/raid1/www/Hosts/bankrupt/TCRAP_Public/030818.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, August 18 2003, Vol. 6, No. 162

                         Headlines


A U S T R A L I A

APS (WHOLESALE): Liquidator Faces CALDB Disciplinary Action
ARISTOCRAT LEISURE: Hit by Slow Market; Outlook Still Negative
AUSTAR UNITED: Improves H102 Financial Results
COLES MYER: Reaches $27B Full Year Sales
NEW TEL: Releases Case Profile

STRAITS RESOURCES: Heads of Agreement With Burdekin Terminated
TRANZ RAIL: Releases Monthly Freight Volume Report


C H I N A   &   H O N G  K O N G

JD FOOD: Narrows Operations Loss to HK$21.173M
PARAMOUNT MARK: Hearing of Winding Up Petition Set
SUPER POWER: Faces Winding Up Petition
UNIT INDUSTRIAL: Petition to Wind Up Scheduled
WELLCO TRANSPORTATION: Aug 27 Winding Up Hearing Scheduled


I N D O N E S I A

BANK PERMATA: Revises Business Plan
SEMEN PADANG: Shareholders Resolved Crisis, Says Government


J A P A N

DAIEI INC.: Sales Fall 4% in July
DAIEI INC.: Selling Shinkobe Oriental Hotel by March
FURUKAWA ELECTRIC: S&P Downgrades Rating to 'BBpi'
RESONA HOLDINGS: DIC Currently Holds 68.25% Voting Rights

* Japan Corporate Bankruptcies Fall 23.7% in July


K O R E A

HANARO TELECOM: Board Elects Chang-Bun Yoon as New CEO
HANARO TELECOM: Unveils EGM Proposals
HYUNDAI CORPORATION: Records US$575.11M in First Half Sales
HYUNDAI GROUP: Becomes Target of Foreign Takeover
SK GLOBAL: Falls Under "Issue For Administration" KSE Category


M A L A Y S I A

ABRAR CORP.: Oilcorp Sells Shares as Workout Proposal Compliance
ANCOM BERHAD: August 29 EGM Scheduled
ANCOM BERHAD: Clarifies Shares Percentage on E&O
AUTOINDUSTRIES VENTURES: Director Encik Noordin Sells Shares
BESCORP INDUSTRIES: Obtains Proposed Acquisition Time Extension

C.I. HOLDINGS: SC Grants Proposals Approval
DMIB BERHAD: Proposes Acquisition Settlement Via Offshore Loans
FORESWOOD GROUP: Appoints Richard Chiat as Director
GADANG HOLDINGS: Obtains SC's Nod on Proposals
GADANG HOLDINGS: Proposes Renewal of Shareholders' Mandate

KEMAYAN CORPORATION: Replies KLSE's Writ of Summon Query
MALAYSIAN RESOURCES: Offerors Fixed ICULS, Warrants Offer Prices
MBF CAPITAL: Unit Proposes Land Disposal for Loan Repayment
MTD CAPITAL: MTDR Allows Application Submission Extension
PANGLOBAL BERHAD: Discloses Mining Production Figures

PUNCAK NIAGA: Unit Serves Late Charges Related Writ of Summon
RASHID HUSSAIN: Unit Receives Statement of Claim From Daewoo
RENONG BERHAD: Court Convened Meeting Set on September 6
TA ENTERPRISE: BSSB Seeks SC's Applications Conditions Waiver
WIDETECH (MALAYSIA): EGM Fixed on September 5


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Court OKs Debt Relief
BENPRES HOLDINGS: Posts P43M Income in First Half
MANILA ELECTRIC: Posts Power Supply Contract Progress With IPPs
METRO PACIFIC: Denies Hiring Brokers to Sell Bonifacio Stake
RURAL BANK OF LEON: Issues Notice to Creditors

RURAL BANK OF OLONGAPO: Releases Debt Claim Notice to Creditors


S I N G A P O R E

ATD.COM PTE: Issues Winding Up Order Notice
CHEAP & GOOD: Releases Intended Dividend Notice
HELIXENSE PTE: Enters Winding Up Petition
LYVES & COMPANY: Winding Up Petition Slated For August 15
SPRING-RAIN TRADING: Issues Debt Claim Notice to Creditors


T H A I L A N D

GENERAL ENGINEERING: Explains Bt171M Q203 Sales Revenue
JASMINE INTERNATIONAL: Incurs Bt209M Capital Deficit
JASMINE INTERNATIONAL: SET Suspends Securities Trading
SAHAMITR PRESSURE: Explains Operations Performance Variance
SINO-THAI RESOURCES: Revised DRA Triggers Bt186M Net Profit

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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APS (WHOLESALE): Liquidator Faces CALDB Disciplinary Action
-----------------------------------------------------------
The Companies Auditors and Liquidators Disciplinary Board,
(CALDB) following their referral to the Board by the Australian
Securities and Investments Commission (ASIC), has disciplined Mr
Andrew Stewart Home, an official liquidator and partner of
Spencer & Co.

Mr Home was each 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 APS (Wholesale) Pty Ltd (APS).

On 12 February 1999, the St George Bank as receiver and manager
of APS appointed Mr Home. 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

Mr Home has undertaken not to act as a liquidator, administrator
or receiver until 1 October 2003, apart from his role as the
liquidator of Duke Holdings Limited.

Mr Home undertook that he had resigned all current appointments
except that of Duke Holdings Limited as of 20 July 2003. Duke
Holdings Limited was wound up in 1989 and ASIC accepts that a
change in liquidator would be expensive for the administration.

Mr Home has been ordered to pay ASIC's costs of $20,000.

For the purposes of the proceeding before the CALDB, Mr Home
agreed that he had little involvement in the receiverships of
Irlmond and APS and left the conduct of the receiverships
largely to Mr Beck without supervision, reporting or
intervention.

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


ARISTOCRAT LEISURE: Hit by Slow Market; Outlook Still Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that
Aristocrat Leisure Ltd.'s (BB/Negative/--) poor results for the
six months to June 30, 2003, are a result of the weak
domestic operating environment and significant restructuring
costs in its North and South American businesses. Rising taxes
for operators, caps on machine numbers, the introduction of
smoking bans in venues, and problem gambling initiatives are
impacting Aristocrat's Australian revenues. With Australia being
the primary contributor to group cash flow, Aristocrat
will be challenged in the foreseeable future to replace lower
Australian cash flows with growth in its offshore business.

"Although the company's working capital improved in the first
half of fiscal 2003, Aristocrat's offshore expansion is likely
to further weaken the company's financial profile, with pricing
pressures and growing working capital requirements likely to
affect returns and make meaningful debt reduction difficult to
achieve in the medium term", said credit analyst Andrew Lally,
associate director, Corporate and Infrastructure Ratings.

Furthermore, Aristocrat's liquidity has materially weakened
through reduced free-operating cash flow. The company intends to
syndicate an existing A$200 million revolving bank facility in
fiscal 2003; however, significant one-off charges and a
drop in underlying earnings leaves the syndication dependent on
banker support, and market forces. Liquidity is supported by
A$88.7 million in cash assets at June 30, 2003.


AUSTAR UNITED: Improves H102 Financial Results
----------------------------------------------
Austar United Communication (AUSTAR) on Friday released its half
year results for the period ending 30 June 2003. The results
show that the company's earnings before interest, tax,
depreciation and amortization (EBITDA) continued to improve
for the fifth consecutive quarter. All figures exclude TVSN
results.

