANH).
The outlook on the ratings is stable. At the same time, Standard
& Poor's assigned a 'BBB' bank-loan rating to ANH's proposed
A$530 million senior-unsecured bank loan facilities, and to the
proposed A$30 million senior-unsecured bank loan facilities of
its wholly owned subsidiary, AlintaGas Networks Pty Ltd. (AGN).
All of the senior-bank loan facilities carry joint and several
guarantees from ANH and AGN.

The issuer ratings assigned to the proposed ANH reflect the
business and financial profile of the wider Alinta Networks
group (Alinta Networks), which includes AGN. As such, the
proposed ratings incorporate the business-risk profile of AGN,
but the consolidated financial-risk profile of Alinta Networks.
Furthermore, the ratings on Alinta Networks are closely linked
to the ratings of its majority shareholder Alinta Ltd. (Alinta;
BBB/Stable/A-2).

The ratings on the proposed ANH are subject to financial close
of the acquisition by AMP Henderson Global Investors Ltd.,
through its Diversified Utility and Energy Fund (DUET; proposed
BBB-/Stable/--); and Alinta of ANH; United Energy Distribution
(UED; proposed BBB/Stable); Energy Partnership (Gas) Pty Ltd.
(EPG; proposed BBB/Stable) in substantially the same form as
presented to Standard & Poor's and the receipt of final executed
documentation. The ratings are based on information as of July
7, 2003. Subsequent information or changes to the proposed
business and financial structures of the businesses that
comprise Alinta Networks and the wider Alinta group may result
in the assignment of a final rating that differs from the rating
on the proposed structure.

"The historically high levels of operational performance and
reliability of Alinta Networks is expected to be maintained,"
said Standard & Poor's credit analyst Kevin Lewis, associate
director of Corporate & Infrastructure Finance Ratings.

"Although the financial profile will be aggressive, the proposed
long-term on-lending agreement between ANH and AGN is structured
to ensure that all senior-debt and subordinated debt will be
comfortably serviced and underpinned by the regulated, stable,
and reliable cash flows generated by AGN," added Mr. Lewis.

The ratings on ANH reflect the well-entrenched position of the
company's core gas network at the center of the Western
Australian natural-gas market, its strong operating performance,
and the cash-flow stability provided by the regulatory regime.
The stability of the cash flows in the regulated gas business
are offset by several factors: throughput volumetric risk,
network bypass risk, a reliance on a single natural-gas
transmission pipeline to haul upstream gas supply, a reliance on
a single gas-production center, and an aggressive financial
profile including risks surrounding the refinancing of a six-
month bridge facility.

The stable outlook for the ratings on ANH reflects the stability
of the underlying businesses and regulated cash flows, and an
expectation that the six-month bridge facilities used to finance
the acquisitions will be successfully refinanced with longer-
dated debt instruments in line with that proposed by the
company.


AUSTAR UNITED: Discloses Rights Issue Prospectus
------------------------------------------------
Austar United Communications Limited ABN 88 087 695 707
disclosed the Prospectus, which sets out the details of the
Rights Issue that will be fully underwritten by United Austar,
Inc. (UAI).

The proceeds of the Rights Issue, after deducting expenses of
the offer, will be used to repay bank debt, pay Accrued Expenses
and interest owing to UAI and to fund AUSTAR's working capital
and capital expenditure requirements.

The Company is encouraging participation in a pro rata
renounceable rights issue to raise approximately $75 million for
AUSTAR.

To see the copy of the Prospectus, go to
http://bankrupt.com/misc/TCRAP_Austar0722.pdf.


AUSTRALIAN INVESTORS: ASIC Bans Former Financial Planner
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr Dennis Ralph Anthony, of Wollongong, New South Wales,
from acting as a representative of a securities dealer or an
investment adviser for three years.

Mr Anthony acted as a financial planner for Australian Investors
Forum Pty Ltd (AIF), a licensed securities dealer based in North
Sydney, New South Wales.

An ASIC investigation found that Mr Anthony participated in the
management of AIF and related companies while he was an
undischarged bankrupt, in contravention of the law.

Additionally, ASIC found that Mr Anthony caused AIF to offer
shares in AIF to investors, without providing a disclosure
document to investors as required under the law.

Between March and October 2001 AIF raised more than $2.2 million
from investors in advance of a promised listing on the ASX,
which never occurred.

ASIC also found that Mr Anthony permitted AIF to handle client
funds and engage in discretionary trading, in breach of
restrictive conditions on AIF's license. In some instances
client funds were transferred to companies associated with AIF's
directors.

AIF was placed into liquidation in August 2002 following Supreme
Court proceedings brought by ASIC against the company and its
directors.


BALLARAT GOLDFIELDS: Capital Raising Successfully Completed
-----------------------------------------------------------
Ballarat Goldfields NL ACN 006 245 441 announced the closing of
its capital raising, with applications and monies being received
for the maximum subscription amount of 58,000,000 new, fully
paid ordinary shares. The issue has raised $2,900,000 before
expenses.

It was anticipated that the shares subscribed for under the
issue was allotted on 18 July 2003. Holding statements were sent
out on 22 July 2003.

Managing Director, Richard Laufmann said that BGF is very happy
with the strong level of interest shown in the Company.

The issue was arranged by RFC Corporate Finance Ltd.


BEACONSFIELD GOLD: Inks Equity Funding Agreement With Tolhurst
--------------------------------------------------------------
Beaconsfield Gold N.L. (Receiver and Manager Appointed) is
pleased to advise shareholders that Beaconsfield Gold and
Tolhurst Noall Limited have signed a Subscription Agreement
under which equity funding is to be provided to Beaconsfield
Gold, subject to certain conditions.

The agreement allows for the subscription of $5.5 million in two
tranches, the first tranche being $0.5 million and the second
tranche being $5 million. The funds will be provided by clients
of Tolhurst Noall who are sophisticated or institutional
investors.

Beaconsfield Gold and Tolhurst Noall have further agreed that an
additional sum of up to $2.5 million may be subscribed as part
of the second tranche (making a maximum subscription for both
tranches of $8 million).

The first $0.5 million has been placed in a Tolhurst Noall trust
account and will be drawn down as required to pay for all the
corporate costs necessarily incurred by the Beaconsfield Gold
board until the Receiver and Manager retires. The total of the
costs paid will be converted into Beaconsfield Gold fully-paid
ordinary shares at $0.10 per share. This conversion price is
considered reasonable in the circumstances, reflecting the
considerable risk for the Tolhurst Noall clients ahead of the
retirement of the Receiver and Manager.

The second tranche will be subscribed at $0.23 per Beaconsfield
Gold fully-paid ordinary share to facilitate the necessary
restructuring of the company's finances with either BankWest or
a replacement bank. This additional funding is subject to
approval by shareholders at a general meeting and subject to the
retirement of the Receiver and Manager. Any amount left unspent
from the first $0.5 million in the trust account would also be
converted into Beaconsfield Gold shares, upon the retirement of
the Receiver and Manager, at $0.23 per share.


ERG LIMITED: Unsuccessful in Perth Tender
-----------------------------------------
ERG Limited announced last week that it has not been selected as
preferred tenderer for the Transperth smart card ticketing
system. ERG was one of three tenderers for the project in its
home city.

In tendering for projects ERG is committed to achieving a
positive cash flow profile and return for shareholders and is
not prepared to compromise these principles simply to gain
market share.

"Having recently being selected to supply systems in Seattle,
Stockholm, Sydney and Washington DC, which will contribute
revenue in excess of $500 million to ERG, it is very
disappointing not to be selected for the contract in Perth,"
said ERG's Asia-Pacific Managing Director, Rob Noble.

The Minister's office stated that ERG would be retained as the
reserve tenderer.

Last month, the Troubled Company Reporter - Asia Pacific
reported that ERG Limited resolved to implement the ten for one
share consolidation approved by shareholders on 30 April 2003 as
part of the 2003 Recapitalization Proposal (Share
Consolidation).


STRAITS RESOURCES: 60,000 Notes Converted to Ordinary Shares
------------------------------------------------------------
Straits Resources Limited advised that a total of 60,000
Convertible Notes have been converted and as a result, 60,000
Ordinary Fully Paid shares in the Company have been issued.

The Appendix 3B form announcing the issue can be found at
http://bankrupt.com/misc/TCRAP_SRL0722.pdf.

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


TRANZ RAIL: Signing Heads of Agreement With Genesis
---------------------------------------------------
Tranz Rail Limited and Genesis Power confirmed Monday they are
in talks to move imported coal to the Huntly Power Station from
the Port of Tauranga. The proposal would involve the transport
of up to one million tonne of coal annually.

Tranz Rail Managing Director Michael Beard says the arrangement
would result in two trains leaving daily from Tauranga, carrying
1500 tonne of coal each.

