TCRAP_Public/030729.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, July 29, 2003, Vol. 6, No. 148

                         Headlines

A U S T R A L I A

AMP SHOPPING: ACCC Not to Intervene in Westfield's Acquisition
ASHBURTON MINERALS: Drummond Acquisition Closing Date Extended
COMMSOFT GROUP: Posts Company Details Update
TRANZ RAIL: Grant Samuel Report Now Available
TRANZ RAIL: Takeover Offer Document Revised

UNION CAPITAL: Receives Convertible Notes Interest Application


C H I N A   &   H O N G  K O N G

CITY HERO: Winding Up Petition Set for Hearing
EXECUTRAIN ASIAPAC: Winding Up Sought by Cityplaza Holdings
NANJING PANDA: Xinhua Assigns B (pi) to LT Credit Rating
PICKAVANCE CONSULTING: Winding Up Hearing Scheduled on July 30
SOUTH EAST: Q103 Net Loss Widens to HK$33.700M

TIMEBASE PRECISION: Faces Winding Up Petition
TOP GLORY: Proposals Expected Timetable Deferred By Week


J A P A N

AWA KANKO: Hotel Firm Enters Bankruptcy
MITSUBISHI MOTORS: Unveils 1H03 Sales Report
MITSUBISHI MOTORS: Shares Slump 12% on Profit Forecast
MITSUI MINING: Mulls Seeking IRCJ Assistance
DIA KENSETSU: Seeks Bailout From IRCJ

OKADAGUMI K.K.: General Construction Firm Enters Rehab
TOSHIBA CORPORATION: Obtains License From U.S. Manufacturer


K O R E A

HYUNDAI MOTOR: Shuts Down Russian Plant
HYUNDAI MOTOR: Strike Hurts Operations Abroad
SK GLOBAL: Court Orders to Repay Fund
SK GLOBAL: Creditors Resume Negotiations Tuesday


M A L A Y S I A

CHASE PERDANA: Debt Instruments Issuance Completed
CSM CORPORATION: KLSE Awaits Regularization Plan Outcome
DENKO INDUSTRIAL: SC Approves Proposed Disposal Application
GENERAL LUMBER: Posts Scheme of Arrangement Notices
KRETAM HOLDINGS: Inks Amended Debt Restructuring Agreement

LAND & GENERAL: KLSE Grants Debt Scheme Shares Listing Today
LONG HUAT: MITI Endorses Proposed Restructuring Scheme
MYCOM BERHAD: Participates in RM38.5M BaIDS Proposed Issuance
OLYMPIA INDUSTRIES: SC Approves Scheme Proposed Appeal
SCK GROUP: Securities Being Removed From Official List by Aug 11

TAT SANG: KLSE De-listing Securities Trading by August 11
TONGKAH HOLDINGS: Disposes of Quoted Securities

  
P H I L I P P I N E S

CEBU PRIVATE: Withdraws Shut Down of Cebu Power Plant
MANILA ELECTRIC: Seeks Extension of P2.5-B Debts
MANILA ELECTRIC: ERC Orders to Implement Second Phase Refund
BANK OF BALAYAN: Posts Key Dates Related to Insurance Claims


S I N G A P O R E

CAPITALAND LIMITED: Unit Enters Voluntary Liquidation
CHARTERED SEMICONDUCTOR: Posts 10th Consecutive Quarterly Loss
FLEXTRONICS LTD.: Expects Losses to Soar as it Shuts Factories


T H A I L A N D

PRASIT PATANA: Amends Articles of Association
RATTANA REAL: Losses Trigger Dividend Payment Cancellation
THAI DURABLE: Director Denduangrudee Resigns; Moves Head Office
THAI PETROCHEMICAL: Court Appoints MoF as Plan Administrator

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: ACCC Not to Intervene in Westfield's Acquisition
--------------------------------------------------------------
The Australian Competition and Consumer Commission will not
intervene in the Westfield Trust's takeover offer for units in
the AMP Shopping Center Trust, ACCC Chairman, Mr Graeme Samuel,
said on Thursday.

"The ACCC decided that the acquisition would not be likely to
substantially lessen competition", he said.

"A major factor in the ACCC's decision was that Westfield will
only obtain management control of two of the nine regional
shopping centers in which the AMP Trust has ownership interests
- Mt Gravatt in Brisbane and Kotara in Newcastle.

"Of the remaining seven, in six centers other companies in the
AMP group retain majority ownership interests despite the
acquisition of the interests held by the AMP Trust.

"The seventh, Colonnades in Adelaide, will be 100 per cent
acquired by Westfield but this interest will then be on-sold to
the Centro Properties group. Contracts have been signed and will
be executed once Westfield is appointed the 'Responsible
Entity'. Importantly, the AMP group still retains management
control of six of the nine centers and the Centro group will
acquire management control of the seventh. Westfield cannot
acquire management control of the six AMP-controlled centers
without the consent of the majority owners. It will have no
ownership interests in Colonnades.

"Westfield has concurrently entered into contracts for the sale
of two of its existing centers - Galleria in Perth and Toombul
in Brisbane - to the Centro group.

"These sales will largely balance out the effects of acquiring
the AMP Trust's interests in Booragoon in Perth and Mt Gravatt
in Brisbane.

"Westfield does not currently control any shopping center in the
Newcastle metropolitan area and its acquisition of AMP Trust's
100 per cent interest in Kotara is considered pro-competitive.

"The only significant increase in market share would occur in
Sydney, where Westfield will acquire a 25 per cent ownership
interest in Warringah Mall and 50/50 ownership (with the AMP
group) of Macquarie Shopping Center - two of the largest centers
in Sydney in terms of floor space.

"But Westfield has not acquired management control. It is
management control - in this case, still with AMP - rather than
center ownership which is the most relevant factor".

Any change in ownership or management control of the shopping
centers would be subject to further ACCC review.

CONTACT INFORMATION: Mr Graeme Samuel
        Chairman, (02) 6243 1129
        Mr Ed Willett
        Commissioner, (02) 6243 1142
        Ms Lin Enright,
        Director, Public Relations, (02) 6243 1108


ASHBURTON MINERALS: Drummond Acquisition Closing Date Extended
--------------------------------------------------------------
Ashburton Minerals Ltd on Friday agreed with Placer Dome Asia
Pacific Ltd to extend the Completion Date for the Drummond Basin
acquisition to 20 August 2003.

Accordingly, the Closing Date for the offer of shares under the
Company's current prospectus has been extended to 5:00pm (WST)
15 August 2003.

Under the prospectus, which was lodged with ASIC on 17 July
2003, the Company is seeking to raise $3 million to enable it to
complete the acquisition of the Drummond Basin Gold Assets by
offering 25 million shares at 12 cents each (following a 1 for
15 consolidation of the existing share capital).

A General Meeting of shareholders has been called for 18 August
2003 to approve the consolidation and other matters associated
with the acquisition.

CONTACT INFORMATION: Tom Dukovcic
        Managing Director
        Ashburton Minerals Ltd
        (08) 9321 6600
        www.ashburton-minerals.com


COMMSOFT GROUP: Posts Company Details Update
--------------------------------------------
Commsoft Group Limited has provided the following company
update:

New Registered Office Address:  Suite 3902, Level 39,
               Australia Square
               264-278 George St, Sydney,
               Sydney NSW 2000

New Head Office Telephone: (612) 8273-8530

New Head Office Fax: (612) 8273-8555

New Directors:  Mr Anthony Howard (Chairman)
                Mr Jeff Zulman (Non-executive Director)
                Mr Garth Grundy (Non-executive Director)

New Principle Activity:  Investment Holding company

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Company's Deed of Company Arrangement has been wholly
effectuated and that the Company has been placed back into the
control of the Directors.


TRANZ RAIL: Grant Samuel Report Now Available
---------------------------------------------
Tranz Rail Holdings Limited said on Monday that the independent
appraisal carried out by Grant Samuel and Associates relating to
the proposed second offer by Toll has now been released. Go to
http://bankrupt.com/misc/TCRAP_TRZto see a copy of the report.  

It is understood that the formal offer to shareholders by Toll
will be mailed to shareholders on Monday.

