TCRAP_Public/030815.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

            Friday, August 15 2003, Vol. 6, No. 161

                         Headlines



A U S T R A L I A

AMP LIMITED: Allots 5,295 Ordinary Shares at A$4.53/Share
AUSTRALIAN GAS: S&P Removes Ratings From CreditWatch Negative
IRLMOND PTY: CALDB Disciplines Liquidator
REYNOLDS WINES: PwC Issues Case Profile
TABCORP HOLDINGS: Results Hit By Smoking Ban But Rating Remains


C H I N A   &   H O N G  K O N G

BOE TECHNOLOGY: Xinhua Downgrades Credit Ratings to BB (pi)
CHINA DEVELOPMENT: Unaware of Why Shares Price Increased
DURFFEE TOBACCO: Winding Up Sought by Golden Leaf
GOLD SUCCESS: Winding Up Hearing Scheduled in September
PCCW LIMITED: Discloses 2002 Form 20-F Summary Report

TALAM INFRASTRUCTURE: Struck Off From Companies Registry
UNION WAY: Winding Up Petition Pending
WEST PACIFIC: Winding Up Petition Slated for Hearing


I N D O N E S I A

* 4598 PPAP3 Participants Submit Bids


J A P A N

DAIEI INC.: Considers Selling Baseball Team
HOLIDAY TOWER: Lone Star Sponsors Hotel Operator
NEC CORPORATION: Supplies High Performance Servers to Samsung
TOSHIBA CORPORATION: Reorganizes Home Appliances Business


K O R E A

CHOHUNG BANK: Union Keeps New President From Office
DAEWOO ENGINEERING: Receives US$407M Payment From Pakistan
KIA STEEL: Seah Consortium Likely to Acquire Firm


M A L A Y S I A

ASSOCIATED KAOLIN: SC Extends Proposals Implementation Time
BELOGA SDN: Submits Proposed Acquisitions Time Extension to SC
C.I. HOLDINGS: Obtains SC's Nod on Proposals
C.I. HOLDINGS: Replies KLSE's Shares Disposal Query
DENKO INDUSTRIAL: SC Approves Proposed Extension Application

HOTLINE FURNITURE: Changes Registered Address
INTAN UTILITIES: Subsidiaries Enter Sungai Kinta Scheme
JOHOR PORT: Voluntarily Winds Up; Appoints Liquidator
METROJAYA BERHAD: Receives Voluntary General Offer From PMI
METROJAYA BHD: Requests Voluntary Suspension

MYCOM BERHAD: South African Units Enter Subscription Agreement
NYLEX (MALAYSIA): SC Approves Proposed Capital Restructuring
PAN MALAYSIA: Summary Judgment Against Defendants Obtained
PANGLOBAL BERHAD: KLSE OKS Proposed Scheme of Debt Arrangement
PERUSAHAAN OTOMOBIL: Inks Share Exchange Scheme Agreement

TAP RESOURCES: Seeks Investigative Audit Report Time Extension
TECHNOLOGY RESOURCES: Faces Public Reprimand From KLSE
TONGKAH HOLDINGS: Disposes of Quoted Securities
WIDETECH (MALAYSIA): September 5 AGM Scheduled


P H I L I P P I N E S

ABS-CBN BROADCASTING: Returns to Profit This Year
BAYAN TELECOM: Court Stops Creditor Claims Enforcement
COMMUNITY RURAL: Issues Debt Claim Notice to Creditors
MANILA ELECTRIC: Appoints Jaime Camacho as CIO
MANILA ELECTRIC: Sees P0.12/kwh Power Rate Cut

MONDRAGON INTERNATIONAL: Widens H103 Net Loss to P27.25M
NATIONAL BANK: Picks Ernst & Young as Advisor
RURAL BANK OF NEW LUCENA: Issues Notice to Creditors
URBAN BANK: Court Suspends Rafael Bank Governor for Bank Closure


S I N G A P O R E

COLOUR TOUCH: Issues Intended Dividend Notice
INTERFURN SINGAPORE: Issues Winding Up Order Notice
O.R. COMPUTER: Releases Debt Claim Notice to Creditors
OFFICE SHOPPING: Petition to Wind Up Pending
SIN YUH: Winding Up Petition Set for August 22


T H A I L A N D

ADVANCE PAINT: Discloses ESM No.1/2003 Resolutions
JASMINE INTERNATIONAL: Clarifies Q203 Operation Results
SAHAMITR PRESSURE: Explains Performance, Projection Variance
SAHAVIRIYA STEEL: Fitch Assigns Bt6B Bonds 'BBB(tha)' Rating
THAI ELECTRONIC: SET Grants Listed Securities

THAI ENGINE: Court OK's Churchill's Resignation as Planner

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 5,295 Ordinary Shares at A$4.53/Share
---------------------------------------------------------
AMP Limited advised the allotment of 5,295 ordinary shares at
A$4.53 per share.

Purpose of the issue     : the shares were issued pursuant to
                           the AMP International Employee Share
                           Ownership Plan.
Date of Issue            : 13/08/2003
Number of shares on issue: 1,523,394,598


AUSTRALIAN GAS: S&P Removes Ratings From CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it has
affirmed its 'A' long-term and 'A-1' short-term corporate credit
ratings on The Australian Gas Light Co. (AGL), and removed them
from CreditWatch with negative implications, where they
were placed on July 3, 2003. At the same time Standard & Poor's
affirmed its 'A-' long-term and 'A-2' short-term ratings on
AGL's 66%-owned New Zealand subsidiary, NGC Holdings Ltd. (NGC),
and removed them from CreditWatch with negative implications.
The outlook on the ratings on both companies is stable. The
ratings on AGL and NGC were placed on CreditWatch after AGL
announced that it, together with fellow consortium partners
Tokyo Electric Power Co. (AA-/Negative/A-1+) and investors led
by the Commonwealth Bank (AA-/Stable/A-1+) had entered into a
conditional sale agreement to buy the Loy Yang A power station
and adjacent coal mine. The CreditWatch reflected the
uncertainty about AGL's investment and the potential for further
support for the asset.

"AGL's financial risk profile will be adversely affected in the
event the consortium partners are successful in acquiring the
Loy Yang A power station; however, the improvement in AGL's
financial profile in recent times means any additional financial
risk surrounding the acquisition can be accommodated at the
current rating," said credit analyst Laurie Conheady, associate
director, Corporate & Infrastructure Finance Ratings.

"While an expectation of some financial support will be factored
into the rating if the acquisition proceeds, the level of any
future support and the context in which it may be provided will
determine whether the rating remains unaffected in the future."

The proposed initial investment by AGL of A$200 million will
have minimal impact on the company's financial profile; however
an expectation the company would financially support the Loy
Yang A project if required, despite the non-recourse nature of
the project's debt, heightens the financial risk faced by AGL.
The financial position of the Loy Yang A project is expected to
improve if the acquisition is successful; however, it will
remain highly geared and have tight coverages in the initial
years until debt is paid down. Furthermore, limited operational
control and high operating and financial risks offset the
benefits of asset diversity for Loy Yang A.  Receipt of the
necessary regulatory and tax approvals and agreement of the
financiers of the plant is not expected for another month or so.


IRLMOND PTY: CALDB Disciplines Liquidator
-----------------------------------------
The Companies Auditors and Liquidators Disciplinary Board
(CALDB) following their referral to the Board by the Australian
Securities and Investments Commission (ASIC) have disciplined Mr
Andrew William Beck, a registered liquidator and partner of
Deloitte Touche Tohmatsu.

Mr Beck was required to give undertakings after the CALDB found
that he failed to perform adequately and properly the duties of
a registered liquidator in relation to the receivership of
Irlmond Pty Ltd (Irlmond).

On 12 February 1999, the St George Bank as receiver and manager
of Irlmond appointed Mr Beck. At that time, Irlmond operated a
Mitsubishi business in Essendon.

"Insolvency practitioners are in a position of great
responsibility and must meet the high standards expected of
their profession. The decision of the CALDB reinforces that any
failures to meet those standards will not be taken lightly,"
Deputy Executive Director of Enforcement, Ms Jan Redfern said.

"The decision also underlines the risk for insolvency
practitioners who fail to keep abreast of administrations where
they are co-appointees or be involved in the important aspects
of administrations in order to properly and adequately discharge
their duties."

Background

Following the decision by the CALDB, Mr Beck has undertaken not
to act in any external administration as a liquidator,
administrator or receiver until 8 August 2004. Mr Beck also
undertook resign all of his current appointments as an external
administrator by 8 August 2003. These undertakings have the same
effect as a suspension by the CALDB.

Mr Beck also undertook that he will not take sole appointments
as an external administrator for the twelve months from 9 August
2004, and will undertake ten hours of continuing professional
education in relation to insolvency each year, for the next
three years.

Mr Beck has been ordered to pay ASIC's costs of $50,000.

The CALDB found that Mr Beck had not acted in accordance with a
declaration of the Federal Court of Australia on 30 April 1999
by failing to treat the receiverships of Irlmond and APS as
separate receiverships. The declaration of the Court had the
effect that the debts of Irlmond and APS were not cross
collateralized and that Irlmond was not responsible to St George
Bank for the debts it was owed by APS.

The CALDB also found that Mr Beck:

   * failed to keep records that recorded and explained all
transactions entered by him as a receiver and manager of both
Irlmond and APS;

   * failed to lodge accurate accounts of those receiverships
with ASIC and to ensure that certain entries they contained were
not false or misleading; and

   * after 12 November 1999, failed to take steps to ascertain
whether Irlmond had made payments to any of its creditors that
exceeded what they were owed during the course of the
receivership.

The full set of findings of the CALDB in relation to Mr Beck is
set out in the CALDB's notice of decision.


REYNOLDS WINES: PwC Issues Case Profile
---------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:

Territory   :  Australia
Company Name:  Reynolds Wines Limited
Lead Partner:  Greg Hall
Case Manager:  Chris Jeffrey
Date of Appointment:  4 August 2003
Normal Contact     :  Chris Jeffrey
Contact Phone No   :  (02) 8266 8444

PricewaterhouseCoopers Office

Location:  Sydney
PO Box  :  GPO Box 2650
Street Address:  Darling Park Tower 2, 201 Sussex Street
City    :  SYDNEY
State   :  NSW
Postcode:  1171
DX      :  DX 77 Sydney
Phone   :  (02) 8266 0000
Fax     :  (02) 8266 5820
Appointor:  in writing under the common seal of the company
Registered Office of company:  'Quondong', Cargo Road, Cudal NSW
                               2864
Company No / CAN   :  061 232 657
Type of Appointment:  Administrator
Lead Partner - Full Name  :  Gregory Winfield Hall
Second Partner - Full Name:  Philip Patrick Carter

Case Information (Last Updated 13/08/2003)

First Creditors' Meeting

Date   :  11 August 2003
Time   :  2pm
Address:  Orange Ex-services Club, 241 Anson Street, Orange
Proxy return date:  Refer circular

Other Key Information

Report as to Affairs received from directors:

The directors are required to provide a report as to the affairs
of Reynolds to the Administrators. Details of the report will be
communicated to creditors at the earliest opportunity.

Dates of trading by insolvency practitioner:

The business continued to trade under the control of the
Voluntary Administrators until 7 August 2003.

On 7 August 2003 Receivers and Managers (Scott Kershaw and
Jospeh Hayes of KPMG) were appointed to the Group by one of the
secured creditors. Control of the trading activities has been
transferred to the Receivers and Managers who are continuing
operations.

The Administrators are continuing to conduct investigations into
the viability of the business and are working with various
parties to progress proposals which may be put to creditors at
the next meeting to decide the company's future.

Background Information

The Reynolds Wines group of companies (Reynolds) is a large wine
producer in the Orange region of New South Wales. Reynolds is a
large exporter of wine products.

The parent company, formerly known as Cabonne Limited was
established in 1993 and listed on the ASX in May 1999. Reynolds
has developed four vineyards including:

   Little Boomey, north of Orange,
   Angullong, south of Orange,
   Mayfield, east of Orange and
   Wirrilla, near Gundagai.

A winery is based at Cudal, 40km west of Orange.

Current status of assignment and actions required by creditors

Reynolds has been involved in a long running dispute with the
Australian Tax Office. Reynolds' directors determined that the
uncertainty surrounding this issue would impact on a proposed
private placement to raise $10m in working capital by way of a
convertible notes issue.

After considering the group's financial position and available
alternatives, the directors appointed Greg Hall and Philip
Carter of PricewaterhouseCoopers as joint and several Voluntary
Administrators of Reynolds on the afternoon of 4 August 2003.
The Voluntary Administration process was introduced to provide
insolvent companies with an opportunity to continue in
existence, thereby avoiding liquidation and maximizing the
return to creditors.

The objectives of the Voluntary Administration process, as set
out in the Corporations Act, are to:

   a) maximize the chances of a company, or as much as possible
of its business, continuing in existence; or

   b) if it is not possible for the company or its business to
continue in existence - result in a better return for the
company's creditors and members than would result from an
immediate winding up of the company.