"It is a significant development and we welcome this opportunity
to form a long term relationship with Genesis. Design of the
rail loading facility at Port of Tauranga and unloader at Huntly
Power Station is well advanced."

Genesis Chief Executive Murray Jackson says rail offers the
perfect option to move such a large tonnage and provides
flexibility and competitive pricing for Huntly over the long
term.

It is expected that a Heads of Agreement will be signed within
the next two weeks and the operation would see coal moving from
Tauranga to Huntly from July 2004.


WATTLE GROUP: Former Administrator Pleads Guilty
-------------------------------------------------
Mr Bruce Raymond Walden, a director of Brisbane-based Australian
Secured Mortgages Pty Ltd (ASM), was sentenced on Friday in the
Brisbane District Court to a $2000, three-year good behavior
bond, following convictions stemming from his role as a promoter
of the failed Wattle Group.

Mr Walden was charged following an investigation by the
Australian Securities and Investments Commission (ASIC) into the
Wattle scheme, which raised more than $160 million from over
2700 investors across Australia.

Mr Walden pleaded guilty to ten charges of being knowingly
concerned in the promotion of prescribed interests, through his
company ASM, in contravention of the Corporations Act. The
charges relate to seven investors who lost approximately
$167,000 invested in the Wattle scheme. ASM received commissions
from the Wattle Group of 40% p.a on investor funds it sourced.

As a result of his conviction Mr Walden is also disqualified
from managing a corporation for five years.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Background

The Wattle Group was an unlicensed investment scheme operated by
Mr Geoffrey Robert Dexter, which raised more than $160 million
from over 2700 Australian investors. The scheme involved Mr
Dexter obtaining unsecured loan funds from investors on the
promise of high rates of return, generally 50% p.a.

ASIC took action to close down the scheme, and on 7 May 2001 Mr
Dexter was convicted of multiple fraud charges and jailed for 10
years.

Two of the sub-agents of the scheme, Mr Marshall John Cobb of
Tax Invest Australia Pty Ltd and Mr Howard Jeffrey Owen of Fin
Invest Pty Ltd were charged with similar offences.

On 10 April 2002, Mr Cobb was sentenced in the Canberra
Magistrates Court to two years $2,000 good behavior bond and
ordered to pay a penalty to the Commonwealth of $10,000 within a
two-year period. ASIC also banned Mr Cobb in November 1999, from
being a representative of either a dealer in securities or an
investment adviser for one year, as a result of his activities.

On 19 July 2002, Mr Owen was sentenced in the Sydney Downing
Centre District Court to 300 hours community service and a 12-
month $1,000 good behavior bond.


WESTERN METALS: Board Remains Hopeful on Administration
-------------------------------------------------------
In June 2003 due to continuing depressed base metal prices and
sudden and substantial adverse currency exchange movements,
Western Metals Limited sought to further restructure its debt
and equity position to sustain its ongoing operational
viability.

In late June 2003 the Company requested a suspension of its
securities on the Australian Stock Exchange pending progress of
such restructure proposals.

The Company advises that despite ongoing efforts to attract new
equity and to restructure its debt obligations within its
operational and commercial capabilities, a transaction
acceptable to all relevant parties has not been able to be
consummated to date.

Following intense discussions with the Company's major creditors
over recent days, advice received Friday afternoon from this
Group has resulted in the Company forming the assessment that
needed additional working capital support cannot be relied upon
by the Company.

In the circumstances and in the context of ongoing cashflow
requirements, the boards of the relevant companies were left
with no prudential alternative but to resolve to appoint Mr
Martin Jones and Mr Garry Trevor (together with Mr Peter Geroff
with respect to Western Metals Copper Limited) of Ferrier
Hodgson, Chartered Accountants, Perth, as voluntary
administrators of each of the following companies in the Western
Metals Group:

   * Western Metals Limited
   * Western Metals Copper Limited
   * Western Metals Zinc NL
   * Aberfoyle Limited
   * Western Metals Marketing Pty Ltd

The Board remains confident of the ongoing prospects for the
Group's operations, and hopes that the protection afforded by
the statutory administration process will give both the
breathing space, and the opportunity, to facilitate an orderly
rationalization of the Group's assets and a restructuring of the
Company's debt and equity base through a deed of company
arrangement, in the best interests of all the Group's
stakeholders.

CONTACT INFORMATION: Martin Jones
        Ferrier Hodgson
        26 St George's Terrace
        Perth, WA 6000
        Telephone: 08 9221-2460
        Facsimile: 08 9221-2282
        Email: fh@perth.fh.com.au


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


21CN CYBERNET: Trims Q103 Net Loss to HK$27.054M
------------------------------------------------
21CN Cybernet Corporation Limited released its Results
Announcement Summary for the year end date March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                           : 10,600             10,464
Profit/(Loss) from Operations      : (25,522)           (74,935)
Finance cost                       : (1,452)            (2,465)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (27,054)           (77,400)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0087)           (0.0253)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (27,054)           (77,400)
Final Diviand                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Diviand                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

The calculation of loss per share is based on the Group's loss
attributable to shareholders of HK$27,054,000 (2002:
HK$77,400,000) and on the weighted average of 3,100,910,000
(2002: 3,059,266,000) shares in issue during the year.

The outstanding share options of the Company do not result in
any dilution effect on the loss per share in respect of the
years ended 31st March 2003 and 2002.


BEST POOL: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Best Pool Limited is set for hearing
before the High Court of Hong Kong on July 30, 2003 at 10:00 in
the morning.

The petition was filed with the court on June 6, 2003 by Li Miu
Cheof Room 1020, 10/F., Peony House, So Uk Estate, Kowloon, Hong
Kong.


FARAS LIMITED: Winding Up Hearing Scheduled in August
-----------------------------------------------------
The High Court of Hong Kong will hear on August 13, 2003 at 9:30
in the morning the petition seeking the winding up of Faras
Limited.

Yu Nai Ming of Room 1308, Yung Shue House, Lei Muk Shue Estate,
Kwai Chung, New Territories, Hong Kong filed the petition on
June 20, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


HONGKONG LAND: Fitch Assigns 'BBB' Rating
-----------------------------------------
Fitch Ratings, the international rating agency, on Friday
assigned Hongkong Land Holdings Limited (HKL) a Senior Unsecured
rating of 'BBB' and a Short-term rating of F3. The Outlook is
Negative.

The rating reflects the group's position as the largest landlord
in Hong Kong's central business district ('Central'); the high
quality of HKL's core properties; the quality of its office
tenants (and the group's track record of retaining them); and
the modest measure of diversity that HKL's retail space brings
to its office-heavy portfolio. Nonetheless, HKL's market share
has declined somewhat in recent years. While the total stock of
Grade A office space in Central grew over 20% between 1994 and
2002 to reach 16 million square feet, HKL's core portfolio
scarcely changed over that period.

Furthermore, the completion earlier this month of the one-and-a-
half million net square foot Two IFC building by HKL's
competitors has added about 9% to the total of Grade A office
space in Central. This brand new prime space, aimed at HKL's
major tenant groups, will compete directly with HKL's core
portfolio, which is located near the new tower and has an
average age of some 22 years. Whether or not Two IFC succeeds in
luring away HKL's tenants, it will - by dint of its sheer size -
greatly increase overall office vacancy levels and thereby
reduce market rents even further. At the end of 2002, total
Grade A vacancy in Central was about 1.6 million square feet or
10% of total stock. Following completion of Two IFC, Fitch
believes that overall vacancy for Grade A office space in
Central must now be approaching 20%. This would be a record
high.

While Fitch notes the recent small losses from HKL's associated
companies and the high level of contingent liabilities in
respect of the group's infrastructure projects, particularly for
the Container Terminal 9 development in Hong Kong, these were
not a significant rating factor.

In contrast, the prolonged and continuing slide in the rental
market for local office property has in recent years outweighed
the group's great strengths. Average rents for Grade A
properties in Central have fallen about 40% over the last two
years; and given the historically close correlation between
increasing vacancies and falling rents, it is reasonable to
assume that the massive new supply referred to above will drive
rents down a further 40% over the next two years. The decline in
HKL's rental income (and EBITDA) has historically tracked the
rental index closely, albeit lagging it by a year or so (as some
rental income is derived from leases signed in earlier years).
This lag virtually ensures a substantial deterioration in HKL's
EBITDA for this year and next - and quite possibly for 2005 as
well, even if the index begins to recover by then. Largely as a
result of the sliding market, the group's EBITDA fell by one-
third between 1998 and 2002 to US$283mn.