Highlights for the half year to 30 June 2003

   * EBITDA of $27.6 million was achieved, representing a $24.4
million improvement from the previous corresponding period.

   * Gross margin contribution increased by 15% to $80.5 million
from $69.8 million.

   * Operating, general and administrative expenses reduced by
21% to $51.0 million, from $64.3 million.

   * Capital expenditure increased by 42% from $22.4 million to
$31.9 million.

   * 407,270 television subscribers were recorded, an increase
of 4,531 from 31 December 2002.

AUSTAR's CEO, Mr John Porter said, "AUSTAR achieved solid
results for the first half, maintaining the momentum set in the
previous half, and providing a platform for continued growth.

"Earnings increased as a result of our fundamental focus on
acquiring more profitable subscribers to our television service,
coupled with continuous operational improvement. In addition,
churn reduced to 1.98% for the half, our lowest ever level, and
we saw an increase in the number of television subscribers to
407,270, up by 4,531 since 31 December 2002," Mr Porter said.

During the first half, AUSTAR sold its stake in TelstraClear for
gross proceeds of $25.0 million. In line with AUSTAR's loan
facility agreement, 65% of the net proceeds from the sale funded
the repayment of bank debt. In addition, the company completed
the simplification of its capital structure and is on track to
finalizing its $75 million rights issue next month.

"In the second half, the company will seek to benefit from the
potential growth opportunities created by its transition to new
satellite arrangements and the likely commencement of Telstra as
a channel to market for the AUSTAR service," Mr Porter said.

Go to http://bankrupt.com/misc/TCRAP_AUN0818.pdffor complete
financial report for the half year ended June 30, 2003,

CONTACT INFORMATION: Deanne Weir
        Group Director, Corporate Development and Legal Affairs
        Austar United Communications
        Telephone: 02 9295 0103 or dweir@austar.com.au


COLES MYER: Reaches $27B Full Year Sales
----------------------------------------
Coles Myer Ltd (CML) announced fourth quarter sales of $6.7
billion, an increase of 7.4%. Sales for full year 2003 were $27
billion, an increase of 6.1% over the previous year.

CML CEO John Fletcher said: "This result demonstrates good
progress against our strategy to be Australia's number one
retailer in all of our brands and provides a strong base to
build upon in FY2004.

"There is every eviance that we have the right team, with the
right strategy starting to deliver the right performance."

   * Food & Liquor sales increased by 6.3% for the fourth
quarter, with full year growth of 5.3%.

Fourth quarter sales growth continued to trend up, despite the
absence of a fuel discount offer and the full impact of our new
initiatives during the period.

   * Kmart and Officeworks combined sales rose by 12.7% for the
fourth quarter, while Target sales were up by 7.1%. Full year
sales grew 11.9% for Kmart and Officeworks and 9.3% for
Target.

These results provide clear eviance that the distinct
positioning of these brands is delivering against our strategy.
The non-food brands' marketing and product offers are well
planned and co-ordinated, as demonstrated by the success of toy
sales in each brand.

   * Sales for Myer Grace Bros and Megamart were up in the
fourth quarter by 5.1% and flat for the full year (down 0.1%).

This improvement reflects building momentum and a strong
Stocktake period. The sales quality continues to improve, in
line with the brand's ongoing turnaround strategy, underpinning
a return to profitability this year.

CML's comparable store sales growth improved 3.2% in the fourth
quarter and by 2.9% over the full year.

"The continued rebuild of the non-food businesses and the new
Food & Liquor initiatives provide the group with a strong
platform for our continued growth as Australia's largest
retailer," Mr Fletcher said.

On June 27, the Troubled Company Reporter - Asia Pacific
reported that the Standard & Poor's Ratings Services downgraded
its long-term corporate credit rating on Coles Myer Ltd. (CML),
and its guaranteed issues and programs, to 'BBB' from 'BBB+',
and the rating on its reset preference shares to 'BB+' from
'BBB-'.


NEW TEL: Releases Case Profile
------------------------------
PricewaterhouseCoopers posted this case profile:

Territory   :  Australia
Company Name:  New Tel Limited
Lead Partner:  Phil Carter
Case Manager:  Phil Priest
Date of Appointment:  13 January 2003
Normal Contact     :  Nicole Chen
Contact Phone No   :  (02) 8266-7603

PricewaterhouseCoopers Office

Location :  Sydney
PO Box   :  GPO Box 2650
Street Address:  201 Sussex St
City     :  SYDNEY
State    :  NSW
Postcode :  1171
DX       :  DX 77 Sydney
Phone    :  (02) 8266 0000
Fax      :  (02) 8266 5820
Appointor:  Optus Mobile Pty Ltd and RSL Com Mobile Pty Ltd
Registered Office of company:  22 Hasler Road Osborne Park WA
                               6017
Company No / CAN          :  009 068 955
Type of Appointment       :  Liquidator
Lead Partner - Full Name  :  Philip Patrick Carter
Second Partner - Full Name:  Gregory Winfield Hall

Case Information (Last Updated 09/07/2003)

First Creditors' Meeting

Date   :  16 December 2002
Time   :  3:00PM (Sydney time)
Address:  Regus Citigroup Centre, Level 39, 2 Park Street,
          Sydney NSW. A viao conference was held at
          12:00noon (Perth time) at PricewaterhouseCoopers,
          Level 19, QV1, 250 St George's Terrace, PERTH WA
Proxy return date:  13 December 2002
Return time      :  4.00PM (Perth time)

Second Creditors' Meeting (or adjournment)

Date   :  13 January 2003
Time   :  2:00 PM (Sydney time)
Address:  PricewaterhouseCoopers Level 10, 201 Sussex Street,
          SYDNEY and by teleconference at
          PricewaterhouseCoopers, Level 19, QVI, 250 St Georges
          Terrace, PERTH (at 11:00 AM Perth time)
Proxy return date:  10 January 2003
Return time      :  5:00 Sydney time
Return time      :  Sydney

Other Key Information

Report as to Affairs received from directors:  The Directors
submitted a Report as to Affairs of the Company on Thursday 2
January 2003.

Dates of trading by insolvency practitioner:  The Company is
continuing to trade under the supervision and control of the
Liquidators until further notice.

Background Information

Phil Carter and Greg Hall of PricewaterhouseCoopers were
appointed joint and several Voluntary Administrators of New Tel
Limited (NTL) on Wednesday 10 December 2002. The appointment was
made by Optus Mobile Pty Ltd and RSL Com Mobile Pty Ltd, which
hold a charge over the whole, or substantially the whole of the
company's property. Subsequently Phil Carter and Greg Hall were
appointed Liquidators of NTL at the second meeting of Creditors
on 13 January 2003.

New Tel Limited is an Australian telecommunications company that
is publicly listed in Australia (ASX: NWL) and the USA (CODE:
NWLL) offering a range of local, national, international and
mobile telephony, data and internet services.

Phil Carter and Geoff Totterdell of PricewaterhouseCoopers'
Perth office have also been appointed as Voluntary
Administrators to two of NTL's subsidiary companies, Cable &
Telecoms Ltd ACN 059 458 374 (on 30 December 2002), and Medic
Vison Ltd ACN 090 992 322 (on 18 December 2002)

Current status of assignment and actions required by creditors

As Liquidators of New Tel it is our key responsibility to ensure
the best possible outcome for the company's creditors. The vast
majority of New Tel's assets are legal actions as opposed to
trading businesses, however the Liquidators will continue the
provision of uninterrupted services to New Tel's customer base
while seeking offers for the Customer base and the
telecommunication assets. Furthermore the Liquidators are
determining a strategy going forward for the collection of
receivables. An evaluation of possible realizations from assets
is contained in the Additional Information for Creditors
distributed at the meeting of creditors on 13 January 2003.

