TCRAP_Public/030811.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 11 2003, Vol. 6, No. 157

                         Headlines


A U S T R A L I A

AMP GROUP: Moody's Downgrades Ratings to Baa1; Negative Outlook
AMP LIMITED: Comments on Moody's Ratings
AMP LIMITED: Settles GIO Class Action
BO LONG: Investment Scheme Director Committed for Trial
ONESTEEL LIMITED: ASIC Warns Against Unsolicited Offers

TOWER LIMITED: Rights Issue Completed
TRANZ RAIL: Toll-Crown Agreement "Exclusive"
WATTLE GROUP: Administrators Plead Guilty


C H I N A   &   H O N G  K O N G

EHEALTHCAREASIA: Narrows 2002 Net Loss to HK$5.899M
FULLAND FOUNDATION: Winding Up Hearing Scheduled on Aug 27
GOLDBOND GROUP: Operations Loss Swells to HK$55.170M
HONG FENG: Winding Up Petition Pending
LAU TAK: Petition to Wind Up Scheduled

OCEAN CHINA: Winding Up Petition Slated for Hearing
PEAKTOP INTERNATIONAL: Capitalization Circular Dispatched
SUN'S GROUP: Court Postpones Winding Up Petition Hearing


I N D O N E S I A

PERUSAHAAN GAS: S&P Assigns Unit's Proposed US$200M Notes 'B-'
SINAR MAS: To Pay Bond Interest by August 13  


J A P A N

NEC CORPORATION: Supplies High Performance Servers to Samsung
NIKKAN KOGYO: METI OKs Rehabilitation Plan
NISSHO IWAI-NICHIMEN: Dissolves Domestic & Overseas Units
RESONA HOLDINGS: Government Acquires New Shares
RESONA HOLDINGS: May Sell Cosmo Securities, Leasing Units

SEGA CORPORATION: Issues R&D Reorganization Notice
SEGA CORPORATION: Posts 1Q03 Y1.89B Net Profit


K O R E A

CHOHUNG BANK: Union Storms Board Meeting
DAEWOO MOTOR: Rothschild to Sell Indian Assets
HYNIX SEMICONDUCTOR: S. Korea Challenges EU Chip Tax
HYNIX SEMICONDUCTOR: Secures Higher DRAM Prices
HYUNDAI MOTOR: Shares Down 2.1% Thursday on Wage Deal News

SK GLOBAL: Debtors File First Motion For Filing Extensions
SK GLOBAL: Plans Meeting With US Trustee to Form Committees


M A L A Y S I A

ARUS MURNI: Vendors OK Proposed Acquisition Time Extension
GENERAL LUMBER: Proposed Offer/Placement Completed
KIARA EMAS: Inks Proposed Supplemental Acquisition Agreement
KUMPULAN FIMA: Proposed Distribution Completed
KSU HOLDINGS: July Defaulted Facilities Reaches RM132.066M

LAND & GENERAL: Disposes of Dormant Subsidiary for RM700
MALAYSIAN GENERAL: Court Grants Proposed Share Exchange Approval
MALAYSIAN RESOURCES: ROS Books Closure Date Set on August 22
NORTH BORNEO: Non-Exec Director Peter Yong Resigns
PEMBANGUNAN BRISDALE: Served Demand Notice

SEE HUP: Provides RM255,000 Financial Assistance to Unit
SUNRISE STREAM: Defaults Principal Payment to Scheme Creditors
TECHNO ASIA: Proposed Set-Offs, Transfers Completed
TONGKAH HOLDINGS: Quoted Securities Disposed
YCS CORPORATION: Posts Additional Winding Up Petition Info

   
P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies MOA Deal With PLDT
BENPRES HOLDINGS: Enters Debt Restructuring Deal With PLDT
VICTORIAS MILLING: Clarifies Debt Payment Report


S I N G A P O R E

DATAPLAY PTE: Issues Second & Final Dividends Notice
HOTEL NEGARA: Widens First Half Net Loss
UNIMAX STATIONERY: Creditors Meeting Set For August 29
VAL MORGAN: Issues Notice of Intended Dividends
WUHAN CONSTRUCTION: Winding Up Hearing Set For August 15


T H A I L A N D

JASMINE INT'L: Court OKs Plan, Appoints Cheangwatana as Planner
RAIMON LAND: Court Orders Business Rehabilitation Termination
RATCHTHANI LEASING: TRIS Assigns "BBB" to Bt1.2M Sr Debentures
SIAM UNITED: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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


AMP GROUP: Moody's Downgrades Ratings to Baa1; Negative Outlook
---------------------------------------------------------------
Moody's Investors Service downgraded on Thursday the ratings of
the AMP Group. Senior debt guaranteed by AMP Group Holdings is
downgraded to Baa1 from A3, and subordinated debt to Baa2 from
Baa1. The Reset Preference Shares issued by AMP Henderson Global
Investors are downgraded to Baa3 from Baa2. AMP Life Ltd's
insurance financial strength rating is downgraded to A1 from
Aa3. Commercial paper issued by AMP Group Finance Services Ltd
and AMP (UK) Finance Services plc is confirmed at P-2, stable
outlook. Ratings on AMP Bank were also downgraded by one notch
to Baa1 senior/Baa2 subordinated. AMP Bank's financial strength
rating was confirmed at D, and commercial paper was confirmed at
P-2, stable outlook.

Ratings on UK entities of the Group were also downgraded, with
insurance financial strength at National Provident Life and
Pearl Assurance plc downgraded to Baa3 from Baa1, and
subordinated debt at NPI Finance plc downgraded to Ba3 from
Baa3. Negative outlooks apply to all long-term ratings. The
ratings on GIO Finance Ltd have been withdrawn as the
programmers are no longer active.

The downgrades conclude the review initiated in May 2003 on
announcement of the intention of the AMP group to demerge its UK
and Australian businesses into two separate entities. AMP has
completed its equity-raising plan, with A$1.75 billion of new
equity raised through a combination of underwritten wholesale
and retail share issues. The new equity is to be predominantly
used to pay down intra-group and external debt, and Moody's
expects a substantial portion of debt to be repaid in this way
by end 2003. In addition, AMP has indicated that it expects to
also use proceeds from other non-core asset sales to further
reduce debt levels. Consequently, debt levels at new AMP will be
substantially lower, in A$ terms, than previously.

The following ratings were downgraded with a negative outlook:  

AMP Life Ltd Insurance financial strength to A1 from Aa3
AMP Group Holdings Ltd Senior debt to Baa1 from A3
AMP (UK) Finance Services plc Senior debt to Baa1 from A3
AMP Group Finance Services ltd Senior debt to Baa1 from A3;
subordinated debt to Baa2 from Baa1
AMP Henderson Global Investors Ltd Preferred stock to Baa3 from
Baa2
AMP Bank Ltd Long-term deposit rating to Baa1 from A3
   Long-term senior debt to Baa1 from A3
   Long-term subordinated debt to Baa2 from Baa1
   Long-term junior subordinated debt to Baa2 from Baa1
National Provident Life Insurance financial strength to Baa3
from Baa1
Pearl Assurance plc Insurance financial strength to Baa3 from
Baa1
NPI Finance plc Subordinated debt to Ba3 from Baa3

The following ratings were confirmed with a stable outlook:

AMP (UK) Finance Services plc P-2 commercial paper
AMP Group Finance Services Ltd P-2 commercial paper
AMP Bank Ltd P-2 commercial paper
D bank financial strength

The following rating was downgraded and withdrawn:  

GIO Finance Ltd Senior debt to Ba1 from Baa3

The following rating was confirmed and withdrawn:  

GIO Finance Ltd P-2 commercial paper


AMP LIMITED: Comments on Moody's Ratings
----------------------------------------
AMP Limited notes the ratings announcement made by Moody's in
London overnight. The Moody's announcement signals the
conclusion of its review of AMP's ratings, which began on 1 May
2003, when AMP announced its proposed demerger.

Moody's has lowered its ratings of AMP entities to be broadly in
line with the comparable ratings of AMP made by other ratings
agencies. These levels are consistent with the ratings being
targeted by AMP for its new entities after its proposed
demerger.

AMP Chief Executive Officer Andrew Mohl said the company is
focused on the successful completion of the demerger and expects
ratings of the two new entities to move to a stable outlook when
it is complete.


AMP LIMITED: Settles GIO Class Action
-------------------------------------
AMP Limited has announced that its subsidiary AG Australia
Holdings Limited (formerly GIO Australia Holdings Limited) has
reached a settlement in proceedings related to the takeover of
GIO in 1999. The settlement is subject to approval by the
Federal Court, which will be sought as soon as possible.

AMP signed on Friday a heads of agreement with Maurice Blackburn
Cashman (MBC) to settle this matter. MBC brought the action on
behalf of GIO shareholders who held shares continuously between
25 August 1998 and 4 January 1999, and who did not accept AMP's
offer due to their reliance on announcements made by GIO in the
takeover period including its Part B Statement. If approved by
the Federal Court, the settlement involves a total payment of
A$112 million.

AMP's contribution to the settlement will be A$56.8 million with
other parties paying the balance. Subject to resolution of one
outstanding issue with one of the cross-claimants, and subject
to negotiation of final documentation, the settlement will
include resolution of all claims and cross-claims in the
proceedings. The A$56.8 million to be paid by AMP is covered by
reserves held within the Group and will not impact profit and
loss.

AMP Chief Executive Officer Andrew Mohl said he was pleased to
be bringing an end to the litigation related to the GIO
takeover. "We believe we have reached a settlement that is in
the interests of all parties," Mr Mohl said. "From AMP's
perspective, bringing this matter to an end allows us to focus
on issues including our demerger proposal."


BO LONG: Investment Scheme Director Committed for Trial
-------------------------------------------------------
Ms Donna Tung Sing Ho and Mr Mark Andrew Sweeney have appeared
in the Brisbane Magistrates Court, and been committed to stand
trial on charges laid by the Australian Securities and
Investments Commission (ASIC).

Ms Ho has been charged with six counts of dishonestly using her
position as an officer of Bo Long International Development Co
Pty Ltd (Bo Long) to gain an advantage for herself or Mr Henry
Shui Sing Ho.

Mr Sweeney has been charged with being involved in the alleged
contraventions.

The charges relate to the alleged use of company funds to
purchase real estate and motor vehicles for personal use by Ms
Ho and Mr Ho between the period July 1997 and April 1999.

In January 2002, ASIC obtained orders from the Supreme Court for
the appointment of receivers to Bo Long and other related
companies, following an ASIC investigation into a scheme
operated by the companies

During those proceedings, ASIC alleged that $6.7 million in
investor funds was paid to the Bo Long Group, allegedly to
assist mainland China with various infrastructure projects, such
as the supply of gas meters and electronic police monitoring
devices.

Ms Ho and Mr Sweeney were remanded, on conditional bail, to
appear before the Brisbane District Court.

Mr Ho, who was previously charged in relation to the alleged
contraventions, was discharged after successfully arguing a 'No
Case to Answer' submission.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


ONESTEEL LIMITED: ASIC Warns Against Unsolicited Offers
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Thursday strongly warned investors considering accepting
unsolicited offer for OneSteel Limited shares from National
Exchange Pty Ltd (National Exchange).

"ASIC is very concerned by this recent offer for OneSteel shares
from David Tweed and National Exchange. We certainly don't
believe it is within the spirit of the legislation, and we are
taking a very close look at it to see what can be done under the
law", ASIC Executive Director Consumer Protection, Mr Peter Kell
said.

"National Exchange is offering to pay $2 for each OneSteel
share. On Friday, OneSteel shares closed at $2.10 on the
Australian Stock Exchange.

"Furthermore, the National Exchange offer involves paying you
`in 15 equal installments, paid annually on 3 September each
year for 15 years' starting on 3 September 2004.

"That means that if you accepted this offer, you'd only get 13c
per share, each year until 2018", Mr Kell said.

Independent calculations by accounting firm KPMG reveal that the
offer of $2 per share paid over 15 years might only be worth 78c
per share in today's dollars.