Furthermore, the level of dividends paid consistently absorbs
the majority of cash flow generated; and the effect on leverage
of these developments was aggravated by a cash outflow of
US$587mn for a share buy-back in 2001. The net effect is
encapsulated in the sharp deterioration in the ratio of net
debt/EBITDA from 1.8x in 1998 to 5.7x in 2002. In Fitch's
opinion, the group's leverage ratios will weaken for at least
two more years as the rental market continues to fall and as the
lagging damage appears in HKL's rental income. Management has
acted prudently to mitigate the deterioration so far: HKL has
refinanced debt at the lower prevailing rates; it has termed out
its debt such that half of it is now due after 2007; it has
reduced diviand payments (although these are still consuming the
bulk of annual cash flow); and it is seeking to monetize non-
core investments.

Furthermore, HKL has substantial financial flexibility - not
least by virtue of its mostly unencumbered assets and its
substantial committed but undrawn credit facilities. However,
HKL is almost entirely exposed to the relentless fall in office
rents in Central; and Fitch's expectation of a further and
severe deterioration in these rents, on which the group is so
dependent, was a key factor in determining the Outlook.

However, the decline in market rents will not in itself prompt
Fitch to take negative rating action unless that fall looks set
to exceed 40% from current levels. This rating was initiated by
Fitch as a service to users of its ratings and is based on
public information. Fitch plans to publish a research report on
HKL later this month. Contact, in Hong Kong:Adam Preece (+852)
2263 9559 adam.preece@fitchratings.com


GOODMADE CONSTRUCTION: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Goodmade Construction Engineering
Limited is scheduled for hearing before the High Court of Hong
Kong on July 30, 2003 at 10:00 in the morning.

The petition was filed with the court on June 9, 2003 by Ma Chi
Kit of Room 3214, Tak Yue House, Hau Tak Estate, Tseung Kwan O,
Kowloon, Hong Kong.


NEW ORIENTAL: Winding Up Hearing Scheduled on July 30
-----------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 10:00
in the morning the petition seeking the winding up of New
Oriental Holiday Company Limited.

Kwok Pui Yee of Room 2707, 27/F., Block L, Shing Hang House, Tin
Shing Court, Tin Shui Wai, New Territories, Hong Kong filed the
petition on June 11, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


NINGBO BIRD'S: Xinhua Changes BB+(pi) Rating Outlook to Negative
----------------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, affirmed last week the BB+(pi) rating
of Ningbo Bird Co Ltd and changed its rating outlook to negative
from stable.

The change in outlook is prompted by the Company's declining
profitability -- nearly to breakeven -- and its negative
operating cashflow, resulting from a substantial rise in mobile
phone supply and intensifying price competition in China's
domestic market.

Xinhua Far East expects it will be difficult for the Company to
improve profitability in the short term. Pressure on the
Company's working capital will increase with the expansion of
production and sales, which will erode its cash reserve and
increase its debt level.  Therefore, Xinhua Far East
anticipates downward pressure on the Company's rating is likely
to linger and increase.

Ningbo Bird Co Ltd is mainly engaged in the production and sale
of Bird brand mobile phone handsets.  In 2002, it sold 6.79
million mobile phones, realizing a turnover of RMB 6.37 billion
yuan (USD 786 million).  Mobile phone sales accounted for 99.2%
of the Company's turnover in 2002.

Ningbo Bird is a mid cap company ranking the 325th in the
Xinhua/FTSE China A 400 Index.  As of June 30, 2003, the total
market cap of the constituent accounted for RMB 2.84 billion
yuan (USD 350 million) with the investible market cap of RMB
850.5 million yuan (US$105 million).


PCCW LIMITED: Inks Placing Agreement for Debt Repayment Purposes
----------------------------------------------------------------
On July 17, 2003, PCCW Limited entered into the Placing
Agreement with Citigroup Global Markets and the Vendor, pursuant
to which Citigroup Global Markets will purchase or procure
purchasers to acquire and the Vendor will sell 715,000,000
existing Shares at a price of HK$4.40 per Share. The Shares to
be placed represent approximately 15.36% of the existing issued
share capital of the Company of 4,653,754,074 Shares and
approximately 13.32% of the Company's issued share capital as
enlarged by the subscription and issue of 715,000,000 New Shares
(see below). On the same day, the Company and the Vendor entered
into the Subscription Agreement, pursuant to which the Vendor
has conditionally agreed to subscribe for 715,000,000 New
Shares.

The net proceeds from the Subscription are estimated to be
approximately HK$3,060 million. The aggregate expenses relating
to this offering amount to approximately HK$86 million,
including commissions, professional fees and other ancillary
expenses. It is the intention of the Company to use the net
proceeds from the Subscription for debt repayment purposes.

To see full disclosure on this matter, go to
http://bankrupt.com/misc/TCRAP_PCCW0722.pdf.


PCCW LIMITED: Pacific Century Acquires 10,724,000 Shares
--------------------------------------------------------
On July 18, 2003, Pacific Century Diversified Limited, a company
controlled by Li Tzar Kai, Richard (chairman and chief executive
of the Company), acquired 10,724,000 shares in the Company.

The Company has noted the recent decrease in price and the
increase in trading volume of the shares of the Company and
wishes to state that, apart from the foregoing, and the
announcement of the Company dated July 17, 2003 in relation to
the placing of existing shares and subscription for new shares,
the Company is not aware of any reasons for such movements.

The Company also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, nor is the Company aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


REGENT CONNECTION: Winding Up Petition Pending
----------------------------------------------
Regent Connection Development Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on July 30, 2003 at 10:00 in the morning.

The petition was filed on June 6, 2003 by To Suk Ching of Room
403, Tong Wu House, Yuk Po Court, Sheung Shui, New Territories,
Hong Kong.


TOP GLORY: Requests Suspension of Trading
-----------------------------------------
At the request of Top Glory International Holdings Limited,
trading in its shares was suspended with effect from 9:30
a.m. Monday (21/7/2003) pending the release of an announcement
relating to of the results of the Court Meeting and
Extraordinary General Meeting in relation to the proposed
privatization of the Company by COFCO (Hong Kong) Limited.

On May 12, the Troubled Company Reporter - Asia Pacific reported
that Somerley Limited has been appointed as the independent
financial adviser to the independent board committee of the
Company in respect of the Proposal pursuant to Rule 2.1
of the Takeovers Code.


WO KEE: Requests Trading Suspension
-----------------------------------
At the request of Wo Kee Hong (Holdings) Limited, trading in its
shares was suspended with effect from 9:30 a.m. on Monday
(21/7/2003) pending for an announcement regarding a proposed
rights issue.

According to Wrights Investors' Service, at the end of 2001, Wo
Kee Hong (Holdings) Ltd had negative working capital, as current
liabilities were HK$381.44 million while total current assets
were only HK$256.66 million. It reported losses during the
previous 12 months and has not paid any dividends during the
previous six fiscal years.


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


DUTA PERTIWI: Pefindo Ups Restructured Bond Ratings to "idBBB-"
---------------------------------------------------------------
PT Pefindo Credit Rating Indonesia upgraded the ratings of
general obligation and restructured Bond II & III of PT Duta
Pertiwi Tbk. to "idBBB-" from "idB+" and at the same time
assigned the same rating of "idBBB-" for DUTI's proposed Bond IV
amounting to Rp500 billion.

The ratings reflect the company's successful bond restructuring,
declining outstanding debts, strengthening financial indicators,
strong market position and good asset quality. However, the
ratings are mitigated by DUTI's limited financial flexibility.
DUTI is diversified property developer engaging in commercial
mixed-used development, landed residential, office building and
hotel.

The Company is the property arm of Sinar Mas Group (SMG) and
listed at the JSX in November 1994. SMG was formerly one of
Indonesia's largest and most diversified group of companies,
which managed several core business including agribusiness, pulp
and paper, and property development.


PERUSAHAAN LISTRIK: S&P Withdraws DSPL Finance `CCC' Rating
------------------------------------------------------------
Standard & Poor's Services said Friday that it has withdrawn its
'CCC' issue rating on DSPL Finance Co. B.V.'s (DSPL) US$150
million senior secured notes due 2010. The issue rating was
withdrawn at the request of Dayabumi Salak Pratama Ltd.
(Dayabumi), guarantor of the notes. Approximately US$38 million
of the notes remain outstanding, as of June 30, 2003.

The issue rating largely reflected the weak counterparty risk of
Dayabumi, operator of a 165MW geothermal power project located
on Java, Indonesia. Despite its strong operations and robust
financial position, Dayabumi relies on Indonesian state-owned
utility PT Perusahaan Listrik Negara (PLN) as offtaker for
electricity from its plants, although payments are made through
Pertamina, state-owned oil and gas company.

