/raid1/www/Hosts/bankrupt/TCRAP_Public/030804.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

           Monday, August 04 2003, Vol. 6, No. 152

                         Headlines


A U S T R A L I A

AUSTAR UNITED: Lodges Q203 Cashflow Statement With ASX
BRG CAPITAL: Former Director Pleads Not Guilty to Fraud Charges
TRANZ RAIL: Directors Fail Shareholders, Says Toll
TOWER LIMITED: August 5 Lodging Acceptances Closing Time Set
TOWER LIMITED: Panel Calls Meeting on August 7

TOWER LIMITED: Reaches Settlement With Tower Trust Sale
TOWER LIMITED: Releases Takeovers Panel Meeting Notice


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Annual Report Dispatch Delayed
ASIA GLOBAL: Chapter 7 Trustee Hires Davis Graber
ASIA ORIENT: Operations Loss Swells to HK$155.999M
FLANNEL LIMITED: Petition to Wind Up Pending
TALENT WIN: Winding Up Hearing Scheduled on Aug 20

ZENITH INVESTMENTS: Winding Up Petition Pending


I N D O N E S I A

ASTRA INT'L: Operating Income Grows to Rp1.67TR, 27.8% Higher
BAKRIE FINANCE: Minority Bondholders Ask for Protection


J A P A N

ALL NIPPON: Discloses New Fare Discounts
ALL NIPPON: Unveils 1Q03 Financial Results
FURUKAWA CO.: R&I Places Rating on Monitor
HIGASHINIHON-FERRY: Starts Rehabilitation Proceedings
HITACHI LIMITED: Unveils 1H03 Financial Results

NANKAI UNYU: Trucking Service Firm Enters Rehabilitation
NEC CORP.: Strengthens Technology Development Structure
TAKAMARU K.K.: Fish Hatchery Firm Enters Rehabilitation
TOKYO ELECTRON: Dissolves Unit in Spain
TOKYO ELECTRON: Widens 1H03 Net Loss to Y10.37B

TOSHIBA CORP.: Issues Notice of Stock Repurchase Plan


K O R E A

KOOKMIN BANK: FSS Probes Bank For Dubious Lending
SK GLOBAL: Asks Court to Approve BSI Appointment as Claims Agent
SK GLOBAL: Creditors to Write Off Loans
SK GLOBAL: Debtor Issues December 31, 2003 Balance Sheet
SK GLOBAL: Halts Oil Trading Until September

SK GLOBAL: Injunction Hearing Continued to August 18


M A L A Y S I A

ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
ASSOCIATED KAOLIN: SC Grants Code Exemption Application
BUKIT KATIL: Discloses June Oil Palm Production Figures
BUKIT KATIL: Issues Loan Facilities Update
FW INDUSTRIES: Inks Restructuring Agreement With Vendors

GULA PERAK: Clarifies Audited, Unaudited Results Variance
IDRIS HYDRAULIC: TAE Extends Debt Conversion Date to Nov 30
JASATERA BERHAD: Non-Exec Dir Leong Soon Kiong Retires
KEMAYAN CORP.: Vendors Require Profit Guarantee Distribution
KRAMAT TIN: KLSE Grants Three-Month RA Extension

L&M CORPORATION: Unit's Defaulted Facilities Hits RM60.411M
LAND & GENERAL: Settles RM450M Debts, 4.5% US$100M Bonds
LONG HUAT: Restraining Order Time Extension Request Pending
MALAYSIAN RESOURCES: Files Court Demerger Docs With Commission
MANGIUM INDUSTRIES: Provides Defaulted Payment Status Update

PROMET BERHAD: SPA Due Date Extended to August 31
SEAL INCORPORATED: August 16 EGM Scheduled
SIN HENG: Financial Regularization Status Remains Unchanged
SRI HARTAMAS: Financial Regularization Workout Underway
TAT SANG: Releases Legal Suits Hearing Dates


P H I L I P P I N E S

NATIONAL BANK: Starting Foreclosed Assets Sales
NATIONAL POWER: Files New Rate Petition With ERC


S I N G A P O R E

FLEXTRONICS LTD.: Pricing of Convertible Offer Due August 5
FLEXTRONICS LTD.: S&P Affirms BB- Rating
HEALTHYCO INTERNATIONAL: Winding Up Hearing Set August 15
MULTI-CHEM LTD.: Narrows Q203 Net Loss to S$0.67M
PRESSCRETE HOLDINGS: Returns to Profit in First Half


T H A I L A N D

BANGCHAK PETROLEUM: Explains Capital Reduction, Bond Issuance
PREECHA GROUP: Board Resolves Porn Pen Investment Cancellation
RAIMON LAND: Planner Compels Unit Shares Purchase
TPI POLENE: Releases Q203 Operational Performance Report
UNION MOSAIC: Issues Convertible Debentures

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Lodges Q203 Cashflow Statement With ASX
------------------------------------------------------
Austar United Communications (AUSTAR) on Friday filed its
Appendix 4C statement of cashflows for the quarter ended 30 June
2003, as required by the Australian Stock Exchange. A copy can
be found at http://bankrupt.com/misc/TCRAP_AUN0804.pdf.

A full statement of the company's financial position for the
quarter and the first half will be released in mid-August 2003.

The cashflow statement shows that net cash generated in
operating and investing activities during the quarter ended 30
June 2003 was $18.9 million, bringing the total for the year to
date to $18.0 million.

A key contributor to this result was the receipt of $25.0
million from the sale of the company's stake in TelstraClear. In
line with AUSTAR's loan facility agreement, 65% of the net
proceeds from the sale funded the repayment of bank debt.

Capital expenditure for the quarter was $20.3 million,
representing an increase of $10.6 million from the previous
quarter. The increase reflects costs associated with general
growth in the business in addition to the planned roll-out of
upgraded customer technology.

Cash on hand at 30 June 2003 was $30.2 million. In addition,
$31.8 million was held in the "United Contingent Cash Account"
provided by UnitedGlobalCom as part of the agreement to
refinance AUSTAR's debt facility.


BRG CAPITAL: Former Director Pleads Not Guilty to Fraud Charges
---------------------------------------------------------------
Mr Ian Thomas Paterson, of Croydon, Victoria, entered a plea of
not guilty in the Hobart Magistrates Court on two counts of
fraud brought by the Australian Securities and Investments
Commission (ASIC).

The charges were laid follow an investigation by ASIC, and are
being prosecuted by the Commonwealth Director of Public
Prosecutions.

ASIC alleges that, between 15 February 2000 and 3 March 2000, Mr
Paterson, a former director of BRG Capital Facilitation Pty Ltd
(BRG), was knowingly concerned in the company Cotech Pty Ltd
(Cotech) making two false representations to BRG. The total
amount involved was $50,000.

Cotech was a baby cot manufacturer, based in Goodwood, Tasmania.

Cotech went into administration on 25 September 2000 and then
placed into liquidation on 20 October 2000.

BRG, a provider of cash flow funding, went into receivership on
15 February 2002.

Mr Paterson is next scheduled to appear in the Hobart
Magistrates Court on 25 August 2003.


TRANZ RAIL: Directors Fail Shareholders, Says Toll
--------------------------------------------------
Toll Holdings said that the advice given to Tranz Rail Holdings
Limited shareholders by the board on Friday can only be
described as "irresponsible" according to Toll Holdings Managing
Director Paul Little.

"Directors have advised shareholders not to accept the 95 cent
Toll offer - with one of the reason given that they are doing
all they can to encourage superior offers and alternatives.

"Telling shareholders to turn down 95 cents on the off-chance
that directors can magic up another bidder who may be prepared
to offer more is nonsense.

"The directors appear to be acting in their own self interest -
with no regard to shareholders who only a matter of months ago
saw their shares fall to 40 cents under the direction of this
same board and its management.

"Their advice lacks credibility and more importantly take no
account of the consequences to shareholders if the Toll bid does
not go ahead.

"If there is another bidder say so and if there isn't then they
should be mindful of their responsibilities to act in the best
interest of those they represent."


TOWER LIMITED: August 5 Lodging Acceptances Closing Time Set
------------------------------------------------------------
TOWER Limited confirms that the closing time and date for
lodging acceptances for TOWER rights is 3:00pm (NZ time),
Tuesday 5 August.

In light of tight timeframes, TOWER advises that acceptances
received after this deadline will not be valid.


TOWER LIMITED: Panel Calls Meeting on August 7
----------------------------------------------
The Takeovers Panel will hold a meeting in relation to the
underwriting by Guinness Peat Group Pc (GPG) of the existing pro
rata cash offers being made by Tower Limited (Tower) to its
shareholders.

GPG is committed to underwriting the issue. By meeting its
underwriting obligations GPG's holding of voting securities in
Tower could exceed 20% of Tower's total voting rights.

The Panel granted GPG an exemption that would enable it to
obtain in excess of 20% of the voting rights in Tower as a
result of fulfilling its underwriting obligations, subject to
selling down its excess shares within a period being the shorter
of 30 days or the date of Tower's next shareholders' meeting.

GPG has stated that it is entitled to rely on clause 19 of the
Takeovers Code (Class Exemptions) Notice (No 2) 2001 (the class
notice). This notice provides a sell-down period of 6 months for
any excess shares. However to rely of clause 19 of the class
notice GPG must be an "underwriter" obtaining voting securities
under a bona fide underwriting contract entered into in the
underwriter's ordinary course of business.

The Panel considers that GPG may not be entitled to rely on the
exemption in clause 19 of the Class Notice.

On 25 July the Panel was served with High Court proceedings by
GPG. These sought a judicial review of what GPG contended was a
Panel decision to deny GPG the ability to rely on the class
notice.

GPG sought further orders quashing that part of the GPG
exemption which required the sell-down of any shares in excess
of 20% of the voting rights in Tower within the shorter period
of one month or the next shareholders' meeting.

The Panel has not made any final decision on whether GPG is
entitled to rely on the exemption in clause 19 of the class
notice and has called the meeting under section 32 of the
Takeovers Act 1993 to determine the issue.

The Panel has decided not to issue any restraining orders.

The meeting will be held at 10:00 am on Thursday 7 August 2003
in Auckland. The meeting will be a private meeting.


TOWER LIMITED: Reaches Settlement With Tower Trust Sale
-------------------------------------------------------
Further to TOWER Limited's announcements of 14 July and 25 July
2003 in relation to the sale of TOWER Trust New Zealand to US-
based private investment company Sterling Grace Corporation.

TOWER advises that the settlement for the purchase of TOWER
Trust New Zealand by Sterling Grace International has taken
place.

Refer to the Troubled Company Reporter - Asia Pacific Tuesday,
July 15 2003, Vol. 6, No. 138 issue for further details on the
TOWER Trust sale.


TOWER LIMITED: Releases Takeovers Panel Meeting Notice
------------------------------------------------------
That on 31 July 2003 the Takeovers Panel met to consider whether
GPG might intend not to comply with the Takeovers Code in
relation to voting rights in Tower Limited (TOWER) it may
acquire in fulfillment of its obligations to underwrite a pro-
rata offer of shares currently being made to existing
shareholders.

On 4 July 2003 TOWER and Guinness Peat Group Plc (GPG) announced
that GPG had entered into a commitment to underwrite TOWER's
pro-rata offer of shares. It appeared possible, as a result of
this underwriting commitment, together with GPG's ability to
purchase further TOWER shares in the market, that GPG could
obtain in excess of 20% of the voting rights in TOWER.

On 7 July 2003 the Panel wrote to GPG and asked it to confirm to
the Panel that it intended to rely on clause 19 of the Takeovers
Code (Class Exemptions) Notice (No 2) 2001 ("the Notice") to
allow its holding of voting rights in TOWER to exceed 20%
subject to the requirements of that clause that any holdings in
excess of 20% be reduced within six months and the voting rights
attaching to those "excess" shares not be exercised in the
meantime. Clause 19 applies to an "underwriter" which is defined
in the Notice as "a person whose ordinary business includes
entering into bona fide underwriting or subunderwriting
contracts with respect to offers of securities".

On 8 July 2003 GPG (through its legal advisers) advised the
Panel that it considered itself an "underwriter" and intended to
rely on clause 19 of the Notice.

On 9 July 2003 the Panel advised GPG that its preliminary view
was that GPG could not rely on the exemption in clause 19 of the
Notice. However the Panel also advised GPG that it was prepared
to consider granting an exemption to GPG along the lines of the
class exemption in clause 19 of the Notice to enable it to
acquire in excess of 20% of the voting rights in TOWER if GPG
wished to apply for such an exemption. GPG was also told that
the Panel would seek public submissions on its proposal.

GPG applied for the suggested exemption on 10 July 2003. The
Panel issued a press release that afternoon, seeking public
comments by Monday 14 July 2003. Several submissions were
received by the requested time.

On 15 July 2003 the Panel advised GPG and the market of its
decision to grant an exemption to GPG in relation to its
underwriting of TOWER's pro-rata rights issue. That exemption
(the Takeovers Code (Guinness Peat Group plc) Exemption Notice
2003) was on similar terms to the exemption in clause 19 of the
Notice except that GPG would only have one month, rather than
six months, in which to sell down any shares held in excess of
20% of the voting rights in TOWER. That period could be shorter
if TOWER held a shareholders' meeting before the month had
elapsed.