The appointment of a Voluntary Administrator provides a brief
moratorium period during which control of the company is placed
into the hands of an independent insolvency practitioner. During
this period, the Administrator will develop proposals to put to
creditors, who will then decide the future of the company.

All debts owed by the company at the date of the appointment are
frozen. Creditors should determine the amount that you are owed
and submit a form of proof of debt so that PwC is aware of your
claim and so that you may vote at the creditors' meetings.

Inquiries should be directed to Dao Nguyen of
PricewaterhouseCoopers on (02) 8266 7940 or Jennifer Martin on
(02) 8266 5207.

Next milestone and estimated timetable

There are two meetings of creditors held during an
Administration. The first meeting is held within five days of
the appointment and allows the Administrators to report on their
initial findings and the creditors to elect a committee to
assist the Administrator. The first meeting was held in Orange
at 2pm on Monday, 11 August 2003.

Prior to the second meeting of creditors, the Administrators
will prepare a report for creditors and make recommendations on
which the creditors may decide. This meeting may be adjourned by
creditors to allow more time for proposals to be formulated. The
second meeting of creditors will be held by 1 September 2003
unless otherwise ordered by the Court.

Likely outcome for creditors and timetable

Investigations are continuing into the affairs of Reynolds and
efforts are being directed at stabilizing the business. It is
not yet possible to provide a useful estimate of potential
returns to creditors. More information will be available at the
first meeting of creditors and in the Administrators' subsequent
report. (www.pwcrecovery.com)


TABCORP HOLDINGS: Results Hit By Smoking Ban But Rating Remains
---------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that TABCORP
Holdings Ltd.'s (BBB+/Negative) flat results for the 12 months
to June 30, 2003, largely reflected the introduction of smoking
bans in gaming venues across the Victorian market.

Nevertheless, the benefits of business diversity, with solid
growth in its wagering and Star City Casino businesses, as well
as cost containment across all businesses, helped to offset the
impact of smoking bans on group results. The scheme meeting to
obtain shareholder approval for the merger of TABCORP and
Jupiters Ltd. (BB+/WatchPos) is scheduled for Oct. 24, 2003.

"The rating outlook on TABCORP remains negative, reflecting the
significant integration risks associated with acquiring
Jupiters, the sizable debt financing of the transaction, and the
evolving regulatory landscape, which have the potential to
affect the merged entity's cash flow in the short-to-medium
term," said Andrew Lally, associate director, Corporate &
Infrastructure Ratings.

A rating downgrade could result if TABCORP is unable to achieve
meaningful debt reduction and restoration of credit-protection
measures in the three years following successful acquisition of
Jupiters.


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


BOE TECHNOLOGY: Xinhua Downgrades Credit Ratings to BB (pi)
-----------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, downgraded the BBB- (pi) long-term
credit rating of BOE Technology Group Co Ltd to BB (pi). The
rating outlook is also changed to negative from stable.

Xinhua Far East recognized that the Company has greatly improved
its competitiveness in research & development (R&D), production
and sale, by acquiring the display device business of Korea-
based and -listed Hynix Semiconductor Inc in early 2003, and its
decision to acquire TPV Technology Limited (HK 0903, SGX TPV) on
August 6, 2003. These aggressive acquisitions have bolstered the
Company to become an integrated LCD display producer quickly.

However, Xinhua Far East concerns that these acquisitions were
largely debt financed and thus have greatly heightened the BOE's
financial risks. The Company's net debt rose sharply to RMB 2.67
billion yuan (US$330 million) in the first quarter of 2003 from
RMB 238 million yuan (US$29.4 million) in the end of 2002 and
its gross debt to total capital ratio increased to 64.8%.
BOE's plan of investing HK$ 1 billion (US$129 million) in
acquiring TPV's stake will further increase its debt burden and
debt repayment pressure.

Under the current operating scale and debt burden, BOE's
operating cashflow is barely adequate to meet its substantial
debt repayment and capital expenditure, so the Company is
exposed to heavy funding pressure. Moreover, BOE is involved in
trans-national high-tech business, which is subject to
relatively high industry risks, foreign exchange and business
integration risks. Considering the Company's overall risk
profile and capability of withstanding risks, Xinhua Far East
downgrades BOE's rating to BB (pi).

Given the industry risks and business integration risks facing
BOE as well as the funding pressure for business expansion, it
is very challenging for BOE to reduce its financial risks in
intermediate term, therefore the rating outlook is negative.

BOE is principally engaged in the production and sale of
electronic products, including display devices, displays, mobile
digital products and IT services. In 2002 and first quarter of
2003, BOE acquired display device businesses from Hynix
Semiconductor Inc, notably improving its operating scale of
display devices.

Relative to an annual turnover of RMB 4.78 billion yuan (USD 590
million) in 2002, BOE reached turnover of RMB 2.25 billion yuan
(US$278 million) in the first quarter of 2003, where display
devices accounted for 63.2%, displays accounted for 26.8% and
other products accounted for 10.0%.

In August 2003, the Company's Board of Directors decided to
acquire a 26.36% stake in TPV Technology Limited. Listed both in
Hong Kong and Singapore, TPV is principally engaged in the R&D,
manufacturing and sale of display products, with production
bases in Fujian and Beijing and distribution networks in North
America, South America and Europe. BOE and TPV Investment
Limited, a wholly-owned subsidiary of TPV, jointly established
Beijing Orient Top Victory Electronics Co Ltd in August 1997,
which is the largest production and sale base of displays in
northern China. Moreover, TPV is the third largest client of the
TFT-LCD business of BOE's subsidiary in Korea.

BOE is a constituent ranking the 26th in the Xinhua/FTSE China B
35 Index. As of August 11, 2003, the total market cap (B share)
of the constituent accounted for RMB 933.1 million yuan
(US$115.2 million).


CHINA DEVELOPMENT: Unaware of Why Shares Price Increased
--------------------------------------------------------
China Development Corporation Limited has noted the recent
increase in the price of the shares of the Company and stated
that it is not aware of any reasons for such increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.

Wrights Investors' Service reports that at the end of 2001,
China Development had negative working capital, as current
liabilities were HK$309.31 million while total current assets
were only HK$170.05 million. It has reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


DURFFEE TOBACCO: Winding Up Sought by Golden Leaf
-------------------------------------------------
Golden Leaf International Development (Hong Kong) Limited is
seeking the winding up of Durffee Tobacco (Holdings) Company
Limited. The petition was filed on July 29, 2031, and will be
heard before the High Court of Hong Kong on September 10, 2003.

Golden Leaf holds its registered office at 10th Floor, Room
1001, Capitol Center, 5-19 Jardine's Bazaar, Causeway Bay, Hong
Kong.


GOLD SUCCESS: Winding Up Hearing Scheduled in September
-------------------------------------------------------
The High Court of Hong Kong will hear on September 3, 2003 at
10:00 in the morning the petition seeking the winding up of Gold
Success Land Limited.

Liu Hon Keung of 502M, G//F., Keung Shing Garden, Shek Wu Tong,
Kam Sheung Road, Kam Tin, Yuen Long, New Territories, Hong Kong
filed the petition on July 23, 2003. Tam Lee Po Lin, Nina
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


PCCW LIMITED: Discloses 2002 Form 20-F Summary Report
-----------------------------------------------------
PCCW Limited on June 30, 2003 files its annual report on Form
20-F F for the year ended December 31, 2002 with the Securities
& Exchange Commission of the United States (SEC) and thereafter
filed a copy of the 2002 Form 20-F with the New York Stock
Exchange, Inc on July 7, 2003.

To see extracts from Form 20-F, go to
http://bankrupt.com/misc/TCRAP_PCCW.pdf.

Wrights Investors' Service reports that at the end of 2002, the
company had negative common shareholder's equity of -HK$5.92
billion. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


TALAM INFRASTRUCTURE: Struck Off From Companies Registry
--------------------------------------------------------
Malaysian company Talam Corporation Berhad wishes to announce
its subsidiary Talam Infrastructure Limited, has been struck off
from the Register of the Companies Registry, Hong Kong and
accordingly dissolved.


UNION WAY: Winding Up Petition Pending
--------------------------------------
Union Way Technology Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on September 3, 2003 at 10:00 in the morning.

The petition was filed on July 21, 2001 by Resona Bank Limited
(formerly known as the Daiwa Bank Limited) a corporation duly
incorporated and validly existing under the Laws of Japan and
having its principal office at 2-2-1 Bingo-Machi, Chuo-Ku, Osaka
City, Osaka, Japan and having a representative office in Hong
Kong at 1103A, 11th Floor, Far East Finance Center, 16 Harcourt
Road, Hong Kong.


WEST PACIFIC: Winding Up Petition Slated for Hearing
----------------------------------------------------
The petition to wind up West Pacific Limited is set for hearing
before the High Court of Hong Kong on August 27, 2003 at 10:00
in the morning.

The petition was filed with the court on July 16, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


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


* 4598 PPAP3 Participants Submit Bids
-------------------------------------
As many as 4598 NIP (Participant Referral Number) or about 95%
of total 4826 registered NIP submitted bids for 2648 assets
offered in the Property Asset Sales Program 3 (PPAP3) on 13
August 2003. Sealed bids are received in front of Notaries and
Indonesia Bank Restructuring Agency (IBRA) officials.

Bid submission is conducted simultaneously at IBRA head office
Jakarta and at 6 BPPN Centers located in Bandar Lampung,
Denpasar, Bandung, Makassar, Semarang and Surabaya. IBRA Head
Office received the highest number of sealed bids at a total of
3365 sealed bids.

The total number of NIP is far above that of PPAP2 namely 1517
NIP when the total assets on offer was only 1898 units.

Tonight, all the sealed bids will be opened before the Notaries.
Legality aspects of the bidder documents will then be checked.
Afterwards, the Notaries will process eligible bidder data into
the system.

The closed system auction uses FAME (Full Access Maximum Entry)
mechanism, meaning that all bidders throughout Indonesia have
the same opportunity to submit bids for assets offered in PPAP3
at a simultaneous time.

The sales mechanism in PPAP 3 is conducted 6through Public
Offering applying the One Phase Bid system submitted through
sealed envelopes. Every prospective buyer can have more than one
Participant Referral Number (NIP). However, one NIP can only be
used for bidding 1 (one) asset unit.

Buyers are obliged to bid at a price above the floor price set
by IBRA. Any bid lower than the floor price will not be
processed and the security deposit will be under ownership of
IBRA. The Floor Price policy set by IBRA is aimed to ensure that
the assets on offer reach an optimal recovery / offering price.
Announcement of winners will be notified at the latest on 21
August 2003.

Unlike the previous PPAP, in this PPAP3 prospective investors
have 2 options of asset types consisting of individual bulk
assets. Under Individual Aset group, assets are offered by units
consisting of 6 (six) categories of A, B, C, D, E and F.

Under Bulk Assets, assets are offered by package, in which every
package consists of several individual assets which include 3
(three) categories of P, Q and R.


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


DAIEI INC.: Considers Selling Baseball Team
-------------------------------------------
Struggling supermarket operator Daiei Inc. is thinking about
selling its professional baseball team, the Fukuoka Daiei Hawks,
the Asahi Shimbun reported Wednesday. Daiei has officially
denied any intention of offloading the team, but the pressing
need to turn around its sluggish retail business has forced the
firm to give the idea serious consideration.

Daiei's creditor banks want the Company to include the team in a
package deal with the Fukuoka Dome ballpark and adjacent Sea
Hawk Hotel & Resort complex, which are already on the block. The
creditors claim the facilities would be worth more sold together
than they would be separately.

Lehman Brothers, Colony Capital LLC and Ripplewood Holdings LLC
are in the running to purchase the ballpark and hotel. The three
U.S. firms are currently assessing the value of the facilities.
Daiei hopes to decide on a buyer as early as the end of
September and conclude the deal in October.


HOLIDAY TOWER: Lone Star Sponsors Hotel Operator
------------------------------------------------
United States investment fund Lone Star Group signed a sponsor
contract with the failed hotel management firm Holiday Tower Co.
and its three affiliated firms, Japan Times said on Thursday,
citing the four companies' bankruptcy administrator Yoshihiko
Okuno. Holiday Tower, based in Toyohashi, Aichi Prefecture,
operates Hotel Nikko Toyohashi. The affiliated firms are Kyoto
Plaza, H.I. Plaza and Showa Boseki, all located in Kyoto.

Okuno declined to reveal the size of financial support to be
provided by Lone Star, but sources close to the deal said the
U.S. private equity fund will extend a sum substantially
surpassing 10 billion yen for the group firms.


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

The main contents of an agreement includes:

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

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

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

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

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

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

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

About NEC Corporation

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

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

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

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


TOSHIBA CORPORATION: Reorganizes Home Appliances Business
---------------------------------------------------------
Toshiba Corporation announced the details of the reorganization
of the home appliances (white goods) business (hereinafter
called 'the Separation Business') that were yet decided on June
12, on which data an outline of the integration of the
separation business with Toshiba's subsidiaries were announced.