PLN remains financially constrained, however, and continued
timely government subsidy to the company is uncertain. In the
past, PLN was not able to honor its financial obligations to
Pertamina, which eventually failed to make full payments to
Dayabumi as stated under their Energy Sales Contract. This
contract was eventually amended in 2002, with PLN purchasing
US$95 million of DSPL's rated notes as part of the restructuring
package.


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


DAIEI INC.: Baseball Club Up for Sale
-------------------------------------
Major supermarket operator Daiei Inc. and its creditors have
agreed to sell a 60 percent stake in Fukuoka Daiei Hawks
baseball team to boost the value of the stadium where the Hawks
play and a nearby hotel, Bloomberg reported on Saturday. The
retailer will allow up to 30 percent local investment in the
Hawks to ease the concern of Fukuoka-area fans. The Hawks
currently lead Japan's Pacific League baseball division. Daiei
is more likely to sell the team to a Japanese corporation
because of restrictions on foreign ownership of baseball teams.


FUJITSU LTD: Develops Low Power Tech for Mobile Applications
------------------------------------------------------------
Fujitsu Limited announced that it has developed and begun
accepting orders for the CS101 Series of system-on-chips (SoCs)
employing its state-of-the-art 90nm CMOS technology.

Fujitsu was among the first in the industry to deploy 90nm CMOS
technology, starting production at its Akiruno Technology Center
in December 2002. Fujitsu first used the technology in its own
high-end products that demanded ultra-high speed performance.
The new SoC platform builds on the expertise developed at the
Akiruno Technology Center in 10-layer copper interconnects, Low-
k insulating material, and other advanced technologies, making
increased integration and reduced power consumption available
for the SoC chips for digital consumer and mobile applications.

The CS101 Series achieves roughly double the level of
integration of the Company's existing CS91 Series of SoCs: up to
100 million gates, with the lowest power consumption in the
industry, and a mere one-tenth the leakage current of the CS91
Series. All these make the new lineup especially well suited to
mobile devices for which compactness and low power consumption
are especially important.

With the adoption of Fujitsu's new SoC device, a mobile phone
could offer six consecutive hours of talk-time and up to 1,000
hours of standby time, and a credit card-sized digital camera
could be miniaturized even further.

Fujitsu has a strong production track record in advanced process
technologies combining copper interconnects and Low-k insulating
material for its last two generation of system devices, 0.13m
and 90nm. Based on this proven record of reliability, Fujitsu is
now making these technologies available to implement in SoC
chips for digital consumer and mobile applications.

In addition to offering increased integration and functionality,
Fujitsu can help customers cope with the problem of long,
complex design cycles with its DesignExpress short TAT service,
which can slash the time and steps required in design by half.

Fujitsu plans to extend the CS101 series with the addition of a
high-speed interface for use in networking equipment, and will
roll out products for an expanded range of applications starting
next year.

Sample Pricing and Availability
Price: Quoted individually
Custom design orders accepted as of July 17; sample shipments
beginning September.

Main Product Features

Low Power-Consumption Transistor Technology
Leakage current of transistor is held to the lowest levels in
the industry, cutting standby power consumption to roughly one-
tenth that found in the Company's existing devices, the CS91
Series. When running at 1.2V, operating power consumption is 2.7
nW (at 1 gate, 1MHz), roughly half that of earlier devices.

Advanced Process Technology for Increased Integration
With a density of 420,000 gates per square millimeter, this
design can accommodate up to 100 million gates per chip, roughly
double that of its predecessor. Each SRAM cell uses only 1.14
m2, among the smallest in the industry. Copper interconnects-up
to ten layers of them-minimize resistance, and the use of Low-k
insulating material across the entire chip for reduced
interconnect capacitance helps to minimize the impact on
electrical characteristics.

Optimized Design with Three Types of Transistors Achieves Both
Low Power Consumption and High Speed

Adopting a mixture of three different kinds of core transistors-
-low leakage current transistors, high-speed transistors, and
ultra-high-speed transistors--enables the SoCs to achieve the
twin goals of low power consumption and high speed. The gate
delay time, which uses the high-speed transistors, is 12
picoseconds, about 70 percent faster than the CS91 Series of
products.
IP Macros for a Wide Range of Features

To support a wide range of applications, which may require A/D
and D/A converters, PLLs, high-speed interfaces, low power
consumption or high speeds, Fujitsu offers a range of fine-tuned
macros.

Fujitsu provides physical prototyping for this platform. By
introducing this methodology, customers can reduce design time
significantly. And with Fujitsu's short TAT service
DesignExpress, customers can design FPGAs and ASICs
concurrently, reducing design time and steps in half.
Main Product Specifications

Technology: Silicon-gate CMOS (gate length: 80 nm); 7-10 layer
metal Interconnect; Low-k insulating material used throughout.
Power supply: 1.2V 0.1V internally
Raw gates: Up to 100 million
Gate delay: 12 ps (1.2V, inverter, fanout =1)
Gate power consumption: 2.7 nW (1gate, 1MHz)
Package: QFP, HQFP, EBGA, FBGA, PBGA, FC-BGA

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(US$38 billion) for the fiscal year ended March 31, 2003. For
more information, please see: http://www.fujitsu.com/.

Computer giant Fujitsu Limited plans to cut group interest-
bearing debt to 1.5 trillion yen (US$12.7 billion) in the year
through March 2004, TCR-AP reported recently, citing Fujitsu
President Hiroaki Kurokawa. Kurokawa intends to turn around
Fujitsu, which has been hit by two straight annual net losses
due to a sharp downturn in capital spending for telecom
equipment and the bursting of the information technology (IT)
bubble in the United States.

For more information on Fujitsu's Electronic Devices, please see
http://edevice.fujitsu.com.


HAYASHI MARINE: Ship Manufacturer Enters Bankruptcy
---------------------------------------------------
Hayashi Marine Co., Ltd. has been declared bankrupt, according
to Teikoku Databank America. The ship manufacturer is located in
Naminohira-Machi, Nagasaki City, Japan.

COMPANY PROFILE:

HAYASHI MARINE CO., LTD. (Ship owners)
Address: 4-18, Naminohira-Machi, Nagasaki City, Japan
Postal Code: 850-0936
Homepage: http://www.hayashi-marine.co.jp/ship/e_menu.html
Tel No.: +81 95 8210050
Fax No.: +81 95 8210009
e-mail: hmc@hayashi-marine.co.jp

Working Team: President/CEO Eiji Hayashi
Managing Director Yoshiharu Kamito
Manager Kenshin Ninomiya
Manager Masayuki Fujimura
Manager Hideki Hayashi

Activities: Ownership, Operators, Consultants, Sale and Purchase
of secondhand Ships, Newbuilding, Contracting, Demolition,
Finance Repairs/Conversions (Floating Dock)

HMC Hotels Group:

Nagasaki View Hotel
Hotel Ship Victoria
Nagasaki City Hotel
Nagasaki City Hotel Annex 1
Nagasaki City Hotel Annex 2
Nagasaki City Hotel Annex 3

Leisure Facilities: Marine Sports Center Peninsula Owners Golf
Club

Parking Lot: Fukuoka Haruyoshi-bashi Parking Lot 300
Doza-bashi Parking Lot                           120
Glover Parking Lot                               300


JAPAN AIRLINES: Eyes Domestic Fare Discount Cuts
------------------------------------------------
Japan Airlines System Corporation and All Nippon Airlines are
considering reducing their discount offers on domestic flights
from October in an attempt to end an airfare price war, reports
the Yomiuri Shimbun. Suffering the financial fallout of the Iraq
war and the severe acute respiratory syndrome (SARS) outbreak,
the airlines already increased domestic fares by an average of
11 percent since July 1. The airlines are yet to decide details
of the fare hikes, which will depend on flight routes and
discount offer conditions.


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


KOOKMIN BANK: Expects W97B Second Quarter Net Loss
--------------------------------------------------
Kookmin Bank expects a net loss of 97 billion won for the three
months ending in June 30, according to seven analysts polled by
Reuters. It earned a 492 billion won profit a year ago. But the
bank appears set to return to profit later this year as heavy
credit card losses are seen dropping as the economy recovers,
analysts say. The bank is owed 468.7 billion won in debt by SK
Global.

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 Bond-Type Hybrid Tier 1 Securities
-------------------------------------------------------
On July 4, 2003, the board of directors of Kookmin Bank
approved the bank's issuance of bond-type Hybrid Tier 1
Securities in European and Asian markets for the purpose of
diversifying its funding sources and improving its BIS capital
adequacy ratio. This issue amount will be part of the total
issue limit of KRW1.3 trillion of the bond-type Hybrid Tier 1
Securities approved and disclosed on April 22, 2003.

