/raid1/www/Hosts/bankrupt/TCRAP_Public/030723.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, July 23 2003, Vol. 6, No. 144

                         Headlines


A U S T R A L I A

AMP LIMITED: Allots 13,767 Ordinary Shares at A$5.11/Share
BEACONSFIELD GOLD: Posts 90-Day Rolling Average Gold Production
PASMINCO LIMITED: Sale of Elura Mine Goes Unconditional
POWERTEL LIMITED: Discloses TVG's Sixth Bidder's Statement
SOUTHERN CROSS: Outlook Still Negative on Results Announcement

UNION CAPITAL: Receives Convertible Note Conversion Application

* ASIC Puts Stop to Defective Prospectuses


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Changes Principal Place of Business
DYNAMIC GLOBAL: August 15 AGM Scheduled
DYNAMIC GLOBAL: Reduces Net Loss to US$98.151M
E-MED LIMITED: Winding Up Sought by IBM China/Hong Kong
EASYKNIT INT'L: Sees No Reason for Shares Price Increase

FAIRVIEW PARK: Hearing of Winding Up Petition Set
HARTCOURT CAPITAL: Winding Up Petition Pending
MEDWIN INDUSTRIAL: Winding Up Hearing Scheduled on July 30
PCCW LIMITED: European Style Warrants Dealings to Close Thursday
SMART MATERIAL: Winding Up Petition Slated for Hearing


I N D O N E S I A

DIRGANTARA INDONESIA: Recalls Workers on Bail-Out Prospects
INDOFOOD SUKSES: Pefindo Affirms "idAA+" Bond Ratings


J A P A N

MITSUBISHI MOTORS: Delays US$200M Expansion of U.S. Factory
NIPPON TELEGRAPH: Telecom Minister Promises 'Competitive' Fees


K O R E A

DAEWOO HEAVY: Enters Alliance With Terex
HYNIX SEMICONDUCTOR: US Body to Rule on Alleged Hynix Chip Harm
HYUNDAI MOTOR: S&P Revises 'BB+' Rating Outlook to Positive
KIA MOTORS: S&P Upgrades Credit Rating to 'BB+'
KOOKMIN BANK: Reduces Some Deposit Rates

KOREA THRUNET: Dacom, Hanaro Bid for Thrunet
SK GLOBAL: Shares Soar 7% Tuesday
SK GLOBAL: Sovereign Rejects Creditor Efforts to Bail out Firm


M A L A Y S I A

BRIDGECON HOLDINGS: Shareholder, Public Offer Oversubscribed
BRISDALE HOLDINGS: KHSB Shares Admitted to KLSE's Official List
CEMENT INDUSTRIES: RAM Re-affirms Ratings at P2/BBB1
CSM CORPORATION: Changes Business, Registered Address
GADANG HOLDINGS: KLSE Grants ICULS Listing

HHB HOLDINGS: Further Extends MOU Period to August 19
KIARA EMAS: Court Grants Restraining Order Further Extension
MBF CAPITAL: Unit Inks Facility Agreement for Working Capital
METROPLEX BERHAD: Debt Restructuring Workout Ongoing
POS MALAYSIA: Strikes Off Dormant Subsidiary

ROAD BUILDER: Proposes Unit's Sale to Streamline Operations
SITT TATT: Answers KLSE's ICPS Query
SOUTHERN PLASTIC: Executive Director Dato' Vincent Wai Resigns
SPORTMA CORPORATION: Complies With KLSE's Listing Requirements
WING TIEK: Issues Scheme Creditors' Meeting Results


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies "ERC OK's More Meralco Refunds"
MANILA ELECTRIC: Reschedules P5.5B Loan Payment to January
MANILA ELECTRIC: Sticks to ERC Deadline For Refund
NATIONAL BANK: OK's Closure of PNB Manila Branch
UNITED COCONUT: No Need of Central Bank Support


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Able To Mass Produce Chips
CHARTERED SEMICONDUCTOR: Needs Fresh Funds by Mid-2004


T H A I L A N D

GENERAL ENGINEERING: Registers Reduced Paid-Up Capital
ITALIAN-THAI DEVELOPMENT: Signs Four Contracts
SIAM UNITED: Posts BOD Meeting Resolutions

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 13,767 Ordinary Shares at A$5.11/Share
----------------------------------------------------------
AMP Limited advised the allotment of 13,767 ordinary shares at
A$5.11 per share.

Purpose of the issue: the shares were issued pursuant to the AMP
                      International Employee Share Ownership
                      Plan.
Date of Issue       : 22/07/2003
Number of shares on issue: 1,523,383,309


BEACONSFIELD GOLD: Posts 90-Day Rolling Average Gold Production
---------------------------------------------------------------
Beaconsfield Gold N.L. (Receiver and Manager Appointed) posted
its New Record for Beaconsfield Mine 90-Day Rolling Average Gold
Production. Details can be found at
http://bankrupt.com/misc/TCRAP_BCD0723.pdf.

Last week, the Company and Tolhurst Noall Limited signed a
Subscription Agreement under which equity funding is to be
provided to Beaconsfield Gold, subject to certain conditions.


PASMINCO LIMITED: Sale of Elura Mine Goes Unconditional
-------------------------------------------------------
Pasminco Limited announced Monday that the agreement with
Consolidated Broken Hill (CBH) to sell its Elura mining
operation near Cobar and Newcastle ship loader in New South
Wales had entered the unconditional stage. All conditions
precedent have either been satisfied or waived.

The sale process will now enter the transition period and is
expected to be completed in mid September.

Pasminco announced in April that it had entered into an
agreement with CBH to sell the Elura mine and Newcastle
shiploader for $22.2 million.

CONTACT INFORMATION: Trevor Shard
        General Manager Investor and Community Relations
        Tel: ++ 61 (3) 9288 9186
        Mobile: 0419 584 515


POWERTEL LIMITED: Discloses TVG's Sixth Bidder's Statement
----------------------------------------------------------
TVG Consolidation Holdings SPRL has extended the Offers for the
ordinary shares in Powertel Limited set out in the Bidder's
Statement dated June 16, 2003 to 7pm Sydney time on August 4,
2003.

Pursuant to s647(3) of the Corporations Act, the Company
disclosed a sixth supplementary bidder's statement of TVG
Consolidation Holdings SPRL dated July 18, 2003, which
incorporates a notice of variation under s650D of the
Corporations Act and a notice under s630(2)(b) of the
Corporations Act.

Go to http://bankrupt.com/misc/TCRAP_PWT0723.pdfto see full
copy of the Sixth Bidder's Statement.


SOUTHERN CROSS: Outlook Still Negative on Results Announcement
--------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that its outlook
on the 'BBB-/A-3' corporate credit and 'BBB' senior-secured-debt
ratings of Southern Cross Airports Corp. Holdings Ltd. (SCACH)
remains negative after the announcement of SCACH's results for
its first full year since privatization.

SCACH's full-year A$376 million EBITDA announcement is in line
with Standard & Poor's expectations at the time the ratings were
assigned in June 2002. This figure was achieved, however,
through lower operating costs and enhanced revenue per
passenger, rather than through passenger growth, as expected.
Despite meeting expectations, the outlook on the ratings remains
negative because achieving continued improvement in credit
protection in line with initial expectations will be a
significant challenge unless strong passenger growth is
achieved.

SCACH has managed to deliver a resilient financial result
despite facing serious and uncontrollable events, taking
advantage of revenue-enhancing opportunities and embarking on
major efficiency objectives even though the industry has
experienced a considerable drop in passenger numbers. There
have been very early signs of a recovery in international
passenger numbers, however, and SCACH has announced further
operating-cost-efficiency measures; nevertheless the path ahead
remains challenging, as the current ratings are predicated on a
strong improvement in credit-protection metrics that largely
will be driven by passenger growth.

SCACH's initial rating relied on strong year-on-year passenger
growth and an improvement in cash flows and debt servicing from
the levels recorded at initial capitalization. At that time,
there was little room for underperformance in any key operating
metric, and a fine margin above credit covenants leaves little
room for underperformance at the current rating level. The
negative outlook reflects the current and uncertain impact on
passenger traffic as a consequence of local and global negative
sentiment that could result in a negative step change in the
cash-flow profile from that envisaged at privatization. If
passenger traffic does not recover sufficiently, and the cash-
flow outlook does not recover to the profile previously
anticipated, the rating may be reviewed.


UNION CAPITAL: Receives Convertible Note Conversion Application
---------------------------------------------------------------
Union Capital Limited last week received a further application
from a Convertible Note Holder, to convert 120,000 one dollar
face value notes (plus accumulated interest), into new ordinary
shares in Union Capital Limited.

These new shares are to be issued at a 20% discount to the
average weighted traded market price of the shares over the
preceding ten (10) trading days.

The number of new shares to be issued approximates 6.3 million
shares. The exact number of new shares to be issued will be
announced upon the director's confirmation of calculations.

According to Wrights Investors' Service, at the end of 2002,
Union Capital Limited had negative working capital, as current
liabilities were A$1.52 million while total current assets were
only A$1.14 million. It also reported losses during the previous
12 months and has not paid any dividends during the previous 4
fiscal years.


* ASIC Puts Stop to Defective Prospectuses
------------------------------------------
The Australian Securities and Investments Commission (ASIC)
provided Monday an overview of its actions in relation to public
fundraisings for the 2002/03 financial year.

Since July 2002, ASIC has placed a total of 89 stop orders on
defective prospectuses seeking to raise over $383 million from
the public by the issue of securities.

"ASIC's role is to ensure that fundraising documents contain
enough information to allow an investor to make an informed
decision about the investment, and that they comply with the
minimum standards set down in the Corporations Act", ASIC's
Executive Director Policy and Markets Regulation, Mr Malcolm
Rodgers said.