The items approved by this notice are in 2. (3) and 4. (3)
below:

1.  Purpose of separation and integration

In a matured home appliance business environment of intensifying
competitiveness and increasing price pressure, Toshiba seeks
increased profitability and improved customer satisfaction. For
this reason, the Separation Business' sales and marketing
operations will be unified in a single independent entity,
Marketing New Corporation, that will also oversee sales and
marketing of air-conditioners, lighting products and batteries,
and the manufacture of white goods. Toshiba believes that this
organization will enhance business efficiency, including
competitiveness and improved sales and service.

2. Outline of Reorganization

To implement this reorganization establishing a new independent
group Company, the Japanese method of reorganization known as
'Kaisha-Bunkatsu' (literally translated as and hereinafter
called 'Corporate Separation'), as defined under the Commercial
Code of Japan, will be employed.


(1) Schedule

   June 12, 2003     Approval by board of directors for
                     Corporate Separation

   August 8, 2003    Agreement of Corporate Separation contract

   October 1, 2003   Date of Corporate Separation (plan)

   October 1, 2003   Registration of Corporate Separation (plan)

(2) Method

  Corporate Separation

The 'simplified separation method', which does not necessitate a
special resolution at the shareholders' meeting, will be
adopted. Toshiba will make the Separation Business independent,
and integrate it with Toshiba Life Electronics Corporation, and
Toshiba HA Products Co., Ltd. (hereafter Toshiba HA Products)
both companies are stated as 'Successor Company'.

Note: Toshiba HA Products Co., Ltd. became a wholly owned
subsidiary of Toshiba on August 8, 2003, which changed its name
from Shizuoka Toshiba LE System Corporation, as well as its
business and address, as stated in the tables below. These are
the points modified to the previous announcement on June 12.

Reason for selecting this method

This method was chosen to transfer the relevant businesses more
efficiently,

(3) Allocation of shares

Toshiba Life Electronics Corporation's 9,651,939 shares and
Toshiba HA
Products' 55,627 shares will be allocated to Toshiba.

- Calculation of share allocation rate

The Successor Companies will be a wholly owned subsidiary of
Toshiba and this separation method is the type that shares to be
issued by the Successors Companies, following the Corporate
Separation will be allocated to Toshiba. Therefore, allocations
were agreed by the parties concerned in light of the assets and
liabilities to which Successor Company will succeed, and its
corporate value.

(4) Cash subsidy

There will be no cash distribution.

(5) Legal rights and obligation to be succeeded (Plan)

All assets, liabilities, rights and obligations relating to the
transferred business are to be transferred.

(6) Forecast of fulfillment of obligation

Toshiba and Successor Companies will be able to meet all their
obligations.

(7) Newly appointed directors and corporate auditors of Toshiba
Consumer Marketing Corporation

To be decided.

3. Outline of the relevant companies

As of March 31, 2003 for Separation Company

As of September 30, 2003 for Successor Company

Company name

TOSHIBA (Separation Company)

Business: Development, manufacturing, sales, equipment and
service of digital products, electronic devices and components,
social infrastructure equipment and systems, home appliances,
and other products.

Established: June 25, 1904

Head Office Location: Shibaura 1-1-1, Minato-ku, Tokyo

Representative: Tadashi Okamura, President & CEO

Capital: 274,926 million yen

Number of outstanding shares: 3,219,027,165

Shareholders equity: 708,583 million yen

Total Assets: 2,877,805 million yen

Financial closing date: March 31

Number of employee: Nearly 40,000


TOSHIBA LE (Successor Company)

Business: Wholesale and electric equipment and related business

Established: June 21, 1979

Head Office Location: Sotokanda 1-1-8, Chiyoda-ku, Tokyo, Japan

Representative: Makoto Nakagawa, President

Capital: 2,976 million yen

Number of outstanding shares: 5,951,760

Shareholders equity: 7,910 million yen

Total Assets: 61.477 million yen

Financial closing date: March 31

Number of employees: 2,497

Toshiba supply products to Toshiba LE.


Company name                Toshiba HA Products (Successor
                            Company)
Business                    Development, manufacture and sales
                            of electrical equipment
Established                 April 1, 1991
Head Office Location        1-6, Oota Toshiba-cho, Ibaraki,
Osaka
Representative               Shoji Matsunaga, President
Capital                      20 million yen
Number of outstanding shares 400
Shareholders equity          42 million yen
Total Assets                 138 million yen
Financial closing date       March 31
Number of employee           0
Major sales                  None
Major banks                  Sumitomo Mitsui Banking Corporation
Principal shareholders and   Toshiba Corporation
                             shareholdings

Toshiba owns the Successor Companies' shares.

Toshiba Corporation has dispatched employees to Toshiba
Lifestyle-Electronics Relations as management or seconded
employees. Toshiba LE dispatches employees to Toshiba and also
management to Toshiba HA Products.

Toshiba supply products to Toshiba LE.

4. Business to be separated

The Separation Business includes refrigerators, washing machines
and dryers' laundry, vacuum cleaners, microwave ovens and
cooking equipment. Toshiba LE will undertake sales and marketing
and manufacturing will be undertaken by Shizuoka Toshiba LE
Systems.

CONTACT INFORMATION: Hideo Kitamura
        General Manager
        Corporate Communication Office
        Tel: 81 3 3457 2096


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


CHOHUNG BANK: Union Keeps New President From Office
---------------------------------------------------
Chohung Bank's new President, Choi Dong-soo, started work on
Wednesday or he tried to, but he never made it through the door,
JoongAng Daily reported Thursday. About 10 members of the bank's
labor union barred him from entering his new fifth-floor office.

Mr. Choi will officially take the post of Chief Executive after
a shareholders' meeting on August 26. The union opposes Mr. Choi
because he worked at the bank for only two years. The union has
argued that Chohung's new Chief Executive should be an insider,
someone with a long history at the bank.

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


DAEWOO ENGINEERING: Receives US$407M Payment From Pakistan
----------------------------------------------------------
Daewoo Engineering & Construction Co. is likely to collect from
the Pakistani government an overdue payment of US$407 million,
brightening the firm's hopes of emerging healthy and earlier
than expected from its creditors' debt-rescheduling plans,
according to Digital Chosun.

The overdue payments represented part of the Company's
receivables for its execution of a highway construction project.
The project was completed in 1997, but the payments have been
overdue since. Daewoo explained that the payments would come in
installments over the next 15 years.


KIA STEEL: Seah Consortium Likely to Acquire Firm
-------------------------------------------------
Seah Consortium, the exclusive negotiator for the sale of Kia
Steel Co., will decide next week whether to buy out the ailing
Company, which is under court receivership, the Korea Times said
on Thursday. The potential buyer has been conducting due
diligence of the steel maker, which supplies steel to
automakers, over the last three weeks, and is scheduled to wrap
up work within this week.


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


ASSOCIATED KAOLIN: SC Extends Proposals Implementation Time
-----------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refer to the announcements made on behalf of AKI
dated 15 July 2002 and 6 February 2003 on the Proposals, which
collective refers to the following:

   i. Proposed Capital Reduction;

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

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

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

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

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

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

   viii. Proposed Debt Restructuring of AKI;

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

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

On behalf of AKI, Commerce International Merchant Bankers Berhad
wishes to announce that the Securities Commission via its letter
dated 12 August 2003, has approved an extension of time for a
period of six (6) months up to 10 January 2004 to implement the
Proposals.


BELOGA SDN: Submits Proposed Acquisitions Time Extension to SC
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Chin Foh Berhad (CFB),
wishes to announce that CFB, together with the parties to the
conditional Sale and Purchase Agreement entered into on 18
October 2000 (SPA), namely CF Metal Recycling Sdn Bhd (formerly
known as CF Beloga Sdn Bhd) (CF Metal Recycling) and Beloga Sdn
Bhd (Special Administrators Appointed), had mutually agreed to
extend the time frame for the issuance of new ordinary shares of
RM1.00 each of CFB pursuant to the Proposed Acquisitions from 30
July 2003 to 30 September 2003.

An application for extension of time to 30 September 2003, for
the completion of the Proposed Acquisitions, had also been
submitted to the Securities Commission (SC).

CFB also announced that a development concerning Lot 1806, Mukim
of Kajang, District of Hulu Langat, Selangor Darul Ehsan (Lot
1806), one of the properties that form the subject matter of the
Proposed Acquisitions. The registered owner of Lot 1806 has
lodged a caveat on the property. Whilst the parties to the SPA
would use its best endeavor to complete the transfer of Lot 1806
to CF Metal Recycling, consistent with the provision of the SPA,
the parties to the SPA have mutually agreed to exclude Lot 1806
from the Proposed Acquisitions and the cash portion paid for Lot
1806 would be refunded, should the transfer of Lot 1806 could
not be perfected.

Whilst resolving the matter in respect of Lot 1806, CFB would
proceed to issue 8,706,173 new ordinary shares of RM1.00 each of
CFB to complete the acquisitions of the other assets upon
receipt of the SC's reaffirmation of approval for the Proposed
Acquisitions.


C.I. HOLDINGS: Obtains SC's Nod on Proposals
--------------------------------------------
C. I. Holdings Berhad refers to the announcements made on 20
December 2002, 14 March 2003, 11 June 2003 and 16 July 2003 in
relation the Proposals, entailing:

   (i) Proposed Disposal by CIH and Proposed Acquisition by QSR
Brands Sdn Bhd (formerly known as Good Platform Sdn Bhd) (Newco)
of 300,000 ordinary shares of RM1.00 each, representing the
entire equity interest in C.I. Enterprise Sdn Bhd, a wholly-
owned subsidiary of CIH, pursuant to a Proposed Scheme of
Arrangement between Ayamas Food Corporation Bhd and its
Shareholders and Warrantholders, and Newco and its Shareholders
under Section 176 of the Companies Act, 1965 (Proposed CIE
Disposal);

   (ii) Proposed Renounceable Rights Issue of 57,377,835 new
ordinary shares of RM1.00 each in CIH (Rights Shares) together
with 57,377,835 Free New Detachable Warrants (Warrants) on the
basis of one (1) Rights Share and One (1) Free Warrant for every
one (1) existing ordinary share held in CIH, at an issue price
of Rm1.00 per rights share (Proposed CIH Rights Issue);

   (iii) Proposed Acquisition of 20,400,000 ordinary shares of
RM1.00 each, representing 51% equity interest in Permanis Sdn
Bhd from Urban Fetch Sdn Bhd (Proposed 51% Permanis
Acquisition);

   (iv) Proposed Acquisition of 300,000 ordinary shares of
RM1.00 each, representing the entire equity interest in Pep
Bottlers Sdn Bhd from KFC Holdings (Malaysia) Berhad (Proposed
Pep Bottlers Acquisition); and

   (v) Proposed Settlement of debt owing to Malaysian Assurance
Alliance Berhad via an issuance of 14,851,485 new ordinary
shares of RM1.00 each in CIH (Proposed Debt Settlement)

On behalf of CIH, Commerce International Merchant Bankers Berhad
is pleased to announce that the Securities Commission has, via
its letter dated 12 August 2003 approved the Proposals, subject
to conditions, which will be announced shortly.


C.I. HOLDINGS: Replies KLSE's Shares Disposal Query
---------------------------------------------------
C.I. Holdings Berhad, in reference to Query Letter by KLSE
reference ID: SW-030812-60325 on the article entitled, "Nasmudi
eyes stake in KFCH" appearing in The Sun, Business Section, Page
14, on Tuesday, 12 August 2003, in respect of the statement
"Nasmudi.....is also believed to be keen to buy a 25% stake in
C.I. Holdings Bhd....from Permodalan Nasional Bhd (PNB)."

With reference to the above article, the Board of Directors of
the Company wishes to inform that the Company has no knowledge
and/or information with regards to the statement.

KLSE's Query Letter content:

We refer to the above news article appearing in The Sun,
Business Section, page 14, on Tuesday, 12 August 2003, a copy of
which is enclosed for your reference. In particular, we would
like to draw your attention to the underlined sentence, which is
reproduced as follows:

"Nasmudi ... is also believed to be keen to buy a 25% stake in
CI Holdings Bhd ... from Permodalan Nasional Bhd (PNB)."

Kindly furnish the Exchange with an announcement for public
release within one (1) market day from the date hereof.

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


DENKO INDUSTRIAL: SC Approves Proposed Extension Application
------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcement
dated 30 December 2002 in relation to the Proposed Corporate And
Debt Restructuring Scheme (PCDRS).

Public Merchant Bank Berhad (PMBB) had on 30 July 2003 on behalf
of Denko, submitted an application to the Securities Commission
(SC) to seek the SC's approval to grant an extension of time for
a period of three (3) months to 12 November 2003 for the
independent audit firm to complete the investigative audit
(Proposed Extension).