"You must ask yourself: is this the best offer for me? Would I
be happy to receive only 13c per share, once a year for the next
15 years?", Mr Kell said.

"Remember, if you sold your shares on the Australian Stock
Exchange through a licensed stockbroker, you'd receive the
market price for your shares, and your sale would be settled
within three working days after the trade", Mr Kell said.

Another recent offer by National Exchange promises payment of $1
this year. But as it says in the fine print, that's only about
half the current value of OneSteel shares.


TOWER LIMITED: Rights Issue Completed
-------------------------------------
TOWER Limited (TOWER) is pleased to announce that its recent
rights issue has been completed and has raised NZ$210.8 million
(before issue expenses).

The allotment of new shares was completed on Friday.

TOWER confirms that it has allotted 234,183,612 new fully paid
ordinary shares, bringing its total issued capital to
409,819,692 ordinary shares.

TOWER's capital raising attracted strong shareholder and market
support and the proceeds, together with the sale proceeds of
TOWER Trust New Zealand (which was settled on 01/08/03), have
been applied to debt reduction. As scheduled, TOWER has repaid
its A$100 million Floating Rate Note (FRN) facility and has also
fully repaid its A$170 million syndicated bank debt facility. A
new A$70 million bank debt facility has been put in place -
the new facility is provided by two banks and is for a three-
year term.

TOWER will continue to focus on the fundamentals of its business
as it rebuilds and revitalizes its operations.

TOWER's has also provided the current 20 largest holders of
ordinary TOWER shares.


TRANZ RAIL: Toll-Crown Agreement "Exclusive"
--------------------------------------------
Toll Holdings Limited confirmed that their arrangement with the
Crown over Tranz Rail Holdings Limited is an exclusive
agreement.

The Australian integrated logistics company reinforced its
commitment to the rail network following Thursday's ruling from
the Takeovers Panel.  The Takeovers Panel ruled that Toll was
not in breach of the Takeovers Code by entering into an
exclusive agreement with the Crown. Managing Director Paul
Little said Toll is the only company who has come forward who
has a fully integrated logistics capability, the operational
experience and the financial capacity to turn Tranz Rail around.

"We worked hard to negotiate a deal with the Government that
meets its desire to return the tracks to public ownership, while
allowing us to invest in making the company viable.

"Anyone else could have tried to reach a similar agreement with
the Government, but they didn't.

"At the current time, there is no other company willing to make
the level of investment in Tranz Rail that we are committed to.

"If our bid fails, shareholders are faced with a highly unstable
situation and a very uncertain future.

"We believe our offer is fair and is in the best interests of
shareholders," said Little.

Shareholders have until 29 August 2003 to accept the Toll offer.


WATTLE GROUP: Administrators Plead Guilty
-----------------------------------------
Mr Rodney James Mackay and Mr John Andrew Allen, directors of
the Brisbane-based Mackay & Allen Pty Ltd (M&A), have pleaded
guilty in the Brisbane District Court to 16 charges of being
knowingly concerned in the promotion of prescribed interests, in
contravention of the Corporations Act.

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

The charges relate to nine investors who lost approximately
$464,000 invested in the Wattle scheme. M&A received commissions
from the Wattle Group of 25% p.a on investor funds it sourced.

The matter, which was prosecuted by the Commonwealth Director of
Public Prosecutions, was adjourned to a sentence hearing on 5
September 2003.

Background

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

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

Four other promoters of the scheme, Mr Marshall John Cobb of Tax
Invest Australia Pty Ltd, Mr Howard Jeffrey Owen of Fin Invest
Pty Ltd and Mr Bruce Raymond Walden of Australian Secured
Mortgages Pty Ltd and Mr Kenneth Edwin Parker, the General
Manager of Anscor Pty Ltd were charged with similar offences.

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

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

In July 2003 Mr Walden was sentenced in the Brisbane District
Court to a $2,000, three-year good behavior bond.

On 25 July 2003 Mr Parker was sentenced in the Brisbane District
Court to a $1,000, three-year good behavior bond.


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


EHEALTHCAREASIA: Narrows 2002 Net Loss to HK$5.899M
---------------------------------------------------
ehealthcareasia Limited posted on results announcement for the
year-ended March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                              (Audited)           Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001  
                              to 31/3/2003       to 31/3/2002  
                              Note  ('000)       ('000)
Turnover                           : 20,739        111,347           
Profit/(Loss) from Operations      : (5,899)       (288,591)         
Finance cost                       : (2,123)       (5,467)           
Share of Profit/(Loss) of
  Associates                       : 0                  0                 
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0                 
Profit/(Loss) after Tax & MI       : (8,022)        (282,617)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.003)        (0.885)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (8,022)        (282,617)         
Final Dividends                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividends                   : N/A          
Payable Date                       : N/A       
B/C Dates for Annual         
  General Meeting                  : 21/8/2003 to 26/8/2003 bdi.
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

(1)  Basis of preparation

The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Society of
Accountants (HKSA) and have been prepared under the historical
cost convention.

In the current year, the Group adopted the following Statements
of Standard Accounting Practice (SSAPs) issued by the HKSA which
are effective for accounting periods commencing on or after 1st
January 2002:

        SSAP 1 (revised)  : Presentation of financial statements
        SSAP 11 (revised) : Foreign currency translation
        SSAP 15 (revised) : Cash flow statements
        SSAP 33           : Discontinuing operations
        SSAP 34 (revised) : Employee benefits

There are certain changes in the current year's presentation as
a result of adoption SSAP 1(revised), SSAP 15(revised) and SSAP
33.

The adoption of SSAP 11(revised) and SSAP 34(revised) have no
material effect on the Group' profit and loss accounts for the
years presented.
        
Certain comparative figures have been reclassified to conform
with the current year's presentation.

(2)  Turnover and loss attributable to shareholders
                                                        
                                     2003            2002
                                  HK$'000         HK$'000
      (Restated)
Turnover
- Continuing operation              20,739         41,007
- Discontinued operations               -          70,340
                                ----------      ----------
                                   20,739         111,347
                                ==========      ==========

Loss attributable to shareholders
- Continuing operation             (4,116)        (67,338)
- Discontinuing operations         -              (23,300)
- Corporate expenses               (3,906)       (191,979)
                                ----------      ----------
                                   (8,022)       (282,617)
                                ==========      ==========

(3)     Loss per share

        
The calculation of basic loss per share is based on the Group's
loss attributable to shareholders for the year of HK$8,022,000
(2002: HK$282,617,000) and the weighted average of 2,880,681,336
(2002: 319,199,190) ordinary shares in issue during the year.

Diluted loss per share for the year ended 31st March 2003 is not
presented as the conversion of convertible note is anti-
dilutive.

Diluted loss per share for the year ended 31st March 2002 was
not presented as the exercise of share options and conversion of
convertible note were anti-dilutive.


FULLAND FOUNDATION: Winding Up Hearing Scheduled on Aug 27
----------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2003 at
10:00 in the morning the petition seeking the winding up of
Fulland Foundation Limited.

Man Hing Wong of Room 1606, Cheuk Ping House, Long Ping Estate,
Yuen Long, New Territories, Hong Kong filed the petition on July
16, 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.


GOLDBOND GROUP: Operations Loss Swells to HK$55.170M
----------------------------------------------------
Goldbond Group Holdings Limited posted its financial statement
summary:

Year end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001  
                              to 31/3/2003       to 31/3/2002  
                              Note  ('000)       ('000)
Turnover                           : 23,175             23,501            
Profit/(Loss) from Operations      : (55,170)           (43,385)          
Finance cost                       : (15,792)           (31,743)          
Share of Profit/(Loss) of
  Associates                       : N/A                (3,837)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (71,962)           (78,965)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.02)             (0.04)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (71,962)           (78,965)          
Final Dividends                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividends                   : 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 the basic loss per share is based on the loss
attributable shareholders for the year of HK$71,962,000 (2002:
HKS$78,965,000), and the weighted average of 3,143,494,000
(2002: 2,159,444,000) ordinary shares in issue during the year,
after taking into account of the effect of the Rights Issue
during the year.  The weighted average number of ordinary shares
in issue for the year ended 31 March 2002 was restated because
there was a bonus element resulting from the Rights Issue during
the year.

The exercise of the subscription rights conferred by the
redeemable convertible preference shares and share options would
not have any dilutive effect on the loss per share for the years
ended 31 March 2002 and 2003.

2. Certain comparative figures have been adjusted to conform
with changes in presentation in the current financial year as a
result of adopting revised Statements of Standard Accounting
Practice (SSAPs).


HONG FENG: Winding Up Petition Pending
--------------------------------------
Hong Feng Engineering Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on August 26, 2003 at 10:00 in the morning.

The petition was filed on July 9, 2003 by Wong Ki Sim Samuel of
Room 3913, Man Fu Hosue, Hing Man Estate, Chai Wan, Hong Kong.  


LAU TAK: Petition to Wind Up Scheduled
--------------------------------------
The petition to wind up Lau Tak Marine Metal Company Limited is
set 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 9, 2003 by Tam Tat
Chee of Room 1302-4, Fourseas Building, 208-212 Nathan Road,
Kowloon, Hong Kong, Cheung Ah Yau of Flat G, 11th Floor, Block
3, Nerine Cove, 23 Hang Fu Street, Tuen Mun, New Territories,
Hong Kong and Wong Po San of Room 425, Tin Wah Hose, Shun Tin
Estate, Kowloon, Hong Kong.


OCEAN CHINA: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Ocean China International 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 14, 2003 by Law
Kok Sung Edward of 1st Floor, 1095 Canton Road, Mongkok,
Kowloon, Hong Kong.


PEAKTOP INTERNATIONAL: Capitalization Circular Dispatched
---------------------------------------------------------
Reference is made to the press announcement issued by Peaktop
International Holdings Limited dated 7 July 2003 regarding the
Capitalization.

Reference is also made to the press announcement issued by the
Company dated 25 July 2003 regarding the extension of time for
the dispatch of the circular (the Circular) containing, among
other things, details of the Capitalization to not later than 6
August 2003.

The Circular was dispatched on 6 August 2003.

According to Wrights Investors' Service, at the end of 2002,
Peaktop International Holdings Limited had negative working
capital, as current liabilities were HK$340.91 million while
total current assets were only HK$293.27 million. It also
reported losses during the previous 12 months and has not paid
any dividends during the previous 3 fiscal years.


SUN'S GROUP: Court Postpones Winding Up Petition Hearing
--------------------------------------------------------
The Sun's Group Limited together with its subsidiaries, (the
Group) wishes to update its shareholders on certain
recent developments concerning the Group.

PROGRESS OF PROCEEDINGS AGAINST THE COMPANY AND A SUBSIDIARY

Reference is made to an announcement dated 16 June 2003
regarding the winding-up petitions filed respectively by Mr.
Wong Kwan, a former director of the Company, and Charcon Assets
Limited, a company owned by Mr. Wong Kwan (collectively, the
Petitioners) against the Company and a wholly-owned subsidiary
of the Company (the Petitions).

At a hearing on 4 August 2003 regarding the Petitions, the
Company and the relevant subsidiary opposed to the winding-up
proceedings and the Court gave further directions as to the
filing and serving of evidence by the Company, the relevant
subsidiary and the Petitioners. No date was set for the next
hearing of the proceedings. However, the Company will make an
announcement to update its shareholders on further developments
as and when appropriate.

RESIGNATION OF AUDITORS

Arthur Andersen & Co was the firm of auditors engaged by the
Company to audit the accounts of the Group for the year ended 31
December 2001. Arthur Andersen & Co. issued a disclaimer opinion
on the consolidated financial statements of the Company for the
year ended 31 December 2001. In view of the combination of the
practice of PricewaterhouseCoopers and Arthur Andersen & Co.,
the Company appointed PricewaterhouseCoopers as auditors of the
Company on 21 June 2002 and PricewaterhouseCoopers subsequently
resigned as auditors of the Company on 30 July 2003. The
directors of the Company (the Directors), after reviewing their
resignation letter, considered that there were no circumstances
that needed to be brought to the attention of the shareholders
or creditors of the Group.