The finalization of employee entitlements is a priority.
Creditors with claims for wages, annual leave and long service
leave should have received their first circular from the
Liquidator setting out the amounts owing per the company
records. Once we have received a response from the majority of
these creditors in relation to these entitlements we will be in
a position to pay undisputed claims. The company records have
not been as clear in respect of claims for superannuation and
redundancy (incorporating payment in lieu of notice and
termination payments) and we are continuing our investigations
into these entitlements. A circular to creditors with claims for
superannuation and redundancy will be sent by the Liquidators
once these entitlements have been determined. More detailed
information can be found in Status of Employee Entitlement
Claims Process.

Creditors and employees should make reference the following
documents on the web site:

   - Report to Creditors pursuant to section 439A of the
Corporations Act (encompassing the administrators opinion)

   - Additional Information for Creditors including the
Administrators analysis/opinion of the BWL proposal

   - Minutes of the 2nd Creditors meeting, held 13 January 2003,
encompassing the resolutions and details of the Committee of
Inspection (not yet available).

Next milestone and estimated timetable

Members of the committee of inspection will be informed in due
course of the first meeting.

Likely outcome for creditors and timetable

Payment of all employee entitlements by end of March 2003
all other creditors unknown at this time. (www.pwcrecovery.com)


STRAITS RESOURCES: Heads of Agreement With Burdekin Terminated
--------------------------------------------------------------
On 6 June 2003, Straits Resources Limited announced that it had
entered into a Heads of Agreement with Burdekin Pacific Limited
(Burdekin) to purchase an 80% share of the Mt Kasi Gold Project
in Fiji, subject to a condition precedent of satisfactory due
diligence by Straits and other matters.

Pursuant to procedures provided for under the Heads of
Agreement, Straits has advised Burdekin that its due diligence
in respect of the Project has not been met to its satisfaction
and accordingly Straits has terminated the Heads of Agreement
with Burdekin.

CONTACT INFORMATION: Mr Milan Jerkovic
        Chief Executive Officer
        Mob: 0418 412 628
        Straits Resources Limited
        Tel: (08) 9480 0500
        Fax: (08) 9480 0516
        www.straits.com.au


TRANZ RAIL: Releases Monthly Freight Volume Report
--------------------------------------------------
In line with the best practice of many publicly listed
international rail companies, Tranz Rail Holdings Limited has
decided to release to the market monthly volume data of traffic
moved on the rail network as well as indicators of its on
time performance.

Each month the company will release the Revenue Tonne Kilometres
(RTK's) for the key business sectors of Intermodal and Bulk
traffic on rail. Our Intermodal traffic sector refers to the
service sensitive sector of the freight market and includes
Import/Export container traffic, its domestic general freight
traffic and Distribution business unit freight moved on
rail. The Bulk traffic sector includes forestry, coal, and other
bulk freight movements such as milk and fertilizer.

In regards to its on time performance, the Company will report
on time arrival performance for all freight trains which are
defined as including Intermodal and Bulk traffic trains.

It is the company's intention to release this information to the
market within two weeks of the close of trading of each calendar
month. For comparative purposes the company will report against
prior year actuals.

In the 2003 financial year, Tranz Rail volumes as measured by
Tonnes carried, were an all time record at 14.8 million tonnes,
up 3.3% over 2002. The previous record was 14.7 million tonnes
in the 2000 financial year.

Tranz Rail also wishes to advise that it intends to release to
the market next week its annual result for the 2003 financial
year.


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C H I N A   &   H O N G  K O N G
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JD FOOD: Narrows Operations Loss to HK$21.173M
----------------------------------------------
Jade Dynasty Food Culture Group Limited posted its financial
announcement summary for the year ended March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                           : 235,133            242,516
Profit/(Loss) from Operations      : (21,173)           (43,672)
Finance cost                       : (2,886)            (5,520)
Share of Profit/(Loss) of
  Associates                       : 0                  0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0
Profit/(Loss) after Tax & MI       : (24,347)           (49,088)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.07)             (0.16)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : 0                  0
Profit/(Loss) after ETD Items      : (24,347)           (49,088)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

In preparing the financial statements, the directors have given
careful consideration to the future liquidity of the Group in
the light of its net current liabilities of approximately
HK$84,218,000 and negative shareholders' funds of approximately
HK$22,145,000 at 31 March 2003.  On the basis that the
substantial shareholder has confirmed his willingness to grant
further financial support to enable the Group to meet in full
its financial obligations as they fall due for the foreseeable
future, the directors have prepared the financial statements on
a going concern basis.

2. LOSS FROM OPERATIONS
                                        2003            2002
                                        HK$'000         HK$'000
Loss from operations has been arrived at after charging:

Deficit on revaluation of leasehold land and buildings
                                        (992)           (1,538)
Impairment loss recognised in respect of property,
  plant and equipment                   (4,136)         (9,442)
Loss on disposal/write-off of property, plant and
  equipment                             (1,032)         (5,132)
                                        =======================

The impairment loss recognised in respect of property, plant and
equipment of HK$4,136,000 (2002: HK$9,442,000) mainly
represented the impairment in respect of furniture, fixtures and
equipment and crockery, utensils, linens and uniforms of certain
restaurants operated by subsidiaries.  The above furniture,
fixtures and equipment and crockery, utensils, linens and
uniforms have been written down to their recoverable amounts
determined by reference to their net selling prices.  Subsequent
to year end, those restaurants have ceased operation.

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the year of HK$24,347,000 (2002: HK$49,088,000) and the
weighted average number of 355,981,504 (2002: 297,622,600)
shares in issue during the year.  Loss per share for both years
has been adjusted for the share subdivision on 7 October 2002.

No diluted loss per share has been presented as the exercise of
the Company's share options would reduce the loss per share.


PARAMOUNT MARK: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Paramount Mark Limited is scheduled for
hearing before the High Court of Hong Kong on September 10, 2003
at 9:30 in the morning.

The petition was filed with the court on July 25, 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.


SUPER POWER: Faces Winding Up Petition
--------------------------------------
The petition to wind up Super Power Hk Investment Limited is
scheduled for hearing before the High Court of Hong Kong on
August 27, 2003 at 9:30 in the morning.

The petition was filed with the court on July 14, 2003 by Yip
Mun Chuen of 8 N Mui Kong Tsuen, Ching Cheung Road, Lai Chi Kok,
Kowloon, Hong Kong.


UNIT INDUSTRIAL: Petition to Wind Up Scheduled
----------------------------------------------
The petition to wind up Unit Industrial (H.K.) Company 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.


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

Chow Chi Wah of Flat B, 8/F., Block 2, Waldorf Garden, Tuen Mun,
New Territories, Hong Kong filed the petition on July 14, 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.


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I N D O N E S I A
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BANK PERMATA: Revises Business Plan
-----------------------------------
PT Bank Permata's management is handing over PT Era Giat Prima's
(Joko Soegiarto Tjandra) case to Indonesia Bank Restructuring
Agency (IBRA) while the bank revises the business plan and
target this year, Bisnis Indonesia reports, quoting Vice
President Director of Bank Permata Chandra Purnama.