On 25 July 2003 the Panel was served with proceedings by GPG
which was seeking a judicial review under Part 1 of the
Judicature Amendment Act 1972 of what it contended was a
decision by the Panel to deny GPG the ability to rely on the
exemption in clause 19 of the Notice. It further sought orders
quashing as wrong in law, invalid and of no effect that part of
the 15 July exemption which required the sell-down of any shares
held in excess of 20% of the voting rights in TOWER within the
shorter period of one month or the next shareholders' meeting.

In its Statement of Claim, and in affidavits filed in support of
its application, GPG indicated that it considered it was
entitled to the benefit of the sell-down period provided in
clause 19 of the Notice. It reiterated these views during a
judicial conference held this morning.

The resolution of the Panel made on 31 July 2003 is as follows:

GPG has entered into a commitment to underwrite a pro-rata
rights issue by TOWER, which is currently open for acceptance.
As a result of meeting its obligations in terms of that
commitment, together with any acquisition of shares in TOWER by
other means, it is possible that GPG's holding of voting
securities in TOWER could exceed 20% of TOWER's total voting
rights.

Although the Panel has granted GPG a specific exemption that
would enable it to obtain in excess of 20% of the voting rights
in TOWER as a result of fulfilling its underwriting obligations,
subject to selling down its excess shares within the shorter of
one month or the date of TOWER's next shareholders' meeting, GPG
has indicated that it considers itself to be entitled to rely on
clause 19 of the Notice, which provides a sell-down period of 6
months for any excess shares. In order to rely on clause 19 of
the Notice GPG must be an "underwriter" (as defined in clause 3
of the Notice) obtaining voting securities under a bona fide
underwriting contract entered into in the underwriter's ordinary
course of business.

The Panel considers that GPG may not be entitled to rely on the
exemption in clause 19 of the Notice.

The Panel has decided to convene a meeting under section 32 of
the Takeovers Act 1993. The Panel considers that GPG, by
indicating that it is entitled to rely on clause 19 of the
Notice, may intend not to act in compliance with rule 6 of the
Code.

The Panel has decided not to issue any restraining orders.

The Panel will hold a meeting for the purposes of determining
whether to exercise its powers under section 32 of the Takeovers
Act 1993. The meeting will be held at 10:00 a.m. on Thursday 7
August 2003 at the Metropolis Hotel, Courthouse Lane, Auckland.
The meeting will be a private meeting.


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


401 HOLDINGS: Annual Report Dispatch Delayed
---------------------------------------------
Under the Listing Agreement, 401 Holdings Limited is required to
release its annual results and to dispatch its annual report for
the year ended 31st March, 2003 to its shareholders not later
than four months after the financial year end, i.e. 31st July,
2003.

As a 46.67% held associated company of the Company incorporated
in the People's Republic of China, which was acquired by a
wholly-owned subsidiary of the Company on 27th January, 2003 and
is mainly engaged in the design and sale of intelligent
transport systems and technologies integrating the internet,
GSM, GPS and FLEX platforms, has up to this date not provided
the requisite f financial information necessary for the Company
to compile its unaudited annual results for the year ended 31st
March, 2003 and the Company is in negotiation with its auditors
regarding audit fees in light of its current financial position,
the audit of the financial statements of the Company for the
year ended 31st March 2003 has not commenced and the Company
will not be able to release its annual results and dispatch its
annual report on or before 31st July 2003, resulting in a breach
of the requirements of paragraphs 8(1), 8(2), 11(1) and
11(3)(i)(c) of the Listing Agreement.

The Stock Exchange of Hong Kong Limited will reserve its right
to take appropriate action against the Company regarding the
aforesaid breach. The directors of the Company confirm that the
delay will not contravene the memorandum of association and
bye-laws of the Company and The Companies Act 1981 of Bermuda.
The Company expects to reach an agreement on the audit fees
arrangement with its auditors in or about early September, 2003
and the audit of the financial statements of the Company will
commence thereafter.

The Company also expects to announce its annual results and
dispatch its annual report to its shareholders on or before 31st
October, 2003 and 7th November, 2003 respectively.

The directors of the Company confirm that they have not dealt in
the shares of the Company since 5th September, 2002 and they
have undertaken not to deal in the shares of the Company until
the announcement

Trading in the shares of the Company was suspended from 9:30
a.m. on 28th March, 2003 and will remain suspended until further
notice.


ASIA GLOBAL: Chapter 7 Trustee Hires Davis Graber
-------------------------------------------------
Asia Global Crossing's Chapter 7 Trustee, Robert L. Geltzer,
relates that he needs a firm that has considerable experience in
accounting matters, with accountants that have extensive
familiarity with the accounting practices in insolvency matters
in the Bankruptcy Courts in many districts of the United States.

Accordingly, Mr. Geltzer sought and obtained the Court's
authority to employ Davis, Graber & Nasberg, LLP as his
accountants, nunc pro tunc to June 20, 2003. Specifically, Davis
will:

   (a) analyze the financial operations of the corporation prior
to the Chapter 11 Petition Date, as necessary;

   (b) analyze the financial operations of the corporations
subsequent to the Chapter 11 petition and up to the date
of conversion to Chapter 7;

   (c) analyze the transactions with insiders, related or
affiliated entities for a period the Trustee will dictate
and identify potential preferential transfers and
fraudulent conveyances;

   (d) identify and prepare an analysis of all assets and
liabilities as the Chapter 7 Trustee considers necessary;

   (e) attend meetings and confer with representatives of the
Chapter 7 Trustee and his counsel;

   (f) provide supporting documentation or reports to
substantiate alleged insider and preferential transfers
or fraudulent conveyances and present the findings in
Court, under oath, if necessary;

   (g) prepare all federal, state and local tax returns as
required; and

   (h) provide other services that may be necessary.

Andrew W. Plotzker, a member at Davis, Graber & Nasberg, LLP,
informs Judge Bernstein that the firm's hourly rates for
services rendered are:

   Partners $275 - 375
   Managers and Senior Managers 175 - 265
   Staff 115 - 165
   Paraprofessionals 75 - 110

Davis will also seek reimbursement for the out-of-pocket
expenses incurred in providing the services.

According to Mr. Plotzker, to the best of his knowledge, Davis
does not hold or represent any interest adverse to the Trustee,
the Debtors or their creditors with respect to the matters it is
to be engaged. In addition, Davis is not a creditor of the
Debtors and has no relevant connection with any parties-in-
interest or their attorneys. Thus, Mr. Plotzker concludes, Davis
is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code. (Global Crossing Bankruptcy News, Issue No. 44;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


ASIA ORIENT: Operations Loss Swells to HK$155.999M
--------------------------------------------------
Asia Orient Holdings Limited released its results announcement
summary:

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 31/3/2003       to 31/3/2002
                              Note  ($)         ($)
Turnover                      : 1,214,263,000      866,888,000
Profit/(Loss) from Operations : (155,999,000)      (103,974,000)
Finance cost                  : (139,139,000)      (117,336,000)
Share of Profit/(Loss) of
  Associates                  : (150,170,000)      (95,790,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities : (59,873,000)       (72,013,000)
Profit/(Loss) after Tax & MI  : (375,355,000)      (154,050,000)
% Change over Last Period     : N/A       %
EPS/(LPS)-Basic (in dollars)  : (2.51)             (1.03)
         -Diluted (in dollars): N/A                N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items : (375,355,000)      (154,050,000)
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:

1) Loss per share

The calculation of loss per share is based on loss attributable
to shareholders of HK$375,355,000 (2002: HK$154,050,000) and on
the weighted average 149,826,430  (2002: 149,826,430) shares in
issue during the year.

The comparatives have been restated due to consolidation of 50
shares into 1 share during the year.

No diluted loss per share is presented as the exercise of
subscription rights attached to the share options and the
conversion of the convertible notes would not have a dilutive
effect on the loss per share.

2) Dividend

No dividend was declared or proposed for the year (2002: nil).


FLANNEL LIMITED: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Flannel Limited is set for hearing
before the High Court of Hong Kong on August 27, 2003 at 9:30 in
the morning.

The petition was filed with the court on July 11, 2003 by Hong
Kong Housing Authority, a statutory corporation whose address is
situated at Housing Authority Headquarters, 33 Fat Kwong Street,
Ho Man Tin, Kowloon, Hong Kong.


TALENT WIN: Winding Up Hearing Scheduled on Aug 20
--------------------------------------------------
The High Court of Hong Kong will hear on August 20 , 2003 at
10:00 in the morning the petition seeking the winding up of
Talent Win Limited.

So Mei Yan Amy of Room 4010, Yuet Wah House, Tin Yuet Estate,
Tin Shui Wai, New Territories, Hong Kong filed the petition on
July 4, 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.


ZENITH INVESTMENTS: Winding Up Petition Pending
-----------------------------------------------
Zenith Investments Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on August 13, 2003.

The petition was filed on June 18, 2003 by Cheng Kam Hi of Room
221, Block 22, Tung Tau Estate, Kowloon, Hong Kong.


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


ASTRA INT'L: Operating Income Grows to Rp1.67TR, 27.8% Higher
-------------------------------------------------------------
PT Astra International Tbk booked net revenues Rp15.7 trillion
for first semester (January - June) 2003 or an increase of 2.9
percent compared to previous year in the same period. In the
meantime, operating income rose by 27.8 percent from Rp1.31
trillion in 2002 to Rp1.67 trillion in 2003, as a result of
stronger earnings from automotive, financial services and
agribusiness divisions.

However, per Company unaudited financial statement, net income
declined from Rp2.2 trillion in 2002 to Rp1.8 trillion in 2003
due to lower foreign exchange gain from Rp1.3 trillion in 2002
to Rp288 billion in 2003. Overall, the Company's performance is
relatively better in first half year 2003 compared to the same
period in 2002.

The four-wheeler automotive business division increased sales to
61,919 units in 2003 compared to last year sales 60,677 units.
The main increase came from Toyota and followed by Daihatsu,
Isuzu, BMW, Peugeot and Nissan truck. However, the Company's
market share reduced from 44.2% in 2002 to 42.1% in 2003, mainly
due to sales decline in Isuzu diesel engine vehicles. Budi
Setiadharma, President Director, said "We are pleased with the
sales and significant operating income increase in first half
2003 result from the our four wheeler automotive division,
although our market share is slightly lower."

Honda motorcycle sales rose by 7.1 percent in 2003 compared to
last year with sales of 722,112 units. Although Honda motorcycle
still leads the market with 53.4 percent share of total domestic
sales in 2003, the share went down compared to 57.8 percent in
2002. Meanwhile, the revenue from the component division also
booked lower figure from Rp1.07 trillion in 2002 to Rp1.04
trillion in 2003, as a result of decrease in export sales.
However, along with the increase in domestic automotive sales,
both automobile and motorcycle financing companies made higher
revenue by 17.9 percent and 12.6 percent respectively, financing
30,634 car units and 206,233 motorcycle units.

Agribusiness increases sales by 31.6 percent

The agribusiness division booked revenues of Rp1.19 trillion in
2003 or 31.6 percent higher compared to 2002, mostly due to 18.2
percent higher CPO price. CPO production volume rose 16.6
percent from 244,322 tons in 2002 to 284, 990 tons in 2003.

Corporate actions during 2003

The Company repurchased its Series III debts from its Bond
Sinking Funds in February 2003 amounting to US$10.3 million and
Rp59.9 billion with average price of 70 percent, and its Series
II debts in July in the amount of US$113.5 million and Rp7.7
billion with average price of 97.5% from the right issue
proceeds. In March and June 2003, the Company paid its regular
Series II debts in the amount of US$21.74 million and Rp27
billion. At present, the Company debt is US$522.30 million and
Rp756.71 billion, compared to US$690 million and Rp878.14
billion in December 2002.

Following Astra shareholders' approval dated 22 May 2003
regarding Company's plan to sell shares in PT Toyota Astra Motor
to Toyota Motor Corporation (TMC), a Sale and Purchase Agreement
has been signed between the two companies on 4 July 2003 valuing
Astra's 46 percent shareholding at US$226 million. On the
completion of the transaction, the Toyota business will comprise
two entities in Indonesia. One company will operate vehicle
distribution in which Astra and TMC own 51 percent and 49
percent respectively, and the other will be dedicated to vehicle
manufacturing in which Astra and TMC own 5 percent and 95
percent respectively. From the proceeds of sale, an amount will
be applied to pay Astra's debt, both Series II and III. This is
in compliance with Astra Debt Restructuring Agreement.

Budi Setiadharma said that "By the time Astra has paid the debt,
from the Toyota transaction proceed as well as from routine
payments, it is estimated that Astra's outstanding debt will
further decrease to US$422.11 million and Rp605.34 billion. It
will certainly make the Company's financial structure stronger
and we will be able to have more flexibility in developing our
business in the future."

Note: All figures are taken from first semester 2003 unaudited
financial statements and compared with first semester 2002 year
on year.


BAKRIE FINANCE: Minority Bondholders Ask for Protection
-------------------------------------------------------
PT Bakrie Finance's minority bondholders ask for protection
following the Company's default payment of the interest and
principal of bonds, Bisnis Indonesia reports.

"We ask the underwriter [Bank Mandiri] to facilitate a meeting
between the bondholders and Bakrie Finance and Bapepam to settle
the default bond obligation," said Faizal Abidin Lubis of
Plantation Pension Funds on Thursday, adding that the investors
hoped parties related to Bakrie Finance, such as Aburizal
Bakrie, could give more attention to the bonds issue.