The Tranz Rail board of directors has yet to send out their
final recommendation and advise shareholders that they should
not make any decision until they have received this.

The Tranz Rail board meets on Thursday of this week to consider
its recommendation.

A full copy of the Grant Samuel Report together with the Target
Company Statement will be mailed to shareholders once a final
recommendation has
been reached.


TRANZ RAIL: Takeover Offer Document Revised
-------------------------------------------
Tranz Rail Holdings Limited has provided a revised takeover
offer they have received from Toll Group (NZ) Limited. Please
note the closing date of 29 August 2003.

The Key Terms of the Offer are:

   - cash consideration of 95 cents per ordinary share in Tranz
Rail;

   - conditional on receipt of acceptances, which take the
Offerer's voting rights in Tranz Rail to not less than 90%;

   - conational on Tranz Rail not disposing of any of its
material businesses or assets, or altering its existing debt or
capital structure;

   - conditional on consent under Overseas Investment
Regulations 1995; and

   - The offer closes at 6.00pm on 29 August 2003 unless
extended.


UNION CAPITAL: Receives Convertible Notes Interest Application
--------------------------------------------------------------
Union Capital Limited (Union) announces it has received a
further application from a Convertible Note Holder, to convert
130,000 one dollar face value notes (plus accumulated interest),
into new ordinary shares in Union Capital Limited.

The effect of this notice is to issue 6,552,419 new ordinary
shares, as conversion of 130,000 $1 notes and additional 53,855
ordinary shares as interest payable on the notes being
converted. The issue price of the shares is $0.01984 per share,
being a 20% discount to the weighted average price of Union's
shares traded over the previous ten (10) trading days.

As per Union's announcement dated 16 July 2003, we advise that
6,073,390 new ordinary shares were issued in consideration for
the conversion of 100,000 one dollar face value notes (plus
accumulated interest). The issue price of the shares was
$0.01656 per share, being a 20% discount to the weighted average
price of Union's shares traded over the previous ten (10)
trading days (i.e. 30 June 2003 to 14 July 2003).

As per Union's announcement dated 17 July 2003, the Company
advises that 6,263,286 new ordinary shares were issued in
consideration for the conversion of 120,000 one dollar face
value notes (plus accumulated interest). The issue price of the
shares was $0.01928 per share, being a 20% discount to the
weighted average price of Union's shares traded over the
previous ten (10) trading days (i.e. 3 July 2003 to 16 July
2003).

Union also advises that it has issued 527,784 new ordinary
shares in consideration for the yearly interest of $10,741.23
due on the 420,000 one dollar face value notes held by Austex
Mining NL.

Consequent upon this notice and the issue of the new shares,
Austex Mining NL now holds 16.40% of the issued capital of
Union.


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


CITY HERO: Winding Up Petition Set for Hearing
----------------------------------------------
The petition to wind up City Hero Holdings Limited is set for
hearing before the High Court of Hong Kong on August 13, 2003 at
10:00 in the morning.

The petition was filed with the court on June 25, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14/F., Bank of China Tower, No. 1 Garden Road, Hong Kong.


EXECUTRAIN ASIAPAC: Winding Up Sought by Cityplaza Holdings
-----------------------------------------------------------
Cityplaza Holdings Limited is seeking the winding up of
Executrain Asiapac International Limited. The petition was filed
on June 18, 2003, and will be heard before the High Court of
Hong Kong on August 13, 2003.

Cityplaza Holdings holds its registered office at 35/F., Two
Pacific Place, 88 Queensway, Hong Kong.


NANJING PANDA: Xinhua Assigns B (pi) to LT Credit Rating
--------------------------------------------------------
Xinhua Far East China Credit Ratings (Xinhua Far East), the
pioneering undertaking to rank credit risk among Chinese
corporations using international standards, on Friday assigned
the B (pi) long term credit rating to Nanjing Panda Electronics
Co Ltd. The rating outlook is stable.

The long-term credit rating reflects the Company's heavy
dependence on associated companies for income and on short-term
debt to sustain its operations and financial profile. The
Company's core business is basically loss-making and its pretax
income is mainly derived from associated companies. After
several restructuring and shareholding changes, NPEC reduced the
proportion of its revenue from mobile communication transmission
equipment and focused more on the mobile phone handset business.
Xinhua Far East believes the NPEC's profitability is subject to
challenges, due to decreasing capital expenditure by mobile
communication operators in the medium term, intensifying
competition in the mobile phone market, and uncertainties
arising from the Company's emerging mobile phone business.

Xinhua Far East notes that the Company's financial profile is
weak, with a relatively high gearing ratio and dependence on
short-term debt to sustain its operations. Moreover, its
external auditor, in its reports for 2001 and 2002, pointed out
uncertainties over the Company's ongoing operations. Cash
dividends from associated companies can cover NEC's interest
payments, but cannot substantially reduce its debt, so its
financial leverage cannot be reduced significantly in the short
term.

Nanjing Panda is a telecommunication equipment manufacturer. Its
turnover was RMB 1.29 billion yuan (US$159 million) in 2002, of
which mobile communication products (mainly mobile phones)
accounted for 69.3%, satellite communication products accounted
for 7.8%, electromechanical products 8.7%, IT products 6.1% and
other products 8.1%.

The Company has several joint ventures with multinational
companies including Nanjing Ericsson Panda Communication Co Ltd,
where Nanjing Panda holds a 27% stake, manufactures equipment
for mobile communication systems and public telecommunication
networks such as GSM, GPRS and CDMA. Beijing Ericsson Mobile
Communications Co Ltd, where the Company holds a 20% stake,
manufactures mobile phones and is an important production base
for Sony Ericsson. Another joint venture, Nanjing Microcell
Panda Mobile Terminals Co Ltd, produces mobile phones.
Investment income from these joint ventures forms the main
profit source of the Company.

As of June 30, 2003, the total market cap (A plus H share) of
Nanjing Panda was RMB 4.415 billion yuan (US$545 million).


PICKAVANCE CONSULTING: Winding Up Hearing Scheduled on July 30
--------------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 10:00
in the morning the petition seeking the winding up of Pickavance
Consulting (Hong Kong) Limited.

Keith Austin Pickavance of 5 Charterhouse Square, London, EC1M
6EE, United Kingdom filed the petition on June 10, 2003.
Kennedys represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Kennedys ,
which holds office on the Suite 1304, The Hong Kong Club Bldg.
3A Chater Road, Central Hong Kong.


SOUTH EAST: Q103 Net Loss Widens to HK$33.700M
----------------------------------------------
South East Group Limited posted its financial statement summary
for the year end date 31/03/2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                           : 60,252             37,055            
Profit/(Loss) from Operations      : (32,487)           (16,807)          
Finance cost                       : (539)              (997)             
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (663)              (604)             
Profit/(Loss) after Tax & MI       : (33,700)           (18,408)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.102)            (0.056)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (33,700)           (18,408)          
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:

1. TAXATION

Taxation in the income statement represents the Hong Kong
profits tax underprovided for prior years. No provision for Hong
Kong and overseas profits tax has been made in the financial
statements for the current year as the Group has no assessable
profits for the year. The Group did not have taxation payable as
at 31 March 2003.

2. DIVIDENDS

The Board of Directors does not recommend the payment of any
dividend for the year.

3. LOSS PER SHARE

The calculation of loss per share is based on the consolidated
loss attributable to shareholders for the year of HK$33,700,000
(2002: loss of HK$18,408,000) and on 330,571,880 (2002:
330,571,880) shares in issue during the year. The Company has no
potential dilutive ordinary shares that were outstanding during
the two years ended 31 March 2003 and 31 March 2002.


TIMEBASE PRECISION: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Timebase Precision Industrial Limited is
scheduled for hearing before the High Court of Hong Kong on July
30, 2003 at 9:30 in the morning.

Yau Kit Fun of House filed the petition with the court on May
29, 2003 A, 43 Island Road, Deep Water Bay, Hong Kong.


