TCRAP_Public/030814.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

            Thursday, August 14 2003, Vol. 6, No. 160

                         Headlines

A U S T R A L I A

AMP LIMITED: Confirms Open Briefings August 20
ASHBURTON MINERALS: Raises Working Capital Via Shares Placement
NORMANDY MINING: Moody's Withdraws NFL's Ba1 Sr Unsecured Rating
SIRTEX MEDICAL: CMS Increases Payment for SIR-Spheres
STRAITS RESOURCES: Issues 60,000 Convertible Notes

TRANZ RAIL: Board Re-confirms Toll Offer Recommendation
WEBCOM PTY: PwC Discloses Case Profile


C H I N A   &   H O N G  K O N G

C.P. POKPHAND: Unit Leases Fixed Assets to CP (Hainan)
CHENGDU PUTIAN: Operations Loss Narrows to HK$35.388
GOLD ASIA: Petition to Wind Up Pending
GOLDEN WAY: Winding Up Sought by Tsang Kwok
HAMPTON BUILDING: Hearing of Winding Up Petition Set

MANILA MERCHANT: Winding Up Petition Slated for Hearing
ONFEM HOLDINGS: S&P Agreement Signing to be Determined
SHANGHAI TYRE: Xinhua Downgrades Ratings to C(pi) From B-(pi)
SUPERCAM CYBERTECH: Aug 20 Winding Up Hearing Scheduled
YUE FUNG: Winding Up Petition Pending


I N D O N E S I A

* IBRA Discloses PPAP Batch 3 Progress


J A P A N

ALL NIPPON: Moody's Downgrades Rating to Ba3
FURUKAWA ELECTRIC: Moody's Review Rating For Possible Downgrade
NISSHO IWAI: Integrates Two Domestic Subsidiaries
SEIYU LIMITED: Issues Y7.735B New Shares
SEIYU LIMITED: Shares Up 13% on Wal-Mart Investment Plan

TOA FINANCE: Files Application For Special Liquidation


K O R E A

HYNIX SEMICONDUCTOR: EU Impose 34.8% Tariff on Computer Chips
HYNIX SEMICONDUCTOR: Unveils 2Q03 Financial Results
KOOKMIN BANK: Sells W300B in Hybrid Bonds
SK CORPORATION: Sovereign Calls For Resignation of 3 Directors
SK GLOBAL: Industrial Research Offers Bailout Proposal


M A L A Y S I A

BERJUNTAI TIN: MITI Endorses Proposed Restructuring Scheme
CELCOM (MALAYSIA): KLSE to De-list Securities Tomorrow
CHG INDUSTRIES: Changes Registered Address
GANAD CORP.: Seeks Investigative Firm Appointment Time Extension
INNOVEST BERHAD: Plaintiff Serves Amended Statement of Claim

KEMAYAN CORPORATION: Faces Writ of Summons Over Credit Facility
KRETAM HOLDINGS: Executes Settlement Agreement With Plaintiff
KRETAM HOLDINGS: Issues Stocks to Lenders as Debt Settlement
L&M CORPORATION: Posts Change of Address Notice
MANGIUM INDUSTRIES: Discloses July Production Figures

NAM FATT: KLSE Grants Conversion Listing Today
NCK CORPORATION: Unit Faces Notice From Inland Revenue Board
OCEAN CAPITAL: KLSE Grants Two-Months' Proposed CRE Extension
ROAD BUILDER: Discloses Dealings During Closed Period
SITT TATT: Answers KLSE's Agreements Query

TAP RESOURCES: KLSE Grants ICULS Conversion Listing
TECHNO ASIA: Submits Report, Statutory Declaration to KLSE


P H I L I P P I N E S

MANILA ELECTRIC: Sees Cash Flow Problem Until 2005, Says ING
METRO PACIFIC: Rejects Unfounded Rumors
METRO PACIFIC: Swings to P93.9M Profit in First Half
PHILIPPINE NATIONAL: 1H03 Net Loss Widens to P307M
RURAL BANK OF NEW LUCENA: Issues Notice to Creditors

RURAL BANK OF SAN LEONARDO: Issues Notice to Creditors


S I N G A P O R E

C-CURE PTE: Resolves EGM Resolutions
ICON MEDIALAB: Issues Intended Dividend Notice
MEGACEPT INTERNATIONAL: Issues Winding Up Order Notice
M.E.I PROJECT: Unveils Intended Preferential Payment
POWER LINK: Issues Debt Claim Notice to Creditors


T H A I L A N D

ADVANCE PAINT: Explains Q203 Revenue Increase
NAKORNTHAI STRIP: Relocates Head Office
RAIMON LAND: Clarifies Operations Result
ROYNET PUBLIC: SET Posts "SP" Sign for Dir Appointment Failure

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Confirms Open Briefings August 20
----------------------------------------------
AMP Limited will be holding open briefings to discuss its
results for the six months to 30 June 2003. The results will be
released to the Australian Stock Exchange on 20 August 2003. AMP
will hold briefings on 20 August 2003 to discuss the results.
Both will be webcast live via AMP's website (www.ampgroup.com).

The media briefing will be held at 10:00am and an analysts
briefing at 12:30pm. In addition, a series of one-on-one
meetings with institutional investors will be held in the weeks
following these briefings. The purpose is to provide context
around the 2003 interim results.

A copy of presentation materials to be used in all briefings
will be posted on the AMP website on 20 August 2003.


ASHBURTON MINERALS: Raises Working Capital Via Shares Placement
---------------------------------------------------------------
Ashburton Minerals Ltd gives notice that it has raised $82,000
working capital through a placement 10,250,000 ordinary fully
paid shares at an issue price of 0.8 cents per share.

This capital raising does not relate to the Prospectus issue as
previously announced. The shares have been allotted pre
consolidation of the issued capital of the Company.

Go to http://bankrupt.com/misc/TCRAP_ASH0814.pdfto see Appendix
3B relating to the issue of the new securities.


NORMANDY MINING: Moody's Withdraws NFL's Ba1 Sr Unsecured Rating
----------------------------------------------------------------
Moody's Investors Service withdrew the Ba1 senior unsecured
rating on Normandy Finance Limited's (now known as Newmont
Finance Limited) (NFL) notes, guaranteed by Normandy Mining
Limited (now known as Newmont Australia Limited).

The rating withdrawal results from the lack of stand alone
financial information provided for the guarantor, Normandy
Mining Limited, following its acquisition in 2002 by Newmont
Mining Corporation, and the inability therefore, to assess the
financial standing of Normandy Mining Limited, as guarantor or
its cash generation ability relative to its obligations.

The notes remain legal obligations of Normandy Finance with
repayment ability dependent upon the performance of the
guarantor, Normandy Mining. This concludes Moody's review of
Normandy Finance's ratings, which was initiated in March 2003.
Ratings withdrawn are:

Normandy Finance Limited: Ba1 rated US$100 million 7.5% notes
due 2005, guaranteed by Normandy Mining Limited,

Ba1 rated US$150 million 7.625% notes due 2008, guaranteed by
Normandy Mining Limited.


SIRTEX MEDICAL: CMS Increases Payment for SIR-Spheres
-----------------------------------------------------
Sirtex Medical Limited is pleased to announce that the Centers
for Medicare and Medicaid Services (CMS) in the USA has advised
Sirtex that, effective January 1st 2004, CMS will increase its
payment to USA hospitals for SIR-Spheres from US$6,485.37 to
US$8,870.88 when SIR-Spheres are used to treat Medicare patients
(patients 65 years and older). This represents an increase of
37% and is a good outcome for Sirtex.

It is not the policy of CMS to pay full cost to hospitals for
any of their covered services. In this context, the 37% increase
in payment for 2004 is a very positive outcome and will more
closely reflect actual product costs. This increase is
particularly significant in light of current health care
cost containment efforts by CMS in many of its payment
categories.

Sirtex has two months to gain further increased consideration in
the CMS payment amount. CMS has acknowledged the Company's
intent to submit additional data in support of its position and
is receptive to further discussion on the matter.

CMS reimbursement for SIR-Spheres will remain on a product only
basis and not `bundled' with the procedure costs. This has been
the policy in the past and allows SIR-Spheres cost and payment
to be evaluated on the product specific cost, without inclusion
of additional cost factors.

Sirtex will work to continue this designation in the future.
The CMS payment is what hospitals receive from CMS for SIR-
Spheres when used to treat Medicare patients. However, Sirtex
continues to invoice and receive US$14,000 for each dose of
SIR-Spheres used in USA hospitals for all patients, including
Medicare patients.

Medicare patients represent approximately 35% of patients
treated with SIR-Spheres to date in the USA. The remaining
approximately 65% of patients are covered by a variety of
commercial health insurance plans that reimburse hospitals for
the cost of SIR-Spheres and related procedures.

According to Wrights Investors' Service, the company has paid no
dividend during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.04 per share.


STRAITS RESOURCES: Issues 60,000 Convertible Notes
--------------------------------------------------
Straits Resources Limited advises that a total of 60,000
Convertible Notes have been converted and as a result, 60,000
Ordinary Fully Paid shares in the Company have been issued.

The Appendix 3B form announcing the issue can be found at
http://bankrupt.com/misc/TCRAP_SRL0814.pdf.

According to Wrights Investors' Service, at the end of 2001,
Straits Resources had negative working capital, as current
liabilities were A$79.83 million while total current assets were
only A$74.26 million. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


TRANZ RAIL: Board Re-confirms Toll Offer Recommendation
-------------------------------------------------------
In response to media comments attributed to Toll Holdings
Managing Director Paul Little, Tranz Rail Holdings Limited can
confirm that there have been limited discussions with Toll
Holdings Limited regarding improvements they could make to their
offer to make it more acceptable to Directors and shareholders.

The Tranz Rail board wants to reconfirm their recommendation
that shareholders not accept Toll Offer in its current form.

Board Chairman Wayne Walden says, Tranz Rail understands the
reasons why Toll needed to extend its offer and wants to
emphasize that an extended offer period has no impact on the
company's financial stability.

"The company's forward cash flow estimates, which are regularly
updated, will see us through the seasonal lows and are currently
tracking ahead of the forecasts.

"The Board of Tranz Rail is disappointed that Mr. Little has
once again made misleading statements about the company's
viability and near term prospects and can only assume that this
is to generate momentum for their bid.

