TCRAP_Public/030805.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, August  5, 2003, Vol. 6, No. 153

                         Headlines

A U S T R A L I A

BURSWOOD LIMITED: Halves FY Net Profit Forecast to AU$11 Million
ROEHAMPTON RESOURCES: Director Sentenced on Insider Trading
TRANZ RAIL: Toll Won't Raise Offer, Lower Acceptance Threshold


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Posts Auditor's Management Discussion, Analysis
EAST GRAND: Petition to Wind Up Scheduled
KEEP RANK: Winding Up Petition Pending
SILKOHOL TECHPRINT: Faces Winding Up Petition
SILICON SMT: Winding Up Sought by OSK Asia

SUPERYOUNG INVESTMENT: Winding Up Hearing Scheduled on Aug 20
WAI YUEN: Proposes Reorganization, Share Premium Reduction


I N D O N E S I A

BANK PERMATA: Rights Issue Out of the Way; IBRA Wants Bond Issue


J A P A N

IRIYE HOLDINGS: Files For Voluntary Bankruptcy
ISUZU MOTORS: Returns to Y13.09B Profit in April-June
ISUZU MOTORS: July U.S. Vehicle Sales Off 36.1%
JAPAN AIRLINES: Posts 1Q03 Loss of Y77.3B
JAPAN NEW: Files For Special Liquidation

MITSUBISHI MOTORS: U.S Sales Down 34.1% in July
RINGER HUT: JCR Downgrades Rating to BBB-


K O R E A

HANARO TELECOM: Labor Union Opposes LG's Offer
HANARO TELECOM: EGM Set For August 5
SK GLOBAL: Debtors Apply to Employ BSI as Claims Agent
SK GLOBAL: Debtors File Motion For Utility Firms Injunction
SK GLOBAL: SK Set for Proxy Fight Against Sovereign

SK GLOBAL: Creditors Plan Capital Reduction


M A L A Y S I A

ABRAR CORPORATION: Securities De-listing Expected Today
AVENUE ASSETS: Unit Voluntarily Wound Up
BESCORP INDUSTRIES: June Defaulted Payment Reaches RM56.718M
DENKO INDUSTRIAL: Clarifies Loss Deviation
EPE POWER: MITI Endorses Proposes Restructuring Scheme

FW INDUSTRIES: Legal Suit Application Hearing Set Next January
FW INDUSTRIES: Proposed RM51.82M Debt Settlement Pending
JASATERA BERHAD: Implementing Revised Recapitalization Exercise
KELANAMAS INDUSTRIES: MPTR Enters Supplemental Agreements
KRETAM HOLDINGS: Changes Share Registrars' Address

MBF CAPITAL: Provides Financial Condition Status Update
NCK CORPORATION: Currently Implementing Restructuring Scheme
SCK GROUP: Awaits KLSE's De-listing Appeal Decision
SELOGA HOLDINGS: Appoints E&Y as Internal Audit Consultant
SISTEM TELEVISYEN: Demerger Transfers Status to MPB

TAJO BHD: Financial Regularization Status Remains Unchanged
TIMBERMASTER INDUSTRIES: Changes Registrar
TONGKAH HOLDINGS: Disposes of Quoted Securities
WOO HING: Issues Financial Regularization Plan Update
YCS CORPORATION: Winding Up Petition Hearing Set on October 1


P H I L I P P I N E S

BENPRES HOLDINGS: Indian Firm Acquires Unit For P9.479B
NATIONAL STEEL: Back Taxes Must be Waived, Says Roxas
MANILA ELECTRIC: First Half Sales Up 8.2%


S I N G A P O R E

ALLANDES CORPORATION: Winding Up Hearing Set For August 15
GOLD COAST: Petition to Wind Up Pending
EI-NETS LTD: Winding Up Hearing Scheduled August 8


T H A I L A N D

JASMINE INT'L: Unit's Court Session Remains on August 7
PICNIC GAS: Reports Use of IPO Proceeds
THAI HEAT: Issues 31,408,200 Preferred Stocks

     -  -  -  -  -  -  -  -

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


BURSWOOD LIMITED: Halves FY Net Profit Forecast to AU$11 Million
----------------------------------------------------------------
Due to a low win percentage on international business, Burswood
Limited advised the market Monday that net profit for the year
ended June 30 will be significantly below previous forecasts.

In May, the company projected 2003 profit to come approximately
30% below the AU$20.6 million recorded for the year ended June
30, 2002.  The company said it had expected a win percentage on
ICB of 1.35 percent for the 2003 financial year, which would
have delivered a net profit of about AU$25 million.

Yesterday, however, the company sang a new song: "As a
consequence of a lower than expected win percentage on
International Commission Business (ICB) in the last two months
of the financial year, the Company's operating profit after tax
for the year ended June 30, 2003, which has not been subject to
audit or review, will be less than the expected outcome
announced on May 2, 2003."

The company said it expects net profit after tax to be about
AU$11 million (US$7.16 million) as a result of a win percentage
of just 0.46 percent being achieved on ICB turnover of AU$854.9
million.

"If the expected win percentage on ICB of 1.35 per cent had been
achieved in the last two months of the year, the profit for the
financial year would have been approximately AU$16.0 million,
which is above the expected profit outcome announced in May
2003," the company said.

Audited results will be released August 28.


ROEHAMPTON RESOURCES: Director Sentenced on Insider Trading
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
noted on Friday the sentencing of Mr Michael John MacDermott, a
Perth company director, on six counts of insider trading in the
shares of Roehampton Resources NL (Roehampton).

Mr MacDermott has been sentenced to 18 months in jail, for each
of the six counts (to be served concurrently but fully suspended
for two years); additionally the Court imposed a $20,000 fine on
the sixth count, which must be paid within four weeks.

Mr MacDermott was sentenced after being found guilty by a jury
following a 13-day trial in the Perth District Court.

Mr MacDermott will be retried on two counts on which the jury
could not reach a verdict. The next court date relating to these
counts will be a status conference on 26 August 2003.

Mr MacDermott was charged following an ASIC investigation into
the circumstances surrounding the trading of shares in
Roehampton Resources NL between 6 and 10 May 1996. Mr MacDermott
was a director of Roehampton at the time.

The trading which is the subject of the conviction took place in
Perth, on Tuesday 7 May and Friday 10 May 1996, only days before
a voluntary administrator was appointed to the company on 13 May
1996. Following the appointment of the voluntary administrator
trading in Roehampton shares was also suspended on the
Australian Stock Exchange (ASX).

Mr MacDermott placed orders so that Henley Brook Investments Pty
Ltd (Henley Brook), a company in which he was a director and
shareholder, sold most of its shares in Roehampton.

Henley Brook sold 140,000 Roehampton shares on 7 May 1996 and
another 20,000 shares on 10 May 1996; and retained on 4,153
shares by the time the voluntary administrator was appointed.
The proceeds from the trading were $10,116.05.

The charges were brought by Australian Securities and
Investments Commission (ASIC) and prosecuted by the Commonwealth
Director of Public Prosecutions.


TRANZ RAIL: Toll Won't Raise Offer, Lower Acceptance Threshold
--------------------------------------------------------------
There's no chance Toll Holdings Ltd. will up its 95 cents/share-
offer for Tranz Rail Holdings, the New Zealand's distressed
freight-rail operator, Managing Director Paul Little said
Friday.

In a radio interview, Mr. Little was quoted by Asian Wall Street
Journal also calling the directors of Tranz Rail as
irresponsible for advising shareholders against accepting its
bid and that Tranz Rail directors were trying to "encourage
superior offers and alternatives."

Still, Mr. Little remains confident shareholders will accept his
company's offer, including the potentially contentious condition
of 90% acceptances.  "Until any other major change occurs... I
think shareholders will at the end of the day accept what it is
we're proposing."

Toll Holdings is an Australian freight-and-logistics company.


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


CIL HOLDINGS: Posts Auditor's Management Discussion, Analysis
-------------------------------------------------------------
CIL Holdings Limited disclosed its Auditor's Management
Discussion and Analysis for the year ended June 30 2002:

Financial results

For the year ended 30 June 2002, the Group produced a turnover
of approximately HK$56,635,000, a 19.03 percent increase from
last year's turnover of HK$47,579,000. The loss attributable to
shareholders for the year amounted to approximately
HK$144,740,000.

Business review

Operating of convenience stores

On 26 April 2001, the Group purchased from Goldhill Holdings
Philippines, Inc. the entire 100% interest in Goldhill
Merchandising Inc. (Goldhill). The principal business of
Goldhill is provision of retail premises, leasing facilities and
equipment and exclusive wholesale supply of merchandise to 16
convenience stores in the Philippines.