"We buy the bonds because we see the persons close to Bakrie
Group, such as Aburizal Bakrie. Now, we are hoping Aburizal
Bakrie gives more attention to the issue," he said.

Faizal revealed that July 30 bondholders general meeting was
cancelled due to the difference concerning the principal amount
of the bond. Based on the calculation of Bakrie Finance, the
principal amount of bond reached Rp54.148 billion. Referring to
the calculation of the underwriter, Faizal said, the bond
principal value reached Rp200 billion.

John J. Ramos, President Director of Bakrie Finance, declined to
comment when asked on the difference. "We will give the
explanation later."


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


ALL NIPPON: Discloses New Fare Discounts
----------------------------------------
All Nippon Airways (ANA) has filed new fares with Japan's
Ministry of Land Infrastructure and Transport (MLIT), on routes
operated in competition with the 'Nozomi' class bullet trains.

Details of the discount ticket categories are as follows:

"Shuttle"

To satisfy the needs of business people traveling to meetings
and back in the same day, return fares on the Tokyo-Osaka
shuttle service will drop 6 percent to Y13,700 (JPY = Japanese
Yen, valued at approximately JPY120 = U.S.$1) from JPY14,500,
with effect from September.

Shuttle tickets offer the convenience of day of departure
purchase, permit schedule changes, and are subject to no embargo
periods.

"Repeat 4"

The Tokyo-Okayama/Hiroshima Repeat 4 fares will also be reduced
from the same month. Bought as a group of four single journeys
with the same routing, Okayama will be reachable from the
Japanese capital for JPY15,000 return (previously JPY19,700) and
Hiroshima for JPY17,000 (previously JPY19,950).

As with the shuttle fares, schedule changes are permitted and
tickets may be purchased on the day of departure. These
paperless tickets are available on a corporate contract basis
only, and are booked directly by Company employees from their
own computers.

"Cho-wari"

Cho-wari, the ANA discount fare system will also be revamped to
reflect changes in the current market. This advance purchase
discount fare was originally set at JPY10,000 to all domestic
destinations. Now, depending on the destination, fares are
available from as little as JPY7,000 one-way, and rise to
JPY12,000.

Chowari is available for a set period every month and is
bookable from two months before the start of that period. The
first travel period to be governed by the new fare will be in
October this year.

"Hawa-wari 21"

The Haya-wari 21 fare, bookable up to 21 days in advance and
applicable on 59 routes (over 70 percent of ANA's network),
originally varied according to the time of departure, but from
October this year will be fixed by destination. Departures at an
earlier time on the scheduled day of travel are permitted,
subject to availability.

"Totsuzen-wari"

Totsuzen-wari (meaning "sudden discount" in Japanese) was
introduced in the first half of this year to stimulate demand
from groups of two or more. Unlike other discount tickets, which
vary according to the date of departure, Totsuzen-wari varies
according to the date on which the ticket is issued. It is put
on sale for three days only, about ten days before the date of
departure and applies to about five routes, chosen "suddenly"
every month, on weekends and national holidays.

Other discount fares available on ANA domestic flights include:
Web-wari (booked via the internet), Toku-wari 1 (booked up to
one day before departure), Toku-wari 7 (booked up to seven days
before departure), and Birthday Haya-wari (JPY10,000 each way on
any domestic route with departure up to one week either side of
the passenger's birthday).


ALL NIPPON: Unveils 1Q03 Financial Results
------------------------------------------
The ANA Group reported a consolidated net loss of 18.3 billion
yen on revenue of 259.6 billion yen for the first three months
of the current fiscal year (April 1, 2003 - March 31, 2004).

Despite extensive cost-saving measures put into place by All
Nippon Airways (ANA), the combined effects of the war in Iraq,
and more significantly the outbreak of severe acute respiratory
syndrome (SARS), set against the continuing economic malaise in
Japan, led to lower than expected results for the three months
ended June 30 across all areas of ANA's business (air
transportation, travel services and hotel operations) and to an
operating loss of JPY28.6 billion (JPY120 = U.S.$1).

Passenger revenue on international routes at ANA Group airlines*
was JPY32.1 billion, JPY12.6 billion less than in the same
period in 2002. This is attributable in great part to the effect
of SARS on ANA's Asia, primarily China, routes.

Passenger revenue on domestic routes was down JPY8.8 billion
year-on-year to JPY139.5 billion due to the shorter Golden Week
holiday period (compounded by the days of the week on which the
holidays fell), and the aforementioned economic situation in
Japan. ANA recorded an operating loss of JPY27.9 billion on
airline operations for the period.

Owing to the swift conclusion of the Iraq conflict at the
beginning of the quarter, business traffic on ANA's European
routes was quick to return, and by the end of June was nearly
back to the same level as last year. Advance bookings suggest
demand will return to that of 2002 in the end the second
quarter.

Similarly, ANA's services to the U.S. are experiencing robust
growth to levels approaching last year's, if more slowly than
Europe. Business travel demand to Asia also is starting to
rebound.

*ANA Group airlines

Domestic routes: ANA (All Nippon Airways), ANK (Air Nippon), ADK
(Air Hokkaido), ANN (Air Nippon Network)
International routes: ANA (All Nippon Airways), ANK (Air
Nippon), AJX (Air Japan)

Contact: Thomas Fredo at: t.fredo@fly-ana.com


FURUKAWA CO.: R&I Places Rating on Monitor
------------------------------------------
Rating and Investment Information, Inc. (R&I) has placed the
following ratings of Furukawa Co. Ltd. on the rating monitor
scheme, with a view for downgrade.

R&I RATING: (BB+); Placed on the Rating Monitor scheme with a
view to downgrading
Long-term Bonds (4 series)

R&I RATING: (BB); Placed on the Rating Monitor scheme with a
view to downgrading

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (Million)
Unsec. Conv. Bonds No. 1 Dec 11, 1996 Mar 31, 2006 Yen 25,000
Unsec. Str. Bonds No. 3 Oct 18, 2000 Oct 18, 2005 Yen 5,000
Unsec. Str. Bonds No. 4 Dec 20, 2000 Dec 20, 2004 Yen 5,000
Unsec. Str. Bonds No. 5 Dec 20, 2000 Dec 20, 2007 Yen 5,000

RATIONALE:

Furukawa Co., Ltd. announced on 28 July that it would suspend
operations at Port Canberra Copper (PKC), its Australian
refinery that had been logging losses of over 5 billion yen a
year due to operating and other difficulties. As of the end of
June 2003, some 29.2 billion yen had been pumped into PKC in
both investment and lending. Although it had been negotiating
various options to cut its losses and lighten its financial
burden, including the introduction of third-party capital and
liquidation, Furukawa apparently decided the suspension was
needed as a stopgap measure amid delays in soliciting and
determining business supporters and investors.

Due to the risks associated with PKC, R&I changed Furukawa's
senior long-term credit rating to BB+ from BBB- and its
unsecured long-term bond rating to BB from BBB- on February 12,
2003. While the suspension of operations should reduce losses
over the short term, it also strengthens concern that the
Company's asset values will drop until those operations resume
and that consolidated capital will be impaired. It is unclear
how large the losses are at present, but given the possibility
of a certain level of impact on the assessment of
creditworthiness, R&I has placed the above ratings on its Rating
Monitor Scheme with a view to downgrading them.


HIGASHINIHON-FERRY: Starts Rehabilitation Proceedings
-----------------------------------------------------
Troubled Higashinihon-Ferry Co. and four of its affiliates have
received approval from the Tokyo District Court to start
rehabilitation process under the corporate rehabilitation law,
Kyodo News said on Friday.

"We plan to raise 3 billion to 5 billion yen from around 10
investors in early September so the companies can rebuild their
businesses on their own," a Company spokesman said in a press
conference.


HITACHI LIMITED: Unveils 1H03 Financial Results
-----------------------------------------------
Hitachi, Ltd. announced its consolidated financial results for
the first quarter ended June 30, 2003.

During the quarter, consumption and production were slow in
Asia, particularly China, due to the effects of severe acute
respiratory syndrome (SARS). In the U.S., a rising jobless rate
and other factors continued to fuel concerns about the economic
outlook. European economies, meanwhile, languished at the hands
of the strong euro and other negative trends. The Japanese
economy, while showing signs of an upturn in private-sector
plant and equipment investment, was characterized by sluggish
export growth, as exports to the rest of Asia slowed, and anemic
personal spending.

Against this backdrop, Hitachi's consolidated net sales edged up
2%, to 1, 895.9 billion yen (US$15,800 million), with major
year-on-year changes in Information & Telecommunication Systems,
Electronic Devices and other segments due to the effects of
ongoing business portfolio realignment by the Hitachi Group.
Hitachi posted an operating loss of 33.7 billion yen (US$281
million), compared with operating income of 13.6 billion yen
(US$114 million) in the same quarter of the previous fiscal
year.

By segment, Information & Telecommunication Systems sales
increased 11%, to 446.9 billion yen (US$3,724 million). Software
sales were weak in a sluggish Japanese economy, but the addition
of sales from the hard disk drive (HDD) operations acquired from
IBM Corporation, higher sales of base stations for wireless
communications infrastructure and other factors lifted overall
segment sales above the previous year. The segment recorded an
operating loss of 26.7 billion yen (US$223 million), compared
with an operating loss of 5.8 billion yen (US$49 million) in the
previous year, due mainly to a loss in HDD operations.

In Electronic Devices, sales dropped 26 percent year on year, to
277.6 billion yen (US$2,313 million). Sales fell sharply in
semiconductor operations due in part to the April 2003 transfer
of most of this business to equity-method affiliate Renesas
Technology Corp., a joint venture with Mitsubishi Electric
Corporation. In displays, while sales of small and medium-size
TFT LCDs for mobile phones were brisk, sales of large-size TFT
LCDs were soft. The segment recorded an operating loss of 6.9
billion yen (US$58 million), compared with operating income of
2.3 billion yen (US$20 million) in the previous year. This was
attributable to a sharp deterioration in profits from large-size
TFT LCDs in display operations due to lower prices year on year.

In Power & Industrial Systems, sales rose 2%, to 494.5 billion
yen (US$4,121 million). Sales of power generation equipment
continued to languish and sales of infrastructure and other
facilities to the public sector declined due to budgetary
constraints. On the other hand, sales of construction machinery
increased in China and other overseas markets, and sales of
automotive products were markedly higher in line with the
inclusion in consolidated results of the former Unisia JECS
Corporation (now Hitachi Unisia Automotive, Ltd.), which become
a subsidiary in October 2002. Segment operating income dropped
60 percent year on year, to 2.9 billion yen (US$24 million),
despite a dramatic improvement in earnings from construction
machinery. This decline reflected a deterioration in
profitability in power generation equipment and public-works
facilities, and lower earnings from elevators and escalators due
to lower prices for maintenance services.

In Digital Media & Consumer Products, segment sales declined 3%,
to 295.9 billion yen (US$2,466 million). While plasma TV and
mobile phone sales rose, sales of large home appliances declined
to falling sales prices amid soft demand and a deflationary
environment in Japan. At Hitachi Maxell, Ltd., optical media
sales remained healthy. The segment recorded an operating loss
of 0.4 billion yen (US$4 million), compared with operating
income of 6.5 billion yen (US$55 million) in the previous year.
This was mainly the result of the effect of lower sales prices,
particularly in respect of large home appliances, exceeding the
benefits of cost cutting because of deflation.

In High Functional Materials & Components, segment sales rose
2%, to 305.5 billion yen (US$2,547 million). At Hitachi Cable,
Ltd., sales were strong for wires and cables, such as fiber-
optic cables for domestic communications carriers, as well as
for information systems and electronic components. At Hitachi
Chemical Co., Ltd., sales were healthy of materials for
electronic components, industrial materials, housing equipment
and environmental facilities, although sales of printed circuit
boards and related materials declined. At Hitachi Metals, Ltd.,
sales were firm for automotive-related components. The segment
saw operating income decline 4%, to 4.4 billion yen (US$ 37
million).

In Logistics, Services & Others, segment sales decreased 10%, to
307.2 billion yen (US$2,560 million), despite strong sales from
the logistics solutions business at Hitachi Transport System,
Ltd. Overseas sales companies saw sales decline due to the
transfer of semiconductors sales operations to the newly
established Renesas Technology, and the transfer of HDD sales
operations to Hitachi Global Storage Technologies. The segment
recorded an operating loss of 3.0 billion yen (US$26 million),
compared with operating income of 1.7 billion yen (US$14
million) in the previous year.

In Financial Services, segment sales decreased 7%, to 133.1
billion yen (US$1, 110 million) because of the effect of low
interest rates and a declining volume of automobile loans to
individuals. Segment operating income declined 59%, to 4.1
billion yen (US$35 million).

Other income declined 32%, to 17.3 billion yen (US$144 million)
due to lower interest income and dividends received as well as a
decline in gains on the sale of marketable securities and other
factors. Meanwhile, other deductions declined 67%, to 14.5
billion yen (US$121 million) due to exchange gains, which
contrasted with exchange losses recorded in the previous year.

As a result, Hitachi recorded a loss before income taxes and
minority interests of 30.9 billion yen (US$258 million), and
after 3.2 billion yen (US$27 million) in income taxes, loss
before minority interests of 34.1 billion yen ( US$285 million).
The net loss was 38.4 billion yen (US$320 million), 26.7 billion
yen (US$223 million) more than in the previous year.