In relation thereto, PMBB, on behalf of Denko, is pleased to
announce that SC had via its letter dated 8 August 2003, which
was received on 12 August 2003, approved the Proposed Extension.

However, Denko is urged to take the immediate and necessary
steps to ensure that the investigative audit can be completed
soonest possible.

For details of the CDRS, refer to the Troubled Company Reporter
- Asia Pacific, Wednesday, June 12, 2002, Vol. 5, No. 115 issue.


HOTLINE FURNITURE: Changes Registered Address
---------------------------------------------
Hotline Furniture Berhad 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

The Troubled Company Reporter - Asia Pacific reported that the
Company had on 20 June 2003 appointed Messrs. Anuarul Azizan
Chew & Co. as the independent investigative auditors to carry
out an investigative audit on the losses of the HFB Group
pursuant to one of the conditions imposed by the Securities
Commission.


INTAN UTILITIES: Subsidiaries Enter Sungai Kinta Scheme
-------------------------------------------------------
The Board of Directors of Intan Utilities Berhad wishes to
announce that its wholly-owned subsidiary company, Metropolitan
Utilities Corporation Sdn Bhd (MUC), and Lembaga Air Perak (LAP)
on Tuesday entered into a supplemental agreement to the
concession agreement (dated 28 March 1989) entered into between
the State Government of Perak Darul Ridzuan and MUC in relation
to the construction of the Sungai Kinta dam, treatment works and
the associated pipelines and reservoirs (Sungai Kinta Scheme).

The entry into the agreements formalized the request of the
State Government of Perak Darul Ridzuan for the revisions to the
concession agreement on the basis of, inter-alia, the following:

   (a) MUC was relieved from the financial obligations of the
Sungai Kinta Scheme;

   (b) Appointment of MUC as the project manager for the
implementation of the Sungai Kinta Scheme; and

   (c) With effect from 1 April 2002, the bulk sales rate of
treated water was revised to exclude the cost of the Sungai
Kinta Scheme.

The Board of Intan wishes to take this opportunity to thank the
State Government of Perak Darul Ridzuan for its continuing trust
in MUC as the provider of treated water to the designated areas
under the concession agreement.

On July 30, the Troubled Company Reporter - Asia Pacific posted
summary of the borrowings in default and the steps taken to
address the defaults by IDS Electronics Sdn. Bhd. and IDS
Technology Sdn Bhd, 69% effectively-owned subsidiaries of Intan
Utilities Berhad. Details of which are as per attached at
http://bankrupt.com/misc/TCRAP_Intan0730.xls.


JOHOR PORT: Voluntarily Winds Up; Appoints Liquidator
-----------------------------------------------------
JP Container Services Sdn. Bhd. (JPCS) a wholly owned subsidiary
of Johor Port Berhad (JPB) had at its Extraordinary General
Meeting held at 10:00 a.m. on 13th August 2003, resolved to
voluntarily wind up the Company. The Meeting had also approved
to appoint Encik Md Nazid bin Md Tajodin, as the liquidator for
the purpose of winding up the affairs of JPCS, and this
appointment comes into effect on 13th August 2003.

The voluntary winding up of JPCS, a solvent Company is to
facilitate the merger of its operations with JP Logistics Sdn.
Bhd. (JPL) another wholly owned subsidiary of JPB, and this
merger is part of a rationalization exercise of JPB to optimize
operations within the Johor Port Group.

With the winding up of JPCS, its existing activities of
rendering container depot, container maintenance and repairs,
warehousing rental, transport, cartage and haulage services and
all related activities are now being rendered by JPL. As all
business, employees, assets (except existing cash and bank
balances) and liabilities of JPCS had already been transferred
to JPL, there will be no financial or operational impact on the
Group, its employees or its customers.


METROJAYA BERHAD: Receives Voluntary General Offer From PMI
-----------------------------------------------------------
PM Securities Sdn Bhd (PM Securities), on behalf of Pan
Malaysian Industries Berhad (PMI), had on 12 August 2003 served
a notice of Voluntary General Offer (Notice) on the Board of
Directors of Metrojaya Berhad (MJB).

Pursuant to the Notice, PMI offers to acquire the remaining up
to 47,005,500 ordinary shares of RM1.00 each in MJB (Offer
Share(s)), representing approximately 37.63% of the issued and
paid-up share capital of MJB as at 11 August 2003 which are not
already owned by PMI and its subsidiaries (excluding MJB and its
subsidiaries) (PMI Group), for a total cash consideration of up
to RM58,756,875 or RM1.25 for each Offer Share from the other
shareholders of MJB. The Offer will also be extended to
shareholders of MJB who are connected parties of PMI.

The PMI Group holds directly and indirectly, a total of
77,915,500 ordinary shares of RM1.00 each in MJB representing
approximately 62.37% of the issued and paid-up capital of MJB as
at 11 August 2003.

Go to http://bankrupt.com/misc/TCRAP_MJBNotice.docto see a copy
of the Notice.

* All percentages relating to the shareholdings in MJB in this
announcement have been computed excluding the 1,079,000 treasury
shares held by MJB as at 11 August 2003.

THE OFFER

PMI proposes to make an Offer to acquire the remaining up to
47,005,500 ordinary shares of RM1.00 each in MJB, which are not
already owned by the PMI Group for a total cash consideration of
up to RM58,756,875 or RM1.25 for each Offer Share (Offer Price).

Pursuant to the share buy back exercise of MJB, MJB is
authorized to buy back up to 12,600,000 MJB Shares from the open
market. As at 11 August, 2003, MJB had bought back 1,079,000 MJB
Shares. The Offer for the 47,005,500 MJB Shares includes the
balance of 11,521,000 MJB Shares, which may be subsequently
bought back by MJB pursuant to its share buy back exercise. In
the event that MJB purchases the 11,521,000 MJB Shares pursuant
to its share buy back exercise, the Offer would only involve
35,484,500 MJB Shares not already owned by the PMI Group.

Holders of the Offer Shares may accept the Offer in respect of
all or part of their Offer Shares.

The Offer Price was arrived at after taking into consideration
the following:

   (a) the consolidated net loss per share of MJB and its
subsidiaries (MJB Group) of 3.9 sen and 15.9 sen based on the
audited consolidated accounts for the financial years ended 31
March 2002 and 31 March 2003 respectively; and

   (b) the weighted average market price of the MJB Shares of
RM0.911 for the 5 consecutive trading days up to and including
11 August 2003, being the last trading day prior to the date of
announcement.

The maximum cash consideration payable by PMI for the Offer
Shares, assuming all holders of the Offer Shares accept the
Offer, will amount up to RM58,756,875. PMI intends to finance
the Offer from working capital and/or from banking facilities.
Other than borrowings to be taken to finance the Offer (if any),
PMI will not assume any other liabilities pursuant to the Offer.

INFORMATION ON MJB

MJB was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 31 December 1974 under the name
of Metrotex Sendirian Berhad and subsequently changed its name
to Metroraya Sendirian Berhad on 25 May 1975 and later to
Metrojaya Sendirian Berhad on 10 February 1976. On 28 June 1990,
the Company was converted to a public limited company and
assumed its present name. On 9 January 1991, MJB was admitted to
the Official List of the Main Board of the Kuala Lumpur Stock
Exchange (KLSE).

MJB's principal activities are investment holding, operating of
departmental stores, specialty stores, sales of toys and
childcare products and property investment and property
management. The authorized share capital of MJB is RM300,000,000
diviad into 300,000,000 MJB Shares, of which 126,000,000 MJB
Shares have been issued and fully paid-up as at 11 August 2003.

The consolidated loss after taxation and minority interests of
the MJB Group for the financial year ended 31 March 2003 was
RM19.82 million and the net tangible assets ("NTA") of the MJB
Group as at 31 March 2003 stood at RM309.72 million.

As at the date hereof, the PMI Group's shareholding interests in
MJB are set out in Table 1.

RATIONALE FOR THE OFFER

The Offer is made with a view to privatize MJB and the resulting
acquisition of additional equity interest is expected to enhance
the earnings and future cash flows of the PMI group of companies
(being PMI and all its subsidiaries). In view of the market
price which has been underperforming and trading below the par
value, the Offer represents an opportunity for the Holders of
the Offer Shares to realize their shares at a premium.

EFFECTS OF THE OFFER

Issued and paid-up share capital

The Offer will not have any effect on the share capital of PMI
as the Offer will be fully satisfied in cash.

Earnings

The Offer is not expected to have any material effect on the
earnings of the PMI group of companies (being PMI and all its
subsidiaries) for the financial year ending 31 March 2004.
However, the Offer is expected to improve the group's earnings
in subsequent years.

NTA

The Offer is expected to improve the NTA of the PMI group of
companies (being PMI and all its subsidiaries) for the
forthcoming financial year ending 31 March 2004.

Substantial shareholders

The Offer will not have any effect on the respective
shareholdings of PMI's substantial shareholders in PMI.

CONDITIONS OF THE OFFER

The Offer is conditional upon approvals being obtained from the
following:

   (i) the Foreign Investment Committee*; and

  (ii) the shareholders of PMI at an extraordinary general
meeting to be convened.

Note:

* On terms and in form and substance acceptable to PMI

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As at 11 August 2003, PMI together with Excelton Sdn Bhd
(Excelton) collectively hold 77,915,500 MJB Shares representing
62.37% of the issued and paid-up share capital of MJB. Dato'
Mohd Ibrahim bin Mohd Zain (Dato Ibrahim) and Dr. Ngui Chon Hee,
are common directors of PMI and MJB who holds directly 6,777,500
(5.43%) MJB Shares and 45,000 (0.04%) MJB Shares respectively.
Tan Sri Dato' Dr Khoo Kay Peng (TSDKKP) has a deemed interest of
77,915,500 (62.37%) MJB Shares arising from his interest held in
PMI.

By reason of the common directorships and the direct
shareholdings held in MJB, Dato Ibrahim and Dr Ngui Chon Hee
have abstained and will continue to abstain from all board
deliberations of PMI pertaining to the Offer.

Save as disclosed above and in Tables 2 and 3, and insofar as
PMI is able to ascertain and is aware, none of the other
Directors and substantial shareholders of PMI or any persons
connected to the Directors and/or substantial shareholders have
any interest, direct or indirect, in the Offer.

Tables 1 to 3 can be found at
http://bankrupt.com/misc/TCRAP_MJBTables.doc.

DIRECTORS' STATEMENT

The Directors of PMI are of the opinion that the Offer is in the
long term interest of PMI.

ADVISER

PM Securities has been appointed as the Adviser to PMI for the
Offer.

PM Securities is a 99.99% owned subsidiary of Pan Malaysia
Capital Berhad (PM Capital), a public company listed on the Main
Board of the KLSE. PM Capital is a subsidiary of Pan Malaysia
Holdings Berhad (PM Holdings), a public company listed on the
Main Board of the KLSE, which in turn is a subsidiary of Malayan
United Industries Berhad (MUI), a public company listed on the
Main Board of the KLSE. Presently, MUI is an associated company
of PMI.


METROJAYA BHD: Requests Voluntary Suspension
--------------------------------------------
Metrojaya Berhad had been notified by its Holding Company, Pan
Malaysian Industries Berhad (PMI), that it intends to make a
material announcement on a proposal involving the Company. Upon
receiving the proposal, the Company intends to call for an
emergency Board of Directors' Meeting to consider this proposal.
As such, the Company requests for suspension of trading of its
shares with immediate effect pending its own announcement to the
Exchange.

The request for suspension is under subparagraph 3.1 (a) (iii)
of the Practice Note No 2/2001 on Requests for Suspension.


MYCOM BERHAD: South African Units Enter Subscription Agreement
--------------------------------------------------------------
The Board of Directors of Mycom Berhad announced that Mycom's
64% sub-subsidiary, Kelgran Limited and its wholly-owned
subsidiary, Kelgran Investments (Proprietary) Ltd (KIPL) and JVK
S.r.l., a company incorporated under the laws of Italy (known as
"Newco") has on 10 August 2003 entered into an Agreement to
undertake a proposed subscription of new ordinary shares in and
involving KIPL, whereby Newco will hold at least 51 %
shareholdings in the enlarged share capital of KIPL following
the subscription (Proposed Subscription). Mycom, through its
wholly-owned subsidiary in the Republic of South Africa, Mycom
South Africa (Proprietary) Limited will see its effective
shareholdings in KIPL through Kelgran Limited reduced to 31%
from 64% as a result of the proposed Subscription by Newco in
KIPL.

BACKGROUND

Kelgran Limited (Kelgran), a public company incorporated in
accordance with the laws of the Republic of South Africa (SA) is
listed on the JSE Securities Exchange South Africa (JSE). The
total issued and paid up share capital of Kelgran is
Rand1,880,684 and its principal business is investment holdings.