TOP GLORY: Proposals Expected Timetable Deferred By Week
--------------------------------------------------------
Further to the document (the Scheme Document) dated 26th June,
2003 and the letter dated 2nd July, 2003 sent to the
Shareholders in relation to the Proposal and the joint
announcements of Top Glory International Holdings Limited
and COFCO (Hong Kong) Limited and dated 30th June, 2003 and 21st
July, 2003.

Due to the unavailability of the High Court to hear the
proceedings relating to the Scheme as scheduled, the timetable
for the Proposal will be deferred by one week.

Shareholders please note that the revised expected timetable for
the Proposal is as follows:

   (i) last day of dealing in the Shares on the Stock Exchange
will be on Tuesday, 12th August, 2003;

   (ii) the latest time for lodging transfers of the Shares to
qualify for the Cancellation Price under the Scheme will be 4:00
p.m. on Friday, 15th
August, 2003;

   (iii) High Court hearing of petition to sanction the Scheme
will be on Tuesday, 19th August, 2003;

   (iv) the Scheme will become effective on Wednesday, 20th
August, 2003;

   (v) the listing of the Shares on the Stock Exchange will be
withdrawn at 9:30 a.m. on Wednesday, 20th August, 2003; and

   (vi) cheques for payment of the Cancellation Price under the
Scheme will be dispatched to the Shareholders on or before
Friday, 29th August, 2003.

As referred to above, an application for withdrawal of the
listing of the Shares will be made to the Stock Exchange.
Subject to the approval of the Stock Exchange, it is expected
that dealings in the Shares on the Stock Exchange will cease at
4:00 p.m. on Tuesday, 12th August, 2003 and the listing of the
Shares on the Stock Exchange will be withdrawn with effect from
9:30 a.m. on Wednesday, 20th August, 2003. As mentioned above,
all transfers of the Shares must be lodged with the Registrar,
Secretaries Limited, Ground Floor, Bank of East Asia Harbor View
Center, 56 Gloucester Road, Wanchai, Hong Kong not later than
4:00 p.m. on Friday, 15th August, 2003 in order to qualify for
the Cancellation Price under the Scheme.


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


AWA KANKO: Hotel Firm Enters Bankruptcy
---------------------------------------
Awa Kanko Hoteru K. K. has entered bankruptcy, according to
Teikoku Databank. The 4-star hotel, which has 71 rooms, is
located in Tokushima-shi, Tokushima, Japan. Amenities include 34
parking spaces, restaurants, bars, scuba diving pool, business
conference rooms, banquet halls, chapel and handicap facilities.


MITSUBISHI MOTORS: Unveils 1H03 Sales Report
--------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that domestic
sales in the first half of this year grew for the first time in
four years compared with the same period for previous years.

June 2003 results:

Total worldwide production in June slipped 3.4 percent to
134,323 units. Of this, production in Japan inched up 1.8
percent to 57,797 units, rising for the second straight month.
Overseas production, meanwhile, was off 7 percent compared to
June last year, coming in at 76,526 units for the second monthly
decline. By area, Asia excluding Japan remained relatively
stable with a 0.7 percent decline to 48,827 units. North
American production dropped 14.1 percent to 15,544 units and
Europe saw a 15.5 percent decline to 7,559 units.

Domestic sales including minicars continued to climb with a 22.2
percent surge on June last year to 34,257 units. MMC's share of
the domestic market declined marginally to 5.6 percent, down
from 6.9 percent last June.

Exports from Japan totaled 27,498 units for the month, down 20.2
percent compared to the same period last year. By area, exports
to Asia came in at 6,394 units, North America 3,898 units, and
Europe 10,440 units. As a result of the spin-off of MMC's truck
and bus operations in January 2003, regional year-on-year
changes are not available due to a change in the system used to
tally exports.

January to June 2003 results:

Global production for the six months to June 2003 reached
816,920 units, inching up 1.4 percent on last year's output for
the first six months. Japanese production slipped 1.5 percent to
366,282 units. Offshore production was up 4 percent to 450,638
units. By area, Asia excluding Japan jumped 10 percent to
282,357 units, North America was down 0.8 percent to 102,564
units, and Europe declined 8.3 percent to 39,964 units.

Domestic sales returned to growth for the six-month period, the
first such gain since the six months to June 30, 1999. Sales in
Japan including minicars totaled 197,019, up 2.1 percent on the
same period last year. MMC's share including minicars and
imports remained unchanged at 6.5 percent.

A total of 180,019 units headed overseas for the six months to
June 30, up 0.4 percent on year. Exports to Asia reached 25,925
units, North America 58,272 units, and Europe 43,217. As a
result of the spin-off of MMC's truck and bus operations in
January 2003, regional year-on-year changes are not available
due to a change in the system used to tally exports.


MITSUBISHI MOTORS: Shares Slump 12% on Profit Forecast
------------------------------------------------------
Shares of Mitsubishi Motors Corporation slumped 12 percent after
the Company forecast a first-half loss to cover car-loan
defaults and slumping sales in North America, Bloomberg reports.
Chief Financial Officer Keiichiro Hashimoto, who took his
position a month ago, said Mitsubishi Motors will take a 50
billion yen (US$419 million) charge to cover anticipated loan
defaults in the six months to September 30, when Mitsubishi
projects a net loss of 80 billion yen.

Mitsubishi's 3.3 percent bonds due in 2009 fell 0.335 points to
92.262 per 100-yen face amount, giving a yield of 5.015 percent,
according to the Japan Securities Dealers Association.


MITSUI MINING: Mulls Seeking IRCJ Assistance
--------------------------------------------
Coal mining firm Mitsui Mining Co. is seeking a bailout from the
Industrial Revitalization Corporation of Japan (IRCJ), the Japan
Times reports. The government-backed IRCJ began operations in
May to help rehabilitate heavily indebted companies deemed still
viable, and is expected to pick its first clients by the end of
August. The Company will also ask for financial help, including
debt waivers, from its creditor banks and to seek a bailout from
the IRCJ.

Mitsui Mining posted a group net loss of 52.5 billion yen in the
business year that ended March 31.

Address: 1-1, Nihonbashi-Muromachi 2-Chome
Chuo-Ku, Tokyo 103-0022
Japan  +81 3 32411335
+81 3 32418684  

Mitsui Mining Company, Limited was established in 1911 and is
the largest coal mining company in Japan. Coal, coke, petroleum
and other fuel products accounted for 46 percent of fiscal 1999
revenues; cement and other building materials, 24 percent;
chemical machinery, environmental machinery/equipment and other
industrial machinery and plants, 13 percent; transportation and
warehousing, 6 percent; real estate rental/leasing and sales, 1
percent and other including leisure facilities operations and
retail operations, 10 percent. The company has eighteen
consolidated subsidiaries, all based in Japan.  


DIA KENSETSU: Seeks Bailout From IRCJ
-------------------------------------
Condominium builder Dia Kensetsu Co. is seeking a bailout from
the Industrial Revitalization Corporation of Japan (IRCJ)
according to Japan Times on Saturday. The Company also plans to
ask for financial help, including debt waivers, from its
creditor banks and to seek a bailout from the IRCJ. The Company
hope it can achieve a revival within three years if it obtains
obtain help from their banks and the IRCJ, do away with
unprofitable operations and concentrate resources on core
businesses.

Address: Dia Kensetsu CO., Ltd.
28-7, SHINJUKU 6-CHOME
SHINJUKU-KU, TOKYO 160
JAPAN  +81 3 32055555
+81 3 52867332  

Dia Kensetsu Co., Ltd. was established in 1976 and is engaged in
the planning and sale of condominiums. The company acquires the
land, plans and designs the buildings, orders contractors to
build them, then advertises and sells them. The company also
provides financial services for the customer. Condominiums and
other buildings accounted for 91 percent of fiscal 1999
revenues; financing operations, 1 percent and other including
supply of construction materials, condominium management and
hotel operations, 8 percent. The company has eleven consolidated
subsidiaries, seven in Japan, three in Hawaii and one in France.
Overseas revenues accounted for less than 10 percent of fiscal
1999 revenues.  