"We are still waiting for the instructions from IBRA. The
meeting with IBRA on Thursday didn't decide detailed plans
[following the issuance of MA instruction No.KMA/ 552/VIII/
2003]," Chandra Purnama said, adding that the management was
revising the business plan for 2003.

In the meantime, an unnamed Bisnis source revealed that the
Board of Commissioners mandated several agenda to Directors of
Bank Permata, which were to maintain the restructuring process,
minimize state losses, propose annulment letter to South Jakarta
District Court, asking for the House of Representatives'
approval since the Rp546 billion funds originating in Treasury
bills belonged to the people.

Bank Permata is a merger of five ailing private banks taken over
and recapitalized by the government following the near collapse
of the country's banking industry in the wake of the 1997
monetary crisis.


SEMEN PADANG: Shareholders Resolved Crisis, Says Government
-----------------------------------------------------------
The government restated that the shareholders had resolved the
crisis of PT Semen Padang after it appointed the new directors
and commissioners for the new companies and after the decision
of the provincial court, Bisnis Indonesia reports.

"The problem had been resolved especially after the shareholders
appointed the new board of directors of the company," said Roes
Aryawijaya, a Deputy State Minister of State Owned Company,
commenting that the letter from Cemex Asia Holding Limited to
SOE Minister Laksamana Sukardi urged the government to
intermediate the problem between Semen Padang and Semen Gresik,
its parent company.

If the government failed to resolve the problem, Cemex threat to
bring the problem to the arbitrage even though it would be more
complicated.

Aryawijaya also denied that Cemex had been raising spin-off
problem of Semen Padang from Semen Gresik. "That is another
case," he said.

The Troubled Company Reporter - Asia Pacific reported ratings
agency Pefindo has assigned a 'selective default' rating on the
Company and its Rp600 billion bond issue last August 2001. The
default rating followed unit PT Semen Padang's failure to pay
its Rp200 billion debt to PT Jaminan Sosial  Tenaga Kerja
(Jamsostek) that matured on Aug 15, 2001.


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J A P A N
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DAIEI INC.: Sales Fall 4% in July
---------------------------------
Same-store sales at Daiei Inc. fell 4 percent year-on-year in
July, making it harder for the firm to secure the committed
parent-level current profit of 6 billion yen in the first half
to August, Namnews reported last week. The results may prompt
the struggling retailer to consider additional restructuring
measures, including possible cuts in clerical staff. But the
retail group will not change its full year forecasts as it
expects a recovery in sales in the second half to February.


DAIEI INC.: Selling Shinkobe Oriental Hotel by March
----------------------------------------------------
Daiei Inc. plans to sell Shinkobe Oriental Hotel for about 10
billion yen by March 2004 as part of its debt reduction scheme,
according to Namnews. The struggling supermarket chain operator
has already started negotiations with multiple unnamed
prospective buyers.

Shinkobe Oriental Hotel, located in Kobe, is owned by Daiei
subsidiary Fukuoka Dome Inc. and managed by a Daiei group
Company in Kobe. Daiei intends to sell stock and idle land held
by Fukuoka Dome as well, aiming to raise a total of about 20
billion yen. The retailer also plans to tap 10 billion yen in
cash reserves to reduce its interest-bearing liabilities related
to its businesses in Fukuoka to 90 billion yen from 120 billion.


FURUKAWA ELECTRIC: S&P Downgrades Rating to 'BBpi'
--------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Furukawa Electric Co. Ltd. to 'BBpi' from
'BB+pi', reflecting the Company's deteriorating capital
structure owing to devaluation losses stemming from its optical
fiber solutions (OFS) unit. The downgrade also reflects the
difficulties the Company faces in recovering profitability and
cash flow in a stagnant communications market.

On Aug. 11, 2003, Furukawa Electric announced it would incur an
extraordinary loss of 85.9 billion yen in fiscal 2003 on a
consolidated basis to cover devaluations in fixed assets at its
OFS unit, acquired from Lucent Technologies Inc. in 2001, and
costs for restructuring the segment. It also forecasted
consolidated net losses of 72.9 billion yen.

"Furukawa Electric's capital structure is expected to
deteriorate, with estimated total debt to capital rising to
nearly 70 percent as of the end of March 2004 from 62 percent at
March 2003," said Standard & Poor's credit analyst Masako
Kuwahara.

"The restructuring plan for the OFS unit should mitigate
pressure on profits from the segment to some extent, and the
Company expects the financial effect of the plan to lead to a 10
billion yen increase in profit," Ms. Kuwahara said.

However, there could be further devaluations in the OFS unit's
assets as no upturn is expected in the U.S. communications
industry in 2003 and a significant recovery in 2004 remains
unlikely.

In addition, concerns remain over Furukawa Electric's
performance in the domestic market. Although the Company is
planning to implement structural reforms and cost reductions,
its major customers in the electricity and communications
sectors have been restricting investments.

The rating on Furukawa Electric could be lowered further if its
business results deteriorate beyond expectations during the
current fiscal year, or if the Company is faced with additional
expenses from the OFS unit.


RESONA HOLDINGS: DIC Currently Holds 68.25% Voting Rights
---------------------------------------------------------
The government-backed Deposit Insurance Corporation has become
Resona Holdings Inc.'s largest shareholder with 68.25 percent of
the troubled bank's voting rights, Dow Jones reported recently.
The Japanese government officially announced in June it would
take a majority stake in the country's fifth-largest bank by
buying 1.96 trillion yen worth of its shares. This gives
regulators powerful leverage over the banking group's management
in an effort to resuscitate the lender, which has suffered from
bad loans and dwindling capital.


* Japan Corporate Bankruptcies Fall 23.7% in July
-------------------------------------------------
Japanese corporate bankruptcies plunged 23.7 percent in July
compared to the same month a year ago, marking seven straight
months of decline, Teikoku Databank said Thursday. Corporate
bankruptcies totaled 1,384 in July. Debts left behind by
insolvent companies fell 41.8 percent on-year to US$5.9 billion.

Japan has been struggling to turn around its economy. Some signs
of hope have appeared lately, including rising corporate
investment and improved profits. If recovery in the United
States and elsewhere holds up later this year, Japan is expected
to export itself out of its troubles somewhat, according to the
private credit research Company.


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


HANARO TELECOM: Board Elects Chang-Bun Yoon as New CEO
------------------------------------------------------
Immediately after Hanaro Telecom's Extraordinary General Meeting
(EGM) on August 5, 2003, the Board unanimously elected Mr.
Chang-Bun Yoon as the Company's new Chief Executive Officer
(CEO), Business Wire reports. Mr. Yoon commenced his
responsibilities as Hanaro CEO immediately thereafter.
Previously Mr. Yoon served as the President of the Korea
Information Society Development Institute (KISDI), a leading
think-tank and government research institute for policy
development for the information technology sector in Korea. Mr.
Yoon received his doctorate in Finance from Northwestern
University, his MBA with a concentration in Finance and
International Business from Columbia University, and a
bachelor's degree in Industrial Engineering from Seoul National
University in Korea.


HANARO TELECOM: Unveils EGM Proposals
-------------------------------------
Hanaro Telecom held an Extraordinary Shareholders' Meeting (EGM)
and a Board of Directors Meeting immediately following the EGM
on August 5, 2003. Five items were proposed for approval at the
EGM: 1) Approval of per share price of rights issue below par
value, 2) Approval of new rights issue, 3) Amendment of the
Articles of Incorporation, 4) Appointment of standing director,
and 5) Appointment of non-standing director.