KIPL, a private limited company also incorporated in accordance
with the laws of the Republic of SA, has an issued and paid-up
share capital of Rand4,000. It is a wholly owned subsidiary of
Kelgran and its principal business is investment holdings.
KIPL's subsidiaries (together with KIPL known as "Kelgran group
of companies") are mainly involved in the businesses of
production and distribution of granite in the Republic of SA.

SALIENT TERMS OF THE AGREEMENT

The Proposed Subscription is undertaken at a subscription price
of Rand1.00 per share plus a share premium of Rand14,924.37 per
new ordinary share in KIPL resulting in KIPL raising an
aggregate subscription amount of Rand60 Million.

The Agreement entered into serves to regulate amongst others,
the terms of the proposed Subscription and the relationship
between Kelgran, KIPL and Newco as well as the relationship
between Kelgran and Newco as Shareholders and between the
Shareholders and KIPL to ensure a successful implementation of
the proposed Subscription. Under the Agreement, both Kelgran and
Newco also grant each other put and call options in respect of
the ordinary shares in KIPL exercisable upon the terms and
conditions stipulated in the Agreement.

RATIONALE FOR THE AGREEMENT

Kelgran is expected to report a loss before tax of approximately
Rand62 Million for the financial year ended 30 June 2003 due to
tough operating environment and the volatile Rand currency.
Kelgran group of companies are thus in need of funds both to
repay its financial creditors and to sustain its going concerns.
The agreement provides an avenue for Newco to bring in fresh
injection of funds to overcome the critical financial
difficulties faced by the Kelgran group of companies. The
Agreement also provides for Newco to grant further working
capital assistance up to an aggregate amount of not less than
Rand20 Million to KIPL subject to certain terms under the
Agreement. In addition, Mycom Group is currently undergoing a
major restructuring scheme and also for exchange control reasons
is unable to provide the necessary funding for Kelgran.

FINANCIAL EFFECTS

The loss on dilution of the shareholdings in KIPL through its
64% stake in Kelgran will be approximately RM6 Million, which
will be reflected in the results for the financial year ending
30 June 2004 for the Mycom Group.

The expected loss on dilution is arrived at after taking into
consideration the estimated loss before tax of Rand62 Million of
the Kelgran Group for the financial year ended 30 June 2003.

The proposed Subscription will also result in a wider net
tangible liabilities of RM6 Million to the Mycom Group and a
loss of 1.6 sen per share for the financial year ending 30 June
2004.

APPROVALS REQUIRED

The Company will, if necessary, obtain the approvals or waivers
from the Malaysian regulatory authorities and its shareholders
in due course.

The proposed Subscription is subject to the approvals and
consents necessary from JSE, the Securities Regulation Panel and
other regulatory bodies in the Republic of SA. The proposed
Subscription is also subject to the approvals of the
shareholders of Kelgran.

DIRECTORS' OPINION

The Directors of Mycom are of the opinion that the proposed
Subscription is in the best interests of the Company to
rationalize and streamline its foreign investments.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders of Mycom and
persons connected to them, has any interest, direct or indirect,
in the proposed Subscription.

INSPECTION OF AGREEMENT

The Agreement is available for inspection at the registered
office of Mycom at Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Mondays to Fridays (except public holidays) for a period of
three (3) months from the date of this announcement


NYLEX (MALAYSIA): SC Approves Proposed Capital Restructuring
------------------------------------------------------------
Nylex (Malaysia) Berhad refers to the announcement dated 24
January 2003 in relation to the proposals to be undertaken by
Tamco, which includes:

   * Proposed Capital Restructuring of Tamco Corporate Holdings
Berhad (Tamco), a wholly-owned subsidiary of Nylex (Malaysia)
Berhad (Nylex)

   * Proposed Placement of up To 35,000,000 ordinary shares of
RM0.50 each in Tamco; and

   * Proposed Listing and Quotation of Tamco on the Mesdaq
Market of the Kuala Lumpur Stock Exchange (Mesdaq Market).

Commerce International Merchant Bankers Berhad, on behalf of
Nylex, wishes to announce that the Securities Commission has,
via its letter dated 8 August 2003 (received on 12 August 2003),
approved the implementation of the Proposed Capital
Restructuring. The Proposed Placement and Proposed MESDAQ
Listing are still currently under the consideration of the Kuala
Lumpur Stock Exchange (KLSE) and SC. The Proposed Capital
Restructuring is not conditional upon the Proposed Placement and
Proposed MESDAQ Listing and is not subject to the approval of
the KLSE.

The approval of the Proposed Capital Restructuring by the SC is
subject to the following conditions:

   1. That CIMB/Tamco is required to disclose in full to the
KLSE that the Proposed Capital Restructuring is to be
implemented ahead of and separately from the Proposed Placement
and Proposed MESDAQ Listing;

   2. That CIMB/Tamco is required to disclose the effects, if
any, resulting from the aforesaid implementation of the Proposed
Capital Restructuring as set out in paragraph 1 above on the
Proposed MESDAQ Listing; and

   3. That CIMB/Tamco is required to comply with the SC's
Policies and Guidelines on Issue/ Offer of Securities (SC
Guidelines), in particular Chapter 14 of the SC Guidelines in
relation to proposals by unlisted public companies.


PAN MALAYSIA: Summary Judgment Against Defendants Obtained
----------------------------------------------------------
Reference is made to the announcement on 6 November 2002, 6
March 2003, 2 May 2003 and 4 July 2003 pertaining to the Kuala
Lumpur High Court, Suit No. D5-22-1723-2002 between PM
Securities Sdn Bhd (PM Sec), a 99.99%-owned subsidiary of the
Company and Chai Chon Mui (1st Defendant), Ling Yew Ung (2nd
Defendant), Wong Hung Sing (3rd Defendant), Sistem Etika Sdn Bhd
(4th Defendant and Tan Sri Dato' Paduka (Dr.) Ting Pek Khiing
(5th Defendant) (collectively referred to as the "Defendants").

Pan Malaysia Capital Berhad informed that PM Sec has obtained
summary judgment against the Defendants on the following:

   (a) that judgment be entered against the Defendants for the
sum of RM55,719,874.11 being the amount due and outstanding as
at 30 June 2002 with interest on the sum of RM32,143,530.54 at
the rate of 18% per annum from 1 July 2002 to the date of full
settlement;

   (b) that the costs of the summary judgment application (the
Application) be taxed and paid to PM Sec by the 1st Defendant,
2nd Defendant, 3rd Defendant and 4th Defendant on a solicitor-
client basis; and

   (c) that the costs of the Application be paid to PM Sec by
the 5th Defendant on an indemnity basis.


PANGLOBAL BERHAD: KLSE OKS Proposed Scheme of Debt Arrangement
--------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Panglobal Berhad, announced that the Kuala Lumpur High Court had
on 12 August 2003 sanctioned the proposed composite scheme of
debt arrangement under Section 176 of the Companies Act, 1965.

The Troubled Company Reporter - Asia Pacific reported last month
that the Securities Commission has approved the extension of the
deadline to implement the Proposals for a period of one (1) year
to 10 June 2004. The Proposals entails Proposed Rights Issue and
Proposed Disposal of Panglobal Insurance Berhad.


PERUSAHAAN OTOMOBIL: Inks Share Exchange Scheme Agreement
---------------------------------------------------------
Perusahaan Otomobil Nasional Berhad (PROTON) refers to the
announcement dated 27 May 2003 in relation to the Proposals,
comprising:

   - Proposed Share Exchange
   - Proposed Listing Transfer
   - Proposed Group Reorganization
   - Proposed Exemptions.

Further to the above announcement and pursuant to the Proposed
Share Exchange, Commerce International Merchant Bankers Berhad,
on behalf of the Board of Directors of PROTON is pleased to
announce that PROTON had, on 12 August 2003 entered into a
Scheme Agreement with Proton Holdings Berhad (Proton Holdings)
for the purpose of undertaking the Proposed Share Exchange.

Proton Holdings is a company which was newly incorporated on 28
July 2003 as a public company limited by shares under the
Companies Act 1965, with an issued and paid-up share capital of
RM2.00 comprising two (2) ordinary shares of RM1.00 each. The
principal activities of Proton Holdings and its subsidiaries are
that of investment holding.

Salient Terms of the Scheme Agreement

The salient terms of the Scheme Agreement are as follows:

   (a) Subject to all conditions precedent being fulfilled and
in consideration of the transfer by all the shareholders of
PROTON of all their issued and fully paid-up shares in PROTON on
a date to be determined and announced later by PROTON, Proton
Holdings agrees to implement the scheme of arrangement pursuant
to Section 176 of the Companies Act, 1965 ("Act") ("Scheme")
between PROTON and its shareholders in accordance with the terms
of the Scheme Agreement;

   (b) Proton Holdings agrees to issue to each shareholder of
PROTON one (1) new ordinary share of RM1.00 each in Proton
Holdings (Proton Holdings Share) for every one (1) ordinary
share of RM1.00 each in PROTON (PROTON Share) held by the
shareholders of PROTON at the close of business on a date to be
determined and announced later by PROTON pursuant to the Scheme;

   (c) The Proton Holdings Shares to be issued pursuant to the
Scheme shall, upon issue and allotment, rank pari passu in all
respects with the existing Proton Holdings Shares;

   (d) The Proton Holdings Shares issued pursuant to the Scheme
shall be credited directly into the respective Central
Depository System (CDS) accounts of the shareholders of PROTON;

   (e) The Scheme shall become effective as soon as an office
copy of the order of the High Court of Malaya approving the
Scheme is lodged with the Companies Commission of Malaysia; and

   (f) Unless the Scheme shall have become effective on or
before twenty four (24) months from 27 May 2003 or such later
date, if any, as PROTON may determine or as may be required by
the High Court of Malaya, the Scheme shall lapse.

Conditions Precedent

The Scheme Agreement and the obligations of PROTON and Proton
Holdings in respect thereof are conditional upon the receipt of
approvals of the following parties:

  (a) the Securities Commission for:

      (i) the Proposed Share Exchange;

      (ii) the Proposed Listing Transfer;

      (iii) the issuance of new Proton Holdings Shares pursuant
to the Proposed Share Exchange;

      (iv) the admission and listing of and quotation for the
entire issued and paid-up share capital of Proton Holdings of
549,213,000 pursuant to the Proposed Listing Transfer on the
Main Board of the KLSE; and

      (v) the Proposed Exemptions;

   (b) the Ministry of International Trade and Industry for the
Proposed Share Exchange and Proposed Group Reorganization;

   (c) the High Court of Malaya for:

      (i) an order that a meeting be held by and among PROTON
and its shareholders to consider, and if thought fit by the
requisite majority of the shareholders, approve the scheme; and

      (ii) its sanction in respect of the Scheme of Arrangement;

   (d) the shareholders of PROTON at a court convened meeting
for the Proposed Share Exchange and extraordinary general
meeting for the Proposals;

   (e) the shareholders of subsidiaries and other investee
companies of PROTON, which are not wholly-owned by PROTON for
the Proposed Group Reorganization and/or Proposed Exemptions (if
required);

   (f) the KLSE for the Proposed Listing Transfer and the
listing of and quotation for the Proton Holdings Shares to be
issued pursuant to the Proposed Share Exchange;

   (g) the creditors of PROTON and/or its subsidiaries and
associated companies, if required;

   (h) any other relevant authorities or parties, if required.

A copy of the Scheme Agreement is available for inspection at
the registered office of HICOM Industrial Estate, Batu Tiga,
40000 Shah Alam, Selangor Darul Ehsan from Monday to Friday
(except for public holidays) during business hours for a period
of three (3) months from the date of announcement.


TAP RESOURCES: Seeks Investigative Audit Report Time Extension
--------------------------------------------------------------
TAP Resources Berhad refers to the announcement on 24 December
2002 wherein Malaysian International Merchant Bankers Berhad
(MIMB) announced the approval by the Securities Commission (SC)
for the Proposals and the conditions imposed by the SC, which
includes amongst others, an investigative audit to be completed
within six (6) months from the date of appointment of the
independent audit firm. As the independent audit firm Messrs BDO
Binder was appointed on 20 February 2003, the investigative
audit report has to be completed by 19 August 2003. The
Proposals entails Proposed Debt Restructuring, Proposed Profit
Guarantee Waiver and Proposed Rights Issue

MIMB, on behalf of the Company, wishes to announce that an
application for extension of time has been submitted to the SC
on 11 August 2003 to extend the deadline from 19 August 2003 to
19 February 2004 for Messrs BDO Binder to complete the
investigative audit report and submit a copy of the
investigative audit report to the SC.

TAP will make the requisite announcement to the Kuala Lumpur
Stock Exchange upon obtaining a decision from the SC.