The Group had appointed an independent third party as a manger
of Goldhill for 2 years for an underwriting income of 30,000,000
pesos (equivalent to approximately HK$5.1 million) each year. An
underwriting income of approximately HK$4.17 million had been
received by the Company during the year.

Manufacturing and trading of multi-media and digital
communication products

Due to sluggish economy recovery in the Hong Kong economy and
abundant supply of multi-media and digital communication
products in the Great China region, manufacturing and trading of
multi-media and digital communication products had contributed
approximately HK$0.25 million to loss from operations despite
recording a turnover of approximately HK$56.7 million.

Disposal and winding up of subsidiaries

The Group had disposed of a subsidiary, Henredon Holdings
Limited, at a consideration of approximately HK$2.78 million
during the year and recorded a gain on disposal of HK$1.2
million in the income statement.

The High Court issued winding up order to CIL Decorative
Products Limited on 10 April 2002. This subsidiary was a dormant
company with net deficit and did not have financial significance
to the Group. The management considered it was in the best
interest of the Group to allow this subsidiary to
be wound up. A gain on deconsolidation of HK$2.54 million was
credited to the income statement.

Liquidity and financial resources

The Group had net current liabilities of HK$156 million as at 30
June 2002. Since there was a negative equity at the balance
sheet date, calculation of gearing ration is not applicable.
During the year, the management was in negotiation with all the
creditors of the Company for a settlement proposal. Details of
the debt restructuring plan and its outcome are set out in the
section "Restructuring proposal" below.

Foreign currency exposure

The Group does not have significant foreign currency exposure
except that the underwriting income of 30,000,000 peso
(approximately HK$5.1 million) receivable from the manager of
Goldhill in the subsequent year.

Employee's information

The Group had 60 employees of which 26 are employed overseas by
Goldhill. The Company has a share option scheme and on 19 March
2002, an option agreement (Agreement) was entered into with
a related company, in which Mr. Ke Jun Xiang is the beneficial
owner. Pursuant to the Agreement, 2,000 million options were
exercisable at HK$0.01 per share within twelve months if the
related company fulfilled certain conditions specified in the
Agreement. The conditions were subsequently completed on 16 May
2003.

Charges on Group assets

The Group's investment in a wholly-owned subsidiary, Collections
International Limited has been pledged to an independent third
party for a loan of approximately HK$4 million. Collections
International Limited is the holding company of a property
development join venture project in the People's Republic
of China. Full provision for impairment loss had been made at 30
June 2002.

The Group's property of carrying value of approximately HK$20
million together with the Company's guarantees were pledged to a
bank in Hong Kong for a banking facilities of approximately
HK$50 million. Subsequent to balance sheet date, the bank took
the possession of the property and disposed it at net proceeds
of approximately HK$6.4 million. Carrying value of the property
had been reduced to this amount by an impairment loss of
approximately HK$13.8 million of which HK$4.2 million was
charged to income statement and HK$9.6 million was charged
to revaluation reserve.

Contingent liabilities

There were various legal proceedings taken by the creditors
against the Company and its subsidiaries during the year and
subsequent to the balance sheet date. The directors consider
that that the estimated liabilities for the Group and the
Company will be HK$53.6 million if the creditors succeed in the
claims.

RESTRUCTURING PROPOSAL

At 31 July 2002, a restructuring proposal was proposed to
restructure the Group's total indebtedness of approximately
HK$220 million.

The Company issued a circular on 29 September 2001, which
includes, among other things, a reduction of nominal value of
all the issued capital of the Company from HK$0.01 each to
HK$0.0002 each and the consolidation of 50 of the then adjusted
shares into one new shares (the New Shares of the Company. The
Company also announced on 15 February 2002 that the Company had
entered into a subscription agreement (the Subscription
Agreement) with Trade Honor Limited (the Subscriber)
and Mr Ke Jun Xiang (the Guarantor) pursuant to which the
Subscriber had conditionally agreed to subscribe for
3,500,000,000 New Shares of the Company for a subscription price
of HK$0.01 per New Shares for an aggregate amount of
HK$35,000,000. The proceeds from the subscription would be
utilized to settle the amount required for a propose scheme of
arrangement (the Scheme) under Section 166 of the Companies
Ordinance of Hong Kong and under Section 99 of the Companies Act
1981 of Bermuda. The Scheme included, among other things,
settlement of existing indebtedness of the Company by the issue
of New Shares at an issue price of HK$0.01 each or by the
payment of cash at a ratio of approximately 13.88% for each
dollars owed by the Company. Details of the Restructuring
Proposal was included in a composite document, which was issued
to the shareholders of the Company on 30 May 2002.

On 2 and 4 April 2003, the High Court of Hong Kong and the
Supreme Court of Bermuda sanctioned the Scheme respectively. The
Subscription Agreement and the Scheme were successfully
completed on 16 May 2003. Net proceeds of HK$30 million were
derived and used to repay the indebtedness under the Scheme on
19 May 2003. Total indebtedness admitted under the Scheme was
approximately HK$206 million, of which approximately HK$15
million was paid out from the proceeds. Indebtedness of
approximately HK$170 million was waived and credited to income
statement of the company. The remaining indebtedness of
approximately HK106 million was settled by issue of ordinary
shares at HK$0.01 each.

PROSPECTS

Economic condition of the local economy is still sluggish but
the development of the Mainland China's economy is continuing
its promising trend. It is expected investment opportunities
will be further enhanced following the SAR Government entered
into the Closer Economic Partnership Arrangement (CEPA) with the
Central Government. In the days ahead, the management will focus
in formulating strategy to develop new business ventures in the
Mainland China.


EAST GRAND: Petition to Wind Up Scheduled
-----------------------------------------
The petition to wind up East Grand Limited is set for hearing
before the High Court of Hong Kong on August 20, 2003 at 9:30 in
the morning.

The petition was filed with the court on July 2, 2003 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  


KEEP RANK: Winding Up Petition Pending
--------------------------------------
Keep Rank Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on August 20, 2003 at 9:30 in the morning.

The petition was filed on July 2, 2003 by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong.


SILKOHOL TECHPRINT: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Silkohol Techprint (HK) Limited is
scheduled for hearing before the High Court of Hong Kong on
August 20, 2003 at 10:00 in the morning.

The petition was filed with the court on July 8, 2003 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.  


SILICON SMT: Winding Up Sought by OSK Asia
------------------------------------------
OSK Asia Futures Limited is seeking the winding up of Silicon
SMT Manufacturers Limited. The petition was filed on June 12,
2003, and will be heard before the High Court of Hong Kong on
August 6, 2003.

OSK Asia holds its registered office at Suite 3401, 34/F., Cosco
Tower, Grand Millennium Plaza, 183 Queen's Road Central, Hong
Kong.  


SUPERYOUNG INVESTMENT: Winding Up Hearing Scheduled on Aug 20
-------------------------------------------------------------
The High Court of Hong Kong will hear on August 20, 2003 at 9:30
in the morning the petition seeking the winding up of Superyoung
Investment Limited.

Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on July 2, 2003. Koo and
Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21/F., Bank of China Tower
No. 1 Garden Road, Central Hong Kong.


WAI YUEN: Proposes Reorganization, Share Premium Reduction
----------------------------------------------------------
On 30th July, 2003, the Directors of Wai Yuen Tong Medicine
Holdings Limited resolved to put forward a proposal to the
Shareholders to effect the Capital Reorganization involving:

   (i) a share consolidation whereby every 100 issued and
unissued Shares of HK$0.01 each will be consolidated into one
Consolidated Share of HK$1.00 each;

   (ii) the nominal value of each of the Consolidated Shares
then in issue will be reduced from HK$1.00 to HK$0.10 by
canceling paid-up capital to the extent of HK$0.90 on each
Consolidated Share;

   (iii) (a) the utilization of the credit arising from the
Capital Reduction (which will amount to approximately
HK$142,109,278 on the basis of 157,899,198 Consolidated Shares
in issue immediately before the implementation of the Capital
Reduction and before completion of the Acquisition) to partly
eliminate an equivalent amount of the accumulated loss of the
Company as at 31st March, 2003, or (b) the utilization of the
credit arising from the Capital Reduction (which will amount to
approximately HK$195,861,461 on the basis of 217,623,845
Consolidated Shares in issue immediately before the
implementation of the Capital Reduction and assuming completion
of the Acquisition) to eliminate the entire accumulated loss of
the Company of approximately HK$159,736,000 as at 31st March,
2003, with the balance thereof to be transferred to a
contributed surplus account of the Company; and

   (iv) upon the Capital Reduction becoming effective, all the
authorized but unissued Shares which shall include, without
limitation, those unissued shares arising from the Capital
Reduction, will be cancelled and forthwith upon such
cancellation, the authorized share capital of the Company will
immediately be restored to the original amount of HK$600,000,000
by the creation of the requisite number of New Shares.

