/raid1/www/Hosts/bankrupt/TCRAP_Public/030812.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, August 12 2003, Vol. 6, No. 158

                         Headlines


A U S T R A L I A

AMP LIMITED: Provides Demerger Proposal Update
AMP LIMITED: RPS Comments on Demerger Proposal Release
MAYNE GROUP: Geelong Private Hospital Sale Completed
MIGHTY RIVER: S&P Assigns 'BBB' Rating to Proposed NZ$100M Bond
PASMINCO LIMITED: Elura Mine Acquisition Completion Anticipated

POWERTEL LIMITED: Takeovers Panel Declines Application
UNION CAPITAL: Undergoes $5M Placement for Working Capital


C H I N A   &   H O N G  K O N G

EASY WATCH: Winding Up Petition Set for Hearing
HERITAGE INT'L: Operations Loss Cut to HK$5.739M
LAI SUN: Enters Shares, Loan Sale Agreement for Working Capital
MAXKENT DEVELOPMENT: Aug 27 Winding Up Hearing Scheduled
M.K. (WORLDWIDE): Hearing of Winding Up Petition Set

PCCW-HKT TELEPHONE: S&P Assigns HK$2.8B Loan 'BBB' Rating
TACK HSIN: Executive Director Ng Wai Resigns
TEAMARK TOYS: Winding Up Sought by Seikoken
TSE SUI: 2002 Net Loss Swells to HK$49.478M


I N D O N E S I A

ASIANA INT'L: Creditor May Take Control Over Shares
BANK MUAMALAT: Pefindo Rates Rp200B Bonds "idBBB-(sy)"


J A P A N

JAPAN HIGHWAY: Fujii Admits Negative Net Worth
KANEBO LTD.: Closing Loss-Making Acrylic Fiber Business
NIPPON TELEGRAPH: Issues Formal Notice For Specialist Securities
RESONA HOLDINGS: Posts Changes in Principal Shareholder
SEIBU DEPARTMENT: Shuts Down Four Unprofitable Stores

SEIYU LIMITED: R&I Maintains Ratings
SOFTBANK CORPORATION: Posts Y34.73B Net Loss in First Quarter


K O R E A

HYNIX SEMICONDUCTOR: Govt Seeks to Settle Anti-dumping Charges
HYUNDAI MOTOR: Resumes Operation August 7
SK GLOBAL: Debtors Apply to Employ Togut Segal as Counsel
SK GLOBAL: Foreign Creditors Delay Agreement Plan
SK GLOBAL: Loses Court Suit to Korean Mutual Fund


M A L A Y S I A

ASSOCIATED KAOLIN: Posts Warrants Proposed Termination Notice
CYGAL BERHAD: SC's Investigative Audit Extension Request Pending
DMIB BERHAD: Sime Home to Acquire Bedding Business
FACB RESORTS: Dormant Associated Companies Struck Off
JUTAJAYA HOLDING: Appoints Messrs. Afrizan Tarmili as Auditors

KELANAMAS INDUSTRIES: Court Grants Winding Up Petition Order
KIARA EMAS: Wednesday Shareholders' Scheme Books Closure Fixed
KSU HOLDINGS: Injunction Application Hearing Postponed to Aug 25
MTD CAPITAL: Unit Inks SSA With Park May for RM25M
NAUTICALINK BERHAD: Proposes Restructuring Scheme Variation

PICA (M): Files Restraining Order, Convene Creditors' Meeting
SISTEM TELEVISYEN: Scheme of Arrangement Completed
TAT SANG: Inks Proposed Acquisition SPA With Vendors
UNITED CHEMICAL: SC Grants Disposals Waiver Application
UTUSAN MELAYU: Supplemental RUF, Trust Deed Agreements Executed


P H I L I P P I N E S

NETWORTH BANK: Posts Key Dates Related to Insurance Claims
PISO DEVELOPMENT: PDIC Issues Notice to Stockholders


S I N G A P O R E

ASIA PULP: Domestic Creditors Support Debt Plan
FLEXTRONICS LTD: Analysts Reiterate "Underperform" Rating
INTIQUA INTERNATION: Issues Notice of Winding Up Order
HONG HENG: Issues Winding Up Order Notice
FUKUMATSU TRADING: Issues Notice of Intended Dividend

UNOCAL PACIFIC: Petition to Wind Up Set For September 8


T H A I L A N D

COUNTRY (THAILAND): Explains 2002 Performance Differences
COUNTRY (THAILAND): Posts 2002 Reorganization Progress Report
KRISDA MAHANAKORN: Removes Securities From REHABCO Sector
THAI CANE: Clarifies Q203 Operating Results

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Provides Demerger Proposal Update
----------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl said Monday that
in response to considerable speculation about the business, he
wished to provide an update about the proposed demerger.

Mr Mohl said that AMP was concerned about the impact of the
speculation on its shareholders.

"The uncertainty is understandable given the complexity of the
proposed demerger and continuing uncertainty about the state of
the UK life and pensions industry," Mr Mohl said.

"While we are still working through many of the issues
associated with the demerger, AMP is anxious to ensure that
shareholders understand the company's current position."

AMP will report its half-yearly results on 20 August 2003, which
will include an update on the progress of the demerger. However,
in the interests of limiting speculation, AMP can provide the
following update:

Interim results

AMP's results for the six months to 30 June 2003 will be
released on 20 August 2003, following review by the Board.
However, AMP management can confirm that preliminary results for
Business Unit operating margins, underlying Group earnings and
UK writedowns are broadly in line with the guidance given on 1
May 2003.

AMP Australia brand

Preliminary Plan for Life data released last week show that AMP
recorded a net inflow of $58 million in the June quarter, a
strong result compared with major competitors. For the year
ended June 2003, AMP recorded a net inflow of $751 million, the
second best result among the top five managers, and around 11
per cent of industry net flows.

Mr Mohl said the figures demonstrated the strength of the AMP
brand despite the difficult conditions in which the company
operated in the second quarter.

"Australian Financial Services is more than holding its own,
despite the tough market conditions and our corporate
challenges, demonstrating the resilience and underlying strength
of this business," Mr Mohl said.

Demerger Proposal

Since the last update on the demerger on 12 June 2003, progress
has been made on the structure of the demerger proposal. In
particular:

Strategic plans for the new entities, `new' AMP and `new'
Henderson, have been prepared for review by the AMP Limited
Board and will be outlined in the Explanatory Memorandum (EM).

Discussions with regulators are well underway. Regular
discussions are being held with APRA with the key area of focus
being AMP's capital structure as a result of the demerger. The
Financial Services Authority in the

UK is also reviewing the demerger proposal. The FSA is also
focusing on the capital arrangements and the consequent
implications for policyholders and other customers of the AMP
Group in the UK. AMP is providing further information as needed
by the regulators to assist their review, conclusion of which
will be needed to enable the EM to be lodged with ASIC. ASIC
approval of the EM for the demerger will then be required. It is
anticipated that the EM will be made available to ASIC by late
September.  Rothschild has been appointed to give an independent
expert's opinion, to be provided to shareholders in the EM, as
to whether the proposed demerger is in the best interests of
shareholders.

Investment banks Cazenove and UBS have been appointed in the UK
to investigate the feasibility of an early London Stock Exchange
listing of `new' Henderson, in addition to ASX listing.
Ernst & Young is continuing to develop the investigating
accountant's report, which will include historic pro formas for
each of the demerged entities. Tillinghast is developing the
consulting actuary's report which will include detailed
information about embedded values. This information
will be on a more sophisticated basis compared with that
previously available for a life company.

As previously indicated, AMP remains on target to achieve the
demerger and associated steps by the end of 2003, subject to
shareholder and necessary regulatory approvals. The EM detailing
the proposal is expected to be available from mid-October 2003,
while the Extraordinary General Meeting (EGM) will be held in
December 2003.

Mr Mohl said that AMP is particularly concerned about persistent
market speculation about the post-demerger capital structure of
'new' AMP, and in particular its Reset Preferred Securities
(AMPKPA).

The final capital structure for both new entities is yet to be
resolved and remains subject to ongoing discussions with
regulators. It will also be dependent on the outcome of asset
sales, with the proceeds of any asset sales to be used to reduce
the debt of `new' AMP.

However a restructuring of the RPS as part of the demerger
proposal is likely.

AMP would only initiate any such restructuring with the approval
of AMP shareholders to the demerger proposal - that is, any
restructuring would occur post the EGM.

In the event of the demerger not being approved, it is likely
the RPS will remain as part of AMP's capital base as it will
continue to be a relatively low cost form of capital.

Full details of the proposed capital structures of both new
entities will be provided in the EM.

Approaches for UK business

As previously stated, AMP has received several approaches for
its UK businesses. These approaches have not at this stage led
to a detailed proposal to be considered by the AMP Board. As
stated in the 12 June 2003 demerger update, any formal offers
will be given proper consideration and, if appropriate, brought
to shareholders. Obviously, if this were to occur, the
demerger proposal and related capital restructuring would not
proceed.

Concluding remarks

"We recognize that there is considerable speculation in markets
which, in part, reflects a range of possible scenarios and
outcomes," Mr Mohl said.

"We are working to inform investors on the status of AMP against
this uncertainty and the fact that a number of the complex
issues associated with the demerger are yet to be resolved.

"Ultimately, we are focused on maximizing the long term value of
the businesses in AMP and the demerger proposal remains the
primary strategic initiative to achieve that."


AMP LIMITED: RPS Comments on Demerger Proposal Release
------------------------------------------------------
AMP Henderson Global Investors, as Responsible Entity of the AMP
Reset Preferred Securities Trust (RPS), noted comments in the
ASX statement lodged by AMP Limited on Monday. As the
Responsible Entity, AMP Henderson draws the attention of RPS
unitholders to the comments from AMP Limited, specifically that:

   - the final capital structure for the proposed new entities,
`new' AMP and `new' Henderson, is yet to be resolved and remains
subject to ongoing discussions with regulators, and the outcome
of any asset sales;

   - a restructuring of the RPS as part of the AMP demerger
proposal is likely. AMP would only initiate any such
restructuring with the approval of AMP shareholders to the
demerger proposal - that is, any restructuring would occur post
the EGM; and

   - in the event that the AMP demerger does not proceed, it is
likely that the RPS will remain as part of AMP's capital base.


MAYNE GROUP: Geelong Private Hospital Sale Completed
----------------------------------------------------
Mayne Group Limited advises the Australian Stock Exchange that
further to its announcement on 3 February 2003, Mayne has
completed the sale of Geelong Private Hospital to Healthscope
Limited.

Mayne also advises that on Wednesday 27 August 2003, it will
release its financial result for the 12 months ended 30 June
2003 and will host a market briefing to review its results. The
market briefing will be webcast over the internet.

Individuals can access the webcast, to be held at 9:30am AEST on
Wednesday 27 August 2003, via Mayne's website at
www.maynegroup.com


MIGHTY RIVER: S&P Assigns 'BBB' Rating to Proposed NZ$100M Bond
---------------------------------------------------------------
Standard & Poor's Ratings Services on Sunday had assigned its
'BBB' long-term credit rating to the proposed eight-year NZ$100
million bond program of New Zealand-based electricity generator
and retailer Mighty River Power Ltd. (MRP, BBB/Positive/A-2).
The rating on the proposed issue is based on draft
documentation, and the final rating will be subject to bond
pricing and execution of the documents.

"The successful completion of this bond program will alleviate
MRP's debt refinancing risks in the medium term, which, combined
with its improved operating profile, will be positive for the
ratings," said Mark Legge, associate director, Corporate &
Infrastructure Finance Ratings. The proposed bond issuance will
lengthen MRP's debt maturity profile and diversify its debt
sources. The company currently is relying on short-term
debt, which does not align appropriately with the long-term
nature of its operating assets. The proceeds from the bond issue
will be senior unsecured obligations of the company, will rank
pari passu with its existing debt obligations, and be used to
replace some of MRP's existing indebtedness.

The successful completion of the bond issue, in addition to
MRP's ability to translate its superior operating profile into
stronger financial metrics and sustain these over the medium
term, would strengthen its credit profile.


PASMINCO LIMITED: Elura Mine Acquisition Completion Anticipated
---------------------------------------------------------------
Consolidated Broken Hill Ltd announced on 21 July 2003 that it
is proceeding with the purchase of the Elura Mine assets
from Pasminco Australia Limited on an unconditional basis.