"The company is seeing the year on year benefits of its
operational improvement strategy. On time arrivals for July 2003
was 84% up from 77% in July 2002. Volume on the network, has
also shown a 3.3% uplift over the same period last year with an
increase of 9% in the service sensitive Intermodal Traffic.

"The Board will continue to review any changes to the Toll Offer
or any alternative offers with the best interests of
shareholders in mind," says Mr Walden.


WEBCOM PTY: PwC Discloses Case Profile
--------------------------------------
PricewaterhouseCooper (PwC) disclosed this case profile:

Territory   :  Australia
Company Name:  Webcom Pty Ltd
Lead Partner:  Phil Carter
Case Manager:  Will Souter
Date of Appointment:  3 April 2003
Normal Contact     :  Jenny Martin
Contact Phone No   :  (02) 8266 5207

PricewaterhouseCoopers Office

Location:  Sydney
PO Box  :  GPO Box 2650
Street Address:  201 Sussex St
City    :  SYDNEY
State   :  NSW
Postcode:  1171
DX      :  DX 77 Sydney
Phone   :  (02) 8266 0000
Fax     :  (02) 8266 5820
Registered Office of company:  Level 4,132 Arthur Street, North
Sydney NSW 2060
Company No / ACN:  068 394 178
Type of Appointment       :  Deed Administrator
Lead Partner - Full Name  :  Philip Patrick Carter
Second Partner - Full Name:  Gregory Winfield Hall

Case Information (Last Updated 31/07/2003)

First Creditors' Meeting

Date   :  10 April 2003
Time   :  2:00PM
Address:  Level 10, 201 Sussex Street, Sydney NSW 2000
Proxy return date:  9 April 2003
Return time      :  5:00 PM

Second Creditors' Meeting (or adjournment)

Date   :  7 May 2003
Time   :  2:00PM
Address:  Level 10, 201 Sussex Street, Sydney NSW 2000
Proxy return date:  6 May 2003
Return time      :  5:00 PM
Time             :  12:00 PM
Return time      :  Sydney
Time             :  Sydney

Other Key Information

Report as to Affairs received from directors:  The Report as to
Affairs has been received by the director.

Dates of trading by insolvency practitioner:  The Deed
Administrators traded the business from 3 April 2003 until the
completion of the sale on 9 May 2003.

Business sold/ceased trading :  The business was sold on 9 May
2003 and the premises at 132 Arthur Street, North Sydney was
vacated on 21 May 2003.

Background Information

Webcom Pty Ltd is a web hosting, net casting and email direct
marketing business based in North Sydney. The company was placed
into administration by a resolution passed by the director on 3
April 2003.

Current status of assignment and actions required by creditors

The first meeting of creditors was held on Thursday 10 April
2003 at 2pm. Creditors are required to provide a proof of debt
and proxy form if they intend to vote at the first meeting. See
below for further details.

A report to creditors was mailed out on 30 April 2003 for the
second meeting of creditors providing a brief outline of the
history of the company, its financial position and a
recommendation provided by the administrators on the future of
the company.

The second meeting of creditors was held on 8 May 2003. At the
meeting, creditors voted for a Deed of Company Arrangement to be
executed.

On 29 May 2003 a Deed of Company Arrangement ("DCA") was
executed. The DCA is available for viewing at the Australian
Securities & Investments Commission.

Next milestone and estimated timetable

The finalization of the DCA.

Likely outcome for creditors and timetable

It is extremely unlikely that unsecured creditors will receive a
dividend as there is a significant shortfall to the secured
creditor and employees.  (www.pwcrecovery.com)


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


C.P. POKPHAND: Unit Leases Fixed Assets to CP (Hainan)
------------------------------------------------------
Hainan CTAH, a wholly-owned subsidiary of C.P. Pokphand Co.
Ltd., is the landlord under the Lease, pursuant to which CP
(Hainan) has leased the Fixed Assets from Hainan CTAH for a term
of five years expiring on 10th August, 2008.

Seven Directors, namely Mr. Jaran Chiaravanont, Mr. Montri
Jiaravanont, Mr. Dhanin Chearavanont, Mr. Sumet Jiaravanon, Mr.
Prasert Poongkumarn, Mr. Min Tieanworn, and Mr. Thirayut Phitya-
Isarakul, together own aggregate shareholding interests of
56.85% in CPG. Apart from the 56.85% shareholding interests
owned by the seven Directors, the remaining shareholdings in CPG
are owned by persons who are not connected with any of the
substantial shareholders, chief executives and directors of the
Company or any of its subsidiaries or any of their respective
associates. CPG and its associates own an approximately
49.35% shareholding interest in CP Foods. CP (Hainan), the
tenant under the Lease, is a wholly-owned subsidiary of CP
Foods. CP Foods is a company listed on the Securities Exchange
of Thailand. Because of the above-named Directors' 56.85%
interests in CPG, CPG is a connected person of the Company and
CP (Hainan) is regarded as an associate of CPG for Listing Rules
purposes.

Accordingly the Lease entered into between Hainan CTAH and CP
(Hainan) constitutes a connected transaction for the Company
under the Listing Rules.

Presently, Mr. Jaran Chiaravanont is beneficially interested in
843,750 shares of the Company, representing approximately 0.04%
of the issued share capital of the Company and Mr. Dhanin
Chearavanont and Mr. Sumet Jiaravanon are deemed, for the
purposes of the Securities and Futures Ordinance, to be
interested in the same 1,066,662,834 shares of the Company,
representing approximately 49.42% of the issued share capital of
the Company.

As, in the opinion of the Directors (including the independent
non-executive Directors), the Lease contains normal commercial
terms and as the total rental over the entire term of the Lease
represents less than 3% of the consolidated net tangible assets
of the Company as disclosed in its latest published consolidated
accounts, the Lease is required to be disclosed by way of a
press announcement and certain details of the Lease are required
to be included in the Company's future published annual reports
and accounts under rule 14.25(1) of the Listing Rules, but the
Lease is not subject to the approval of independent shareholders
of the Company.

LEASE DATED 8TH AUGUST, 2003 (the "Lease")

The Landlord: Hainan CTAH
The Tenant: CP (Hainan)
Fixed Assets: The production facilities situated at Laocheng
Development Zone, Chengmai County, Hainan Province, the PRC
including all plants and machinery located thereon. Hainan CTAH
previously used the Fixed Assets for the production of animal
feeds.

Term: Five years commencing from 11th August, 2003 and expiring
on 10th August, 2008 (both days inclusive). There is no
provision for automatic renewal or any right to require
automatic renewal by any party.

Rental: During the term of the Lease, the aggregate amount of
rental per year will be RMB5,060,000 (approximately HK$4,760,000
on the basis of the exchange rate of HK$1=RMB1.062) payable by
CP (Hainan) to Hainan CTAH yearly in advance in cash.

The rental amount is approximately equal to the rental value of
the Fixed Assets as assessed in a valuation report prepared by
an independent firm of accountants in Hainan, the PRC, which
taking into account the losses sustained by Hainan CTAH in
recent years, adopted the principle that the rental value would
generate sufficient income to set off all depreciation charges
attributed to the Fixed Assets in the accounts of Hainan CTAH.
In such valuation report, the annual rental value of the Fixed
Assets for a period of five years was valued at RMB5,060,249.20.
Hainan CTAH and the Company have been applying the straight-line
method of depreciation for the Fixed Assets in accordance with
the PRC Accounting Standards and the International Accounting
Standards. Such accounting method has been disclosed in the
Group's consolidated accounts for the financial years ended 31st
December, 2001 and 2002. The Lease will be accounted for as an
operating lease in the financial statements of the Group.

Employees: According to the terms of the Lease, all present
employees of Hainan CTAH will be re-employed by CP (Hainan). No
severance payment will be borne by the Group as a result of such
reemployment.

REASON FOR ENTERING INTO THE LEASE

The principal reason for Hainan CTAH to enter into the Lease is
that, as Hainan CTAH has experienced operating losses of
approximately RMB3.54 million (audited) and approximately
RMB1.68 million (audited) for the financial years ended 31st
December, 2001 and 2002 respectively, and approximately RMB1.42
million (unaudited) for the six months ended 30th June, 2003, by
ceasing its previous production at the Fixed Assets and renting
it out to a third party, the Lease will provide a stable income
for Hainan CTAH during the term of the Lease sufficient to set
off against the expected depreciation charges attributed to
the Fixed Assets in the accounts of Hainan CTAH, so as to ensure
that Hainan CTAH will not incur further losses. The net asset
value of Hainan CTAH as at 31st December, 2002 was RMB29.41
million.

The Directors (including the independent non-executive
Directors) are of the view that the terms of the Lease are fair
and reasonable based on normal commercial terms and for Hainan
CTAH to enter into the Lease is in the best interests of the
Company and its shareholders as a whole. The seven Directors
who are deemed to be interested in the transaction in the manner
described above, namely Mr. Jaran Chiaravanont, Mr. Montri
Jiaravanont, Mr. Dhanin Chearavanont, Mr. Sumet Jiaravanon, Mr.
Prasert Poongkumarn, Mr. Min Tieanworn, and Mr. Thirayut Phitya-
Isarakul, had abstained from voting on the relevant board
resolution approving the Lease.

The feedmill previously operated by Hainan CTAH at the Fixed
Assets was one of the more than seventy feedmills operated by
the Group in the PRC. Apart from the Fixed Assets, Hainan CTAH
has no other material assets. Since the total tonnage of feeds
(including animal and aqua feeds) sold by Hainan CTAH
represented only approximately 1.13%, 1.07% and 1.09% of the
total tonnage of feeds (including animal and aqua feeds) sold
under the management of the Group for the financial years ended
31st December, 2001 and 2002 and for the six months ended 30th
June, 2003 respectively, the Directors (including the
independent non-executive Directors) are of the view that the
leasing of the Fixed Assets will not have a substantial adverse
impact on the existing operation of the Group.

INFORMATION ON THE COMPANY AND THE PARTIES TO THE
CONNECTED TRANSACTION

The Company's principal business is investment holding and its
subsidiaries, jointly-controlled entities and associates are
principally engaged in the trading of agricultural products,
feedmill and poultry operations, the manufacturing and sale of
motorcycles and accessories for automotives and property and
investment holding.