As stated in the announcement of the Company on 27 June 2003,
the unaudited and audited results of the Company for the year
ended 31 December 2002 will be released on or before 31 August
2003 and on or before 30 September 2003 respectively. The annual
report of the Company for the year ended 31 December 2002 will
be dispatched thereafter. The Company is currently in
discussions with other firms of auditors for a replacement and
will make an announcement of the appointment of a firm of
auditors and, if practicable, the expected timetable of
releasing the above-mentioned accounts.

PROCEEDINGS AGAINST THE FORMER EXECUTIVE DIRECTORS OF ROSSMORE

The Company also refers to the articles, which appeared in
various newspapers on 2 August 2003 regarding proceedings by
Rossmore Profits Limited (Rossmore), a wholly-owned subsidiary
of the Company, against two former executive directors of the
Company and Rossmore. The Company confirms that, on 31 July
2003, Rossmore filed a writ against those former directors,
namely Mr. Wong Kwan and Mr. Siu King Nin, Peter, seeking
compensation of approximately HK$268 million regarding the
directors' alleged breach of fiduciary duties as directors of
Rossmore. Mr. Wong Kwan and Mr. Siu King Nin, Peter resigned as
director of Rossmore on 29 January 2002 and 12 December 2002
respectively. Further announcement will be made to update the
shareholders of the Company as and when appropriate.

DEBT RESTRUCTURING

On 24 April 2003, the Company requested the continued suspension
of trading in the shares of the Company due to the receipt of
various demand letters from one of its creditors. Since then,
the Group has also received various demand letters and writs
from some other creditors, and a winding-up petition of a
subsidiary of the Company, from its creditors. The Company,
together with its advisers, is currently in discussions with its
creditors to explore the possibility of an acceptable debt
restructuring plan. A further announcement will be made
regarding the progress of any restructuring proposal as and when
appropriate.

Trading in the shares of the Company has been suspended since 24
April 2003 and will remain suspended until further notice.


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


PERUSAHAAN GAS: S&P Assigns Unit's Proposed US$200M Notes 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday assigned its 'B-
' foreign currency rating to the proposed U.S.-dollar notes to
be issued by PGN Euro Finance 2003 Ltd., a wholly owned
subsidiary of PT Perusahaan Gas Negara (Persero) (PGN; local
currency B/Stable/--, foreign currency B-/Stable/--). The notes
are guaranteed by PGN, to which Standard & Poor's assigned
ratings on July 29, 2003. The proposed issue size is US$200
million.

The holders of the notes will have the option of redemption in
2010; otherwise, maturity will be in 2013. The rating is subject
to completion of documentation and conformity of terms and
conditions as presented in the preliminary offering circular
dated July 28, 2003.

The issuance will be used primarily to partly fund PGN's
proposed Duri-to-Medan gas transmission project. "The debt
issuance was factored in when PGN's rating was assigned and as a
result does not impact the company's credit quality," said Mark
Legge, credit analyst at Standard & Poor's.

PGN is an Indonesian government-owned gas utility involved in
the transmission, distribution, and wholesale and retail of gas.
The ratings on PGN reflect material country risks; an uncertain
regulatory environment; high concentration of industrial
customers, whose demand tends to be highly correlated with
economic activity; uncertain gas demand profile; mismatch of
length of gas supply and purchase contracts; and exposure to
interest rate and currency movements.

These negatives are partly offset by a strong market position in
gas distribution and transmission; insulation from price risk
and minimal volume risk from gas transmission business; and
moderate cash flow coverage. PGN has a strong liquidity
position, despite not having access to an unrestricted bank
facility. It has US$20.5 million debt due in the next 12 months
and has more than US$38 million in cash and equivalents as
at March 31, 2003.


SINAR MAS: To Pay Bond Interest by August 13  
--------------------------------------------
Sinar Mas Group assured that bondholders would receive payment
for bond interest on August 13 as it has received letter from
Indonesia Bank Restructuring Agency (IBRA) ordering the payment,
Bisnis Indonesia reports, citing Gandhi Sulistiyanto, Vice
Chairman of Sinar Mas Group Debt Restructuring Task Force.

"We are paying interest plus fine to Indah Kiat bondholders of
Rp39.8 trillion and Lontar Papyrus of Rp35.4 billion,"
Sulistiyanto said, adding that Asia Pulp & Paper will also pay
sinking fund of Tjiwi Kimia and Pindo Deli of Rp8.8 billion and
Rp8.9 billion respectively. Such an amount includes estimated
fine imposed until the clearing date, August 13.

Sulistiyanto revealed that each emitent have renewed letter of
payment request to IBRA on August 5, 2004 as they must also
bring the fine into calculation.

APP sent a letter to IBRA four days ago on request for money
withdrawal to make payment to bondholders. Bondholders' meeting
was held Friday for Indah Kiat and Lontar Papyrus.


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


NEC CORPORATION: Supplies High Performance Servers to Samsung
-------------------------------------------------------------
NEC Corporation announced an agreement with Samsung Electronics
(SEC) for OEM supplies to SEC of NEC developed Intel 64bit
processor (Itanium2) based high performance servers.

The main contents of an agreement includes:

1.NEC supplies its 8, 16, 32way Itanium2 based servers to SEC as
an OEM basis.

2.SEC will market these Itanium2 servers in Korea and other
Asian countries as a product in its server product family.

3.NEC gives SEC with an exclusive distribution right of these
Itanium2 based servers in Korea.

4.NEC and SEC will put joint technical efforts for future
product lines, which will meet regional market needs for Korea
and other Asian countries.

The Itanium2 based severs are the mid-range/high-end servers
including 3 models scalable up to 8, 16, and 32 CPUs
respectively. Using NEC's own designed chip set, they realize
high performance and high reliability.

With this agreement, NEC aims to expand the distribution of its
Itanium2 based servers worldwide.

Note

Intel and Itanium are either registered trademark or trademark
of Intel Corporation in the United States and other countries.

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

Battered by a global economic slump and a diving Tokyo stock
market, NEC Corporation narrowed its losses to 24.5 billion yen
($204 million) for the year ending in March 31, but failed to
return to profit this year, reports the Troubled Company
Reporter-Asia Pacific. The electronics firm posted a loss of 312
billion yen ($204 million) a year ago.

NEC Corp. has been hurt by the shaky world economy, worsened by
worries about the war in Iraq in the latter half of fiscal 2002.
A recent dive in Tokyo share prices to 20-year lows also eroded
NEC's earnings. NEC expected to return to profitability this
year but stayed in the red for the second straight year.

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


NIKKAN KOGYO: METI OKs Rehabilitation Plan
------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
a rehabilitation plan filed by Nikkan Kogyo Shimbun, Kyodo News
reported Friday. The approval will allow the ailing Tokyo
newspaper to alleviate its financial burden by almost halving
the taxes that will be imposed on some 3.8 billion yen in fresh
funds it plans to obtain under the rehabilitation plan.


NISSHO IWAI-NICHIMEN: Dissolves Domestic & Overseas Units
---------------------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation has been actively
engaged in implementing its plan to eliminate duplicate
functions and reorganize both domestic as well as overseas bases
in order to realize the synergies emanating from the integration
of Nissho Iwai and Nichimen as early as possible. As part of
this effort, it has been resolved to dissolve the subsidiary
companies described below.

The company will continue to not only accelerate its efforts to
promote `Selection and Focus' on core businesses based on its
business portfolio strategies, but also implement all required
rationalization measures swiftly to facilitate the early
materialization of integration effects.

1. Nichimen Cash Management Corporation

(1) Corporate Profile

(2) Reason for dissolution

Transfer of business operations to Nissho Iwai-Nichimen Shared
Service Corporation, which was established following the
reorganization of Nichimen and Nissho Iwai's administrative
subsidiaries and commenced business operations w.e.f. 1st July
2003.

(3) Forecast

Liquidation proceedings scheduled to be completed by September
2003. No effect is anticipated on Nissho Iwai-Nichimen Holdings
Corporation's earnings forecast for the fiscal year ending March
2004.

Headquarters: 4-1-23 Shiba, Minato-ku, Tokyo

President: Akiyoshi Ishikawa

Business: Payment services, trade related receipts and
disbursements, as well as related foreign exchange; Provision of
finance-related back office services

Established: 1st April 1999

Capital: JY 50 million

Major Shareholder: Nichimen Corporation (100%)

2. Nichimen Business Support Corporation

(1) Corporate Profile

(2) Reason for dissolution

Transfer of business operations to Nissho Iwai-Nichimen Shared
Service Corporation, which was established following the
reorganization of Nichimen and Nissho Iwai's administrative
subsidiaries and commenced business operations w.e.f. 1st July
2003.

(3) Forecast

Liquidation proceedings will be completed by September 2003. No
effect is anticipated on Nissho Iwai-Nichimen Holdings
Corporation's earnings forecast for the fiscal year ending March
2004.

3. Nissho Iwai Professional Services, Ltd.

(1) Corporate Profile

(2) Reason for dissolution

Transfer of business operations to Nissho Iwai-Nichimen Shared
Service Corporation, which was established following the
reorganization of Nichimen and Nissho Iwai's administrative
subsidiaries and commenced business operations w.e.f. 1st July
2003.

(3) Forecast

Liquidation proceedings will be completed by September 2003. No
effect is anticipated on Nissho Iwai-Nichimen Holdings
Corporation's earnings forecast for the fiscal year ending March
2004.

Headquarters: 4-1-23 Shiba, Minato-ku, Tokyo

President: Shoshiro Tani

Business: Provision of administrative services pertaining to
Accounting, Risk management, Auditing, General affairs,
Personnel training, etc., as well as Language training,
Photocopying services, Printing of business cards & ID Cards,
etc.

Established: 1st April 1999

Capital: JY 100 million

Major Shareholder: Nichimen Corporation (100%)

Headquarters: 2-3-1 Daiba, Minato-ku, Tokyo

President: Eisuke Takakuwa

Business: Finance and accounting, Legal services, Credit and
risk management, Human resources and general affairs
administration, Managerial information services, IT solutions,
Overseas business services, and Consulting services

Established: 3rd April 2000

Capital: JY 480 million

Major Shareholder: Nissho Iwai Corporation (100%)

4. NISSHO IWAI FTX HOLDING CORPORATION

(1) Corporate Profile

(2) Reason for dissolution

As part of promotion of `Selection and Focus' on core businesses
based on business portfolio strategies.

(3) Forecast

Liquidation proceedings will be completed by March 2004.
Though the dissolution of this company will give rise to net
loss, no effect is anticipated on Nissho Iwai-Nichimen Holdings
Corporation's earnings forecast for the fiscal year ending March
2004 since appropriate reserves have already been appropriated
in FY 2002.

5. Nissho Iwai (Chile) LTDA.

(1) Corporate Profile

(2) Reason for dissolution

As part of post-integration reorganization of overseas network.

(3) Forecast

Liquidation proceedings will be completed by March 2004. Though
this dissolution will be accompanied by a slight profit, no
effect is anticipated on Nissho Iwai-Nichimen Holdings
Corporation's earnings forecast for the fiscal year ending March
2004. The existing business operations will be taken over by
Nissho Iwai do Brazil S.A., which will continue to strive
actively towards expansion of business.

Headquarters: 2-3-1 Daiba, Minato-ku, Tokyo

President: Shijin Takano

Business: Holding company for administration of financial
businesses

Established: 8th June 2001

Capital: JY 5,405 million

Major Shareholder: Nissho Iwai Corporation (100%)

Headquarters: Av. El Bosque Norte 0107, Piso 3, Las Condes,
Santiago, CHILE

President: Yasuyuki Hosokawa

Business: Administration of Nissho Iwai's Chilean offices,
Liaison with Nissho Iwai Tokyo Hdqrs., and provision of
marketing and consulting services to customers

Established: 1st December 1988

Capital: 49 million Chilean Pesos

Major Shareholder: Nissho Iwai Corporation (48.98%)

Nissho Iwai American Corporation (51.02%)

6. Nissho Iwai de Colombia S.A.

(1) Corporate Profile

(2) Reason for dissolution

As part of post-integration reorganization of overseas network.