Completion of the acquisition is set for 12 September 2003 at
which time CBH will take possession of the Elura Mine, the
Newcastle Shiploader and associated assets and promptly resume
production and shipping of zinc and lead concentrates.

Completion

At completion Consolidated Broken Hill Ltd (CBH) will pay
Pasminco $2.2 million and pay out a $6.6 million lease
arrangement on the Newcastle Shiploader. A further payment of
$3.2 million is to be made to Pasminco nine months after
completion. A bank guarantee of $4.6 million also has to be
lodged with the Department of Mineral Resources at completion.
These payments are to be funded out of equity proceeds raised
from Toho Zinc Co., Ltd and debt finance.

Toho to Fund $7.5 Million

To assist in providing the cash funds of $8.8 million needed at
completion on 12 September 2003, Toho will subscribe for $7.5
million of shares in CBH each at an issue price of 7.5 cents.

Debt Finance

The balance of the funding required on completion will be
sourced from a bank facility. In this regard, CBH has received
indicative term sheets for $13 million, or greater, from a
number of banks with whom CBH is currently negotiating.

Mine Improvement Plan

Following completion, CBH will commence the implementation of
its mine improvement plan which is designed to increase the mine
output, improve operating efficiency and more than double the
mine life to at least 9 years. The mine improvement programmed
requires a capital investment of $9.5 million. These
improvements will be phased, with the intent that concentrate
production will not be interrupted and that capital will be
invested on a progressive, low risk basis as each improvement
project is achieved.

Rights Issue

To assist in funding the mine improvement plan, CBH will be
making a 2 for 5, non-renounceable rights issue to shareholders
at 7.5 cents per share to raise approximately $6.7 million with
provision for over subscriptions of up to $1.1 million.
The balance of the $9.5 million cost for this programmed will be
sourced from sales of surplus assets (estimated to be worth up
to $3.5 million) and from operating cash flows.

Pricing of the rights issue has been determined by reference to
CBH's share price since the announcement of the acquisition of
the Elura Mine on 13 November 2002. The volume weighted average
price of CBH shares in the period from that announcement to
Thursday's close was 8.1 cents. The rights issue is priced at a
7% discount to that price.

It is anticipated that the rights issue will be fully
underwritten. A further announcement will be made when
the prospectus is lodged next week and the underwriting has been
committed.

Clough Engineering Limited

Clough Engineering Limited and CBH have worked together since
December 2002 to develop the operating plan and an improvement
plan for the Elura Mine. Due to changes to the operating
structure of the project however, Clough has now elected not to
exercise its option to commit equity to the project as
contemplated in the Heads of Agreement previously signed between
the parties.

With final operating arrangements being put in place, the
opportunities for Clough in the Elura Project have been found to
be quite limited if Clough and CBH are not to be exposed to
workers compensation premiums inflated by the cost of prior
claims against Pasminco. Elura will now be exclusively operated
by a number of specialized industry contractors with no
corporate relationships with CBH or Clough. CBH and Clough are
continuing to discuss options for the management of this
process.

In view of this, a financial adjustment has been agreed between
Clough and CBH in relation to Clough's substantial investment in
the Elura planning and verification process. On completion of
the Elura acquisition, Clough will be issued 4,334,347 shares in
CBH. This will increase Clough's shareholding in the
Company to 11,881,704 shares and Clough will at least maintain
this shareholding until the first anniversary of completion of
the Elura acquisition, unless otherwise agreed with CBH.

Shareholder Meeting

A meeting of CBH shareholders will be held on be 12 September
2003 to approve the issue of shares to Toho. Placement approval
previously given by shareholders in May 2003 will have expired
by 12 September 2003 when it will be necessary to issue these
shares. Shareholder approval will also be required for Toho's
shareholding percentage in CBH to go beyond 20% as a result of
the $7.5 million placement.

The meeting will also consider appointing a company associated
with one of the Directors, Lewis Marks, as Sales Agent for
concentrates produced from the Elura Mine. This will secure a
premium sales channel for CBH, particularly into North Asian
markets. Other matters to be considered are approvals for
several Directors to participate as sub-underwriters to the
rights issue and for share placements made earlier this year.

A formal Notice of Meeting and Explanatory Memorandum will be
released within this week.


POWERTEL LIMITED: Takeovers Panel Declines Application
------------------------------------------------------
The Takeovers Panel has declined the application by the
Roslyndale syndicate for a declaration of unacceptable
circumstances and orders regarding the current bid by TVG for
all of the ordinary shares in PowerTel Ltd.

PowerTel has two major shareholders, WilTel Communications Group
(WilTel) and DownTown Utilities (DTU). WilTel holds 33% of the
ordinary shares and also holds preference shares which WilTel
may convert into ordinary shares, after which WilTel would hold
47% of the ordinary shares. WilTel is also owed $24 million by
PowerTel. DTU holds 35% of the issued ordinary shares.

TVG's Bid for PowerTel

On 3 July 2003, TVG Consolidation Holdings SPRL (TVG) made a bid
to acquire all of the ordinary shares in PowerTel for 3.85 cents
each. On Friday 25 July, the bid was conditional on TVG
receiving 47% acceptances and on WilTel converting its
preference shares into ordinary shares and selling the debt owed
to it by PowerTel to TVG for $1 (the Debt Condition).

On 25 July, WilTel made an irrevocable offer to PowerTel to
release the debt for a payment of $10 million by PowerTel to
WilTel, on condition that TVG waive the Debt Condition and
accelerate payment for acceptances under the bid. On 26 July,
TVG waived the Debt Condition and announced that it would
accelerate payment for acceptances.

Roslyndale's Application

The application related to the effect on TVG's bid of the waiver
of the Debt Condition. Roslyndale argued that by waiving the
condition, TVG gave WilTel a benefit which was not offered or
given to any other holder of ordinary shares in TVG, and which
was likely to induce WilTel to accept its bid, leading to
unacceptable circumstances.

Roslyndale's application was based on the submission that the
waiver was a breach of section 623 of the Corporations Act. That
section relevantly prohibits a bidder from giving a benefit to
some offeree shareholders and not to all of them, if the benefit
is likely to induce the offeree shareholders to whom it is given
to accept the bid.

Whether or not such a breach occurred, it could have led to
unacceptable circumstances, if offeree shareholders did not all
have an opportunity to share in a benefit which TVG gave to
WilTel in connection with its bid, contrary to the principle in
paragraph 602(c) of the Corporations Act, that all holders of
shares in the class for which a takeover bid is made should have
reasonable and equal opportunities to participate in the
benefits received under the bid by any shareholder in that
class.

The Decision

The Panel rejected a central part of these submissions, namely
that the waiver resulted in WilTel receiving a benefit which was
not available to other ordinary shareholders. Roslyndale
submitted that the waiver of the condition was a benefit to
WilTel, because it enabled WilTel to accept TVG's bid for its
shares in PowerTel, without prejudicing its ability to deal with
its other assets (relevantly, the debt owed by PowerTel to
WilTel). Because there was no condition affecting any other
shareholder in a similar way, no other shareholder was given a
comparable benefit.

The Panel decided that that for a shareholder to be able to
accept the bid for their shares and also deal with their other
assets is a benefit which WilTel shares with all other ordinary
shareholders in PowerTel (if it is properly a benefit at all),
because the terms of the bid do not restrain any other
shareholder from dealing with their assets other than PowerTel
shares. Rather than giving WilTel a benefit, the waiver in
effect removed a detriment which TVG's original bid had sought
to impose on WilTel, restoring equality between WilTel and all
other shareholders in accessing the benefits under the bid.

The Price of the Debt

The Panel also considered whether WilTel would receive a benefit
in which other shareholders could not share if, as seems likely,
the successful close of the bid would be followed by the
repayment of the WilTel debt for $10 million. Roslyndale did not
submit that the WilTel debt was worth less than $10 million, or
that TVG had offered or agreed to give WilTel a benefit by
arranging for PowerTel to buy the debt for $10 million. Other
parties provided eviance that the value of the debt, in a
transaction such as TVG's bid, is not less than $10 million.

In reliance on that eviance, the Panel decided that there was no
basis for a conclusion that even if the WilTel debt was repaid
for $10 million, WilTel would receive a net benefit in which
other shareholders cannot share i.e. that the $10 million WilTel
would receive for the debt would exceed the value of the debt
accepted by the parties.

The sitting Panel was Teresa Handicott (sitting President),
Chris Photakis (sitting Deputy President) and Carol Buys.

CONTACT INFORMATION: George Durbridge
        Director, Takeovers Panel
        Level 47 Nauru House
        80 Collins Street
        Melbourne VIC 3000
        Ph: +61 3 9655 3553
        george.durbridge@takeovers.gov.au


UNION CAPITAL: Undergoes $5M Placement for Working Capital
----------------------------------------------------------
Union Capital Limited advises that it has agreed to a placement
of 6 million ordinary shares (UCL) at 2 cents per share to
clients of Shaw Stockbroking Limited. The company also announces
the placement of 5 million ordinary shares (UCL) at 2 cents per
share to clients of Bell Potter Securities.

The $220,000 funds raised will be used for working capital in
support of the company's investment in the Mehdiabad Project in
Iran.

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


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


EASY WATCH: Winding Up Petition Set for Hearing
-----------------------------------------------
The petition to wind up Easy Watch Products Manufactory Co.
Limited is scheduled 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 15, 2003 by Chan
Ng Long Long Belinda and Chan Leung Mei both trading as Paragon
Crystal & Optics Manufacturing Company of 9th Floor, Block B,
Wing Fu Industrial Buiding, 15-17 Tai Yip Street, Kwun Tong,
Kowloon, Hong Kong.


HERITAGE INT'L: Operations Loss Cut to HK$5.739M
------------------------------------------------
Heritage International Holdings Limited posted its result
announcement:

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  ($)         ($)
Turnover                        : 1,350,000          5,035,000
Profit/(Loss) from Operations   : (5,739,000)      (206,123,000)
Finance cost                    : (23,538,000)     (28,539,000)
Share of Profit/(Loss) of
  Associates                    : N/A                (2,933,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (29,287,000)     (238,073,000)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.02)             (3.02)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (29,287,000)     (238,073,000)
Final Dividend                  : NIL                NIL
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 24/9/2003 to 26/9/2003 bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. TURNOVER

                                2003            2002
                                HK$             HK$

Continuing operations           1,350,000       5,035,000
Discontinued operations         -               -
                                -----------     ------------
                                1,350,000       5,035,000
                                ==========      ==========

2. LOSS FROM OPERATIONS

                                2003            2002
                                HK$             HK$

Continuing operations           5,739,000       206,123,000
Discontinued operations         -                -
                                ----------      ------------
                                5,739,000       206,123,000
                                =========       ===========

3. FINANCE COSTS

                                2003            2002
                                HK$             HK$

Interest on:
Other loans wholly repayable within five years
                                24,410,000      28,516,000
Finance lease                   -               23,000
                                ------------    ------------
Total interest                  24,410,000      28,539,000
Less: Interest expenses classified as cost of sales
                                (872,000)       -
                                -------------   -------------
                                23,538,000      28,539,000
                                ===========     ===========
4.  LOSS PER SHARE

(a) Basic loss per share

Basic loss per share is calculated based on (i) the net loss
from ordinary activities  attributable  to sharesholders  of
HK$29,287,000 (2002: HK$238,073,000); and (ii) the weighted
average number of 1,194,999,043 (2002: 78,779,817) ordinary
shares in issue during the year.

(b) Diluted loss per share

No diluted loss per share is presented for the two years ended
31st March 2003 as the effect of the Company's outstanding share
options and warrants during these years were anti-dilutive.


LAI SUN: Enters Shares, Loan Sale Agreement for Working Capital
---------------------------------------------------------------
The Directors of Lai Sun Development Company Limited announce
that the Company has entered into the Agreement with the
Purchasers to sell its entire shareholding and loan in Omicron
for HK$35,000,000.

Omicron indirectly owns a one-third interest in Mutual Luck. The
Purchasers are other shareholders of Omicron and/or Mutual Luck
or their subsidiaries. None of the Purchasers and their
beneficial owners is connected with any of the directors, chief
executive, or substantial shareholders of the Company or any of
its subsidiaries or any of their respective associates.

The Transaction constitutes a discloseable transaction under the
Listing Rules. A circular containing, inter alia, details of the
Transaction will be sent to shareholders of the Company within
21 days of the date of publication of this announcement.

The Transaction

Agreement Date

The Parties executed the Agreement on 8th August, 2003.