The principal business of Hainan CTAH is the production and sale
of animal feeds in the PRC. The principal business of CPG is
investment holding and the principal business of CP (Hainan) is
the production and sale of aqua feeds in the PRC.

DEFINITION

In this announcement, the following expressions have the
meanings set out below unless the context requires otherwise:

"associates" as defined in the Listing Rules

"Board" the board of directors of the Company

"Company" C.P. Pokphand Co. Ltd., a company incorporated in
Bermuda, the shares of which are listed on the main board of the
Stock Exchange and The London Stock Exchange Limited

"CP Foods" Charoen Pokphand Foods Public Company Limited, a
company incorporated in Thailand, the shares of which are
listed on the Securities Exchange of Thailand

"CPG" Charoen Pokphand Group Co., Ltd., a company incorporated
in Thailand

"CP (Hainan)" C.P. Aquaculture (Hainan) Co., Ltd., a wholly-
owned subsidiary of CP Foods incorporated in the PRC

"Directors" directors of the Company

"Fixed Assets" the production facilities situated at Laocheng
Development Zone, Chengmai County, Hainan Province, the PRC
including all plants and machinery located thereon

"Hainan CTAH" Hainan Chia Tai Animal Husbandry Co., Ltd., a
wholly-owned subsidiary of the Company incorporated in the PRC

"Lease" the lease dated 8th August, 2003 entered into between
Hainan CTAH and CP (Hainan)

"HK$" Hong Kong dollars, the lawful currency of Hong Kong
Special Administrative Region

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

"PRC" the People's Republic of China

"RMB" Renminbi, the lawful currency of the PRC

"Stock Exchange" The Stock Exchange of Hong Kong Limited


CHENGDU PUTIAN: Operations Loss Narrows to HK$35.388
----------------------------------------------------
Chengdu PUTIAN Telecommunications Cable Company Limited
disclosed a summary of unaudited financial results for the year
ending December 31, 2003:

Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Auditors
                                                  (Unaudited)
                               (Unaudited)        Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2003      from 1/1/2002
                               to 30/6/2003       to 30/6/2002
                               Note  ('000)       ('000)
Turnover                           : 204,456            161,670
Profit/(Loss) from Operations      : (35,388)           (45,773)
Finance cost                       : (5,481)            (6,595)
Share of Profit/(Loss) of
  Associates                       : (22,512)           (14,606)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (60,634)           (67,719)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1516)           (0.1693)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (60,634)           (67,719)
Interim Dividend                   : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim 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


GOLD ASIA: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Gold Asia Realty Limited is set for
hearing before the High Court of Hong Kong on August 20, 2003 at
9:30 in the morning.

The petition was filed with the court on May 28, 2003 by Citic
Ka Wah Bank Limited whose registered office is situated at No.
232 Des Voeux Road Central, Hong Kong.


GOLDEN WAY: Winding Up Sought by Tsang Kwok
-------------------------------------------
Tsang Kwok Leung is seeking the winding up of Golden Way
Shipping Agencies Company Limited. The petition was filed on
July 9, 2003 and will be heard before the High Court of Hong
Kong on August 20, 2003 at 10:00 in the morning.

Tsang Kwok holds its registered address at Room 1401, Block 7,
Lok King House, Lai King Estate, Kwai Chung, New Territories,
Hong Kong.


HAMPTON BUILDING: Hearing of Winding Up Petition Set
----------------------------------------------------
The petition to wind up Hampton Building Materials Limited is
scheduled for hearing before the High Court of Hong Kong on
August 20, 2003 at 10:00 in the morning.

The petition was filed with the court on July 7, 2003 by Master
Builders Technologies (Hong Kong) Limited whose registered
office is situated at 20th Floor, EW International Tower, 120-
124 Texaco Road, Tsuen Wan, New Territories, Hong Kong.


MANILA MERCHANT: Winding Up Petition Slated for Hearing
-------------------------------------------------------
The petition to wind up The Manila Merchant Limited is set for
hearing before the High Court of Hong Kong on September 3, 2003
at 9:30 in the morning.

The petition was filed with the court on July 5, 2003 by Pacific
Commercial Company Limited whose registered office is situated
at Suite 123, Pacific Commercial Plaza, No. 328 Sha Tsui Road,
Tsuen Wan, New Territories, Hong Kong.


ONFEM HOLDINGS: S&P Agreement Signing to be Determined
------------------------------------------------------
The Board of Directors of Onfem Holdings Limited refers to the
Announcement and has received the following letters issued by
BNP (the financial adviser to Minmetals) and ACCF (who acted for
Mr. Desmond Chiong (the joint and several liquidator of CNMG))
respectively in relation to the progress of the Acquisition:

   1. two letters dated 14th July, 2003 and 22nd July, 2003
respectively and both issued by BNP to the Company stating,
amongst others, that (i) the approval from the committee of
inspection of the creditors of CNMG was obtained on 2nd July,
2003 and the negotiations with the liquidators of CNMG in
relation to the Acquisition by Minmetals had been finalized; and
(ii) they were finalizing the S&P Agreement and awaiting for
certain information from the liquidators of CNMG, which would be
required before the intended date of the signing of the S&P
Agreement could be determined;

   2. a letter dated 23rd July, 2003 and issued by ACCF stating,
amongst others, that their client continued to be in touch with
BNP on finalizing the S&P Agreement and the information
requested by BNP had been provided;

   3. two letters dated 29th July, 2003 and 30th July, 2003
respectively and both issued by BNP to the Company stating,
amongst others, that (i) they were still waiting for the
liquidators of CNMG or its advisers to provide them with certain
information, which would be required before the intended date
of the signing of the S&P Agreement could be determined; and
(ii) a letter would be sent to the advisers of the liquidators
of CNMG as soon as practicable to reiterate their request;

   4. a letter dated 29th July, 2003 and issued by ACCF to the
Company stating, amongst others, that their client was awaiting
the indication from BNP as to the timing of the signing of the
S&P Agreement; and

   5. a letter dated 6th August, 2003 and issued by BNP stating,
amongst others, that the legal adviser of Minmetals was
reviewing the information provided by the liquidators of CNMG on
1st August, 2003 and, subject to such review, the intended date
of the signing of the S&P Agreement could be determined.

Since 6th August, 2003, the Company has not received any further
information from BNP or ACCF on the progress of the Acquisition.
As at the date of this announcement, the intended date of the
signing of the S&P Agreement has not yet been determined. The
Company will make further announcement as and when appropriate.

At the request of the Company, trading in its shares on the
Exchange has been suspended with effect from 9:30 a.m. on 15th
July, 2003 pending the publication of this announcement.
Application has been made by the Company for the resumption of
trading of its shares on the Exchange with effect from 9:30 a.m.
on 13th August, 2003.

As disclosed in the announcements of the Company dated 18th
July, 2003 and 4th August, 2003 respectively, certain connected
transactions of financial assistant nature will be disclosed in
another announcement which is currently being prepared.

The Acquisition may or may not proceed. Shareholders of the
Company and potential investors are reminded to exercise caution
when dealing in the shares of the Company.

DEFINITIONS

"Acquisition" the proposed acquisition of the controlling
interests in the Company by Minmetals

"ACCF" Asian Capital (Corporate Finance) Limited

"Announcement" the announcement dated 28th May, 2003 issued by
the Company in relation to the Acquisition

"BNP" BNP Paribas Peregrine Capital Limited

"Board" the board of directors including independent non-
executive directors of the Company

"CNMG" China Nonferrous Metals Group (Hong Kong) Limited (in
liquidation), which is the Company's controlling shareholder
and has an attributable interest of approximately 53.87% in the
issued share capital of the Company

"Company" ONFEM Holdings Limited, the shares of which are listed
on the Exchange

"Exchange" The Stock Exchange of Hong Kong Limited

"Minmetals" China Minmetals HK (Holdings) Ltd., a company
incorporated in Hong Kong and a wholly-owned subsidiary of China
National Metals and Minerals Import and Export Corporation
(being a state-owned enterprise established in the People's
Republic of China) and also an independent third party to
the Company not connected with a director or substantial
shareholder of the Company or any of its subsidiaries or an
associate of any of them save and except that Mr. Wang Xingdong,
the managing director of the Company, was a director of
Minmetals until 30th May, 2003

"S&P Agreement" the sale and purchase agreement for the
Acquisition


SHANGHAI TYRE: Xinhua Downgrades Ratings to C(pi) From B-(pi)
-------------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, downgrades the B-(pi) long-term credit
rating of Shanghai Tyre & Rubber Co Ltd to C (pi). The downgrade
is prompted by the following two issues:

     * The 2000 - 2002 annual reports and the 2003 interim
report all indicate that the Company all along has carried
overdue debt that is pending rollover. As of mid-2003, the
Company's overdue debt accounted for 4.05% of the gross debt, of
which several overdue loans had been recorded for two or three
consecutive years. This reflects serious difficulties in
financial management, as well as lack of debt repayment ability.

     * STRC's international auditors have issued unqualified
opinions with explanatory notes for two consecutive years. The
international auditors also note that the Company's substantial
cumulative losses of RMB 1.28 billion yuan (US$158 million) at
end-2002, and its current liabilities far in excess of current
assets (by the end of 2002 the Company's current liabilities
exceeded current assets by RMB 840 million yuan (US$103.7
million) indicate that the Company's status as a going concern
depends on its future performance as well as on support from
banks and its controlling shareholder, Huayi Group.

Xinhua Far East recognized that vigorous market demand for
radial truck tyres in 2002 and first half of 2003, as well as
the Company's good performance resulting from its recent
acquisition of Shanghai Soap Group Co, STRC's turnover and gross
margin both increased. Moreover, the Company divested some loss-
making assets through asset swaps with Huayi Group.

However, since the Company has excessively high expenditures and
debt burden while it is exposed to risks of contingent losses
from guarantees for third parties, it is very challenging for
the Company to significantly lower its financial risks in the
next three years.

STRC manufactures and distributes bias tires and radial tires
under the brands of "Warrior" and "Double Coin". It also
manufactures other rubber products and raw material, as well as
machinery and molds for production of rubber products. The
Company is a tire manufacturer under the petrochemical
sector. Shanghai Huayi (Group) Co holds a 68.4% stake in STRC
and is the largest shareholder of STRC.