With the exception of item 4, the Company failed to obtain
shareholder approval on the proposed agenda. Through the EGM,
the Company intended a new common shares rights issuance
amounting to KRW 500 billion. The rights issuance was to be in a
form of public offering after initially giving existing
shareholders the right of first refusal. However, by failing to
obtain approval for items 1, 2, and 5 at the Meeting, the
proposed new rights issue has been cancelled.

Hanaro Telecom Inc. will issue 300 billion won ($253 million) in
commercial paper (CP) to help grapple with a short-term credit
crunch, TCR-AP reported recently. The Company currently has
total liabilities of 1.7 trillion won, and has to pay back 390
billion won worth of those debts, including bonds with warrants
worth 120 billion won, during the remainder of this year. The
bonds with warrants worth 120 billion won mature August 22,
suggesting that Hanaro will experience a severe short-term
credit crunch unless it secures fresh funds.


HYUNDAI CORPORATION: Records US$575.11M in First Half Sales
-----------------------------------------------------------
Hyundai Corporation posted 677.4 billion won (US$575.11 million)
in sales and a net loss of 225.1 billion won in the first half
of this year, Asia Pulse reported Thursday. The general trader
also recorded an operating loss of 56.3 billion won during the
six-month period. The firm attributed the red-ink figures to an
allotment of 176 billion won for bad credit, including 43
billion won it had in Iraq, 40 billion won from losses arising
from its investment portfolio and an allotment of 6.4 billion
won for uncollected credit.


HYUNDAI GROUP: Becomes Target of Foreign Takeover
-------------------------------------------------
There is some speculation that Hyundai Group has become the
target of a foreign takeover as international investors have
started to accumulate Hyundai stocks following the suicide of
owner Chung Mong-hun, the Korea Times said on Thursday. The
speculation gained credence as foreign investors aggressively
bought shares in Hyundai Elevator, the de facto holding Company
for the group.

The Hyundai Group said it has enough shares to defend Hyundai
Elevator from any type of outside takeover bid and believes it
can protect management control. Overseas investors have net
purchased Hyundai Elevator shares over the last five trading
sessions, increasing their stake to 11.21 percent as of
Wednesday. Taking over Hyundai Elevator could mean taking
control of other affiliates within Hyundai Group as the Company
has a 15.16 percent stake in Hyundai Merchant Marine.


SK GLOBAL: Falls Under "Issue For Administration" KSE Category
--------------------------------------------------------------
Samil Accounting Corporation, SK Global Corporation's auditor,
issued a disclaimer of opinion on the semi-annual audit report
for the scandal-ridden firm, JoongAng Daily reported on Friday.
The issuance of such a disclaimer puts firms listed on Korea's
stock markets in a category called "Issue For Administration",
which is in essence a warning that the Company's stocks could be
delisted from an exchange if the situation is not corrected. SK
Global, after revelations of massive account-book-rigging
earlier this year, is already an issue for administration.
Samil's audit said SK Global had losses of 3.78 trillion won
($3.2 billion) in the first half. Those were mainly one-time
losses from bad debts.


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


ABRAR CORP.: Oilcorp Sells Shares as Workout Proposal Compliance
----------------------------------------------------------------
Oilcorp Berhad wishes to inform that it had disposed of its
entire shareholding in Abrar Corporation Berhad (Special
Administrators Appointed) (ACB) for a nominal consideration of
RM1.00 to Primiavis Jaya Sdn Bhd, a company established as
special purpose vehicle for the purpose of facilitating the
implementation of the Workout Proposal.

The Workout Proposal of Abrar Corporation Berhad involves
the following:

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

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

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

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

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

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

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

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

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

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

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

   (ix) Liquidation of ABRAR.


ANCOM BERHAD: August 29 EGM Scheduled
-------------------------------------
The Board of Ancom Berhad wishes to announce that an
Extraordinary General Meeting of the Company will be held on
Friday, 29 August 2003 at 10:00 in the morning at Junior
Ballroom I, Level 2, Hotel Nikko Kuala Lumpur, 165 Jalan Ampang,
50450 Kuala Lumpur.

The Notice of Extraordinary General Meeting is attached at
http://bankrupt.com/misc/TCRAP_Ancom0818.doc.


ANCOM BERHAD: Clarifies Shares Percentage on E&O
------------------------------------------------
Ancom Berhad refers to the announcement made on 8 August 2003
under Reference No. AA-030808-61745 in relation to the Purchase
of Shares in Eastern & Oriental Berhad (E&O).

Ancom Berhad clarified that the number of ordinary stock units
held by Ancom Berhad before the Purchase is 21,603,552 (not
21,603,550) ordinary stock units and the total number of
Warrants 2001/2011 held is 3,273,000 (not 3,275,000) Warrants.

The total number of ordinary stock units in E&O held by Ancom
Berhad after the Purchase is 46,605,552 (not 46,603,550). There
is no change in the percentage of ordinary stock units held
after the Purchase as announced.

On July 14, the Troubled Company Reporter - Asia Pacific
reported that proposes to undertake a reorganization of its
subsidiaries. Go to
http://bankrupt.com/misc/TCRAP_Ancom0714.doc,for further
details on the Proposed Reorganization.


AUTOINDUSTRIES VENTURES: Director Encik Noordin Sells Shares
------------------------------------------------------------
Pursuant to Paragraph 14.08 (a) of the Kuala Lumpur Stock
Exchange (KLSE) Listing Requirements, this is to notify you of
the intention of Encik Syed Ahmad Badiuzaman Bin Syed Noordin,
the Director of the Company to deal in the Company's securities
(Ordinary Shares) during the closed period.

In accordance with Paragraph 14.08(c) of the KLSE Listing
Requirements, the said Director will inform KLSE on the details
of his dealings within one (1) full trading day after the
transaction.

Presently, Encik Syed Ahmad Badiuzaman Bin Syed Noordin does not
have any shares registered in his name nor any indirect interest
in the shares of Autoindustries Ventures Berhad. He has disposed
of his shares in AIV as follows:

   Date of dealing: 13 August 2003
   Consideration of dealing: RM0.69 per share
   Number of shares disposed: 2,854,130 ordinary shares of
                              RM1.00 each
   Percentage of issued share capital of AIV: 7.14%

On March 19, the Troubled Company Reporter - Asia Pacific
reported the position of the Group in respect of its default in
payments in the month of March, 2003 amounts RM14,616,064.04.


BESCORP INDUSTRIES: Obtains Proposed Acquisition Time Extension
---------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
refers to the announcement made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 2 July
2003 in relation to the Corporate Proposals, comprising:

   - Proposed Share Split;
   - Proposed Share Exchange;
   - Proposed Cash Payment;
   - Proposed Capitalization;
   - Proposed Conversion of Advances;
   - Proposed Restricted Offer for Sale/Private Placement;
   - Proposed Transfer of Listing;
   - Proposed Exemption; and
   - Proposed Liquidation.

On behalf of BIB, CIMB wishes to announce that WCT Engineering
Berhad (WCT) had on 13 August 2003 informed the Company that
pursuant to the terms and conditions of the conditional share
sale agreement (SSA) entered into between WCT Land Sdn Bhd
(formerly known as WCT Realty Sdn Bhd) (WCTL) and MTD Realty Sdn
Bhd, a wholly-owned subsidiary of MTD Capital Bhd dated 2 July
2003 in relation to the proposed acquisition of 2,500,000
ordinary shares of RM1.00 each in Labur Bina Sdn Bhd (LBSB),
representing the balance 50% equity interest in LBSB, not
already owned by WCTL, for a total cash consideration of
RM48,900,000 (Proposed Acquisition), WCTL must apply to the
Securities Commission (SC) and Foreign Investment Committee
(FIC) for their respective approvals in relation to the Proposed
Acquisition within 30 business days of the date of the SSA.