Parties

Vendor: Lai Sun Development Company Limited
Purchasers: (1) Far East Consortium Limited ("FEC")
  (2) E-Cash Ventures Limited ("E-Cash")
  (3) Zeal Goal International Limited ("Zeal Goal")
   (4) Hosar Investment Limited ("Hosar")

Subject of Transaction

The Agreement is for the sale and purchase of the Shares and the
Shareholder Loan.

The Shares represent 43.5% of the entire issued share capital of
Omicron. Omicron is the owner of the entire share capital of
Stalybridge. Stalybridge owns a one-third interest in Mutual
Luck.

Mutual Luck is the owner of the Property.

FEC is an Omicron shareholder. Zeal Goal is related to another
Omicron shareholder, Sun Hung Kai & Co. Limited. E-Cash is a
Mutual Luck shareholder. Hosar is related to another Mutual Luck
shareholder, Cheung Kong (Holdings) Limited. Therefore, the
Transaction represents the disposal by the Company of its
effective interest in the Property to the other beneficial
owners.

None of the Purchasers and their beneficial owners is connected
with any of the directors, chief executive, or substantial
shareholders of the Company or any of its subsidiaries or any of
their respective associates (as defined in the Listing Rules).

Consideration

The total consideration for the Disposal is HK$35,000,000. This
has been arrived at after arm's length negotiations between the
Parties and the Directors consider the terms of the Agreement to
be normal commercial terms that are fair and reasonable and in
the best interests of the Company, taking into consideration the
current market value of comparable land in Hong Kong.

Payment Terms

The Purchasers shall pay the entire consideration in cash upon
completion of the Transaction.

Completion Date

Completion shall take place on or before 14th August, 2003. If
completion cannot take place as agreed, the Company will be
entitled to enforce its rights under the Agreement. Save for
certain procedural matters, there is no condition precedent for
completion of the Transaction.

Financial Effects of Disposal

The net loss before and after tax attributable to the Company's
interest in Omicron for the financial year ended 31st July, 2002
and 31st July, 2001 were HK$0.01 million and HK$0.04 million,
respectively.

The carrying value of the Company's interest in Omicron is
approximately HK$65.1 million. The loss on the disposal,
calculated on a pro-forma basis, is approximately HK$30.1
million.

Reasons for Disposal

The Directors believe that the Transaction is fair and
reasonable in the current market conditions, and that it is in
the best interests of the Company and its shareholders as a
whole. The Directors also consider that the Transaction also
provides additional cash flow towards the Company's general
working capital.

Use of Proceeds

The Company will use the entire proceeds of HK$35,000,000 for
general working capital purposes.

General

The Transaction constitutes a discloseable transaction under the
Listing Rules. A circular containing, inter alia, details of the
Transaction will be sent to shareholders of the Company within
21 days of the date of publication of this announcement.
The Company is principally engaged in property development,
property investment, hotel ownership and management.

Definitions

In this announcement, the following terms have the following
meanings:

"Agreement" two documents, comprising: (1) the Agreement for
Sale and Purchase between the Vendor, the Purchasers, Cheung
Kong (Holdings) Limited, Far East Consortium International
Limited, Sun Hung Kai & Co. Limited, Stalybridge and Omicron,
and (2) a letter between the Vendor and the Purchasers
together with Cheung Kong (Holdings) Limited, Far East
Consortium International Limited, Sun Hung Kai & Co. Limited,
Stalybridge and Omicron, both executed on 8th August, 2003;

"Company" Lai Sun Development Company Limited;

"Directors" the directors, including the independent non-
executive directors, of the Company;

"Listing Rules" The Rules Governing the Listing of Securities on
the Stock Exchange;

"Mutual Luck" Mutual Luck Investment Limited, a company
incorporated in Hong Kong;

"Omicron" Omicron International Limited, a company incorporated
in the British Virgin Islands;

"Parties" the Company, Far East Consortium Limited, E-Cash
Ventures Limited, Zeal Goal International Limited, Hosar
Investment Limited, Cheung Kong (Holdings) Limited, Far East
Consortium International Limited, Sun Hung Kai & Co. Limited,
Stalybridge and Omicron;

"Property" All that parcel of ground registered in the District
Land Office, Yuen Long as The Remaining Portion of Lot no. 1457
in Demarcation District No. 123

"Shareholder Loan" the sum of approximately HK$132 million,
representing principal and interest owing by Omicron to the
Company;

"Shares" 435 shares in Omicron of US$1 each in par value;

"Stalybridge" Stalybridge Investment Limited, a company
incorporated in the British Virgin Islands;

"Stock Exchange" The Stock Exchange of Hong Kong Limited.


MAXKENT DEVELOPMENT: Aug 27 Winding Up Hearing Scheduled
--------------------------------------------------------
The High Court of Hong Kong will hear on August 27, 2003 at 9:30
in the morning the petition seeking the winding up of Maxkent
Development Limited.

Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on July 16, 2003.  Koo and
Partners represents the petitioner.

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


M.K. (WORLDWIDE): Hearing of Winding Up Petition Set
----------------------------------------------------
The petition to wind up M.K. (Worldwide) Anagement & Finance
Company is set for hearing before the High Court of Hong Kong on
August 20, 2003 at 9:30 in the morning.

The petition was filed with the court on July 3, 20032 by Hong
Tat Food & Trading Company Limited.


PCCW-HKT TELEPHONE: S&P Assigns HK$2.8B Loan 'BBB' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said Friday that it had
assigned its 'BBB' senior unsecured debt rating to PCCW-HKT
Telephone Ltd.'s (HKTC; BBB/Positive/--) proposed Hong
Kong dollar (HK$) 2.8 billion loan due 2010. The loan includes a
HK$1.4 billion term loan and a HK$1.4 billion revolving credit
facility. The loan will rank pari passu with all of HKTC's other
senior unsecured obligations. HKTC prepaid about US$1 billion of
debt in July and plans to prepay a further US$641 million in
August 2003. The proposed loan should help replenish the
company's cash reserves and enhance its liquidity position.

HKTC is a wholly owned subsidiary of PCCW Ltd. The rating on
HKTC reflects the company's dominant position in Hong Kong's
fixed-line telecommunications market, its ability to generate
relatively stable cash flows, and its improving cost structure.
These strengths are partially offset by an increasingly
competitive domestic market and PCCW Ltd.'s considerable debt
burden. HKTC and PCCW Ltd. have made good progress in
repaying their debts. A recent US$400 million share placement
has further strengthened PCCW Ltd.'s capital structure.
Relatively stable cash flow from HKTC's core business, and cash
flow from the sale of apartments at PCCW Ltd.'s Cyberport
property development, should help PCCW Ltd. pay down debt.


TACK HSIN: Executive Director Ng Wai Resigns
--------------------------------------------
Tack Hsin Holdings Limited announces that Mr. Ng Wai resigned as
an executive director of the Company with effect from 7 August
2003. Mr. Ng's decision to resign was entirely due to personal
reasons.

The Board of Directors would like to thank Mr. Ng Wai and
express their appreciation for his past contribution and
services to the Company over the years.

According to Wrights Investors' Service, at the end of 2002,
Tack Hsin had negative working capital, as current liabilities
were HK$93.23 million while total current assets were only
HK$39.91 million. It has reported losses during the previous 12
months and has not paid any dividends during the previous three
fiscal years.


TEAMARK TOYS: Winding Up Sought by Seikoken
-------------------------------------------
Seikoken (H.K.) Company Limited is seeking the winding up of
Teamark Toys Limited. The petition was filed on July 21, 2001,
and will be heard before the High Court of Hong Kong on
September 3, 2001.

Seikoken holds its registered office at 7th Floor, Ashley
Centre, 23-25 Ashley Road, Tsimshatsui, Kowloon, Hong Kong.


TSE SUI: 2002 Net Loss Swells to HK$49.478M
-------------------------------------------
Tse Sui Luen Jewellery (International) Limited released its
financial statement summary for the year ended date February 28,
2003:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/3/2002      from 1/3/2001
                              to 28/2/2003       to 28/2/2002
                              Note  ('000)       ('000)
Turnover                           : 954,135            983,530
Profit/(Loss) from Operations      : (35,975)           (14,810)
Finance cost                       : (12,239)           (19,637)
Share of Profit/(Loss) of
  Associates                       : N/A                (2)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (49,478)           (36,325)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.14)             (0.12)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (49,478)           (36,325)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. All turnover and loss from operations are generated from
continuing operations.

2. Loss from operations before taxation and minority interests
includes the following items:
                              (Audited)               (Audited)
                             Year ended              Year ended
                     28th February, 2003     28th February,2002
                                HK$'000                 HK$'000

Costs of financial restructuring        (4,905)         (13,522)
(Loss) / gain on disposal and
revaluation of properties              (1,886)         6,226
Gain on disposal of associate           -               2,194
Write back of default interest for unpaid
   dividend on preference shares        6,576           -
Provision for diminution in value of
investments in securities and associate(1,051)         (629)
Provision for other receivables         (3,276)         (2,100)
Provision for termination of
overseas business                      (2,100)         -
                                        ----------------------


3. The calculation of the basic and diluted loss per share is
based on the following data:

                              (Audited)         (Audited)
                              Year ended        Year ended
                  28th February, 2003        28th February, 2002
                                 HK$'000         HK$'000
Loss
Net loss for the year           (49,478)        (36,325)
Dividend for preference shares  (5,665)         (11,237)
                                -----------     ----------
Loss for the purpose of computation
of basic loss per share        (55,143)        (47,562)
                                =========       =========

Number of shares
Weighted average number of shares
  for the purpose of computation
  of loss per share             391,889,263     391,889,263
                                ===========     ===========

Loss per share
- Basic                        (14) HK cents   (12) HKcents
                                =============   =============

Diluted loss per share is not shown as all the potential
ordinary shares  (i.e. the employee share options) are anti-
dilutive.


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


ASIANA INT'L: Creditor May Take Control Over Shares
---------------------------------------------------
Asiana International Tbk had not been able to service its US$7.7
million debt to Cargill Inc thus US creditor might take over the
controlling shares of the company, Bisnis Indonesia reports,
quoting Petrus Tjandra, the President Director of Asiana
International.

He added that the company had issued US$7.7 million promissory
notes to Cargill in December last year to import some soybeans.
"To guarantee the promissory notes, the company put the shares
of the company as the collateral. The trading loan was with the
tenor of six months and the interest of 0%."

Due to the oversupply of soybeans in 2003, Asiana suffered from
some losses and was not able to pay the debt accordingly. The
due date of the notes was July 10 this year.

On Friday both companies were negotiating the proposal of Asiana
to roll over the debt by issuing new promissory notes.

"The company hopes to be able to roll over the debt. But if we
are not able to reach the deal, Cargill will possibly take over
the controlling shares of Asiana", Tjandra said, promising that
he would inform any further development on the problem.


BANK MUAMALAT: Pefindo Rates Rp200B Bonds "idBBB-(sy)"
------------------------------------------------------
PEFINDO assigned a "idBBB" rating to PT Bank Muamalat Indonesia
Tbk. (BBMI) and a "idBBB-(sy)" rating to its proposed Rp200
billion subordinated syariah bonds I/2003. The rating actions
are supported by BBMI'a favorable franchise in the sharia
banking business as well as its strong shareholders base. The
ratings, however, are constrained by BBMI's weak assets quality
and stiffening competition in the sharia banking as well as
overall banking industry. As of 1Q03, BBMI's total assets stood
at Rp2.2 trillion, representing around 0.2% of banking system's
total assets. BBMI offers several sharia products ranging from
wadiah (demand deposits and saving), mudharabah (time deposit
and saving), as well as financing with varieties of products
including murabahah, istishna, salam, mudhrabah, and musyarakah.

In addition, BBMI provides other financial services such as
wakalah, kafalah, hiwalah, and etc. As of May 2003, BBMI's
shareholders consist of Islamic Development Bank (IDB-35.7%),
Abdul Rohim (14.7%), Rizal Ismael (12.0%), and others (37.6%).
To support its operation, as to date, BBMI has 1 main
operational office, 14 branches offices, 8 sub branches, 49
Cashier Offices, and around 4,000 units of ATMs (ATM BCA + ATM
Bersama).