Main Terms & Conditions of Hybrid Tier1 Securities Issue

Security type: Bond-type Hybrid Tier1 Securities
Amount: Around US$500 million
Expected issue timing: July 2003
Maturity: 30 years (possible renewal with the same terms &
conditions, if not redeemed)
Interest rate: To be decided upon market interest rate on the
date of issuance
Interest payment type: Non-cumulative
Call Option: Exercisable after 10 years from issuance date


KOOKMIN BANK: Reorganize Headquarters and New Positions of EVPs
---------------------------------------------------------------
On July 18, 2003, Kookmin Bank announced the restructuring of
its headquarters and change of positions of Executive Vice
Presidents, of which details are as follows:

Kookmin Bank reorganized its headquarters from 5 Divisions and 9
Business Units to 4 Divisions and 8 Business Units. The number
of teams is reduced from 63 to 59 (including Training &
Education Center). New Positions of Executive Vice Presidents in
line with the reorganization, Jung-Tae Kim, President & CEO of
Kookmin Bank changed the positions of Executive Vice Presidents
as follows. The new positions take effect as of July 18, 2003.

Name                Position

Jong-Kyoo Yoon      EVP, Head of Corporate Strategy & Finance
Division Donald H. MacKenzie EVP, Risk Management Division
Sung-Chul Kim       EVP, General Administration Division

Information Technology Division - Temporarily vacant position
until a new CIO is appointed.

Young-Il Kim        EVP, Retail Banking Business Unit
Ki-Taek Hong        EVP, Corporate Banking Business Unit
Sung-Hyun Chung     EVP, International Banking Business Unit
Ki-Sup Shin         EVP, Capital Market Business Unit
Seong-Kyu Lee       EVP, Business Supporting Business Unit
See-Young Lee       EVP, Credit Card Business Unit
Woo-Jung Lee        EVP, Trust Business Unit
                    EVP, National Housing Fund Business Unit


SK GLOBAL: Creditors Set Meeting July 24
----------------------------------------
SK Global Co.'s foreign creditors suggested to domestic
creditors that they renegotiate a debt redemption rate after
domestic creditors announced their intention to file for court
receivership of SK Global, JooangAng Daily reported Monday. The
renegotiation between domestic and foreign creditors, expected
to take place before a meeting of domestic creditors scheduled
for July 24, is the latest in a series of threats and back-offs
to determine the fate of the troubled SK Group affiliate. If the
renegotiations fail, the domestic creditors may be forced to
follow through on their threat to seek a court-ordered breakup
of the firm.


SK GLOBAL: Foreign Creditors Demand Debt Repayment
--------------------------------------------------
SK Global's foreign creditors, including Credit Lyonnais and
Standard Chartered, demand repayment in full, 72 percent in cash
and 28 percent in convertible securities, on about 910 billion
won (US$711 million) of offshore debt, DebtTraders reports.

Domestic creditors refuse to offer more than 43 percent of the
debt face value to buy out the debt from foreign creditors.
Domestic creditors will meet again on July 24 to vote on whether
to put the trading unit into receivership. SK Global Hong Kong,
a unit of SK Global in Korea, has earlier filed a petition for
liquidation to avoid any attempt by Credit Lyonnais to recover
US$8 million of debt.


SK GLOBAL: Overseas Creditors Oppose Receivership
-------------------------------------------------
The foreign creditors of SK Global have opposed the move by
domestic creditors to rescue the firm through court receivership
procedures, Digital Chosun reports. The rate of loan collection
by the foreign creditors is likely to be drastically lowered if
the firm is put through the court procedures.

The statement by the foreign creditors also said that if the
foreign creditors' right to the loans to the firm is damaged or
mistreated, the creditors would raise their loan rate to Korean
firms. Korean creditors responded to the foreign creditors'
threat by saying that their stance on the firm has not changed,
and that a final decision would be reached among the
representatives of the creditors in a meeting on Thursday.


SK GLOBAL: SK Corp. Supports Rescue Plan
----------------------------------------
SK Corporation has agreed to support the rescue plan by the
creditors of SK Global, the trading arm of the group, as long as
the plan will normalize the operation of the struggling unit
through court-mediated liquidation procedures, according to
Digital Chosun on Friday. SK Corporation made the decision after
judging that in order to keep the firm afloat, court liquidation
steps would ultimately be much more beneficial than simply
liquidating the firm.

In the middle of June, SK Corporation agreed on the bailout
package and normalization plan for SK Global, featuring a
conversion of W850 billion in SK Corp.'s accounts receivable
from SK Global into equity of the latter unit.


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


AOKAM PERDANA: Court Grants Restraining Order Time Extension
------------------------------------------------------------
Aokam Perdana Berhad announced that the High Court of Malaya had
on 17 July 2003 granted Aokam and its subsidiaries, Aokam
Industries Sdn Bhd (AISB) and Pembangunan Papan Lapis (Sabah)
Sdn Bhd (PPL) (hereinafter referred to as the "Applicants"),
leave to extend time to convene the creditors' meeting and
restraining order. Details are as follows:

   (i) The Applicants are to convene meetings with their
respective classes of scheme creditors pursuant to Section
176(1) of the Act within ninety (90) days from the date of the
Order which was dated 17 July 2003; and

   (ii) Restraining Order to restrain all further proceedings in
any action or proceeding whatsoever and howsoever against Aokam
and PPL pursuant to Section 176(10) of the Act for a period of
ninety (90) days from the date of the Order which was dated 17
July 2003.


KELANAMAS INDUSTRIES: Court Sets Winding Up Hearing on Sept 9
-------------------------------------------------------------
Kelanamas Industries Berhad wishes to issue an update on the
Kuala Lumpur High Court Winding Up Petition D5-28-372-2002: Kin
Yip Wood Industries Sdn Bhd vs Kelanamas Industries Berhad,
date for Mention 11 July 2003.

The Company also advised that the above matter was not listed in
Court. As such, the next date yet to be fixed by Court.

Kelanamas Industries also updated on the Kuala Lumpur High Court
Suit No D3-22-113-1996: Lau Mei Yong & Ors vs Kelanamas
Industries Berhad, which came up for hearing on 14 July 2003.

Please be informed that the Court has fixed the above matter for
further hearing on 09 September 2003.


KIARA EMAS: Scheme Creditors' Approved Proposed Scheme
------------------------------------------------------
Reference is made to the Court Convened Creditors' and
Shareholders' Meetings and Extraordinary General Meeting in
relation to the:

   i. Proposed Shareholders' Scheme
   ii. Proposed Creditors' Scheme
   iii. Proposed Disposal
   iv. Proposed Acquisition
   v. Proposed Special Issue
   vi. Proposed Restricted Issue
   vii. Proposed Mandatory Offer
   viii. Proposed Transfer Of Listing Status
(hereinafter collectively referred to as the "Proposals")
   ix. Proposed Exemption

On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad is pleased to announce the results of the Court Convened
Creditors' and Shareholders' Meetings and the Extraordinary
General Meeting (EGM) held on 18 July 2003:

   (a) The Proposed Creditors' Scheme has been approved by the
scheme creditors at the Court Convened Creditors' Meeting;

   (b) The Proposed Shareholders' Scheme has been approved by
the shareholders of Kiara Emas at the Court Convened
Shareholders' Meeting; and

   (c) The following resolutions tabled at the EGM have been
duly passed:

     (i) Ordinary Resolution - Proposed Restructuring Scheme;
and

     (ii) Special Resolution - Proposed Shareholders' Scheme.


KPS CONSORTIUM: RAM Reaffirms BBB1 Rating
-----------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the BBB1
rating of KPS Consortium Berhad's (KPS Consortium) RM19.953
million Redeemable Convertible Secured Loan Stocks (RCSLS). KPS
Consortium is principally involved in the trading of building
materials, manufacture of molded timber products and, to a
smaller extent, the manufacture of tissue paper from waste
paper, as well as the trading of tissue paper and other paper
products. KPS Consortium emerged as a result of KPS Plywood Sdn
Bhd's (KPS Plywood) reverse takeover of the ailing Hai Ming
Holdings Berhad (Hai Ming), and a debt-restructuring exercise
which had entailed the issuance of the RCSLS, Irredeemable
Convertible Unsecured Loan Stocks (ICULS) and shares to Hai
Ming's secured and unsecured financiers.

The reaffirmation is premised on KPS Consortium's post-
restructuring performance, which has met our expectations. Its
manageable debt level of RM89.9 million, 70% of which comprised
working capital lines, has translated into a net gearing ratio
of about 0.5 times as at end-March 2003. Its operating profit
before depreciation, interest and tax margins of 7.66% in FYE
December 2002 and 8.12% in 1Q FY 2003 were slightly better than
anticipated. KPS Consortium now appears leaner with a stronger
post-restructuring financial profile, underpinned by steady cash
flow contribution from its trading of building materials and
manufacture of wood-molded timber products to service the
Group's debt obligations, which consist of the RCSLS, working
capital lines and minimal long-term debts. With no expansion
plans in sight, KPS Consortium's reasonable operating cash flow
generation over the next few years should be sufficient to
service its debts. Although KPS Consortium appears to manage its
business operations reasonably well, its average collection
period has lengthened over the year. If left unchecked, its
liquidity profile may be affected, which could potentially
undermine its operations.