Financial Position

Operating activities used net cash of 22.8 billion yen (US$191
million), an increase of 4.6 billion yen (US$39 million)
compared with the previous year. The main reason was a large
decrease in payables.

Investing activities used net cash of 148.7 billion yen
(US$1,239 million), 23.0 billion yen (US$192 million) less than
in the previous year, due to an increase in collection of
investment in leases and other factors.

Free cash flows, the sum of cash flows from operating activities
and investing activities, amounted to negative 171.6 billion yen
(US$1,430 million), an improvement of 18.3 billion yen (US$153
million) from the previous year.

Financing activities provided net cash of 17.2 billion yen
(US$143 million), compared with net cash used of 19.3 billion
yen (US$161 million) in the previous year. This mainly reflects
cash inflows from the issue of bonds for refinancing purposes in
May 2003, which outweighed cash outflows for the purchase of own
shares the same month.

As a result, cash and cash equivalents as of June 30, 2003 were
674.5 billion yen (US$5,622 million), a reduction of 153.5
billion yen (US$1,280 million) during the first quarter.

Debt on June 30, 2003 stood at 2,871.1 billion yen (US$23,926
million), 30.5 billion yen (US$255 million) more than at March
31, 2003 as a result of the issuance of bonds in May.

Capital investment on a completion basis rose 3%, to 180.2
billion yen (US$1, 502 million), while depreciation decreased
7%, to 107.8 billion yen (US$898 million). The Company spent
78.7 billion yen (US$656 million) on research and development, a
decrease of 13 percent from the previous year. R&D expenditures
as a percentage of net sales were 4.2%.

All figures are converted at the rate of 120 yen = U.S.$1, the
approximate exchange rate on the Tokyo Foreign Exchange Market
as of June 30, 2003.

Outlook for the First Half of Fiscal 2003

The first-quarter results were lower than in the corresponding
quarter of the previous year due to losses in HDD operations
acquired from IBM Corporation and other factors. Lingering
uncertainty in the second quarter concerning the outlook for the
U.S. and other economies around the world has created an
unpredictable operating environment for Hitachi.

Hitachi has revised its projections for the first half of fiscal
2003 due to such factors as the selling of its shares in
affiliate Nitto Denko Corporation in July 2003.

There are no changes to Hitachi's forecasts for the fiscal year
ending March 31, 2004.

The interim projections assume an exchange rate of 120 yen to
the U.S. dollar, the same rate that was assumed in April this
year.


Net sales             4,000 billion yen       (year-on-year
                     (US$33,333 million)       increase of 2%)

Operating income     15 billion yen           (year-on-year
                    (US$125 million)           decrease of 76%)

Income before income taxes  50 billion yen     (year-on-year
and minority interests    (US$417 million)     increase of 49%)

Loss before minority  17 billion yen
interests                (US$142mln)               ( - %)

Net loss          30 billion yen  (US$250 million) ( - %)


CONTACT: Hitachi America, Ltd.
Matt Takahashi, 650-244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com
or
Hitachi, Ltd.
Machiko Ikenoya, 3-3258-2056 (Japan)
machiko_ikenoya@hdq.hitachi.co.jp
or
Hitachi (China) Investment, Ltd.
Yuji Hoshino, 10-6590-8141 (China)
y_hoshino@hitachi.com.cn
or
Hitachi Europe Ltd.
Kantaro Tanii, 1628-585379 (U.K.)
kantaro.tanii@hitachi-eu.com


NANKAI UNYU: Trucking Service Firm Enters Rehabilitation
--------------------------------------------------------
Nankai Unyu K.K., which has total liabilities of 5 billion yen
against a capital of 150 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The local trucking Company is located in Sakai-shi, Osaka,
Japan.

The Company primarily engaged in furnishing specialized trucking
service requiring special handling, such as refrigeration or
controlled humidity, without storage within a city, town, or
other local areas, including adjoining towns and suburban areas.


NEC CORP.: Strengthens Technology Development Structure
-------------------------------------------------------
NEC Corporation announced the positioning of the Keihin area as
its technology center. The strengthening of the NEC research and
technology development structure is aimed at the generation of
new and innovative technology development.

The goal of strengthening NEC's research and technology
development structure is to accelerate and reinforce the growth
strategy of the NEC Group through the following:

-Promoting use of technology, know-how, intellectual assets, and
human resources held by NEC laboratories.

-Enhancing cooperation between research laboratories and
business lines.

-Promoting business integration in future growth areas.

1. Strengthening of R&D Structure

The below measures will be applied to strengthen the following
R&D domains:

1) IT network integration solutions.

2) Semiconductor solutions.

3) Fundamental research (such as nanotechnology and
environmental material technology).

IT and network domains that were to date covered by the Central
Research Laboratories, Fuchu Plant, Tamagawa Plant and NEC head
office will be concentrated to Tamagawa Plant by the end of this
fiscal year. This will enable IT and network focused R&D at the
Tamagawa Plant. In addition, market creation driven technology
R&D will be enhanced through collaboration with the solution
business within the IT and network integration solution domain.

Simultaneously, LSI design research currently carried out at the
Central Research Laboratories will be moved to the Tamagawa
Plant. This will strengthen system devices by promoting LSI
related architecture and design innovation through collaboration
between research laboratories and business lines and NEC
Electronics Corporation.

R&D for packaging technology will be transferred from the
Central Research Laboratories to the Sagamihara Research
Laboratories promoting collaboration between packaging
technology and LSI process technology. Sagamihara Research
Laboratories will be a base for semiconductor R&D and
semiconductor packaging technology R&D by utilizing
semiconductor production facilities.

Fundamental technologies that are highly expected to be the
future technologies of the NEC Group, such as nanotechnology and
environmental materials, will be concentrated to the Tsukuba
Research Laboratories. The strengthening of this research, that
was to date carried out at the Central Research Laboratories and
Tsukuba Research Laboratories, is aimed at promoting
collaboration between Tsukuba area research institutions where
there is a concentration of cutting edge technologies in these
research fields. It will also optimize the use of leading
nanotechnology research infrastructure that NEC has in the
Tsukuba Research Laboratories.

NEC will also concentrate R&D strategy functions to the research
base in the Tamagawa Plant. This will enable collaboration and
integration of leading research information. This will in turn
stimulate collaboration between technologies and promote optimal
use of NEC laboratories' assets.

This will result in compression of NEC's current 8 R&D sites in
Japan to 5.

2. Strengthening of Technology Development Structure

By 2005 mobile business, which is currently divided between the
Yokohama Plant, NEC head office and the Tamachi area, will be
concentrated mainly to Tamagawa Renaissance City, office
building B (currently under construction) in the Tamagawa Plant.

This will further encourage cooperation between mobile business
and NEC Electronics Corporation and the research laboratories
that will be moved to Tamagawa, as well as maximizing synergy.
It is expected that this will engender innovation in future
generations of NEC mobile technology while simultaneously
improving business efficiency and decreasing losses that were
created by decentralization.

Optical fiber business (currently based in the Tamagawa Plant)
and IP Network business (currently based in the Abiko Plant)
will be concentrated to the Abiko Plant in the first half of
this fiscal year. Strengthening of the development power of the
future growth domain of optical and IP integration products is
also aimed for.

3. Revision of Keihin Area Laboratories & Plants.

NEC will compress its 7 current sites (Tamagawa, Sagamihara,
Abiko, Fuchu, and Yokohama plants, and NEC head office and the
Central Research Laboratories) in the Keihin area in Japan, to
5. This will be enabled by utilizing office building B, of NEC
Tamagawa Renaissance City (currently being built under phase 2
of the Tamagawa Renaissance City construction project).
Concentration to five locations will result in strengthening of
NEC's research and technology development structure.

As a result of this reorganization, NEC plans to sell its
Central Research Laboratories (located in Miyamae Ku, Kawasaki
City,), and its Yokohama Plant (located in Tsuzuki Ku, Yokohama
City), and part of its Tamagawa Plant (located in Nakahara Ku,
Kawasaki City).

About NEC Corporation

NEC Corporation is one of the world's leading providers of
Internet, broadband network and enterprise business solutions
dedicated to meeting the specialized needs of its diverse and
global base of customers. Ranked as one of the world's top
patent-producing companies, NEC delivers tailored solutions in
the key fields of computer, networking and electron devices, by
integrating its technical strengths in IT and Networks, and by
providing advanced semiconductor solutions through NEC
Electronics Corporation. The NEC Group employs more than 140,000
people worldwide and had net sales of approximately $40 billion
in the fiscal year ended March 2003. For further information,
please visit the NEC Corporation home page at: www.nec.com

Contact:
NEC Corporation
Diane Foley
d-foley@ax.jp.nec.com
+81-3-3798-6511


TAKAMARU K.K.: Fish Hatchery Firm Enters Rehabilitation
-------------------------------------------------------
Takamaru, K.K., which has total liabilities of 12.9 billion yen
against a capital of 854 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The fish hatchery & preserver firm is located in Kushima-shi,
Miyazaki, Japan.


TOKYO ELECTRON: Dissolves Unit in Spain
---------------------------------------
The meeting of the Board of Directors of Tokyo Electron Limited
resolved to dissolve its consolidated subsidiary Tokyo Electron
Espana S.L. (wholly owned subsidiary of Tokyo Electron Europe
Ltd., that is wholly owned subsidiary of the Company) around
August.

1. Outline of Company to be dissolved

(1) Name: Tokyo Electron Espana S.L.
(2) Address: Calle Maria de Molina 66, Madrid 28006, Spain
(3) Name of representative: David Brough
(4) Common stock: ca. 3,000 Euro
(5) Retained earnings: ca. 56,000 Euro

2. Reason of dissolution

Tokyo Electron Espana S.L. was established in July 1997 and
provided maintenance service for the Company's original
semiconductor production equipment sold to customer in Spain.
However, currently there is no customer in the country and the
Company does not expect further customer to develop business in
the country in the future and therefore decided to dissolve the
Company.

3. Future impact

Only little impact due to the dissolution of Tokyo Electron
Espana S.L. is expected to the Company's business results of
current fiscal year.


TOKYO ELECTRON: Widens 1H03 Net Loss to Y10.37B
-----------------------------------------------
Chip equipment maker Tokyo Electron Ltd. posted a group net loss
of 10.37 billion (US$86.25 million) for the quarter to June 30
compared with a loss of 4.17 billion yen a year earlier, despite
cost cuts and hopes for a recovery in its mainstay business,
according to Reuters. Tokyo Electron expects to remain in the
red for the business year to March 2004, marking a third
consecutive annual loss.


TOSHIBA CORP.: Issues Notice of Stock Repurchase Plan
-----------------------------------------------------
Toshiba Corporation (Toshiba) has decided to purchase its own
shares that are now in possession of Toshiba's subsidiary,
pursuant to the provision of Article 211-3 of the Commercial
Code, as follows:

1.   Name of the subsidiary: Toshiba IT-Solutions Corporation
(TOIC)

2.   Reason for repurchase: Toshiba wishes to purchase its own
stock held by TOIC, following the March 20, 2003 exchange of
Toshiba stock for IT-Services Corporation stocks held by TOIC.

3.   Details of repurchase:

     (1) Type of shares to be purchased: Common Stock of Toshiba
     (2) Total number of shares to be purchased: 2,057,000
     (3) Total purchase price: 946,220,000 yen
     (4) Planned date of purchase: July 31,2003


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


KOOKMIN BANK: FSS Probes Bank For Dubious Lending
-------------------------------------------------
The South Korean Financial Supervisory Service (FSS) revealed
that Kookmin's Sinchon branch in western Seoul was found to have
made mortgage loans totaling 16.8 billion won (US$14.5 million)
to Good Morning City, a Company at the center of a bribery
scandal, which took place in July 2002, the Korea Times reports.
FSS banking regulator Park Dong-soon said a bank branch is only
allowed to lend a maximum of 500 million won to a corporate
client.

Based on the suspicion that Kookmin may have used other clients'
names for the loan, FSS officials suspect that the nation's
largest bank may have been engaged in the dubious lending in
conspiracy with Good Morning City. Kookmin Bank's Sinchon branch
compensated 27 individual and Company clients for using their
names. Park said that the bank branch might have extended the
large amount of loans on an installment basis to evade relevant
rules.

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


SK GLOBAL: Asks Court to Approve BSI Appointment as Claims Agent
----------------------------------------------------------------
Section 156(c) of Title 28 of the United States Code, which
governs the staffing and expenses of the Bankruptcy Court,
authorizes the court to use facilities other than those of the
clerk's office for the administration of bankruptcy cases. It
provides:

Any court may utilize the facilities or services, either on or
off the court's premises, which pertain to the provision of
notices, dockets, calendars, and other administrative
information to parties in cases filed under the provisions of
title 11, United States Code, where the costs of such facilities
or services are paid for out of the assets of the estate and are
not charged to the United States.

Given the size and complexity of its Chapter 11 case, SK Global
America Inc., believes that the most effective and efficient
manner in which to accomplish the process of notifying creditors
and receiving, docketing, maintaining, photocopying, and
transmitting proofs of claim is to engage an independent third
party to act as the noticing and claims agent.

SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.