Mitigating factors for the above rating are:

Weak assets quality. BBMI's asset composition is mainly
consisting of financings, which at end of FY02 and 1Q03
accounted for 85.4% and 84.2% of total earnings asset
respectively. As of 1Q03 (unaudited), BBMI's non-performing
financings (NPF) totaled to Rp85.6 billion or represented about
4.8% of total gross financings, slightly decreased from Rp87.2
billion (4.9% of total gross financings) figure in FY02. Despite
relatively high level of NPF, BBMI has low level of financings
loss reserves (FLR) as eviant from FLR/NPF ratio of only 42% at
the end of FY02. Going forward, a key issue facing BBMI is to
cope with new regulation imposed by Bank Indonesia concerning
financings classifications. Under the regulation, sharia banks'
non-performing financings will be determined based on the
financings cash-flow realization.

Stiffening competition in the sharia banking industry. Up to
FY02, the country has 2 sharia banks, 6 sharia business units,
and 89 small-scale sharia banks (BPR Syariah). The number of
these sharia banks had substantially increased compared to that
of in FY92, when the country only had 1 sharia bank (BBMI) and 9
BPR sharia. This rapid development would certainly increase the
competition among the sharia banks. This has been indicated by
the declining BBMI's market shares although BBMI is still
leading compared to others. During the past two years, BBMI's
total financings had significantly decreased to 49.7% of total
sharia's financings in FY02 from 73.9% in FY00 although in
absolute value its financings had increased double to Rp1.8
trillion from Rp0.9 trillion during the period. Similarly, its
total deposits' share had substantially declined to 57.9% (FY02)
from 75.2% (FY00), regardless Rp0.9 trillion additional third
party funds that had been accumulated during the period. To
survive in the competition, BBMI would continuously strengthen
its network coverage especially in large Moslem community areas.
Throughout this year, in cooperation with PT Pos Indonesia and
Perum Pegadaian, BBMI plans to open another 120 outlets
("gerai") to enlarge its network coverage.

A "stable" outlook is assigned to the above ratings. The ratings
have considered BBMI's changing operating environment, in which
competition pressure from other sharia-based banks/units will
become more visible. Additionally, managing risk profile under
the new guidelines should become a key challenge for the bank
going forward.


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


JAPAN HIGHWAY: Fujii Admits Negative Net Worth
----------------------------------------------
Japan Highway Public Corporation (JH) President Haruho Fujii
admitted Friday to the existence of a financial statement and a
score of related documents that show the Company has a negative
net worth, according to Yomiuri Shimbun. The state-run
expressway operator had earlier denied the existence of the
statement.

However, Construction and Transport Minister Chikage Ogi said
she would dismiss Fujii if he could not control the
organization's current problems. In addition, Fuji's about-face
on the existence of the financial statement, which he had
previously denied existed, will make it difficult for him to
stay on as President.


KANEBO LTD.: Closing Loss-Making Acrylic Fiber Business
--------------------------------------------------------
Kanebo Ltd. will pull out of its loss-making acrylic fiber unit
Kanebo Gohsen Ltd. by the end of March 2004 due to dim prospects
for a recovery of profitability in the business, Kyodo News
reported on Saturday. Kanebo would stop production by the end of
December and sales by the end of March 2004.


NIPPON TELEGRAPH: Issues Formal Notice For Specialist Securities
----------------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT)'s application
has been made to the United Kingdom (UK) listing authority for
the following securities to be admitted to the Official List.

DETAILS OF ISSUE: US$10,000,000,000 Euro Medium Term Note
Program

ISSUER:  Nippon Telegraph and Telephone Corporation and NTT
Finance Japan Co., Ltd.

INCORPORATED IN: Japan

GUARANTOR: NTT

INCORPORATED IN: Japan

Particulars relating to the issue may be obtained during usual
business hours for fourteen days from the date of this formal
notice from:

NTT
3-1, Otemachi 2-Chome
Chiyoda-Ku
Tokyo 100-8116

The Bank of Tokyo-Mitsubishi, Ltd., London Branch
Finsbury Circus House
12-15 Finsbury Circus
London EC2M 7BT

In addition, a copy of the Particulars is available for
inspection at the Document Viewing Facility at the Financial
Services Authority, 25 The North Colonnade, London E14 5HS.


RESONA HOLDINGS: Posts Changes in Principal Shareholder
-------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that a change took
place to its principal shareholder and parent Company on August
7, 2003. Details were announced as follows.

1. Reason for the Change

Accompanying the share exchange contract between Resona HD and
Resona Bank, Ltd. (Resona Bank), Resona HD issued new types of
shares and allocated all of them to the Deposit Insurance
Corporation of Japan (DICJ). As a result of this share exchange,
a change took place to Resona HD's principal shareholder and
parent Company.

2. Outline of the Principal Shareholder

Name: The Deposit Insurance Corporation of Japan

Head Office Address: Shin-Yurakucho Bldg. 9F, Yurakucho 1-12-1,
Chiyoda-ku, Tokyo

Name of Representative Governor: Noboru Matsuda

Amount of Capital General Account: 455 million yen (As of March
31, 2003)

Jusen Account: 5,000 million yen

Line of Business: Operation of deposit insurance system based on
the Deposit Insurance Law and other related ordinances

3. For a copy of the number of Shares (Voting Rights) Held by
the Principal Shareholder Before and After the Change, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030807_1a.pdf

4. Date of the Change in Principal Shareholder
August 7, 2003

5. Prospect for the Future

Taking the infusion of the public funds with the utmost
seriousness, Resona Group will endeavor to achieve its
revitalization at an early date.


SEIBU DEPARTMENT: Shuts Down Four Unprofitable Stores
-----------------------------------------------------
Seibu Department Stores, Ltd. will close four poorly performing
stores Sunday, reducing the number of its stores nationwide to
17, according to the Yomiuri Shimbun. The four stores closing
are located in Hakodate, Hokkaido; Sendai; Kawasaki; and
Toyohashi, Aichi Prefecture. The measures are in line with a
restructuring program decided on by the firm in February.

The Company wants to strengthen the business capacity of these
types of stores. Seibu and Sogo Co. have integrated their
operations under a holding Company called Millennium Retailing
Inc.


SEIYU LIMITED: R&I Maintains Ratings
------------------------------------
Rating and Investment Information, Inc. (R&I), has maintained
the following ratings of Seiyu Limited on the rating monitor
scheme, with a view to downgrading them:

ISSUER: The Seiyu, Ltd.

ISSUE: Senior Long-term Credit Rating; Long-term Bonds (1
series); Euro Medium Term Note Program

R&I RATING: (BB-); Maintained on the Rating Monitor scheme, with
a view to downgrading.

ISSUE: Domestic Commercial Paper program

R&I RATING: (a-3); Maintained on the Rating Monitor scheme with
a view to downgrading.

RATIONALE:

On August 5, Seiyu announced a downward revision of its business
results with a final 10 billion yen consolidated loss for the
August 2003 interim period. R&I previously placed the Company on
its Rating Monitor scheme, and the ratings outlook was
undetermined. It has now been decided to maintain the Company's
ratings on the Rating Monitor scheme, with a view to downgrading
them. This change is because with its weak financial base, Seiyu
has made little progress in improving store competitiveness.

The main reasons for the revision are a decline in sales due to
factors that include unseasonable weather and the recording of
an extraordinary loss because of store closures and reemployment
assistance. Seiyu has been adopting the know-how of Wal-Mart
Stores, Inc., and attempting to boost store competitiveness.
However, competition with its rivals in the industry is
intensifying, and it appears that it will take time for the
effects of the alliance to be fully manifested. Seiyu's
consolidated equity capital was only 700 million yen at the end
of February 2003, so it has been examining strategies to
strengthen its capital and avoid an excess of debt.


SOFTBANK CORPORATION: Posts Y34.73B Net Loss in First Quarter
-------------------------------------------------------------
Internet-related business investor Softbank Corporation incurred
a group net loss of 34.73 billion yen in the first quarter of
fiscal 2003, according to Japan Times. It partially blamed the
result on a valuation loss of 2.34 billion yen sustained on
overseas securities investments. The Company posted a
consolidated pretax loss of 30.63 billion yen in the first
quarter of the current fiscal year, due in part to higher
interest payments resulting from an increase in long-term loans.


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


HYNIX SEMICONDUCTOR: Govt Seeks to Settle Anti-dumping Charges
--------------------------------------------------------------
The South Korean government will begin talks with the United
States and the European Union (EU) on anti-dumping charges
against Hynix Semiconductor Inc., the Maeil Business Newspaper
reported Monday. The government submitted requests for talks to
the US on June 20, and the EU on July 25 to settle the dispute
regarding Hynix.

If the U.S. and EU refuse to discuss the proposals within the
designated 60 days, Korea can request the WTO to set up panels
to settle the issues. The US Department of Commerce assigned a
44.71 percent tariff on Hynix products on June 17.


HYUNDAI MOTOR: Resumes Operation August 7
-----------------------------------------
Hyundai Motor Company issued a corporate disclosure to the Korea
Stock Exchange as follows:

1.    Details of Resumption:
-  Resumption of operations for all business units

2.    Location Where Operation is resumed:

-  All Hyundai Motor Company business units, including the Ulsan
Plant

3.    Production in Operations Stopped (KRW): 6,085,380,000,000

-  Total Production of Company in Previous Fiscal Year (KRW):
26,336,922,000,000

-  Ratio to Production (percent): 23.11

4.    Date of Operation Resumption: August 7, 2003

5.    Reasons for Operation Resumption: Provisional wage and
collective bargaining agreement between labor and management

6.    Impact of Work Stoppage: Production setback on select
automobile models (108,231 units)

7.    Total Assets at the End of the Previous Fiscal Year (KRW):
20,867,273,000,000

8. Others:

-  Amounts less than KRW 1,000,000 have been deleted

-  The amount for #3 above is based on sales, and the production
in operations stopped is the Company's entire sales amount for
January to March of 2003


SK GLOBAL: Debtors Apply to Employ Togut Segal as Counsel
---------------------------------------------------------
On an interim basis, pending a final hearing at 2:00 P.M. on
August 20, 2003, Judge Blackshear authorized the Debtor to
employ Togut, Segal & Segal as its U.S. bankruptcy counsel. (SK
GLOBAL BANKRUPTCY NEWS, Issue No. 2, July 30, 2003)


SK GLOBAL: Foreign Creditors Delay Agreement Plan
-------------------------------------------------
Overseas creditors of SK Global Co. asked for a week's delay in
their submission of a letter of agreement to the plan devised by
the firm's domestic creditors to rescue it, JoongAng Daily
reported Monday. But domestic creditors said that the new
leadership at the troubled firm would be announced as scheduled
at an extraordinary shareholders meeting slated for September 9.

Overseas creditors were supposed to officially agree by August
12 to sell their SK Global debt at a minimum 43 percent of the
original value to domestic creditors. Foreign creditors said
that they simply were not given enough time to get approval of
the agreement from their home offices.


SK GLOBAL: Loses Court Suit to Korean Mutual Fund
-------------------------------------------------
The Korea Local Administration Officials' Mutual Fund prevailed
in its case against SK Global Co. for the pending collection of
$8,500,000 of bonds from the trading Company.

The Seoul District Court ruled on July 26, 2003 that SK Global
must repay the matured bonds since the Mutual Fund wasn't part
of the debt rescheduling arranged by South Korean financial
companies on March 19.

Consequently, SK Global's foreign subsidiaries, of which the
trading Company owes 600 billion won, are expected to file
similar suits as a result of the Mutual Fund's success. (SK
GLOBAL BANKRUPTCY NEWS, Issue No. 2, July 30, 2003)


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


ASSOCIATED KAOLIN: Posts Warrants Proposed Termination Notice
-------------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements in relation to the
Proposals, which involve:

   i. Proposed Capital Reduction;

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

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

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

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

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

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

   viii. Proposed Debt Restructuring of AKI;

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

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

On behalf of AKI, Commerce International Merchant Bankers Berhad
wishes to announce that a notice in relation to the Proposed
Termination of AKI's Outstanding Warrants 1996/2005 (Notice) is
hereby given.

The Notice is attached at
http://bankrupt.com/misc/TCRAP_AKI0812.pdffor your reference.