The Company is a constituent ranking the 23rd in the Xinhua/FTSE
China B 35 Index. As of August 8, 2003, the total market cap (B
share) of the constituent accounted for RMB 1 billion yuan (USD
123.5 million).


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

Citic Ka Wah Bank Limited whose registered office is situated at
No. 232 Des Voeux Road Central, Hong Kong filed the petition on
May 28, 2003. Deacons represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Deacons, which
holds office on the 5th Floor, Alexandra House Central, Hong
Kong.


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

The petition was filed on May 28, 2003 by Citic Ka Wah Bank
Limited whose registered office is situated at No. 232 Des Voeux
Road Central, Hong Kong.


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


* IBRA Discloses PPAP Batch 3 Progress
--------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has carried out
the Property Asset Sales Program (PPAP) Batch 3 since 14 July
2003 and currently proceeded to the final round of participant
registration.

Participant registration ended on Monday 11 August 2003 at
11:00pm local time. Up until 2:30pm as many as 3,002 Participant
Referral Numbers (NIP) have been issued as a prerequisite for
attending the next process, namely bid submission. This program
offers 2,648 units of assets with complete legal documents at
the total face value of almost Rp2 trillion.

Eligible participants submitted their bids in sealed envelopes
on 13 August 2003 at 09:00 to 2:00 in the afternoon.

The Closed Auction System uses FAME (Full Access Maximum Entry)
mechanism which ensures same opportunities for , all
participants throughout Indonesia through the BPPN Center
offices to submit their bids for any assets offered in PPAP3.

Implementation of this mechanism negates possibility for certain
parties to guarantee that a participant of PPAP3 will be
nominated in this public offer. Only the participant with the
highest bid will win the auction process.

Seeing positive enthusiasm from the public as seen during the
socialization programs conducted in a series of Road Shows in 5
cities of Semarang, Lampung, Surabaya, Bandung and Jakarta, IBRA
expects to gain maximum proceeds in accordance with the program
policy of optimizing state asset recovery.


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


ALL NIPPON: Moody's Downgrades Rating to Ba3
--------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba1 the
senior unsecured debt of Japan Airlines Co., Ltd. (JAL) and All
Nippon Airways Co., Ltd. (ANA). The rating actions conclude a
review of the two companies started on March 27, 2003. The
rating outlook of both is negative.

The downgrades reflect Moody's expectation of weaker cash flow
generation at JAL and ANA over the short to medium-term, due to
the negative events prompted by the Iraq war and the SARS virus,
and which the entire airline industry currently faces. The
downgrades are also based on the economic downturn in Japan and
greater competition in the domestic market.

In view of the prolonged weakness in travel volumes, aggravated
by the cumulative effects of various shocks - namely, the 9/11
attacks, the Afghan and Iraq wars, the bombings in Bali, the
Philippines and Jakarta as well as the SARS virus - Moody's
expects the speed of recovery in international travel volume to
be much slower than that after the Gulf war in 1991 and the 9/11
attacks in 2001.

In addition, Japan - the home market for JAL and ANA - continues
to suffer from low consumer confidence and corporate cost
cutting efforts, which may negatively affect business class
travel, customer mix and yields. Moody's is concerned the cost
saving efforts undertaken or planned by both airlines may not be
enough to prompt a return to sustainable profitability.
Management may need to take further action to reduce costs,
while protecting service quality and labor relations.

The rating outlook for both JAL and ANA is negative based on the
following factors: [1] the ultimate duration and magnitude of
the declines in passengers and travel demand remain unclear; [2]
Moody's concern over both airlines' sizeable capital expenditure
programs - whether they will be frozen or significantly slowed
to moderate expenses and retain cash internally.

Japan Airlines Co., Ltd., headquartered in Tokyo, is Japan's
largest airline in revenue terms.

All Nippon Airways Co., Ltd., headquartered in Tokyo, is Japan's
second largest airline in revenue terms.


FURUKAWA ELECTRIC: Moody's Review Rating For Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the long-term debt ratings
of Furukawa Electric Co., Ltd. (Furukawa Electric) under review
for possible downgrade. The review also includes the Baa3 Euro
MTN Program of its wholly owned subsidiary, Furukawa Finance
Netherlands B.V. The review reflects Moody's growing concern
that the company's earnings and financial profile may remain
under pressure, mainly due to delays in the recovery of the
Optical Fiber Solutions (OFS) business.

Furukawa Electric purchased the OFS business in 2001, but the
operating performance of this segment has been severely
undermined, mainly due to a sharp decline in demand for optical
fibers and cables in the US market. While the company has been
restructuring its OFS division, Moody's is concerned that these
efforts may not be enough to stabilize earnings.

In its review, Moody's will assesses Furukawa Electric's ability
to manage the pressure on its OFS division, the effect of its
ongoing restructuring efforts, and its capacity to restore its
capital position within a reasonable time frame.

Furukawa Electric Co., Ltd. headquartered in Tokyo, is Japan's
second-largest electric wire and cable manufacturer and is one
of the world's leading manufacturers of optical fiber.


NISSHO IWAI: Integrates Two Domestic Subsidiaries
-------------------------------------------------
In order to realize the synergies emanating from the integration
of Nissho Iwai Corporation and Nichimen Corporation as early as
possible, Nissho Iwai-Nichimen Holdings Corporation is
proactively implementing its plan to eliminate duplicate
functions and reorganize both domestic as well as overseas
bases. As part of this effort, two domestic subsidiaries, viz.,
Nichimen Kyushu Corporation and Nissho Iwai Kyushu Corporation
shall be merged (subject to approval of the relevant
authorities) w.e.f. 1st October 2003, accelerating the
integration schedule (originally scheduled to be implanted in
March 2004) by six months.

1. Objective

The merger of Nichimen Kyushu Corporation and Nissho Iwai Kyushu
Corporation, which operate in the Kyushu and Okinawa areas, is
expected to result in the reduction of redundant human resources
and lead to cost reduction through the elimination of duplicate
functions. In addition, the core business fields of each Company
will be integrated, thus creating a reinforced subsidiary with a
strong regional focus.

2. Corporate Profile of the New Company

Please refer to the appendix.

3. Merger Schedule

18th August 2003 Approval of the merger at the two companies'
respective Extraordinary General Meeting of Shareholders
1st October 2003 Merger of the two companies (Application for
registration of the new corporate entity; Application for the
dissolution of the existing companies)

APPENDIX:

Corporate Profile of Nissho Iwai-Nichimen Kyushu Corporation

Company: Nissho Iwai-Nichimen Kyushu Corporation

Business: Trading business, centering around Machinery, Foods &
Consumer Products, in the Kyushu region

Established: 23rd October 1997

Start of business operations: 1st October 2003

Headquarters: 1-10-24 Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka

Business Network:

Nagasaki Branch 5-3 Sakuramachi, Nagasaki-shi, Nagasaki
Naha Branch 21-13 Maejima, Naha, Okinawa

President: Akira Maruyama
(Currently President of Nissho Iwai Kyushu Corporation)

Vice-President: Hisanori Takeda
(Currently President of Nichimen Kyushu Corporation)

Capital: JY 500 million

Accounting Period: April to March

Annual sales: Around JY 38 billion

Number of Employees: Around 80

Major Shareholders: Nissho Iwai Corporation (72 percent)

Nichimen Corporation (28 percent)

Merger objectives

To establish a `cost-efficient regional subsidiary' by reducing
non-personnel expenses like offices rent, etc., elimination of
duplicate functions and personnel, thus leading to
administrative efficiency as well as cost reduction.

To take mutual advantage of complementary dealings deriving from
Nissho Iwai Kyushu Corporation's strengths in `Hardware'
(Machinery) and Nichimen Kyushu Corporation's strengths in
`Software' (Foods & Consumer Products), and thus establish a
regional trading subsidiary focused on local business partners
and clients.

To work towards expanding trade relations with Asian countries
(especially China and the ASEAN nations), taking advantage of
the fact that the Kyushu/Okinawa region is a `Gateway to/from
Asia'. Business Strategy In line with Nissho Iwai-Nichimen
Holdings Corporation's business portfolio strategies, the new
Company will promote `Selection and Focus' of its operating
businesses, focusing on 3 core businesses (Machinery, Foods and
Consumer Products) in the Kyushu/Okinawa region.

On April 1, Nissho Iwai and trading house Nichimen Corp.
integrated their management under a holding Company Nissho Iwai-
Nichimen Holdings Corporation in a bid to rebuild the struggling
businesses, TCR-AP reported recently. Nissho Iwai has begun
restructuring efforts and has decided to cut the salaries of its
management staff by about 20 percent.

Inquiries: Public Relations Dept.
Shinichi Taniguchi, General Manager
TEL +81(3) 5446-1061


SEIYU LIMITED: Issues Y7.735B New Shares
----------------------------------------
Seiyu Ltd, an affiliate of Wal-Mart Stores Inc, said it would
issue 7.735 billion yen (US$65.25 million) of new shares to Wal-
Mart unit Wyoming Holding GmbH and other shareholders to avoid
falling into negative net worth, according to Reuters. The
struggling Japanese supermarket operator said it would issue 35
million new shares, equal to about six percent of its
outstanding stock. The issuance will take Wal-Mart's ownership
in the company to 37.8 percent from the current 36.6 percent.

Seiyu posted a group net loss of 90.84 billion yen in the year
to February, hurt by special losses from a flopped department
store investment. It had 700 million yen in shareholders'
capital at the end of February.


SEIYU LIMITED: Shares Up 13% on Wal-Mart Investment Plan
--------------------------------------------------------
Shares of Seiyu Ltd. gained as much as 13 percent Wednesday
after reports that it will raise US$65 million by selling shares
to its biggest shareholder, Wal-Mart Stores Inc., and other
investors to strengthen its finances, Bloomberg reports. Shares
reached 262 yen, up 31 yen from Tuesday, and traded at 249 yen
on the Tokyo Stock Exchange as of 9:49 in the morning.

The retailer is struggling to revive sales and return to profit
amid intense rivalry among stores in the world's second-largest
economy. The Company expects to report a second straight year of
losses, instead of an earlier estimated profit, because sales
continue to drop.