The Debtor selected Bankruptcy Services, LLC, to fill that role,
and seeks the Court's authority to employ BSI as the Court's
noticing agent and the Debtor's claims and balloting agent
pursuant to the terms and conditions of BSI's Standard
Bankruptcy Services Agreement.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
Relates that, at the Debtor's or the Clerk's Office's request,
BSI will:

(a) Relieve the clerk's office of all noticing under any
applicable bankruptcy rule and processing of claims;

(b) At any time, upon request, satisfy the Court that BSI has,
the capability to efficiently and effectively notice, docket and
maintain the proofs of claim;

(c) Notify all creditors of the filing of the bankruptcy
petition and of the setting of the first meeting of creditors,
pursuant to 11 U.S.C. Section 341(a), under the proper provision
of the Bankruptcy Code;

(d) Provide notice of a last date for the filing of a proof of
claim and a form for filing a proof of claim to each creditor
notified of the filing;

(e) Maintain an up-to-date copy of the Debtor's schedules, which
lists all creditors and amounts owed;

(f) Provide the creditor with the scheduled amount and
classification of its claim;

(g) File with the clerk a certificate of service within 10 days,
which includes a copy of the notice, a list of persons to whom
it was mailed, and the date mailed;

(h) Microfilm, or by some similar electronic means, reproduce
the first page of any proof of claim;

(i) After reproducing, remove all proofs of claim from the
office of the clerk to the outside claims agent;

(j) Maintain all proofs of claim filed;

(k) Maintain an official claims register by docketing all proofs
of claim on a claims register;

(l) Maintain all original proofs of claim in correct claim
number order, in an environmentally secure area and protect the
integrity of these original documents from theft and alteration;

(m) Transmit to the clerk an official copy of the claims
register on a weekly basis, unless authorized by the clerk on a
different schedule;

(n) Maintain an up-to-date official mailing list for all
entities, which will be available upon request of a party- in-
interest or the clerk;

(o) Be open to the public for examination of the original proofs
of claim, without charge, during regular business hours;

(p) Maintain a telephone staff to handle the inquiries as
related to procedures in filing proofs of claim;

(q) Make any necessary changes to the claims register pursuant
to Court order;

(r) Make all original documents available to the clerk on an
expedited and immediate basis;

(s) Provide notices to any entities, not limited to creditors,
that the Debtor or the Court deem necessary for an orderly
administration of the bankruptcy case; and

(t) At the close of the case, box and ship all original
documents in proper format, as provided by the clerk's office,
to the Federal Archives and Record Administration located at
Central Plains Region, 200 Space Center Drive, Lee's Summit, MO
64064.

SK Global will pay all of BSI's customary fees and expenses:

As Claims Agent

Set-Up Fee WAIVED

Claims Docketing:

Document Handling WAIVED

Document Storage WIAVED

Input Records:
Tape/Diskette $0.10/each

Other Data Formats $125/hour

Input Filed Claims $0.95/claim + hourly rates

Database Maintenance
and Claims Tracking $250 + $0.10/creditor/month

As Balloting Agent

Per check or Form 1099 $1.50/each

Per record $0.25/each

Special reports $0.10/page

Database Maintenance WAIVED

For Mailing/Noticing Services

First Page Print & Mail $0.20/page

Additional Pages $0.10/page

Single Page (Duplex) $0.24/each

Change of Address input $0.46/each

E-mail service Priced by volume

Reports $0.10/page

Photocopies $0.15/page

Labels $0.05/each

Fax $0.50/page

Document Imaging $0.40/image

Fees for Professional

Kathy Gerber $210 per hour

Senior Consultants $185 per hour

Programmer $130 - $160 per hour

Associate $135 per hour

Data Entry/Clerical $40 - $60 per hour

Schedule Preparation $225 per hour

BSI President Ron Jacob assures the Court that the Company is a
disinterested person as that term is used in Section 327 of the
Bankruptcy Code and has no interest adverse to the Debtor, its
creditors, or any other party-in-interest, or their attorneys
and accountants. (SK Global Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


SK GLOBAL: Creditors to Write Off Loans
---------------------------------------
Foreign creditors agreed to write off more than half of their
US$850 million of loans to SK Global in a deal that could save
the crisis-hit South Korean trading Company from collapse, the
Financial Times reported Thursday. The agreement paved the way
for SK Global to receive the proposed US$3.2 billion bail-out
that had been delayed by weeks of dispute between foreign and
domestic creditors.


SK GLOBAL: Debtor Issues December 31, 2003 Balance Sheet
--------------------------------------------------------
SK Global America, Inc.'s summary statement of assets and
liabilities consolidated pro forma balance sheet{*} as of
December 31, 2002 are as follows:

ASSETS

   Cash                                    $62,462,000
   Trade Accounts Receivable
     Customers                              38,179,000
     Related parties                       191,141,000

   Other Receivables
     Third parties                          11,944,657
     Related parties                     2,932,877,000

   Inventories                              62,162,000

   Investment                                3,520,000

   Property and Equipment                    4,324,000

   Other Assets                                345,000
                                        --------------
      TOTAL ASSETS                      $3,268,611,000
                                        ==============

LIABILITIES AND EQUITY

   Accounts Payable - Related Parties   $2,385,565,000

   Accounts Payable & Accrued Expenses      44,550,000

   Bank Borrowings                         620,721,000

   Notes Payable                           115,000,000

   Mortgage Payable                          1,964,000
                                        --------------
      TOTAL LIABILITIES                 $3,167,800,000

   Common Stock                             90,000,000

   Retained Earnings                        10,811,000
                                        --------------
      TOTAL LIABILITIES & EQUITY        $3,268,611,000
                                        ==============

SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.

{*} SK Energy Asia Pte Ltd. notified the Company that, effective
June 6, 2003, it offset $128,362,040 in accounts payable to the
Company against its receivables from the Company. Effective as
of June 6, 2003, the Company acknowledged and assented to that
offset. (SK GLOBAL BANKRUPTCY NEWS, Issue Number 1, July 25,
2003)


SK GLOBAL: Halts Oil Trading Until September
--------------------------------------------
SK Global Co. Limited does not plan to resume oil trading until
September, according to Reuters. SK Global had planned to resume
trading operations, which were wound down in March and April, in
July. The Company has instead decided to take its time re-
entering the market. The Company has trading operations in
China, where it accounts for about 10 percent of the country's
fuel oil import business, as well as in Singapore and Seoul.


SK GLOBAL: Injunction Hearing Continued to August 18
----------------------------------------------------
Hana Bank, serving as the foreign representative of SK Global
Co., Ltd. turned to the U.S. Bankruptcy Court on April 10, 2003,
for a preliminary injunction to prevent Lenders from grabbing SK
Global's U.S. assets.

A Korean restructuring proceeding under the Corporate
Restructuring Promotion Act of 2001 is ongoing.  Hana, pursuant
to the protocols of the CRPA, was duly deputized as lead agent
for the Statutory Council.  The Statutory Council has retained
experts and begun to formulate a plan of restructuring. The
Statutory Council has also created a steering committee to
regularly meet and continue to work on the Company's future.
The Governor of the Financial Supervisory Service, the Korean
governmental agency charged with regulating and overseeing
financial institutions in Korea, formally requested that SK
Global's Korean Lenders forbear from taking enforcement actions
against the Company.

Hana asks the U.S. Bankruptcy Court to enter an injunction
prohibiting:

      (a) Commencement or continuation of any action or
proceeding (including the issuance or employment of process)
against SK Global;

      (b) Commencement or continuation of any action or
proceeding (including the issues or employment of process) or
the taking of any act against the property of SK Global or
property involved in the CRPA Proceeding, including any action,
proceeding or act (i) to seize or otherwise obtain possession of
or exercise control over such property, or (ii) to create,
perfect or enforce any lien, setoff, judgment, attachment,
restraint, assessment or order, or collect, assess or recover
any claim against such property; and

      (c) All persons from relinquishing or disposing of any
property of SK Global or property involved in the CRPA
Proceedings, or the proceeds of such property, except to Hana in
its capacity as the Foreign Representative.

Andrew B. Eckstein, Esq., at Blank Rome LLP, representing Hana,
says all of the criteria under U.S. law for an injunction have
been met:

      (1) SK Global is a debtor in a foreign proceeding as
defined in Section 101(23) of the Code,

      (2) The Foreign Representative is a foreign representative
as defined in Section 101(24) of the Bankruptcy Code.

      (3) Venue is proper in the Southern District of New York
pursuant to the special venue statute applicable in Section 304
cases, 28 U.S.C. Sec. 1410, and in accordance with the Court's
broad powers granted by Congress to further judicial economy;

      (4) An injunction will assure an expeditious and
economical administration of the estate in the CRPA Proceedings,
consistent with the guidelines set forth in 11 U.S.C. Sec.
304(c);

      (5) Korean bankruptcy law is similar to United States law
and comports with American notions of fairness and due process;

      (6) The CRPA Proceedings provide many of the same
procedural safeguards as would apply in a United States chapter
11 case.

Therefore, Mr. Eckstein argues, comity is warranted.  If the
injunction isn't granted, Mr. Eckstein warns, SK Global and its
estate and creditors in the CRPA Proceedings will be irreparably
harmed.

Byoung Seon Choe, Esq., at Shin & Kim, Hana's Korean counsel,
adds that Korea has statutory provisions [if enacted on July 1,
2003] that harmonize with Sec. 304 of the U.S. Bankruptcy Code.
An English translation of these comity provisions is available
at no charge at:

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

"The[se] comity provisions are part of a broad overhaul of
Korean bankruptcy laws approved and proposed by Korea's
executive branch of government," Mr. Choe explains.  Mr. Choe
points to five features that are very similar to Sec. 304:

      * Discretion of Korean courts to recognize foreign,
including United States, bankruptcy proceedings;

      * The concept of a "foreign representative" of a foreign
debtor, who has authority to bring actions concerning the
foreign debtor's Korean assets in Korean court;

      * Authority of Korean courts to grant a "preservation
order," preventing creditors from attaching or taking other
actions against Korean assets of a foreign debtor, both while
and once it determines whether it will recognize the foreign
proceeding;

      * Authority of Korean courts to suspend proceedings
through which creditors are seeking to attach or take other
action against a foreign debtor's Korean assets; and

      * Authority of Korean courts to cancel (or vacate)
existing, attachments of Korean assets of foreign debtors once
it recognizes the foreign bankruptcy proceeding.

Citibank, N.A., Hong Kong Branch, represented by Corinne Ball,
Esq., at Jones Day, and Kookmin Bank, New York Branch, oppose
Hana's request for an injunction.

Rather than bickering about what the CRPA intended or means, Ms.
Ball suggests that Judge Blackshear "refer to that statute for
its full, correct, and stated terms."  An English translation of
the Korean Corporate Restructuring Promotion Act of 2001 is
posted available at http://bankrupt.com/misc/CRPA.pdf.

Ms. Ball relates that on March 11, 2003, Kexim Bank (UK) Limited
assigned a loan made to SK America (and guaranteed by SK Global)
to Citibank, N.A., Seoul Branch, and on March 12, 2003,
Citibank, N.A., Seoul Branch assigned the same loan to Citibank
Hong Kong. Citibank Hong Kong says it's exempt from the CRPA
because, as a matter of Korean law, the CRPA does not apply to a
foreign creditor.

Dong Pyung Joo, Esq., at Hwang Mok Park P.C., Citibank's Korean
counsel, advises Judge Blackshear that the CRPA, enacted in
2001, is a piece of temporary legislation that expires in 2006.
It was enacted to quell widespread criticism that Korean banks
were restructuring corporate debts in secret.  The CPRA offers
temporary transparency but the hope is that it will no longer be
necessary in 2006 and will terminate.  Mr. Joo points to two
major holes in CRPA proceedings: any judicial tribunal does not
supervise them and they are voluntary processes.

Mr. Joo notes that Hana does not treat Citibank as a Domestic
Creditor Bank in the CPRA Proceeding and doesn't allow Citibank
any say in how SK Global is run.  Hence, Citibank is a Foreign
Institution and is exempt from the CPRA Proceeding.  If the CPRA
Proceeding doesn't apply to Citibank, then no Sec. 304
Injunction can be imposed on Citibank.

Mr. Joo also says that SK Global's assertion that the assignment
of the Kexim loan somehow violated Korean law is nonsense.

Kookmin, represented by Sang Chin Yom, Esq., and Mitchell B.
Nisonoff, Esq., argues that:

      (A) The U.S. Bankruptcy Court does not have jurisdiction
because SK Global is not a debtor in a "foreign proceeding"
within the meaning of the Bankruptcy Code;

      (B) Hana is not a qualified "foreign representative"
within the meaning of the Bankruptcy Code; and

      (C) Hana has not satisfied the required statutory
requirements for obtaining injunctive relief.

Importantly, Kookmin says, the New York State Court has already
ruled that its loan isn't within the ambit of the CRPA
Proceeding.  Hana, Kookmin argues, should be collaterally
stopped from asserting otherwise in the Bankruptcy Court and the
Bankruptcy Court should give deference to this state court
determination.

Hana says that the United States Bankruptcy Court's assistance
is necessary.  Collection actions in New York State Courts,
thousands of miles away from SK Global's principal place of
business, will drain limited resources and management attention
from the ongoing restructuring efforts in Korea.  "Citibank HK's
and Kookmin's actions impairs SK Global's ability to restructure
and will harm other creditors by depleting unnecessarily the
finite assets available to pay creditors' claims in the Foreign
Proceedings," Mr. Eckstein argues.  "Moreover, Citibank HK and
Kookmin, by attaching funds of SK Global, have unfairly gained
preferences over other creditors of SK Global. Therefore, it is
critical that SK Global obtain immediate injunctive relief on a
nationwide basis to enable SK Global to achieve a successful
restructuring, to ensure the orderly administration of the
estate and the resolution of claims in the Foreign Proceedings
and to prevent any creditor of SK Global from gaining a
preference."