CYGAL BERHAD: SC's Investigative Audit Extension Request Pending
----------------------------------------------------------------
Cygal Berhad refers to the announcement on 16 December 2002
wherein CIMB announced on behalf of Cygal, the approval by the
Securities Commission (SC) for the Proposals subject to the
conditions set out therein and the announcement by Cygal on 10
February 2003 on the appointment of Messrs. The Proposals
collectively refers to:

   * Proposed Share Exchange;
   * Proposed Debt Restructuring Comprising:

     (i) Proposed Financial Institutions Scheme;
     (ii) Proposed Non Financial Institutions Scheme; and
     (iii) Proposed Part Settlement of Amount Owing to an
Offshore Financial Institution;

   * Proposed Additional Issue to Commerce International
Merchant Bankers Berhad (CIMB);
   * Proposed Rights Issue of Shares Together with Warrants;
   * Proposed Acquisition of Property Development Companies; and
   * Proposed Delisting of Cygal and the Listing of a New
Investment Holding Company, Active Accord Sdn Bhd.

PKF to act as independent auditors to conduct an investigative
audit on the Company's previous business losses, in compliance
with one of the conditions imposed by the SC for the Proposals
which also requires the submission of the investigative audit
report within 6 months from the date of the appointment of the
independent auditors.

Messrs. PKF was appointed by Cygal on 8 February 2003 to act as
independent auditors for the aforesaid investigative audit and
as such the deadline to submit the investigative report to the
SC is 8 August 2003.

On behalf of Cygal, CIMB hereby announces that Messrs. PKF has
submitted an application to the SC for an extension of time of
one month from 8 August 2003 to 8 September 2003 for the
completion of the investigative audit and the submission of the
investigative audit report to the SC. The decision of the SC is
currently pending.


DMIB BERHAD: Sime Home to Acquire Bedding Business
--------------------------------------------------
DMIB Berhad refers to the announcement dated 23 April 2003 in
relation to the Proposed Reorganization of the Corporate
Structure and Businesses of DMIB (Proposed Reorganization
Scheme), wherein it was announced that the stockholders of DMIB
had approved the resolutions in respect of the Proposed
Reorganization Scheme at the extraordinary general meeting and
court convened meeting of DMIB held on the same day.

The Proposed Reorganization Scheme involves, inter-alia, the
proposed disposal of DMIB's Bedding Business (as defined in
DMIB's Explanatory Statement-cum-Circular to stockholders dated
31 March 2003) to Sime Darby Berhad or such other person as Sime
Darby may direct, for a total cash consideration of RM9.2
million. In the said Explanatory Statement-cum-Circular to
stockholders, Sime Latex Products Sdn Bhd (Sime Latex), a
wholly-owned subsidiary company of Sime Darby, was identified as
the party, which would purchase the Bedding Business.

Alliance Merchant Bank Berhad, on behalf of Sime Darby and DMIB,
wishes to announce that Sime Darby has nominated Sime Home
Products Sdn. Bhd. (formerly known as Dewana Duty-Free Sdn Bhd),
another wholly-owned subsidiary company of Sime Darby, instead
of Sime Latex to acquire the Bedding Business.

There is no change in the effect on the share capital,
substantial shareholders, net tangible assets, gearing, earnings
and dividends of DMIB arising from the change in the purchaser
of the Bedding Business.


FACB RESORTS: Dormant Associated Companies Struck Off
-----------------------------------------------------
FACB Resorts Berhad would like to announce:

1. Inovasi Galakan Sdn Bhd (IGSB) is a dormant company and is an
associated company of which Karambunai Resorts Sdn Bhd have an
equity interest of 30% equivalent to 30 ordinary shares of
RM1.00 each. Karambunai Resorts Sdn Bhd in turn is a wholly-
owned subsidiary of FACB.

2. Cendera Pesona Sdn Bhd (CPSB) is a dormant company and an
associated company of which Bukit Unggul Golf And Country Resort
Sdn Bhd have an equity interest of 30% equivalent to 30 ordinary
shares of RM1.00 each. Bukit Unggul Golf And Country Resort Sdn
Bhd in turn is a wholly-owned subsidiary of FACB.

3. Pursuant to applications made by IGSB and CPSB, both
Companies have been struck off from the Register of Companies
Commission of Malaysia in accordance to the power conferred by
section 308 of the Companies Act, 1965.

4. The deregistration of IGSB and CPSB do not have any effect on
the earnings and net tangible assets of FACB.


JUTAJAYA HOLDING: Appoints Messrs. Afrizan Tarmili as Auditors
--------------------------------------------------------------
The Board of Directors of Jutajaya Holding Berhad is pleased to
inform that the shareholders of the Company had, at the
Eighteenth Annual General meeting held on 8 August 2003 approved
all the resolutions as prescribed in the notice convening the
meeting contained in the Annual Report for year 2002.

The Board also informed that at the AGM, Messrs. Afrizan Tarmili
Khairul Azhar of 10th Floor, Bangunan Yayasan Selangor, 74,
Jalan Raja Muda Abdul Aziz, 50300 Kuala Lumpur was appointed as
Auditors of the Company, in place of the retiring Auditors,
Messrs. Deloitte KassimChan.


KELANAMAS INDUSTRIES: Court Grants Winding Up Petition Order
------------------------------------------------------------
Kelanamas Industries Berhad refers to the earlier announcement
dated 13 January 2003 in relation to the following material
litigation:

Kuala Lumpur High Court
Companies (winding up) No. D6-28-872-2002
Kian Joo Packaging Sdn. Bhd. .......... Petitioner
SBM Food Industries Sdn. Bhd. ......... Respondent

Hearing on 6 August 2003, the court granted order in term for
the winding up petition.

The Board envisaged that there will be financial and operational
impact on its subsidiary company, SBM Food Industries Sdn. Bhd.
which is still in operation. The Board can only make the
appropriate announcement at a later date after discussion with
the provisional liquidator. The Board of Directors are of the
opinion the liquidation would not effect the on going
restructuring of Kelanamas Industries Berhad.


KIARA EMAS: Wednesday Shareholders' Scheme Books Closure Fixed
--------------------------------------------------------------
The recalling and cancellation of the existing ordinary shares
of RM1.00 each in Kiara Emas Asia Industries Berhad; and

The issue of new ordinary shares of RM1.00 each in Major Team
Holdings Berhad (MTHB) in replacement of the existing ordinary
shares of RM1.00 each in Kiara Emas pursuant to the Scheme of
Arrangement under Section 176 of the Companies Act, 1965, on the
basis of one (1) new ordinary share of RM1.00 each in MTHB for
every five (5) existing ordinary shares of RM1.00 each held in
Kiara Emas as at 5:00 p.m. on 13 August 2003.

(herein referred to as the "Shareholders' Scheme")

NOTICE IS HEREBY GIVEN that the shareholders whose names appear
in the Record of Depositors as at 5:00 p.m. on 13 August 2003
shall be entitled to the share exchange to be made pursuant to
the Shareholders' Scheme which was approved by the shareholders
at the Court Convened Shareholders' Meeting and Extraordinary
General Meeting held on 18 July 2003.


KSU HOLDINGS: Injunction Application Hearing Postponed to Aug 25
----------------------------------------------------------------
KSU Holdings Berhad refers to the commencement of litigation
against the vendors of shares in earnest Equity Development
Berhad and the vendors of shares in Kembangan Alam Berhad
pursuant to the various Share Sale Agreements entered into as
part of the Scheme for the Restructuring of May Plastics
Industries Berhad.

KSU Holdings announced that the hearing for the Inter Partes
Injunction Application, which was scheduled on 20th March 2003
and postponed to 30th May 2003, 2nd July 2003 and 8th August
2003 has now been further postponed to 25th August 2003.


MTD CAPITAL: Unit Inks SSA With Park May for RM25M
--------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of MTD Capital Bhd, wishes to announce that MTD Equity
Sdn Bhd (MTDE), a wholly owned subsidiary of MTD, had on 8
August 2003 entered into a Share Sale Agreement (SSA) with Park
May Berhad (Vendor) to acquire 3,334,000 ordinary shares of
RM1.00 each representing 20% of the issued and paid-up share
capital of RSSB (Sale Shares) for a cash consideration of
RM25,000,000 (Consideration).

DETAILS ON THE PROPOSED ACQUISITION

Information on RSSB

RSSB was incorporated in Malaysia under the Companies Act, 1965
(Act) as a private limited company in October 1996. Both the
authorized and issued and paid-up share capital of RSSB is
RM16,670,000 comprising 16,670,000 Shares.

RSSB is principally involved in the business of establishing an
intelligent network for the implementation and operation of an
electronic payment system based on the utilization of smartcard
technology, and the establishment, management and operation of
an institution set up for the purpose of centralizing the
accounting, processing and settlement of all financial
transactions conducted through the electronic payment system.
RSSB currently operates two (2) electronic payment systems,
namely Touch N Go system and SmartTag system.

The net tangible assets (NTA) of RSSB based on its audited
financial statements as at 31 December 2002 is RM487,980. RSSB
registered a loss after taxation of RM1,384,122 for the
financial year ended 31 December 2002.

The Sale Shares are secured through a debenture dated 30 May
2002 against a RM120.0 million Commercial Paper/Medium Term
Notes (CP/MTN) Programmed entered into between Park May Berhad
and Affin Discount Berhad on 23 January 2002. Malaysian Trustees
Berhad (MTB) acts as trustee for the CP/MTN. The amount of
CP/MTN outstanding under the programmed based on the audited
financial statements of Park May Berhad for the financial year
ended 31 December 2002 is RM115.0 million.

Liabilities Assumed

MTDE will not assume any other additional liabilities of RSSB
other than RSSB's existing borrowings which will be repaid by
RSSB in the normal course of business.

Salient Terms Of The SPA

The principal terms and conditions of the Proposed Acquisition
as contained in the SSA are, inter-alia, as follows:

   (a) MTDE is to acquire the Sale Shares free from all charges
or liens or any other encumbrances whatsoever thereto and with
all rights now or hereafter attaching thereto including without
limitation, all bonuses, rights, dividends and other
distributions declared, paid or made in respect thereof as at
the completion date.

   (b) the Proposed Acquisition is conditional upon compliance
with all of the following conditions (unless waived by mutual
agreement of the parties) within six (6) months from the date of
the SSA subject to an extension of three (3) months upon expiry
thereof or within such period to be mutually agreed to by both
parties in writing (Compliance Period), namely:

     (i) receipt of the approval of the Securities Commission
(SC) in respect of the sale of the Sale Shares by Vendor, if
required;

     (ii) receipt of the approval of the Foreign Investment
Committee (FIC) in respect of the purchase of the Sale Shares by
MTDE, if required;

     (iii) receipt of the approval of the shareholders of the
Vendor in respect of the sale and purchase upon the terms and
conditions of the SSA;

     (iv) receipt by MTDE of MTB's approvals in writing in
respect of the sale and transfer of the Sales Shares to MTDE and
MTB's undertaking in writing to discharge and release to MTDE
the Sale Shares free of encumbrances upon receipt by MTB a sum
not more than the consideration sum of RM25,000,000;

     (v) receipt by the relevant party of the approval of any
other relevant authorities, if required; and

     (vi) receipt by the Vendor a certified true copy of the
resolution of MTD's Board of Directors ratifying their
acceptance of the terms and conditions of a joint venture
agreement dated 12 May 1998 and their agreement to be bound by
the terms and conditions of the said joint venture agreement
with effect from the date of the Sale Shares are duly registered
in MTDE's name without any liability of any nature for matters
or events prior to the date the Sale Shares are registered in
MTDE's name.

   (c) the consideration payable for the Sale Shares is to be
satisfied in cash as follows:

     (i) upon execution of the SSA, MTDE shall pay a deposit of
RM2,500,000 or equivalent to ten percent (10%) of the total
consideration (Deposit) to the Vendor's solicitors as
stakeholders who shall deal with the Deposit in the manner as
authorized in the SSA; and

     (ii) the balance of the total consideration of RM22,500,000
shall be paid by MTDE to the solicitors as stakeholders on
completion date who shall deal with the balance in the manner
authorized in the SSA.

   (d) the Deposit and any part of the Consideration shall be
refunded by the Vendor to MTDE in the event that sale and
purchase of the Sale Shares becomes null and void in accordance
to the terms and conditions of the SSA.

Information On The Vendor

Park May Berhad was incorporated in Malaysia under the Act as a
private limited company on 1 December 1972 under the name of
Park May Sdn Bhd. It changed its name to Park May Berhad and was
converted to a public limited company on 27 March 1990. Park May
Berhad was listed on the Main Board of the Kuala Lumpur Stock
Exchange (KLSE) on 31 October 1990. The present authorized share
capital is RM500,000,000 comprising of 500,000,000 ordinary
shares of RM1.00 each, of which 73,005,822 shares have been
issued and fully paid-up.