"To achieve this, ASIC conducts a program of selectively
reviewing fundraising documents in the market by examining those
which, in our experience, offer the highest risk of containing
inadequate or misleading information. Our review process does
not make a judgement about the commercial merits of the offer or
the company's prospects.

"We have identified a number of defects which consistently occur
in fundraising documents, against which ASIC has been required
to take action", Mr Rodgers said.

ASIC intends that publication of the various defects identified
in fundraising documents will assist issuers and the advisers
who prepare these documents to adequately discharge their
duties.

"It is disappointing that we continue to identify a high level f
defects, relating to the same issues time and time again", Mr
Rodgers said.

The most common defect was a failure by companies to clarify how
the funds would be applied in the event that the company failed
to raise the amount originally sought in the raising where it
was not underwritten, nor subject to a minimum subscription
condition.

"In these circumstances, ASIC expects to see a discussion about
how the company intends applying the funds if a smaller amount
is raised, and the impact that may have, if any, on issues such
as financial forecasts, risk and gearing", Mr Rodgers said.

The failure to outline the application of funds where there is
no underwriting or no minimum subscription was by far the most
common defect detected last financial year. It most likely
reflects a market consisting of fundraisings by existing,
established companies for relatively small dollar amounts, which
were seeking to reduce the costs of the fundraising, and were
not having the offering underwritten.

Other common defects related to the adequacy of financial
information disclosed in the fundraising document, and a lack of
disclosure in relation to other material information, usually,
the risks associated with the company's current activities or
the proposed venture. Defects relating to the use of financial
forecasts in prospectuses were much lower than in previous years
suggesting that most prospectus issuers are now familiar with
ASIC's policy statement on forecasts (Policy Statement 170:
Prospective financial information).

ASIC considers inadequate financial information to include a
failure to meet the specific disclosure requirements in offer
information statements (see Policy Statement 157: Financial
reports for offer information statements), and the adequacy of
details about intangible assets.

Since ASIC last provided an update on its prospectus actions in
April this year, ASIC has issued six final stop orders and
revoked a further nine interim orders on fundraising documents
that contained insufficient information for investors. Three
other companies lodged replacement or supplementary documents,
which addressed ASIC's concerns, prior to the issue of an
interim stop order.

Most final stop orders were issued with the consent of the
relevant company, after they made the decision not to proceed
with the particular prospectus, rather than to address the
disclosure deficiencies.

Go to http://bankrupt.com/misc/TCRAP_ASIC0723.pdffor summary of
the recent actions taken by ASIC.


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


CIL HOLDINGS: Changes Principal Place of Business
-------------------------------------------------
The board of directors of CIL Holdings Limited announces that
with effect from 21st July, 2003 the principal place of business
of the Company has been changed from Room 1231, 12th Floor, Nan
Fung Centre, 264-298 Castle Peak Road, Tsuen Wan to Room 910,
Premier Centre, 20 Cheung Shun Street, Lai Chi Kok, Kowloon,
Hong Kong.

The Troubled Company Reporter - Asia Pacific on May 22 posted an
update on the Company's Debt Restructuring. For complete text of
update, please click on this link:
http://bankrupt.com/misc/cil_holdings.pdf.


DYNAMIC GLOBAL: August 15 AGM Scheduled
---------------------------------------
Notice is hereby given that the Annual General Meeting of
Dynamic Global Holdings Limited will be held at Units 2212-2217,
22/F, The Metropolis Tower, 10 Metropolis Drive, Hunghom,
Kowloon, Hong Kong on Friday, 15 August 2003 at 4:00 p.m. for
the following purposes:

1. To receive and consider the audited financial statements and
the directors' report and auditor's report for the year ended 31
December 2002.

2. To re-elect retiring directors and to authorize the board of
directors to fix the directors' remuneration.

3. To re-appoint auditors and to authorize the board of
directors to fix their remuneration.

4. To consider as Special Business and, if thought fit, pass
with or without amendments, the following resolutions as
Ordinary Resolutions:

(A) "THAT:

   (a) subject to paragraph (b) of this Resolution, the exercise
by the Directors during the Relevant Period (as hereinafter
defined) of all the powers of the Company to purchase shares of
HK$0.10 each in the share capital of the Company on The Stock
Exchange of Hong Kong Limited or on any other stock exchange on
which the shares of the Company may be listed and recognized by
the Securities and Futures Commission and the Stock Exchange for
this purpose, subject to and in accordance with all applicable
laws and the requirements of the Rules Governing the Listing of
Securities on the Stock Exchange or any other stock exchange as
amended from time to time, be and is hereby generally and
unconditionally approved;

   (b) the aggregate nominal amount of the shares to be
purchased pursuant to the approval in paragraph (a) of this
Resolution shall not exceed 10% of the aggregate nominal amount
of the share capital of the Company in issue as at the date of
this Resolution, and the said approval shall be limited
accordingly; and

   (c) for the purposes of this Resolution, `Relevant Period'
means the period from the passing of this Resolution until
whichever is the earlier of:

     (i) the conclusion of the next Annual General Meeting of
the Company;

     (ii) the revocation or variation of the authority given
under this Resolution by an ordinary resolution of the
shareholders of the Company in general meeting; or

     (iii) the expiration of the period within which the next
Annual General Meeting of the Company is required by
law to be held."

   (a) subject to paragraph (c) of this Resolution, the exercise
by the Directors during the Relevant Period (as hereinafter
defined) of all the powers of the Company to issue, allot and
deal with additional shares in the Company, and to make or grant
offers, agreements and options (including warrants, bonds,
debentures, notes and any securities which carry rights to
subscribe for or are convertible into shares in the Company)
which would or might require the exercise of such power be and
is hereby generally and unconditionally approved;

   (b) the approval in paragraph (a) of this Resolution shall
authorize the Directors during the Relevant Period to make
or grant offers, agreements and options (including warrants,
bonds, debentures, notes and any securities which carry rights
to subscribe for or are convertible into shares in the Company)
which would or might require the exercise of such power after
the end of the Relevant Period;

   (c) the aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) and issued by the Directors
pursuant to the approval in paragraph (a) of this Resolution,
otherwise than pursuant to (i) a Rights Issue (as hereinafter
defined); or (ii) an issue of shares in the Company upon the
exercise of rights of subscription or conversion under the terms
of any of the warrants or securities which are convertible into
shares of the Company; or (iii) an issue of shares in the
Company as scrip dividends pursuant to the Bye-laws of the
Company from time to time; or (iv) an issue of shares in the
Company under any option scheme or similar arrangement for the
grant or issue to employees of the Company and/or any of its
subsidiaries of shares in the Company or rights to acquire
shares in the Company, shall not exceed 20% of the aggregate
nominal amount of the issued share capital of the Company as at
the date of this Resolution, and the said approval shall be
limited accordingly; and

   (d) for the purposes of this Resolution:

"Relevant Period" shall have the same meaning as those ascribed
to it under paragraph (c) of the Ordinary Resolution No. 4(A) in
the Notice convening this Meeting; and

"Rights Issue" means an offer of shares in the Company, open for
a period fixed by the directors to the holders of shares, whose
names appear on the Register of Members of the Company on a
fixed record date in proportion to their then holdings of such
shares as at that date (subject to such exclusions or other
arrangements as the directors may deem necessary or expedient in
relation to fractional entitlements or having regard to any
restrictions or obligations under the laws of, or the
requirements of any recognized regulatory body or any stock
exchange in, any territory applicable to the Company)."

(C) "THAT subject to the passing of the Ordinary Resolutions
Nos. 4(A) and 4(B) in the Notice convening this Meeting, the
general mandate granted to the Directors and for the time being
in force to exercise the powers of the Company to allot shares
and to make or grant offers, agreements and options which might
require the exercise of such powers be and is hereby extended by
addition thereto of an amount representing the aggregate nominal
amount of shares in the share capital of the Company which has
been purchased by the Company since the granting of such general
mandate pursuant to the exercise by the Directors of the powers
of the Company to purchase such shares, provided that such
amount shall not exceed 10% of the aggregate nominal amount of
the share capital of the Company in issue as at the date of this
Resolution."


DYNAMIC GLOBAL: Reduces Net Loss to US$98.151M
----------------------------------------------
Dynamic Global Holdings Limited disclosed a summary of its
Results Announcement for the year ended July 11, 2003:

Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2002      from 1/1/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ($)          ($)
Turnover                      : 9,230,000          32,582,000
Profit/(Loss) from Operations : (82,928,000)       (353,220,000)
Finance cost                  : (13,020,000)       (11,122,000)
Share of Profit/(Loss) of
  Associates                  : (733,000)          (2,209,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities : N/A                (6,592,000)
Profit/(Loss) after Tax & MI  : (98,151,000)       (367,886,000)
% Change over Last Period     : N/A       %
EPS/(LPS)-Basic (in dollars)  : (0.0396)           (0.2164)
         -Diluted (in dollars): N/A                N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items : (98,151,000)       (367,886,000)
Final Dividend                : NIL                NIL
  per Share
(Specify if with other        : N/A                N/A
  options)
B/C Dates for
  Final Dividend              : 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:

Loss Per Share

The calculation of the basic loss per share is based on the net
loss attributable to shareholders of HK$98,151,000 (2001:
HK$367,886,000) and on the weighted average of 2,479,799,545
(2001: 1,699,766,135) ordinary shares in issue during the year.

Diluted loss per share for the year ended 31 December 2001 has
not been disclosed as no diluting events existed in respect of
the Company's warrants outstanding during 2001.

At the end of 2001, Dynamic Global Holdings Limited had negative
working capital, as current liabilities were HK$258.62 million
while total current assets were only HK$64.54 million, Wrights
Investors' Service reported. It added that the company reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.


E-MED LIMITED: Winding Up Sought by IBM China/Hong Kong
-------------------------------------------------------
IBM China/Hong Kong Limited (H.K.) Limited is seeking the
winding up of E-Med Limited. The petition was filed on June 24,
2003, and will be heard before the High Court of Hong Kong on
August 27, 2003.