TOA FINANCE: Files Application For Special Liquidation
------------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that Toa
Finance Co., Ltd., which is a customer of Resona Bank, Ltd.
(President: Masaaki Nomura), a subsidiary of Resona HD, filed an
application to the Tokyo District Court for commencement of
Special Liquidation proceedings. Due to this development, there
arose a concern that the claims to the Company may become
irrecoverable or their collections may be delayed. Details are
announced as follows:

1. Outline of The Company

(1) Name Toa Finance Co., Ltd.
(2) Address 4-14 Akabane 2-chome, Kita-ku, Tokyo
(3) Representative Yoshiaki Senoo
(4) Paid-in Capital 50 million yen
(5) Line of Business Real estate Leasing

2. Fact Arisen to the Company and Its Date

The Company filed an application to the Tokyo District Court for
commencement of Special Liquidation proceedings on August 8,
2003.

3. Amount of the Claims to the Company

Exposure of Resona Bank

Loans: 33.7 billion yen

Saitama Resona Bank, Ltd., The Kinki Osaka Bank, Ltd. and The
Nara Bank, Ltd., other subsidiaries of Resona HD, have no claims
to the Company.

4. Impact of This Development on the Previous Earnings Forecast

The aforementioned claims of Resona Bank are covered by
collateral and loan loss reserves. Therefore, this development
does not affect the earnings forecasts of Resona HD for the
fiscal year ending March 31, 2004, which was announced on June
10, 2003.


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


HYNIX SEMICONDUCTOR: EU Impose 34.8% Tariff on Computer Chips
-------------------------------------------------------------
The European Union has approved a 34.8 percent tariff on DRAM
chip imports from Hynix Semiconductor Inc. after ruling that the
South Korean government had unfairly subsidized the chipmaker,
AP Online reported Tuesday. The executive European Commission
had imposed provisional tariffs in April for four months. The
new decision extends them to up to five years, handing a major
victory to Hynix's rivals, Micron Technology Inc. of the United
States and Germany's Infineon Technologies AG.


HYNIX SEMICONDUCTOR: Unveils 2Q03 Financial Results
---------------------------------------------------
Hynix Semiconductor Inc. announced the results for its second
quarter of 2003, ended June 30, 2003. The Company had total
revenues of 778 billion won for the quarter, an increase of 14
percent sequentially from 682 billion won in the first quarter.
Sequential growth in sales was mainly attributable to more than
20 percent shipment growth of DRAMs, which was partially offset
by a marginal decline of average selling price of DRAM, the
Company's major product. Sales from memory products constituted
82 percent (DRAM: 78 percent, SRAM/Flash: 4 percent) of the
total sales and sales from System IC contributed 18 percent.

Gross deficit and operating loss were 69 billion won and 258
billion won respectively in the second quarter, which are
similar to the losses of the first quarter of 61 billion won and
241 billion won. Considering the selling price drop and
increased sales volume, however, second quarter results implies
substantial improvement in cost structure.

DRAM demand during the second quarter was still depressed due to
the stagnated economy condition caused by Iraq war and SARS
effect. Nevertheless, consolidated revenues which include
revenues of Hynix's overseas sales subsidiaries recorded 845
billion won for the second quarter and operating loss of 183
billion won which was a slight improvement compared to the first
quarter's revenue of 685 billion won and the operating loss of
213 billion won.

Net loss in the second quarter was significantly reduced to 530
billion won compared to a net loss of 1,047 billion won in the
previous quarter. Net non-operating expenses totaled
approximately 272 billion won in the second quarter which
include 320 billion won of loss on impairment of goodwill and 62
billion won of interest expense. The Company's goodwill, which
originated from the acquisition of LG Semicon Co., Ltd., had
been reevaluated to reflect stagnating DRAM market and was
recognized as loss.

Despite of the drop in average selling price, the Company
achieved sales increase and cost structure improvement due to
the sales volume increase. This is mainly attributable to the
production increase achieved by ongoing technology innovation
and continuing efforts on cost reduction using the Company's
unique Prime-chip (0.13um) technology. Specifically, demand for
DRAMs seems to be turning to recovery phase since the
introduction of Springdale chipset by Intel in last May and
price of DRAMs is steadily rising since the end of June.

Countervailing duties of 44.29 percent which was imposed by the
US Department of Commerce to Hynix's DRAMs that are manufactured
in Korea and the final determination from the US International
Trade Commission that the US DRAM industry had materially been
injured are expected to have some influence to the determination
scheduled to be finalized by EU Council no later than August.
Nevertheless, the Company will minimize any impact that may
occur by adopting following short-term and long-term strategies.

1) Maximize production from its US plant in Eugene, Oregon,
which is non-subject to the duties,

2) Direct shipment to non-tariff areas for the customers based
in tariff areas ("drop shipment")

3) Develop emerging markets such as China, India and Eastern
Europe.

During the first half of 2003, the Company had succeeded to
apply Prime-chip (0.13um) technology, which is the next
generation of Hynix's unique Blue-chip (0.15um) technology, to
most of its DRAM fabs. The Company plans to further expand the
adoption of Prime-chip technology and to migrate to finer
geometries of Golden-chip (0.11um) technology in the second half
for productivity enhancement. Meanwhile, the Company plans to
drive profitability improvement by diversifying its product
portfolio with value-added products.

Beginning in the third quarter of 2003, the Company expects real
demand to show for memory and IC products mainly due to the
anticipated recovery in corporate IT spending, seasonal demand
increase from back-to school demand, and steady increase in
memory per system.


KOOKMIN BANK: Sells W300B in Hybrid Bonds
-----------------------------------------
Kookmin Bank (KB) will sell 300 billion won (US$253 million) of
hybrid bonds this month, in the second domestic sale of such
debt this year to increase capital, a Company statement said.
The 30-year bonds, which will be marketed from August 11, pay an
initial annual interest rate of 7 percent, the bank said in a
statement. The bonds are part of 1.3 trillion won of hybrid
bonds that KB has embarked to sell this to bolster it capital.

The bank sold 105 billion won of bonds at home in May, and is
preparing for the sale of $500 million of hybrid bonds to
overseas investors with the schedule yet to be announced. Hybrid
bonds, which count as Tier 1 capital, carry more investment risk
than straight debt because, under certain circumstances, the
seller can stop paying interest.

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


SK CORPORATION: Sovereign Calls For Resignation of 3 Directors
--------------------------------------------------------------
Monaco-based investment fund Sovereign Asset Management, the
biggest shareholder of SK Corporation, demanded that three
incumbent directors of SK Corporation to resign without further
delay since they have been convicted of deceptive accounting
charges, Asia Pulse reported Monday, citing Lazard Asia Chairman
Oh Ho-keun.

The three executives are Chairman Chey Tae-won, Son Kil-seung,
chairman of SK Group, and Kim Chang-keun. Lazard Asia is a
financial advisor to Sovereign, which owns a controlling 14.99-
per cent stake in the refiner. In June, the three were found
guilty of charges regarding accounting irregularities by SK
Global Co., the troubled trading arm of SK Group, whose
liabilities exceeded assets by more than 4 trillion won (US$3.39
billion).


SK GLOBAL: Industrial Research Offers Bailout Proposal
------------------------------------------------------
Industrial Research and Consulting Director Hank Mooris talks
with Bloomberg's Sharanjit Leyl from Seoul about SK Global Co.'s
offer to buy off the loans of Standard Chartered Plc, Credit
Lyonnais SA and other overseas creditors of the Company,
Bloomberg reports. The creditors have until August 19 to make a
decision on the offer. SK Global is the trading Company of SK
Group.


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


BERJUNTAI TIN: MITI Endorses Proposed Restructuring Scheme
----------------------------------------------------------
Berjuntai Tin Dredging Berhad refers to the announcements made
on 26 May 2003, 28 May 2003, 1 July 2003 and 3 July 2003 on the
Proposed Restructuring Scheme.

On behalf of the Board of Directors of BTD (BTD Board), Southern
Investment Bank Berhad (SIBB) wishes to announce that the
Ministry of International Trade and Industry (MITI) had via its
letter dated 9 August 2003 which was received on 11 August 2003
stated that it has no objections to the Proposed Restructuring
Scheme which includes the following:

   (i) 80% reduction in the share capital of BTD by the
cancellation of RM0.80 of the par value of the existing ordinary
shares of RM1.00 each in BTD reducing the par value to RM0.20
per ordinary shares of RM1.00 each in BTD. Thereafter, two and a
half (2.5) ordinary shares of RM0.20 each will be consolidated
into one (1) ordinary share of RM0.50 each (Shares) in BTD
(Capital Reconstruction);

   (ii) Conversion of the outstanding amount of RM22,000,000,
which is due from BTD to Malaysia Mining Corporation Berhad,
into 44,000,000 new BTD Shares at an issue price of RM0.50 per
new BTD Share (Debt Conversion);

   (iii) Acquisition of the entire equity interest in Comfort
Rubber Gloves Industries Sdn Bhd (CRG) by BTD at the purchase
consideration of RM90,300,000 to be satisfied by the issue of
180,600,000 new BTD Shares at an issue price of RM0.50 each
(Acquisition);

   (iv) Exemption from the mandatory offer for Chip Lam Seng
Berhad and parties acting in concert (if any) under Practice
Note 2.9.3 of the Malaysian Code on Take-overs and Mergers, 1998
to acquire the remaining BTD Shares not owned by CLS upon
completion of the Capital Reconstruction, Debt Conversion and
Acquisition;

   (v) Restricted offer for sale / offer for sale of 50,488,954
BTD Shares to the existing shareholders of BTD, suppliers of
CRG, existing employees of CRG and the Malaysian public, at an
offer price of RM0.50 each;

   (vi) Amendment to the Memorandum and Articles of Association
to enable the Company to revise the par value of the ordinary
shares of BTD from RM1.00 to RM0.50 each; and

   (vii) Increase in authorized share capital from RM35,000,000
comprising 35,000,000 BTD Shares to RM200,000,000 comprising
400,000,000 BTD Shares;

subject to the following conditions:

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

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

Note: SIBB had on 3 July 2003 submitted an application for the
Proposed Restructuring Scheme to SC, pursuant to the
requirements under Guidelines on the Acquisition of Assets,
Mergers and Take-overs issued by FIC.

Further, BTD is required to inform the MITI of the completion of
the Proposed Restructuring Scheme.