(3) Forecast

Liquidation proceedings will be completed by March 2004. Though
this dissolution will be accompanied by a slight loss, no effect
is anticipated on Nissho Iwai-Nichimen Holdings Corporation's
earnings forecast for the fiscal year ending March 2004. The
existing business operations will be taken over by Nissho Iwai
de Venezuela C.A., which will continue to strive actively
towards expansion of business.

7. NIC der Ecuador S.A.

(1) Corporate Profile

(2) Reason for dissolution

As part of post-integration reorganization of overseas network.

(3) Forecast

Liquidation proceedings will be completed by March 2004. Though
this dissolution will be accompanied by a slight loss, no effect
is anticipated on Nissho Iwai-Nichimen Holdings Corporation's
earnings forecast for the fiscal year ending March 2004. The
existing business operations will be taken over by Nissho Iwai
de Venezuela C.A., which will continue to strive actively
towards expansion of business.

Headquarters: Calle 72 No.5-83 Oficina 1101, Edificio Avenida
Chile, Santafe de Bogota D.C., Republic of Colombia

President: Hidemi Momota

Business: Administration of Nissho Iwai's Colombian offices,
Liaison with Nissho Iwai Tokyo Hdqrs., and provision of
marketing and consulting services to customers

Established: 2nd January 1990

Capital: 635 million Colombian Pesos

Major Shareholder: Nissho Iwai Corporation (49.01%)

Nissho Iwai American Corporation (50.99%)

Headquarters: Av. 12 de Octubre 1942 Y Cordero, Edificio World
Trade Center, 10MO PISO, Oficina 1005, Quito,

ECUADOR

President: Toshikazu Kaya
Business: Administration of Nissho Iwai's Ecuadorian offices,
Liaison with Nissho Iwai Tokyo Hdqrs., and provision of
marketing and consulting services to customers

Established: 8th May 1989
Capital: USD 400,000
Major Shareholder: Nissho Iwai Corporation (49%)
Nissho Iwai American Corporation (51%)


RESONA HOLDINGS: Government Acquires New Shares
-----------------------------------------------
Resona Holdings Inc. has floated new common stocks and preferred
shares with voting rights and exchanged them for Resona Bank
shares owned by the government-affiliated Deposit Insurance
Corporation of Japan, reports the Kyodo News. The move gave the
government a 73 percent voting stake in Resona Holdings, while
making Resona Bank a wholly owned subsidiary of the holding
Company.


RESONA HOLDINGS: May Sell Cosmo Securities, Leasing Units
---------------------------------------------------------
Resona Holdings Inc. is considering selling Cosmo Securities Co.
and three leasing units as part of efforts to streamline
operations, according to Kyodo News. The names of the leasing
units were not mentioned in the report. Resona, recently bailed
out by the government with a 1.96 trillion yen injection of
public funds, has appointed Nomura Securities Co. as a financial
adviser to seek buyers or tie-up partners.


SEGA CORPORATION: Issues R&D Reorganization Notice
--------------------------------------------------
Sega Corporation, at the meeting of the board of Directors held
on July 30, 2003, resolved the R&D studios' reorganization plan.

1. Purposes of the Reorganization

1) To strengthen the product marketability (creation of global
blockbuster titles)

2) To create the titles indispensable for the future growth (New
titles, hit titles, big titles, and titles for U.S. Europe
markets)

3) To improve the productivity (efficiency and cost reductions)

2. Methods of the Reorganization

1) To reorganize R&D studios through merger or transfer of
business. (Though previously SEGA announced that it would
reorganize nine R&D studios to five, it concluded to reorganize
nine to six and to establish one company)

2) To establish holding company, which will wholly own R&D
studios.

3. Effects and Outlook

As described in the purposes of the reorganization, we expect to
strengthen our product marketability.

4. Reorganization by Merger

1) Schedule

On August 18, 2003:

To conclude the agreement on merger

On August 19, 2003:

To hold the extraordinary shareholders' meeting for approval of
the agreement on merger On October 1, 2003:

Date for the merger

2) Merger Methods

Merger companies will be existing companies and merged companies
will be liquidated. An existing company, WOW Entertainment,
Inc., will change its name to WOW Works (tentative name).

3) Ratio of Merger

All of the shareholders as of the previous day of the merger
will be delivered with one share of the existing companies
against one share of merged companies.

For a copy of the new Company structure, go
http://www.sega.co.jp/IR/en/cr/pdf/20030730.pdf


SEGA CORPORATION: Posts 1Q03 Y1.89B Net Profit
----------------------------------------------
Struggling Sega Corporation booked a consolidated net profit of
1.89 billion yen in the April-June quarter, Kyodo News said on
Friday. The profit, which translates into 12.19 yen per share,
reflects the solid performance of the amusement equipment and
consumer game sectors.

The videogame-maker Sega Corporation posted a net profit
of 3.05 billion yen for the year ending in March 31, after five
years of straight losses, helped by solid results in its game
arcade business, TCR-AP reported recently. After pulling the
plug on its loss-making Dreamcast game console business in 2001,
Sega shifted its focus to software development in consumer games
but has so far failed to attract a wide range of global
consumers due to stiff competition.


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


CHOHUNG BANK: Union Storms Board Meeting
----------------------------------------  
Labor union members of the Chohung Bank flooded Thursday a Board
of Directors' meeting scheduled to approve the appointment of
Choi Dong-su as its new President, delaying the meeting until
August 8, reports the Digital Chosun. The labor union of Chohung
Bank also announced that it would stop cooperating with Shinhan
Financial Group, which is in the process of merging with
Chohung.

In a statement issued that day, the Chohung union said the
nomination of Choi Dong-su violated the agreement between the
union, the bank management and the government to appoint the new
President of Chohung from among the bank's current employees.
The union said Mr. Choi is unfit for the office, as he served as
an executive of the bank for only two-and-a-half years, starting
in 1998.

DebtTraders reports that Cho Hung Bank's 11.875% bond due in
2010 (CHOH10KRS2) trades between 113.5 and 114.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CHOH10KRS2


DAEWOO MOTOR: Rothschild to Sell Indian Assets
----------------------------------------------
Financial institutions have appointed investment banker, NM
Rothschild, to sell the assets of the now-defunct Daewoo Motors
India after an earlier plan to sell the assets of the Company
failed to take off, the Economic Times reported Monday.

The assets of Daewoo India are now with the court receiver. As
of now, the banks have realized a little over 60 million rupees
(6 Crores). Bankers have also approached General Motors to
persuade it to lease Daewoo's assets, as local lenders fear the
amount other bidders are willing to pay won't cover their dues.


HYNIX SEMICONDUCTOR: S. Korea Challenges EU Chip Tax
----------------------------------------------------
South Korea is set to challenge the European Union (EU)'s
decision to place a 33 percent import tariff on Hynix
Semiconductor's computer chips, arguing that such a move
contravenes global trade rules, according to the World Trade
Organization.

The EU imposed the import duty in April this year after deciding
that Hynix had received unfair state aid when South Korea's
state-controlled banks made debt-for-equity swaps and
restructured loans on its behalf. The EU Commission announced at
the time that the tariff would initially be in place for a
period of four months. It is due to be reviewed on August 25,
when it will be decided whether to extend the tax for a further
five years.


HYNIX SEMICONDUCTOR: Secures Higher DRAM Prices
-----------------------------------------------
The contract price of dynamic random access memory (DRAM) chips
rose by 8-12 percent after talks earlier this week between local
chip makers and computer sellers, according to Asia Times on
Friday. Under the contract, the price of one set of eight 256-
megabit double data rate (DDR) DRAM chips, which run at 266
megahertz, rose to a range of US$46-$47 from $42-$43. As for the
speedier 333 megahertz, the price rose by $5.4-$5.6 each. Local
powerhouses Samsung Electronics Co. and Hynix Semiconductor Inc.
have enjoyed growing demand for memory chips.


HYUNDAI MOTOR: Shares Down 2.1% Thursday on Wage Deal News
----------------------------------------------------------  
Hyundai Motor's share price fell 2.1 percent on Thursday as
investors were worried after its labor and management reached an
agreement to raise wages by 8.63 percent and introduce a five-
day working week from September along with other benefits, the
Korea Herald and JoongAng Daily reported Friday.

Sejong Securities Co. expressed concerns about Hyundai Motor's
agreement to seek consent from its labor union before
restructuring. In the negotiations, the automaker agreed to ask
unionized workers for consent before reducing its domestic
production lines or work force.


SK GLOBAL: Debtors File First Motion For Filing Extensions
----------------------------------------------------------
An extension through October 4, 2003, is a bit too long at this
early juncture, Judge Blackshear says.  With that in mind, Judge
Blackshear extends the deadline for debtor SK Global America
Inc. to file its Schedules of Assets and Liabilities and
Statement of Financial Affairs through August 20, 2003, without
prejudice to the Debtor's right to request further extensions as
necessary. SK Global America is a subsidiary of South Korean SK
Global Co., Ltd., one of the world's leading trading companies.
(SK GLOBAL BANKRUPTCY NEWS, Issue Number 2, July 30, 2003)


SK GLOBAL: Plans Meeting With US Trustee to Form Committees
-----------------------------------------------------------
Greg Zipes, Esq., representing the United States Trustee,
advised Judge Blackshear that Bank One, N.A., isn't on the U.S.
Trustee's list of Authorized Bank Depositories for the Southern
District of New York.  Accordingly, none of SK Global's funds
should be deposited at Bank One post petition.  The Debtor
should be required to transfer all funds held in accounts at
Bank One to a banking institution that is qualified as an
Authorized Bank Depository for the Southern District of New York
without delay.

Judge Blackshear declines the U.S. Trustee's draconian
invitation.  By September 8, 2003, Judge Blackshear rules, Bank
One must qualify as an Authorized Bank Depository for the
Southern District of New York or the Debtor will need to
transfer its funds at Bank One to an approved institution. (SK
GLOBAL BANKRUPTCY NEWS, Issue Number 2, July 30, 2003)


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


ARUS MURNI: Vendors OK Proposed Acquisition Time Extension
----------------------------------------------------------
Arus Murni Corporation Berhad refers to the announcements dated
9 July 2003, 22 July 2003 and 23 July 2003 on the Proposed
Acquisitions, entailing:

   (i) Proposed Acquisition of the entire issued and paid-up
share capital of Jernih Makmur Sdn Bhd from Quantum Discovery
Sdn Bhd for a consideration of Rm42,243,172 to be satisfied by
the issuance of Rm42,243,172 Nominal Value Of 3-Year 0.5%
Irredeemable Convertible Unsecured Loan Stocks in AMCB (ICULS);
and

   (ii) Proposed Acquisition of the entire issued and paid-up
share capital of consistent Harvest Sdn Bhd (CHSB) from Clear
Progress Sdn Bhd and Prosperous Court Sdn Bhd for a
consideration of Rm80,495,439 to be satisfied by the issuance of
Rm80,495,439 Nominal Value of ICULS (Proposed Acquisition of
CHSB).

Public Merchant Bank Berhad, on behalf of AMCB, wishes to
announce that AMCB and the vendors of JMSB have mutually agreed
to an extension of time to 8 September 2003 in order to complete
the Proposed Acquisition of JMSB.


GENERAL LUMBER: Proposed Offer/Placement Completed
--------------------------------------------------
Further to the announcement dated 1 August 2003 in relation to
the Restructuring Scheme, General Lumber Fabricators & Builders
Bhd announced that pursuant to the Proposed Offer/Placement (as
defined in the Explanatory Statement cum Circular to
Shareholders of GLFB dated 30 May 2003 (ES&Circular)), the
vendors of Kin Yip Wood Industries Sdn Bhd (KYWI) (Vendors) had
via their nominee company, Taipantium Sdn Bhd (Taipantium)
decided to place out 10,000,000 ordinary shares of RM0.50 each
in Maxtral Industry Berhad (MIB) (MIB Shares) at the placement
price of RM0.50 per MIB Share and 10,000,000 irredeemable
convertible preference shares of RM0.10 each in MIB (ICPS) at
the placement price of RM0.50 per ICPS. As the Proposed
Offer/Placement shall be undertaken entirely in the form of a
private placement exercise, no offer for sale will be undertaken
by Taipantium.