IBM China/Hong Kong holds its registered office at 10/F., PCCW
Tower, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong.


EASYKNIT INT'L: Sees No Reason for Shares Price Increase
--------------------------------------------------------
Easyknit International Holdings Limited has noted the recent
increase in the price of the shares of the Company and stated
that the Company is not aware of any reasons for such changes.

The Company confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board 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.

Wrights Investors' Service reports that at the end of 2001, the
Company had negative working capital, as current liabilities
were HK$427.58 million while total current assets were only
HK$316.12 million.


FAIRVIEW PARK: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Fairview Park Store Limited is set 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 12, 2003 by
Fairland Resources Limited whose registered office is situated
at 24th Floor, Lippo Leighton Tower, 103 Leighton Road, Causeway
Bay, Hong Kong.


HARTCOURT CAPITAL: Winding Up Petition Pending
----------------------------------------------
Hartcourt Capital Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on
August 13, 2003 at 10:00 in the morning.

The petition was filed on June 24, 2003 by Lee Mee Kingof Flat
B, 15th Floor, La Cite Noble, 1 Ngan O Road, Tseung Kwan O,
Kowloon, Hong Kong.


MEDWIN INDUSTRIAL: Winding Up Hearing Scheduled on July 30
----------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 9:30
in the morning the petition seeking the winding up of Medwin
Industrial Limited.

Lam Pak Yung of Room 1916, Tsui Cheung House, Tsui Ping North
Estate, Kwun Tong, Kowloon, Hong Kong filed the petition on June
9, 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.


PCCW LIMITED: European Style Warrants Dealings to Close Thursday
----------------------------------------------------------------
Market participants are requested to note that dealings in the
2003 European Style (Cash Settlement) Put Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by SGA Societe Generale Acceptance N.V. (stock code:
9709) will cease after the close of business on Thursday,
24/07/2003 and listing of which will be withdrawn after the
close of business on Wednesday, 30/07/2003.

Wrights Investors' Service reports that at the end of 2002, the
Company had negative common shareholder's equity of -HK$5.92
billion. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


SMART MATERIAL: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Smart Material 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 Fan Hin
Hau of Room 904, 9/F., Mau Tung House, Tung Tau(2) Estate,
Kowloon, Hong Kong.


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


DIRGANTARA INDONESIA: Recalls Workers on Bail-Out Prospects
-----------------------------------------------------------
More than 160 workers of Dirgantara Indonesia returned to work
on Monday preparing for the Company's reopening after
indications of a government bail-out.

According to Financial Times, the Company plans to recall about
3,000 of its almost 10,000 workers in the next two weeks to
resume "the full operation of the company" after the Indonesian
Bank Restructuring Agency (IBRA) said last Friday it would take
part in a debt to equity swap that would leave it holding 97
percent of the company's shares.

Indonesia's state-owned aircraft manufacturer, which has debts
of Rp3,170bn ($340m), has been plagued by problems since the
International Monetary Fund ordered Indonesia to stop
subsidizing the company.


INDOFOOD SUKSES: Pefindo Affirms "idAA+" Bond Ratings
-----------------------------------------------------
Credit Rating Indonesia PT Pefindo affirmed the "idAA+" ratings
of PT Indofood Sukses Makmur Tbk. (INDF) and its Rp1.0 trillion
Bond I/2000, and assigned the same rating to INDF's proposed
Rp1.5 trillion Bond II/2003.

The Proceeds of Bond II will be fully used to refinance part of
the Company's long-term debts, which bear relatively high
interest rates. Supporting factors for the above ratings are the
Company's superior market position particularly in instant
noodle, highly diversified business portfolio as well as its
vertically integrated operations, which have enabled the Company
to manage good margin performance.

The Company's highly leveraged condition, however, mitigates the
above factors. INDF is a leading packaged food company, running
and managing nine business lines. The four main division-
noodles, flour, edible oils and fats, and distribution-
contributed 95% of the Company's revenues in 2002, of which
three largest instant noodle brands-Indomie, Sarimi and Supermi-
contributed 27.8%. As of March 31, 2003, the Company's
shareholders were CAB Holdings Ltd.(51.89%) and others (48.11%),
after including the effect of shares buy back and ESOP.

According to Wrights Investors' Service, at the end of 2001, PT
Indofood Sukses Makmur Terbuka had negative working capital, as
current liabilities were Rp6.06 trillion while total current
assets were only Rp5.25 trillion.


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


MITSUBISHI MOTORS: Delays US$200M Expansion of U.S. Factory
-----------------------------------------------------------
Mitsubishi Motors Corporation will delay a US$200 million
expansion of its sole North American plant by six months as the
Company evaluates its vehicle and production plans, Bloomberg
reports. U.S. sales fell 20 percent at Mitsubishi to less than
140,000 cars and light trucks in the first half, contrasting
with gains for Japanese rivals Toyota Motor Corp., Honda Motor
Co. and Nissan Motor Co.

Mitsubishi Motors Corporation (MMC) implemented cost reduction
measures of its turnaround-restructuring plan earlier than the
schedules, TCR-AP reported recently. The pretax profit before
extraordinary items for fiscal 2002 ended March 31, 2003
recovered to the amount close to the target under the
restructuring plan. MMC has cut the interest- bearing debt to 1
trillion yen, spinning off the division of commercial vehicles.


NIPPON TELEGRAPH: Telecom Minister Promises 'Competitive' Fees
--------------------------------------------------------------
Japan Telecommunications Minister Toranosuke Katayama said
Friday his ministry will maintain a policy of ensuring that the
interconnection fees Nippon Telegraph and Telephone Corporation
(NTT) charges other carriers for access to its lines will remain
competitive, the Japan Times reports. Katayama made the
statement a day after five rival carriers to NTT took legal
action to nullify the ministry's approval of a hike in
connection fees they pay NTT. He also suggested that their
lawsuit is not the Japanese way of doing things.

KDDI Corp., Japan Telecom Co., Poweredcom Inc., Cable & Wireless
IDC Inc. and Fusion Communications Corp. each filed a lawsuit
against the ministry to force it to reverse its April 22
approval of a request by NTT East Corp. and NTT West Corp. for
an average 5 percent raise in the fees they charge other
carriers to access their phone lines. In the lawsuits, the five
carriers claim that the ministry's rate hike approval is
inconsistent with its stated competition policy.


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


DAEWOO HEAVY: Enters Alliance With Terex
----------------------------------------
Terex Corporation has entered into an agreement with Daewoo
Heavy Industries and Machinery to distribute crawler excavators
and wheel loaders under the Terex brand in North America. The
agreement includes crawler excavators from 13 to 47-ton
operating weights and wheel loaders with bucket capacities from
2.0 to 5.3 cubic yards.

Terex Chairman and Chief Executive Officer Ronald M. DeFeo
commented, "This agreement fills a gap in our product line with
cost-effective and reliable products, and now our full product
offering is one of the most complete in the industry. Our
dealers can now focus on a full Terex product line and deliver
on our mission of providing the highest investment returns for
users of construction equipment."

Jae-Shin Yang, President and CEO of Daewoo, commented, "We are
pleased to have Terex as a partner in this important market in
addition to our existing distribution network. Customers in
North America are increasingly recognizing the superior value of
our products, and working with Terex will accelerate that market
recognition."

Terex expects to begin offering these Terex branded crawler
excavators and wheel loaders during the fourth quarter of 2003.

Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2002 revenues of $2.8 billion. Terex
is involved in a broad range of construction, infrastructure,
recycling and mining-related capital equipment under the brand
names of Advance, American, Amida, Atlas, Bartell, Bendini,
Benford, Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI,
Coleman Engineering, Comedil, CPV, Demag, Fermec, Finlay,
Franna, Fuchs, Genie, Grayhound, Hi-Ranger, Italmacchine,
Jaques, Johnson-Ross, Koehring, Lectra Haul, Load King, Lorain,
Marklift, Matbro, Morrison, Muller, O&K, Payhauler, Peiner,
Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff, Simplicity,
Square Shooter, Telelect, Terex, and Unit Rig. Terex offers a
complete line of financial products and services to assist in
the acquisition of Terex equipment through Terex Financial
Services. More information on Terex can be found at
www.terex.com.

According to Wright's Investor Service, the Company has not paid
dividends during the last 12 months. The Company has not paid
any dividends during the previous 3 fiscal years.

CONTACT:
Terex Corporation, Westport
Kevin O'Reilly, 203-222-5943


HYNIX SEMICONDUCTOR: US Body to Rule on Alleged Hynix Chip Harm
---------------------------------------------------------------
The United States International Trade Commission (ITC) will make
a final decision on July 24 on whether Hynix Semiconductor Inc.
caused harm to the United States semiconductor industry, Asia
Pulse reports. If the ITC determines in a vote that Micro
Technology Inc. has been hurt by subsidized competition from
South Korea, Hynix will be slapped with a 44.7 percent duty on
its memory chip shipments to the United States.


HYUNDAI MOTOR: S&P Revises 'BB+' Rating Outlook to Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services revised on Tuesday the
outlook on its 'BB+' rating on Hyundai Motor Co., Kia Motor's
Corp.'s parent company, to positive from stable.

The positive outlooks on the ratings reflect the likelihood of
improvement in the credit quality of the two companies over the
next few years, backed by their combined leading position in the
domestic auto market and their improving brand image overseas,
achieved through the introduction of higher-quality new models.

Both Hyundai and Kia have generated solid profitability over the
past few years, despite increasingly difficult market
conditions. Both companies' financial performance has improved
on a stand-alone and consolidated basis since the Asian
financial crisis in 1997.

"The ratings could be raised over the next two-to-three years if
Hyundai and Kia can demonstrate considerable improvement in
their global market position and earnings from major overseas
markets, and reduce their dependence on the domestic auto
market," said Standard & Poor's credit analyst Eun Jin Kim.