As at the date of this announcement, the authorized share
capital of the Company is HK$600,000,000 diviad into
60,000,000,000 Shares of which 15,789,919,864 Shares have been
issued and are fully paid. Based on the existing issued share
capital and subject to the approval of the Capital
Reorganization by the Shareholders, the authorized share capital
of the Company upon the Capital Reorganization becoming
effective will be HK$600,000,000 diviad into 6,000,000,000 New
Shares, of which HK$15,789,919.86 diviad into 157,899,198 New
Shares will be issued and credited as fully paid. Alternatively,
assuming the Acquisition has been completed prior to the Capital
Reduction and subject to the approval of the Capital
Reorganization by the Shareholders, the authorized share capital
of the Company upon the Capital Reorganization becoming
effective will be HK$600,000,000 diviad into 6,000,000,000 New
Shares, of which HK$21,762,384.56 diviad into 217,623,845 New
Shares will be issued and credited as fully paid.

The New Shares will be traded in board lots of 2,000 New Shares
each, which is the same number as the present board lots of the
Shares. The New Shares will rank pari passu in all respects with
each other and the Capital Reorganization will not result in any
change in the relative rights of the Shareholders.

Any fractional entitlement to the New Shares will be aggregated,
sold and retained for the benefit of the Company.

In order to facilitate the trading of odd lots of the New Shares
as a result of the Capital Reorganization, the Company will
appoint a broker to provide matching services to those
shareholders who wish to top-up or sell their holding of odd
lots of New Shares. Details of the arrangements for odd lots
trading will be set out in the circular in respect of the
Capital Reorganization to be dispatched to the Shareholders.

The Directors also resolved on 30th July, 2003 to propose that,
subject to the conditions set out below, the Share Premium
Account will be reduced by an amount of HK$15,392,628.98.

In case both the Capital Reorganization and the Share Premium
Reduction have become effective prior to the completion of the
Acquisition, the Company intends to apply the credit of
approximately HK$142,109,278 and HK$15,392,629 arising from the
Capital Reorganization and Share Premium Reduction respectively
to set off against an equivalent amount of the accumulated loss
of the Company as at 31st March, 2003. The Share Premium
Account, after the above set-offs, will be cancelled.

In case both the Capital Reorganization and the Share Premium
Reduction become effective after the completion of the
Acquisition, the Company intends to utilize the credit of
approximately HK$195,861,461 arising from the Capital
Reorganization to eliminate the entire amount of the accumulated
loss of the Company as at 31st March, 2003, with the balance
thereof to be transferred to a contributed surplus account of
the Company. The credit of approximately HK$15,392,629 arising
from the Share Premium Reduction will also be transferred to the
contributed surplus account of the Company. The contributed
surplus account may be used in future for such purposes as the
Board may direct subject to the Companies Act and the Bye-laws.
The Share Premium Account, after the above transfer, will be
cancelled.

In case the Share Premium Reduction but not the Capital
Reorganization becomes effective, the Share Premium Account will
be reduced by its entire balance of HK$15,392,628.98 to set off
against an equivalent amount of the accumulated loss of the
Company.

Further details on the Proposed Capital Reorganization and the
Share Premium Reduction are set out at
http://bankrupt.com/misc/TCRAP_Wang0805.pdf.


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


BANK PERMATA: Rights Issue Out of the Way; IBRA Wants Bond Issue
----------------------------------------------------------------
To skirt an expected time-consuming procedure to get necessary
approval, the Indonesian Bank Restructuring Agency cancelled the
planned rights issue for Bank Permata, Asia Pulse said Monday.

Instead, IBRA has reportedly suggested a bond issue, which
ostensibly will not require approval from the House of
Representatives.  According to bank Vice President Chandra
Purnama, the rights issue was supposed to be launched this
month.  The plan was intended to raise funds to improve the
bank's capital adequacy ratio to 20 percent from the current
10.5 percent, the report said.

Bank Permata is a merger of five ailing private banks taken over
and recapitalized by the government following the near collapse
of the country's banking industry in the wake of the 1997
monetary crisis, Asia Pulse said.  The bank performed well after
the recapitalization, reporting net profits of Rp151.48 billion
(US$17.9 million) in the first half of this year.


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


IRIYE HOLDINGS: Files For Voluntary Bankruptcy
----------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Iriye Trading
Corporation, which is a customer of its banking subsidiaries,
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura) and
The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank, President:
Kunitsugu Hara), filed an application for voluntary bankruptcy
with the Osaka District Court. As a result of this development,
there arose a concern that its claims to the Company may become
irrecoverable or its collection may be delayed. Details were
announced as follows:

1. Outline of the Company

(1) Corporate name Iriye Trading Corporation
(2) Address 3-6-25 Kigawa Higashi, Yodogawa-ku, Osaka
(3) Representative Yukio Yamauchi
(4) Amount of capital 135 million yen
(5) Line of business Wholesale of Machinary

2. Fact Arisen to the Company and Its Date

The Company filed an application for voluntary bankruptcy with
the Osaka District Court on July 30, 2003.

3. Amount of the Claims to the Company

Exposure of Resona Bank: Loans 3.7 billion yen
Exposure of Resona Bank: Loans 0.2 billion yen

Other banking subsidiaries of Resona HD, Saitama Resona Bank and
Nara Bank have no claims to the Company.

4. Impact of This Development on the Earnings Forecast of Resona
HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.


ISUZU MOTORS: Returns to Y13.09B Profit in April-June
-----------------------------------------------------
Isuzu Motors Ltd. posted a group operating profit of 13.09
billion yen for the April-June quarter, against a loss of 13.61
billion yen a year earlier, Kyodo News reports. The Company
attributed the turnaround to increased domestic truck sales due
to robust demand ahead of tougher regulations on diesel engine
emissions in October.

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


ISUZU MOTORS: July U.S. Vehicle Sales Off 36.1%
-----------------------------------------------
Following are Isuzu Motors Ltd U.S. sales of cars and light
trucks in July 2003 versus the same year-earlier month and for
the year to date, according to Reuters.
                                                              
                          July 2003      July 2002    % Change
All Vehicles                 2,746          4,134      -36.1%
Domestic Car                     0              0        N.A.
Domestic Truck               2,675          2,986      -13.9%
Import Car                       0              0        N.A.
Import Truck                    71          1,148      -94.1%
Dom+Imp Cars                     0              0        N.A.
Dom+Imp Trucks               2,746          4,134      -36.1%
Domestic Vehicles            2,675          2,986      -13.9%
Imported Vehicles               71          1,148      -94.1%
                                                              
                         Yr-to-Date      Prev Year    % Change
                                                              
All Vehicles                19,062         31,081      -38.7%
Domestic Car                     0              0        N.A.
Domestic Truck              17,717         23,274      -23.9%
Import Car                       0              0        N.A.
Import Truck                 1,345          7,807      -82.8%
Dom+Imp Cars                     0              0        N.A.
Dom+Imp Trucks              19,062         31,081      -38.7%
Domestic Vehicles           17,717         23,274      -23.9%
Imported Vehicles            1,345          7,807      -82.8%

Percent changes are based on the daily sales rate, and reflect
26 selling days this month versus 25 in the month last year, and
178 this year to date versus 178 last year to date.


JAPAN AIRLINES: Posts 1Q03 Loss of Y77.3B
-----------------------------------------
Japan Airlines System Corporation booked a group net loss of
77.3 billion yen (US$642 million) for the three months ending
June 30, after the severe acute respiratory syndrome (SARS)
virus caused a slump in air travel demand, Bloomberg reports.

The airline's operating loss from its air transportation
business widened more than threefold in the quarter to 72.8
billion yen from 23.6 billion yen a year earlier, said Haruka
Nishimatsu, the Company's Executive Officer of Finance and
Industrial Relations.


JAPAN NEW: Files For Special Liquidation
----------------------------------------
Japan New Town Development Corp., Ltd., Company having
transactions with Mizuho Corporate, Ltd., subsidiary of Mizuho
Financial Group, Inc., filed for commencement of special
liquidation procedures with the Tokyo District Court on August
1, 2003. Notice is hereby given that, as a result of this
development, the possibility has arisen that certain claims
against the Company may be delayed or become irrecoverable.