The Group's performance is dependent on the fragmented and
competitive wood-based trading business, which is highly
susceptible to the inherent cyclicality of the construction and
property development sectors. As such, the Group's profitability
in the immediate term is somewhat clouded by the subdued outlook
for the domestic construction sector in 2003.

CONTACT INFORMATION: Renee Quah
        RAM Analyst
        Tel: 03-7628 1781
        E-mail: renee@ram.com.my


KUMPULAN JAYA: Issues Additional Winding-up Petition Info
---------------------------------------------------------
Further to the announcement made by Harrisons Holdings
(Malaysia) Berhad on 16 July 2003 in relation to the Winding-up
Petition against Kumpulan Jaya Pemasaran Sdn Bhd (KJP),
Harrisons further announce the following:

   1) The Petition was presented against KJP on 7 July 2003 and
a sealed copy of the Petition was served on KJP on 16 July 2003.

   2) The Petition to wind-up KJP was based on advances made to
KJP and interest charges on such advances. As at 30 June 2003,
the amount due and owing by KJP to the Petitioner, Harrisons
Trading (Peninsular) Sdn Bhd (HTP) is RM8,921,392.84.

   3) Arising from a Judgment entered against KJP on 12 June
2003, Zaitun Marketing Sdn Bhd had inter-alia garnished KJP's
bank account as well as effected a Writ of Seizure and Sale on
KJP's goods. With a view to ensure a fair and equitable payment
to all the unsecured creditors of KJP (which is a wholly owned
subsidiary of HTP) and to avoid preferring one creditor over
another, HTP proceeded to present the Petition against KJP.

   4) The cost of investment in KJP is RM500,000.00 of which
diminution in value of the investment has been fully provided
for.

   5) The winding-up process would not have a material impact on
the financial and operations of the Company and its
subsidiaries.

   6) There is no further expected losses save for legal costs
and other costs related to the winding-up proceedings.

   7) KJP has engaged solicitors to represent KJP in the
winding-up proceedings. KJP does not intend to oppose the
Petition given its insolvency.


MBF CAPITAL: Court Sanctions Proposed Scheme of Arrangement
-----------------------------------------------------------
Further to the announcement dated 20 May 2003 in relation to the
Proposals, which collectively refer to the following:

    Proposed Capital Reduction;
    Proposed Consolidation;
    Incorporation of Perfect Utilization Sdn Bhd;
    Proposed Scheme of Arrangement;
    Proposed Subsidiary Debt Restructuring;
    Proposed Debt Settlement;
    Proposed Internal Reorganization;
    Proposed Acquisitions;
    Proposed Transfer of Listing Status;
    Proposed Liquidation/Disposal;
    Proposed Employees' Share Option Scheme;
    Proposed 2.9.1 Exemption; and
    Proposed Settlement of MBf Holdings Berhad's Scheme.

Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of MBf Capital Berhad, is pleased to announce that on
17 July 2003, MBf Capital had obtained from the High Court of
Malaya its sanction for the Proposed Scheme of Arrangement
pursuant to Sections 64(1) and 176 of the Companies Act, 1965.


MYCOM BERHAD: Proposes Unit Sale for Working Capital
----------------------------------------------------
The Board of Directors of Mycom Berhad wishes to announce that
Mycom has entered Friday into a conditional Share Sale Agreement
(also known as "the Agreement") with Paramount Venue Sdn Bhd
(PVSB) (Co. No. 619644-V) for the proposed sale of 100 % equity
interest representing 3,500,000 ordinary shares of RM1.00 each
in the capital of Sentul Murni Sdn Bhd (SMSB) for a cash
consideration sum of RM3,500,000 arrived at on a willing buyer
and willing seller basis.

BACKGROUND OF SMSB

SMSB is a private limited company and is wholly-owned by Mycom.
It has an authorized share capital of 5,000,000 diviad into
5,000,000 ordinary shares of RM1.00 each of which 3,500,000
ordinary shares of RM1.00 each have been fully issued and paid
up. The principal activity of SMSB is property development with
its sole development project in Kuala Lumpur, namely the "Sentul
Murni Development" consisting of a mixed development project in
the Mukim of Setapak, Wilayah Persekutuan, Daerah Kuala Lumpur
measuring approximately 43.04 acres (known as the "Development
Project") The Development Project could not be carried out due
to various problems encountered with the squatters located at
the project site. SMSB's wholly-owned subsidiary, namely Sentul
Murni Management Sdn Bhd is involved in building maintenance
services.

BACKGROUND OF PVSB

PVSB is a private limited company having its registered office
at Suite 1005, 10th Floor, Komplex Selangor, Jalan Sultan, 50000
Kuala Lumpur. It has an authorized share capital of RM100,000
diviad into 100,000 ordinary shares of RM1.00 each and a minimum
issued and paid up share capital of RM2.00.

SALIENT TERMS OF THE SHARE SALE AGREEMENT

The shares shall be sold and acquired free from all liens,
charges and encumbrances and with all rights and benefits
attaching thereto with effect from the date of the Agreement.

The terms of the Share Sale Agreement provide for PVSB, by way
of separate independent covenants, to undertake and/or cause
SMSB to settle and repay/discharge certain agreed amounts owing
by SMSB including intercompany and creditor debts in the manner
and upon the terms stipulated in the Share Sale Agreement.

The terms of the Agreement also allow PVSB up to 30 September
2003 to conduct and complete a due diligence investigation on
SMSB.

The estimated time frame for completion shall be six (6) months
from the date of the Agreement.

RATIONALE FOR THE PROPOSED SALE

Mycom is currently in the process of implementing a Proposed
Restructuring Scheme and SMSB is therefore not in the position
to carry out its sole development project for reasons mentioned
above. SMSB exposure in respect of its liabilities in relation
to liquidated damages and other contingent liabilities amounted
to approximately RM43 million and this would have a bearing on
the Mycom Group. The Development Project has been suspended
since 1996 and much efforts had been taken to resolve the
squatters issue. The Share Sale Agreement thus provides an
avenue for the Company to divest and to release from its
commitment to carry on and complete the outstanding Development
Project in the interest of all the affected parties including
the housebuyers.

The proceeds from the proposed sale will be used to meet the
working capital requirements of the Company.

FINANCIAL EFFECTS

The proposed sale is expected to result in a gain of
approximately RM3.6 million which would have an impact of 0.9
sen on the earnings per share and net tangible asset per share
of the Mycom Group for the financial year ending 30 June 2004.

The expected gain is arrived at after taking into account the
provision for dimunition in value of investments in real
property assets and development properties of SMSB amounting to
RM29.8 million in the financial year ended 30 June 2002

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and/or substantial shareholders and/or
persons connected with the Directors or major shareholders has
any interests, direct or indirect, in the proposed sale.

APPROVALS REQUIRED

The proposed sale of SMSB is conditional upon the approvals, if
any, from the Foreign Investment Committee, Securities
Commission and any relevant governmental authority. The
transaction does not require approval from the shareholders of
Mycom.

STATEMENT BY THE BOARD

The Board of Mycom is of the opinion that the proposed sale is
in the best interest of the Company.

DEPARTURE FROM THE POLICIES AND GUIDELINES OF THE SECURITIES
COMMISSION

The Directors do not expect the transaction to depart from the
Policies and Guidelines on Issue/Offer of Securities of the
Securities Commission.

DOCUMENTS AVAILABLE FOR INSPECTION

The Share Sale Agreement is available for inspection at the
registered office of Mycom at Level 23, Menara Olympia, No. 8,
Jalan Raja Chulan, 50200 Kuala Lumpur during normal business
hours from Mondays to Fridays (except public holidays) for a
period of three (3) months from the date of this announcement.


PILECON ENGINEERING: Creditors' Meeting Adjourned to August 15
--------------------------------------------------------------
Reference is made to the Notice of Meeting of Creditors dated
11th July 2003, which was advertised in The Star newspaper on
11th July 2003 (the said meeting shall hereinafter be referred
to as "the Pilecon Meeting").

TAKE NOTICE that the Pilecon Meeting which was fixed on the 4th
day of August 2003 is postponed to the 15th day of August 2003
and that the Pilecon Meeting will be held at Level 25, Menara
Multi-Purpose, Capital Square, 8 Jalan Munshi Abdullah, 50100
Kuala Lumpur, Malaysia at 10:00 a.m. at which place and time all
the Unsecured Creditors of Pilecon Engineering Berhad (Pilecon)
are requested to attend.