"Nevertheless, the credit quality of both companies remains
constrained by the possibility that they will need to provide
further financial support to group subsidiaries Hyundai Capital
Services Inc. and Hyundai Credit Card," Ms. Kim added.

Hyundai Capital Services and Hyundai Credit Card have
experienced high credit losses, and Hyundai Credit Card has
already received financial support from Hyundai several times
this year.

Standard & Poor's expects the consolidated operating margin of
Hyundai to remain at about 6%-7% in the medium term. Cash flow
is expected to remain satisfactory, with funds from operations
to total debt (adjusted for captive finance debt) in the range
of 55%-65%. The group's cash flows should also exceed its
relatively high capital investment requirements, including
spending on the construction of an assembly plant in the U.S.


KIA MOTORS: S&P Upgrades Credit Rating to 'BB+'
-----------------------------------------------
Standard & Poor's Ratings Services on Tuesday raised its long-
term credit rating on Korea's Kia Motors Corp. to 'BB+' from
'BB'. The outlook on the rating is positive.

The equalization of the ratings reflects the expectation that
Kia will continue to gain access to Hyundai's technology,
generate cost savings, and enjoy other potential benefits
through its strategic importance to its parent, Hyundai Motor
Co., which directly and indirectly owns 46.1% of Kia.

The positive outlooks on the ratings reflect the likelihood of
improvement in the credit quality of the two companies over the
next few years, backed by their combined leading position in the
domestic auto market and their improving brand image overseas,
achieved through the introduction of higher-quality new models.

Both Hyundai and Kia have generated solid profitability over the
past few years, despite increasingly difficult market
conditions. Both companies' financial performance has improved
on a stand-alone and consolidated basis since the Asian
financial crisis in 1997.

"The ratings could be raised over the next two-to-three years if
Hyundai and Kia can demonstrate considerable improvement in
their global market position and earnings from major overseas
markets, and reduce their dependence on the domestic auto
market," said Standard & Poor's credit analyst Eun Jin Kim.

"Nevertheless, the credit quality of both companies remains
constrained by the possibility that they will need to provide
further financial support to group subsidiaries Hyundai Capital
Services Inc. and Hyundai Credit Card," Ms. Kim added.


KOOKMIN BANK: Reduces Some Deposit Rates
----------------------------------------
Kookmin Bank has cut the interest rates on some deposits,
including money market deposit accounts and time deposits, by
0.1 percentage points, the Korea Herald said on Tuesday. The
lender's move came after the Bank of Korea slashed the overnight
call rate target by 25 basis points to 3.75 percent early this
month. Other lenders will likely copy Kookmin's deposit
interest-rate cut.

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.


KOREA THRUNET: Dacom, Hanaro Bid for Thrunet
--------------------------------------------
Dacom and Hanaro Telecom separately submitted letters of intent
to purchase beleaguered broadband Internet operator Korea
Thrunet, according to the Korea Times. Korea Thrunet is now
under court receivership for mounting debts. Thrunet plans to
announce a preferred negotiator on August 25 and identify a
successful buyer on August 29.


SK GLOBAL: Shares Soar 7% Tuesday
---------------------------------
SK Global, which has been on the slide for the seven straight
days, rose by more than 7 percent on Tuesday, as SK Corporation
confirmed its assistance to the scandal-ridden firm, reports the
Korea Herald. Analysts said the shares are extremely
undervalued, which also prodded investors to buy.

Domestic creditors said Sunday that they would seek to put the
financially troubled firm under receivership in the face of a
harsh opposition to the proposed bailout package from foreign
counterparts.


SK GLOBAL: Sovereign Rejects Creditor Efforts to Bail out Firm
--------------------------------------------------------------
Sovereign Asset Management said that efforts by domestic
creditors to bail out SK Global are invalid, Asia Pulse said on
Monday. According to Sovereign and other foreign creditors, the
actions were not based on commercial calculations and thus ran
the risk of failure. They also said placing SK Global under
court receivership was not necessary or appropriate, but hinted
there was room for negotiations on this matter. They stressed
local creditors should consider the well-being of investors,
employees and themselves when deciding on a course to save the
Company instead of just focusing on keeping it afloat.


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


BRIDGECON HOLDINGS: Shareholder, Public Offer Oversubscribed
------------------------------------------------------------
Bridgecon Holdings Berhad refers to the Prospectus of Premium
Nutrients Berhad (PREMIUM) dated 30 June 2003 in relation to the
offer for sale of 43,208,000 ordinary shares of RM0.50 per share
in PREMIUM (Shares) which comprises the following:

   (i) 3,000,000 Shares for application by the shareholders of
BHB whose names appear on the Record of Depositors at 5.00 p.m.
on 23 June 2003 (BHB Shareholder Offer);

   (ii) 5,000,000 Shares for application by the eligible
Directors, employees, suppliers, customers and agents of PREMIUM
Group (Pink Form Allocation);

   (iii) 5,000,000 Shares for application by Bumiputera
investors approved by the Ministry of International Trade and
Industry (Bumiputera Allocation);

   (iv) 20,000,000 Shares by way of private placement
(Placement); and

   (v) 10,208,000 Shares for application by Malaysian public
(Public Offer).

Public Merchant Bank Berhad, on behalf of PREMIUM, is pleased to
announce that as at the closing date on 15 July 2003, the BHB
Shareholder Offer and Public Offer have been oversubscribed.

A total of 880 applications for 8,466,906 Shares were received
from the shareholders of BHB for a total of 3,000,000 Shares
available for subscription, which represents an oversubscription
rate of 1.82 times.

A total of 13,419 applications for 33,176,000 Shares were
received from the Malaysian public for a total 10,208,000 shares
available for subscription, which represents an oversubscription
rate of 2.25 times.

The Pink Form Allocation and the Bumiputera Allocation have been
fully subscribed, and the Shares under the Placement have been
fully placed out.


BRISDALE HOLDINGS: KHSB Shares Admitted to KLSE's Official List
---------------------------------------------------------------
In conjunction with the listing of Kumpulan Hartanah Selangor
Berhad (KHSB) and Kumpulan Perangsang Selangor Berhad (KPS) on
the Main Board of the Kuala Lumpur Stock Exchange, KHSB and KPS
have implemented the following exercises whereby KHSB and KPS
will be listed on the Main Board of the KLSE in place of
Brisdale Holdings Berhad and SAP Holdings Berhad (SAP)
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 KHSB's entire issued and paid-up share
capital comprising 450,000,000 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 BRISDAL which will be delisted, and the listing and quotation
of these shares on the Main Board under the "Properties" 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 KHSB's
ordinary shares are "KHSB", "6246" and "MYL6246OO002"
respectively.

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

Kindly be advised that the shares of KHSB 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.


CEMENT INDUSTRIES: RAM Re-affirms Ratings at P2/BBB1
----------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the P2/BBB1
ratings for Cement Industries of Malaysia Berhad's (CIMA) RM100
million Commercial Papers/Medium-Term Notes (2001/2006) as well
as the BBB1 rating for its RM166 million Convertible Secured
Loan Stocks (2002/2007).

The reaffirmation takes into consideration CIMA's commendable
performance in the past year, which stacks up well against our
expectations. The Group's cash-generating capability remained
relatively unscathed as the higher sales partially compensated
for the tumble in cement prices towards the end of 2002 and the
higher maintenance expenses for its Bahau plant. Nevertheless,
CIMA remains overshadowed by market leader Lafarge Malayan
Cement Berhad, which enjoys higher economies of scale and the
backing of a strong parent.

CIMA's balance sheet strength also held up relatively well, with
a net gearing ratio of 0.60 as at end-FY 2002.  With the
completion of the 'inherited' debt-restructuring exercise for
its wholly owned subsidiary, Negeri Sembilan Cement Industries
Sdn Bhd, we expect CIMA's net gearing ratio to progressively
reduce and not exceed 0.4, as the 'restructured' debts are
gradually paid off. CIMA's operating cash flow debt coverage is
also expected to moderate to 0.26 over the next 2-3 years.

Nonetheless, the persistently sluggish cement industry and
excess capacity remain a key concern.  While domestic cement
consumption in 2002 took up 60%-70% of total clinker capacity,
the industry's cement grinding capacity barely touched 50%,
still very much below its peak of 85% in 1997.   Part of the
excess capacity in the industry, however, has been somewhat
supported by exports of certain local cement companies.

CONTACT INFORMATION: Chan Teik Sim
         RAM Analyst
         Tel: +(6)03-7628 1768
         E-mail: teiksim@ram.com.my


CSM CORPORATION: Changes Business, Registered Address
-----------------------------------------------------
CSM Corporation Berhad posted this notice:

Change description : Registered
Old address        : 10th Floor, Menara CSM, Jalan Semangat,
                     46100 Petaling Jaya
New address        : Suite 8.2, 8th. Floor, Menara CSM, Jalan
                     Semangat, 46100 Petaling Jaya
Name of Registrar  : N/A
Telephone no       : 603-7958 8888
Facsimile no       : 603-7957 3707
E-mail address     : N/A
Effective date     : 22/07/2003
Remark             : The business address is also changed to the
above new address.

The Troubled Company Reporter - Asia Pacific reported that CSM
Corporation Berhad provided an update on the status of default
in interest payments and principal loan repayments of the CSM
Group bank borrowings as at 30 June 2003. Details are tables at
http://bankrupt.com/misc/TCRAP_CSM0711.pdf.


GADANG HOLDINGS: KLSE Grants ICULS Listing
------------------------------------------
Kindly be advised that Gadang Holdings Bhd's additional 135,000
new ordinary shares of RM1.00 each issued pursuant to the
aforesaid Conversion of RM143,100 Nominal Value of 3% 2002/2007
Irredeemable Convertible Unsecured Loan Stocks into 135,000 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, 23 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.