1.Outline of the Company

(1) Address 1-3-6, Uchisaiwai Cho, Chiyoda-ku, Tokyo
(2) Representative Mr. Toshihide Suzuki
(3) Capital JPY 1,450 million

2.Details of Relevant Developments

As the Company has almost gotten its properties into operations
under its New 5-Year Plan formulated in July 1999, the Company
filed for commencement of special liquidation procedures with
the Tokyo District Court on August 1, 2003.

3.Amount of Claims

Mizuho Corporate, Ltd. JPY 71,091 million

4.Effect of this Development on Profit/Loss of Mizuho Financial
Group, Inc.

As Mizuho Corporate, Ltd. has already set aside reserves for the
total amount of the above claims, this development will have no
effect on Mizuho's previously announced earnings estimates for
this fiscal year.


MITSUBISHI MOTORS: U.S Sales Down 34.1% in July
-----------------------------------------------
Following are Mitsubishi Motors Corporation U.S. sales of cars
and light trucks in July 2003 compared with the same year-
earlier month and for the year to date, according to Reuters.

                       July 2003      July 2002     percent
Change
All Vehicles                22,881         33,393      -34.1 %
Domestic Car                10,509         16,326      -38.1 %
Domestic Truck               3,022              0      100.0 %
Import Car                   4,578          9,800      -55.1 %
Import Truck                 4,772          7,267      -36.9 %
Dom+Imp Cars                15,087         26,126      -44.5 %
Dom+Imp Trucks               7,794          7,267        3.1 %
Domestic Vehicles           13,531         16,326      -20.3 %
Imported Vehicles            9,350         17,067      -47.3 %

                      Yr-to-Date      Prev Year     % Change
All Vehicles               161,738        206,983      -21.9 %
Domestic Car                71,171        106,797      -33.4 %
Domestic Truck              10,897              0      100.0 %
Import Car                  38,556         56,774      -32.1 %
Import Truck                41,114         43,412       -5.3 %
Dom+Imp Cars               109,727        163,571      -32.9 %
Dom+Imp Trucks              52,011         43,412       19.8 %
Domestic Vehicles           82,068        106,797      -23.2 %
Imported Vehicles           79,670        100,186      -20.5 %

Percent changes are based on the daily sales rate, and reflect
26 selling days this month versus 25 in the month last year, and
178 this year to date versus 178 last year to date.

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


RINGER HUT: JCR Downgrades Rating to BBB-
-----------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating on
senior debts of Ringer Hut Co., Ltd. from BBB to BBB-.

RATIONALE:

Excess focus on efficiency of human resources lowered degree of
customer satisfaction. As a result, the number of patrons
dropped. Ringer Hut plans to increase the number of patrons and
the earnings power through closure of unprofitable outlets, the
strengthening of profitable fast food restaurants, improvement
in quality, service and cleanness and introduction of pork
cutlet to the menu.

In the food service market where business environment is
becoming more and more severe, these measures have not paid off
enough to recover the number of patrons. The efforts to soften
the cost structure may be weakened, accordingly. There is little
concern about deterioration in the financial structure, given
the investment policy, taking into account the interest-bearing
debt to equity ratio. However, Ringer Hut will have difficulty
in reducing the interest-bearing debt, given the insufficient
free cash flow.


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


HANARO TELECOM: Labor Union Opposes LG's Offer
----------------------------------------------
Labor union members of Hanaro Telecom Inc. strongly opposed the
rights offering plan by the LG Group, claiming that a new way
should be sought to revive the cash-strapped broadband carrier.
LG Group is pushing a plan to buy shares to be issued by Hanaro
in a takeover deal valued at 500 billion won (US$424 million).

The labor union argued that if the merger proceeds, Hanaro would
be dragged into deeper trouble. Hanaro currently has total
liabilities of 1.7 trillion won, and has to pay back 390 billion
won worth of those debts, including bonds with warrants worth
120 billion won, during the remainder of this year.


HANARO TELECOM: EGM Set For August 5
------------------------------------
In accordance with Article 19 of Hanaro Telecom, Inc.'s Articles
of Incorporation, Hanaro Telecom, Inc. announced to hold an
Extraordinary General Meeting (EGM) of Shareholders as follows.  

1. DATE: Tuesday, August 5, 2003, 10:00 a.m.

2. VENUE: 10th Floor Hanaro Telecom Building, 726 Janghang 2-
dong, Ilsan-ku, Koyang-shi, Kyunggi-do, Korea

3. AGENDA:

1) Agenda to be approved

Item 1

Approval of issuance of shares at a per share price below par
value

Minimum issue price: KRW2,500/share

Item 2

Approval of new rights issue

Number & class of issue: 200 million non-bearer common stocks

Item 3

Approval of amendment of the Articles of Incorporation

Item 4

Appointment of standing director

Item 5

Appointment of non-standing director

4. Pursuant to Article 191-10 of the Securities and Exchange Act
of Korea and Article 84-17 of Directives, we have made available
detailed reference materials relating to the agenda described
above for shareholders' review at our headquarter in Ilsan, the
regional offices nationwide, and the Korea Securities
Depository.  The materials are also electronically filed, making
it available on the websites of the Korea Securities Dealers
Association and the Financial Supervisory Commission.

For the convenience of shareholders located outside of Korea,
such reference materials are also available at
http://www.hanaro.com/eng/,or you may contact Investor  
Relations, Hanaro Telecom, Inc. at (822) 6266-2380 for more
detailed information.

5. Beneficial owners of shares must notify the Korea Securities
Depositary of their intention to either directly exercise or not
exercise their voting rights at least five (5) days prior to the
date of the Extraordinary Shareholders' Meeting. In the absence
of such notification, the Korea Securities Depositary will
exercise such voting rights pursuant to clauses 5 and 6 of
Article 174-6 of the Securities and Exchange Act of Korea.


SK GLOBAL: Debtors Apply to Employ BSI 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
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 Number 2,
July 30, 2003)


SK GLOBAL: Debtors File Motion For Utility Firms Injunction
-----------------------------------------------------------
Section 366 of the Bankruptcy Code entitles all Utility
Providers continuing to provide service to a debtor in
bankruptcy "adequate assurance of future payments."  In small
bankruptcy cases, adequate assurance translates to a cash
deposit equal to a month or two of actual usage.  Determinations
of what constitutes adequate assurance under Section 366, Albert
Togut, Esq., at Togut, Segal & Segal LLP, argues, are entirely
within the court's discretion, pointing Judge Blackshear to
Virginia Elec. & Power Co. v. Caldor, Inc., 117 F.3d 646, 650
(2d Cir. 1997); In re Adelphia Bus Solutions, Inc., 280 B.R. 63,
81 (Bankr. S.D.N.Y. 2002); and In re Begley, 41 B.R. 402, 405-
406 (E.D. Pa. 1984), aff'd, 760 F.2d 46 (3d Cir. 1985)
([S]ection 366(b) vests in the bankruptcy court the exclusive
responsibility for determining the appropriate security which a
debtor must provide to his utilities to preclude termination of
service for non-payment of prepetition utilities bills).

"Adequate assurance" under Section 366 is not synonymous with
"adequate protection," Mr. Togut says.  In determining what
constitutes adequate assurance, the court is not required to
give the utilities the equivalent of a guaranty of payment, but
must only determine that the utility is not subject to an
unreasonable risk of nonpayment for postpetition services.  See
Adelphia, 280 B.R. at 80; In re Caldor, Inc.-NY, 199 B.R. 1, 3
(S.D.N.Y. 1996); Massachusetts Elec. Co. v. Keydata Corp. (In re
Keydata Corp.), 12 B.R. 156, 158 (1st Cir. 1989).  Courts have
recognized that requiring a debtor to allocate valuable
liquidity for a deposit to provide further adequate assurance
effectively can "prejudice the unsecured creditor body for the
benefit of a single one."  In re Magnesium Corp. of Am., 278
B.R. 698, 713-714 (Bankr. S.D.N.Y. 2002).