TECHNOLOGY RESOURCES: Faces Public Reprimand From KLSE
------------------------------------------------------
Kuala Lumpur Stock Exchange KLSE") in consultation with the
Securities Commission (SC), publicly reprimanded Technology
Resources Industries Berhad, a subsidiary company of Celcom
(Malaysia) Berhad (CELCOM), for breaches of the KLSE listing
requirements. Although TRI is no longer listed on the KLSE,
these breaches were committed by TRI whilst it was listed on the
Official List of the KLSE and prior to the assumption of its
listing status by CELCOM. CELCOM was listed in place of TRI on
10 October 2002. TRI had breached the following provisions of
the listing requirements:

(a) Paragraph 2.17 of the KLSE Listing Requirements (LR)

Paragraph 2.17(1) of the LR states that an applicant, a listed
issuer or an adviser or a director of an applicant or a listed
issuer must ensure that any statement, information or document
presented, submitted or disclosed to the Exchange is clear,
unambiguous and accurate; does not contain any material
omission; and is not false or misleading.

(b) Paragraph 6.17 of the LR

Paragraph 6.17(b) of the LR states that a listed issuer must not
fix a books closing date to determine persons entitled to
participate in a rights issue until the approval of the
shareholders in a general meeting in respect of the rights issue
has been obtained.

(c) Paragraph 9.03 of the LR

Paragraph 9.03, in particular Paragraph 9.03(1) of the LR,
states that a listed issuer must make immediate public
disclosure of any material information, except as set out in
paragraph 9.05 of the LR.

(d) Paragraph 9.16 of the LR

Paragraph 9.16(1) of the LR states that the content of a press
or other public announcement is as important as its timing and
in particular Paragraphs 9.16(1)(a) of the LR requires a listed
issuer to ensure that each announcement is factual, clear,
unambiguous, accurate and succinct.

(e) Paragraph 10.08(1) of the LR

Paragraph 10.08(1) of the LR states that a listed issuer must
make an immediate announcement to the Exchange of any related
party transaction.

(f) Section 335 of the Main Board Listing Requirements ("MBLR")

Section 335 of the MBLR states that a listed company is required
to make immediate public disclosure of all material information
concerning its affairs, except in exceptional circumstances.

(g) Section 341 of the MBLR

Section 341 of the MBLR prescribes the contents of announcements
and press releases made by listed companies and in particular
Section 341(1) of the MBLR states that the content of a press or
other public announcement should, be factual, clear and
succinct.

TRI was found to be in breach of the aforesaid provisions as
stated below:

(a) Corporate Exercise of TRI - Restricted Issue, Rights Issue
and Internal Restructuring

TRI has breached Paragraph 2.17(1) of the LR for confirming to
the Exchange via its letter dated 14 February 2002 that all
conditions imposed by the relevant authorities which were
required to be met prior to the listing and quotation of the
proposed restricted issue of up to 724,138,000 new ordinary
shares of RM1.00 each (the Restricted Issue) have been met while
in fact TRI had not complied with one of the conditions imposed
by the relevant authorities, namely the pricing of the
Restricted Issue did not fully comply with the conditions of the
SC's approval.

TRI has also breached Paragraph 6.17(b) of the LR for fixing the
books closing date for the renounceable rights issue of up to
840,907,661 new ordinary shares of RM1.00 each (Rights Issue) at
28 February 2002, when not all the approvals have been obtained
by the Company from its shareholders, in particular the approval
for the capital repayment component of the Internal
Restructuring.

(b) Reward Payment and Loss of Office Payment

TRI has breached Paragraph 9.03, in particular Paragraph 9.03(1)
of the LR for failing to make immediate announcements to the
Exchange for public release in respect of the following:

   * Reward payment of RM11,053,438.34 to Tan Sri Dato' Tajudin
bin Ramli, Bistamam bin Ramli and Dato' Lim Kheng Yew (the Three
Former Directors) on 4 June 2002 for their efforts in organizing
TRI's recapitalisation and reorganization scheme of 2001-2002.
However, the announcement was only made by TRI on 12 September
2002 after a delay of approximately 3 months.

   * The loss of office payment of RM39,837,389 to the Three
Former Directors on 3 July 2002 in relation to the termination
of their respective services with TRI. However, the
announcements were only made by TRI on 20 August 2002 and 28
August 2002, after a delay of 1.5 months.

(c) Related Party Transactions (RPTs) between TRI and its Three
Former Directors

TRI has breached Paragraph 10.08(1) of the LR for failing to
make immediate announcements to the Exchange for public release
in respect of the following RPTs:

   * Tan Sri Dato' Tajudin Bin Ramli had via a letter dated 14
January 2002 agreed to purchase from TRI a Daimler 4.0 LWB (Year
1996) with registration number WFB 33 at its net book value of
RM1.00. However, the announcement was only made by TRI on 2
September 2002.

   * At TRI's Board of Directors meeting held on 3 July 2002,
the Board of Directors, at the request of Encik Bistamam Bin
Ramli, resolved to grant him the option to purchase a Mercedes
Benz E320 (Year 1997) with registration number WFW 383 at its
net book value of RM1.00. However, the announcement was only
made by TRI on 2 September 2002.

   * At TRI's Board of Directors meeting held on 3 July 2002,
the Board of Directors, at the request of Dato' Lim Kheng Yew,
resolved that the corporate membership of the Saujana Golf and
Country Club be transferred to him at no cost or expense other
than the RM1.00 nominal consideration. However, the announcement
was only made by TRI on 2 September 2002.

(d) Financial Results

TRI has breached Paragraph 2.17 and Paragraph 9.16(1), in
particular Paragraph 9.16(1)(a) of the LR and Section 341, in
particular Section 341(1) of the MBLR for failing to ensure that
the announcements and statements in the Annual Report on its
financial results were factual, clear and succinct for the
following financial periods:

   * half yearly report for the period ended 30 June 1999;
   * quarterly reports for the periods ended 30 September 1999,
31 December 1999, 31 March 2000, 30 June 2000, 30 September
2000, 31 December 2000, 31 March 2001, 30 June 2001, 30
September 2001, 31 December 2001, 31 March 2002 and 30 June
2002;
   * Annual Audited Accounts for the financial years ended 31
December 1999, 31 December 2000 and 31 December 2001; and

   * Annual Report for the financial year ended 31 December
2001.

On 12 September 2002, TRI has announced that TRI would make
prior year adjustments to the financial statements aforesaid and
on 17 September 2002, TRI has further announced the details of
the adjustments for the affected financial periods.

(e) Supplemental Agreement entered on 7 February 2002 between
TRI, DeTeAsia Holding GmbH (DTAH), CELCOM and TR International
Ltd (the Supplemental Agreement)

TRI has breached Paragraph 9.03, in particular Paragraph 9.03(1)
of the LR for failing to make an immediate announcement in
respect of the Supplemental Agreement, which contains, amongst
others the following clauses:

   * a clause on "veto" rights where DTAH's prior approval is
required before CELCOM or any of its subsidiaries may undergo or
implement any merger with any person who is not within the
CELCOM group or the TRI group and whose principal business is in
the communications industries; and

   * a buy-out clause.

The announcement in respect of the Supplemental Agreement was
only made on 5 July 2002.

(f) Proposed Debt Settlement Arrangement

TRI has breached Section 335 of the MBLR for failing to make an
immediate announcement in respect of a proposed debt settlement
arrangement resolved by TRI's Board of Directors on 23 February
2000. The Board of Directors of TRI had resolved as follows:

   * To accept the proposal by Tan Sri Dato' Tajudin Bin Ramli
for payment of RM100 million as full and final settlement of his
obligations under a letter of indemnity;

   * TRI would write-off the remaining amount due from Aras
Capital Sdn. Bhd (ARAS) of up to RM185 million and provide for
the same in the accounts of TRI for the financial year ended 31
December 1999;

   * Approval be given for TRI to waive Tan Sri Dato' Tajudin
Bin Ramli's obligation to pay the remaining amount of RM185
million due to Rego Multi-Trades Sdn. Bhd. (REGO) pursuant to
the letter of indemnity;

   * TRI shall proceed to recover all amounts due from ARAS in
respect thereof by whatever means. Should the amount recovered
exceed the amount written off by REGO and/or TRI, approval be
given for TRI to refund such excess to Tan Sri Dato' Tajudin Bin
Ramli up to an amount of RM110 million.

The announcement of the above settlement of debt was only made
to the Exchange by CELCOM, the holding company of TRI for public
release on 11 November 2002, after a delay of approximately 2
years and 9 months.

(3) The public reprimand in respect of the abovementioned
breaches were imposed pursuant to Paragraph 16.17 of the LR and
Section 392 of the MBLR after taking into consideration all the
relevant facts and circumstances of the matter, including the
fact that TRI has previously breached the Exchange's listing
requirements, and after consultation with the SC.

Previous Public Reprimand

On 11 December 1999, TRI was publicly reprimanded and fined
RM100,000 for breach of Section 114 of the MBLR for failing to
make an immediate announcement to the Exchange in respect of the
Withdrawal Agreement entered into on 18 December 1998 by its
wholly owned subsidiary TR U.S.A. Limited to dispose of its
entire 30% equity interest in Teleglobe Mobile Partners for a
total consideration of RM248,795,219 representing 26.6% of TRI's
Group net tangible assets as at 31 December 1997.

CONTACT INFORMATION: Mohamad Azam Ali
        Vice President Manager
        Tel : 603 2071 7406
        Fax : 603 2732 6158
        E-Mail : azam@klse.com.my


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad had on 13 August 2003 been notified by
PB Trustee Services Berhad (the trustee in respect of the
Company's RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable
Secured Convertible Bonds A 1999/2004 and RM275,980,363 Nominal
Value of 5 year 1%-2% Redeemable Secured Convertible Bonds B
1999/2004 (collectively "Bonds")) that they have on 6 August
2003 and 7 August 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Go to http://bankrupt.com/misc/TCRAP_Tongkah0815.doc
for information on the securities disposed.


WIDETECH (MALAYSIA): September 5 AGM Scheduled
----------------------------------------------
The Board of Directors of Widetech (Malaysia) Berhad is pleased
to announce that the Nineteenth Annual General Meeting of the
Company will be held at Hotel Sri Petaling, 30 Jalan Radin Anum,
Bandar Baru Sri Petaling, 57000 Kuala Lumpur on Friday, 5
September 2003 at 9:30 a.m.

The notice of the Annual General Meeting is attached at
http://bankrupt.com/misc/TCRAP_Widetech0815.doc.

Early this month, the Troubled Company Reporter - Asia Pacific
reported that Widetech (Malaysia) Audited Accounts for the
financial year ended 31 March 2003 recorded a Group Loss After
Taxation and Minority Interest (Audited Results) of RM1,611,000.
This represents an increase of RM674,000 or 72% as compared with
the Unaudited Group Loss After Taxation and Minority Interest
(Unaudited Results) of RM937,000, which was announced to the
Exchange on 28 May 2003.


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


ABS-CBN BROADCASTING: Returns to Profit This Year
-------------------------------------------------
ABS-CBN Broadcasting, a unit of Benpres Holdings, reported a net
income of 399 million pesos (US$7 million) in 2003, versus a
loss of 100 million pesos (US$2 million) a year ago, DebtTraders
reports. Gross revenues from airtime and other broadcasting-
related revenues increased by 21 percent to 5,286 million pesos
(US$93 million) from 4,377 million pesos (US$77 million) in the
same period last year on the continued strong recovery in
advertising spending and growth in worldwide subscribers. EBITDA
grew 49 percent to 2,196 million pesos (US$39 million) from
1,501 million pesos (US$26 million). As of June 30, 2003, total
debt was 6,265 million pesos (US$110 million).

ABS-CBN Broadcasting Corporation (ABS-CBN) informed the
Philippine Stock Exchange that on July 25, 2003, the Company and
BNP Paribas signed an agreement for a US dollar term loan
facility in the amount of US$3.6 million, TCR-AP reported
recently. Upon grant of the loan, BNP Paribas shall be
considered a Facility Lender under the Exchangeable Notes
Facility Agreement (ENFA) executed by majority of ABS-CBN's
short-term creditors on September 2002. As such, BNP Paribas
will be subject to the same terms and amortization schedule
under the ENFA. BNP Paribas, together with Standard Chartered
Bank, earlier declared the Company in default for loans worth
US$3.6 million and 100 million pesos, respectively. For the
Standard Chartered loan, Lopez said the company is still trying
to come up with an "acceptable" scheme.


BAYAN TELECOM: Court Stops Creditor Claims Enforcement
------------------------------------------------------
The Pasig City regional trial court has stopped the enforcement
of all claims by unsecured creditors of Bayan Telecommunications
Inc. (Bayantel), AFX Asia reported Thursday. Benpres said the
court has ruled on a petition for the corporate rehabilitation
of its telecommunications unit filed by the Bank of New York.

Bank of New York acted on instructions of some unsecured
bondholders of Bayantel. The court also appointed Conchita
Manabat as rehabilitation receiver. Benpres said it was informed
that Bayantel has yet to obtain a copy of the petition and of
the rehabilitation plan.

Bayantel's unsecured bondholders include Avenue Asia
Investments, L.P., Avenue Asia International Ltd, Avenue Asia
Special Situations Fund II, L.P., Avenue Asia Capital Partners,
L.P., and Van Eck Global Opportunity Masterfund Ltd.