HHB HOLDINGS: Further Extends MOU Period to August 19
-----------------------------------------------------
On 21 May 2003, Public Merchant Bank Berhad (PMBB), on behalf of
HHB, had announced that HHB had on 20 May 2003, entered into a
Memorandum of Understanding (MOU) with Public Bank Berhad,
Rentak Baru (Sabah) Sdn Bhd, Mr. Lee Nyuk Heng and Dr. Tan Su
Haw (Parties) to undertake a corporate exercise. The MOU is
valid for a period of 30 days from the date of the MOU or such
relevant date as mutually agreed by HHB and the Parties.

PMBB, on behalf of HHB Holdings Berhad, wishes to announce that
HHB and the Parties have agreed to further extend the MOU to 19
August 2003.

A detailed announcement will be made by HHB upon the execution
of a formal definitive agreement.


KIARA EMAS: Court Grants Restraining Order Further Extension
------------------------------------------------------------
On 18 October 2002, AmMerchant Bank Berhad (AmMerchant Bank)
had, on behalf of Kiara Emas Asia Industries Berhad, announced
that the Restraining Order (RO) granted by the High Court of
Malaya at Seremban on 22 April 2002 pursuant to Section 176 of
the Companies Act, 1965 to the Company and two (2) of its
subsidiary companies, namely Hup Lee Coachbuilders Sdn. Bhd. and
Hup Lee Coachbuilders Holdings Sdn. Bhd., had been extended for
a period of nine (9) months effective from 22 October 2002 to 22
July 2003.

On behalf of Kiara Emas, AmMerchant Bank wishes to announce that
the High Court of Malaya at Seremban had on 15 July 2003 granted
a further extension of the RO for a period of twelve (12) months
from 23 July 2003 to 22 July 2004.


MBF CAPITAL: Unit Inks Facility Agreement for Working Capital
-------------------------------------------------------------
Pursuant to paragraph 10.08 of the KLSE Listing Requirements,
the Board of MBf Capital Berhad (MBfC) would like to inform that
its wholly-owned subsidiary, MBf Leasing Sdn Bhd (MBfL) has
entered into Facility Agreement with Leisure Holidays Berhad
(LHB) to provide RM4.5 million facility to LHB as working
capital to fund the fit-out of properties in Langkawi and Desaru
for timeshare operations as well as to meet the daily
operational needs of LHB.

Information on MBfL

MBfL is a leasing and hire purchase company incorporated in
Malaysia on 17 March 1964 under the Companies Act, 1965. The
authorized and paid-up share capital is RM60,000,000 and
RM2,400,000 respectively.

Information on LHB

LHB was incorporated in Malaysia on 17 September 1984 under the
Companies Act, 1965. Its principal activity is promoting and
selling timeshare memberships and marketing of club membership.
The authorized and paid-up share capital is RM3,500,000 and
RM3,000,000 respectively.

Rationale for the Transaction

The Transaction is an ordinary course of business and are on
normal commercial terms not more favorable to the related party
than those generally available to the public.

Financial Effects

The Transaction do not have any material financial effect to the
MBfC Group.

Directors' and substantial shareholders' interest

Dato' Loy Teik Ngan is a director of MBfC and MBfL. Dato' Loy
Teik Ngan is also a director and substantial shareholder of
Leisure Holidays Holdings Sdn Bhd, the holding company to LHB.

Save as disclosed above, none of the directors or substantial
shareholders of MBfC or persons connected to him has any
interest, direct or indirect in the Transaction.

Statement by the Board of Directors of MBfC

The Board having considered all aspects of the Transaction,
except for Dato' Loy Teik Ngan who abstained from deliberating
the matter, is of the opinion that the terms and conditions are
fair and reasonable and the Transaction is in the best interest
of the MBfC Group.

Approval Required

The Transaction is not subject to the shareholders of MBfC and
the relevant authorities.

Documents for Inspection

The Facility Agreement between MBfL and LHB may be inspected at
the registered office of MBfC at Block B1, Level 9, Pusat Dagang
Setia Jaya (Leisure Commerce Square), No. 9 Jalan PJS 8/9, 46150
Petaling Jaya, Selangor Darul Ehsan within fourteen (14) days
from the date of this announcement pertaining to the
Transaction.


METROPLEX BERHAD: Debt Restructuring Workout Ongoing
----------------------------------------------------
Metroplex Berhad refers to the earlier announcement on 20 June
2003 in relation to the Restraining Order and Proposed Debt
Restructuring of the Group.

Metroplex wishes to advise that following the extension of the
restraining order granted by the High Court of Malaya, MB is
continuing to work out its debt restructuring with its
creditors.

An announcement would be made to the Kuala Lumpur Stock Exchange
once an agreement has been reached on this.


POS MALAYSIA: Strikes Off Dormant Subsidiary
--------------------------------------------
POS Malaysia & Services Holdings Berhad refers to the
announcements of 5 August 2002 and 24 January 2003 respectively
in relation to the Strike Off Dormant Companies Pursuant to
Section 308 Of The Companies Act, 1965.

POS Malaysia informed that PSH Research Sdn Bhd, a wholly owned
subsidiary of Pos Malaysia & Services Holdings Berhad, has been
struck off from the register of the Companies Commission of
Malaysia pursuant to the powers conferred by Section 308 of the
Companies Act 1965. PSH Research Sdn Bhd has been dormant since
the date of incorporation.


ROAD BUILDER: Proposes Unit's Sale to Streamline Operations
-----------------------------------------------------------
On behalf of the Board of Directors of Road Builder (M) Holdings
Bhd, AmMerchant Bank Berhad wishes to announce that the Company
had on 16 July 2003 entered into a Conditional Sale and Purchase
Agreement (SPA) with Econstates Berhad (Econstates) for the
disposal of its entire 70% stake in RB Land for a consideration
of RM253,695,370 and that Econstates will settle on behalf of RB
Land, the shareholders' loan owing by RB Land to RBH which
amounts to RM130,745,608 upon completion of the SPA ("Proposed
Disposal"). Therefore, the aggregate consideration of
RM384,440,978 will be satisfied by the issuance of 384,440,978
new Econstates Shares at an issue price of RM1.00 per Share upon
completion of the SPA.

DETAILS OF THE PROPOSED DISPOSAL

Details of the Proposed Disposal

RBH has on 16 July 2003 entered into a SPA with Econstates for
the proposed disposal of 50,008,000 ordinary shares of RM1.00
each (Shares) and 193,487 redeemable preference shares of RM1.00
each (RPS), representing 70% of the equity interest in RB Land
for a consideration of RM253,695,370. In addition, Econstates
will satisfy the shareholders' loan owing by RB Land to RBH,
which amounts to RM130,745,608. The total consideration of the
Proposed Disposal will be satisfied via the issuance of
Econstates Shares at par. Therefore, the total consideration to
be received by RBH will amount to RM384,440,978 from the
Proposed Disposal to be satisfied by issuance of new Shares in
Econstates upon completion of the SPA (Aggregate Disposal
Consideration).

The Shares and RPS held by RBH in RB Land are to be disposed of
free from all liens, charges, mortgages and other encumbrances
whatsoever but with all rights attached thereto together with
all dividends and distributions declared, made and/or paid in
respect thereof on or after 30 June 2003 and upon the terms and
conditions of the SPA. There are no external liabilities to be
assumed by RBH pursuant to the Proposed Disposal.
The original cost of investment of RB Land to RBH for its
50,008,000 Shares during the period from 11 March 1994 to 25
June 2002 is RM128,201,487 whilst the original cost of
investment of the 193,487 RPS made on 25 June 2002 is RM193,487.

Basis of Arriving at the Aggregate Disposal Consideration

The consideration of the disposal of the 70% equity interest in
RB Land was arrived at on a willing-buyer willing-seller basis
taking into consideration, inter-alia, the following:

   (i) discount of RM52,718,652 or approximately 17.2% over the
revalued net asset value (RNAV) of RB Land and its subsidiaries
(RB Land Group) as at 30 June 2003 of RM306,220,535;

   (ii) the unaudited consolidated net tangible assets (NTA) of
RB Land Group as at 30 June 2003 of RM231,924,321;

   (iii) the open market values of the landed properties of RB
Land Group as at 30 June 2003 of RM983,810,000 as appraised by
Messrs. Colliers, Jordan Lee & Jaafar Sdn Bhd, a registered
independent valuer as set out in their letter dated 15 July
2003; and

   (iv) the terms and par value of the RPS.

The settlement amount of the shareholders' loan of RM130,745,608
is based on the existing shareholders' loan owing by RB Land to
RBH as at the date of the SPA.

Satisfaction of the Aggregate Disposal Consideration

The Aggregate Disposal Consideration will be satisfied via the
issuance of 384,440,978 Shares of Econstates at par or such
other number of Econstates Shares to be issued arising from any
variation as may be made by the SC on the Aggregate Disposal
Consideration (Consideration Shares).

Ranking of the Consideration Shares

The Consideration Shares to be received pursuant to the Proposed
Disposal shall, upon allotment and issue, rank pari passu with
the existing issued and paid-up ordinary shares of Econstates
save and except that the Consideration Shares will not be
entitled to participate in any dividends, rights, allotments
and/ or any other distributions unless the date of allotment of
such shares is made on or prior to the entitlement date of such
dividends, rights, allotments and/ or any other distributions.

Basis Of Arriving At Issue Price of the Consideration Shares

The issue price of RM1.00 per Share for the Consideration Shares
to be received pursuant to the Proposed Disposal is based on the
par value of the Econstates Shares of RM1.00 each. The said
issue price represents a premium of RM0.04 per Share or
approximately 4.2% over the weighted average market price of
Econstates Shares for the five(5) market days up to and
including 15 July 2003 of RM0.96 per Share.