On behalf of BIB, CIMB wishes to announce that WCT had also
informed the Company that MTDR had on 13 August 2003 agreed to
an extension of time of 2 weeks from 12 August 2003 for WCTL to
submit the application to the SC and FIC for their respective
approvals in relation to the Proposed Acquisition.


C.I. HOLDINGS: SC Grants Proposals Approval
-------------------------------------------
C. I. Holdings Berhad refers to the announcements made on behalf
of CIH on 20 December 2002, 14 March 2003, 11 June 2003, 16 July
2003 and 13 August 2003 in relation to 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 (SC) has,
via its letter dated 12 August 2003, approved the following:

   (i) Proposals; and

   (ii) listing of and quotation for the following:

      (a) Rights Shares and Warrants to be issued pursuant to
the Proposed CIH Rights Issue;

      (b) new ordinary shares of RM1.00 each in CIH to be issued
upon the exercise of the Warrants; and

      (c) Settlement Shares to be issued pursuant to the
Proposed Debt Settlement.

Based on the disclosure made in the application to the SC, the
utilization of proceeds expected to be raised pursuant to the
Proposed CIH Rights Issue will be utilized for the purpose of
the core business of CIH and its subsidiaries (CIH Group),
details as set out in Table 1 at
http://bankrupt.com/misc/TCRAP_CI0818.doc.

The utilization of proceeds pursuant to the Proposed CIH Rights
Issue is subject to the following conditions:

   (i) approval of the SC for any change in the utilization of
proceeds if the change involves utilization for a purpose other
than the core business of the CIH Group;

   (ii) approval of the shareholders of CIH must be obtained for
any deviation of twenty-five percent (25%) or more from the
original utilization. If the deviation is less than twenty-five
percent (25%), appropriate disclosure is required to be made to
the shareholders of CIH;

   (iii) purpose and period of utilization must be disclosed in
detail in the prospectus. Any extension of time from the time
frame set by CIH for the utilization of proceeds must be
approved by a clear resolution by the Board of Directors of CIH
and must be disclosed in full to the Kuala Lumpur Stock Exchange
(KLSE); and

   (iv) appropriate disclosure regarding the status of
utilization of proceeds must be made in the respective quarterly
and annual reports of CIH until the said proceeds have been
fully utilized.

The approval of the SC is subject to the following conditions:

   (i) CIH is required to provide a written undertaking that it
will fully comply with all the terms and conditions as set out
in the license agreements with PepsiCo, Inc., The Concentrate
Manufacturing Company of Ireland and Stokely-Van Camp, Inc.
(License Agreements) and CIH will diligently seek renewal of the
License Agreements in the future;

   (ii) CIH is require to make full disclosure in the
prospectus/circular to the shareholders of CIH on the following:

     (a) basis and justification in arriving at the
consideration for the Proposed CIE Disposal and the comparison
of the said consideration with the valuation of other companies
within the same industry/activity;

     (b) basis and justification in arriving at the
considerations for the Proposed 51% Permanis Acquisition and
Proposed Pep Bottlers Acquisition, the rationale for the
acquisition of these companies, and the comparison of the said
considerations with the valuation of other companies within the
same industry/activity;

     (c) entire episode on the acquisition of the ordinary
shares of RM1.00 each in KFC Holdings (Malaysia) Berhad (KFCH)
(KFCH Shares) which resulted in the loss incurred by CIH of
approximately RM200 million; and

     (d) risks relating to the following:

       (aa) soft drinks market and prospects of Permanis Sdn
Bhd; and

       (bb) possibility of non-renewal or removal of the License
Agreements;

CIH is also required to disclose the steps undertaken to
mitigate the abovementioned risks;

     (e) removal of the restrictive covenant in the
International Franchise Agreement dated 17 February 2003 in
relation to any direct or indirect acquisition by any person or
entity acting in concert of more than fifteen percent (15%) of
the voting shares of KFCH/Pizza Hut Holdings (Malaysia) Sdn Bhd
and/or CIH prior to implementation proposed reorganization
scheme which involves KFCH, Ayamas Food Corporation Berhad and
CIH; and

     (f) compliance with all the relevant requirements in
relation to the Proposals in accordance with the SC's Policies
and Guidelines on Issue/Offer of Securities (SC Guidelines).

The SC has also approved the waivers from the SC Guidelines on
the following:

   (i) fixing of the issue price of the Rights Shares, the
exercise price of the Warrants and the issue price of the
Settlement Shares in line with the revised SC Guidelines
effective 1 May 2003; and

   (ii) asset/business/interests to be injected into a company
listed on the Main Board of KLSE is required to generate profits
and have an uninterrupted profit track record for the past two
(2) consecutive financial years.

CIMB and CIH are required to furnish a written confirmation in
relation to the compliance with all the terms and conditions
imposed on the approval granted as set out above.

In addition, as the SC processed the application to the Foreign
Investment Committee (FIC), the abovementioned approval of the
SC would also include the approval of the SC on behalf of the
FIC.


DMIB BERHAD: Proposes Acquisition Settlement Via Offshore Loans
---------------------------------------------------------------
DMIB BERHAD refers to the announcement dated 28 January 2003,
made on behalf of DMIB, pertaining to the approval by the
Securities Commission (SC) for the Proposed Reorganization of
the Corporate Structure and Businesses of DMIB (Proposed
Reorganization Scheme).

The SC had, via its letter dated 24 January 2003, approved the
Proposed Reorganization Scheme subject to, inter-alia, DMIB/Sime
Engineering Services Berhad (SES) furnishing the SC with a
written undertaking that they will use their best endeavors to
obtain all outstanding relevant building approvals and
certificates of fitness for the buildings located on the lands
and registration of a lease agreement and lease in the title
(details of which were set out in the Explanatory Statement-cum-
Circular to DMIB stockholders dated 31 March 2003) within six
(6) months from the date of the SC's approval letter. Both DMIB
and SES had, via their letters dated 13 March 2003, furnished
the requisite written undertakings to the SC. The deadline for
fulfillment of the above undertakings expired on 23 July 2003.

Currently, save for the following, all the building
approvals/documentation required by the SC in respect of the
abovementioned condition had been obtained:

Alliance Merchant Bank Berhad (Alliance), on behalf of DMIB, is
pleased to announce that the SC had, via its letter dated 4
August 2003, approved the Company's application for an extension
of time of nine (9) months from 24 July 2003 to obtain the
outstanding approvals/documentation.

Alliance, on behalf of DMIB, is also pleased to announce that
Bank Negara Malaysia (BNM) had, via its letter dated 11 August
2003, approved the mode of settlement for the acquisition of the
companies incorporated offshore which forms part of the Proposed
Acquisition of New Businesses which will be by way of offshore
loans.


FORESWOOD GROUP: Appoints Richard Chiat as Director
---------------------------------------------------
Foreswood Group Berhad posted this Change in Boardroom Notice:

Date of change : 14/08/2003
Type of change : Appointment
Designation    : Director
Directorate    : Independent & Non Executive
Name           : RICHARD WEE LIANG HUAT @ RICHARD WEE LIANG
                 CHIAT
Age            : 44
Nationality    : Malaysian
Qualifications : Diploma in Management Development from Asia
Institute of Management, Manila, Philippines in 1981 and is a
member of the Malaysian Institute of Management since 1985.