On 1 August 2003, Taipantium had also entered into a letter of
underwriting agreement with PM Securities Sdn Bhd (PM
Securities), whereby PM Securities had agreed to underwrite up
to 10,000 ICPS based on the placement price of RM0.50 per ICPS.
Accordingly, on 4 August 2003, Taipantium had given notice to PM
Securities to purchase 10,000 ICPS from Taipantium. In this
respect, PM Securities shall make the necessary arrangement to
place out the 10,000 ICPS to not less than 100 persons each
holding 100 ICPS in order to meet the listing requirements of
the Kuala Lumpur Stock Exchange (Exchange).

On behalf of MIB, General Lumber is also pleased to confirm that
the following exercises have been completed:

   (i) share exchange of 53,732,104 ordinary shares of RM1.00
each in GLFB (GLFB Shares) have been exchanged with 5,373,210
new MIB Shares on the basis of one (1) MIB Share for every ten
(10) GLFB Shares pursuant to Proposed Share Exchange (as defined
in the ES&Circular);

   (ii) disposal of the entire issued and paid-up share capital
of GLFB by MIB to Archer Consulting Group Sdn Bhd, being the
trustee appointed by the scheme administrator for the benefit of
the scheme creditors of GLFB pursuant to the Proposed Disposal
of GLFB (as defined in the ES&Circular);

   (iii) acquisition of 39,265,823 ordinary shares of RM1.00
each in KYWI representing approximately 97.52% equity interest
in KYWI by MIB from the Vendors (as defined in the ES&Circular)
pursuant to the Proposed Acquisition (as defined in the
ES&Circular);

   (iv) placement of 10,000,000 MIB Shares at the placement
price of RM0.50 per MIB Share and 10,000,000 ICPS at the
placement price of RM0.50 per ICPS pursuant to the Proposed
Offer/Placement (as defined in the ES&Circular);

   (v) issuance of 25,000,000 new MIB Shares at the issue price
of RM0.50 per MIB Share and 25,000,000 new ICPS at the issue
price of RM0.50 per ICPS to GLFB holding in trust for the scheme
creditors of GLFB and to be managed and administered by the
scheme administrator.

In accordance to the terms and conditions of the schemes of
arrangement between GLFB and its scheme creditors pursuant to
Section 176(1) of the Companies Act, 1965, Messrs Ernst & Young
has been appointed as the scheme administrators of GLFB with
effect from 30 July 2003, the date upon which the last of the
conditions precedent as stipulated in the schemes of arrangement
have been fulfilled.


KIARA EMAS: Inks Proposed Supplemental Acquisition Agreement
------------------------------------------------------------
On 5 August 2002, AmMerchant Bank Berhad (AmMerchant Bank) had,
on behalf of Kiara Emas Asia Industries Berhad, announced that
the Company had on 1 August 2002 entered into a Supplemental
Agreement to the conditional Sale and Purchase Agreement dated
17 January 2002 (SPA), with Major Team Holdings Sdn. Bhd.
(MTHSB) and Excellent Avenue (M) Sdn. Bhd (Excellent Avenue) in
respect of the Proposed Acquisition.

On behalf of Kiara Emas, AmMerchant Bank wishes to announce that
Kiara Emas had on 5 August 2003 entered into a Second
Supplemental Agreement to the SPA, with MTHB and Excellent
Avenue for the extension of the cut-off date for the fulfillment
of the conditions precedent in the SPA in respect of the
Proposed Acquisition to 31 December 2003.

The Proposed Acquisition is part of the Company's Proposals,
which also consists of. Proposed Shareholders' Scheme; Proposed
Creditors' Scheme; Proposed Disposal; Proposed Special Issue;
Proposed Restricted Issue; Proposed Mandatory Offer; and
Proposed Transfer Of Listing Status.


KUMPULAN FIMA: Proposed Distribution Completed
----------------------------------------------
Further to the announcement dated 20 March 2003 pertaining to
the Proposed Distribution of Assets in Fima Makmur Sdn Bhd (Fima
Makmur) under Voluntary Winding Up in Specie.

Fima Makmur informed that it had on 5 August 2003 received a
letter from Messrs Ernst & Young, the liquidator for Fima Makmur
confirming that the interim transfer of shares held by Fima
Makmur in Kumpulan Fima Berhad to the respective shareholders of
Fima Makmur has been affected in the following proportions:

No.        Name of shareholders          No. of shares
1    BHR Enterprise Sdn Bhd               57,149,070
2    Tan Sri Dato' Hj Basir bin Ismail    21,290,830
3    Dato' Dr Mohd Noor bin Ismail        11,205,700
4    Subur Rahmat Sdn Bhd                 11,205,700
5    Mohd Fauzy bin Abdullah              11,205,700
     TOTAL                               112,057,000


KSU HOLDINGS: July Defaulted Facilities Reaches RM132.066M
----------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, the Board of Directors of KSU Holdings Bhd wishes to
provide an update on the details of all the facilities currently
in default, as enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_KSU0811.pdf.

The default by KSUH as at 31 July 2003 amounted to
RM106,325,379.17 of principal sum and RM25,741,014.46 of
interest for term/bridging loans and overdraft facilities.


LAND & GENERAL: Disposes of Dormant Subsidiary for RM700
--------------------------------------------------------
Land & General Berhad wishes to announce that the Company has on
7th August 2003 disposed of its entire equity interest
comprising two (2) ordinary shares of RM1.00 each in Tinjau
Cekap Sdn Bhd (TCSB) to Encik Daud Cheah Bin Abdullah and Puan
Rozini Binti Mohd Amin for a total cash consideration of
RM700.00.

TCSB is a dormant company. The aforesaid sale consideration was
arrived at on a willing buyer-willing seller basis. As a result
of the disposal, TCSB has ceased to be a wholly-owned subsidiary
of L&G.

The above disposal is not expected to have any material effect
on the earnings or net tangible assets of the L&G Group for the
financial year ending 31 December 2003. None of the Directors or
substantial shareholders of L&G or persons connected to them has
any interest, direct or indirect, in the aforesaid disposal.


MALAYSIAN GENERAL: Court Grants Proposed Share Exchange Approval
----------------------------------------------------------------
The Proposed Restructuring Scheme of Malaysian General
Investment Corporation Berhad comprises the following:

   a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC (Proposed Share
Exchange);

   b) Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;

   c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares by SRB from Tekad Mulia Sdn Bhd
(Tekad Mulia) for a purchase consideration of RM95,000,000 to be
satisfied by the issuance of 95,000,000 new Shares in SRB at an
issue price of RM1.00 per Share (Proposed Acquisition Of Sumatec
Group);

   d) Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia and parties acting in concert with it from the obligation
to extend an unconditional mandatory general offer for all the
remaining Shares not already owned by them in SRB after the
Proposed Acquisition Of Sumatec Group;

   e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);

   f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and

   g) Proposed liquidation of MGIC and all of its subsidiaries.

On behalf of the Company, AmMerchant Bank Berhad is pleased to
announce that the Company has on 6 August 2003 obtained an order
from the High Court of Malaya (Court Order) sanctioning the
Proposed Share Exchange.

The Court Order will be lodged with the Registrar of Companies
in due course for the Court Order to take effect, after which
the Company will proceed with the implementation of the Proposed
Share Exchange.


MALAYSIAN RESOURCES: ROS Books Closure Date Set on August 22
------------------------------------------------------------
On behalf of Malaysian Resources Corporation Berhad, AmMerchant
Bank Berhad, wishes to announce the books closure date in
relation to the following:

   a) demerger of MRCB and MPB, to be effected by a distribution
in specie of 499,311,064 ordinary shares of RM1.00 each in MPB
by MRCB on the basis of one point three (1.3) MPB shares for
every three (3) existing MRCB shares/MRCB-OA shares, arising
from a capital reduction of RM0.331/3 for each of the existing
ordinary share of RM1.00 each in the capital of MRCB to be
followed by a capital consolidation of three (3) ordinary shares
of RM0.662/3 each into one (1) ordinary share of RM2.00 each and
thereafter divided into two (2) ordinary shares of RM1.00 each
in MRCB (Consolidated MRCB shares) as well as the cancellation
of the entire share premium account (Demerger);

   b) restricted offer for sale of RM10,250,277 MPB ICULS by
MRCB and 10,250,277 MPB Warrants by Gabungan Kesturi Sdn Bhd to
holders of MRCB-OA shares on a basis of RM1.00 nominal amount of
MPB 5-year 2% Irredeemable Convertible Unsecured Loan Stocks
2003/2008 (ICULS) and one (1) MPB 5-year Warrant 2003/2008 for
every one (1) ordinary share of RM1.00 each in MPB held after
the Demerger at offer prices to be determined of not less than
the intended issue prices for the MPB ICULS (RM1.00) and the MPB
warrants (RM0.10). An additional RM4,750,000 nominal amount of
MPB ICULS and 4,750,000 MPB Warrants shall be made available for
excess applications (ROS 1); and

   c) restricted offer for sale of RM127,652,006 MPB ICULS by
MRCB to holders of existing MRCB shares (except Realmild(M) Sdn
Bhd) on a basis of RM1.00 nominal amount of MPB ICULS for every
three (3) ordinary MPB shares held after the Demerger at an
offer price to be determined of not less than the intended issue
price for the MPB ICULS (RM1.00) (ROS 2).

(ROS 1 and ROS 2 collectively known as "ROS")

BOOKS CLOSURE DATE

Notice is hereby given that, shareholders of MRCB whose names
are registered in the Record of Depositors of MRCB maintained by
MCD as at the close of business at 5:00 p.m. on 22 August 2003
(Books Closure Date), as well as shareholders whose shares are
exempted from mandatory deposit are hereby advised that their
existing MRCB/MRCB-OA shares shall be recalled and subjected to
the Demerger and participate in the ROS.

Depositors shall qualify for entitlement to the Demerger, ROS 1
and ROS 2 only in respect of the following:

   1. MRCB/MRCB-OA shares deposited into the respective
depositors' securities accounts before 12:30 p.m. on 20 August
2003 (in respect of shares which are exempted from mandatory
deposit); and

   2. MRCB/MRCB-OA shares transferred into the respective
depositors' securities accounts before 4:00 p.m. on 22 August
2003 (in respect of ordinary transfers).

In determining the allotment of the Consolidated MRCB shares and
MPB shares, any fractional entitlement shall not be allotted to
the relevant shareholders but shall be dealt with in such manner
as the Board of Directors of MRCB in its discretion deems fit.

A prospectus in relation to the ROS will be sent to the entitled
shareholders after Books Closure Date.

An application for the listing of and quotation for the MPB
Shares, MPB ICULS and MPB Warrants on the Main Board of Kuala
Lumpur Stock Exchange (KLSE) will be made to KLSE.

NOTICE OF SHARE RECALL PURSUANT TO THE DEMERGER

Existing MRCB Shares/MRCB-OA Shares already deposited into a CDS
Account

Shareholders of MRCB whose names are registered in the record of
depositors of MRCB maintained by MCD as at the close of business
at 5:00 p.m. on 22 August 2003 are hereby advised that their
existing MRCB/MRCB-OA shares shall be recalled and subjected to
the Demerger.

NO ACTION IS REQUIRED FROM THE SHAREHOLDER OF THE
MRCB/MRCB-OA SHARES.

The Consolidated MRCB shares and MPB shares allotted pursuant to
the Demerger will be credited directly by MCD into the same CDS
account in which the existing MRCB/MRCB-OA shares are currently
deposited.