The Park May Berhad Group is principally involved in public bus
transportation business. Its services can be broadly categorized
into stage bus and express bus services. It currently operates
stage buses via Tulus Hebat Sdn Bhd's subsidiary Cityliner Sdn
Bhd in the Klang Valley, mainland Penang, northern Perak,
Seremban and its vicinity and Kuantan. Park May Berhad's express
services under Plusliner, NiCE and NiCE 2 are concentrated along
the North-South Expressway. The original date and cost of
investment of the Sale Shares to the Vendor is shown in Table 1
at http://bankrupt.com/misc/TCRAP_MTD0812.pdf.

DETAILS OF THE CONSIDERATION

Basis of arriving at the consideration

The consideration of RM25,000,000 was arrived at on a willing
buyer-willing seller basis after taking into consideration the
enterprise value of RSSB using the discounted cashflow
methodology on the net cashflows projected to be receivable from
the services agreements of RSSB.

The consideration represents a premium of RM24,902,404 to the
proportionate NTA of RSSB of RM97,596.

Mode of payment

The Consideration for the Proposed Acquisition will be satisfied
entirely by cash and will be financed by MTD partly from
internally generated funds and partly from bank borrowings.

RATIONALE

The Proposed Acquisition is expected to broaden the recurring
earnings base of the MTD Group, which is primarily in tolling.
RSSB's earnings is expected to improve further in the coming
years in view of the Government's decision to streamline the
usage of the electronic payment system ("EPS") operated by all
operating toll concessionaires into those operated by RSSB. RSSB
will also benefit from the increased application of EPS on the
integration of public transportation systems in the Klang
Valley.

FINANCIAL EFFECTS

Share Capital

The Proposed Acquisition will not have any effect on the share
capital of MTD Group as the purchase consideration will be
satisfied entirely in cash.

NTA

The proforma effect of the Proposed Acquisition on the audited
consolidated NTA of MTD as at 31 March 2003 is shown in Table 2
at http://bankrupt.com/misc/TCRAP_MTD0812.pdf.

Earnings

The Proposed Acquisition is expected to contribute positively to
the future earnings of the MTD Group.

However, in the event MTD seeks financing via bank borrowings or
other financial assistance for the Proposed Acquisition, MTD
will incur an interest cost throughout the loan period.

Substantial Shareholders' Shareholdings

The Proposed Acquisition will not have any effect on the
substantial shareholders' shareholdings of MTD as the purchase
consideration will be satisfied entirely in cash.

DEPARTURE FROM GUIDELINES

To the best knowledge of the Board of Directors of MTD, the
Proposed Acquisition has not departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, substantial shareholders of MTD and/or
persons connected with them have any interest, direct or
indirect, in the Proposed Acquisition.

DIRECTORS' STATEMENT

The Board of Directors of MTD is of the opinion that the
Proposed Acquisition is in its best interest and that the
Proposed Acquisition is expected to contribute positively to the
MTD Group.

ESTIMATED TIMEFRAME OF COMPLETION

The Proposed Acquisition is expected to be completed within
fourteen (14) business days from the expiry of the Compliance
Period.

DOCUMENTS FOR INSPECTION

The SSA will be available for inspection at the registered
office of the Company at Lot 8359, Mukim of Batu, Batu 8, Jalan
Batu Caves, 68100 Batu Caves, Selangor Darul Ehsan for six (6)
months from the date of the SSA.


NAUTICALINK BERHAD: Proposes Restructuring Scheme Variation
-----------------------------------------------------------
Further to Nauticalink Berhad's announcement dated 10 June 2003
by Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of NB, PMBB wishes to announce the execution of other
agreements in respect of the Proposed Acquisitions and details
of variation made to the Proposed Restructuring Scheme.

PROPOSED ACQUISITIONS

Pursuant to the proposed acquisition by Orion of 5,300,000
ordinary shares of RM1.00 each in Hexariang (Hexariang Shares)
representing the entire issued and paid-up share capital of
Hexariang from Kosmo (Proposed Acquisition of Hexariang Shares),
the following agreements have been entered into:

   (a) Conditional share sale agreement dated 7 August 2003
between PNS and Kosmo and the Shareholders of Kosmo to acquire
PNS's existing 18.87% equity interest in Hexariang comprising
1,000,000 Hexariang Shares for a purchase consideration of
RM2,280,000 to be satisfied via the renunciation of 2,280,000
new Orion Shares by Kosmo to PNS (Proposed Acquisition of
Hexariang Shares from PNS) (PNS Share Sale Agreement). These
2,280,000 Orion Shares renounced to PNS may subsequently be
purchased by the Shareholders of Kosmo via a put and call option
arrangement to be entered into after the completion of the
Proposed Acquisition of Hexariang Shares from PNS; and

   (b) Conditional loan stocks sale agreement dated 7 August
2003 between Orion and PNS to acquire the RM3,400,000 nominal
value of Loan Stocks from PNS for a purchase consideration of
RM3,400,000 to be satisfied via issuance of 3,400,000 new Orion
Shares at par and the subsequent conversion of the Loan Stocks
(Proposed Acquisition of Loan Stocks) (Loan Stocks Sale
Agreement). These 3,400,000 Orion Shares issued to PNS may
subsequently be purchased by the Shareholders of Kosmo via a put
and call option arrangement to be entered into after the
completion of the Proposed Acquisition of Hexariang Shares from
PNS.

(The Proposed Acquisition of Hexariang Shares and the Proposed
Acquisitions of Loan Stocks are collectively referred to as
"Proposed Acquisition of Hexariang")

The salient terms of the aforementioned agreements are
summarized below:

(i) PNS Share Sale Agreement

   (a) The purchase price of RM2,280,000 shall be satisfied by
Kosmo causing 2,280,000 new Orion Shares to be issued/ allotted
to PNS at par from the portion of Orion Shares that Kosmo is
entitled to receive pursuant to the Proposed Acquisition of
Hexariang Shares;

   (b) Upon execution of the agreement, PNS shall deliver the
approval from its Board for the sale and transfer of its
1,000,000 Hexariang Shares to Kosmo, granted its consent for
Hexariang to participate in the Proposed Restructuring Scheme
and the sale of the Loan Stocks to Orion and shall deliver a
Power of Attorney duly executed in favor of NHN to facilitate
the implementation of the Proposed Restructuring Scheme; and

   (c) The Shareholders of Kosmo will enter into a put and call
option agreement with PNS in relation to the 2,280,000 new Orion
Shares and the 3,400,000 new Orion Shares to be issued/renounced
to PNS pursuant to the sale of its 1,000,000 Hexariang Shares
and the sale of its Loan Stocks respectively, subject to a put
and call option agreement to be executed upon completion of the
Proposed Acquisition of Hexariang Shares from PNS.

(ii) Loan Stocks Sale Agreement

   (a) PNS shall assign to Orion all its rights and interest in
the Loan Stocks together with all the benefits and interest of
security or other collateral in favor of PNS for securing
repayment of the indebtedness under the Loan Stocks; and

   (b) The Loan Stocks will be sold to Orion free from all
charges or liens or any other encumbrances and with all rights
attaching thereto including but without limitation to all
coupons and/or interests accrued, paid or made in respect
thereof subsequent to the date of the agreement.

DETAILS OF THE VARIATION TO THE PROPOSED RESTRUCTURING SCHEME

Subsequent to the Corporate Restructuring Agreement and Share
Sale Agreement dated 6 June 2003, the following agreements have
also been entered into:

(a) Supplemental Share Sale Agreement dated 7 August 2003
between Orion and Kosmo to vary certain terms of the Share Sale
Agreement for the following:

   (i) To revise the purchase consideration for the Proposed
Acquisition of Hexariang Shares from RM70,000,000 to
RM100,000,000 to be satisfied via issuance of 100,000,000 new
Orion Shares at par;

   (ii) To revise the terms of the profit warranty provided by
Kosmo of at least 80% of the projected profit after tax ("PAT")
for each of the two (2) financial years of 1 July 2003 to 30
June 2004 and 1 July 2004 to 30 June 2005 to at least 80% of the
projected PAT for the eighteen (18) months financial period of 1
July 2003 to 31 December 2004, being the new accounting year end
of Hexariang;

   (iii) Hexariang to dispose of its entire 51% equity interest
in Nagatrend Plastic Paintings Services Sdn Bhd (NPPSB)
comprising 153,000 ordinary shares of RM1.00 each in NPPSB
(NPPSB Shares) to Cadpro Classics Sdn Bhd for a cash
consideration of RM1.00 which will be undertaken prior to the
implementation of the Proposed Acquisition of Hexariang
(Proposed Disposal of NPPSB

   (iv) To include the proposed acquisition of a 99-year
leasehold industrial land (expiring on 12 December 2072)
measuring approximately 87,120 square feet in area, together
with an office cum warehouse erected thereon and bearing postal
address of No. 1839, Jalan Gergaji 15/14, 40200 Shah Alam,
Selangor Darul Ehsan (Property) by Nagatrend Plastic Sdn Bhd
(NPSB) from Manis Resort Sdn Bhd (MRSB) as part of the Proposed
Restructuring Scheme (Proposed Acquisition of Property); and

   (v) To revise the proposed settlement of debts owing to the
Creditors amounting to approximately RM47.10 million as at 31
December 2002 to RM44.98 million to be satisfied via the
issuance of RM8,396,619 nominal value of ICULS instead of
RM5,515,212 nominal value of Loan Stocks as previously proposed.

   ((i) to (v) above are collectively referred to as the
"Proposed Revisions")

(b) Supplemental agreement entered into by NB, Orion and Kosmo
on 7 August 2003 to amend and vary certain terms of the
principal corporate restructuring agreement which was entered
into on 6 June 2003 (Proposed Revisions) for the purposes of
giving effect to the Proposed Revisions (Supplemental Corporate
Restructuring Agreement).

Details of the Proposed Disposal of NPPSB, Proposed Acquisition
of Property and Proposed Debt Restructuring

Proposed Disposal of NPPSB

A conditional share sale agreement dated 7 August 2003 was
entered into between Hexariang and Cadpro Classics Sdn Bhd
pursuant to the Proposed Disposal of NPPSB, which will be
completed prior to the implementation of the Proposed
Acquisition of Hexariang (Disposal Agreement);

The salient terms of the Disposal Agreement are as follows:

   (a) The NPPSB Shares will be disposed for cash consideration
of RM1.00 free from all charges, liens or any other encumbrances
and with all rights now or hereinafter attaching thereto but
without limitation to all bonuses, rights, dividends and
including distributions declared paid or made in respect
thereof; and

   (b) This agreement shall become unconditional upon NPPSB
obtaining the approval or consent of the financiers, approvals
of the board of directors and shareholders of Hexariang for the
sale and transfer of the sales shares to Cardpro Classic Sdn Bhd
and all other conditions precedent as set out in the Disposal
Agreement has been satisfied.

The Proposed Disposal of NPPSB will be completed before the
completion of the Proposed Acquisition of Hexariang Shares.

Proposed Acquisition of Property

On 7 August 2003, NPSB, a wholly-owned subsidiary of Hexariang,
has entered into a conditional sale and purchase agreement with
MRSB to acquire the Property for a purchase consideration of
RM7,500,000 to be satisfied via issuance of 7,500,000 new Orion
Shares at par (SPA-Property).

The other salient terms of the SPA-Property are as follows:

   (i) The Property shall be sold free from encumbrances, with
vacant possession, subject to the existing tenancies, any
express conditions of title and restrictions in interest
registered on the document of title to the Property at the land
registry/office as at the date of the agreement;

   (ii) Subject to the approval of the relevant authorities
being obtained, MRSB agrees, authorizes and requests NPSB to
place out a sufficient number of new Orion Shares at the price
of RM1.00 per share. The proceeds arising therefrom shall be
utilized solely to settle the redemption sum due to the Chargee
in order to secure the redemption of the Property and the
release of the discharge documents to NPSB; and

   (iii) The number of Orion Shares to be placed out shall be
determined mutually by the parties prior to the allotment of the
new Orion Shares after taking into consideration the redemption
sum due to the Chargee at the relevant time prior to the
placement of the Orion Shares.

(a) Basis of the purchase consideration

The purchase consideration of RM7,500,000 was arrived at on a
"willing buyer wiling seller" basis after taking into
consideration the market value of RM7,500,000 as appraised by
Messrs MN Associates Sdn Bhd, an independent firm of
professional valuers, on 22 July 2003 based on the comparison
and investment methods of valuation.