Working experience and occupation  : He has been appointed as
the Managing Director of EOX Group Berhad since 1986. Since
jointing the Eox Group Berhad in 1981 as acting General Manager.
He has been actively involved in the Group's affairs, which
include administration. He is also the Director of Tai Sin
Electric Cable Manufacturer Ltd., a public listed company in
Singapore. He also sits on the Board of all the subsidiaries of
EOX Group Berhad.

Directorship of public companies (if any) : Eox Group Berhad;
and Tai Sin Electric Cable Manufacturer Ltd. in Singapore.
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : He is not a substantial shareholder.

Last month, the Troubled Company Reporter - Asia Pacific
reported that as part and parcel of the Company's regularization
plan, the Board of Directors of the Company has deliberated and
proposed to undertake Proposed Corporate Debt Restructuring
Scheme. Go to http://bankrupt.com/misc/TCRAP_Foreswood0724.doc
for further details of the Proposed Corporate Debt Restructuring
Scheme.


GADANG HOLDINGS: Obtains SC's Nod on Proposals
----------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Gadang Holdings
Berhad, announced that the Securities Commission (SC) had via
its letter dated 11 August 2003 (received on 13 August 2003)
approved the Proposals, as proposed, as follows:

   (1) Proposed issuance of 35,000,000 of RM1.00 nominal value
of Irredeemable Convertible Unsecured Loan Stocks 2003/2008
(ICULS) at 100% of the nominal value with a coupon rate of 2.0%
per annum to Danaharta Managers Sdn. Bhd. (DMSB) on the basis of
RM1.00 nominal value of ICULS for every RM1.00 nominal value of
debt owing to DMSB;

   (2) Proposed issuance of 23,770,000 of RM1.00 nominal value
of Redeemable Secured Loan Stocks 2003/2008 (RSLS) at 100% of
the nominal value with a coupon rate of 3.0% per annum to DMSB
on the basis of RM1.00 nominal value of RSLS for every RM1.00
nominal value of debt owing to DMSB;

   (3) Proposed issuance of 3,000,000 of RM1.00 nominal value of
ICULS At 100% of the nominal value with a coupon rate of 2.0%
per annum to Aseambankers on the basis of RM1.00 nominal value
of ICULS for every RM1.00 nominal value of debt owing to
Aseambankers; and

   (4) Proposed listing and quotation of the ICULS and new
ordinary shares pursuant to the conversion of the said ICULS on
the Kuala Lumpur Stock Exchange.

The approval from the SC is subject to the following conditions:

   (i) Aseambankers/Gadang is required to submit the circular to
shareholders of Gadang to the SC for their review;

   (ii) Aseambankers/Gadang is required to issue a prospectus
for the ICULS issuance and the said prospectus must be submitted
to the SC for their perusal and registration;

   (iii) Aseambankers/Gadang is required to obtain the prior
approval of the SC for any changes made to the terms and
conditions of the ICULS and RSLS;

   (iv) Gadang is required to disclose in full the financial
effects arising from the issuance of the ICULS and RSLS in the
circular to shareholders of Gadang and the prospectus;

   (v) Full compliance with the requirements as stated under the
SC Policies and Guidelines on the Offering of Private Debt
Securities in respect of the implementation of the Proposals;

   (vi) Prior to the issuance of the ICULS and RSLS, Gadang is
required to submit to the SC the following:

     (a) Form FMF/JPB (Facility Maintenance File) for the RSLS;

     (b) Date, period and size of the ICULS issuance; and

     (c) A certified true copy of the executed Trust Deed for
the ICULS.

and

   (vii) Aseambankers is required to declare in writing together
with a completed checklist that all the terms and conditions
imposed have been complied with after the Proposals are
completed.


GADANG HOLDINGS: Proposes Renewal of Shareholders' Mandate
----------------------------------------------------------
The Board of Directors of Gadang Holdings Berhad wishes to
announce that the Company intends to seek shareholders' approval
on the proposed renewal of the shareholders' mandate for
existing recurrent related party transactions and proposed new
mandate for additional recurrent related party transactions of a
revenue or trading nature (Proposal).

Shareholders' approval for the above Proposal will be sought at
the forthcoming Annual General Meeting (AGM) of the Company to
be convened at a later date. The Circular setting out the
details of the Proposal together with the Notice of the AGM will
be issued to the shareholders in due course.


KEMAYAN CORPORATION: Replies KLSE's Writ of Summon Query
--------------------------------------------------------
Kemayan Corporation Bhd, in reply to Query Letter by Kuala
Lumpur Stock Exchange reference ID: NM-030813-40279 in relation
to the Writ Of Summons No: D6-22-1157-2003 filed by Southern
Bank Berhad, informed that the financial and operation impact on
the Group is not expected to be significant as the amount owing
has been provided for in the Company's account. Hence, no
further material expected loss to the Group is anticipated.

KLSE's Query Letter content:

We refer to your announcement dated 12 August 2003 in respect of
the aforesaid matter.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

   1) Financial and operational impact on the group, if any,
arising from the writ of summons.

Yours faithfully,
WAN RAHIEL HJ WAN RAMLI
Assistant Manager
Listing Operations
IS/WSW/NMA


MALAYSIAN RESOURCES: Offerors Fixed ICULS, Warrants Offer Prices
----------------------------------------------------------------
Malaysian Resources Corporation Berhad refers to the Fixing of
Offer Prices for Media Prima Berhad (MPB) 5-Year 2% Irredeemable
Convertible Unsecured Loan Stocks 2003/2008 (ICULS) and 5-Year
Warrants 2003/2008 (Warrants) pursuant to the Restricted Offers
for Sale of MPB ICULS and MPB Warrants (ROS) pursuant to the
Proposed Corporate Restructuring Scheme (Corporate Proposals).

On behalf of Malaysian Resources Corporation Berhad and Gabungan
Kesturi Sdn Bhd, being the offerors of the MPB ICULS and MPB
Warrants (Offerors) respectively pursuant to the ROS, AmMerchant
Bank Berhad wishes to announce that the Offerors have fixed the
offer prices for the MPB ICULS and MPB Warrants at RM1.00 per
RM1.00 nominal amount of MPB ICULS and RM0.10 per MPB Warrants
respectively.

The Corporation Proposals entails:

   (a) The Share Sale Agreement between MRCB and Profitune Sdn
Bhd (Newco), the company identified to assume the listing status
of Sistem Televisyen Malaysia Berhad (TV3) pursuant to the
Corporate Proposals, for the proposed transfer of MRCB's entire
43.5 percent equity interest in New Straits Times Press (M)
Berhad to Newco for a total consideration of RM338.2 million to
be satisfied by the issuance of new ordinary shares and
Irredeemable Convertible Unsecured Loan Stocks in Newco as well
as an undertaking by Newco to provide a put option to MRCB's
secured lenders under the Proposed MRCB Debt Settlement.

Newco was incorporated on 27 November 2000 with an authorized
share capital of RM100,000.00 comprising 100,000 ordinary shares
of RM1.00 each, of which of 2 shares have been issued and fully
paid-up and are held by MRCB. The directors of Newco are Abdul
Rahman Ahmad and Shahril Ridza Ridzuan.