No physical share certificate will be issued to the shareholders
of MRCB in respect of the Consolidated MRCB shares and MPB
Shares to be allotted pursuant to the Demerger. A notice of
allotment in relation to the allotment of the Consolidated MRCB
shares and MPB shares will be dispatched to the shareholders of
MRCB no later than fifteen (15) market days (being days on which
the stock market of the KLSE is open for trading) after the BCD,
or such other date as the Board of Directors of MRCB in their
absolute discretion may decide, at the address as registered
with the MCD by ordinary post at the risk of the shareholders.
3.2 Existing MRCB Shares/MRCB-OA Shares exempted from Mandatory
Deposit

The shareholders of MRCB whose existing MRCB/MRCB-OA shares are
exempted from mandatory deposit are advised that the existing
MRCB/MRCB-OA Shares shall be subject to the Demerger. Since the
whereabouts of the beneficiary owners are unknown, the share
registrar of MRCB currently has possession of the share
certificates constituting the MRCB/MRCB-OA Shares.

A physical share certificate will be issued in the name of the
shareholder of MRCB in respect of the Consolidated MRCB shares
as well as the MPB shares allotted pursuant to the Demerger. The
share certificates constituting the Consolidated MRCB shares and
the MPB shares shall be kept by the share registrar of MRCB.

SUSPENSION OF TRADING

To facilitate the recall and cancellation of the existing
MRCB/MRCB-OA shares and the issuance of the Consolidated MRCB
shares and allotment of the MPB shares, the trading of
MRCB/MRCB-OA shares will be suspended on 18 August 2003
effective 9:00 a.m., being three (3) clear market days prior to
the Books Closure Date, and the suspension will continue until
the re-quotation of the Consolidated MRCB shares.

FURTHER INFORMATION

For further information on the Demerger and ROS, shareholders of
MRCB will be sent an information circular in relation to the
Demerger and ROS. The shareholders of MRCB are advised to read
the information circular carefully.

Any queries concerning the above notice of books closure and
share recall should be addressed to MRCB's share registrar at:

   Malaysian Share Registration Services Sdn Bhd (378993-D)
   7th Floor, Exchange Square
   Bukit Kewangan
   50200 Kuala Lumpur
   Tel: 03 - 2026 8099
   Fax: 03 - 2026 3736


NORTH BORNEO: Non-Exec Director Peter Yong Resigns
--------------------------------------------------
The North Borneo Corporation Bhd posted this Change in Boardroom
Notice:

Date of change : 06/08/2003  
Type of change : Resignation
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : Peter Yong @ Paul
Age            : 51
Nationality    : Malaysian  
Qualifications : He was called to the Bar by the Honourable
Society of Middle Temple, London in 1978 as a Barrister-at-Law
and to the Sabah Bar in 1979.

Working experience and occupation  : He is an experience
corporate lawyer and a senior partner of Jayasuriya Kah & Co.
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

On June 23, the Troubled Company Reporter - Asia Pacific
reported that The North Borneo Corporation Berhad, in relation
to the Proposed Rescue Cum Restructuring Scheme, announced that
the Stop Date for the Agreements has been extended for another
two months from 23rd June 2003 to 22nd August 2003.


PEMBANGUNAN BRISDALE: Served Demand Notice
-------------------------------------------
Kumpulan Hartanah Selangor Berhad (KHSB) announced that a Notice
of Demand dated 21 July 2003 pursuant to Section 218 of the
Companies Act, 1965 was served on Pembangunan Brisdale Sdn Bhd
(PBSB), a 100% owned subsidiary company of Brisdale Holdings
Berhad (BHB) which in turn is wholly owned subsidiary of KHSB on
1 August 2003 by the Judgment Creditor, Teoh Ah Choon at the old
registered office of Tingkat 17, Blok B, Menara PKNS-PJ, No. 17,
Jalan Yong Shook Lin, 46050 Petaling Jaya, Selangor Darul Ehsan.

By the Notice, the Judgment Creditor is claiming for the sum of
RM55,901-25 being the Judgment sum comprising principal of
RM49,170-00 and interest as at 21 July 2003 of RM6,731-25
pursuant to Judgment dated 20 June 2003 via Shah Alam Sessions
Court Summons No: 2-52-404-02.

Kumpulan Hartanah does not foresee the amount claimed to have
any financial nor operational impact on the Group.

Apart from the amount claimed, Kumpulan Hartanah does not
foresee any further losses except for legal cost in which we
need to pay the Judgment Creditor's solicitors as well as ours.

Kumpulan Hartanah is arranging a settlement scheme with the
Judgment Creditor and are confident that the matter can be
resolved soonest on an out of court basis.

Total assets of PBSB as at 30 June 2003 (unaudited) are
RM143,364,299-00.


SEE HUP: Provides RM255,000 Financial Assistance to Unit
--------------------------------------------------------
The Board of Directors of See Hup Consolidated Berhad is pleased
to announce that the Company had on 5 August 2003 provided a
financial assistance for the sum of RM255,000-00 to See Hup
Pioneer Logistics Sdn. Bhd. (SHPL), a subsidiary Company.

The provision of financial assistance is in the form of interest
free loan provided by all the shareholders of SHPL apportioned
to their equity shareholdings. The loan provided will be
utilized for the purposes of capital expenditure and working
capital of SHPL.

The financial assistance is not subject to the approval of
shareholders and the relevant government authorities. See Hup is
authorized to provide a financial assistance under clause 34 of
its Memorandum of Association.

The loan provided was on a cash basis. There were no
arrangements for payment on a deferred basis. Apart from the
loan, there were no other liabilities to be assumed by See Hup.

Since the loan was paid by cash, it will have no effect on the
issued and paid-up share capital, net tangible assets and
earnings of See Hup.

Team Seventy-Eight Sdn. Bhd. (T78) is a major shareholder of
SHPL, controlling 14% of the voting shares in SHPL.

Mr. Li Chun Huat, a director of Sahaunion Transport Sdn. Bhd., a
subsidiary company of See Hup, is deemed to have interest in the
above transaction as he is deemed connected to T78 by
controlling directly and indirectly more than 15% of the voting
shares in T78.

Mr. Li Chun Huat is also a person connected to Mr. Lee Choon
Chua, who was a director of SHPL. Mr. Lee Choon Chua had
resigned from SHPL effective 1 April 2003.

Apart from the above, Mr. Lee Hean Huat and Mr. Lee Hean Beng,
who are the directors of SHPL are also the directors of See Hup.
They have no interest in SHPL other than via See Hup.

Save as disclosed above, none of the directors and/or major
shareholders and/or person connected with a director or major
shareholder has any interest, direct or indirect, in the
provision of financial assistance.

The Directors of the Company are of the opinion that the
provision of financial assistance is in the best interest of the
Company and of the subsidiary.

There is no loan agreement to be entered into between See Hup
and SHPL.


SUNRISE STREAM: Defaults Principal Payment to Scheme Creditors
--------------------------------------------------------------
Fiamma Holdings Berhad wishes to announce that on 6 August 2003,
Sunrise Stream, an associate company, has suspended its
principal payments to the Scheme Creditors (Lenders) under the
respective debentures and novation agreements for the novation
of the identified liabilities and corresponding transfer of the
identified assets from Malaysia Electric Corporation Berhad (in
Creditors' Voluntary Liquidation) to Sunrise Stream (Default).
The total principal outstanding to the Lenders as at 6 August
2003 is RM64.2 million. The reason for the Default was due to
cash flow constraints faced by Sunrise Stream.

INFORMATION ON SUNRISE STREAM

Sunrise Stream was incorporated on 13 July 1999 and was a 50.1%
subsidiary company of Fiamma. On 30 May 2003, Fiamma has
announced that it had disposed 0.2% equity interest or 60,000
ordinary shares of RM1.00 each in Sunrise Stream. On that date,
Sunrise Stream ceased to be a subsidiary and has since become an
associate company of Fiamma.

The authorized share capital of Sunrise Stream is RM100,000,000
divided into 100,000,000 ordinary shares of RM1.00 each and the
issued and paid up capital is RM30,000,0002 divided into
30,000,002 ordinary shares of RM1.00 each.

MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT

As Sunrise Stream is only an associate company, the management
and control of Sunrise Stream rest with the majority
shareholders.

FINANCIAL AND LEGAL IMPLICATIONS

Fiamma's expected share of losses in Sunrise Stream under the
equity method of accounting for the current financial period for
the 9 months ended 30 June 2003 is approximately RM9.4 million
(unaudited). After accounting for the abovementioned share of
losses, the expected carrying value of Fiamma's investment in
Sunrise Stream as at 30 June 2003 is RM Nil (unaudited). Hence,
as at 6 August 2003, the carrying value of Fiamma's investment
in Sunrise Stream remained RM Nil.

Fiamma has not extended any guarantees or given any written
support on the identified liabilities to Sunrise Stream and
therefore, all liabilities are limited to Sunrise Stream. The
course of actions available to the Lenders is set out in the
following paragraph.

DEBENTURE HOLDERS' POWER TO APPOINT A RECEIVER OR RECEIVER AND
MANAGER

The course of actions available to the Lenders under the
respective debentures and novation agreements includes:

   (a) legal action against Sunrise Stream;
   (b) liquidation and winding-up of Sunrise Stream; and/or
   (c) appointment of a receiver or receiver and manager.

EVENT OF DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS
(CROSS DEFAULT)

The above Default does not trigger any cross default under any
other indebtedness and loan agreements/facilities of Fiamma.


TECHNO ASIA: Proposed Set-Offs, Transfers Completed
---------------------------------------------------
Further to the announcement made on 4 August 2003 in relation to
the Proposed Set-Offs and Transfers, consisting of:

   (i) Proposed Set-Off and Transfer of Lot No. 6863 held under
HS(D) LP 14132 located in Mukim of Hutan Melintang, District of
Hilir Perak, Perak Darul Ridzuan by Ganda Plantations (Perak)
Sdn Bhd (SA Appointed) (GPPSB) to the Secured Creditor, namely
Malpac Capital Sdn Bhd (Malpac), or its Nominated Party at a
Transfer Value of RM13.300 Million (Proposed Set-Off and
Transfer of Lot 6863 by GPPSB); and

   (ii) Proposed Set-Off and Transfer of Lot No. 11644 held
under HS(D) Lp 13127 located in Mukim of Durian Sebatang,
District of Hilir Perak, Perak Darul Ridzuan by Cempaka Sepakat
Sdn Bhd (SA Appointed) (CSSB) to the Secured Creditor, namely
Malpac, or its Nominated Party at a Transfer Value of Rm34.098
Million (Proposed Set-Off and Transfer of Lot 11644 by CSSB).

AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
settlement agreements for the abovementioned Proposed Set-Offs
and Transfers have been completed on 5 August 2003, as confirmed
by the transaction lawyer on 6 August 2003.


TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad had on 7 August 2003 been notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively Bonds)) that they have on 31 July 2003 and 1
August 2003, disposed of some of the Company's securities held
in public listed companies, which are pledged with them in
relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to the summary attached at
http://bankrupt.com/misc/TCRAP_Tongkah0811.docfor information  
on the securities disposed.


YCS CORPORATION: Posts Additional Winding Up Petition Info
----------------------------------------------------------
YCS Corporation Berhad, in reply to KLSE's Query Letter
reference ID : HS-030804-55649 on Winding Up Petition by KL High
Court (Suit No. D6-28-717-2003), furnished the following
additional information:

1. Date of Presentation of Petition

The Petition was served to the company on July 31, 2003. An
immediate announcement was made to the Exchange on the following
market day on August 1, 2003.

2. Circumstances Leading to the Petition

Please see Table 1 attached at
http://bankrupt.com/misc/TCRAP_TCRAP_YCS0811.pdf.

3. Financial and Operation Impact

The financial impact, if the petition is allowed, is the outflow
of RM903,273.07 from the company. The petitioner has been put on
legal notice by the company's solicitors that all losses and
damages shall be claimed against the petitioner in the event
that the appeal against the judgment (Suit No. S3-22-813-2002)
and/or the setting aside of the Winding Up Petition (Suit No.
D6-28-717-2003) is allowed.