OKADAGUMI K.K.: General Construction Firm Enters Rehab
------------------------------------------------------
Okadagumi K.K., which has total liabilities of 9.5 billion yen
against a capital of 80 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The general construction firm is located in Tokushima-shi,
Tokushima, Japan.


TOSHIBA CORPORATION: Obtains License From U.S. Manufacturer
-----------------------------------------------------------  
Toshiba Corporation announced that it has obtained a license
from Honeywell, a U.S. manufacturer known for control
technology, automotive and aerospace products, enabling Toshiba
to use two Honeywell patents relating to liquid crystal display
(LCD) drivers found in a wide variety of electronic consumer and
business products.

The patented technologies are effective in reducing screen
flicker and driving the gray scale of the pixels, or dots, that
form the images displayed on the screen. The technologies bring
technical advantages into LCD applications, including desktop PC
monitors, notebook computers, televisions and many other
applications.

Under the agreement, Toshiba is granted non-exclusive, worldwide
rights to use certain patented Honeywell LCD technologies. These
technologies are covered by U.S. patent nos. 5041823 and 5061920
and their foreign counterparts. The license under the agreement
extends to LCD products, including LCD modules and LCD panels
that employ Toshiba LCD driver products.

About Toshiba Corporation

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The Company's integration of these
wide-ranging capabilities assures its position as a leading
Company in semiconductors, LCDs and other electronic devices.
Toshiba has 176,000 employees' worldwide and annual sales of
over US$40 billion. For further information, please visit the
Toshiba Corporation home page at: www.toshiba.co.jp/index.htm

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen (US$636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


=========
K O R E A
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HYUNDAI MOTOR: Shuts Down Russian Plant
---------------------------------------
Hyundai Motor's assembly plant in Russia closed earlier this
month after it ran out of parts, the Korea Herald reports. The
plant in Paganrog, 2,000 kilometers outside Moscow, assembles
1,500 of its Verna sedans a month. Local buyers of Hyundai
Motor's Grandeur XG sedans must wait for 40 days to get their
cars delivered due to strikes by unionized workers in South
Korea.

About 15,000 unionized employees at Hyundai Motor Co. in South
Korea staged a rally on Thursday to demand higher wage hikes
than management offered a day earlier, TCR-AP reported recently.
The main plant has incurred about 1.1 trillion won ($1 billion)
in production losses since a partial strike began on June 25,
shutting the Company's factories for six to eight hours a day.


HYUNDAI MOTOR: Strike Hurts Operations Abroad
---------------------------------------------  
More than one month of continual strikes by unionized workers at
Hyundai Motor Co. is jeopardizing its overseas production and
sales operations, as the walkouts have crippled the Company's
output and shipments of vehicles and auto parts, the Korea
Herald reported Monday. Auto plants in Russia, Egypt, Malaysia
and Pakistan that assemble Hyundai cars have stopped
productions, as Hyundai could not supply them with parts.
Hyundai's assembly plants in China and Turkey will also likely
follow suit, if the strikes continue.


SK GLOBAL: Court Orders to Repay Fund
-------------------------------------
A South Korean court ordered SK Global to repay 10 billion won
(US$8.5 million) in debt owed to the Korea Local Administration
Officials' Mutual Fund (KLAOMF), which manages civil servants'
funds, Channel News Asia said on Monday. The ruling could spark
more lawsuits from other pension funds, which are owed a total
of some 537 billion won by SK Global. Domestic and foreign
creditors of SK Global are set to resume bailout talks for SK
Global, which is at the center of a 1.2 billion accounting
scandal, on Tuesday in Hong Kong.


SK GLOBAL: Creditors Resume Negotiations Tuesday
------------------------------------------------  
Domestic and overseas creditors of SK Global Co. will resume
talks in Hong Kong on July 29, the Korea Herald reports.
Domestic creditors made it clear that they would not offer any
compromise unless foreign creditors accept the proposed buyout
of debt owed by SK Global's overseas units at 43 percent of face
value. Participants in the meeting will include other local
lenders, such as the Korea Development Bank, the Export-Import
Bank and Shinhan Bank, as well as SK Global.

Meanwhile, the Korea Stock Exchange suspended trading in SK
Global following the creditors' decision on court protection.
Domestic creditors said they would seek a court injunction
against the suspension.


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


CHASE PERDANA: Debt Instruments Issuance Completed
--------------------------------------------------
On 26 February 2001, Chase Perdana Berhad had met one of the
criteria in relation to the financial condition of an affected
listed issuer pursuant to Practice Note 4/2001 (PN4) of the KLSE
Listing Requirements and was classified as a PN4 company.

The Company then commenced its Restructuring Scheme (the Scheme)
in July 2001. With the assistance of the Corporate Debt
Restructuring Committee (CDRC) and in consultation with
Pengurusan Danaharta Nasional Berhad (Danaharta), the Company
formulated a Scheme of Arrangement with its Financial
Institution creditors. CPB had on 5 March 2002 obtained the
approval in-principle from all its Financial Institution
creditors to undertake the debt and corporate restructuring
exercise and the in-principle agreement was subsequently
executed with all Financial Institution creditors on 6 March
2002.

CPB's debts to be restructured amounted to RM 498 million as at
30 September 2001. Initially, the Scheme involved eight (8)
companies within the CPB Group (Scheme Companies). However, the
Scheme creditors of one company have opted out of the Scheme.

With the exclusion of the Scheme Creditors from the company
which opted out, the final Scheme creditors now consist of
financial institutions amounting to RM 357 million, Islamic
creditors amounting to RM 4 million and other creditors
amounting to RM 131 million respectively.

Approvals from all regulatory authorities for the Scheme had
been obtained. The Foreign Investment Committee granted its
approval on 15 May 2002. The Securities Commission ("SC") had on
6 September 2002 and 26 September 2002 granted the relevant
approvals. The court order sanctioning the Scheme was lodged
with the Companies Commission of Malaysia on 5 February 2003 and
Kuala Lumpur Stock Exchange's (KLSE) approval-in-principle was
obtained on 28 February 2003. The court sanction meetings were
held on 2 and 3 December 2002 in connection with the Schemes of
Arrangement and approval was obtained from all Scheme creditors
except for one Scheme Company in which the creditors have opted
out of the Scheme. An Extraordinary General Meeting was held on
28 December 2002 to obtain the approval from shareholders of
which a unanimous approval was obtained for the Scheme.

Current Status of the Company

The Debt Restructuring Scheme has now been completed with the
issuance of the debt instruments to the creditors on 18 July
2003. CPB has received a notice from the KLSE that the re-
listing and re-quotation of CPB consolidated shares, existing
CPB warrants and all the new CPB shares and Redeemable
Convertible Preference Shares issued pursuant to the Scheme will
be on Monday, 28 July 2003 at 9:00 a.m. Accordingly, CPB will
effectively be out of the PN 4 status from the same date. The
Company will be reclassified to the Construction sector in the
Second Board of the KLSE.

Board of Directors

The current members on the Board of Directors comprise:

Tan Sri Datuk Mohan M.K. Swami (Executive Chairman)
Datuk Masidi bin Manjun @ Masdi (Executive Deputy Chairman)
Tajuddin bin Atan (Managing Director)
Gomathi @ Usha Nathan A. Vaidyanathan (Non-Independent Non-
Executive Director)
Datuk Dr. Baharun Azhar bin Raffiai (Independent Non-Executive
Director)
Ahmad Kamal bin Abdullah Al-Yafii (Independent Non-Executive
Director)

Besides the Board of Directors, the Company has various Board
Committees namely Audit Committee, Remuneration Committee,
Nomination Committee and Risk Management Committee of which
certain Board members are involved respectively.

Company's Current Activities

The various major projects currently on hand are as follows:

Universiti Malaysia Sabah Phase 2A  
Universiti Malaysia Sabah, Build-Operate & Transfer project for
           student hostel
Danga Bay Apartments, Johor

The total value of projects amounts to RM 755 million.

Future Direction

CPB's direction on the job prospects is to actively lobby and
secure contracts both in private and Government sectors. Based
on its past performance in Universiti Malaysia Sabah ("UMS")
Phase 1, the Company's ability to deliver was creditable as all
the buildings were delivered on schedule, if not ahead of
schedule. Currently, CPB is undertaking Phase 2A of the UMS
valued at RM 410 million.