The United States Court of Appeals for the Second Circuit has
held that where, as in SK Global's case, the debtor has
generally timely paid its utility bills prior to the
commencement of its Chapter 11 case, the administrative expense
priority provided in Sections 503(b) and 507(a)(1) of the
Bankruptcy Code constitutes adequate assurance of payment, and
no deposit or other security is required.  See Virginia Elec. &
Power Co. v. Caldor, Inc., 117 F.3d 646 (2d Cir. 1997).  See
also In re Demp, 22 B.R. 331, 332 (Bankr. E.D. Pa 1982); In re
Shirley, 25 B.R. 247, 249 (Bankr. E.D. Pa. 1982) ([S]ection
366(b) of the [Bankruptcy] Code does not permit a utility to
request adequate assurance of payment for continued services
unless there has been a default by the debtor on a prepetition
debt owed for services rendered).

SK Global America, Inc., a subsidiary of South Korean SK Global
Co., has the ability and will continue to pay all undisputed
postpetition obligations for the Utility Companies in accordance
with the parties' prepetition practices.  The Debtor estimates
its average monthly utility costs at about $50,000.  SK Global
has a good payment history with the Utility Companies and it
will have ample cash resources to adequately assure the Utility
Companies of timely future payment.

Accordingly, by this motion, SK Global asks Judge Blackshear to:

    -- Enjoin the Utility Companies from altering, refusing or
discontinuing service because of non-payment of prepetition
balances; and

    -- Find that the Company's history of prompt payment, ample        
postpetition liquidity, the statutory administrative priority
and the debtor's promise to pay constitute adequate assurance
under Section 366. (SK GLOBAL BANKRUPTCY NEWS, Issue Number 2,
July 30, 2003)


SK GLOBAL: SK Set for Proxy Fight Against Sovereign
---------------------------------------------------
Despite strong opposition from Sovereign Asset Management, SK
Group is confident it can persuade the investment fund to
recognize the need for a bail out of ailing trading arm SK
Global, reports the Korea Times. If Sovereign continues to
oppose the proposed rescue plan, the group said it is ready for
a proxy fight against the Monaco-based investment fund.

SK group will try to convince Sovereign that a debt-to-equity
swap of receivables of SK Corp. worth 850 billion won is
profitable not only for the oil-refining Company but also for SK
Global. Sovereign, the largest shareholder of SK Corp. with a
14.99 percent stake, has threatened to take legal action if the
firm attempts to support its scandal-hit affiliate without
meeting certain conditions.


SK GLOBAL: Creditors Plan Capital Reduction
-------------------------------------------
SK Global plans to hold an extraordinary shareholders meeting on
September 9 to discuss issues including a capital reduction
plan, JoongAng Daily reported Monday. Creditors said that
shareholders must share the losses incurred by the insolvency of
SK Global, which is at the heart of a US$1.2 billion accounting
fraud scandal.

After the projected capital wipeout, creditors of SK Global will
conduct debt-for-equity swaps as a way to revive SK Global.
Domestic and overseas creditors of SK Global were able to reach
an agreement on July 30 over the principle of sharing equal
responsibility.

Even after the projected debt-for-equity swap, creditors said
they plan to conduct a second round of capital reduction within
the next year. Creditors also plan to change the corporate name
of SK Global at the September shareholders meeting and to
replace the company's management.


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


ABRAR CORPORATION: Securities De-listing Expected Today
-------------------------------------------------------
The restructuring scheme of Abrar Corporation Berhad involves
the following:

   (i) Exchange of 32,000,000 ordinary shares of RM1.00 each in
ABRAR with 1,600,000 new ordinary shares of RM1.00 each in
OILCORP on the basis of one (1) new OILCORP share for every
twenty (20) ordinary shares of RM1.00 each in ABRAR;

   (ii) Settlement of debts owing by ABRAR to its creditors
amounting to RM213,134,209 as at 31 May 2000 through the
issuance of 35,000,000 new ordinary shares of RM1.00 each in
OILCORP;

   (iii) Acquisition by OILCORP of 100% equity interest in Oil-
Line Engineering & Associates Sdn Bhd (Oil-Line) comprising
10,591,540 ordinary shares of RM1.00 each for a purchase
consideration of RM95,000,000 satisfied by the issue of
95,000,000 new ordinary shares of RM1.00 each in OILCORP at par;

   (iv) Acquisition by OILCORP of 100% equity interest in
Ascentland Sdn Bhd (Ascentland) comprising 5,000,000 ordinary
shares of RM1.00 each for a purchase consideration of
RM20,000,000 satisfied by the issue of 20,000,000 new ordinary
shares of RM1.00 each in OILCORP at par;

   (v) Waiver to the vendors of Oil-Line and Ascentland from the
obligation to extend an unconditional mandatory take-over offer
for the remaining ordinary shares not owned by them in OILCORP
upon completion of proposals (i), (ii), (iii), and (iv) above;

   (vi) Waiver to OILCORP from the obligation to extend a
mandatory take-over offer for the remaining shares in Oil-Line
Fabricators Sdn Bhd not already owned by it upon completion of
proposal (iii) above;

   (vii) Offer for sale of 44,161,000 ordinary shares of RM1.00
each in OILCORP at an offer price of RM1.10 per share payable in
full on application comprising:

     - 1,800,000 ordinary shares of RM1.00 each available for
application by the shareholders of ABRAR.

     - 8,671,000 ordinary shares of RM1.00 each available for
application by the directors and employees of OILCORP and its
subsidiary companies.

     - 33,690,000 ordinary shares of RM1.00 each by way of
private placement.

   (viii) Admission to and listing of and quotation for the
entire issued and fully paid-up share capital in OILCORP
comprising of 151,600,002 ordinary shares of RM1.00 each on the
Main Board of KLSE in place of ABRAR;

   (ix) Liquidation of ABRAR.

The above are collectively referred to as "Proposals".

Kindly be advised that OILCORP's entire issued and paid-up share
capital comprising 151,600,002 ordinary shares of RM1.00 each,
arising from the aforesaid Proposals, will be admitted to the
Official List of the Exchange, in place of ABRAR which will be
delisted and the listing and quotation of OILCORP's ordinary
shares on the Main Board under the "Trading/Services" sector
will be granted, with effect from 9:00 a.m., Tuesday, 5 August
2003 pursuant to the Rules of the Exchange on a "Ready" basis.

The Stock Short Name, Stock Number and ISIN Code of OILCORP's
ordinary shares are "OILCORP", "3697", and "MYL3697OO009"
respectively.

The reference price for OILCORP's ordinary shares is RM1.10 and
the trading limit will be 500%.

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

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid
ordinary shares.


AVENUE ASSETS: Unit Voluntarily Wound Up
----------------------------------------
Avenue Assets Berhad wishes to announce that Medan Ria Sdn. Bhd.
(MRSB), a wholly owned sub-subsidiary of Avenue, has commenced
member's voluntary winding up on 1 August 2003.  

MRSB was principally involved in the business of holding
properties for rental income. It has ceased operations in 1995
and is presently dormant.  

The Board of Directors of Avenue is of the opinion that the
winding up of MRSB, which is in line with the Group's divestment
of property related businesses will not have any material impact
on the Group's earnings for the year ending 31 January 2004.


BESCORP INDUSTRIES: June Defaulted Payment Reaches RM56.718M
------------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) provided an update on its default in payment, as
enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_Bescorp0805.xls.

The default by BIB as at 30 June 2003 amounted to
RM56,718,165.62 made up of a principal sum of RM32,220,139.42
plus RM24,498,026.20 in interest for revolving credit
facilities.

As at 30 June 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil Sdn Bhd
(In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a total
sum of RM100,358,047.65 made up of a principal sum of
RM60,905,258.44 plus RM39,452,789.21 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM60,299,262.50 for overdraft
facilities.

There were no further developments since its previous
announcement with regard to this Practice Note.


DENKO INDUSTRIAL: Clarifies Loss Deviation
------------------------------------------
In accordance with paragraph 9.19 (34) of Chapter 9 of the
Listing Requirements of Kuala Lumpur Stock Exchange, the Board
of Directors of Denko Industrial Corporation Berhad
wishes to announce that the audited results of the Group deviate
from the unaudited results as announced on 29 May 2003. The
reconciliation of the deviation and explanations thereof are set
out below:

                                            Note          RM'000
Unaudited loss after taxation and minority
interest as previously announced                       (19,695)
Add/(Less)   
Impairment loss on property, plant and equipment 1      (4,217)
Inventories written down                                (1,593)
Additional profit from a subsidiary:
Teknik Datasaab Sdn Bhd                                  934
Additional provision for doubtful debt                  (316)
Other non material adjustments                          (186)
Audited loss after taxation and minority interest      (25,073)

Note 1: Further impairment loss on property, plant and equipment
was recognized as a result of the Group's ongoing review and
valuation exercises on its assets in compliance with Malaysia
Accounting Standards Board (MASB) Standard 23 on "Impairment of
Assets" and in conjunction with the Group's debt restructuring
exercise.