(b) Mode of satisfaction of the purchase consideration

The purchase consideration for the Proposed Acquisition of
Property is to be satisfied by the issuance of 7,500,000 new
Orion Shares at par.

(c) Ranking of the new Orion Shares to be issued

The new Orion Shares to be issued pursuant to the Proposed
Acquisition of Property will upon allotment, rank pari passu in
all respects with the existing Orion Shares in issue save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date
(namely the date as at the close of business on which the
shareholders must be registered in order to be entitled to any
dividends, rights, allotments and/or distributions) of which is
prior to the date of the allotment of the new Orion Shares.

(d) Assumption of liabilities

Save for the inter-company debt due from NPSB to Orion for the
Proposed Acquisition of Property, Orion will not assume any
further liabilities pursuant to the proposal.

(e) Information on the Property

The Property is a 99-year leasehold industrial land (expiring on
12 December 2072) measuring approximately 87,120 square feet in
area, together with an office cum warehouse erected thereon and
bearing postal address at No. 1839, Jalan Gergaji 15/14, 40200
Shah Alam, Selangor Darul Ehsan.

Presently, the Property is tenanted to and occupied by the
Hexariang Group pursuant to two (2) tenancy agreements made
between Hexariang and MRSB both dated 9 April 2003.

(f) Information on MRSB

MRSB was incorporated in Malaysia under the Act on 15 August
1989 under the name of Semarang Sawmill Sdn Bhd and subsequently
changed its name to Manis Resort Sdn Bhd on 19 July 1991. The
authorized share capital of MRSB is RM25,000 comprising 25,000
ordinary shares of RM1.00 each. The present issued and paid-up
share capital of MRSB is RM25,000 comprising 25,000 ordinary
shares of RM1.00 each. MRSB is a company involved in letting of
properties.

(g) Cost of Investment of the Property

The Property was acquired by MRSB on 29 February 1999 at a cost
of RM7,500,000.

Proposed Debt Restructuring

As announced on 10 June 2003, the proposed settlement of debts
owing to the Creditors amounting to approximately RM47.10
million was arrived at based on the audited accounts of the NB
Group as at 31 December 2002. Subsequently, certain of the NB
Group's assets, which were pledged to the Creditors, were sold
and the total debts owing to them were revised to RM44.98
million. In addition, subsequent to the discussions with the
financial institution creditors, the total debts of RM44.98
million was proposed to be settled via an issuance of
RM8,396,618 nominal value of ICULS.

The aggregate amount of outstanding debts due to the Creditors
as at 31 December 2002 of RM44.98 million is to be settled and
compromised in accordance with the terms set out below:

   (i) Firstly, all interest, penalties accrued and other
charges of a similar nature in connection with any failure to
pay or delay in payment of such indebtedness, cost, charges
expenses, fees and other incidental payments thereto (including
but not limited to all legal fees) accruing from 1 January 2003
until the Proposed Debt Restructuring becomes effective shall be
completely waived by the Creditors (Interest Waiver);

   (ii) Secondly, there shall be a waiver of an aggregate
RM30.64 million, representing approximately 78.5% of the total
debt outstanding as at 31 December 2002 after setting off
proceeds from the disposal of pledged assets (Principal Waiver)
as follows:

     (a) Secured FI Creditor - Waiver of RM8.83 million
representing 75% of the total debt outstanding as at 31 December
2002 after setting off proceeds from the disposal of pledged
assets;

     (b) Unsecured FI Creditors - Waiver of an aggregate of
RM20.97 million representing 80% of the total debt outstanding
as at 31 December 2002 after setting off proceeds from the
disposal of pledged assets, if any; and

     (c) Other Creditors - Waiver of an aggregate of RM0.85
million representing 80% of the total debt outstanding as at 31
December 2002;

   (iii) Thirdly, the shortfall amount of an aggregate RM39.04
million to be settled by Orion (being the net amount due after
deduction of the Interest Waiver, the Principal Waiver and
netting off referred to in section 3.1.3(i) and (ii) (Shortfall
Amount) shall be settled by the issuance of an aggregate of
RM8,396,618 nominal value of ICULS as follows:

     (a) Secured FI Creditor-RM2,943,734 nominal value of ICULS;

     (b) Unsecured FI Creditors-RM5,241,701 nominal value of
ICULS; and

     (c) Other Creditors - RM211,183 nominal value of ICULS.

The revised salient terms of the ICULS are set out in Table 1.

RATIONALE FOR THE PROPOSED REVISIONS

Proposed Acquisition of Hexariang

The initial purchase price for the Proposed Acquisition of
Hexariang Shares of RM70,000,000 was arrived at on a "willing-
buyer willing-seller" basis after taking into consideration the
potential earnings of the Hexariang Group based on the
preliminary future earning contribution of the Hexariang Group
prior to the execution of the Corporate Restructuring Agreement
and the Share Sale Agreement. Subsequently, the Hexariang
Group's forecast earnings were revised due to the latest
business developments and upon determining the future earnings
contribution of the Hexariang Group, the purchase price for the
Proposed Acquisition of Hexariang Shares was revised to
RM100,000,000.

The Proposed Acquisition of Loan Stocks will also reduce the
gearing of the restructured Orion Group and benefit from the
savings in interest payment.

Due to the proposed change in the financial year-end of the
Hexariang Group from 30 June to 31 December, the profit warranty
period was also revised.

Proposed Disposal of NPPSB

The operations of NPPSB have been loss making since
incorporation and are presently still incurring losses. NPPSB's
products are still not commercialized yet and the management of
NPPSB envisages that the commencement of the sale of its
products will only take place in 2004/2005. Moreover, NPPSB's
operations are not a major part of the core activities of the
Hexariang Group. Hence, the Proposed Disposal of NPPSB is deemed
to be in the best interest of the Hexariang Group vis-…-vis the
Proposed Restructuring Scheme.

Proposed Acquisition of Property

Hexariang presently rents the Property from MRSB wherein the
Hexariang Group's manufacturing and trading activities are
carried out. The Proposed Acquisition of Property will enable
the enlarged Orion Group to have its own corporate building to
house its operations as well as enable it to save on rental
expenses and improve its cashflow position. Moreover, the
inclusion of the Proposed Acquisition of Property will enhance
the tangible asset backing of the enlarged Orion Group upon
completion of the Proposed Restructuring Scheme.

EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME AFTER THE PROPOSED
REVISIONS

Share Capital

The proforma effects of the Proposed Revisions on the share
capital of NB as at 31 December 2002 and Orion as at 31 March
2003 are set out in Table 2 below.

Earnings

The Proposed Restructuring Scheme is not expected to materially
affect the earnings of NB for the financial year ending 31
December 2003 as it is expected to be completed only by the end
of March 2004.

However, the Proposed Restructuring Scheme is expected to
contribute positively to the earnings of Orion in the 18 months
financial period ending 31 December 2004 due to the earnings
contribution from the Hexariang Group.

Net tangible assets (NTA)

The proforma effects of the Proposed Restructuring Scheme on the
latest audited NTA of NB as at 31 December 2002 and Orion as at
31 March 2003 are set out in Table 3 below.

Substantial shareholders' shareholding structure

The proforma effects of the Proposed Restructuring Scheme on the
substantial shareholders' shareholding of NB and Orion as at the
21 July 2003, are set out in Table 4 below.

Got to http://bankrupt.com/misc/TCRAP_Nautica0812.docfor tables
1 to 4.


PICA (M): Files Restraining Order, Convene Creditors' Meeting
-------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad, in
reference to the Application to Court pursuant to Section 176 of
the Companies Act, 1965, announced that it had through its
solicitors on 5 August 2003 filed an originating summons
together with its supporting affidavit to the court to apply for
a restraining order as well as an order to convene creditors'
meeting in relation to the Company's proposed composite scheme
of arrangement under Section 176 of the Companies Act, 1965.

On July 2, the Troubled Company Reporter - Asia Pacific reported
that Company has yet to obtain all consents from all its
creditors to support its scheme. The Company together with its
advisor CIMB is in the process of revising its restructuring
scheme and looking for alternative route to proceed further with
its restructuring exercise.


SISTEM TELEVISYEN: Scheme of Arrangement Completed
--------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3), AmMerchant Bank Berhad is pleased to
announce that TV3 had on Friday fully implemented the debt
settlement to the scheme creditors of TV3 pursuant to the
Corporate Proposals.

Accordingly, together with the other proposals that have
previously been implemented (as announced on 1 August 2003), the
scheme of arrangement of TV3 pursuant to Section 176 of the
Companies Act, 1965 has been completed.

In relation to the Corporate Proposals, the only proposals that
remain to be implemented are the demerger of Malaysian Resources
Corporation Berhad and Media Prima Berhad (MPB), the restricted
offers for sale of MPB 5-year 2% Irredeemable Convertible
Unsecured Loan Stocks 2003/2008 and 5-year Warrants 2003/2008
and the transfer of TV3's listing status to MPB.


TAT SANG: Inks Proposed Acquisition SPA With Vendors
----------------------------------------------------
The Board of Directors of Tat Sang Holdings Berhad wishes to
announce that on 7 August 2003, TSHB has entered into a sale and
purchase agreement (Agreement) with the vendors of Kien Tat
(Construction) Sdn Bhd, namely Mr Lee Kok Yuen and Madam Thiang
Ee Kim to acquire the entire equity interest in KTC comprising
1,500,000 ordinary shares of RM1.00 each (Sale Shares) for a
total purchase consideration of RM48,000,000 to be satisfied by
the issuance of 48,000,000 ordinary shares of RM1.00 each in a
newly incorporated company that will take over the listing
status of TSHB, at an issue price of RM1.00 per share. (Proposed
Acquisition).

Go to http://bankrupt.com/misc/TCRAP_TatSang0812.docfor the
Thursday Requisite Announcement under Practice Note No. 4/2001
(PN4/2001) for further information on the Proposed Restructuring
Scheme, which consists of:

   - Proposed Capital Reconstruction;
   - Proposed Scheme of Arrangement;
   - Proposed Debt Settlement;
   - Proposed Acquisition;
   - Proposed Exemption;
   - Proposed Disposal;
   - Proposed Listing Status Transfer.


UNITED CHEMICAL: SC Grants Disposals Waiver Application
-------------------------------------------------------
United Chemical Industries Berhad had on 30 April 2003 announced
that the Company had on even date, entered into a conditional
agreement with Advance Technical Fabric Sdn Bhd (ATFSB) for the
Disposal by UCI of its manufacturing machineries, including all
spare parts and equipment for a cash consideration of
RM2,500,000 (Disposal of Machineries and Equipment), and its
business goodwill for a cash consideration of RM500,000
(Disposal of Business Goodwill). The Disposals is subject to,
inter-alia, the approvals of the following:

   (a) the secured creditors, which had via their letters of
consent dated 9 June 2003 and 10 June 2003 agreed to the
Disposals;

   (b) the High Court of Malaya (as UCI had since 10 March 2003
been granted a Restraining Order), which UCI is in the process
of applying for an order for the Disposals; and

   (c) the Securities Commission (SC) for approval/waiver from
having to seek its approval for the Disposals.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of UCI, is pleased to announce that the SC has, via
its letter dated 6 August 2003, approved the waiver sought by
UCI from having to obtain the SC's approval for the Disposals.


UTUSAN MELAYU: Supplemental RUF, Trust Deed Agreements Executed
---------------------------------------------------------------
Utusan Melayu (Malaysia) Berhad refers to the announcement dated
6 June 2003 with regard to the approval of the Securities
Commission (the SC) to extend the RM100.0 million Revolving
Underwriting Facility (RUF) for a further period of three (3)
years from 10 April 2003 to 10 April 2006 (the Proposal or the
Extension).

The Company is pleased to announce that the relevant
documentation for the Proposal i.e. Supplemental RUF Agreement
and Supplemental Trust Deed have been executed on 30 July 2003
(deadline extended by the SC via its letter dated 3 July 2003).

The Company also informed that the underwriting rate under the
Extension has been revised to 1.50% plus weighted average cost
of funds of the Underwriters instead of 1.50% plus KLIBOR.

Additional condition under the Extension is the creation of
Sinking Fund account and Debt Service Reserve account. The
Sinking Fund account is to capture deposits periodically for the
principal repayment of the Facility based on a predetermined
schedule and the Debt Service Reserve account is to capture
deposits, which will be maintained at a predetermined level for
the servicing of interest payment of the Facility. Charge over
the two accounts has also been executed on 30 July 2003.