The Company has also secured a concession to Build-Operate-
Transfer hostel facilities for students in UMS for thirty (30)
years. The value of the project is RM 90 million.

CPB in a joint venture capacity with Nada Cekal Sdn Bhd has also
received a Letter of Intent from Jabatan Kerja Raya to construct
the access road to Kolej Universiti Teknikal Kebangsaan Melaka.
The Company is expected to receive the Letter of Award for this
project soon.

CPB has submitted several other proposals to the Economic
Planning Unit and is awaiting their decision. This will put the
Company back in the forefront of the industry.

The Company is also preparing itself to actively participate in
obtaining overseas contracts in friendly countries.


CSM CORPORATION: KLSE Awaits Regularization Plan Outcome
--------------------------------------------------------
The Board of Directors of CSM Corporation Berhad is pleased to
announce that with regard to the Company's appeal dated 3 June
2003 to the KLSE against de-listing of CSM's securities from the
Official List of the KLSE, the Exchange has via its letter dated
25 July 2003 informed the Company that after due consideration
of all facts and circumstances in this matter and upon
consultation with the Securities Commission, the Committee of
the Exchange has decided that, given the fact that CSM has made
a submission of its regularization plan to the relevant
authorities for approval on 4 July 2003, the Exchange will await
the outcome of the Company's application to the relevant
authorities.


DENKO INDUSTRIAL: SC Approves Proposed Disposal Application
-----------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
dated 26 December 2002 in relation to the Proposed Disposal of
Teknik Datasaab Sdn. Bhd., a 51% owned subsidiary of Denko
(Proposed Disposal).

Public Merchant Bank Berhad had on 4 April 2003, on behalf of
Denko, submitted an application to the Securities Commission
(SC) to seek a waiver from the SC from having to obtain the SC's
approval for the Proposed Disposal.

Denko wishes to announce that the SC had via its letter dated 22
July 2003, which was received on 24 July 2003, approved the  
application. However, the SC's approval is subject to the
condition that Denko is required to take the necessary steps to
recover the outstanding profit guarantee of RM3,000,000 from
Vyran Holdings Sdn. Bhd. and/or Thangarajoo a/l Vyran.


GENERAL LUMBER: Posts Scheme of Arrangement Notices
---------------------------------------------------
General Lumber Fabricators & Builders Bhd (GLFB) posted these
notices to shareholders in relation to:

   (i) Scheme of Arrangement between GLFB, its shareholders and
Maxtral Industry Berhad (MIB) pursuant to section 176 of the
Companies Act, 1965, whereby the entire existing issued and
Paid-Up Share Capital of GLFB comprising 53,732,104 ordinary
shares of RM1.00 each (GLFB Shares) shall be exchanged with
5,373,210 new ordinary shares of RM0.50 each in MIB (MIB
Shares), on the basis of one (1) New MIB share for every ten
(10) GLFB Shares (Share Exchange); and

   (ii) the Closure of Books relating to the Entitlement to the
MIB Shares pursuant to the Share Exchange.

Notice is hereby given that shareholders of General Lumber
Fabricators & Builders Bhd (GLFB) whose name appear in the
Record of Depositors of the Company at the close of business at
5:00 p.m. on 31 July 2003 will be entitled to the new MIB Shares
pursuant to the Share Exchange, involving the recall of the
existing GLFB Shares for the exchange with MIB Shares on the
basis of one (1) MIB Share for every ten (10) existing GLFB
Shares.

Further notice is hereby given that a Depositor shall be subject
to the Share Exchange in respect of GLFB Shares transferred into
the depositor's securities account before 4:00 p.m. on 31 July
2003 (in respect of transfers).


KRETAM HOLDINGS: Inks Amended Debt Restructuring Agreement
----------------------------------------------------------
Further to the announcement dated 5 April 2002, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
Kretam Holdings Berhad, wishes to announce that KHB and two (2)
of its subsidiaries, namely, Rising Resources Sdn Bhd and Jeffa
Construction Sdn Bhd (JCSB), had on 23 July 2003 entered into an
Amendment Agreement relating to the Debt Restructuring Agreement
dated 5 April 2002 (DRA) (Amendment Agreement) with the same
financial institutions (Lenders) to amend specific terms of the
DRA pursuant to requests made by some of the Lenders.

The amendments are, inter-alia, as follows:

   (i) to reflect KHB's agreement that the security documents
creating security for the benefit of any one or more Lender
pursuant to the terms of the DRA and includes any other
ancillary document, will secure the obligations and indebtedness
to the Lenders under and in connection with the following:

     (a) all sums which are or at any time may be or become due
and payable by KHB to the Lenders under and in connection with
Redeemable Convertible Secured Loan Stocks (RCSLS) -A, RCSLS-A-
1, RCSLS-B and RCSLS-C and/or the trust deeds constituting the
aforementioned RCSLS;

     (b) all sums which are or at any time may be or become due
and payable by KHB to some Lenders, namely A Lenders, A1 Lenders
and B Lenders (as defined in the DRA) under and in connection
with KHB's obligations under the placement agreement entered
into by KHB with the above Lenders on 23 July 2003 (Placement
Agreement) in relation to the placement of Irredeemable
Convertible Unsecured Loan Stocks issued to those Lenders; and

     (c) a sum of up to RM9,216,368, being interest accruing for
the period January to July 2003 on the KHB group of companies'
(KHB Group) total debt as at 30 September 2001 of RM359.7
million, and subsequent interest due and payable by KHB to the
Lenders from 1 August 2003.

   (ii) to extend the date on which the conditions precedent
have been satisfied, unless waived or deemed not to be obtained,
in accordance with the DRA, to 3 August 2003; and

   (iii) to set out the formula for the calculation of
compensation in respect of the disposal of KHB's subsidiaries,
namely Yunnan Dehong Husong He Power Development Co. Ltd and
JCSB, the disposals of which are part of the proposed
rationalization programmed of non-core assets that the KHB Group
intends to undertake following the implementation of its
Proposed Restructuring Scheme;

A copy of the Amended Agreement is available for inspection at
the registered office of the Company at Lot 6, Block 44, Leboh
Tiga, 90000 Sandakan, Sabah during normal office hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement.


LAND & GENERAL: KLSE Grants Debt Scheme Shares Listing Today
------------------------------------------------------------
Composite debt restructuring scheme between L&G, certain of its
subsidiaries and their respective scheme creditors for a total
scheme borrowings of RM450,491,794 involving :

   a) settlement of secured debts amounting to RM101,043,377 via
the issue of 16,883,720 nominal value of 5% redeemable
convertible secured loan stocks A series of RM1.00 each to be
issued at 100% of its nominal value and the conversion of
RM84,159,657 secured debts into secured term loans; and

   b) settlement of unsecured debts amounting to RM349,448,417
via the issue of 304,078,917 nominal value of 5% redeemable
convertible secured loan stocks B series of RM1.00 each to be
issued at 100% of its nominal value and the issue of 45,369,500
new ordinary shares of RM1.00 each in L&G (L&G Shares) issued at
RM1.00 per L&G Share.

(Collectively referred to as the "Composite Debt Restructuring
Scheme").

Kindly be advised that L&G's additional 45,369,500 new ordinary
shares of RM1.00 each issued pursuant to the Composite Debt
Restructuring Scheme will be granted listing and quotation with
effect from 9.00 a.m., Tuesday, 29 July 2003.


LONG HUAT: MITI Endorses Proposed Restructuring Scheme
------------------------------------------------------
Long Huat Group Berhad refers to the announcements made on 28
February 2003, 31 March 2003, 2 April 2003 and 22 July 2003 on
the Proposed Restructuring Scheme.