Save and except for the above, there are no other material
differences between the audited results and the announced
unaudited results for the financial year ended 31 March 2003.


EPE POWER: MITI Endorses Proposes Restructuring Scheme
------------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 30
June 2003 in relation to the Proposed EPE Restructuring Scheme,
involving:

   * Proposed Capital Reduction
   * Proposed Debt Restructuring
   * Proposed Acquisitions
   * Proposed Rights Issue
   * Proposed Increase in Authorized Share Capital.

Commerce International Merchant Bankers Berhad wishes to
announce, on behalf of EPE, that the Ministry of International
Trade and Industry has via its letter dated 29 July 2003
informed that it has no objection to the Proposed EPE
Restructuring Scheme provided that the approvals from the
Foreign Investment Committee and Securities Commission are
obtained.


FW INDUSTRIES: Legal Suit Application Hearing Set Next January
--------------------------------------------------------------
The Directors of FW Industries Berhad wishes to announce the
recent development of Companies (Winding-Up) No: MTI-28-207 of
2002 on Ann Joo Metal Sdn. Bhd. v FW Industries Berhad, as
follows:

FW Industries was informed by its solicitors that after the
hearing on 10 July 2003, the Honorable Judge had made inter alia
the following orders:

   (i) that the Ex-Parte Order of the High Court of Malaya at
Shah Alam dated 28 October 2002 for staying the winding-up
proceedings and the appointment of Provisional Liquidator be set
aside with no order as to costs;

   (ii) that an interim stay be in force pending the final
disposal of our Application for the striking out of the said
petition;

   (iii) that said Application be fixed for continued hearing on
29 January 2004.


FW INDUSTRIES: Proposed RM51.82M Debt Settlement Pending
--------------------------------------------------------
FW Industries Berhad refers to the Requisite Announcement dated
30 July 2003 in relation to the Proposed Restructuring Scheme
and the verbal query from the Kuala Lumpur Stock Exchange (KLSE)
on 31 July 2003.

Proposed Debt Settlement

The proposed terms of settlement of the total debt amount of
RM51.82 million due to the Scheme Creditors is pending the
agreement-in-principle of several Scheme Creditors. FWI has
currently procured the conditional agreement-in-principle of
Scheme Creditors representing approximately 52% of the total
debt amount.

A formal meeting of the Scheme Creditors will be held at a later
date to procure the approval of the Scheme Creditors.

The Proposed Debt Settlement will facilitate the settlement of
the outstanding debts of the FWI Group in a fair and viable
manner, to provide an efficient mode of settlement to the Scheme
Creditors to avoid a prolonged liquidation process.

As the Proposed Share Exchange, Proposed Rights Issue, Proposed
Debt Settlement, Proposed Acquisitions, Proposed Exemption and
Proposed Disposal are inter-conditional, the Proposed Debt
Settlement will facilitate the successful implementation of the
Proposed Restructuring Scheme thereby allowing FWI to regularize
its financial condition pursuant to PN 4/2001 of the Listing
Requirements of KLSE.

Hence, should FWI fail to procure the approval of the Scheme
Creditors for the Proposed Debt Settlement, and generally for
the Proposed Restructuring Scheme, FWI would not be able to
regularize its financial condition and retain its listing on the
Second Board of the KLSE.


JASATERA BERHAD: Implementing Revised Recapitalization Exercise
---------------------------------------------------------------
Reference is made to paragraph 4.1 (b) of PN 4/2001 whereby
Jasatera Berhad, a listed issuer is required to announce the
status of it's financial position on a monthly basis until
further notice from the KLSE.

The Company 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 Recapitalisation Exercise.

With regard to the Proposed Exemption sought pursuant to PN
2.9.1 of the Malaysian Code on Takeovers & Mergers 1998, the
Securities Commission had replied that it will consider the
proposed exemption subject to the fulfillment of the conditions
as per announcement dated 24 February 2003.

The implementation of the Revised Proposed Recapitalization
Exercise is currently being carried out.


KELANAMAS INDUSTRIES: MPTR Enters Supplemental Agreements
---------------------------------------------------------
Kelanamas Industries Berhad refers to the announcement dated 12
March 2003 on the Proposed Restructuring Scheme.

On behalf of the Board of Directors of the Company, AmMerchant
Bank Berhad would like to announce that MP Technology Resources
Berhad (MPTR), the vehicle to assume the listing status of the
Company, has on 29 July 2003 entered into:

   a) Supplemental Agreement with the vendors of VCM Precision
Sdn Bhd (VCM), namely, Sim Teng Leng, Pay Yong Kuan and Tee Chai
Ling @ Tee Hun Hin, for the variation of the terms and condition
of the principal agreement signed between the same parties dated
28 February 2002 to allow for the paid up capital of VCM to be
increased to 1,000,000 ordinary shares of RM1.00 each, from
500,000 per the terms originally agreed. The shareholding
percentage held by the vendors of VCM pursuant to this variation
are at Table 1 at
http://bankrupt.com/misc/TCRAP_Kelanamas0805.pdf.

   b) Supplemental Agreement with the vendors of Plastronic Sdn
Bhd (Plastronic), namely, Tham Chee Keng @ Tham Choo Ching, Tham
Wei Ti, Tham Chan Ti, Tham Pei Ti, Tham Sen Ti, Tham Seng Thong,
Lin Man Hua and Lin Man Li @ Mary Lin (deceased), for the
variation of the terms and condition of the principal agreement
signed between the same parties dated 28 February 2003 to allow
for the paid up capital of Plastronic to be increased to
5,000,000 ordinary shares of RM1.00 each, from 2,500,000 per the
terms originally agreed. The shareholding percentage held by the
vendors of Plastronic pursuant to this variation are per Table 2
at http://bankrupt.com/misc/TCRAP_Kelanamas0805.pdf.

   c) Supplemental Agreement with the vendors of Tai Seng
Plastic Industry Sdn Bhd, Eng Zan Machinery & Trading Sdn Bhd,
Highlight Plastic Machinery Sdn Bhd, VCM, Tralvest (M) Sdn Bhd,
MP Plastic Industries Sdn Bhd and Plastronic, and Hock
Enterprise Sdn Bhd to further extend the period for the
fulfillment of the conditions precedent and the approvals of the
relevant authorities being obtained until 31 December 2003.


KRETAM HOLDINGS: Changes Share Registrars' Address
--------------------------------------------------
Kretam Holdings Berhad wishes to announce that with effect from
1 August 2003, the address of Lawco Corporate Services Sdn Bhd,
its Share Registrars, has been changed to the following:

     Suite 6.01, Level 6, Wisma Technips
     241 Jalan Tun Razak
     50400 Kuala Lumpur

The telephone and fax numbers remain unchanged:

     Telephone No. : 03-27301811 / 27301822
     Fax No. : 03-21487868

Pursuant to paragraph 4.1 of PN4 of the Listing Requirements of
the Kuala Lumpur Stock Exchange in relation to the Company's
plan to regularize its financial condition, the Company has
executed the relevant documents to the Debt Restructuring Scheme
including the amended Debt Restructuring Agreement and Trust
Deeds on 23 July 2003.


MBF CAPITAL: Provides Financial Condition Status Update
-------------------------------------------------------
Pursuant to PN4/2001 in relation to the status of an affected
listed issuer of its plan to regularize its financial condition,
Alliance Merchant Bank Berhad, on behalf of MBf Capital Berhad,
is pleased to announce the following:

   (i) On 1 July 2003, MBf Corporation Sdn Bhd (formerly known
as Perfect Utilization` Sdn Bhd), a company incorporated to take
over the listing status of MBf Capital, was converted to a
public limited company and is now known as MBf Corporation
Berhad;

   (ii) KLSE had, via its letter dated 30 July 2003:

     (a) approved-in-principle the listing and quotation of the
new shares to be issued pursuant to the restructuring exercise;
and

     (b) given the waiver to MBf Capital from complying with
paragraph 9.19(1) of the KLSE Listing Requirements, thereby
shortening the notice period of the books closure date in
respect of the capital reduction, share consolidation and share
exchange, from twelve (12) clear market days to four (4) clear
market days.