The Proposed Restructuring Scheme is currently pending the
approval of the SC.


CELCOM (MALAYSIA): KLSE to De-list Securities Tomorrow
------------------------------------------------------
Celcom (Malaysia) Berhad wishes to announce that the Kuala
Lumpur Stock Exchange has, on 11 August 2003, notified CELCOM
that pursuant to paragraph 11.09 of the Listing Requirements of
KLSE, the entire issued and paid-up capital of CELCOM will be
removed from the Official List of the Exchange with effect from
9.00 a.m., Friday, 15 August 2003.

A copy of the letter from the KLSE is can be found at
http://bankrupt.com/misc/TCRAP_Celcom0814.doc.


CHG INDUSTRIES: Changes Registered Address
------------------------------------------
CHG Industries Berhad posted this notice:

Change description : Registered
Old address        : 8th Mile, Jalan Cheras, 43200 Cheras,
                     Selangor Darul Ehsan
New address        : B-12-15 Block B Megan Avenue II, 12 Jalan
                     Yap Kwan Seng, 50450 Kuala Lumpur
Name of Registrar  :
Telephone no       : 03-27112100
Facsimile no       : 03-27136999
E-mail address     : linearc@po.jaring.my
Effective date     : 12/08/2003

In July 14, the Troubled Company Reporter - Asia Pacific
reported that the Debt Restructuring Agreement (DRA) has been
executed between the Company, CHG Plywood Sdn Bhd (CHGPly),
ChengHin Timber Industries Sdn Bhd (ChengHin) (collectively
referred to as the "Borrowers") and the Lender Banks pursuant to
the Proposals, comprising:

    The Proposed Capital Reduction;
    The Proposed Rights Issue;
    The Proposed Debts Restructuring; and
    The Proposed Capital Increase.


GANAD CORP.: Seeks Investigative Firm Appointment Time Extension
----------------------------------------------------------------
Ganad Corporation Bhd refers to the announcement made on 17 June
2003 pursuant to the approval obtained from the Securities
Commission (SC) in relation to the Proposals, comprising:

   * Proposed Scheme of Arrangement
   * Proposed Ganad Disposal
   * Proposed Acquisitions
   * Proposed Bumiputera Issue
   * Proposed Placement
   * Proposed Exemption
   * Proposed Listing Transfer

Pursuant to one of the conditions imposed by the SC in approving
the application of the Proposals via its letter dated 12 June
2003, Ganad is required to appoint an independent audit firm
within two (2) months from the date of the SC's approval letter
to conduct an investigative audit on the Company's previous
losses.

On 11 August 2003, Southern Investment Bank Berhad (SIBB), on
behalf of the Company, had submitted an application to the SC to
seek an extension of time until 30 August 2003 to formalize the
appointment of an independent audit firm to undertake the
investigative audit.

An announcement on the outcome of the said application will be
made in due course upon receiving the decision from the SC.


INNOVEST BERHAD: Plaintiff Serves Amended Statement of Claim
------------------------------------------------------------
Innovest Berhad wishes to announce that Boral Parcon (M) Sdn Bhd
(the Plaintiff) had on 8 August 2003 served on IB's solicitors
the amended Statement of Claim to include further claims of
RM500,000.00 for book debts and RM382,296.91 for stocks written
down.

1) The details of default or circumstances leading to the filing
of the Writ of Summons and Statement of Claim on the Company

In 1999, IB was served with the Statement of Claim by the
Plaintiff for a claim of RM762,767.60 alleging the losses
suffered by them as a result of IB's misrepresentation and
breach of warranty and /or breach of the terms and conditions of
the Share Sale Agreement dated 10 February 1995 entered into
between the Plaintiff and IB for the purchase from IB 12,100,000
ordinary shares of Wembley Gypsum Products Sdn Bhd of RM1.00
each.

The amended claims are comprised of:
                                   RM
i) Original claim              762,767.60 *
ii) Further claims:
   a) book debts               500,000.00
   b) stocks written down      382,296.91

Amended total claim          1,645,064.51
& interests on the amended
total claim at such rate and for such period as the
Honourable Court deems fit.

The hearing of the Plaintiff's amendment application is now
fixed to be heard on 23 September 2003.

2) The financial and operational impact on the Group

There is no material financial and operational impact to the
Group.

3) The expected losses

Apart from the legal fees to be incurred, the Company is not
expected to suffer any losses as yet.

4) Steps taken and proposed to be by IB in respect of the
Statement of Claims

IB's solicitors will be filing an application to oppose the
Plaintiff's amendment application.

* Note : The claim of RM762,767.60 was not a material amount
compared to the relevant ratios at that material time.
The shareholders' fund of IB Group was RM216 million as at 31
December 1998.


KEMAYAN CORPORATION: Faces Writ of Summons Over Credit Facility
---------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
that on 8th August 2003, the Company received a Writ of Summons
from Southern Bank Berhad (SBB) issued by the High Court of
Malaya at Kuala Lumpur for the following claims:

   1. the total sum of RM12,517,308.21;
   2. interest at the rate of 8.4% per annum on the total
principal of RM8,000,000.00 from 7 February 2003 until the date
of full payment;
   3. interest at the rate of 9.4% per annum on the interest
outstanding of RM4,517,308.21 from 7 February 2003 until the
date of full payment;
   4. interest at the rate of 1.0% per annum on the outstanding
sum of RM12,517,308.21 from 7 February 2003 until the date of
full payment;
   5. cost; and
   6. such other relief as the Honourable Court may deem fit and
proper.

The claim is in respect of Revolving Credit Facility amounted to
RM8,000,000.00 provided by SBB (formerly known as Ban Hin Lee
Bank Berhad) as per Facility Agreement dated 2 August 1994, in
which Kemayan has defaulted the total payment of RM12,517,308.21
as at 7 February 2003 as claimed by SBB.

The amount owing under the Revolving Credit Facility has been
provided in the accounts as liability of the Company.

The Company is currently undergoing a corporate and debt
restructuring scheme.

The Company is engaging solicitor to defense the claim.


KRETAM HOLDINGS: Executes Settlement Agreement With Plaintiff
-------------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad wishes to
announce that a Settlement Agreement was executed on 11 August
2003 between these parties:

   1. KHB - Defendant
   2. Aseambankers Malaysia Berhad - Defendant
   3. En. Faidzan bin Hassan - Plaintiff
   4. Mr Kong Kok Keong - Plaintiff

The Settlement Agreement is in respect of a Writ of Summons
(Suit No. SS-22-47 of 1999) taken out by En. Faidzan bin Hassan
and Mr Kong Kok Keong (the Plaintiffs). The Plaintiffs were two
(2) of the four (4) shareholders of Innosabah Securities Berhad
(ISB), now a wholly owned subsidiary of KHB. This is a claim by
the Plaintiffs for the sum of RM33.8 million in respect of a
Bank Guarantee which had been given by the Plaintiffs to KHB to
guarantee the Guaranteed Profits pursuant to a Sale and Purchase
Agreement dated 8 February 1995 between KHB and the four (4)
shareholders of ISB whereby KHB had agreed to purchase 99.5% of
the issued and paid-up capital of ISB. A Bank Guarantee backed
the Profit Guarantee for RM33.8 million, which was demanded by
KHB on 24 March 1998 due to the shortfall of ISB's Guaranteed
Profits for the year ended 31 December 1997. The Plaintiffs
contend that KHB had inter-alia wrongfully demanded on the Bank
Guarantee and / or that the Profit Guarantee had been
frustrated. The Plaintiffs are claiming for the return of RM33.8
million together with interest and costs and general and
exemplary damages.

KHB in the same suit has also Counter-claimed for the sum of
RM330,179,909 against the Plaintiffs, being the shortfall on the
Profit Guarantee given by the Plaintiffs. The Plaintiffs had
Counter-counterclaimed for additional reliefs.

The salient terms of the Settlement Agreement are as follows:

   1. the Plaintiffs and Defendants will apply to the Court for
leave to discontinue their respective Claim and Counter-claim;
and

   2. each party to bear its respective legal costs.

Pursuant to the above settlement agreement, ISB executed a
separate agreement with the Plaintiffs on 11 August 2003 whereby
ISB agreed that the Power of Attorney granted to Mr Kong Kok
Keong on 30 August 2002 shall become irrevocable, in
consideration for the Plaintiffs agreeing to cancel all
categories of Redeemable Non-Convertible Preference Shares
(RNPS) issued by ISB to them. The RNPS were issued by ISB and
the Power of Attorney empowering Mr Kong Kok Keong to collect
certain debts of ISB was granted pursuant to the Workout
Proposal previously formulated by the Special Administrators
appointed by Pengurusan Danaharta Nasional Berhad.

On 12 August 2003, and by order of the Learned Judicial
Commissioner in the High Court in Sabah and Sarawak at Sandakan
in Suit No. SS-22-47 of 1999, the Claim, Counterclaim and
Counter-counterclaim were wholly discontinued with no order as
to costs and all parties were prohibited from bringing any fresh
action against each other regarding the issues and matters
raised in the said Suit.


KRETAM HOLDINGS: Issues Stocks to Lenders as Debt Settlement
------------------------------------------------------------
Further to the earlier announcements made in respect of the
Proposed Restructuring Scheme, the Board of Directors of Kretam
Holdings Berhad announced that pursuant to the debt
restructuring agreement and the amendment agreement entered into
by KHB and two of its subsidiaries with the scheme lenders on 5
April 2002 and 23 July 2003, the following have been allotted
and issued to the lenders on 11 August 2003 as part settlement
of the amount owing to the Lenders:

   (i) RM131,388,954 nominal amount of Redeemable Convertible
Secured Loan Stocks (RCSLS) -A 2003/2010;

   (ii) RM15,960,750 nominal amount of RCSLS-A-1 2003/2006;

   (iii) RM64,270,853 nominal amount of RCSLS-B 2003/2010;

   (iv) RM35,000,000 nominal amount of RCSLS-C 2003/2006;

   (v) RM87,406,000 nominal value of 1% Irredeemable Convertible
Unsecured Loan Stocks 2003/2010 (ICULS); and

   (vi) 31,305,000 warrants.

The above instruments have been distributed to the lenders in
the manner set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Kretam0814.doc.