On behalf of the Board of Directors of LHGB (LHGB Board),
Southern Investment Bank Berhad (SIBB) wishes to announce that
the Ministry of International Trade and Industry (MITI) had via
its letter dated 23 July 2003 which was received on 24 July 2003
stated that it has no objections to the Proposed Restructuring
Scheme which includes, inter-alia, the following:

   (i) Capital reduction and consolidation as well as a share
premium reduction;

   (ii) Exchange of 1,867,200 consolidated shares on the basis
of one (1) new Lee Swee Kiat Group Sdn Bhd (LSKG) share (LSKG
Share) for every one (1) consolidated share of LHGB upon
completion of the above proposed capital reconstruction;

   (iii) Debt settlement to the scheme creditors of LHGB;

   (iv) Acquisition of the entire equity interest in Lee Swee
Kiat Holdings Sdn Bhd (LSKH) from the LSKH vendors at a purchase
consideration of RM69,000,000 to be satisfied by the issuance of
138,000,000 new LSKG Shares at an issue price of RM0.50 each;

   (v) Exemption from mandatory offer;

   (vi) Disposal of the entire issued and paid-up share capital
of LHGB for a consideration of RM1.00;

   (vii) Placement and/or offer for sale of LSKG Shares by
certain LSKH vendors via the placement and/or offer for sale to
comply with the 25% public shareholding spread requirement for
the listing of LSKG at a price to be determined; and

   (viii) The transfer of the listing status of LHGB to LSKG
upon completion of the Proposed Restructuring Scheme,

subject to the following conditions:

   1. to obtain the approval from the Securities Commission(SC);
and

   2. to obtain the approval from the Foreign Investment
Committee (FIC).

Pursuant to the above, Long Huat Development Sdn Bhd and Long
Huat Manufacturing Sdn Bhd (subsidiaries of LHGB) are required
to discuss with the Malaysian Industrial Development Authority
(MIDA) in relation to the status of their respective
manufacturing licenses.

Further, Lamifoam Sdn Bhd (a subsidiary of LSKH) is required to
discuss with the MITI on the compliance with its equity
condition within three (3) years from the date of MITI approval.

Additionally, LHGB is required to inform the MITI of the
completion of the Proposed Restructuring Scheme.

Further to the above, the SC and FIC (via the SC) had approved
the Proposed Restructuring Scheme on 14 July 2003.


MYCOM BERHAD: Participates in RM38.5M BaIDS Proposed Issuance
-------------------------------------------------------------  
The Board of Mycom Berhad wishes to announce that Tingkayu
Plantation Sdn Bhd (TPSB), a wholly owned sub-subsidiary company
of Mycom proposes to participate up to RM38.5 million in a
proposed issuance of Al-Bai Bithaman Ajil Islamic Debt
Securities (BaIDS) by Ace Pavillion Sdn Bhd (APSB), a limited
purpose company incorporated for the purpose of issuing and
servicing the BalDS (Proposal).

In connection with the above, Malaysian International Merchant
Bankers Berhad have been mandated to act as Lead Arranger for
the Proposal.

DETAILS OF THE PROPOSAL

TPSB is proposing to participate up to RM38.5 million via an
Islamic credit facility under Syariah concept of Al-Bai Bithaman
Ajil to be provided by APSB from part of the proceeds of the
BaIDS.

The proposed issuance of BaIDS by APSB comprising:

   (a) up to RM67.0 million nominal value of 10 years senior
BaIDS (Class A BaIDS);

   (b) up to RM5.0 million nominal value of 10 years junior
BaIDS (Class B BaIDS); and

   (c) up to RM5.0 million nominal value of 10 years junior
BaIDS (Class C BaIDS).

The Class C BalDS is subordinated to the Class B BaIDS and Class
A BaIDS. The Class B BaIDS is, in turn, subordinated to the
Class A BaIDS. The BaIDS will comprise of various series with
maturities ranging from three (3) to ten (10) years from the
date of issuance.

PURPOSE OF THE PROPOSAL

The Proposal is primarily a refinancing exercise. The gross
proceeds of RM38.5 million from the Proposal will be utilized as
follows:

   (a) to fully  the outstanding borrowings and part settlement
of advances of TPSB and Pertama Land & Development Sdn Bhd
(PLDSB), a wholly owned sub-subsidiary company of Mycom
(Outstanding Borrowings);

   (b) to settle the BaIDS issuance cost; and

   (c) to fund the working capital of TPSB.

The Board of Mycom is of the opinion that the Proposal is in the
best interest of Mycom Group as it allows TPSB and PLDSB:

   (a) to extend the tenure of the Outstanding Borrowings to
achieve better matching with the group's cashflow;

   (b) to rest the pending litigation in relation to certain
Outstanding Borrowings; and

   (c) to achieve fixed rate funding so as to reduce the group's
exposure to interest rate volatility.

FINANCIAL EFFECTS

Share Capital

The Proposal will not have any effect on the share capital of
Mycom.

Shareholding Structure

The Proposal will not have any effect on the shareholding
structure of Mycom.

Earnings

The Proposal will not have any material effect on the earnings
of Mycom Group for the financial year ending 30 June 2004.

Net Tangible Assets (NTA)

Based on the audited accounts of Mycom Group as at 30 June 2002,
the Proposal will not have any material effect on the NTA of
Mycom Group.

REGULATORY APPROVALS REQUIRED

The Proposal will be conditional upon the approvals from the
Securities Commission (SC) and other relevant authorities, if
any. An application in relation to the Proposal has been
submitted to the SC on Friday.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

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


OLYMPIA INDUSTRIES: SC Approves Scheme Proposed Appeal
------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance), on behalf of the Board of Directors of
Olympia Industries Berhad on 13 March 2003, 9 May 2003 and 2
July 2003 in relation to the proposed appeal to the profit
guarantee arrangement in respect of the Proposed Restructuring
Scheme, the details of which are set out below (Proposed
Appeal), Alliance, on behalf of the Board, wishes to announce
that the Securities Commission (SC), had via its letter dated 23
July 2003 (Approval Letter), which was received by Alliance on
24 July 2003, approved the Proposed Appeal.

DETAILS OF THE PROPOSED APPEAL

As announced earlier on 2 July 2003, OIB and Kenny Height
Developments Sdn Bhd (KHD) had submitted an appeal to the SC for
the profit guarantee to be based on profit after tax (PAT)
instead of profit before tax (PBT). The Proposed Appeal shall
result in a revision in the amount to be guaranteed by KHD in
respect of the Bandar Sri Duta project to be developed on the
land situated on Lot Nos 21759 to 21762, Mukim of Batu, District
of Kuala Lumpur, Wilayah Persekutuan proposed to be acquired by
OIB from KHD (KHD Land) and the land situated on Lot Nos 21763
to 21768, Mukim of Batu, District of Kuala Lumpur, Wilayah
Persekutuan proposed to be acquired by Mycom Berhad
(collectively referred to as the Total KHD Land). KHD had
proposed to guarantee PAT of RM42.414 million over four (4)
twelve (12) month periods commencing from the completion date of
the proposed acquisition of Total KHD Land.

The SC had via its letter dated 23 July 2003, granted the
approval to OIB for the Proposed Appeal, from the basis of PBT
of RM24.742 million to the PAT of RM17.814 million, being OIB's
share of the profit guarantee in respect of the proposed
development of Bandar Sri Duta on the Total KHD Land. However,
the approval granted is subject to the condition that the profit
guarantee agreement must not be cancelled and that the terms of
the agreement must not be detrimental to OIB (the terms of the
profit guarantee refer to the mechanism of the profit guarantee
arrangement as stated in the profit guarantee agreement). As
such, Alliance is required to submit a written confirmation to
the SC that the aforesaid condition will be met prior to the
dispatch of the circular to the shareholders of OIB.

The other terms of approval of the Proposed Restructuring Scheme
in the SC's letter dated 8 March 2002, 25 March 2003 and 7 May
2003 and as announced on 11 March 2002, 27 March 2003 and 9 May
2003, respectively, remain enforced. The proposed acquisition of
KHD Land referred to above, which would reflect the Proposed
Appeal is subject to the approval of the shareholders of OIB at
an extraordinary general meeting to be convened and any other
relevant authorities.


SCK GROUP: Securities Being Removed From Official List by Aug 11
----------------------------------------------------------------
The Board of Directors of SCK Group Berhad informed that the
Company has received a letter from the Kuala Lumpur Stock
Exchange (the Exchange) on 25 July 2003 informing the decision
of the Exchange in respect of de-listing procedures commenced
against SCK Group Berhad (the Company).