The Unsecured Creditors may vote at such of the Pilecon Meeting
as they are entitled to attend or they may appoint another
person whether a member of the class or not as their proxy to
attend and vote in their stead.

Forms appointing proxies must be lodged with Pilecon at No. 2,
Jalan U1/26, Seksyen U1, Hicom Glenmarie Industrial Park, 40150
Shah Alam, Selangor Darul Ehsan, not less than forty-eight (48)
hours before the time appointed for the Pilecon Meeting, but if
forms are not so lodged they may be handed to the Chairman at
the Pilecon Meeting at which they are to be used.

The Scheme will be subject to the subsequent approval of the
Court.


SAP HOLDINGS: De-listed; Securities Listing Transferred to KPS
--------------------------------------------------------------
In conjunction with the listing of Kumpulan Perangsang Selangor
Berhad (KPS) and Kumpulan Hartanah Selangor Berhad (KHSB) on the
Main Board of the Kuala Lumpur Stock Exchange, KPS and KHSB have
implemented the following exercises whereby KPS and KHSB will be
listed on the Main Board of the KLSE in place of SAP Holdings
Berhad (SAP) and Brisdale Holdings Berhad (BRISDAL) respectively
which will be delisted:

   (i) Acquisition of 100% equity interest in SAP comprising
85,000,002 ordinary shares of RM1.00 each in SAP by KHSB from
all shareholders of SAP for a total purchase consideration of
RM228,826,536 to be satisfied by the issuance of 83,023,900 new
KHSB Shares at approximately RM1.69 per share to KPS and
8,734,402 new KPS Shares at approximately RM10.10 per share to
the other shareholders of SAP (save for KPS).

   (ii) Acquisition of 100% equity interest in BRISDAL
comprising 120,000,002 ordinary shares of RM1.00 each in BRISDAL
by KHSB from all shareholders of BRISDAL for a total purchase
consideration of RM181,715,189 to be satisfied by the issuance
of 18,000,002 new KPS Shares at approximately RM10.10 per share.

   (iii) Acquisition of approximately 76.67% equity interest in
Central Spectrum (M) Sdn Bhd (CSSB) comprising 4,030,507
ordinary shares of RM1.00 each in CSSB by KHSB from KPS,
Kumpulan Darul Ehsan Berhad (KDEB) and Perbadanan Kemajuan
Negeri Selangor (PKNS) for a total purchase consideration of
RM235,678,149 to be satisfied by the issuance of 42,340,091 new
KHSB Shares at approximately RM1.69 per share to KPS and
7,105,110 and 9,135,148 new KPS Shares to KDEB and PKNS
respectively at approximately RM10.10 per share.

   (iv) Acquisition of 100% equity interest in Perangsang Hotel
and Properties Sdn Bhd (PHP) comprising 24,074,258 ordinary
shares of RM1.00 each in PHP by KHSB from KPS for a total
purchase consideration of RM75,220,000 to be satisfied by the
issuance of 44,401,328 new KHSB Shares at approximately RM1.69
per share.

   (v) Acquisition of 49% equity interest in KDE Recreation
Berhad (KDERB) comprising 4,900,000 ordinary shares of RM1.00
each in KDERB by KHSB from KPS for a total purchase
consideration of RM21,881,930 to be satisfied by the issuance of
12,916,601 new KHSB Shares at approximately RM1.69 per share.

   (vi) Acquisition of three (3) parcels of land situated in
Selangor Darul Ehsan and held under titles No. HS(D) 2493 for
Lot No. PT 3074 in Mukim Sepang, Daerah Sepang with a land area
of 22.75 acres and leasehold interest for 99 years expiring on 3
November 2093, Geran 10826 for Lot 2013 in Mukim Tanjong
Duablas, Daerah Kuala Langat with a freehold land area of 156.88
acres and HS(D) 79847 and HS(D) 79848 for Lot No. PT 19586 and
PT 19587 respectively in Mukim Petaling, Daerah Petaling with
land areas of 457,399 sq. ft. and 182,964 sq. ft. respectively,
with leasehold interest for 99 years expiring on 1 July 2092 by
KHSB from KPS for a total purchase consideration of RM19,020,000
to be satisfied by the issuance of 11,227,244 new KHSB Shares at
approximately RM1.69 per share.

(Collectively referred to as Merger)

   (vii) Capital repayment and distribution by KPS to all its
shareholders after the Merger of 215,701,980 new KHSB Shares on
the basis of three (3) new KHSB Shares for every two (2) KPS
Shares held after the Merger (KPS Distribution).

   (viii) Proposed bonus issue of 287,602,640 new KPS Shares to
be credited as fully paid-up on the basis of two (2) new KPS
Shares for every one (1) KPS Share held after the Merger (KPS
Bonus Issue).

   (ix) Transfer of existing listing status of SAP and BRISDAL
to KPS and KHSB respectively after the Merger, KPS Distribution
and KPS Bonus Issue (Listing Transfer).

(The Merger, KPS Distribution, KPS Bonus Issue and Listing
Transfer are collectively referred to as "Composite Scheme of
Reconstruction")

Kindly be advised that KPS' entire issued and paid-up share
capital comprising 431,403,960 ordinary shares of RM1.00 each
arising from the aforesaid Composite Scheme of Reconstruction
will be admitted to the Official List of the Exchange, in place
of SAP which will be delisted, and the listing and quotation of
these shares on the Main Board under the "Trading/Services"
sector, on a "Ready" basis pursuant to the Rules of the
Exchange, will be granted with effect from 9.00 a.m, Tuesday, 22
July 2003.

The Stock Short Name, Stock Number and ISIN Code of KPS'
ordinary shares are "KPS", "5843" and "MYL5843OO007"
respectively.

The reference price for KPS' ordinary shares is RM1.00 and the
trading limit will be 500%.

Kindly be advised that the shares of KPS are prescribed
securities. Dealings in the aforesaid shares shall be carried
out in accordance with Securities Industry (Central
Depositories) Act, 1991 and the Rules of Malaysian Central
Depository Sdn Bhd.


SUNWAY HOLDINGS: Seeks Unit's Deregistration
--------------------------------------------
Sunway Holdings Incorporated Berhad informed that Sungei Way
Nusantara Pte Ltd (SWN), a wholly-owned subsidiary of Sunway
Marketing (S) Pte Ltd, which in turn is a wholly-owned
subsidiary of Suninc had on 16 July 2003, applied to the
Registrar of Companies of Singapore for deregistration, pursuant
to Section 344 of the Companies Act, Cap. 50 of Singapore.

Information on SWN

SWN was incorporated in Singapore on 4 November 1995 as a
private limited company under the Companies Act, Cap. 50 of
Singapore. The authorized share capital of SWN is S$1,000,000.00
diviad into 1,000,000 ordinary shares of S$1.00 each with an
issued and paid-up share capital of S$20.00 diviad into 20
ordinary shares of S$1.00 each.

Rationale

The deregistration is undertaken as SWN has been dormant since
January 1998 and there is no intention of activating SWN.

Financial Effects

The deregistration of SWN has no material financial effect on
Suninc.

Directors' and Substantial Shareholders' Interests

None of the directors or substantial shareholders of Suninc, or
persons connected with them has any interest, direct or indirect
in the deregistration of SWN.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it had on 18 July 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 14 July 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Go to http://bankrupt.com/misc/TCRAP_Tongkah0722.doc
for information on the securities disposed.


UNITED CHEMICAL: Approves PKNP's Corporate Reorganization Plan
--------------------------------------------------------------
Based on the Corporate Restructuring Agreement of United
Chemical Industries Berhad (UCI) dated 18 December 2002 and the
Requisite Announcement of UCI on even date, in respect of the
Proposed Restructuring of UCI, the approval of the Board of
Directors of Perbadanan Kemajuan Negeri Perak (PKNP) is one of
the conditions precedent to the Proposed Restructuring.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of UCI, wishes to announce that, PKNP has via its
letter dated 18 July 2003 informed UCI that the Board of
Directors of PKNP had on 4 July 2003, approved PKNP's corporate
reorganization plan which involves the participation of its
subsidiaries, namely the Harta Perak Group and Majuperak Group
(as defined in the announcement dated 18 December 2002) in the
restructuring and reverse take-over of UCI.


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


FIL-ESTATE GROUP: Inks Debt Restructuring Deal
----------------------------------------------
The Bases Conversion Development Authority (BCDA) has signed an
agreement with the Fil-Estate group on the restructuring of the
property developer's 1.2 billion pesos debt owed to the
government arising from Fil-Estate's failure to pay the lease
rentals for the former Camp John Hay military facility,
Philippine Daily Inquirer reports. The BCDA is the government
agency overseeing the development and sale of the country's
military camps.