Utilization of proceeds

The Proposed Disposal will be wholly satisfied via the issuance
of shares in Econstates. Accordingly, there will no cash
proceeds to be received by RBH from the Proposed Disposal.

Information on RB Land

RB Land was incorporated in Malaysia on 20 November 1993 under
the Companies Act 1965, as a private limited company. RB Land
has an authorized share capital of RM500,000,000 comprising
450,000,000 Shares and 50,000,000 RPS of RM1.00 each of which
71,440,000 Shares and 276,410 RPS of RM1.00 each have been
issued and fully paid-up.

The principal activity of RB Land is that of property
development and construction activities. The principal
activities of the subsidiaries of RB Land are those of provision
of landscaping services, property management services, property
investment holding, driving range business and property
development.

RBH currently holds 50,008,000 Shares in RB Land representing an
equity interest of 70% in RB Land, Reco Homebuilder (M) Sdn Bhd
(Reco), owns the remaining 21,432,000 Shares representing 30%
equity interest in RB Land.

The Board of Directors of RB Land based on the Register of
Directors as at 16 July 2003 are set out below:

   (i) Tan Sri Dato' Sri Dr Chua Hock Chin;
   (ii) Dato' Shamsudin Bin Md Dubi;
   (iii) Dato' Low Keng Kok;
   (iv) Dato' Soam Heng Choon;
   (v) Dato' Mohd Yassin Bin Bakar;
   (vi) Chai Kian Soon;
   (vii) Lim Swe Guan; and
   (viii) Ho Nyuk Chong.

Information on Econstates

Econstates was incorporated in Malaysia on 29 September 1989
under the Companies Act 1965, as a private limited company under
the name of Econstates Sdn Bhd. On 28 September 1990, it was
converted into a public company and assumed its present name.
Pursuant to the restructuring scheme pertaining to its listing
exercise, Econstates acquired ERMS Sdn Bhd and Emko Properties
Sdn Bhd on 11 March 1991.

Econstates has an authorized share capital of RM250,000,000
comprising 250,000,000 Shares of which, RM150,000,052 comprising
150,000,052 Shares have been issued and fully paid-up.
Econstates is an associated company of RBH by virtue of RBH's
direct shareholding of 48,185,000 Shares (representing
approximately 32.12%) in Econstates. The principal activity of
Econstates is that of property development and property
management.

The Board of Directors of Econstates based on the Register of
Directors as at 16 July 2003 are as follows:

   (i) YBhg Dato' Shamsuddin bin Md Dubi;
   (ii) Mr Boey Tak Kong;
   (iii) Mr Raymond Tan; and
   (iv) Mr Yeong Chee Wah

MANDATORY OFFER

Upon completion of the Proposed Disposal, RBH will own
432,625,978 Shares in Econstates, representing approximately
80.95% of the enlarged issued and paid-up share capital of
Econstates. Pursuant to Section 6, Part II of the Malaysian Code
on Take-overs and Mergers, 1998 (Code), RBH would be required to
undertake a mandatory offer to the remaining shareholders of
Econstates to acquire the remaining Econstates Shares not
already held by the Company. An approval of the Securities
Commission (SC) will be sought for an exemption from the
obligation to undertake a mandatory offer pursuant to Practice
Note 2.9.1 of the Code (Proposed RBH Exemption).

Other Salient Terms of the SPA

The salient terms and conditions of the SPA include, inter-alia,
the following:

   (i) Econstates undertakes to enter into such agreement(s) to
assume the obligations of RBH under the Shareholders' Agreement
dated 26 June 2002 and as supplemented by the Supplemental
Shareholders' Agreement dated 11 February 2003 between Reco, RBH
and RB Land, which regulates Reco and RBH's relationship inter
se as shareholders of RB Land. The salient terms of the said
Shareholders' Agreement are as follows:

   (a) Restriction on transfer of shares

     (aa) Shareholders of RB Land are not allowed to transfer
their shareholdings in RB Land without obtaining the prior
written consent of the other shareholders;

     (bb) RBH covenants that it will not sell, transfer or
otherwise dispose all or part of its shareholdings in RB Land
for a period of two (2) years from the date of the said
agreement. Should RBH intend to sell, transfer or otherwise
dispose all or part of its shareholdings in RB Land, Reco will
be entitled to co-sell all or part of its shareholdings in RB
Land and RBH shall procure a buyer for the shares held by Reco
on terms and conditions no less favorable than the terms and
conditions applicable to RBH; and.

     (cc) Reco covenants that it will not sell, transfer or
otherwise dispose all or part of its shareholdings in RB Land
for a period of one (1) year from the date of the said
agreement.

   (b) Shareholders Loan

Reco and RBH agrees to make available to RB Land an aggregate
amount of RM186,779,440 as shareholders' loan, in proportion to
the percentage of Reco and RBH's shareholdings in RB Land.

RATIONALE OF THE PROPOSED DISPOSAL

The rationale for the Proposed Disposal are as follows:

   (i) The Proposed Disposal is a continuing exercise by the
Company to streamline its four (4) core activities and is
expected to bring greater recognition and unlock shareholders'
value with the listing of its property development division;

   (ii) Pursuant to the terms of the SPA, RBH will receive
marketable securities in the form of new Shares in Econstates
which will be listed in the Main Board of the Kuala Lumpur Stock
Exchange (KLSE). Hence, the Proposed Disposal will enable the
Company to convert a relatively illiquid asset into one which
offers more liquidity via the KLSE;

   (iii) The eventual streamlined property development arm of
the RBH Group is set to propel the continuous growth of its
property development arm into a major property player; and

   (iv) The Proposed Disposal is expected to enhance its
existing investment in Econstates.

EFFECTS OF THE PROPOSED DISPOSAL

Share Capital and Major Shareholders

The Proposed Disposal will not have any effect on the issued and
paid-up share capital and shareholding structure of RBH.

Upon completion of the Proposed Disposal, RBH is expected to own
432,625,978 Shares in Econstates representing approximately
80.95% of the enlarged issued and paid-up share capital of
Econstates. Pursuant to Paragraph 3.05 of the KLSE Listing
Requirements, Econstates is required to have at least 25% of its
issued and paid-up share capital in the hand of a minimum of
1,000 public shareholders holding not less than 100 shares each.
In this respect, RBH will enter into arrangements within a
stipulated timeframe to be approved by the relevant authorities
to meet the abovementioned shareholding spread requirements.

Earnings

As the Proposed Disposal is expected to be completed in the last
quarter of the financial year ending 30 June 2004, the Company
expects the Proposed Disposal to have positive impact on its
earnings in the same financial year end and is expected to
contribute positively to the long-terms earnings prospect of the
RBH Group.

APPROVALS REQUIRED

The Proposed Disposal is subject to the following being
obtained:

   (i) The approval of shareholders of RBH for the Proposed
Disposal at an Extraordinary General Meetings ("EGM") to be
convened;

   (ii) The approval of shareholders of Econstates for the
proposed acquisition of the 70% equity interest in RB Land and
for the Proposed RBH Exemption at an EGM to be convened;

   (iii) The approval of the SC for the following:

     (a) the proposed acquisition of the 70% equity interest in
RB Land;

     (b) Proposed RBH Exemption; and

     (c) a waiver to Econstates from the obligation to undertake
a mandatory offer in relation to the remaining Shares and RPS in
RB Land not already owned upon completion of the acquisition of
RB Land from RBH pursuant to Practice Note 2.9.6 of the Code;

   (iv) The approval-in-principle of the KLSE for the listing of
and quotation for the new Shares to be issued to RBH pursuant to
the Proposed Disposal;

   (v) The approval of the Foreign Investment Committee for the
proposed acquisition of the 70% equity stake in RB Land by
Econstates, if required;

   (vi) The approval of Reco for the transfer of shares in RB
Land to Econstates pursuant to the Proposed Disposal;

   (vii) The due diligence to be carried out by Econstates on RB
Land Group to the satisfaction of Econstates; and

   (viii) The approval of other relevant authorities/ parties,
if required.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

RB Land is a 70%-owned subsidiary of RBH and RBH holds
48,185,000 ordinary shares of RM1.00 each representing
approximately 32.12% direct equity interest in Econstates.
YBhg. Dato' Shamsudin Bin Md Dubi is a Joint Managing Director
and shareholder of RBH holding 5,500 Shares in RBH as at 16 July
2003 and is also the Executive Chairman of RB Land and
Econstates. Hence, he is deemed interested in the Proposed
Disposal by virtue of his common directorships in RBH, RB Land
and Econstates. Accordingly, he has abstained and will continue
to abstain from voting on the resolution to approve the Proposed
Disposal at the EGM to be convened in respect of any direct or
indirect shareholdings in RBH. YBhg. Dato' Shamsudin also
undertakes that all persons connected to him will abstain from
voting on the resolution to approve the Proposed Disposal at the
EGM to be convened.

In view of the above relationships among RBH, RB Land and
Econstates, the Proposed Disposal are not deemed a related party
transaction under the provisions of Paragraph 10.08(9)(b) of the
Listing Requirements of the KLSE.

Save as those disclosed, none of the other directors and major
shareholders of RBH or any other persons connected with them
have any material interest, direct or indirect, in the Proposed
Disposal.

DIRECTORS' STATEMENT

The Board of Directors of RBH is of the opinion that the
Proposed Disposal is in the best and long term interest of RBH.

ADVISER

The Board of Directors of RBH has appointed AmMerchant Bank as
the Adviser for the Proposed Disposal.

ESTIMATED TIME FRAME OF COMPLETION

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed by last quarter of the financial year
ending 30 June 2004.

DEPARTURE FROM GUIDELINES

To the best of its knowledge, the Board of Directors of RBH is
not aware of any departures from the SC Guidelines in relation
to the Proposed Disposal.