Judge Blackshear will convene a hearing at 10:00 a.m. on August
18, 2003, to sort through Hana, Citibank and Kookmin's
arguments. (SK GLOBAL BANKRUPTCY NEWS, Issue Number 1, July 25,
2003)


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


ABRAR CORPORATION: Defaulted Payment Status Remains Unchanged
-------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
wishes to announce that there has been no changes to the status
in payment since the Company's previous announcement made on 16
June 2003.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2004.

On 1 November 2002, Public Merchant Bank Berhad (PMBB), on
behalf of the Company, announced that the Company's debt
restructuring proposal (the Workout Proposal) prepared by the
Special Administrators of the Company, was approved by Danaharta
in accordance with Section 45(2) of the Danaharta Act. Under
Section 46(4) of the Danaharta Act, the Workout Proposal binds
the Company, all members and creditors of the Company and any
other person affected by the Workout Proposal.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission (SC) had via their letters dated
18 December 2002 and 20 December 2002 approved the Company's
proposed corporate debt restructuring scheme (the Proposed
Restructuring Scheme), subject to certain conditions to be
fulfilled.

On 28 May 2003, PMBB, on behalf of the Company, announced inter-
alia that the SC had via its letter dated 27 May 2003, approved
certain modification with regards to the Proposed Restructuring
Scheme, as proposed.

On 17 June 2003, PMBB, on behalf of the Company, announced that
the Register of Depositors of the Company will be closed on 24
June 2003 for the purposes of implementing the Company's
Proposed Restructuring Scheme.

On 18 June 2003, the Information Circular in relation to the
Company's Proposed Restructuring Scheme was issued to the
Company's shareholders.

On 30 June 2003, the Prospectus in conjunction with the listing
of OilCorp Berhad, which is taking over the Listing Status of
the Company on the Main Board of the Exchange, was issued. The
OilCorp Berhad shares are expected to be listed on the Main
Board of the Exchange on 5 August 2003.

The transfer of the Company's Listing Status to OilCorp Berhad
forms part of the Company's Workout Proposal and the Proposed
Restructuring Scheme including the subsequent liquidation of the
Company.

The Company's Proposed Restructuring Scheme, once implemented,
will address the Company's default in payments.


ASSOCIATED KAOLIN: SC Grants Code Exemption Application
-------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements in relation to the
Proposals, which comprises:

   i. Proposed Capital Reduction;

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

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

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

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

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

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

   viii. Proposed Debt Restructuring of AKI;

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

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

On behalf of Stargard Resources Sdn Bhd, Focus Matrix Sdn Bhd,
Shucho Asia Trading Sdn Bhd, Poh Kim Heng and Saporiti Resources
Sdn Bhd (collectively referred to as the "Promoters"), Commerce
International Merchant Bankers Berhad (CIMB) had on 22 May 2003
made an application to the Securities Commission (SC) to seek
exemption under Practice Note 2.9.3 of the Malaysian Code on
Take-Overs and Mergers, 1998 (Code), from making a mandatory
offer under the Code for the remaining GHB Shares not already
owned by the Promoters upon the completion of the Proposals.

On the behalf of the Promoters, CIMB is pleased to announce that
the SC had via its letter dated 29 July 2003 approved the
aforesaid application.


BUKIT KATIL: Discloses June Oil Palm Production Figures
-------------------------------------------------------
In accordance with Paragraph 9.29 of Part L of the KLSE Listing
Requirements, Bukit Katil Resources Berhad announced the
production figures for the month of June 2003 in respect of the
Group's plantation production as follows:

                                                 FFB (mt)

Current Month (June 2003)                          940.93
Preceeding Year Corresponding Month (June 2002)    675.59
Current Year to date (June 2003)                 9,022.87
Preceeding Year Corresponding Period (June 2002) 8,940.36


BUKIT KATIL: Issues Loan Facilities Update
------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad wishes to
update on the following loan facilities:

Bumiputra-Commerce Bank Berhad

Negotiation with the bank are currently ongoing. In the
meantime, in order to rectify the situation, the company is
seeking alternative financing from other financial institutions
for the repayment of the defaulted sums.

OCBC Bank (Malaysia) Berhad

Further to the ongoing negotiations with OCBC Bank (Malaysia)
Berhad, the company has been pursuing alternative financing to
fully settle the outstanding facilities.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

Borrowings in default as at 30 June 2003 with Bumiputra-Commerce
Bank Berhad and OCBC Bank (Malaysia) Berhad are tabled at
http://bankrupt.com/misc/TCRAP_Bkatil0804.pdf.


FW INDUSTRIES: Inks Restructuring Agreement With Vendors
--------------------------------------------------------
On behalf of the Board of Directors of FW Industries Berhad,
Southern Investment Bank Berhad (SIBB) wishes to announce that
the Company had on 30 July 2003 entered into a Restructuring
Agreement (Agreement) with Maksin Sdn Bhd (MSB or Newco, a newly
incorporated company) and the vendors of Malaysia Power Steel
Industries Sdn Bhd (MPSI) (MPSI Vendores), Mestika Yakin Sdn Bhd
(MYSB) (MYSB Vendors) and Richcall Engineering Sdn Bhd (RESB)
(RESB Vendors) (collectively the Vendors) to undertake a
proposed corporate and debt restructuring exercise to regularise
the financial condition of the Company pursuant to PN4/2001.

Pursuant to the Agreement, Newco had also on even date entered
into a conditional Share Sale Agreement for the sale and
purchase of the following:

   (i) the entire equity interest in MPSI from MPSI Vendors for
a total purchase consideration of RM51,280,000;

   (ii) the entire equity interest in MYSB from MYSB Vendors for
a total purchase consideration of RM16,606,000; and

   (iii) the sale and purchase of the entire equity interest in
RESB from RESB vendors for a total purchase consideration of
RM7,114,000.

Newco together with Fieldwork Engineering Sdn Bhd (FESB) and
Thermo Industrial Boilers and Vessels Sdn Bhd (TIBV) (Secured
Asset Vendors) will enter into Conditional Sale and Purchase
Agreement(s) for the acquisition of the assets charged to
financial institutions (FI) creditors (Secured Assets). The said
agreement(s) will be entered into at a later date.

The proposed corporate and debt restructuring exercise comprises
the following:

   - Proposed Share Exchange;
   - Proposed Rights Issue;
   - Proposed Debt Settlement;
   - Proposed Acquisitions;
   - Proposed Exemption;
   - Proposed Placement and/or Restricted Offer for Sale;
   - Proposed Listing Status Transfer; and
   - Proposed Disposal.

(collectively known as the Proposed Restructuring Scheme or
Proposals)

Information on the Proposed Restructuring Scheme

Further information on the Proposed Restructuring Scheme is set
out at http://bankrupt.com/misc/TCRAP_FW0804.doc.


GULA PERAK: Clarifies Audited, Unaudited Results Variance
---------------------------------------------------------
Gula Perak Berhad informed that the variance of RM26.703 million
between the audited loss after tax of RM94.029 million and the
unaudited loss after tax of RM67.326 million is due to the
following:

                                 Effects on audited results
                                 increase loss after taxation
                                         RM'000
LOSS AFTER TAX FOR THE FINANCIAL
YEAR ENDED 31/03/03 (UNAUDITED)          67,326
Additional Provision for doubtful debts  16,214
Provision for foreseeable losses on
Development Expenditure                   4,478
Provision for diminution in investment
in subsidiary                             3,511
Additional Provision on impairment of
hotel property                            2,500
LOSS AFER TAX FOR FINANCIAL YEAR END
31/03/03 (AUDITED)                       94,029


IDRIS HYDRAULIC: TAE Extends Debt Conversion Date to Nov 30
-----------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad refers to the announcement
dated 26 June 2003 in respect of the Supplemental Debt
Restructuring Agreement entered into between Idris Hydraulic
(Malaysia) Bhd (IHMB), its Lenders and Idaman Unggul Sdn Bhd
(Newco) to, inter-alia extend the completion period for the
Proposed Restructuring Exercise to 30 June 2003.

IHMB wishes to announce that TA First Credit Sdn Bhd (TAFC), a
wholly owned subsidiary of TA Enterprise Berhad (TAE) has on 29
July 2003 agreed to extend the Debt Conversion Date, that is the
date scheme liabilities are expected to be fully addressed, from
30 June 2003 to 30 November 2003 (Extended Debt Conversion Date)
provided however that the cash amount that is due to TAFC from
the Proposed Share Subscription by Dato' Che Mohd Annuar bin Che
Mohd Senawi shall be paid on or before 30 September 2003.


JASATERA BERHAD: Non-Exec Dir Leong Soon Kiong Retires
------------------------------------------------------
Jasatera Berhad posted this Change in Boardroom Notice:

Date of change : 30/07/2003
Type of change : Retirement
Designation    : Non-Executive Director
Directorate    : Non Independent & Non Executive
Name           : Leong Soon Kiong
Age            : 46
Nationality    : Malaysian
Qualifications : Honors degree in civil engineering
Working experience and occupation  : About 20 years in the
construction industry
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : 1000 shares in Jasatera Berhad

On June 3, the Troubled Company Reporter - Asia Pacific
reported that Jasatera Berhad had already obtained the approvals
from the Securities Commission, the Ministry of International
Trade and Industry and the Foreign Investment Committee for the
Revised Proposed Recapitalization Exercise (RPRE).


KEMAYAN CORP.: Vendors Require Profit Guarantee Distribution
------------------------------------------------------------
Further to the announcement on 22 July 2003 by Public Merchant
Bank Berhad, Kemayan Corporation Berhad announced that after
seeking clarification with the Securities Commission (SC) in
relation to one of the conditions imposed by the SC:

"The vendors of MESB are required to provide a profit guarantee
for the profits after taxation and minority interest of the
Iyara Group for the financial years ending 31 March 2005 and
2006 instead of 31 March 2004 and 2005, amounting to RM8.669
million and RM18.396 million respectively."

Save as disclosed above, there are no other amendments, which
are material to the Proposed Restructuring Scheme.


KRAMAT TIN: KLSE Grants Three-Month RA Extension
------------------------------------------------
The Board of Directors of Kramat Tin Dredging Berhad announces
that the Kuala Lumpur Stock Exchange has, via its letter dated
31 July 2003, granted KTD an extension of three (3) months from
5 July 2003 to 6 October 2003 to make its Requisite Announcement
under PN10 to the Exchange for public release.


L&M CORPORATION: Unit's Defaulted Facilities Hits RM60.411M
-----------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd wish to
inform that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 30 June 2003 was RM60,411,447.71.

As announced on 4 July 2003, L&M is seeking waiver/indulgence
from the Securities Commission (SC) in respect of certain
conditions stated in the SC's approval letter dated 23 May 2003.

Remark: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.


LAND & GENERAL: Settles RM450M Debts, 4.5% US$100M Bonds
--------------------------------------------------------
As announced on 30 July 2003 for and on behalf of Land & General
Berhad by Commerce International Merchant Bankers Berhad, the
Company has completed its Composite Debt Restructuring Scheme
(CDRS) and accordingly, has fully settled its total scheme
borrowings of RM450,491,794 by way of issuance of 5% Redeemable
Convertible Secured Loan Stocks and new ordinary shares of RM1
each in L&G and conversion into secured term loans.

In accordance with Practice Note 1/2001, the Company had
previously released the appropriate announcements in relation to
payments in default with regard to certain of the said scheme
borrowings (which included the 4.5% USD100 million convertible
bonds).

With the successful completion of the CDRS, the Directors of L&G
are now pleased to inform that L&G is no longer in default in
respect of said borrowings; including the 4.5% USD100 million
convertible bonds.


LONG HUAT: Restraining Order Time Extension Request Pending
-----------------------------------------------------------
Application for Extension Of Time In Relation To The Restraining
Order Under Section 176(10) of The Companies Act

Long Huat Group Berhad wishes to announce that, on 29 July 2003
its solicitors, Messrs Kadir, Andri Aidham & Partners, had on
behalf of the Company, filed an application for an extension of
time for a further 90 days in relation to the Restraining Order
under Section 176 (10) of the Companies Act 1965 and for the
convening of meetings of creditors and shareholders pursuant to
Section 176 (1) of the Companies Act 1965.

The solicitors will inform the Company on the hearing date fixed
by the court once the sealed application is extracted.


MALAYSIAN RESOURCES: Files Court Demerger Docs With Commission
--------------------------------------------------------------
On behalf of the Board of Directors of Malaysian Resources
Corporation Berhad, AmMerchant Bank Berhad is pleased to
announce:

The High Court of Malaya (Court) has on 8 July 2003 given its
sanction for MRCB to undertake the Demerger of MRCB and Media
Prima Berhad (being the company that will assume the listing
status of Sistem Televisyen Malaysia Berhad) (Demerger) pursuant
to the Proposed Corporate Restructuring Scheme. The certified
true copy of the order of the Court approving the Demerger has
been lodged with the Companies Commission of Malaysia on
Wednesday.

An information circular in relation to the Demerger will be sent
to all shareholders of MRCB in due course.