L&M CORPORATION: Posts Change of Address Notice
-----------------------------------------------
L&M Corporation (M) Bhd posted this notice:

Change description : Registered
Old address        : 12th Floor (Right Wing), 160, Menara
                     Kemayan, Jalan Ampang, 50450 Kuala Lumpur.
New address        : Unit 7.02, 7th Floor, Wisma Central, Jalan
                     Ampang, 50450 Kuala Lumpur.
Telephone no       : 03-21669660
Facsimile no       : 03-21669661
E-mail address     : excorp@myjaring.net
Effective date     : 11/08/2003

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the total default payments to financial
institutions, in respect of various credit facilities granted to
its subsidiary company, L & M Geotechnic Sdn Bhd, based on the
latest available information provided by financial institutions
as at 30 June 2003 was RM60,411,447.71.


MANGIUM INDUSTRIES: Discloses July Production Figures
-----------------------------------------------------
The Board of Directors of Mangium Industries Bhd. (formerly
known as Serisar Industries Bhd.) and its subsidiaries (the
Group), announced the following monthly production figure for
the month of July 2003 in compliance with Paragraph 9.29 of the
Chapter 9 of the Kuala Lumpur Stock Exchange Listing
Requirements:

                                       M3
Kilang Papan Dasatu Sdn. Bhd.

1. Production of sawn timber         183.77

2. Production of finger joint timber 162.32
                                     ------
                                     346.09

Serisar Forest Plantation & Products Sdn. Bhd.

1. Production of logs                4,001.00
                                     --------
Total                                4,347.09
                                     --------

Early this month, the Troubled Company Reporter - Asia Pacific
reported that Mangium Industries's wholly owned subsidiary,
Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and is deemed to
have defaulted in its repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad, both which are unsecured. The details of the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001 are as tabulated in Table 1 attached at
http://bankrupt.com/misc/TCRAP_Mangium0804.doc.


NAM FATT: KLSE Grants Conversion Listing Today
----------------------------------------------
Kindly be advised that the Nam Fatt Corporation Berhad's
additional 1,345,800 new ordinary shares of RM1.00 each issued
pursuant to the Conversion of RM1,345,800 Irredeemable
Convertible Unsecured Loan Stocks - A into 1,345,800 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Thursday, 14 August 2003.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission has on 6 January 2003
approved an extension of time to 9 June 2003 for Nam Fatt to
complete the Proposals, which involves Proposed Loans
Restructuring Scheme; Proposed Additional Issue; Proposed Rights
Issue; and Proposed Increase in Authorized Share Capital.


NCK CORPORATION: Unit Faces Notice From Inland Revenue Board
------------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) wishes
to announce that the Inland Revenue Board of Malaysia had on 12
August 2003 served a Notice pursuant to Section 218 of the
Companies Act, 1965 on Perumahan NCK Sdn Bhd (PNCK), a
subsidiary of NCK.

According to the Notice, PNCK is required to pay to Government
of Malaysia the principal sum of RM2,272,417.81being the
outstanding sum in respect of tax payable for the Year of
Assessment 1998. The Notice requires PNCK to pay the principal
sum due on a final judgment dated 18 September 2003 together
with interest calculated as at 11 July 2003 within 21 days of
the receipt of the Notice, failing which PNCK shall be deemed to
be unable to pay the debts within the meaning of Section 218 of
the Companies Act, 1965 and winding-up proceedings shall be
thereafter be instituted against PNCK.

The Management is seeking legal advice and will take appropriate
actions to resolve the matter.


OCEAN CAPITAL: KLSE Grants Two-Months' Proposed CRE Extension
-------------------------------------------------------------
Ocean Capital Berhad refers to the announcements made on 22
April 2003, 29 April 2003, 9 June 2003 and 8 July 2003
pertaining to the Proposed Corporate Restructuring Exercise
(Proposed CRE) comprising the following:

    Proposed Capital Reconstruction;
    Proposed Warrants Exchange;
    Proposed Acquisition of Pasaraya Hiong Kong Sdn Bhd (PHK);
    Proposed Divestment of Non-Core Assets;
    Proposed Rights Issue with Warrants;
    Proposed Offer for Sale; and
    Proposed Listing Transfer.

On behalf of the Board of Directors of OCEAN, Hwang-DBS
Securities Berhad wishes to announce that on 12 August 2003, an
application has been made to seek the Kuala Lumpur Stock
Exchange's approval for a further extension of time for two (2)
months to 21 October 2003 for OCEAN to make the necessary
applications to the relevant authorities for the Proposed CRE.


ROAD BUILDER: Discloses Dealings During Closed Period
-----------------------------------------------------
Road Builder (M) Holdings Bhd wishes to inform that the
following principal officer of the Company has transacted in the
shares of the Company. Details of the transaction are as
follows:

Name of principal officer:  Yong Juen Wah
Date of disposal: 12.08.2003
Average price per share: RM3.80
No. of shares disposed: 5,000
Percentage of the Company's issued share capital: 0.001%

The Troubled Company Reporter - Asia Pacific reported that the
Company had on 16 July 2003 entered into a Conditional Sale and
Purchase Agreement (SPA) with Econstates Berhad (Econstates) for
the disposal of its entire 70% stake in RB Land for a
consideration of RM253,695,370 and that Econstates will settle
on behalf of RB Land, the shareholders' loan owing by RB Land to
RBH which amounts to RM130,745,608 upon completion of the SPA.
The Proposed Disposal is a continuing exercise by the Company to
streamline its four (4) core activities.


SITT TATT: Answers KLSE's Agreements Query
------------------------------------------
Sitt Tatt Berhad, in Reply to Query Letter by KLSE reference ID:
TH-030811-58835 dated 11 August 2003 on the article titled "MGO
for Sitt Tatt" which was published in The Edge newspaper on even
date in relation to the following Agreements:

   a) Sale and Purchase Agreement (SPA) between Tan Sri Datuk Dr
Mohan M. K. Swami, J.P. (TSDDMS), Dato' Pang Wee Pat, J.P.
(DPWP), and Datuk Mazlan Bin Jamaludin, Kor Hiang Ling, Lim Lek
Teck, Lai Moon Kwai and Lim Chih Li @ Lin Zhili ( "the Vendors")
and Bintang Ketara Sdn Bhd; and

   b) Deed of Settlement (Deed) between TSDDMS, DPWP and the
Vendors.

In reply to KLSE's query, we would like to draw attention to the
announcement made by Southern Investment Bank Berhad, on behalf
of TSDDMS and DPWP, on 11 August 2003 on the mandatory
obligations arising from the Agreements.

Mandatory Offer Obligation

Upon the Agreements becoming unconditional i.e. the conditions
precedent as set out in the Agreements are met, TSDDMS and DPWP
will collectively hold direct and indirect interests of
107,265,727 ordinary shares of RM1.00 each in Sitt Tatt (Sitt
Tatt Shares) representing approximately 55.12% interest in Sitt
Tatt.

Pursuant to Section 6 Part II of the Malaysian Code on Take-
overs and Mergers 1998 (the Code), TSDDMS and DPWP (Offerors)
will be obliged to make an unconditional mandatory offer to the
other shareholders of Sitt Tatt for the remaining Sitt Tatt
Shares not already held by them.

Offer Price

The offer price for the abovementioned mandatory offer is RM1.20
per Sitt Tatt Share.

However, pursuant to Section 20 of the Code, in the event the
Offerors or any person acting in concert with the Offerors have
purchased or agree to purchase any voting shares during the
offer period at a higher consideration, the offer price will be
increased to the highest price (excluding stamp duty and
commission) paid or agreed to be paid by the Offerors or any
person acting in concert with the Offerors during the offer
period.

KLSE's Query Letter content:

We refer to the above news article appearing in The Edge, page
22, on Monday, 11 August 2003, a copy of which is enclosed for
your reference.

In particular, we would like to draw your attention to the
underlined sentences, which are reproduced as follows:

"Tan Sri Mohan Swami and Datuk Pang Wee Pat ... may have to
undertake a mandatory general offer (MGO) for the rest of the
shares they do not already own in the company."

" The MGO price is believed to be around RM1.20, which is the
transaction price between Mohan Swami, Pang and MISL."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentences after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matter about
which the disclosure is to be made in this respect. In the event
you deny the above sentences or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentences or any other part of the above
reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
LISA LAM
Senior Manager
Listing Operations
LL/YYT/GTH
c.c. Securities Commission (via fax)


TAP RESOURCES: KLSE Grants ICULS Conversion Listing
---------------------------------------------------
Kindly be advised that TAP Resources Berhad's additional
2,567,916 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of RM2,567,916 Nominal Value of 2% 3 Year
Irredeemable Convertible Unsecured Loan Stocks 2003/2006 (ICULS)
into 2,567,916 New Ordinary Shares will be granted listing and
quotation with effect from 9:00 a.m., Thursday, 14 August 2003.

The Troubled Company Reporter - Asia Pacific reported that on
June 30 the Securities Commission had approved application for
the extension of time from 22 June 2003 to 31 October 2003 for
TAP to complete the implementation of the Proposed Debt
Restructuring, Proposed Profit Guarantee Waiver and Proposed
Rights Issue (Proposals) (Extension).


TECHNO ASIA: Submits Report, Statutory Declaration to KLSE
----------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer wishes to announce that in compliance with the obligation
imposed under the said practice note, the monthly report for the
month of July 2003 accompanied by the statutory declaration duly
executed by the Special Administrators had been submitted to the
KLSE on 11th August, 2003.

COMPANY PROFILE

On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30 April 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.

CONTACT INFORMATION: Palm Kernel 1122
                     No. 17-2, Jalan 5/152
                     Taman Industri OUG
                     58200 Kuala Lumpur
                     Tel : 03-7782 5575
                     Fax : 03-7783 5575


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


MANILA ELECTRIC: Sees Cash Flow Problem Until 2005, Says ING
------------------------------------------------------------
Manila Electric Co. (Meralco)'s refund to customers and upcoming
debt maturities may cause a cash flow problem for the firm
beginning this year up to 2005, AFX Asia reports, citing the ING
Financial Markets. Meralco, currently implementing a 30.50
billion pesos refund to consumers as ordered by the Supreme
Court, also needs to repay 76 percent of its 33 billion pesos
debt during the period.