Operational impact and other damages arising from the above
petition leading to the company's loss of contract revenue,
weaker financial standing, higher cost of doing business and
other consequential losses, can not be ascertained at this
juncture. The impact and damages to the company will be
dependent on sequential actions, if any, taken against the
company by institutions/creditors/lenders and other interested
parties.

4. Expected losses

The expected losses, at this juncture, are the interest and
legal costs connected to the proceedings. As mentioned in point
3 above, other losses to the company, including consequential
losses, can not be ascertained now.

5. Steps Taken by the Company

Firstly, an appeal has been filed against the judgment dated May
7,2003 (Suit No. S3-22-813-2002). The company's solicitors are
in the process of preparing a written submission to be presented
to the court by August 20, 2003. The hearing for the appeal is
fixed on September 11, 2003.

Secondly, the company's solicitors are in the process of setting
aside the Winding Up Petition (Suit No. D6-28-717-2003).

Thirdly, the company's solicitors have also put the petitioner
on notice for all claims and damages in the event that the
appeal against the Judgment (Suit No. S3-22-813-2002) and/or the
application to set aside the Winding Up Petition (Suit No. D6-
28-717-2003) is allowed.

KLSE's Query Letter content:

We refer to your announcement dated 1 August 2003, in respect of
the aforesaid matter. In this connection, kindly furnish the
Exchange with the following additional information for public
release:

1. The date of presentation of the winding up petition.

2. The details of the default or circumstances leading to the
filing of the winding-up petition against the Company.

3. The financial and operational impact of the winding up
proceedings on the Company.

4. The expected losses, if any arising from the winding up
proceedings on the Company.

5. Steps taken and proposed to be taken in respect of the
winding up proceedings by the Company.

Please furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/HSN

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


BENPRES HOLDINGS: Clarifies MOA Deal With PLDT
----------------------------------------------
Benpres Holding Corporation (BPC) clarified that, "What was
signed by the Lopez group and Philippine Long Distance Telephone
Co. (TEL) group was a memorandum outlining general principles
for the debt restructuring of SkyCable and Home Cable to be
proposed to their creditors," BPI Securities reports.

The master consolidation agreement has been signed on July 18,
2001 for the consolidation of the ownership of the Lopez group
and the TEL group in SkyCable and Home Cable.


BENPRES HOLDINGS: Enters Debt Restructuring Deal With PLDT
----------------------------------------------------------
Benpres Holdings Corporation and Philippine Long Distance
Telephone Co. (PLDt) have agreed on a proposal to complete the
restructuring of the over 2.5 billion pesos debt of SkyCable
Central CATV Inc. and Philippine Home Cable Holdings Inc., AFX
Asia reported on Thursday. Benpres owns SkyCable while
MediaQuest Holdings Corp, an affiliate of PLDT, owns Home Cable.
The proposal will be discussed with creditor-banks.

In a disclosure to the stock exchange, PLDT said: "The proposal
outlines the steps to be taken in order to satisfy the debt
restructuring for the banks and contemplates an extension of the
master consolidation agreement dated July 18, 2001 pertaining to
the consolidation of Home Cable and SkyCable."


VICTORIAS MILLING: Clarifies Debt Payment Report
------------------------------------------------
This is in reference to the news article entitled "Victorias
expects to start interest payments this year" published in the
August 7, 2003 issue of the BusinessWorld. The article reported
that "Bacolod-based sugar refiner Victorias Milling Co. Ltd. is
expected to start paying interest on its P6.9-billion debt
before the end of the year after it generated cash for this
year's milling season.

Victorias Milling Company, Inc. (VMC), in its letter to the
Exchange dated August 7, 2003, clarified that:

"There are planst o start paying interest to the creditor
banks/financial institutions before the end of the year,
however, this still has to be approved by the VMC Board of
Directors.

For a copy of the press release, go to
ftp://ftp.pse.org.ph/disclosure/pdf/dc2003_2598_VMC.pdf


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


DATAPLAY PTE: Issues Second & Final Dividends Notice
---------------------------------------------------
Dataplay Pte Ltd (In Liquidation) issued a notice of second &
final dividends as follows:

Address of registered office: Office of the Liquidator.

Amount Per Centum: 22 percent.
First & Final or Otherwise: Second & Final Dividends.

When Payable: 29th July 2003.

Where Payable: Office of the Liquidator

c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Singapore Exchange
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 6532 0320 (8 lines).
Fax: 6532 0331.

Name of Liquidator: Mr Don M. Ho, CPA.


HOTEL NEGARA: Widens First Half Net Loss
----------------------------------------
Hotel Negara Limited posted a net loss of S$0.56 million in the
six months to June 30, versus a loss of S$0.12 a year earlier,
according to Reuters. The Company is engaged in hotel
operations.

According to Wright Investor's Service, Hotel Negara Ltd. has
paid no dividends during the last 12 months. The Company also
reported losses during the previous 12 months. The Company has
not paid any dividends during the previous 6 fiscal years.


UNIMAX STATIONERY: Creditors Meeting Set For August 29
------------------------------------------------------
The second creditors meeting of Unimax Stationery Pte Ltd. will
be held at Ernst & Young, 10 Collyer Quay, #06-05 (Turquand
Room), Ocean Building, Singapore 049315, at 11 a.m. on 29th
August 2003.

AGENDA

1. To receive the liquidators' report on the progress of the
liquidation.

2. Any other matters.

To entitle you to vote thereat, your proof of debt must be
lodged with me not later than 5 p.m. on 15th August 2003. Forms
of proof and of general and special proxies are enclosed
herewith. Proxies to be used at the meeting must be lodged with
me not later than 5 p.m. on 22nd August 2003.

SESHADRI RAJAGOPALAN
Liquidator.
Unimax Stationery Pte Ltd.
Address: c/o Ernst & Young
10 Collyer Quay #23-05
Ocean Building
Singapore 049315.


VAL MORGAN: Issues Notice of Intended Dividends
----------------------------------------------
Val Morgan Cinema Advertising (Singapore) Pte Ltd (In Creditors'
Voluntary Liquidation) issued a notice of intended dividends as
follows:

Address of Registered Office: 11 Collyer Quay

#10-04 The Arcade
Singapore 049317.

Last day for Receiving Proofs: 15th August 2003.

Name of Liquidators: Christopher Bruce Johnson; and
Neo Keng Jin.

Address: c/o 11 Collyer Quay
#10-02 The Arcade
Singapore 049317.


WUHAN CONSTRUCTION: Winding Up Hearing Set For August 15
--------------------------------------------------------
The petition to wind up Wuhan Construction Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
August 15, 2003 at 10 o'clock in the morning. Hitachi Credit
Singapore Pte Ltd, a creditor, whose address is situated at 268
Orchard Road #11-01, Singapore 238856, filed the petition with
the court on July 23, 2003.

The petitioners' solicitors are Messrs Guan Teck & Lim of 139
Cecil Street #03-02, Cecil House, Singapore 069539. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Guan Teck & Lim a notice in writing
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: Court OKs Plan, Appoints Cheangwatana as Planner
---------------------------------------------------------------
Jasmine International Public Company Limited informed that as
the statutory meeting of the creditors approved the Company's
Business Rehabilitation Plan (the Plan) on 6 March 2003, the
Central Bankruptcy Court on 7 August 2003 has rendered the order
to approve the Plan and has appointed Cheangwatana Planner Co.,
Ltd. as the Plan Administrator of the Company. All of the
Planner's rights, powers and duties shall be vested in the Plan
Administrator from the date hereof onwards.

The summary of the court-approved Plan is as follows:  

1. Creditors Classification and Treatment

The Plan classifies the creditors into 8 groups, being 3 groups
of secured creditors and 5 groups of unsecured creditors,
details of which are as follows:

   Group 1 1st Secured Creditor whose debt is not less than 15%
of the total indebtedness : This group consists of one creditor
whose debt accounts for approximately 19.24% of the total
indebtedness and having the Company's pledged assets as
collateral under the Debt Restructuring Agreement.  Group 1
Creditor will be treated under the Last Bullet Payment Loan
Program as follows:

        -  The creditor will be given a hair-cut of 82% of the
principal and a waive of all accrued interests and outstanding
fees;
        -  The remaining 18% of principal must be repaid in year
10;
        -  MLR-2 interest rate will be charged commencing from
the first day of the program.  The interests will be paid by
installment, but can be accrued to be paid in year 10; and

        -  All unserviceable principal and accrued interest in
year 10 will be waived if free cash is not sufficient.

   Group 2 2nd Secured Creditor whose debt is not less than 15%
of the total indebtedness: This group consists of one creditor
whose debt accounts for approximately 15.32% of the total
indebtedness and having the Company's pledged assets as
collateral under the Debt Restructuring Agreement. Group 2
Creditor will be treated under the 9-year Amortizing Loan
Program as follows:

        -  All principal and accrued interest (calculated at
normal rate up to 17 September 2002) will be repaid by
installment within a 9-year period at MLR interest rate; and

        - On commencement date of the program, all other debts
and default interests will be waived.     

   Group 3 Other Secured Creditors: This group consists of a
number of creditors each of which has a debt amount less than
15% of the total indebtedness and having the Company's pledged
assets as collateral under the Debt Restructuring Agreement. The
amount of debts in this group accounts for approximately 47.79%
of the total indebtedness. Each of Group 3 Creditors will be
treated under various debt repayment programs and will be repaid
in the following order:

     (a) Program of Debt-to-Asset Swap (Non-Core Assets) through
SPV
        -  Non-core assets will be transferred to an SPV at the
fair market value;

        -  The principal will be converted (in the amount
equivalent to the fair market value of the transferred assets)
to SPV's debt owed to the creditors, thus making such principal
extinguish;

        -  SPV will issue its debt instruments to the creditors
and the shares in SPV will be transferred to the creditors
proportionately; and

        -  Upon the completion of the foregoing, the remaining
debts will be treated under the 4-year Amortizing Loan Program
and the Mandatory Debt-Equity Swap Program respectively.        

     (b) 4-year Amortizing Loan Program

        -  The creditors will be given a hair-cut of 75% of the
remaining principal and a waive of all accrued interests and
outstanding fees;

        -  The remaining 25% of principal will be repaid by
installment within a 4-year period with interest at the rate as
specified in the Plan;

        -  The total repayment amount under this program will be
limited at the maximum amount of Bt550 million plus the cash
amount left from the Discount Debt Buyback Program;
and

        -  Upon the completion of the foregoing, the remaining
debts will be treated under the Mandatory Debt-Equity Swap
Program.  

     (c)     Mandatory Debt-Equity Swap Program
     
        - The remaining debts will be converted to 18 million
shares of equity at the conversion price to be determined by the
reserved shares but shall not be less than 10 Baht per share.
All of the interests and outstanding fees (if any) shall be
waived.  

Each creditor in Group 3 shall have a right to choose and give a
consent to be treated under any alternative debt repayment
programs other than those mentioned above.  The alternative debt
repayment programs are the Discount Debt Buyback Program, the
Voluntary Debt-to-Equity (Preferred Shares) Swap Program and the
Hybrid Debt Repayment Program.  The details for each
of them are as follows:

     (d) Discount Debt Buyback Program

        -  The debts will be bought back at a discount rate
between 15.37% and 18% of the face amount of the principal;

        -  The buyback will be made at a single price (i.e.
average weighted price). However, the total buyback amount to be
paid under this program will be limited at the maximum
amount of 300 million Baht;

        -  The buyback will be made on a bidding basis i.e. the
creditor offering the lowest buyback price will be treated first
followed by the creditor offering the second lowest buyback
price and so on until the creditor offering the highest buyback
price (average weighted price) is treated or until the maximum
amount of 300 million Baht is fully used. For the last (highest)
buyback price, if several creditors offer the same price, such
creditors will be repaid in proportion to their principals;

        -  All accrued interests and outstanding fees will be
waived; and

        -  Creditors (or portions of indebtedness) not
participating in this program will automatically be treated
under the general debt repayment programs for Group 3 Creditors.