MANGIUM INDUSTRIES: Provides Defaulted Payment Status Update
------------------------------------------------------------
Mangium Industries Bhd. (formerly known as Serisar Industries
Bhd.) (MIB) wishes to announce that its wholly owned subsidiary,
Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and is deemed to
have defaulted in its repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad, both which are unsecured.

The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 attached at
http://bankrupt.com/misc/TCRAP_Mangium0804.doc.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

MIB is currently in negotiations with the lenders to normalize
and regularise the accounts/facilities and amounts due and owing
to them.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 30 June 2003, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM11,938,647.34.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed in Table 1 represent the borrowings of the
MIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have refrained from serious legal action
other than those, which have been disclosed in its Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularise the accounts.


PROMET BERHAD: SPA Due Date Extended to August 31
-------------------------------------------------
Promet Berhad refers to the announcement dated 30 June 2003 in
relation to the Proposed Acquisition by Titan Element Sdn Bhd
(TESB) of 91 parcels of commercial and office space in Wisma
Saberkas, Kuching, Sarawak (Wisma Saberkas) (Proposed Wisma
Saberkas Acquisition) from Presab Sdn Bhd (Presab).

On 30 May 2003, Promet had entered into an agreement (Agreement)
with TESB to set out the Company's agreement to use its best
efforts to procure the sale of Wisma Saberkas by Presab to TESB
and to procure the execution of the conditional sale agreement
(Wisma Saberkas SPA) by Presab within a period of thirty (30)
days from the date of the Agreement (Due Date) or such further
period as TESB and Promet may agree in writing. On 30 June 2003,
Promet and TESB had agreed to extend the Due Date from 30 June
2003 to 31 July 2003.

Pursuant to the above, on behalf of the Board of Directors of
Promet, Southern Investment Bank Berhad wishes to announce that
Promet and TESB had on 31 July 2003 agreed to extend the Due
Date from 31 July 2003 to 31 August 2003, pending the
finalization of the terms and agreements of the parties to the
Wisma Saberkas SPA. All other terms and conditions of the
Agreement shall stand and remain unchanged.


SEAL INCORPORATED: August 16 EGM Scheduled
------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Seal Incorporated Berhad will be held at the Company's factory,
Site No. 30, Tasek Drive, Tasek Industrial Estate, 31400 Ipoh,
Perak Darul Ridzuan on Saturday, 16 August 2003 at 10.30 a.m.,
for the purpose of considering and, if thought fit, passing the
following Ordinary Resolution with or without modification:

ORDINARY RESOLUTION

PROPOSED JOINT VENTURE WITH DARUL KENCANA SDN. BHD. FOR THE
DEVELOPMENT AND THE TRANSFER OF ALL THREE (3) PARCELS OF
FREEHOLD LAND HELD UNDER TITLE G.M. 537, LOT 480, G.M. 536, LOT
481 AND GRANT NO. 5432, LOT 1213 MEASURING APPROXIMATELY 1.175
ACRES, 1.24375 ACRES AND 29.53125 ACRES RESPECTIVELY ALL LOCATED
AT MUKIM OF CHERAS, DAERAH HULU LANGAT, NEGERI SELANGOR FOR A
TOTAL CASH CONSIDERATION OF RM21 MILLION (PROPOSED JV)

"THAT subject to the approvals being obtained from the relevant
authorities and parties, approval be and is hereby given for
Seal Incorporated Berhad to enter into a joint venture with
Darul Kencana Sdn Bhd (DKSB) for the development and the
transfer of all three (3) parcels of freehold land held under
title G.M. 537, Lot 480, G.M. 536, Lot 481 and Grant No. 5432,
Lot 1213 measuring approximately 1.175 acres, 1.24375 acres and
29.53125 acres respectively all located at Mukim of Cheras,
Daerah Hulu Langat, Negeri Selangor for a total cash
consideration of RM21 million upon the terms and conditions as
stated in the JV Agreement and Supplementary JV Agreement;

AND THAT the Board of Directors of the Company be and is hereby
authorized to give effect to the Proposed JV with full power to
enter into or agree to any variations, modifications,
revaluation and/or amendments as may be required by any relevant
authorities."

The Troubled Company Reporter - Asia Pacific reported that as at
31 March 2003, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM1.15 million.


SIN HENG: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
Sin Heng Chan (Malaya) Berhad wishes to announce that there is
no change in the status of the Company's plan to regularise its
financial condition since it's last announcement on 30 August
2002. All the relevant authorities namely the Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI) have granted
conditional approval to the Proposal.

On behalf of the Company, Southern Investment Bank Berhad had on
27 January 2003 submitted an appeal to SC for the waiver of
certain conditions imposed. Subsequently, SC has reverted with
their comments and the same have been announced on 11 March 2003
and 24 April 2003 respectively. The SC had also approved the
Company's application for an extension of time of six (6) months
up to 31 December 2003 to complete the Proposal. Any further
developments to the Restructuring Scheme will be announced in
due course.


SRI HARTAMAS: Financial Regularization Workout Underway
-------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements and set
out below the monthly report for the month of July 2003 for your
kind attention:

"The Special Administrators of SHB wish to inform that there is
no change to the announcement made on 1 July 2003 on the status
of SHB's plan to regularise its financial condition.

On behalf of SHB, Commerce International Merchant Bankers Berhad
(CIMB) had on 3 June 2003 announced that SHB had entered into a
supplemental letter with FACB Resorts Berhad (FACB) and Hartamas
Group Sdn Bhd (HGB) on 30 May 2003 which serves to amend and
revise the terms of the reconstruction agreement dated 23 May
2001 as supplemented by the first supplemental reconstruction
agreement dated 20 March 2003.

On behalf of SHB, CIMB had also on 3 June 2003 announced that
the Securities Commission (SC) has via its letter dated 27 May
2003 granted its approval on the Proposed Waiver for the Concert
Parties from having to undertake the Mandatory Offer under
Practice Note 2.9.3 of the Malaysian Code on Take-overs and
Mergers 1998 (Code). Notwithstanding the above, the Proposed
Waiver for the proposals/exercises which represent future
obligations of the Concert Parties, namely the exercise of the
warrants of HGB (HGB Warrant) by the Concert Parties and/or the
exercise of the put option (Put Option) by the creditors of SHB
(SHB Creditors) to sell the HGB Shares to the Concert Parties,
would only be considered by the SC when the Concert Parties have
obtained approval from the non-interested shareholders of HGB in
accordance with the 'white-wash' procedures under Practice Note
2.9.1 of the Code. The said approval from the non-interested
shareholders of HGB, if any, is valid for the entire tenure of
the HGB Warrants or the Put Option.

On behalf of SHB, CIMB had on 24 June 2003 announced that FACB
has informed SHB that the resolution for the participation of
FACB in the Proposed Scheme of Arrangement as contained in the
Notice of Extraordinary General Meeting in the Circular to
Shareholders of FACB dated 9 June 2003, has been duly approved
by the shareholders of FACB at its Extraordinary General Meeting
held on 24 June 2003.

In this respect, the Special Administrators of SHB and the
management of FACB continue to take the necessary steps to
fulfill all the conditions relating to the Proposed Scheme of
Arrangement."


TAT SANG: Releases Legal Suits Hearing Dates
--------------------------------------------
Tat Sang Holdings Berhad informed that the hearing date of the
following legal suits are fixed as follows:

1. Standard Chartered Bank(M) Berhad - vs- Mercuries & Muar
Wooden Furniture Mfg Sdn Bhd(MMWF) at Kuala Lumpur High Court

Suit No : D5-23-1051-2001
Decision : The above suit case, which came up for Decision of
the Plaintiff's Application for Summary Judgment on the 1st
August 2002. The Senior Assistant Registrar allowed the
Plaintiff's application and recorded Summary Judgment against
all the defendants. The Solicitors had on 11 April 2003 lodged
the Appeal against the decision of the Learned High Court Judge
to the Court of Appeal. The Company is currently awaiting the
notes of proceedings and the grounds of judgment of the High
Court to file the Record of Appeal.

2. Malayan Banking Berhad (MBB) - vs- MMWF at Muar High Court

Suit No : 23-108-2001
Decision :. Base on the outcome of the hearing on 10.10.2002,
the solicitors have managed to set aside the aforesaid Summary
Judgment against all the Defendants. As the dispute is on the
amount claimed by MBB, Interlocutory Judgment was instead
entered by consent with amount to be assessed before the Senior
Assistant Registrar based on the rate as specified in the letter
of offer dated 19 August 2000. MBB will not be able to enforce
or execute the aforesaid Interlocutory Judgment until the amount
to be calculated is agreed upon by the parties

On 09 May 2003, the plaintiff application assessment of amount
due has been adjourned by the court to enable the plaintiff to
recalculate the same based on the original rates as stated in
the letter of offer dated 19 August 2000 without subsequent
variations. The court has fixed the next hearing from 07 July
2003 to 07 August 2003.

3. Bumiputra-Commerce Bank Berhad - vs - MMWF at Muar High Court

Suit No : 23-76-2001
Hearing date: The hearing for the application for summary
judgment was fixed on 21 February 2002, later was fixed to 20
June 2002 and 15 August 2002. Later the application was fixed
for decision on 23 August 2002.

Decision : The Judgment was obtained on 23 August 2002, the
plaintiff's application for Summary Judgment against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December,2002.

On 19 May 2003, the High Court Judge in Chambers has dismissed
the appeal with costs to the Respondent and decided that there
was no triable issues or questions of law which may prohibit the
Plaintiff/Respondent from maintaining the judgment obtained
against the Company under Order 14 application for the sum of
RM4,992,000 together with interest of 8.0% p.a.. The Solicitors
have filed the Notice of Appeal to the Court of Appeal, Malaysia
on 16 June 2003. The record of appeal shall be filed by the
solicitor on 8 August 2003. On 30 June 2003, the Company
received a Statutory Demand Letter dated 27 June 2003 (the said
date), to fully realize the judgment sum with interest within 3
weeks from said date. Notice was also given that upon expiry of
the 3 weeks period, a winding-up proceedings will be commenced
against the TSHB without further reference. However, the Company
had proposed to present the Company's restructuring scheme,
which expected to be ready in mid August 2003 to prevent further
action from BCBB.

4. Bank Pembangunan & Infrastruktur Malaysia Bhd (BPIMP)- vs -
MMWF & TSHB

Suit No : 23-54-2002
Status of the suit : Memorandum of Appearance was filed on 25
July 2002 and the solicitors had filed in defense on 8 August
2002. Hearing date for summary judgment was fixed on 28 November
2002. The BPIMP had filed an application for Summary Judgment
under Order 14 of the Rules of the High Court 1980 together with
the necessary affidavit in support of application for the
aforesaid sum. The hearing date was fixed on 16 January 2003,
later postponed to 20 February 2003 and subsequently to 20 March
2003.

Decision : Base on the outcome of the hearing dated 20 March
2003, Judgment has been entered against MMWF & TSHB. The
Solicitors have filed the appeal to the Judge in Chambers and
the next hearing is fixed for hearing on 16 June 2003. Now, the
appeal is fixed on 23 September 2003.


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


NATIONAL BANK: Starting Foreclosed Assets Sales
-----------------------------------------------
The Philippine National Bank (PNB) will start selling 30 billion
pesos' worth of residential and commercial properties in a
series of auction that will start this month to be conducted by
the CB Richard Ellis real estate service firm, which it had
appointed as auction consultant and manager, reports the
Inquirer News Service. PNB has 78 billion pesos' worth of non-
performing assets, consisting of 30 billion pesos' worth of
foreclosed properties and 48 billion pesos' worth of bad loans.

Most of the assets to be offered are residential and commercial
properties, condominium units and commercial spaces, mostly in
Metro Manila.


NATIONAL POWER: Files New Rate Petition With ERC
------------------------------------------------
National Power Corporation (NPC) has filed with the Energy
Regulatory Commission (ERC) an application for new generation
charges that would bring up electricity rates within the Cebu-
Negros-Panay (CNP) by R0.56 to R0.66 per kilowatt-hour, the
Manila Bulletin reported Thursday. NPC has sought for R2.80 per
kwh generation charge for Cebu and Negros; and R2.90 per kwh for
Panay; this would be an adjustment from the existing unbundled
rate of R2.24 per kwh for Visayas.


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


FLEXTRONICS LTD.: Pricing of Convertible Offer Due August 5
-----------------------------------------------------------
Flextronics International Ltd. announced the pricing of a
private offering of $500 million aggregate principal amount of
its 1.0% Convertible Subordinated Notes due August 1, 2010.  The
offering is expected to close on August 5, 2003. The company has
also granted the initial purchasers a 30-day option to purchase
up to an additional $30 million aggregate principal amount of
the notes. The company intends to use the net proceeds of the
offering to repurchase outstanding senior subordinated notes and
for general corporate purposes.

The offering was made only to qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933. The
notes are convertible into the company's ordinary shares at a
conversion price of approximately $15.525 per share, which
represents a premium of 35.0% over the closing bid price of the
company's ordinary shares on the Nasdaq National Market on July
30, 2003. Upon conversion, Flextronics will have the right to
deliver cash (or a combination of cash and ordinary shares) in
lieu of ordinary shares.

The notes to be offered and the ordinary shares issuable upon
conversion of the notes have not been registered under the
Securities Act of 1933, as amended, or any state securities
laws, and unless so registered, may not be offered or sold in
the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws.

Electronics giant Flextronics Ltd. expects losses to soar as it
counts the cost of shutting two factories and business
restructuring, TCR-AP reported recently. 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.