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2668_BPC.pdf


COMMUNITY RURAL: Issues Debt Claim Notice to Creditors
------------------------------------------------------
On March 25, 2003, the Honorable Court, Regional Trial Court of
Iloilo City, Branch 33, approved the Project of Distribution of
the Assets of Community Rural Bank of Leon (Iloilo), Inc. Check
payment for approved claims will be ready for release from the
bank's Deputy Liquidator at the ground floor of PDIC Building,
2228 Chino Roces Avenue (formerly Pasong Tamo St.), Makati City,
starting August 6, 2003 from Monday to Friday, 8:00 a.m. to 5:00
p.m. or you could advise us if you prefer that it would be sent
thru the mail. Claimants who could not come personally are
advised to call telephone no. 841-4000 loc. 4730 or 4731 for
assistance on alternative arrangements for their respective
check payment.


MANILA ELECTRIC: Appoints Jaime Camacho as CIO
----------------------------------------------
Manila Electric Company (Meralco) refers to Circular for Brokers
No. 2566-2003 dated August 5, 2003 pertaining to the appointment
of Mr. Jaime R. Camacho as Chief Information Officer (CIO) of
Manila Electric Company (Meralco) vice Mr. Roberto R. Almazora.

In relation thereto, the Company, through its SEC Form 17-C
dated August 12, 2003, which the Philippine Stock Exchange
received on August 13, 2003, disclosed that:

"Effective August 16, 2003, Mr. Jaime R. Camacho, Vice President
of Manila Electric Company (Meralco) is appointed Acting Chief
Information Officer (CIO) of the COmpany, vice Mr. Roberto R.
Almazora."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2669_MER.pdf


MANILA ELECTRIC: Sees P0.12/kwh Power Rate Cut
----------------------------------------------
Manila Electric Co. (Meralco) expects a power rate cut of P0.12
per kilowatt-hour after its compromise deal with state-owned
National Power Corporation (Napocor) on their 10-year sales
contract, ABS-CBN News reported Thursday, citing Meralco
President Jesus Francisco. Under the terms of the compromise
deal, Meralco will pay Napocor 20 billion pesos to settle their
dispute over power supply. The deal also allows Meralco's
independent power producers to "run at full dispatch."


MONDRAGON INTERNATIONAL: Widens H103 Net Loss to P27.25M
--------------------------------------------------------
Mondragon International Philippines Inc.'s first half net loss
widened to 27.25 million pesos versus a loss of 22.29 million a
year earlier, AFX Asia reports.

Six months to June results:

Revenue - 10.93 million pesos versus 14.89 million
Operating expenses - 38.19 million pesos versus 37.18 million
Net loss - 27.25 million pesos versus loss 22.29 million
Loss per share - 0.0400 pesos versus LPS 0.0327

Three months to June results:

Revenue - 4.37 million pesos versus 7.36 million
Operating expenses - 17.89 million pesos versus 19.009 million
Net loss - 13.52 million pesos versus loss 11.64 million
LPS - 0.0198 pesos versus LPS 0.0171

TCR-AP reported last year that that the casino firm has total
debts of PP7.5 billion, of which P5.3 billion is owed to
creditor banks namely Metropolitan Bank and Trust Co., Far East
Bank and Trust Co., Asian Banking Corp., United Coconut Planters
Bank and Land Bank of the Philippines. It also owes Clark
Development Corp (CDC) P325 million in lease rental fees,
another P82 million to Pagcor and about P23 million to the BIR.


NATIONAL BANK: Picks Ernst & Young as Advisor
---------------------------------------------
Philippine National Bank (PNB) has appointed Ernst & Young Asia
Pacific Financial Solutions as a financial advisor for the
disposal of its non-performing assets (NPA), the Philippine
Daily Inquirer reported Thursday. The bank's NPA total 75
billion pesos, including non-performing loans and acquired
assets. PNB was planning to sell some of the NPA to one or
several third party asset management companies.


RURAL BANK OF NEW LUCENA: Issues Notice to Creditors
----------------------------------------------------
The Philippine Deposit Insurance Corporation, 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.


URBAN BANK: Court Suspends Rafael Bank Governor for Bank Closure
----------------------------------------------------------------
The Court of Appeals has suspended central bank governor Rafael
Buenaventura for one year for ordering the closure of Urban Bank
without due process, the Manila Times newspaper reported, citing
the court's decision. The central bank has yet to issue a
statement. Buenaventura is on leave.

The court also imposed a one-year suspension on deputy governor
Alberto Reyes and three other central bank officials. It said
Urban Bank was denied due process when it was ordered closed a
day after declaring a bank holiday. Export and Industry Bank
have since absorbed Urban Bank.


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


COLOUR TOUCH: Issues Intended Dividend Notice
---------------------------------------------
Colour Touch (S) Pte Ltd. (In Compulsory Liquidation) issued a
notice of intended dividend as follows:

Address of Registered Office: 8 Cross Street #11-00
PWC Building
Singapore 048424.

Court: High Court of Singapore.

Number of Matter: Companies Winding Up No. 253 of 1992.

Last Day for Receiving Proofs: 22nd August 2003.

Name of Liquidator: Michael Lim Choo San.

Address: c/o PricewaterhouseCoopers
8 Cross Street #17-00
PWC Building
Singapore 048424.


INTERFURN SINGAPORE: Issues Winding Up Order Notice
----------------------------------------------------
Interfurn Singapore Pte Ltd. (formerly known as Interfurn
Designs (S) Pte Ltd) issued a notice of winding up order on the
25th day of July 2003.

Name and address of Liquidator: The Official Receiver of

45 Maxwell Road #05-11 & #06-11
The URA Centre, East Wing
Singapore 069118.

HO, WONG & PARTNERS
Solicitors for the Petitioner.


O.R. COMPUTER: Releases Debt Claim Notice to Creditors
------------------------------------------------------
The creditors of O.R. Computer System Pte Ltd. (In Creditors'
Voluntary Liquidation), which is being wound up voluntarily are
required on or before the 22nd day of August 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 Company and, if so
required by notice in writing by the 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.
Dated this 8th day of August 2003.

MICHAEL NG WEI TECK
NEO BAN CHUAN
Liquidators.
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.


OFFICE SHOPPING: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Region Air Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on August 8,
2003 at 10 o'clock in the morning. Polaris Holding Company, a
creditor, whose address is situated at 201 High Ridge Road,
Stamford, Connecticut 06927, U.S.A., filed the petition with the
court on July 11, 2003.

The Petitioners' solicitors are Messrs Wong Partnership of No.
80 Raffles Place #58-01 UOB Plaza 1, 048624, Singapore. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Wong Partnership a notice in
writing not later than twelve o'clock noon of the 7th day of
August 2003.


SIN YUH: Winding Up Petition Set for August 22
----------------------------------------------
The petition to wind up Sin Yuh Industries (PTE) Ltd. is set for
hearing before the High Court of the Republic of Singapore on
August 22, 2003 at 10 o'clock in the morning. Agrotec Interimex
Trading Pte Ltd, a creditor, whose address is situated at No. 63
Hillview Avenue, #09-02A Lam Soon Industrial Building, Singapore
669569, filed the petition with the court on July 29, 2003.

The Petitioners' solicitors are Messrs Lim Ang & Partners of 20
Upper Circular Road, #02-01 The Riverwalk, 058416, Singapore.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Lim Ang & Partners a
notice in writing not later than twelve o'clock noon of the 21st
day of August 2003.


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


ADVANCE PAINT: Discloses ESM No.1/2003 Resolutions
--------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
notified the resolutions of the Board of Directors Meeting No.
3/2003, held on August 11, 2003 on the following important
matters:

   1. Adoption of the Minutes of the Board of Directors meeting
No.2/2003

   2. Unanimous approval to propose to the shareholders' meeting
to appoint one additional director, Mr. Sompakdi   Vatevilai as
to assist the existing Board of Directors to manage the
Company's businesses and issues.

   3. Unanimous approval for propose to the shareholders'
meeting to resolute an appointment of new Audit Committee whose
term shall be 3 years from the date of assignment by the
shareholders' meeting and names are as follow:

      1.Mr. Thirasakdi Nathikanchanalab  Chairman of the Audit
                                         Committee
      2.Mr. Nathee Phanichcheeva         Audit Committee
      3.Mr. Sompakdi Vatevilai           Audit Committee
      4.Mr. Surin Polyasrisawat          Secretary of the Audit
                                         Committee

   4. Unanimous approval to call for the Extraordinary
shareholder's meeting No.1/2003 to be held on Monday September
15, 2003 at 9:00am at the Conference Room of the Company,
Bangpa-In Industrail Estate, 344 Moo2, Klongjik, Bangpa-In
District, Ayuthaya with the following agenda:

   Agenda 1  To approve the Minute of the 2003 General
             Shareholders' meeting
   Agenda 2  To approve the appointment of one additional
             Director, Mr. Sompakdi Vatevilai
   Agenda 3  To approve the appointment of new Audit
             Committee
   Agenda 4  To consider other businesses

   5.  Unanimous approval to attend the No.1/2003 Extraordinary
meeting on August 28, 2003 at 12:00am until the end of the
meeting.


JASMINE INTERNATIONAL: Clarifies Q203 Operation Results
-------------------------------------------------------
Jasmine International Public Company Limited submitted its
reviewed financial statements for the second quarter of 2003,
ending June 30, 2003.  These financial statements have been
reviewed by the company's Audit Committee at the meeting No.
3/2003 held on Wednesday 13, 2003 and approved by the Board of
Directors of Chaengwatana Planner Co., Ltd., the Company's Plan
Administrator at the meeting No. 9/2003 held on Wednesday 13,
2003.

In addition, stated below is the report on the company's
operation results.

For the second quarter of 2003, the company and its subsidiaries
incurred net profit of Bt369 million from operation increasing
Bt1,773 million or 380% compared with net loss of Bt1,404
million in the same period last year.  The reasons are as
follows:

   1. The company and its subsidiaries had total sales at the
amount of Bt1,571 million increasing Bt484 million or 44.52%
from the same quarter last year caused by the increase revenues
received from design, supply and installation the Signaling and
Telecommunications Double Track Railway Project Package ST1 of
the State Railway of Thailand and the Equipment for the
Communication Authority of Thailand SDH System in Bangkok and
vicinity area project Phase II.

   2. The company and its subsidiaries incurred profit (loss) of
Bt122 million from operations.  Breakdown of profit (loss) from
operation is as follows:

     2.1 Acumen Co., Ltd. and its subsidiaries: Bt126 million

     2.2 Jasmine Submarine Telecommunications Co., Ltd. and its
         subsidiaries: Bt75 million

     2.3 Jasmine Telecom Systems Co.,Ltd.: Bt52 million

     2.4 Jasmine International Public Company Limited: Bt(72)
         Million

     2.5 Jasmine International Overseas Co., Ltd. and its
         subsidiaries: Bt(40) million

     2.6 Others: Bt(19) million

     Total: Bt122 Million

   3. The Company and its subsidiaries incurred net profit of
Bt198 million from the foreign exchange rate as a result of the
Baht appreciation against the US Dollar and Japanese Yen.

   4. The company realized profit from its associated companies
at the amount of Bt49 million which partly from TT&T Public
Company Limited.


SAHAMITR PRESSURE: Explains Performance, Projection Variance
------------------------------------------------------------
Reference to Sahamitr Pressure Container Public Co., Ltd.'s
submission of the Rehabilitation Plan in solving causes of being
de-listed as a listed company from the SET and following to the
regulations of the SET regarding rules, conditions and
procedures of listing and delisting (No. 7) notified on 15
January 1997, the Company submitted the second quarter
performance comparing to the financial projection as follows:

              Projection              Actual     Difference from
                                                   projection
              Baht       %        Baht        %      Baht
Net Sales      24,405,000  99.58  294,878,490 99.23 (29,526,510)
Other Revenue   1,366,537   0.42    2,285,875  0.77  919,338
Total Revenue 325,771,537   100   297,164,365  100  (28,607,172)
Cost of Sales 231,570,094  71.08  261,434,539 87.98  29,864,445
Selling and
Admin. Exp.    67,079,352  20.59  51,670,494  17.39 (15,408,858)
Interest
Expenses           65,625   0.02   2,268,136   0.76   2,202,511
Director Fee       30,000   0.01      30,000   0.01      0
Income Tax      5,500,156   1.69        0         0  (5,500,156)
Net Profit
(Loss)         21,526,310   6.61 (18,238,804) (6.14)(39,765,114)

1. Net Sales

In Q2/2003, the Company's domestic sales was 3.85% higher than
the projection whereas export sale was 14.24% lower than the
projection resulting in the Company's total sales of Bt294.88
million which was Bt29.53 million or 9.10% lower than
projection, largely as a result of the following:

     1.1 Both Company's domestic and export sales in unit were
48,431 units or 29.90% and 90,843 units or 24.03% higher than
projection respectively.