   (iii) On 17 July 2003, MBf Capital had obtained from the High
Court of Malaya, confirmation for the capital reduction and
sanction for the schemes of arrangement (members' and
creditors') pursuant to Sections 64(1) and 176 of the Companies
Act, 1965 respectively; and

   (iv) The scheme of arrangement took effect on 29 July 2003,
the date of lodgment of a copy of the Court Order sanctioning
the scheme of arrangement with Companies Commission of Malaysia;

Save for the above, there is no further development on the
status of MBf Capital's plan to regularize its financial
condition pursuant to PN4/2001 issued by the KLSE, subsequent to
the Company's announcement dated 1 July 2003.


NCK CORPORATION: Currently Implementing Restructuring Scheme
------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
announced that following the approvals received from the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and the Company is currently
implementing Industry for its Restructuring Scheme.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

In addition, further to an application made by Alliance Merchant
Bank Berhad on 30 June 2003 on behalf of the Company, the
Securities Commission had on 3 July 2003 approved for an
additional two (2) months to 13 September 2003 to complete the
investigative audit by Messrs Horwath.

Any further developments to the Restructuring Scheme will be
announced in due course.


SCK GROUP: Awaits KLSE's De-listing Appeal Decision
---------------------------------------------------
SCK Group Berhad announced the status of its plan to regularize
the Company's financial condition for the month ended 31 July
2003 as follows:

MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION

The Company had on 25 July 2003 received notification from the
Kuala Lumpur Stock Exchange (the Exchange) informing that the
securities of the Company will be de-listed from the Official
List of the Exchange with effect from 9:00 a.m. 11 August 2003.
In accordance with the Exchange's De-Listing Procedures attached
to the Exchange's Notice to Show Cause dated 3 January 2003, the
Company is allow to appeal to the Exchange on its decision to
de-list within 7 days from the date of notification of the
Exchange's decision to de-list.

The Company on Friday submitted (within the stipulated 7 days
timeframe) its appeal to the Exchange against the Exchange's
decision to de-list the securities of the Company. The Exchange
had on 31 July 2003, confirmed in writing to the Company
(following a written request by the Company) that should the
Company lodge an appeal within the stipulated timeframe, the
removal of the securities of the Company from the Official List
of the Exchange on 11 August 2003 would be deferred pending the
decision of the Exchange on the appeal.

The Company now awaits the decision of the Exchange on its
appeal.

Notwithstanding the aforesaid, the Company is in the final
stages of negotiation with its Lenders to finalize the Revised
Proposed Restructuring Scheme as announced on 30 December 2002.

As of August 1, the Company has received formal approval of five
(5) of the seven (7) Lenders, representing about 75% of the
total debts to be restructured. The Company is doing its utmost
to secure the agreement of the remaining two (2) Lenders
soonest. Following the approval of the remaining Lenders, the
Company will forthwith enter into a settlement agreement with
all Lenders and accordingly Aseambankers Malaysia Berhad will on
behalf of the Company prepare and make the necessary submission
to the relevant authorities for their approval.

FURTHER ANNOUNCEMENTS

Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required.


SELOGA HOLDINGS: Appoints E&Y as Internal Audit Consultant
----------------------------------------------------------
The Board of Directors of Seloga Holdings Berhad announced that
as part of the measures to mitigate the inherent risk faced by
the property construction and development industry, the Company
has appointed Ernst and Young to undertake the setting up of a
formalized enterprise risk management framework to identify and
evaluate the principal business risks critical to the Seloga
Group, as well as to ensure the compliance with the Malaysian
Code of Corporate Governance.

Ernst & Young will also be appointed to undertake the Internal
Audit Services of the Group.

On May 19, the Troubled Company Reporter - Asia Pacific reported
that the Company has obtained the approval of the Securities
Commission for an extension of time of two(2) months to 23 June
2003 for the implementation of the Proposals, which comprises
the following:

   * Two-Call Rights Issue;
   * Restricted Issue;
   * Settlement of Joint Venture;
   * Debt Settlement Scheme;
   * Segi-Seloga Jaya JV; and
   * ESOS.


SISTEM TELEVISYEN: Demerger Transfers Status to MPB
---------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3), AmMerchant Bank Berhad, wishes to
announce the status of TV3's plan to regularize its financial
position as follows:

TV3 was suspended beginning 29 April 2003 to facilitate the
implementation of its scheme of arrangement (TV3 Scheme of
Arrangement) and will remain suspended until it is delisted
pursuant to the transfer of its listing status to Media Prima
Berhad (MPB).

Pursuant to the Corporate Proposals, the following proposals
(all of which are defined and detailed in TV3's circular to
shareholders dated 31 January 2003) have been completed:

   1. TV3 Capital Reconstruction
   2. Acquisition of TV3
   3. Acquisition of MPB
   4. Transfer of The New Straits Times Press (Malaysia) Berhad
   5. Restricted Issue
   6. Bonds with Warrants Issue

The following instruments have been issued pursuant to the
Corporate Proposals:

   a. RM88.6 million nominal amount of 5-year 4.5% Redeemable
Unsecured Loan Stocks 2003/2008 pursuant to the TV3 Debt
Settlement;

   b. RM180 million nominal amount of Media Prima Berhad 5-year
2% Irredemable Unsecured Loan Stocks 2003/2008 pursuant to the
Transfer of NSTP; and

   c. RM125 million nominal amount of Media Prima Berhad 5-year
4.5% Redeemable Secured Bonds 2003/2008 with 115 million
detachable 5-year Warrants 2003/2008 pursuant to the Bonds and
Warrants Issue.

TV3 is currently a 100% owned subsidiary of MPB, which is in
turn 100% owned by Malaysian Resources Corporation Berhad
(MRCB).

The High Court of Malaya (Court) has on 8 July 2003 given its
sanction for MRCB to undertake the Demerger of MRCB and MPB
(Demerger) pursuant to the Corporate Proposals. The certified
true copy of the order of the Court approving the Demerger has
been lodged with the Companies Commission of Malaysia on 30 July
2003. An information circular relating to the Demerger will be
issued to the existing shareholders of MRCB in due course.

Following the Demerger of MRCB and MPB, TV3's listing status
will be transferred to MPB.


TAJO BHD: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No 4/2001
of the Kuala Lumpur Stock Exchange Listing Requirements, Tajo
Berhad wishes to announce that there have been no changes to the
Company's plan to regularize its financial condition since its
previous Monthly Announcement made on 2 July 2003.

On 29 July 2003, Tajo announced the appointment of Southern
Investment Bank Berhad as the Independent Adviser to the
minority shareholders of Tajo pursuant to the condition imposed
by the Securities Commission (SC) via its letter dated 24
December 2002 whereby the SC stated that MAA Holdings Berhad,
Malaysian Assurance Alliance Berhad and MAA Credit Sdn Bhd are
required to obtain the approval from the shareholders of
Tajo/Mithril Berhad under the "white-wash" procedure as stated
under Paragraph 5(b)(i)-(iv) of Practice Note 2.9.1 of the
Malaysian Code on Take-Overs and Merger 1998 pursuant to the
exercise of the warrants held by them upon completion of the
Proposed Restructuring Exercise. The shareholders approval, if
obtained, will be valid for the duration of the warrants.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


TIMBERMASTER INDUSTRIES: Changes Registrar
------------------------------------------
Timbermaster Industries Bhd posted this notice:

Old registrar : MALAYSIAN SHARE REGISTRATION SERVICES SDN BHD
New registrar : LAWCO CORPORATE SERVICES SDN BHD
Address       : NO. 6.01, LEVEL 6, WISMA TECHNIP, 241
                JALAN TUN RAZAK, P. O. BOX 12624
                50784 KUALA LUMPUR.
Telephone No  : 03-27301811
Facsimile No  : 03-21487868
Effective date: 01/08/2003  

Pursuant to Practice Note No. 4/2001 in relation to paragraph
8.14 of the Revamped Listing Requirements, the Company also
announced that all parties concerned in the Proposed
Restructuring Scheme are still in the midst of implementing as
approved by the Securities Commission on 2 December 2002.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it had on 30 July 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively Bonds)) that they  
on 24 July 2003, disposed of some of the Company's securities
held in public listed companies, which are pledged with them in
relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary attached for information
on the securities disposed at
http://bankrupt.com/misc/TCRAP_Tongkah0805.doc.


WOO HING: Issues Financial Regularization Plan Update
-----------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad  
Informed that the liquidation of the eleven (11) wholly owned
subsidiaries was announced to the Kuala Lumpur Stock Exchange on
23 July 2003. Commerce International Merchant Bankers Bhd made
the announcement pertaining to the approval for an extension of
time of seven (7) months up to 7 February 2004 to complete the
implementation of the transfer of the listing status on 15 July
2003 on the Company's behalf.