DOCUMENT AVAILABLE FOR INSPECTION

The SPA is available for inspection at the registered Office of
RBH at Level 16, Menara John Hancock, No. 6, Jalan Gelenggang,
Damansara Heights, 50490 Kuala Lumpur during normal business
hours from Monday to Friday (except for public holidays) for a
period of three(3) months from the date of this announcement.


SITT TATT: Answers KLSE's ICPS Query
------------------------------------
Sitt Tatt Berhad, in reference the KLSE's Query Letter reference
ID: TH-030717-41235 on the termination of the share sale
agreement dated 10 September 2001 between the Company and MISL &
Associate Sdn Bhd (MISL) in respect of the acquisitions of
Pyramid Manufacturing Industries Pte Ltd, Cem Machinery Pte Ltd
and Pmi Plating Services Pte Ltd for RM184,288,000, satisfied by
issuance of 125,125,000 ordinary shares of RM1.00 each in Sitatt
at an issue price of RM1.20 each (Consideration Shares) and
issuance of 34,138,000 Irredeemable Convertible Preference
Shares of RM1.00 each in Sitatt at an issue price of RM1.00 each
(ICPS), replied as follows:

   1. There is currently no arrangement between the Company and
Chiang Cheng Leong (CCL). The Company and CCL is presently
working on an arrangement. However before the Consideration
Shares and the Irredeemable Convertible Preference Shares (ICPS)
are transferred by MISL to CCL (subject to any decision of the
Court), the Company shall disclose the terms and conditions of
the arrangement.

   2. The transfer of the Consideration Shares and the ICPS to a
person determined by the Company is in accordance with the Share
Sale Agreement (SSA) and the corporate exercise which were
approved by the shareholders and the Securities Commission (SC)
respectively. Any arrangement to be concluded will take into
account the interest of the shareholders and the spirit upon
which the approval of the SC was given.

KLSE's Query Letter content:

We refer to your announcement dated 16 July 2003 in respect of
the aforesaid matter. In this connection, please furnish the
Exchange with the following additional  information for public
release:

   (a) Whether the Consideration Shares and ICPS to be
transferred to Mr. Chiang Cheng Leong (as so demanded by Sitatt
from MISL) is in accordance with an arrangement between Sitatt
and Mr. Chiang Cheng Leong and if so, details of the terms and
conditions of such arrangement; and

   (b) Impact of such arrangement between Mr. Chiang Cheng Leong
and Sitatt on the approval of Sitatt's shareholders which was
obtained at the extraordinary general meeting held on 23 April
2003 and the Securities Commission's approval in respect of Sitt
Tatt's corporate exercise.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

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


SOUTHERN PLASTIC: Executive Director Dato' Vincent Wai Resigns
--------------------------------------------------------------
Southern Plastic Holdings Berhad posted this Change in Boardroom
Notice:

Date of change : 21/07/2003
Type of change : Resignation
Designation    : Director
Directorate    : Executive
Name           : Dato' Vincent Leong Jee Wai
Age            : 44
Nationality    : Malaysian
Qualifications : A Level- College Tunku Abdul Rahman

Working experience and occupation  :
1993-1997: Finance for Sabah Shipyard Sdn Bhd (Executive
Director)
1996-1998: Timbalan Pengerusi F.A. Labuan
1999-2000: Westmont Industries Bhd (Executive Director)
Techno Asia Holdings Bhd (Formerly known as Westmont Land (Asia)
Bhd (Managing Director)
1999-2000: Southern Plastic Holdings Bhd (Director and Chief
Executive Director)
Present: Persatuan Gerakan Rakyat Malaysia in Labuan (Division
Chairman)

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

On May 7, the Troubled Company Reporter - Asia Pacific reported
that Southern Plastic and the Group are still in default of
payments towards their bank borrowings from certain financial
institutions. This was a result of the respective banks' actions
in freezing the bank borrowing facilities of the Group and the
Company in view of the Company's proposal of an informal
restructuring scheme.


SPORTMA CORPORATION: Complies With KLSE's Listing Requirements
--------------------------------------------------------------
Sportma Corporation Berhad informed that following the
resignation of Mr Ho Boon Chiang as the Independent Non-
Executive Director and Chairman of the Audit Committee on 28
June 2002, the existing Audit Committee of the Company currently
consist of:

Ahmad Mokhtar bin Dato' Zainal Abidin - Independent Non-
Executive Director
Yap Chi Keong - Independent Non-Executive Director

As the above vacancy has yet to be filled, the Company had on 30
April 2003 and 11 July 2003 applied to the KLSE for a waiver or
extension of time to comply with the following Listing
Requirements of the Kuala Lumpur Stock Exchange (Listing
Requirements):

Paragraph 15.10 (1)(a) The audit committee must be composed of
not fewer than 3 members

Paragraph 15.19 In order to form a quorum in respect of a
meeting of an audit committee, the majority of members present
must be independent directors

Paragraph 15.20 In the event of any vacancy in an audit
committee resulting in the non-compliance of subparagraphs
15.10(1), a listed issuer must fill the vacancy within 3 months

The waiver or extension of time of comply with the above Listing
Requirements was sought due to the following reasons:

   1) The Company and its subsidiaries have ceased operations
and has not generated any income of its own after the
appointment of the Special Administrators (SA) on 9 September
1999;

   2) All powers and functions of the Board of Directors of
Sportma and consequently the Audit Committee during the tenure
of SA have ceased;

   3) Since the appointment of SA, the Company's directors' fees
have been on deferred payment basis. Todate, the Company has yet
to settle any fees to its directors in office;

   4) Steps taken by the Company to ensure an individual is
appointed as a director of the Company and as a member of the
Audit Committee are futile as the financial position of the
Company requires the individual to agree to the fees on deferred
payment basis;

   5) The Proposed Corporate and Debt Restructuring Scheme
(Proposal) is to be completed with the target relisting of
Sportma shares via Harn Len Corporation Berhad on 25 July 2003.
The shareholders, Board of Directors and management of Sportma
will change in line with the successful restructuring of the
Company

In the above regard, the KLSE has via its letter dated 14 July
2003 which was received by the Company on 17 July 2003, granted
the Company an extension of time until 3 November 2003 to comply
with the aforesaid Paragraphs of the KLSE Listing Requirements
subject to the following conditions:

   a) Quarterly reports to the Exchange (Listing Operations
Divisions) as to Sportma's efforts or progress to comply with
the relevant audit committee requirements.

   b) The majority of the audit committee must consist of non-
executive directors.

The Company wishes to inform that subsequent to the above
application to the KLSE, the Company has complied with Paragraph
15.19 of the Listing Requirements, following the re-designation
of Mr Yap Chi Keong as Independent Non-Executive Director.


WING TIEK: Issues Scheme Creditors' Meeting Results
---------------------------------------------------
The Board wishes to announce the results of the following court-
Court-convened Scheme Creditors' meetings of Wing Tiek Holdings
Berhad (WTHB), Wing Tiek Steel Pipe Sdn Bhd (WTSP), Wing Tiek
Metal Industries Sdn Bhd (WTMI), Wing Tiek Ductile Iron Pipe Sdn
Bhd (WTDIP), Wing Bee Hardware Sdn Bhd (WBH) and Victory Skyline
Sdn Bhd (VS) held on July 21, 2003:

WTHB

The Proposed Debt Restructuring Scheme of WTHB was passed by a
95.65% majority in number representing 98.61% in value of the
scheme creditors present and voting at the Meeting.

WTSP

The Proposed Debt Restructuring Scheme of WTSP was unanimously
passed by all the scheme creditors present and voting at the
Meeting.

WTMI

The Proposed Debt Restructuring Scheme of WTMI was unanimously
passed by all the scheme creditors present and voting at the
Meeting.

WTDIP

The Proposed Debt Restructuring Scheme of WTDIP was unanimously
passed by all the scheme creditors present and voting at the
Meeting.

WBH

The Proposed Debt Restructuring Scheme of WBH was unanimously
passed by all the scheme creditors present and voting at the
Meeting.

VS

The Proposed Debt Restructuring Scheme of VS was unanimously
passed by all the scheme creditors present and voting at the
Meeting.


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


MANILA ELECTRIC: Clarifies "ERC OK's More Meralco Refunds"
----------------------------------------------------------
Manila Electric Co. (Meralco) clarifies the news article
entitled "ERC okays more Meralco refunds" published in the July
18, 2003 issue of the Philippine Star (Internet Edition). The
article reported "(the) Energy Regulatory Commission (ERC) has
approved a proposal of the Manila Electric Co. (Meralco) to
implement the next three phases of a Supreme Court-ordered
refund to overcharges to customers. Meralco was ordered to
implement phase II of the refund by September 1 and 'completely
accomplish' it not later than December 31 this year.

Manila Electric Company (MER), in its letter dated July 18,
2003, clarified that:

"Please be informed that the information contained in said
article is substantially correct as this was lifted by the
writer from the Energy Regulatory Commission (ERC) order itself.

For a copy of the press release, please visit
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2324_MER.pdf


MANILA ELECTRIC: Reschedules P5.5B Loan Payment to January
----------------------------------------------------------
Creditor banks reportedly approved the request of the Manila
Electric Co. (Meralco) to reschedule P5.5 billion short-term
loan payments to January next year, the Manila Times reports.
However, according to Meralco President Jesus P. Francisco,
creditors Citigroup, Bank of the Philippine Islands, Banco de
Oro, Unibank, and Equitable Bank have the option to bring the
extension period to three months should they "see problems" with
the distribution firm. The first schedule of the P5.5-billion
debt was supposed to lapse July 21, the end of a three-month
extension that was earlier given to the power firm.


MANILA ELECTRIC: Sticks to ERC Deadline For Refund
--------------------------------------------------
The cash-strapped utility firm Manila Electric Co. (Meralco)
will defer asking the Energy Regulatory Commission (ERC) to
extend the schedule for second refund process the regulators
ordered completed by the year-end, according to the Manila
Times. The Phase 2, which involves cash refund for 101- to 300-
kilowatt-hour-per month users, would start in September and end
in December as the ERC ordered.