FLEXTRONICS LTD.: S&P Affirms BB- Rating
----------------------------------------
Standard & Poor's Ratings (S&P) Services assigned its 'BB-'
rating to Flextronics International Ltd.'s $500 million senior
subordinated convertible notes due 2010. At the same time, S& P
affirmed Flextronics' 'BB+' corporate credit and its other
ratings. The outlook is stable.

Standard & Poor's expects proceeds from the notes issue to
refinance existing senior subordinated debt. Singapore-based
Flextronics, a leading provider of electronics manufacturing
services (EMS), primarily to the communications, computing and
consumer electronics industries, had total debt outstanding of
$1.7 billion as of June 2003.

Flextronics' sales growth has slowed, as revenue remained flat
in the 12 months ended June 2003, with total sales of about
US$13 billion.

"We expect end-market demand in communications and computing to
remain weak over the near term," said Standard & Poor's credit
analyst Emile Courtney. "We believe it will be an ongoing
challenge for Flextronics to maintain its operating performance
while executing management's growth strategy in the midst of a
severe downturn in end-market demand. On the other hand, the
long-term nature of the Company's customer relationships and its
moderate financial profile provide ratings protection."


HEALTHYCO INTERNATIONAL: Winding Up Hearing Set August 15
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Healthyco International Group Pte Ltd (RC No. 200200708N) by the
High Court was on the 24th day of July, 2003, presented by ASIAN
PGA TOUR LIMITED (Registration No. 52922088A) care of 10 Hoe
Chiang Road, #25-00 Keppel Towers, Singapore 089315, a Creditor,
and the said Petition is directed to be heard before the Court
sitting at 10.00 o'clock in the forenoon, on Friday, the 15th
day of August, 2003, and any creditor or contributory of the
said Company desiring to support or oppose the making of an
order on the said Petition must appear at the time of the
hearing by himself or his Counsel for that purpose, and a copy
of the said Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is care of 10 Hoe Chiang Road, #25-00
Keppel Towers, Singapore 089315. The Petitioner's Solicitors are
Messrs Rajah & Tann of No. 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Rajah & Tann, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock noon of
the 14th day of August, 2003 (the day before the day appointed
for the hearing of the petition).


MULTI-CHEM LTD.: Narrows Q203 Net Loss to S$0.67M
-------------------------------------------------
Multi-Chem Ltd. posted a net loss of S$0.67 million in the year
to June 30, versus a loss of S$1.63 million a year earlier.
Multi-Chem Limited provides precision drilling services to
printed circuit board fabricators and distributes specialty
chemicals.

On June 13, 2003, the Board of Directors of Multi-Chem Ltd.
announced that the Singapore Exchange Securities Trading Limited
Singapore Exchange had given its in-principle approval for
Multi-Chem's application for the listing and quotation of
18,500,000 new ordinary shares of S$0.05 each in the share
capital of Multi-Chem New Shares pursuant to the conversion of
up to US$2,000,000 in principal amount of unsecured convertible
notes due 2006 at a conversion price of S$0.20 per share subject
to adjustments Convertible Notes. The in-principle approval
granted by the Singapore Exchange for the listing and quotation
of the New Shares is not an indication of the merits of the
Convertible Notes.


PRESSCRETE HOLDINGS: Returns to Profit in First Half
----------------------------------------------------
Presscrete Holdings Limited posted a net profit of S$1.01
million in the first six months ending in May 31, versus a net
loss of S$1.30 million a year ago, Reuters reports. The Company
is engaged in civil, structural and environmental engineering
activities as well as the designing, construction and operation
of outdoor adventure facilities.

The Troubled Company Reporter-Asia Pacific reported that
Presscrete Holdings Limited posted a net loss of S$1.302 million
in the first half of 2002 from 3.254 million a year earlier due
to lower interest charges arising from the deconsolidation of
unit Ceramic Technologies Pte Ltd.'s debts.


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


BANGCHAK PETROLEUM: Explains Capital Reduction, Bond Issuance
-------------------------------------------------------------
Bangchak Petroleum Public Company Limited, in reference to the
Board of Directors' resolutions at a meeting no. 8/2003 held on
July 29, 2003 in respect to Capital reduction, Capital
Increase, and Bonds issuance, issued clarification as follows:

According to the Cabinet Meeting on July 8, 2003, the
meeting has approved the Business and Financial restructuring
plan in order to support and strengthen the Company's business
operation. For the financial restructuring, it can be classified
into 2 parts : First, the Company will acquire new long - term
loans to replace the existing bonds which have tight payment
schedule, in the amount not exceed 12,500 million baht. Second,
the government will support the Company to raise 7,000 million
baht of capital from the capital market, public and financial
institutions, by guaranteeing or do any other measures to
protect the initial capital issued by mutual funds, which are
set up to invest in the Company's common shares and convertible
debentures. The Company must be received the approval from the
shareholders in order to complete the capital increase process
and increase the investors' confidence.

   Topic 1 : Agree to propose the shareholder's meeting
to approve the decrease of the Company's registered capital from
Bt7,720,409,400 to Bt5,220,409,400, by canceling 250,000,000
shares which have not been issued and sold, and the outstanding
shares will be 522,040,940 shares, as well as, transfer of
reserves and decrease of the registered capital from
Bt5,220,409,400 to Bt522,040,940, by reducing the par value of
the shares from Bt10 per share to Bt1 per share, in order to
compensate the accumulated loss of the Company.

The Company would like to inform that such decrease of the
registered capital will not affect the Company's book value,
which equals to Bt7.30 per share as of June 30, 2003. On the
other hand, the Company can pay the dividend earlier since the
Company's accumulated losses will reduce from Bt7,900 million at
the end of the first quarter to Bt600 million or only 8% of
total accumulated losses. Moreover, these will increase the
investors' confidence in the future.

   Topic 2 : Agree to propose the shareholder's meeting to
approve the increase of the Company's registered capital from
Bt522,040,940 to Bt1,682,040,940, by issuing 1,160,000,000
new common shares, having the par value of Bt1 per share.

The Company would like to inform that according to the
preliminary study of capital increase alternatives of the
Company's financial advisor, the common shares expected to be
issued in this year will not exceed 300,000,000 shares. Such
shares will be offered to the mutual funds, which are set up
under the resolution of the Cabinet. The mutual funds will raise
funds from the public and financial institutions with the
condition that the Ministry of Finance will guarantee for the
capital protected or do any other measures to protect the
initial capital issued by the mutual funds. Currently, the
Company's financial advisor is studying the details of volume
and issuing price. For the rest of 860,000,000 shares, the
Company requires the registration of such shares to support the
exercise of right of the convertible debentures and warrants
issued and offered in the long - run.

For the oil prices situation, in third quarter, oil prices in
the world market tend to increase. In addition, in the second
quarter, the Company has expanded the business cooperation with
PTT Plc and Thaioil Co., Ltd., which resulted to the increase of
the Bangchak refinery run rate to 72,000 barrels per day, or 15%
comparing to that in the first quarter. The Company expects to
increase the refinery run rate by another 10% -15% or 80,000
barrels per day in third quarter. Both factors positively affect
the performance of the Company.


PREECHA GROUP: Board Resolves Porn Pen Investment Cancellation
---------------------------------------------------------------
Preecha Group Public Company announced that the Executive
Board's Meeting No. 5/2003 held on July 29, 2003 and resolved to
cancel its intended investment in Porn pen lan Co., Ltd.

There was a disagreement regarding investment conditions and
subsequently the company did not pay Porn pen lan Co., Ltd.


RAIMON LAND: Planner Compels Unit Shares Purchase
-------------------------------------------------
Mr. Robert William McMillen and Mr. Reungvit Dusadeesurapot,
Authorized Directors of Raimon Land Planner Co., Ltd., the
Plan Administrator of Raimon Land Public Company Limited,
obliged Raimon Land to purchase the capital increase ordinary
shares in Raimon Tower Co., Ltd., as its subsidiary, in which
Raimon Land holds 471,700 shares; being equivalent to 94.34
percent of the registered capital, in the amount of 200,000
shares, par value of Bt100 each, amounting to 20,000,000 Baht
with the following particulars:

1.   Name of Subsidiary:  Raimon Tower Co., Ltd.
2.   Registered Capital:  as at 28 April, 2003, Raimon Tower
                          Co.,Ltd. had the fully paid up
                          registered capital of Bt50,000,000,
                          divided into 500,000 ordinary and
                          Raimon Tower Co., Ltd. will increase
                          the registered capital for another
                          Bt20,000,000, the total registered
                          capital of Bt70,000,000, by issuing
                          200,000 new ordinary shares, par value
                          of Bt100 each, to be allotted and
                          offered in whole to Raimon Land,
                          priced at Bt100 per share.

3.  Proportion of Shareholding:  Raimon Land Public Company Ltd
                          will purchase  200,000 ordinary
                          making the total investment of
                          Bt20,000,000. The proportion of
                          shareholding of Raimon Land shall
                          increase ratio from the existing of
                          94.34 percent to 95.96 percent of
                          the registered capital.

4.   Source of Funds:  Working capital of Raimon Land.

5.   Calculation of Size of Transaction :  Raimon Land purchases
                          the capital increase ordinary shares
                          in Raimon Tower more than proportion
                          of shareholding amount 11,320 shares,
                          par value of Bt100 each, amounting
                          of Bt1,132,000, with the size of
                          transaction is calculated as 0.84
                          percent of the net assets value of
                          Raimon Land by determining on the
                          basis of the value of the assets.


TPI POLENE: Releases Q203 Operational Performance Report
--------------------------------------------------------
TPI Polene Public Company Limited provided information
regarding the unreviewed consolidated financial statements for
Q2/2003 ended June 30, 2003. Total consolidated sales were at
Bt4,636 million compared to Bt3,049 million in Q2/2002. A
significant increase of 52% was primarily due to continued
expansions of cement, ready-mixed concrete and plastic resin
businesses, which were in line with the overall economic growth.
Total consolidated revenues were at Bt5,669 million compared to
Bt3,852 million in Q2/2002, an increase of 47%.

TPIPL realized net profit of Bt1,143 million or earning per
share of Bt2.37 in Q2/2003, a significant increase of 341%
compared to net profit of Bt259 million or earning per share of
Bt0.51 in Q2/2002.

For the first six-month period of the year 2003, TPIPL and its
subsidiaries reported net profit of Bt1,461 million or net
earning per share of Bt2.97 compared to net profit of Bt285
million or net earning per share of Bt0.56 of the same period in
the previous year, a substantial increase of 413%.

To comply with the generally accepted accounting principles
practiced in Thailand, TPIPL appointed two independent
international appraisal companies to reappraise the value of
buildings, constructions, machinery and equipment in relation to
the production of cement and plastic resin products,
respectively, as the previous appraisal was made in year 1997.
As of June 30, 2003, net surplus on such asset revaluation of
TPIPL was at Bt30,221 million or increased by Bt5,586 million
compared to the value of Bt24,635 million, as of December 31,
2002.

In addition, for the purchase of 20 million shares of TPIPL by
TPIPL's subsidiary, TPIPL recorded the subtraction of Bt333.25
million from shareholder's equity of TPIPL. As of June 30, 2003,
shareholder's equity of TPIPL was at Bt19,361 million,
representing book value per share of Bt39.41 compared to book
value per share of Bt24.80, as of December 31, 2002.

Below is TPIPL's unreviewed quarterly financial statements:

                       TPI POLENE PLC
Unreviewed
                    Ending  June 30,            (In thousands)
                       Quarter 2               For 6 Months
            Year      2003        2002          2003        2002

Net profit (loss)  1,142,986     258,609     1,460,869   284,549
EPS (baht)         2.37        0.51          2.97        0.56


UNION MOSAIC: Issues Convertible Debentures
-------------------------------------------
The Union Mosaic Industry Public Company Limited board of
Director's Meeting (#2/2546) held on July 29th, 2003. Passed a
resolution approving the issuing of convertible debentures, The
details are as follows:

1. Number of convertible debentures issued: 160,000 shares
2. Par value: Bt1,000
3. Expected sale price/share: Bt-
4. Allotted to: Bt144,744,000.00 (TAMC)
              : Bt 15,256,000.00 (TISCO)
5. Subscription and payment period: -
6. Approval by relevant governmental agency: -
   and conditions there to (if any): The office of the
                                     Securities and Exchange
                                     Commission.
7. Amount of proceeds to be received: -
8. Objectives and plans for utilizing proceeds received:

   Objectives and plans  Funds required   Completion period
    -                          -                          -

9. Details of the debentures :

   1. Collateral:  (with or w/out collateral) without collateral
   2. Interest rate        : MLR-1% per year
      Interest payment     : every 6 months
   3. Maturity             : 5 years
      Maturity date        : September 2nd, 2008.
   4. Redemption           : -
   5. Conversion ratio     : 1 convertible debenture per 100
                             common share
      Conversion price     :       -
      Conversion period    : within the period of 3-5 years

10. Number of common share issued to support the issuance of
convertible debenture 16,000,000 shares

11. Schedule for shareholders meeting :

   - An ordinary/extraordinary meeting of shareholders (#1/2003)
is scheduled to be held on September 2nd, 2003 at 10:00 am. at
the company

   - The share register will be closed for share transfers in
order of determine the right to attend this meeting from 12:00
pm. on August 13th, 2003 until the meeting has been duly
convened.


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

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