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


NETWORTH BANK: Posts Key Dates Related to Insurance Claims
----------------------------------------------------------
Starting July 29, 2003, the Philippine Deposit Insurance
Corporation (PDIC) thru its duly authorized representatives
shall receive claims for insured deposits maintained with the
closed Networth Bank of La Union (NBLU) Head Office and Branch.

Depositors are requested to proceed directly to the premises of
the said closed bank on the following dates, to file claims for
insured deposits:

NBLU Office/Branch    Address                  Servicing Dates

Head Office      Brgy. Lomboy,             July 29-Aug. 05, 2003
                 Sto. Tomas  La Union


Pozorrubio       Pozorrubio Public Market, July 29-Aug. 12, 2003
                 Pozorrubio, Pangasinan


PDIC representatives are stationed at the premises of the closed
bank on the above-cited dates to accept claims and entertain
queries of depositors during office hours, Monday to Friday.

After the said dates, all depositors can file their claims
personally at the PDIC Office from Monday to Friday, 8:00 A.M.
to 5:00 P.M., or by mail addressed to-

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

Depositors are advised to present the following requirements to
the PDIC representatives when filing their claims:

a.  Original eviance of deposit such as Savings Passbook and/or
Certificate of Time Deposits.

b.  Latest identification documents (ID) bearing the depositor's
signature.

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

4.  Pursuant to the provision of R.A. 3591, as amended, the
prescriptive date (last day) for filing of claims for insured
deposits in the closed Networth Bank of La Union is on December
18, 2004.  After December 18, 2004, PDIC as insurer shall no
longer accept any claim for insured deposits maintained with the
said closed bank.


PISO DEVELOPMENT: PDIC Issues Notice to Stockholders
----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) issued a
notice to all stockholders of Piso Development Bank as follows:

In connection with the liquidation of the affairs of Piso
Development Bank by the Philippine Deposit Insurance Corporation
(PDIC), all stockholders are requested to communicate with the
following authorized personnel of (PDIC):

ZOSIMA D. LACONSAY, Deputy Liquidator, or
RENATO N. PULIDO, Officer-in-Charge, Asset
Administration and Recovery Department I
Telephone No. 841-4000
Local Nos. 4900, 4901, 4903 or 4904


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


ASIA PULP: Domestic Creditors Support Debt Plan
-----------------------------------------------
Rupiah bondholders of Tjiwi Kimia and Pindo Deli agreed to
support the debt-restructuring plan, which will be signed this
month, DebtTraders reports. Asia Pulp and Paper's operating
companies failed to sign the final agreement on a July 9
deadline due to a delay in the documentation process. In June,
IBRA and 10 export credit agencies agreed to restructure the
debt of Asia Pulp and Paper's four operating companies.

DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7for
real-time bond pricing.


FLEXTRONICS LTD: Analysts Reiterate "Underperform" Rating
---------------------------------------------------------
Analysts at Robert W. Baird reiterate their "underperform"
rating on Flextronics International Ltd (FLEX). The target price
has been raised from $9 to $10.

In a research note published on August 4, 2003, the analysts
mention that the Company reported lower than estimated first
quarter 2004 (Q104) results. The decline in profits could be
attributed to persistent weak pricing and excess capacity, add
the analysts. Despite considerable restructuring efforts, the
Company's profits have not been able to meet expectations, the
analysts say. Further restructuring activity is likely to result
in near term inefficiencies, Robert W. Baird feels.


INTIQUA INTERNATION: Issues Notice of Winding Up Order
------------------------------------------------------
Intiqua International Pte. Ltd. (RC No. 199801765/C) issued a
notice of winding up order made on 25th day of July 2003.

Name and Address of Liquidators: The Official Receiver

Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road, #06-11
Singapore 069118.

KELVIN CHIA PARTNERSHIP
Solicitors for the Petitioners.


HONG HENG: Issues Winding Up Order Notice
-----------------------------------------
Hong Heng Holdings Pte Ltd (RC No. 198802639D) issued a notice
of winding up order made the 1st day of August, 2003.

Name and address of Liquidator: The Official Receiver of
Insolvency & Public Trustee's Office, The URA Centre (East
Wing), 45 Maxwell Road #06-11, Singapore 069118.

RAJAH & TANN
Solicitors for the Petitioner.


FUKUMATSU TRADING: Issues Notice of Intended Dividend
-----------------------------------------------------
Fukumatsu Trading (S) Pte Ltd. issued a notice of intended
dividend as follows:

Address of Registered Office: Formerly of 116 Tagore Lane,
Vanguard Industrial Estate
Singapore 787548.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 120 of 1998.

Last Day for Receiving Proofs: 22nd August 2003.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

TOH HWEE LIAN
Assistant Official Receiver.


UNOCAL PACIFIC: Petition to Wind Up Set For September 8
-------------------------------------------------------
The petition to wind up Unocal Pacific (Singapore) Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on September 8, 2003. Loke Poh Keun, the liquidator of
the Company, whose address is situated at c/o 8 Robinson Road
#08-00, ASO Building, Singapore 048544, filed the petition with
the court on August 8, 2003.


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


COUNTRY (THAILAND): Explains 2002 Performance Differences
---------------------------------------------------------
Property Planner Company Limited, the Plan Administrator of
Country (Thailand) Public Company Limited, informed the material
differences in the Company's Performance for the year 2002
(Unaudited):

1. In this past period, revenues came from sale of land and Cost
of the Sale of Land that were higher than the sale of set of
rooms in the previous period, the company realized gain from
debt restructuring from the rehabilitation plan, and decrease in
other revenue.

2. There were decreases in selling and administrative expenses
in this past period due to decrease in deferred expenses,
depreciation expenses, and other expenses.

3. There were no foreign loans this past period, resulting in no
profit (loss) from foreign exchange.

4. There was decreases in doubtful accounts expenses because in
this period, there were increases in the doubtful accounts for
the accrued interests of related companies that in the previous
period, this amount also included loan and trade account
payable.

5. There were decreases in interest expenses due to reduction of
interest rates from the debt restructuring.

6. There were losses from the diminishing in value from the
adjustment of account receivable to cost of project
developments.

7. There were decreases in profit from subsidiaries in this
period.


COUNTRY (THAILAND): Posts 2002 Reorganization Progress Report
-------------------------------------------------------------
Mr. Khumsup Lochaya of Property Planner Co., Ltd., as the
Plan Administrator for Country (Thailand) Public Co., Ltd.,
posted the Business Reorganization Progress Report for December
31, 2002:

Rehabilitation Activities for Procedure No. 1

Jun 28, 2000  The Company (debtor) filed a petition for
              reorganization of the company's business with the
              Central Bankruptcy Court.

Jul 28, 2000  The Central Bankruptcy Court issued an order for
              the business reorganization.

Aug 22, 2000  The Central Bankruptcy Court appointed the Company
              to be the Planner.

Feb 21, 2001  The Company submitted a rehabilitation plan to the
              Central Bankruptcy Court.

Mar 20, 2001  The first meeting of creditors to consider the
              Rehabilitation Plan.

Apr 11, 2001  The second meeting of creditors to consider the
              Rehabilitation Plan.

Jun 1, 2001   The Central Bankruptcy Court issued an order to
              cancel the business reorganization order in
              accordance with Section 90/48, Paragraph 4.

Rehabilitation Activities for procedure No. 2

Jun 15, 2001  The Sukhumvit Asset Management Co., Ltd.
              (creditor) filed a petition for reorganization of
              the Company's business with the Central Bankruptcy
              Court.

Jul 16, 2001  The Central Bankruptcy Court issued an order for a
              business reorganization and appointed "Neo World
              Consultant Co., Ltd."  to be the Planner.

Jan 21, 2002  The Planner submitted rehabilitation plan to
              Central Bankruptcy Court.

Mar 5, 2002   The Company held a meeting with the creditors to
              consider the company's rehabilitation plans and
              the creditors approved the plan.

May 20, 2002  The Central Bankruptcy Court considered the plan
              and ordered the acceptance of the Company's
              rehabilitation plan.

Aug 16, 2002  The Company reduced the registered capital from
              the existing amount of Bt1,500,000,000 to
              Bt1,212,500,000.

Aug 19, 2002  The Company reduced the registered capital from
              the existing amount of Bt1,212,500,000 to
              Bt1,212,500.

Sep 29, 2002  The Company increased the registered capital from
              the existing amount of Bt1,212,500 to
              Bt10,000,000,000.

Oct 30, 2002  Appointment of "IB Securities Co., Ltd" as a
              financial advisor.

Jan 24, 2003  The Company transferred collateral's assets to the
              Asia Recovery Mutual Fund 2, as specified in the
              restructuring plans.


KRISDA MAHANAKORN: Removes Securities From REHABCO Sector
---------------------------------------------------------
According to the guidelines adjusted by the Board of Governors
of the Stock Exchange of Thailand (SET) dealing with listed
companies under the REHABCO sector for exclusion from being de-
listed and returning to the former sector, they specified that
the company should meet the following requirements.

   1. A company must show a positive shareholder's equity (after
the adjustments in accordance with the auditor's opinion).

   2. A net operating profit from core business in three
consecutive quarters or one year prior to the submission of the
application.

   3. Successful restructuring of over 75 % of the company's
total debt and its ability to settle debt with creditors in a
timely manner.

   4. A company has a positive cash flow from operating
activities after having booked interest expense.

   5. Ability to demonstrate the company's strong financial
position and performance on a continuous basis.

The board of governors of the SET or its executive board may
consider to relax the rules to allow listed securities in
REHABCO sector to be traded in their normal sectors if the
company has capital increasing plan which will significantly be
useful for its rehabilitation.

Krisda Mahanakorn Public Company Limited (KMC) has submitted
an application to the SET asking for transferring its securities
back to the Property Development sector. The company's financial
statements as of June 30, 2003 showed positive shareholders'
equity equal to Bt1,126 million, net operating profit from core
business in two consecutive quarters (quarter 1 and 2 of year
2003).

KMC has capital increasing plan amounting to Bt100 million
offered to private placement for expanding its business.
However, there is condition that new investment can be processed
when KMC's securities are allowed to move back to its normal
sector (the Property Development sector) after KMC receives
capital increase fund.

The SET considered that KMC is successful in restructuring
over 75% of its total debt and settling debt with creditors in
a timely manner, has a positive cash flow from the operation
activities after having booked interest expense, has
shareholders' equity of Bt1,126 million, and has net operating
profit from core business in two consecutive quarters (quarter 1
and 2 of year 2003), together with its reason and necessity in
capital increase which will be useful for its rehabilitation.

Therefore, the SET agreed to relax the requirement regarding
the three consecutive quarters net operating profit from core
business, then the SET will move KMC's securities from the
"REHABCO" sector to the "Property Development" sector in
the SET trading system provided that  KMC can achieve its
capital increasing plan not less than Bt100 million.

Hence, the SET would like all shareholders and investors to
follow KMC's financial statements, auditor's opinion, and
note of financial statements and the progress of its
accomplishment in capital increasing plan including its board
resolution, shareholder meeting, and the payment for that
increase capital before making investment decision.


THAI CANE: Clarifies Q203 Operating Results
-------------------------------------------
Thai Cane Paper Public Company Limited (TCP)'s auditor has
reviewed the Company's financial statements for a period ended
June 30, 2003.  TCP posted a net income of Bt779.17 million, an
increase of 633.50%, which increased from a net income of
Bt106.23 million during the same period of last year.  The
increases were mainly due to:

   1. Revenue from sale dropped to Bt1,627.86 million as at the
end of Q2003 from Bt1,781.15 million as at the end of 2Q2002, or
a decrease of 8.61%.  Also, as at the end of Q2003, the costs of
sale increased to 80.71% of the sale revenue from 79.48% of the
sale revenue of the same period of last year.  This mainly was
due to the competition in both domestic and export market.

   2. The Company's selling and administrative expenses
decreased 14.55% year-on-year due to the declines of both
domestic and export sales.

   3. Interest expenses decreased 43.69% year-on-year due to the
Company entered into debt restructuring agreement with Thai
Asset Management Corporation (TAMC) at which both long-term
debts and interest rate were lessened.

   4. Additionally, the Company posted Bt964.78 million gain on
debt refinancing by the long-term loans from Siam Commercial
Bank Plc., Bangkok Bank Plc., and Kasikornthai Bank Plc. On June
26, 2003.  The Company repaid all restructured debts
to TAMC and Ploy Asset Management Co., Ltd. On June 30, 2003.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***