     (e) Voluntary Debt-to-Equity (Preferred Shares) Swap
Program

        - Debts will be swapped to equity at the price ranking
from 55 Baht per share to 65 Baht per share;

        - Swap will be made at a single price (i.e. average
weighted price), and the total number of preferred shares to be
used under this program will be limited at the maximum amount of
20 million shares;

        - Swap will be conducted on a bidding basis i.e. the
creditor offering the highest swap price will be treated first
followed by the creditor offering the second highest swap price
and so on until the creditor offering the lowest swap price
(average weighted price) is treated or until the 20 million
shares are fully allocated. For the last (lowest) swap price, if
several creditors offer the same price, the shares will be
allocated to the creditors in proportion to their principals;

        - All accrued interests and outstanding fees will be
waived; and

        - Creditors (or portions of indebtedness) not
participating in this program will automatically be treated
under the general debt repayment programs for Group 3 Creditors.

     (f) Hybrid Debt Repayment Program

        1) 18% of the principal of each participating creditor
will be repaid by installment with interest within a 9-year
period;

        2) the commencement date of this program, the remaining
principal (82%) of each participating creditor will be converted
to a new debt, each of which will be evidenced by separate debt
acknowledgement agreement. Debt due under such agreement will be
repaid out of the Company's free cash in year 10 (if any);

         - All accrued interests and outstanding fees (if any)
will be waived; and

        -  Creditors (or portions of indebtedness) not
participating in this program will automatically be treated
under the general debt repayment programs for Group 3 Creditors.
   
   Group 4 Related Company Creditors: This group of creditors
consists of a number of unsecured creditors, which are related
companies. The amount of debts in this group accounts for
approximately 9.40% of the total indebtedness. Each of Group 4
Creditors will be treated under the Last Bullet Payment Loan
Program--similar to Group 1 Creditor.

   Group 5 Creditors Supporting the Existing Major Projects:
This group of creditors consists of unsecured creditors who are
financially supporting the existing major projects. The amount
of debts in this group accounts for approximately 0.71% of the
total indebtedness. Debt of each creditor in this group is still
current and is not in default. Each creditor in this group will
be repaid in full in accordance with the relevant underlying
original agreement or contractual document.

   Group 6 Contingent Creditors: These creditors are those with
conditional or contingent debts, whose conditions are not yet
fulfilled. The amount of debts in this group accounts for
approximately 6.72% of the total indebtedness. As the Company is
not yet in default, it is uncertain whether in the future the
Company will be liable to each creditor in this group. If the
condition is fulfilled, relevant creditors will be eligible for
a full repayment in accordance with the relevant underlying
original agreement or contractual document without any change.

   Group 7 Non-Default Trade Creditors: This group of creditors
consists of unsecured trade creditors whose debts are not yet in
default. The amount of debts in this group accounts for
approximately 0.59% of the total indebtedness. The Plan provides
that each creditor in this group will be repaid in full in
accordance with the relevant underlying original agreement or
contractual document.

   Group 8 Professional Creditors: This group of creditors
consists of unsecured creditors whose debts are advisory fees,
professional fees and expenses. The amount of debts in this
group accounts for approximately 0.23% of the total
indebtedness. The defaulted debt of each creditor in this group
will be fully repaid with interest (if any) within 15 days from
the date on which the court approved the Plan. In addition, such
creditor still has rights in accordance with the relevant
underlying original agreement or contractual document as if
there was no event of default.
        
If business rehabilitation under the Plan is operated given that
the creditor select Discount Debt buyback program which the
amount to be paid under this program will be limited at the
maximum of 300 Million Baht, the Company will be able to reduce
the total indebtedness claimed by creditors from approximately
11,800 million Baht to approximately 2,946 million Baht, being
payable debts by the following detail,

   (a) 9- year amortizing loan program, total amount
approximately 1,808 Million Baht.

   (b) 4- year amortizing loan program, total amount
approximately 550 Million Baht.

   (c) The last bullet payment loan program in year 10, total
amount approximately 588 Million Baht.

For contingent debts, approximately 792 Million Baht,
principally under letter of guarantee issued by banks, the
company will return the letter of guarantee to the issuer when
the project complete. Thus, there is no liability for the
company for this amount. In conclusion, the company will be able
to reduce the total indebtedness approximately 8,062 Million
Baht by the following process under the rehabilitation plan;

   (a) Program of Debt-to-Asset Swap (Non-Core Assets) through
SPV.
   (b) Cash payment within 15 days.
   (c) Program of Debt-to-Equity Swap.
   (d) Debt haircut.

2.  Capital Increase and Issuance of Newly Issued Securities

The Plan provides for capital increase registration so as to be
in line with business rehabilitation process under the Plan,
details of which are as follows:

   (a) Issuance of 30 million newly issued common shares, the
proceeds of which will be used in the Discount Debt Buyback
Program;

   (b) Issuance of 20 million newly issued preferred shares for
debt-equity conversion in the Voluntary Debt-to-Equity Swap
Program;

   (c) Issuance of 18 million newly issued common shares for
debt-equity conversion in the Mandatory Debt-to-Equity Swap
Program; and

   (d) Additionally, the Plan provides that the Plan
Administrator or the Company may issue to existing shareholders
warrants not exceeding 750,283,671 units. The proceeds of
warrant issue and warrant exercise will be used as working
capital of the Company. Whether or not the Company issues the
warrants is not a factor of success of the Plan. As such, non-
issuance of warrants is not considered as an event of default
under the Plan. However, in the case where warrants are issued,
the Company must reserve not exceeding 750,283,671 common
shares for exercising such warrants.

3. Release of Collateral Assets (In Case of Secured Creditors)

Immediately upon the debt release or repayment under the
relevant debt repayment programs (whether in cash, by way of
debt-to- equity conversion or otherwise) under the Plan, it
shall be deemed that relevant secured creditors shall have (i)
waived all of their rights over the collateral assets; and (ii)
released or discharged all security assets under the Debt
Restructuring Agreement or any other security assets provided as
collateral in accordance with any other agreements or
contractual documents (whether such security assets belong to
the Company or otherwise).     


RAIMON LAND: Court Orders Business Rehabilitation Termination
-------------------------------------------------------------
Mr. Nigel John Cornick, Authorized Director of Raimon Land
Planner Co., Ltd., the Plan Administrator of Raimon Land Public
Company Limited, notified that after the Central Bankruptcy
Court issued an order approving the Business Rehabilitation Plan
of the Company as amended (the Plan) on 8 November 2001, the
Plan Administrator has implemented all aspects in the
Rehabilitation Plan. The implementation of the Plan can be
summarized as follows:

   - Reduced the capital from Bt568.00 million to Bt9.37
million.

   - Secured new investors to inject Bt100 million as the new
equity. The Bt100 million was used to repay the creditors
according to the Rehabilitation Plan and used for working
capital.

   - Converted some debt of Financial Creditors, Debenture
Holders and Guarantee Creditors) to equity. These Creditors
received 4,061,200 shares or 16.25%.

   - Repayment to the Financial Creditors, Trade Creditors and
Other Creditors of Bt91.25 million

   - Transferred assets approximately Bt1,050 million to the
Secured Creditors

   - Issued 99,968,000 shares as the Right Issue. The Right
Issue has par value at Bt5.00 (At present, all Rights Issue have
been sold and fully paid up. 53,655,558 shares were sold at
Bt5.00 and 46,312,442 shares were sold at Bt3.08).

   - Issued 299,904,000 shares as the Warrant. The Warrant has
the exercise price at Bt5.00 per share. (At present, 253,530,974
Warrants have been issued and traded in the SET. The 46,312,442
remaining warrants will be issued upon the completion of an
updated filing application currently under the review of the
SEC).

Due to the completion of the implementation of the
Rehabilitation Plan, on 27 June 2003 the PA submitted the
petition to the Central Bankruptcy Court for terminating the
Business Reorganization. Recently on 4 August 2003, at 1:30 in
the afternoon, the Central Bankruptcy Court has ordered to
terminate the Business Rehabilitation of the Company.

The Central Bankruptcy Court will issue the formal document
relating to the Termination of the Business Reorganization
shortly.


RATCHTHANI LEASING: TRIS Assigns "BBB" to Bt1.2M Sr Debentures
--------------------------------------------------------------
TRIS Rating assigns a preliminary rating to the proposed senior
secured debentures of Ratchthani Leasing PLC (THANI) at "BBB".
The final rating will be effective after all documents needed to
issue the secured debentures are signed. The rating reflects the
rapid growth of the domestic automobile market, substantial
experience of THANI's management in the used car hire purchase
business and maintaining long-term relationships with dealers.
However, the ratings are partially offset by the high level of
competition in the used car hire purchase business, as well as
higher cost of funds and the lack of financial flexibility
relative to other major competitors. The rating for the secured
debentures takes into consideration collateral pledged as
security in the form of hire purchase receivables (no more than
two months overdue) equivalent to 135% of the outstanding value
of the debentures. At any time that the receivables should fall
below the 135% mark, THANI will hold cash equal to the value of
the debentures not secured by the receivables.

THANI's staff has long-term experience in assessing and
appraising used car quality. Therefore, the company can evaluate
its optimum credit level so that the risk of loss from the
liquidation of cars is minimized. Its long-term relationships
with car dealers and the speed with which it performs its credit
analysis provides the company with a competitive advantage in
areas other than price, as the company is in disadvantage due to
higher cost of funds.

THANI manages the risk by focusing on quality control of both
the clients and the assets to be financed. The average
proportion of non-accrual loans to total assets has decreased
from 30.02% in 1998 to 24.83% in 1999, 19.56% in 2000, 15.86% in
2001, 5.24% in 2002 and 2.65% as of March 2003. The significant
decrease in this proportion during 2001 and 2002 is due
primarily to the company's sell off of Bt32.66 million book
value in overdue accounts (more than 12 months overdue) and the
rapid expansion of overall portfolio in 2002. Before 2003, the
company earned substantial revenue from late payment penalty
fees, which accounted for about 10% of its total income.
However, in 2003, the company will focus more on the collection
process in order to avoid the risk of potential defaults and, to
therefore, minimize the rate of non-accrual loans to total
assets.

The high competition in the industry has reduced the company's
interest spread from 12.82% in 2000 to 9.49% in 2001 and 4.66%
in 2002. The company is trying to lower its cost of funds to be
able to set the interest rate charge that will enable it to
better compete with the major players. THANI has adjusted its
capital structure by shifting from short-term to long-term
loans. The proportion of short-term loans to total loans
decreased from 75% in the past to 37% at the end of 2002.
THANI\'s loans from financial institution are secured by
assigning the account receivables of its hire purchase portfolio
to the creditors as well as by providing personal guarantees
from its directors. The company plans to use these debentures to
replace existing bank borrowings. For future expansion, the
company plans to use short to medium term borrowings until these
borrowings become sizeable, at which time it will plan another
long-term fund.

During 2000-2002, the company made three major changes to its
loan loss provision and write-off policy, which greatly affected
its return on average assets from 7.06% in 1999 to 0.38% in
2000, 4.11% in 2001 and 7.72% in 2002. Simultaneously, the
return on average equity declined from 14.82% in 1999 to 0.91%
in 2000, before rebounding to 11.82% in 2001 and 19.73% in 2002.


SIAM UNITED: SET Grants Listed Securities
-----------------------------------------
Starting from August 11, 2003 the Stock Exchange of Thailand
(SET) allowed the securities of Siam United Services Public
Company Limited (SUSCO) to be traded on the SET after finishing
capital increase procedures.
                 
   Name   : SUSCO
     Issued and Paid up Capital  
   Old    : Bt885,000,000
     Number of common shares 885,000,000 Shares
   New    : Bt985,000,000
     Number of common stock 985,000,000 Shares
   Par value  : Bt1
   Allocate to: Thai Asset Management Corporation
                for the amount of 100,000,000 Shares
   Conversion ratio : Principal debt Bt1 to 1 common share
   Conversion price : Bt1
   Conversion  date : August 1, 2003


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

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