     1.2 Despite higher than projection of sales in units, the
average selling price was Bt171.89 per unit lower than
projection. This was primarily a result of lower than projection
in selling price of both domestic and export sales at Bt103.28
and Bt196.72 per unit respectively.

The lower than projection of average selling price are due
largely to the smaller size of product sales.

2. Cost of Sales

The actual cost of sales was Bt261.43 million, Bt29.86 million
or 12.90% higher than the projection at Bt231.57 million due to
the followings:

     2.1 The increasing number of units sold making actual cost
of sales was Bt56.12 million higher than projection.

     2.2 The lower than projection of average selling price per
unit at Bt26.25 million or 11.34%, largely a result from smaller
of sale size than projection.

3. Selling and Administrative Expenses

The actual selling and administration expenses of Bt51.67
million were Bt15.41 million or 22.96% lower than projection.
The causes of different are following:

    3.1 Lower than projection of transportation cost at Bt18.66
million as most of export selling price did not include
transportation cost (FOB).

    3.2 Personal and other expenses was Bt1.08 million lower
than the projection.

    3.3 Reserved for loan repayment at Bt4.33 million as a
guarantor of related company according to Debt Restructuring
Agreement dated 29 June 2001.

4. Interest Expense

Actual interest expenses at Bt2.27 million which was Bt2.20
million higher than the projection as a result of interest
incurred from loan for working capital.

5. Income Tax

The Company had no income tax expenses due to net losses from
operation.

SMPC reviewed quarterly financial statements:

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

            Year      2003        2002          2003        2002

Net profit (loss) (18,239)       8,415       (6,125)       8,668
EPS (baht)        (0.76)        0.35        (0.26)        0.36


SAHAVIRIYA STEEL: Fitch Assigns Bt6B Bonds 'BBB(tha)' Rating
------------------------------------------------------------
Fitch Ratings (Thailand) Limited on Wednesday assigned
Sahaviriya Steel Industries Public Company Limited an expected
Long-term National rating of 'BBB(tha)' for its issue of up to
Bt6.0 billion five-year secured amortizing debentures No.1/2003
due 2008. The Outlook is Stable. The proceeds will be used to
finance its Hot Strip Mill (HSM) expansion and to refinance part
of its existing loans.

SSI is Thailand's first and largest producer of hot-rolled steel
in coils (HRC), used in various industries including automobile,
home appliance, cold-rolled steel, construction, gas cylinder
and steel pipes. The company is part of the Sahaviriya Group, a
leading steel conglomerate in Thailand founded by the
Viriyaprapaikit family, who currently holds a 22% stake in the
company. The company is recovering from the country's 1997
economic crisis and restructured its debts in 1999.

SSI's creditworthiness is based on its dominant position in the
domestic HRC market, as well as its cost competitive advantages,
although it is reliant to some degree on government assistance.
SSI has been the main beneficiary of the Thai government's
industry support measures since early 2002, increasing SSI's
pricing power and domestic demand for its product. The final
anti-dumping measures imposed by the Thai government against 14
countries in May 2003 further boosted SSI's price competitive
advantage against imported HRC. Nonetheless, SSI is still
exposed to the cyclical nature and excess capacity of the global
steel industry, as well as the generally weak pricing power of
steel producers, reflected in the volatile metal spread. Given
the trend of rising slab costs in 2003, local producers have
requested another increase in the regulated maximum domestic
price, which is still pending government approval.

SSI is also highly leveraged and has FX exposure from imported
slab. At end-1H03 its consolidated net debt to annualized EBITDA
ratio strengthened to 3.4x from 4.0x at end-2002 while its
EBITDA to interest expense ratio improved to 5.6x from 5.4x.
Nonetheless, the company's new investments in HSM expansion and
its HRC Pickling and Oiling line (P/O), a value-added product
used mainly for the automotive and home appliance industries,
are likely to increase its financial leverage in 2003/4. On the
other hand, both projects should reduce the volatility of SSI's
metal spread, enhance its EBITDA and reduce its financial
leverage in the medium-term.

The rating of the debentures is enhanced by the security over
SSI's existing land, plant and machinery valued at about
THB15bn, although security enforcement remains problematic in
Thailand. The debentures will share the security with THB8.0bn
new long-term loans from Siam Commercial Bank and Bank of
Ayudhya, equal to a collateral value-to-loan ratio of 107% (i.e.
loan to value ratio of 93%). Key financial covenants of the
debentures include a minimum collateral value-to-loan ratio of
100% prior to 1Q05, which will step up to 125% thereafter, as
well as a maximum debt to equity ratio of 3.0x and restrictions
on dividend payment. SSI shall pledge new HSM equipment of about
THB3.6bn by 1Q05, to comply with the 125% minimum. Under the
security sharing agreement, the debenture holders will share up
to 50% of the pledged security prior to new registration of
security and thereafter rank pari passu.


THAI ELECTRONIC: SET Grants Listed Securities
---------------------------------------------
Starting from 15 August 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Thai Electronic Industry Public
Company Limited (TEIC) to be listed on the SET after finishing
capital increase procedures.

However, TEIC is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of TEIC until the causes of
delisting are eliminated. Anyway, the company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.

   Name    : TEIC
   Issued and Paid up Capital
     Old   : Bt23,310,380 (Common Stock  2,331,038 shares)
     New   : Bt365,335,720 (Common Stock 36,533,572 shares)
   Par Value per share: Bt10
   Allocate to:
     1. Creditors whose debt is settled by mean of conversion
        to equity , total 4,578,862 shares  Price per share Bt10

     2. Shareholders of Premier C E Company Limited by mean
        of SWAP of shares, total 29,623,672 shares
   Price per share: Bt1.69
   Payment date:  10 July 2003


THAI ENGINE: Court OKS Churchill's Resignation as Planner
---------------------------------------------------------
Churchill Pryce Planner Company Limited, the Plan Administrator
of Thai Engine Manufacturing Public Company Limited, has made
every effort to successfully manage the Company with the very
best intentions, over the past 3 years since the Court ordered
the reorganization of the Company, as follows:

     * Helped the Company in preserving its listing status

     * Helped in implementing the advice from the auditor in
resolving outstanding problems that caused the disclaimer of
opinion over the Company's financial statements

     * Helped to improve the Company's financial position, thus
raising their cash balance from approximately Bt1.9 million on
21 April 2000 to approximately Bt9.7 million on 21 July 2003

     * Helped the Company in upholding the employment of all
staff who are willing to work with the Company after
implementing the early retirement program

     * Helped the Company to meet all payroll disbursements,
including the provision of same fringe benefits to employees
every month

     * Helped the Company in reducing the cost of production
through finding alternative source of raw materials of cheaper
price

     * Helped in production planning by reviewing sales orders
prior to production to minimize costs and insure the
availability of market demand and the cash receipts from the
sale of products

     * Helped in the analysis of customers' credit term before
actual sale to improve the collection period

     * Helped the Company in operating the business with working
capital financing although no additional funds from creditors
were provided.

     * Helped the Company in generating cash recovery from the
sale of non-core assets (i.e. unused vehicles).  The Plan
Administrator has also implemented currently under the process
of selling obsolete inventory and transferring land to generate
additional cash recovery for creditors

     * Helped the Company in generating cash recovery from the
collection of non-performing trade receivables which were
outstanding for more than 90 days

    * Helped the Company in repaying debts through the transfer
of non-core assets to the respective secured creditors having
the rights over those non-core assets

    * Helped the Company in making cash repayment to creditors
of AMC I totaling Bt3 million.

Nonetheless, the termination of the License and Technical
Assistance Agreement by Mitsubishi Heavy Industries Company
Limited on February 2001 has severely affected the ability to
generate revenue and repay debts.  As cashflow constraints
tightened, the Plan Administrator has stopped invoicing the Plan
Administrator's professional fee during the past 3 years in
order to maintain sufficient cash for payroll disbursements and
purchase of raw materials to allow continuation of production.

The Plan Administrator has tried to find new Investors who could
provide funds for enhancing the Company's long-term potential
and repay the debts to creditors.  Such efforts materialized
once Jethero International Limited expressed its intention to
purchase the Company's Convertible Debt Instruments and shares
from creditors in full on December 2001. Creditors voted in
favor of an amendment to accept this transaction and the Court
approved the amendment in April 2002.

However, Jethero International Limited could not fulfill the
proposed deal within the specified period in August 2002. Still,
the Plan Administrator realized that other potential investors
existed and continued to seek other good future opportunities.
As such, the efforts to find new investors were ongoing until
Martello who expressed an intention to purchase Company's shares
in December 2002 approached the Plan Administrator.

The Plan Administrator has consistently accommodated any idea
proposed by the Creditors Committee with consideration to the
fact that they are representatives of the Company's creditors in
negotiating with the prospect investor, Martello.  The Plan
Administrator has tried diligently to convince Martello to agree
with the wants of Creditors Committee. Successful negotiations
with Martello during the last 6 months of 2003 are as follows:

     -The Plan Administrator has convinced Martello to agree
with the payment of a Bt45 million Subscription Price in
exchange for 90% shareholdings which represented a significant
improvement from the original proposal of Bt35 million
Subscription Price in exchange for 97.5% shareholdings.

     -Consultations with the Stock Exchange of Thailand to
insure that the implementation of such plan amendments will not
jeopardize the ability to resume trading in the Stock Exchange
of Thailand, all of which to insure those creditors will receive
the benefits derived from their additional capital increase.

     -The selection of a wide range of alternative options
providing maximal future opportunities for AMC I and AMC II will
increase creditors' flexibility and control over its position in
managing such asset management companies.

The outcomes of such negotiations represented the key foundation
for the second Plan Amendment.  The Plan Administrator strongly
believes that the second Plan Amendment is in the best interests
of the Company, its shareholders and creditors. As well, it
provides the greatest possible recovery available to creditors
from the most credible investor opportunity.  With the second
Plan Amendment, the creditors will receive the following
benefits:

     - Unsecured Creditors will obtain direct ownership over all
assets of AMC I & AMC II

     - Unsecured Creditors will achieve direct control over
management of AMC I & AMC II assets

     - Unsecured Creditors will have direct control in
consideration and pursuit of asset recovery

     -Unsecured Creditors directly receive proceeds from any
sale to investors &/or proceeds from assets disposals.

     -Unsecured Creditors of TEM will receive CASH recovery on
sale of TEM' shell company.  Should the Company enter bankruptcy
proceedings, creditors would not receive this recovery.

     -Unsecured Creditors of TEM will receive improvement in
value from shares in a valuable property development company
with significant growth potential.

This second Plan Amendment represented the best available
opportunity at the right time.  Investors from property sector
are looking for opportunities to invest in companies having
benefits in the form of accumulated tax losses since the
property market is currently picking up and property companies
can utilize such tax loss benefits.  The Plan Administrator
believes that if this opportunity is overlooked, the
likelihood of finding a new investor and the value of the
Company's assets will deteriorate over time.

Nonetheless, from the most recent Creditor Committee Meeting,
the Creditor Committee has expressed an opinion which differed
from that of the Plan Administrator and has stated their
confirmation to not vote in favor of this Plan Amendment since
they do not want to recognize losses from an immediate haircut
of the remaining debts under the proposed terms of the Investor.
If the second Plan Amendment failed to gain creditors' support,
the Company has to proceed in accordance with the Amended Plan
dated 4 April 2002 with the major terms and conditions as
follows: the remaining debt will only be forgiven if there is an
affirmative vote equivalent to more than 50% of the votes cast
by creditors holding the remaining debt at the time of the vote
and the AMC II Debt to TEM of Bt9.07 million (which is
equivalent to 30% of the core assets of TEM transferred to AMC
II) shall be transferred pari passu to the creditors of TEM, and
the unsecured debt of AMC II shall remain outstanding. The Plan
Administrator believes that such Amended Plan provided
significantly inferior benefits to creditors than the benefit to
be derived under the proposed second Plan Amendment.

As such, the Plan Administrator believes that this second Plan
Amendment represented the best possible opportunity during the
past 3 years and the Plan Administrator cannot possibly find any
proposal that will better satisfy the Creditor Committee more
than the current Plan Amendment. Thus, the Plan Administrator
cannot continue to implement a plan it believes does not serve
the best interests of the Company, its shareholders and
creditors. On 29 July 2003, the Plan Administrator filed the
petition to the Court to approve the resignation of Churchill
Pryce Planner Co., Ltd. from the position of Plan Administrator
of Thai Engine Manufacturing Public Company Limited.

On 11 August 2003, the Court ordered an approval of the
resignation of Churchill Pryce Planner Co., Ltd. from the
position of Plan Administrator of Thai Engine Manufacturing
Public Company Limited and appointed the Debtor (being the
former management of Thai Engine Manufacturing Public Company
Limited) to act as an interim Plan Administrator. The Official
Receiver will then arrange a creditor meeting to consider and
approve a new Plan Administrator.


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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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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