"In our view, the biggest challenge to management is how to
address the debt maturities in 2003-2005, considering that the
refund and capex are more pressing requirements," ING said in a
study. ING is recommending a "buy" on Meralco and has projected
a target price of 23 pesos in the next 12 months on the back of
an "under-appreciated" rate increase and a regulatory
environment that is beginning to show "clarity."

ING estimates that it would cost the Meralco about 12 percent to
raise a five-year, dollar-denominated debt. That is way above
its current average cost of debt of about 8.0 pct. ING
reiterated Meralco "soon," or in the next few weeks to be exact
would file a rate increase petition. The new petition will use
the Company's end-2002 asset base as against the previous rate
hike's basis of end-2000.

"We believe Meralco's return on rate base at about 10 pct as of
end-2002, and we believe a 0.20 pesos per kilowatthour increase
may be warranted to bring its RORB back to its approved weighted
average cost of capital of 15.5 pct," ING said. "We assign a low
possibility of Meralco being granted a rate increase so close to
the May 2004 elections."


METRO PACIFIC: Rejects Unfounded Rumors
---------------------------------------
Metro Pacific Corporation (Metro Pacific) on Wednesday
categorically denied any allegation that it had engaged the
services of, or paid compensation to, certain brokers or agents,
in any form or manner, for assistance in the completion of the
sale of Metro Pacific's 50.4 percent interest in Bonifacio Land
Corporation (BLC).

At no time throughout the period required to complete the
transaction did Metro Pacific engage the services, or contract
any individual, company or other entity, to broker or facilitate
the conclusion of the sale of its 50.4 percent interest in BLC.

The advisors retained by Metro Pacific for the purposes of the
BLC transaction were CLSA Exchange Capital, as exclusive
financial advisor, and Picazo Buyco Tan Fider and Santos Law
Offices, as exclusive Philippine legal advisor.

The successful completion of the sale of Metro Pacific's 50.4
percent interest in BLC was accomplished in accordance with all
applicable laws and regulations.

For a copy of the press release, go to
ftp://ftp.pse.org.ph/disclosure/pdf/dc2003_2660_MPC.pdf


METRO PACIFIC: Swings to P93.9M Profit in First Half
----------------------------------------------------
Metro Pacific Corporation (MPC) posted a net income of P93.9
million in the first half of this year, versus a net loss of
8.07 billion pesos in the past year, the Philippine Star said on
Wednesday. The turnaround was a result of achieving significant
debt reduction progress, reducing expenses, and improving the
performance of its individual business units.

As of June 2003, the Company had successfully repaid and reached
agreements in principle or advanced discussions to repay P11.9
billion of its P12.8 billion total outstanding parent Company
debts. Meralco President Jose Ma. Lim is hopeful it will achieve
the successful resolution of its remaining 1 billion pesos debt
by the end of the year.


PHILIPPINE NATIONAL: 1H03 Net Loss Widens to P307M
--------------------------------------------------
Philippine National Construction Corporation (PNCC) booked a net
loss of 307.347 million pesos in the fist half of the year
compared with only 282 million pesos net loss last year,
Business World reported on Wednesday. The losses ballooned due
to its inability to collect fees from various government
agencies.

The firm attributed the rise in net losses to the PhP82.17 -
million loss it incurred from operations and the high cost of
interest and financing charges it had to pay for its loans with
Philippine National Bank (PNB) and the Toll Regulatory Board
(TRB). As of end-June this year, the firm said its total
liabilities stood at PhP5.87 billion.

PNCC is a government-owned and-controlled corporation whose
principal business activities include construction, real estate
development, and operation and maintenance of the North and
South Luzon Tollways.


RURAL BANK OF NEW LUCENA: Issues Notice to Creditors
----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), as
Liquidator of the Rural Bank of New Lucena (Iloilo), Inc.,
submitted the Final Project of Distribution of Assets for the
approval of the Liquidation Court (Regional Trial Court - Branch
36, Iloilo City) on August 8, 2003 at 8:30 a.m.


RURAL BANK OF SAN LEONARDO: Issues Notice to Creditors
------------------------------------------------------
Creditors of Rural Bank of San Leonardo (Nueva Ecija) should
take notice that on August 27, 2003 at 8:30 A.M., the Philippine
Deposit Insurance Corporation (PDIC), as Liquidator of the
closed bank, Inc., will submit the Project of Distribution of
the assets of said bank for the approval of the Liquidation
Court (Regional Trial Court - Branch 36, Gapan, Nueva Ecija).


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


C-CURE PTE: Resolves EGM Resolutions
------------------------------------
At an Extraordinary General Meeting (EGM) of C-Cure (Far East)
Pte Ltd (Members' Voluntary Winding Up) duly convened and held
at 103, Defu Lane 10, Poh Lian Building 1, Singapore 539223 on
31st July 2003 at 10 a.m, the following resolutions were duly
passed:

SPECIAL RESOLUTION

(a) RESOLVED that the Company be wound up voluntarily pursuant
to section 290 (1) (b) of The Companies Act.

ORDINARY RESOLUTIONS RESOLVED:

(b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Ms Helen Hee Boe
Hian be and are hereby appointed liquidators, jointly and
severally, for the purpose of the winding up.

(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.

SPECIAL RESOLUTION

(d) RESOLVED that the liquidators be empowered to exercise any
of the powers given by sub-sections (1) and (2) of section 272
of the Companies Act and to distribute to members in specie any
part of the assets of the Company.

SU XIN QUAN
Director.


ICON MEDIALAB: Issues Intended Dividend Notice
----------------------------------------------
Icon Medialab Asia Pte Ltd (In Creditors' Voluntary Liquidation)
issued a notice of intended dividend as follows:

Name of Company: Icon Medialab Asia Pte Ltd.

Address of Registered Office: 11 Collyer Quay
#10-04 The Arcade
Singapore 049317.

Last day for Receiving Proofs: 22nd August 2003.

Name of Liquidators: Mick Aw Cheok Huat; and
Neo Keng Jin.

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


MEGACEPT INTERNATIONAL: Issues Winding Up Order Notice
------------------------------------------------------
Megacept International Pte Ltd. issued a notice of winding up
order made on the 11th day of July 2003.

Winding Up Order made on the 11th day of July 2003.

Name and address of Liquidator: The Official Receiver

Insolvency & Public Trustee's Office
The URA Centre, East Wing
45 Maxwell Road, #05-11/#06-11
Singapore 069118.

Messrs HEE THENG FONG & CO.
Solicitors for the Petitioners.


M.E.I PROJECT: Unveils Intended Preferential Payment
----------------------------------------------------
M.E.I. Project Engineers Pte Ltd. issued a notice of intended
preferential payment on August 6, 2003 as follows:

Address of Registered Office: c/o The Liquidator's Office.

Last day for receiving Proofs: 5th September 2003.

Name of Liquidator: Mr Don M Ho, CPA.

Address: c/o Don Ho & Associates

Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.
Tel: 65320320 (8 lines).
Fax: 65320331.


POWER LINK: Issues Debt Claim Notice to Creditors
-------------------------------------------------
The creditors of Power Link Holdings Pte Ltd. (In Members'
Voluntary Liquidation), which is being wound up voluntarily are
required on or before the 8th day of September 2003 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidators of the said Company and, if
so required by notice in writing by the said Liquidators are, by
their solicitors or personally, to come in and prove their debts
or claims at such time and place as shall be specified in such
notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.


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


ADVANCE PAINT: Explains Q203 Revenue Increase
---------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
informed that the revenue and net profit for the financial
statements as at June 30, 2003 increased by more than 20%
compared to the financial statement as at June 30, 2002.

The revenues of the Company for the period ended June 30, 2003
amounts Bt32.32 million, which is increased by more than
433.33%, compared to the same period of the year 2002 which
amounts Bt6.06 million that resulted from the successful
Rehabilitation.

Due to the continuous growth of the real estate and construction
sector, the company's revenue in 2nd Quarter of 2003 is higher
than the revenues of the same period in 2002.


NAKORNTHAI STRIP: Relocates Head Office
---------------------------------------
Maharaj Planner Company Limited, as the Plan Administrator of
Nakornthai Strip Mill Public Company Limited, informed that
since August 7, 2003, the Company's office has been relocated to
the following address:

Old Address: U.M. Tower Building, 16th Floor,
             9 Ramkamhaeng Road, Suanluang,
             Bangkok 10250, Thailand.
Telephone  : 0-2719-9830-2
Facsimile  : 0-2719-9828

New Address: U.M. Tower Building, 19th Floor,
             9 Ramkamhaeng Road, Suanluang,
             Bangkok 10250, Thailand.
Telephone  : 0-2719-9800-9, 0-2719-9830-2
Facsimile  : 0-2719-9828


RAIMON LAND: Clarifies Operations Result
----------------------------------------
Raimon Land Planner Co., Ltd. as the Plan Administrator of
Raimon Land Public Company Limited, clarified the over 20%
fluctuation in operating result of the Company and its
subsidiaries for the second quarter of year 2003.

The over 20% fluctuation in operating results compare to the
second quarter of year 2002, were arose from gain on debt
restructuring. In second quarter last year, the Company
succeeded in debt restructuring.

Therefore, the Company recorded gain in debt restructuring of
Bt4,073 million in the second quarter last year.

Below is RAIMON's reviewed quarterly financial statement:

   RAIMON LAND PUBLIC COMPANY LIMITED AND SUBCIDIARIES

Reviewed                       Ending June 30,
(In thousands)
Quarter 2                       For 6 Months

Year                2003        2002          2003        2002
Net profit (loss)  (24,960)   4,050,995       391,330  4,109,959
EPS (baht)         (0.23)      114.67          3.68      131.57


ROYNET PUBLIC: SET Posts "SP" Sign for Dir Appointment Failure
--------------------------------------------------------------
The Stock Exchange of Thailand (SET) posted the "SP" sign on
Roynet Public Company Limited (ROYNET) effective from August 11,
2003 onward as the company had not been able to appoint
sufficient number of independent director, specified by the SET,
on the deadline.

If after three months of the "SP" sign, a listed company still
has not met the SET's rules, the SET will publicly announce the
possible de-listing of the firm in line with Clause 9 (3) of the
SET's Notification regarding the Rules, Conditions and
Procedures Governing the listing and de-listing of the
securities.


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

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