Under the debt restructuring deal, Fil-Estate will pay at least
60 percent of its 1.2 billion pesos debt within a 12-month
period and settle the remaining amount over the next nine years,
BCDA President Rufo Colayco said. Fil-Estate attributed its
inability to pay its obligations to the government to the 1997
Asian financial crisis. Since then, the developer has been
requesting for the restructuring of its debt with BCDA.

Fil-Estate gained the right to develop Camp John Hay, a former
U.S. recreational military facility, after winning a bidding in
1996.


MANILA ELECTRIC: Creditors Extend Loan Maturity Due July 21
-----------------------------------------------------------
Manila Electric Co. (Meralco)'s short-term creditors have agreed
to extend the maturity of 5.5 billion pesos in loans, which will
fall due on July 21, by another three months, AFX Asia reports.
Meralco President Jesus Francisco said he could not comment when
asked about the reported deal with creditors. "We have not
signed anything yet," Francisco said in a phone interview.

The country's largest power distributor was seeking a six-month
extension to the maturity of its short-term debts owed to
Citibank, Bank of the Philippine Islands, Equitable PCI Bank and
Banco de Oro. The obligation originally matured in April. The
Company has debts totaling more than 11 billion pesos maturing
this year. As of end-April, Meralco's total outstanding debts
stood at 102 billion pesos.


MANILA ELECTRIC: Tax Refund Needs Congress OK
---------------------------------------------
The request of Manila Electric Co. (Meralco), for a tax refund
from the Bureau of Internal Revenue (BIR), will need Congress
approval due to its projected size, which is substantial,
BusinessWorld reports, citing Finance Secretary Jose Isidro
Camacho. While the actual amount has yet to be determined,
Camacho said the government has set aside 400 million pesos to
700 million pesos in the proposed 2004 budget for the refund.
Meralco said that with the court ruling, it should get a refund
of corporate income taxes that it paid in the past.


NATIONAL BANK:  NPLs 49% at June 19
-----------------------------------
Philippine National Bank said its parent level non-performing
loans (NPLs) made up 49 percent of its total loans portfolio as
of June 19 this year, according to Reuters. The report said
PNB's parent level NPLs at June 19 totaled 48.55 billion pesos
($907 million). It did not provide comparative figures. The
bank's bad loans were at 53 percent of total loans last March
26.


NATIONAL POWER: Japanese, European Firms Keen on Assets
-------------------------------------------------------
Some Japanese and European power companies have expressed
interest in the generation assets of the National Power
Corporation (Napocor) which are slated for sale within the year,
the Philippine Star reports, citing Power Sector Assets and
Liabilities Management Corp. (PSALM) President Edgardo del
Fonso. He said a timetable for the sale of the generation assets
has been set. After the release of the info memo by middle of
next month, PSALM expects the due diligence period to proceed by
September. The names of the foreign firms were not mentioned in
the report.


PHILIPPINE LONG: No New Borrowings This Year, Says Pangilinan
-------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) does not intend to
make new borrowings in the near term, the Business World
reports, citing President and Chief Executive Manuel V.
Pangilinan. The Company has just completed a debt restructuring
and is now paring down its debts. Mr. Pangilinan said PLDT
remains on track to achieve its consolidated debt reduction
target of US$280 million this year. Last year, the PLDT Group
was able to reduce $204 million worth of debts.


UNITED COCONUT: Needs Additional P20B to Get Back on Track
----------------------------------------------------------
United Coconut Planters Bank (UCPB) needs at least 20 billion
pesos more to get back on track, the Philippine Star reports,
citing the Bangko Sentral ng Pilipinas (BSP). The Philippine
Deposit Insurance Co. (PDIC) has approved a 20 billion pesos
financial assistance package for UCPB, but both banking industry
and official sources said this will still not be enough to put
the bank back on track. According to a BSP official, UCPB will
need fresh financing in about five years, by an amount possibly
as much as what PDIC put in when it bailed out the bank from the
brink of collapse last month.


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


CHARTERED SEMICONDUCTOR: Forecasts Stronger Quarter
---------------------------------------------------
In the quarter that ending June 30, Chartered Semiconductor beat
expectations with a net loss including exceptional costs of
US$90 million, compared with US$90.7 million a year earlier. The
Company joined other chipmakers this week with predictions of
recovery and it forecast a narrowing of losses to S$83 million
in the current quarter.

Chia Song Hwee, chief executive, said: "We saw healthy growth in
the second quarter as a range of customers increased orders
particularly those in the communications and consumer segments
of our business." The Company's share price remained flat at
S$1.10.


CHARTERED SEMICONDUCTOR: Raised US$1.1B Since 2001
--------------------------------------------------
Chartered Semiconductor has raised funds in the past two years
amounting to US$1.13 billion but hasn't raised funds so far this
year, Dow Jones reports.

"There's no immediate need for us to do so," President and Chief
Executive Chia Song Hwee told Dow Jones Newswires in an
interview. But Chia didn't rule out tapping the markets for
funds any time in the future.

Chartered had US$950 million in cash at end-June but will need
to complete the building of its US$3 billion Fab 7 wafer
factory. Chartered has spent about US$250 million on the 300-
millimeter Fab 7 so far and pilot production is scheduled to
start in the third quarter of 2004.


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


MILLENNIUM STEEL: Submits New Financial Statement
-------------------------------------------------
Millennium Steel Public Company Limited, in reference to the
submitted audited financial statement of the year 2002 for the
period July 12, 2002 (incorporation date) to December 31, 2002
within the specific date, announced that it submitted the new
audited financial statement of the year 2002 which only change
is the form of statement of cash presentation.

The present statement of cash flows has shown the details of
subsidiaries cash including the share capital issued for payment
of net assets incurred resulting from the merger. The company
believed that the readers of this financial statement have
obviously acknowledged all detail concerning to the merger of 3
subsidiaries from the presentation of company cash flows
statement and the disclosure of the subsidiaries assets and
liabilities incurred resulting from the merger appended to the
above mentioned financial statement.

The new statement of cash flows has not shown the details of
share capital issued for payment of net assets incurred
resulting from the merger. However, the subsidiaries assets and
liabilities incurred resulting from the merger still be
disclosed on the note no. 25.


SIAM UNITED: SET Will Not Post Beneficiary Sign on Stocks
---------------------------------------------------------
Reference is made to the Board of Directors' Meeting of Siam
United Services Public Co.,Ltd. (SUSCO) held on July 9, 2003
approved the company to sign the Debt Restructuring Agreement
for debt to equity conversion scheme with the Thai Asset
Management Corporation (TAMC).

In conjunction with this agreement, the TAMC will give the
rights to the SUSCO'S shareholders to purchase the common shares
from TAMC in a total Amount of 44,250,000 shares. In doing so,
the TAMC will issue Derivative Warrant (DW) for the SUSCO'S
shareholders at the ratio of 20 common shares for 1 unit of DW
at Bt0 per share. The closing date of share registration book
for this entitlement will be on July 25, 2003 at 12:00 noon.

In this case, the SET will not post any beneficiary signs on
SUSCO's stocks because this is the DW issuing from company major
shareholder, TAMC, while the share offering derives from
existing shares. Thus this does not affect the company's capital
structure.

However, The SET would like to inform that investors who buy
SUSCO's securities since July 22,2003 onward will not entitle to
receive the DWs from the TAMC as stated above.


THAI ELECTRONIC: Posts Shares Sale Results
------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Thai Electronic Industry Public Company Limited, posted the
report form to the shares sales results held on July 18, 2003.

1. Information relating to the share offering
   Category of shares offered   Common Stock
   Number of shares offered     34,202,534 Shares
   Offered to                   1. Creditors whose debt is
               settled by mean of conversion to equity, total
               4,578,862 shares Unit  10.00  Baht
                                2. Shareholders of Premier C E
               Company Limited by mean of SWAP of shares, total
               29,623,672 shares  Unit  1.69  Baht
   Subscription and payment period July 10, 2003

2. Results of the sale of shares:   Totally sold out

3. Detail of the sale

           Thai investors       Foreign investors
         Juristic    Natural   Juristic  Natural   Total persons
         persons     persons    persons
Number of Persons
           12       1          -           -        13
Number of shares subscribed
      31,240,131  2,962,403    -           -     34,202,534
Percentage of total shares offered   for sale
         91.34     8.66        -           -        100

4. Amount of money received from the sale of shares
   Total amount                     -        Baht
   Less expenses                    -        Baht
   Net amount received              -        Baht


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., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2003.  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
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contained herein is obtained from sources believed to be
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