The Exchange informed that after having consider all the facts
and circumstances of the matter and upon consultation with the
Securities Commission, the Exchange in exercising its power
under paragraph 16.17 of the Exchange's Listing Requirements,
has decided to de-list the securities of the Company from the
Official List of the Exchange. Accordingly, the securities of
the Company will be removed from the Official List of the
Exchange at 9:00 a.m. on Monday, 11 August 2003.

The securities of the Company may remain be deposited with the
Malaysian Central Depository Sdn Bhd ("MCD") notwithstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It is also not mandatory for the
securities of the Company to be withdrawn from MCD.

Shareholders of the Company if so wish may withdraw their
securities from MCD after the securities of the Company were de-
listed from the Official List of the Exchange by submitting the
necessary application forms for withdrawal in accordance with
the procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


TAT SANG: KLSE De-listing Securities Trading by August 11
---------------------------------------------------------
The Notice Decision in Respect of De-Listing Procedures and Tat
Sang Holdings Berhad's written representations in respect of the
notice to show cause dated 11 April 2003 served on the Company
as well as the Company's director oral representations made on
30 May 2003 have reference.

The Kuala Lumpur Stock Exchange after having considered all the
facts and circumstances of the matter including the written and
oral representations of the Company and upon consultation with
the Securities Commission, the Exchange in the exercise of its
powers under paragraph 16.17 of the Exchange's Listing
Requirements (LR) has decided to de-list the securities of the
Company from the Official List of the Exchange as the Company
does not have an adequate level of financial condition to
warrant continued listing on the Official List of the Exchange.

In arriving at this decision, the Exchange relied,, amongst
others, upon the following factors:

   (a) TATSANG has not as at 12 June 2003 made its Requisite
Announcement;

   (b) A total of 20 months have lapsed since TATSANG triggered
Paragraph 2.1 (b) of Practice Note No. 4/2001 (PN4) on 23
October 2001;

   (c) The steps taken by the Company to regularize its
financial condition including the representation that a
Memorandum of Understanding was entered into with its white
knight on 25 April 2003;

   (d) TATSANG has failed to make its Requisite Announcement
within the time frame prescribed in Paragraph 8.14 of the
Listing Requirements and PN4 and no further extension of time
has been granted to TATSANG by the KLSE;

   (e) TATSANG has failed to make its Requisite Announcement
within the time frame prescribed in Paragraph 8.14 of the
Listing Requirements and PN4 and no further extension of time
has been granted to TATSANG by the KLSE;

   (f) The requirement for companies to have an adequate level
of financial condition serves to ensure that companies listed on
the Official List are of minimum quality. Companies that have a
minimum level of financial condition serves to preserve and
sustain market integrity and investors' confidence; and

   (g) In the opinion of the KLSE, adequate time and opportunity
has been accorded to TATSANG to regularize its financial
condition.

Further to the above, please be informed that the securities of
the Company will be removed from the Official List of the
Exchange at 9:00 a.m. on Monday, 11 August 2003.

With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn. Bhd. (MCD),
please be informed that the securities of the Company may remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company from the Official List of the
Exchange. It is not mandatory for the securities of the Company
to be withdrawn from MCD.

Shareholders of the Company who intend to withdraw their
securities from the MCD, may do so at anytime after the
securities of the company are de-listed from the Official List
of the Exchange by submitting the application form for
withdrawal in accordance with the procedures prescribed by the
MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it had on 25 July 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 21 July 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to the summary attached at
http://bankrupt.com/misc/TCRAP_Tongkah0729.docfor information  
on the securities disposed.

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


CEBU PRIVATE: Withdraws Shut Down of Cebu Power Plant
-----------------------------------------------------
Philippine Energy Regulatory Commission (ERC) Chairman Manuel R.
Sanchez announced that Cebu Private Power Corporation (CPPC) has
lifted indefinitely its notice to cut off power supply in Cebu
as a result of the on-going negotiations among ERC, NPC and
CPPC.

Earlier, CPPC gave a 45-day extension notice to operate its
power plants. The previous notice was supposed to expire July
25.

Chairman Sanchez allayed the fears of the consumers in Metro
Cebu and expressed optimism that this issue will be settled
immediately. "The government is doing its best to avoid any
possible power shutdown in Cebu," he said.

CPPC is an independent power producer (IPP) which sells power to
Visayan Electric Company (VECO). This IPP supplies one-fourth of
Metro Cebu's power needs. Earlier, it threatened to stop
operating citing heavy losses due to higher fuel costs and
reduced purchased power cost adjustments of NPC.

In a related incident, ERC issued an Order directing NPC to
begin implementing the Php2.2412/kWh generation rate adjustment
mechanism (GRAM), which was approved by the Commission on May
15, 2003.

The Order will enable CPPC to sell power to VECO at more
reasonable levels. Current selling price of CPPC to VECO cannot
exceed 98 percent of NPC's reference rate.

Noting the adverse economic impact of a possible power outage in
Cebu, Chairman Sanchez said that the primary objective of the
on-going talks among ERC, NPC and CPPC is to provide the
residents and the business community in this city continuous and
reliable supply of energy at reasonable cost.


MANILA ELECTRIC: Seeks Extension of P2.5-B Debts
------------------------------------------------
The Manila Electric Co. (Meralco) is convincing its long-term
creditors led by Citibank N.A. to extend the payment of its 2.5
billion pesos worth of long-term loans by another two years, the
Philippine Star said on Monday, citing Meralco Chief Financial
Officer Daniel Tagaza. Final payments for these long-term debts
are due in 2006.

On July 21, Meralco successfully convinced its short-term
creditors to extend the payment of its 5.5 billion pesos debts
for another six months or until January 2004. The Company has 11
billion pesos worth of loans set to mature this year. A portion
of these loans was already paid last April.


MANILA ELECTRIC: ERC Orders to Implement Second Phase Refund
------------------------------------------------------------
The Energy Regulatory Commission (ERC) recently ordered the
Manila Electric Co. (Meralco) to implement the second refund
phase starting September 2003, which shall be completed on or
before December 31, 2003, ERC said in a statement. The refund
will benefit some 2.2 million registered customers of Meralco
consuming 101 kWh up to 300 kWh covering the period February
1994 to May 2003.

ERC also ordered MERALCO to submit the actual amount involved in
the entire refund implementation for the Commission's
confirmation, in the light of varying unconfirmed figures coming
out in the newspapers.

The first phase, which benefited around 2 million residential
customers consuming 100 kWh or less, shall be fully accomplished
by August 2003.

ERC Chairman Manuel R. Sanchez said that the mechanics of refund
for the second phase would basically be the same as the first
phase.

For Phases III and IV involving high consumption customers, ERC
required MERALCO to submit its proposed implementation
procedure, together with the total amounts of refund involved in
each phase.

In the ERC Order, the Commission denied MERALCO's request to
exclude the collections under the One Day Power Sales (ODPS)
Program from the refund/credit implementation coverage, but
approved the utility's request for the exclusion of violation of
contract (VOC) recoveries.

The implementation of the refund was a result of the Supreme
Court's ruling that income taxes should not form part of the
utility's operating expenses. The Court's decision resulted in
the reduction of MERALCO's basic rate by P0.167 per kWh
effective February 1994.

Noting that some MERALCO customers were inconvenienced during
the initial phase of refund, Chairman Sanchez said that he has
already ordered Meralco to review and improve its procedures of
implementing the refund scheme.

In response to this call, MERALCO shall adjust the servicing
hours of its Refund Centers, which shall be kept open to
adequately accommodate the volume of customers' claims.