However, Meralco President Jesus P. Francisco said Meralco would
still seek reconsideration on "some parts in the order of the
ERC."

Meralco has yet to submit refund proposals for Phase 3 and 4.
Phase 3, based on Meralco's proposal, would involve residential
and general services consumers using 300kWh electricity and
above, every month. Phase 4 involves industrial users.


NATIONAL BANK: OK's Closure of PNB Manila Branch
------------------------------------------------
The Philippine National Bank has informed the Philippine Stock
Exchange (PSE) that the Board of PNB Investments Ltd., in its
resolution dated May 15, 2003 approved the closure of PNB
Investments Limited, Manila Office effective June 30, 2003, viz:

RESOLUTION No. 037-203 - Approval of the Closure of PNB IL
(Manila Branch)

"RESOLVED, to approve, as it is hereby approved, the closure of
PNB IL (Manila Branch) following the liquidation of the FPFI and
to elevate the decision of the PNB IL Board to close the PNB IL
Manila Office for approval and confirmation of its parent
Company, PNB International Finance Limited (PNB IFL)."

The closure of PNB IL Manila was duly ratified by its parent
Company, PNB International Finance Limited of Hong Kong on June
26, 2003.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2333_PNB.pdf


UNITED COCONUT: No Need of Central Bank Support
-----------------------------------------------
The Bangko Sentral ng Pilipinas (Central Bank of the
Philippines) said Monday that government-sequestered United
Coconut Planters Bank (UCPB) is not yet in urgent need of money
to service its clients needs, Business World reports. Bangko
Sentral Governor Rafael Buenaventura also said state-run
Philippine Deposit Insurance Corp. (PDIC) is capable of handling
UCPB's rehabilitation.

Buenaventura added that the central bank would step in and gives
financial aid to UCPB only if it applies for emergency loan. The
bank's rehabilitation involves securing PhP20 billion in new
capital from PDIC, and the clean up of its books. Of the PhP20
billion, PhP13 billion will be used to buy the bad loans of the
bank, and about PhP7 billion to PhP8 billion of this will be
recovered or restored to capital to cover provisions for
probable loan losses.


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


CHARTERED SEMICONDUCTOR: Able To Mass Produce Chips
---------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. is able to mass-
produce high-end memory chips based on technology from MoSys
Inc. (MOSY), a chip design Company, Dow Jones reported Tuesday.
Chartered has successfully produced chips based on MoSys' 1T-
SRAM memory technology at Chartered&apos' 0.13-micron
technology. Previously, Chartered's manufacturing capability was
at 0.25 micron for MoSys' memory technology.

Chartered has been attempting to increase production of its
leading edge 0.13-micron wafers for various products because of
the higher margins. In the second quarter, 0.13-micron wafers
contributed 6 percent of Chartered's total revenue from nothing
a year ago. Most of Chartered's production centers on older
technologies like those above 0.25 micron.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.25 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


CHARTERED SEMICONDUCTOR: Needs Fresh Funds by Mid-2004
------------------------------------------------------
Loss-making Chartered Semiconductor Manufacturing Ltd. will need
to raise fresh funds by mid-2004 to outfit its advanced
factories, according to Reuters, citing Kim Eng Ong Asia
Securities analyst Dharmo Soejanto. Chartered's Chief Executive
Officer Chia Song Hwee last week sought to quash recent market
talk of another cash call after it raised US$633 million from a
poorly subscribed rights issue in September 2002 and US$500
million through a convertible bond in March 2001.

He was speaking after state-controlled Chartered posted its 10th
straight quarterly loss, of US$90 million for the three months
ended June.

"With only $800 million in cash by year-end, Chartered may need
to raise money -- by mid-2004 at the latest," said Kim Eng Ong
Asia Securities analyst Dharmo Soejanto.


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


GENERAL ENGINEERING: Registers Reduced Paid-Up Capital
------------------------------------------------------
Reference is made to the Shareholders' Meeting No. 1/2003 held
on April 24, 2003, which approved the decrease of the registered
capital from Bt180 million to Bt45 million by reducing par value
from Bt10 to Bt2.50.

General Engineering Public Company Limited reported that the
result of change in the paid-up capital as a result of the
capital reduction was registered with the Department of Business
Development, the Ministry of commerce, on 17 July, 2003.


ITALIAN-THAI DEVELOPMENT: Signs Four Contracts
----------------------------------------------
Italian-Thai Development Public Company Limited informed that
during June to July 2003 the Company signed these contracts:

1. Name of Project: The construction of Rehabilitation of Rain
                    Ltd. Drainage System, Bang Chan Industrial
                    Estate
   Client         : Global Utilities Co., Ltd
   Price          : 16.05 M
   Signing date   : Jul  7, 2003
   Period of work : 150 days

2. Name of Project: The construction of Boat Pier Improvement
                    at Marina Co., Ltd. City Realty Property
                    (Close to Khlong ChantaraYannawa)
   Client         : Riverside Garden
   Price          : 5.97 M
   Signing date   : Jun 14, 2003
   Period of work : 73 days

3. Name of Project: The construction of Paramai Yigawaad
                    YigawaadPhase II  Project.
   Client         : Wat Paramai
   Price          : 5.56 M
   Signing date   : Jul 1, 2003
   Period of work : 300 daysWat

4. Name of Project: The construction of LICD Expansion (Phase
                    2), Of  Thailand Latkrabang, Bangkok
   Client         : The State Railway
   Price          : 17.84 M
   Signing date   : Jun 12, 2003
   Period of work : 360 days

The details of each works  are  as  follows:

1. The construction of Rehabilitation of Rain Drainage System,
Bang Chan Industrial Estate.

Description of works :
    - Rehabilitation  of  RC  Ditch  for  Rain  Drainage
    - Installation  of  RC  Pipe  for  Rain  Drainage
    - Rehabilitation  of  Sluice  Gate

2. The construction of Wat  Paramai Yigawaad  Phase  II
Project.

Description of works :
    - Construction of Flood Protection wall height 1 m.
      length 684 m. with 2 stairs width 2.8  m. and 6
      bridges width 2 m., length 7 m.
    - Renovation  of  Monk's  Living  Quarter  5  units

3. The construction of Boat Pier Improvement at City Realty
Property  (close to Khlong Chantara Yannawa ).

Description of works:
   - Improvement of reinforced concrete structure for the
existing boat pier.
   -Construction of structural steel pontoon to approach bridge
from pontoon to the boat pier completed with holding spuds.

4. The construction of LICD Expansion (Phase 2), Latkrabang,
Bangkok.

Description of works:
   - Construction of traffic operation office, wagon maintenance
office, control hut, railway embankment
   - Earthwork i.e., embankment, subbase
   - Trackwork i.e., track laying, installation of turnouts
   - Asphaltic road pavement.


SIAM UNITED: Posts BOD Meeting Resolutions
------------------------------------------
Siam United Services Public Company Limited posted the
resolutions of the Board of Directors' Meeting No.2/2003, held
on February 28, 2003 regarding the capital increase and share
allotment. The details are as follows:

1. Capital Increase

The Board of Directors' Meeting resolved to propose the
shareholders for their approval to increase the Company's
registered capital from Bt885 million to Bt985 million by
issuing new 100,000,000 ordinary shares at the par value
of Bt1 each for the amount of Bt100,000,000.

2. Allocation of shares

The Board of Directors' Meeting resolved to propose the
shareholders for their approval to allocate new 100,000,000
ordinary shares at the par value of Bt1 each for the amount of
Bt100,000,000.

   2.1 The Company's plan in case there is a fraction of shares
remaining Since the share will be offered for sales on a Private
Placement basis, there will be no fraction of shares remaining.

3. Schedule for shareholders' meeting

The Board of Directors' Meeting resolved to hold an ordinary
general meeting of shareholders for the year 2003 on April 24,
2003, at 10:00 a.m. at the meeting room of the Company, located
at 30 Moo 1, Ratburana Road, Kwang Bangpakok, Khet Ratburana,
Bangkok. The share register book will be closed for share
transfers in order to determine the rights of the shareholders
to attend the ordinary general meeting from 12:00 p.m. of April
3, 2003 until the ordinary general meeting is completed.

4. Approval by relevant governmental agency and conditions (if
any)   -None-

5. Objectives and plans for utilizing proceeds received from the
capital increase:

To restructure for debt to equity conversion which is  a part of
the debt-restructuring plan with Thai Asset Management
Corporation.

To reduce the proportion of Debt to Equity of the Company and to
improve the financial liquidity for better operating result.

7. Benefits the shareholders will receive:

   7.1 Dividend policy

The Board of Directors has a policy to allocate 50% of the net
profit after taxes as dividends unless there is any other
necessary reason.

   7.2 The new shareholder will have the rights to receive
dividends from the operating year, which it is allocated, newly
issued shares.

   7.3 Other benefits:       -None-

8. Other details necessary for shareholders to approve the
capital increase/ share allocation:

Under the debt-restructuring plan with Thai Asset Management
Corporation (TAMC), TAMC will give Derivative Warrants (DW) to
current shareholders at the proportion of 20 current shares to 1
DW. One Dw has the rights to purchase 1 ordinary share of the
Company, held by TAMC, at Bt1.15 per share. The details of which
will be as described in the debt restructuring agreement between
the Company and TAMC.

9. After the Board of Directors has resolved to increase capital
and allocated the newly issued ordinary shares, the Company will
proceed according to the following schedules:

February 28, 2003      Board of Directors' Meeting
April 3, 2003         Close Share Register Book
April 24, 2003        Ordinary General Shareholders' Meeting for
                      the year 2003
                      Report Resolutions to SET
May 8, 2003           Submission of Minutes of Ordinary General
                      Shareholders' Meeting for the year 2003 to
                      SET


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

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