The Special Administrators also wish to advise the following
settlement to the Company's secured creditors:

Secured      Mode of Settlement  Settlement  Redemption/
Creditor                                     Settlement Amount
                                             RM
RHB Bank Bhd  Completion of Sale    Full     4,764,421.76
              of two (2) properties
              to Orbit Master Sdn
              Bhd and Reward Empire
              Sdn Bhd on 31 March
              2003

Malayan Banking  Completion of Sale Partial  13,725,100.00
Bhd (MBB)      of two (2) properties
               To Orbit Master Sdn
               Bhd and Reward Empire
               Sdn Bhd on 31 March
               2003 Transfer of three
               (3) properties to
               MBB on 18 June 2003
Total                                         18,489,521.76

The remaining amount owing of RM11,331,089.20 to MBB will be
dealt with in accordance with the proposed settlement to the
unsecured creditors under the Special Administrators' Workout
Proposal.


YCS CORPORATION: Winding Up Petition Hearing Set on October 1
-------------------------------------------------------------
Winding Up Petition by the Kuala Lumpur High Court (Suit No: D6-
28-717-2003)

YCS Corporation Berhad wishes to announce that a winding up
petition has been served to the company on 31st July 2003.

The Petitioner is Magnificient Diagraph Sdn Bhd.

The statement of claim is in respect of the following amount
owing by our subsidiary company, Sanjung Utama Sdn Bhd:

   (a) Outstanding amount of RM 830,800.00
   (b) Interest on outstanding amount at the rate of 8 % per
annum from 11 May 2002 to 12 June 2003 amounting RM 72,473.07.

The hearing date for the Petition is on 1st October 2003.


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


BENPRES HOLDINGS: Indian Firm Acquires Unit For P9.479B
-------------------------------------------------------
Benpres Holdings Corporation (BPC) has sold its wholly owned
subsidiary Customer Contact Center to the Hinduja Group of India
for 9.479 billion pesos. The divestment is part of the Company's
plan to restructure its investment portfolio, selling off non-
core assets.

DebtTraders reports that Benpres Holdings' 7.875 percent bond
due in 2002 (BENP02PHS1) trades between 53 and 56. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


NATIONAL STEEL: Back Taxes Must be Waived, Says Roxas
-----------------------------------------------------
A team of negotiators, lead by Trade Secretary Manuel Roxas II,
will convince the local government officials in Iligan City to
write off about 700 million pesos in unpaid real-estate taxes to
pave the way for the reopening of the mothballed facilities of
bankrupt National Steel Corp. (NSC), ABS-CBN News said on
Monday.

In June, the Iligan City government called the attention of NSC
over its unpaid realty taxes and other obligations dating back
as early as 1999 or before the closure of its state-of-the-art
facilities. Although it got a favorable commitment for a
possible write-off, Roxas explained that the Iligan City
government has yet to formally notify the creditor banks whether
it would indeed waive the unpaid real estate and other local
taxes.

Roxas will also convince the Iligan City government to waive
real estate, as well as other taxes over the next five years to
help the new investors who would inject fresh capital into NSC.


MANILA ELECTRIC: First Half Sales Up 8.2%
-----------------------------------------
Manila Electric Co. (Meralco)'s first half sales grew 8.2
percent to 34.2 million pesos (US$796 million) in 2003 from 31.6
billion pesos (US$736 million) the same period in 2002,
DebtTraders reports. The growth was mainly attributable to a 1.5
percent growth in the number of customers to 3.9 million and
8.65 centavo increase in the distribution rate. Operating income
increased 11.2 percent to 2.2 billion pesos (US$51 million) in
the first half of 2003 on cost cutting measures. EBITDA for the
first half of 2003 was almost unchanged at 3.3 billion pesos
(US$76 million).

As of June 30, 2002, total debt went up to 60.4 billion pesos
(US$1.4 billion) from 33.9 billion pesos (US$788 million) from
June 30, 2002 mainly due to the refund of 30 billion pesos
(US$698 million). Total debt-to-EBITDA was 9.2 times.


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


ALLANDES CORPORATION: Winding Up Hearing Set For August 15
----------------------------------------------------------
The petition to wind up Allandes Corporation is set for hearing
before the High Court of the Republic of Singapore on August 15,
2003 at 10:00 in the morning. Mr. Chee Yoh Chuang and Mr Lim Lee
Meng, the Judicial Managers whose address is situated at 18
Cross Street, #08-01 China Square Central, Singapore 048423,
filed the petition with the court on July 23, 2003.

The petitioners' solicitors are Cheo Yeoh & Associates LLC of
No. 15 McCallum Street, #11-02 Natwest Centres, Singapore
069045. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Cheo Yeoh & Associates
LLC, Solicitors for the Petitioners, notice in writing of his
intention so to do. The notice must be sent by post in 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).


GOLD COAST: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Gold Coast Seafood Gold Storm Disco Pte
Ltd. is set for hearing before the High Court of the Republic of
Singapore on August 15, 2003 at 10:00 in the morning. Downtown
East Pte Ltd., its creditor, whose address is situated at 1
Pasir Ris Close, Singapore 519599, filed the petition with the
court on July 24, 2003. The Petitioner's solicitors are Ramdas &
Wong of 9 Raffles Place, #07-01 Republic Plaza, Singapore
048619.


EI-NETS LTD: Winding Up Hearing Scheduled August 8
--------------------------------------------------
The petition to wind up Ei-Nets Ltd is set for hearing before
the High Court of the Republic of Singapore on August 8, 2003 at
10 o'clock in the morning. Yeo Nai Meng, the Judgement creditor,
whose address is situated at 68 Dedap Road, Singapore 809472,
filed the petition with the court on July 12, 2003.

The petitioners' solicitors are Cheo Yeoh & Associates LLC of
No. 15 McCallum Street, #11-02 Natwest Centres, Singapore
069045. Any person who intends to appear on the hearing of the
petition must serve on or send by post to Cheo Yeoh & Associates
LLC, Solicitors for the Petitioners, notice in writing of his
intention so to do. The notice must be sent by post 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).


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


JASMINE INT'L: Unit's Court Session Remains on August 7
-------------------------------------------------------
Chaengwatana Planner Co., Ltd., Planner of Jasmine International
Public Company Limited informed progress of the business
rehabilitation of Jasmine International Overseas Company Limited
(JIOC), a subsidiary of the Company.

As the Central Bankruptcy Court has scheduled a session to
render the order regarding the plan approval of JIOC on 31 July
2003 at 9:00 a.m., Pakkret Planner Co., Ltd., the planner of
JIOC, has submitted the petition to submit the additional
explanation to the plan and the Court has ordered to postpone
the Court session to render the order regarding the plan
approval to 14 August 2003 at 9:00 a.m.  

To avoid the confusion or misunderstanding of the investors in
relation to such postponement, the Company, therefore, notifies
this letter to all investors concerned. For the session to hear
the order regarding the plan approval of the Company, the
Court's approval session still remains on 7 August 2003.


PICNIC GAS: Reports Use of IPO Proceeds
---------------------------------------
Ultimate Key Co.,Ltd, as the Plan Administrator of Picnic Gas
and Chemicals Public Company Limited, in reference to its sale
of 39,633,334 shares at Bt10 per share, reported the used of
Bt396,333,340 as of June 30, 2003 as follows:

Objective for                 Amount    Used fund    Unused fund
use of fund   

1. Preferred loan repayment   Bt55 million  Bt55 million -None-
   of Mr. Varawooth Lapvisutisin

2. Debt conversion            Bt14.66mn     Bt14.66mn    -None-

3. Acquisition of Liquefied   Bt326.67mn    Bt326.67mn   -None-
   Petroleum Gas Business
   from Union Gas and
   Chemicals Co.,Ltd.


THAI HEAT: Issues 31,408,200 Preferred Stocks
---------------------------------------------
Thai Heat Exchange Public Co., Ltd. had issued 31,408,200
preferred stocks according to the recent financial restructure
and rehabilitation plan that allows the conversion being done at
the end of each quarter.

Preferred stocks : CREDIT AGRICOLE  INDOSUEZ    
Amount :  99,200    
Ratio  : 1 : 1          
Price Conversion  : -
New Common Stock  : 99,200

By the conversion as mentioned above, it is concluded that the
total number of preferred stocks have 24,302,300 stocks. The
paid up common stocks then have been changed from 32,401,400
units value Bt324,014,000 to be 32,500,600 units value
Bt325,006,000.






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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
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