BANK OF BALAYAN: Posts Key Dates Related to Insurance Claims
------------------------------------------------------------
By virtue of Monetary Board Resolution No. 650 dated April 27,
2000 ordering the closure of the Rural Bank of Balayan
(Batangas), Inc., the Philippine Deposit Insurance Corporation
(PDIC) will start receiving and processing claims for payment of
insured deposits in the closed Rural Bank of Balayan (Batangas),
Inc.  Depositors are requested to proceed to the Municipal Hall
of Balayan, Batangas, where the duly authorized representatives
of PDIC are stationed, to file claims for payment of insured
deposits from July 24 to August 4, 2003.  Depositors may also
file their claims by mail addressed to-  

The Manager
Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City

PDIC representatives shall service claims and entertain queries
from 8:00 AM to 5:00 PM, Mondays thru Fridays.


2.  Depositors are advised to present the following documents to
the PDIC representatives when filing their claims for insured
deposits:

   a.  Original evidence of deposit (i.e. savings passbook and
certificate of time deposits).

   b.  Two (2) latest identification cards/documents (IDs) with
depositor's specimen signature.

Other documents maybe required by the PDIC representatives in
the course of claims processing.

3. Depositors of the closed Rural Bank of Balayan (Batangas),
Inc. have 18 months from RBBI's re takeover by PDIC or up to
December 10, 2004 to file their claims for payment of insured
deposits. After December 10, 2004, PDIC as insurer shall no
longer accept any claim for payment of insured deposits
maintained with the subject bank.


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


CAPITALAND LIMITED: Unit Enters Voluntary Liquidation
-----------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand)
announced that it has placed its 70 percent owned indirect
subsidiary, Shanghai Xin Rui Property Development Co., Ltd (Xin
Rui), a company incorporated in the People's Republic of China,
under members' voluntary liquidation.

A party unrelated to the CapitaLand Group owns the remaining 30
percent of Xin Rui. The liquidation of Xin Rui is not expected
to have any material impact on the net tangible assets or
earnings per share of the CapitaLand Group for the current
financial year ending 31 December 2003.


CHARTERED SEMICONDUCTOR: Posts 10th Consecutive Quarterly Loss
--------------------------------------------------------------
Chartered Semiconductor Manufacturing (CSM) posted a narrower
second quarter loss this year, citing an increase in customer
orders, according to Electronics News. The Company posted its
tenth consecutive quarter of losses, with a net loss of $90
million, or 36 cents loss per diluted American Depositary Share
(ADS), for the quarter ended June 30. That compared with a net
loss of $90.7 million, or 57 cents loss per ADS share, in the
year-earlier period. Second quarter revenue was $127.6 million,
basically flat on $127.5 million a year ago, but up 22.9 percent
sequentially. The Company had forecast sequential revenue growth
of only 17 percent to 20 percent.

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


FLEXTRONICS LTD.: Expects Losses to Soar as it Shuts Factories
--------------------------------------------------------------
Electronics giant Flextronics Ltd. expects losses to soar as it
counts the cost of shutting two factories and business
restructuring, Channel News Asia reports. Its net loss more than
doubled to US$290 million, which is equivalent to over S$500
billion, during its fiscal first quarter. The contract
manufacturer will cut production of printed circuit boards to
end losses in this field.

It will also chop 500 jobs overseas and shut two factories in
the United States and Mexico, which manufacture parts for
products such as computers and mobile phones. In addition,
Flextronics will write down the value of some of its assets,
which cost it some US$230 million in last quarter.


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


PRASIT PATANA: Amends Articles of Association
---------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as the
Plan Administrator of Prasit Patana Public Company Limited,
submitted the Report on the Amendment of PYT's Articles of
Association; Section 2 on Shares and Shareholding Structure; and
Section 3 on Board of Directors, which amendments were
registered with the Ministry of Commerce on 30th May 2003.  The
amendments to the Articles of Association are summarized below:

Original  Chapter

Chapter 2     Shares and Shareholding Structure

Clause # 4    Thai shareholders of the company must represent      
              not less than 75 percent of the issued and paid up
              capital.

Clause # 5    The shares of the Company are transferable without
              restriction, except when the share transfer shall
              result in Thai shareholders holding less than
              75% of the issued and paid up capital which the
              Company then reserves the rights to reject the
              transfer request on that basis.

Chapter 3     The Board of Directors

Clause # 10   The directors must be appointed by the
              shareholders at the General Shareholder's Meeting.
              The numbers of directors must be at least 7
              members but not more than 11 members, at least
              half of them must hold permanent residency of
              Thailand

The Amendment

Chapter 2     Shares and Shareholding Structure

Clause # 4      ----Deleted----

Clause # 5      ----Deleted----

Chapter 3     The Board of Directors
              members. At least half of them must hold permanent
              residency of Thailand


RATTANA REAL: Losses Trigger Dividend Payment Cancellation
----------------------------------------------------------
Rattana Real Estate Public Company Limited, notified the
resolutions of the Ordinary General Meeting of Shareholders No.
2/2003, held on 23 July 2003, as follows:

1. Adoption of the Minutes of the Ordinary General Meeting of
Shareholders No. 1/2003.

2. Unanimous approval and ratification of the performance
results of the Board of Directors for the fiscal year 2002 and
the Annual Report.

3. Unanimous approval of the Balance Sheet and Profit and Loss
Accounts of the Company for the fiscal year ended 31 December
2002.

4. Acknowledgment of no dividend payment to the shareholders for
the performance results of the fiscal year 2002, due to the
operation loss and existence of accumulated losses.

5. Unanimous approval for re-election of Mr. Vitavas Vibhagool,
Mr.Surin Pholyasrisawat and Mr. Supoj Siripornlerdkul, who
should retire by rotation in this occasion, to their offices as
directors of the Company for another period.

Therefore, the Board of Directors has seven persons as follows:

   1.  Mr. Vitavas Vibhagool       Managing Director
   2.  Mr. Chainid Ngow-sirimanee  Director
   3.  Mr. Surin Pholyasrisawat    Director and Chairman of the
                                   Audit Committee
   4.  Mr. Supoj Siripornlerdkul   Director and Audit Committee
   5.  Mr. Chaipipat Nimwattana    Director and Audit Committee
   6.  Mr. Chalearmchone Boobphakhum  Director
   7.  Mr. Likit Somnuantard       Director

6.  Unanimous approval for appointment of Mr. Ruth Chaowanagawi
and/or Mr. Narong Puntawong and/or Mr. Supachai Phanyawattano
and/or Miss Siraporn Ouaanunkun, the Auditors of Ernst & Young
Office Limited, as the auditors of the Company for the fiscal
year 2003, and fixing the remuneration of the auditors in the
amount not exceeding Bt600,000, including the ratification to
any act performed by the auditors prior to their appointment by
the shareholders meeting of the Company.


THAI DURABLE: Director Denduangrudee Resigns; Moves Head Office
---------------------------------------------------------------      
Thai Durable Textile Public Company Limited informed that
Miss Tasawan Denduangrudee resigned as the Director of the
Company, effective 21 July ,2003.   

The company will register the change of director at the
Registrar office at the Ministry of Commerce.  

The Company also announced that as of Directors Meeting No.
8/2003 held on 25 July, 2003, the Board has resolved to move     
the Company's Head Office,

   From: 170/29,31 Ocean Tower 1 Bldg.
         11th Floor Rachadapisek Road (Sukhumvit 16)
         Klongtoey Bangkok 10110

   To: 33 Moo 4 Suksawat Road  
       Bangjak  Prapradang  
       Samutprakarn 10130          
   Tel: 0-2463-0024, 0-2463-3832-3, 0-2463-2293-6, 0-2463-828-9   
   Fax: 0-2463-3821   

effective 1 September, 2003.


THAI PETROCHEMICAL: Court Appoints MoF as Plan Administrator
------------------------------------------------------------
The Central Bankruptcy Court on July 11 issued an order to
appoint the Ministry of Finance as the new Plan Administrator of
Thai Petrochemical Industry Public Company Limited.

This is according to the resolution of the Creditors' Meeting,
which was resolved to nominate the Ministry of Finance or
representatives from the Ministry of Finance to have rights and
duties according to Law and the Business Reorganization Plan.
The representatives from the Ministry of Finance comprise Gen.
Mongkon Ampornpisit, Mr. Aree Wongsearaya, Mr. Pala Sookawesh,
Mr. Acorn Karakul Na Ayudhya, and Dr. Thanong Bidaya.






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

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