   (b) The Share Subscription Agreement between MRCB and Newco
whereby MRCB agrees to subscribe for 77.3 million new Newco
ordinary shares of RM1.00 each at an issue price of RM1.10 per
Newco share for a total cash consideration of RM85.0 million;

   (c) The agreement in relation to the proposed Schemes of
Arrangement between MRCB, TV3 and Newco to document the
agreement of the parties to use their respective endeavors to
implement the Corporate Proposals.


MBF CAPITAL: Unit Proposes Land Disposal for Loan Repayment
-----------------------------------------------------------
MBf Capital Berhad informed that its wholly-owned subsidiary,
MBf Leasing Sdn Bhd (MBfL) has on 14 August 2003 entered into an
Agreement and Supplemental Agreement with Interpile (M) Sdn Bhd
(ISB) for the Proposed Disposal of a portion of land measuring
approximately 13,655 square meters and forming part of the land
held under (HS (D) 48952, PT No. 5195 Puchong, Mukim and
District of Petaling, State of Selangor, measuring approximately
70.0 acres in area (Land) for a cash consideration of RM7.5
million.

The consideration was arrived at on a willing buyer and willing
seller basis.

Information on MBfL

MBfL is a leasing and hire purchase company incorporated in
Malaysia on 17 March 1964 under the Companies Act, 1965. The
authorized and paid-up share capital is RM60,000,000 and
RM2,400,000 respectively.

Information on ISB

ISB is a company incorporated in Malaysia on 24 January 1983
under the Companies Act, 1965. It is currently a dormant
company. The authorized and paid-up share capital is
RM1,000,000.

Rationale for the Disposal

The Disposal is undertaken as it would help the generation of
cash for the operations of MBfL as well as repayment of the
Secured Term Loan under its Scheme of Arrangement.

Financial Effect of the Disposal

The Disposal has no material effects on the earnings and net
tangible asset of MBfC Group for the financial year ending 31
December 2003. However, the disposal is expected to give a gain
of RM200,325.

Approval Required

The Disposal is not subject to the shareholders of MBfC and the
relevant authorities.

Directors' and Substantial Shareholders' Interest

None of the directors, substantial shareholders and/or person
connected to the directors and/or substantial shareholders, has
any direct or indirect interest in the Disposal.

Directors' Recommendation

The Board of MBfC, having considered all aspects of the
Disposal, is of the opinion that the Disposal is in the best
interest of the Company and the terms and conditions are fair
and reasonable.

Documents for Inspection

The Agreement and the Supplemental Agreement between MBfL and
ISB may be inspected at the registered office of MBfC at Block
B1, Level 9, Pusat Dagang Setia Jaya (Leisure Commerce Square),
No. 9 Jalan PJS 8/9, 46150 Petaling Jaya, Selangor Darul Ehsan
within fourteen (14) days from the date of this announcement
pertaining to the Disposal.


MTD CAPITAL: MTDR Allows Application Submission Extension
---------------------------------------------------------
MTD Capital Berhad refers to the announcement dated 2 July 2003
in relation to the Proposed Disposal of 2,500,000 Ordinary
Shares of RM1.00 Each by MTD Realty Sdn Bhd (MTDR), a wholly-
owned subsidiary of MTD, representing 50% of the entire issued
and paid-up share capital of Labur Bina Sdn Bhd, to WCT Land Sdn
Bhd (formerly known as WCT Realty Sdn Bhd) (WCTL), a wholly-
owned subsidiary of WCT Engineering Bhd, for a total cash
consideration of RM48,900,000 (Proposed Disposal).

Pursuant to Clause 2.2 (a) of the terms and conditions of the
share sale agreement dated 2 July 2003 (SSA) entered into
between WCTL and MTDR, WCTL must within 30 business days from
the date of the SSA apply to the Foreign Investment Committee
and Securities Commission for their respective approvals
(Applications).

MTD announced that MTDR on 13 August 2003 agreed to allow for an
extension of two weeks from 12 August 2003 for WCTL to submit
the Applications.


PANGLOBAL BERHAD: Discloses Mining Production Figures
-----------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of July 2003 was 32,179.18mt.

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


PUNCAK NIAGA: Unit Serves Late Charges Related Writ of Summon
-------------------------------------------------------------
Puncak Niaga Holdings Berhad informed that its wholly owned
subsidiary, Puncak Niaga (M) Sdn Bhd (PNSB) was served with a
Writ of Summons by CGE Utilities (M) Sdn Bhd (314890-D) [CGE] on
12 August 2003 for the sum of RM84,466,976.08 allegedly due to
CGE as at 6 June 2003 for works carried out under the Operation
and Maintenance Sub-Contract dated 31 May 1995, late interest
charges as at 31 December 2002 and other costs.

In this respect, PNSB is disputing this claim and will engage a
firm of solicitors to advise on the best course of action to be
taken to defend this action.

The Company will make further announcement on the matter to the
Exchange in a timely manner, as and when appropriate, in line
with the Exchange's Corporate Disclosure Policy.


RASHID HUSSAIN: Unit Receives Statement of Claim From Daewoo
------------------------------------------------------------
Rashid Hussain Berhad (RHB) informed that a Writ of Summons and
Statement of Claim was served on RHB-DAEWOO Sdn Bhd (RHB-
DAEWOO), an 80% owned subsidiary of RHB on 12 August 2003 by
Daewoo Engineering & Construction Co. Ltd (Plaintiff) for claims
in relation to the construction and completion of the proposed
Bandar Wawasan Development. The overall amount claimed by the
Plaintiff is RM60,339,057.29 together with interest and cost.

RHB-DAEWOO has instructed its lawyers to defend the claim and to
examine the possibility of a counterclaim.

COMPANY PROFILE

The Company is principally an investment holding company and its
major subsidiaries are involved in commercial banking, merchant
banking, offshore banking, finance company business, offshore
trust services, general insurance, leasing, unit trust
management, property investment and management and the
securities and asset management business. Commercial banking,
however, contributes the major portion of the Group's revenue.
Between 1996 and 1999, the Group undertook several mergers and
acquisitions, which involved the acquisition of Kwong Yik Bank
Bhd and Sime Bank Berhad.

On 23 April 2001, RHB announced that it has received approvals
from the Minister of Finance via Bank Negara Malaysia (BNM) to
enter into negotiations with UBG Banking Group Berhad (UBG) for
the purpose of merging the RHB and UBG banking groups.
Negotiations are on-going.

With respect to the proposed group restructuring scheme
announced in September 2000, RHB is reviewing the proposal as
part of the proposed merger between the RHB and UBG banking
groups.

CONTACT INFORMATION: 9th Floor RHB 1
                     424 Jalan Tun Razak
                     50400 Kuala Lumpur
                     PO Box 12699, 50786 Kuala Lumpur
                     Tel : 03-9852233
                     Fax : 03-9855522


RENONG BERHAD: Court Convened Meeting Set on September 6
--------------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad wishes to announce the following Notice of Court
Convened Meeting pertaining to the Proposed Scheme of
Arrangement:

NOTICE IS HEREBY GIVEN that by an Order of the High Court under
section 176 of the Companies Act, 1965 given on 2 June 2003 in
respect of the above matter, the High Court has directed that a
meeting (the Meeting) be convened for the shareholders of Renong
Berhad (Company No. 90894-P) (the Company) for the purpose of
considering and, if thought fit, approving (with or without
modification) the following resolution:

"THAT subject to the sanction of the High Court of Malaya and
the approval of any other relevant authority, approval be and is
hereby given for the implementation of the Proposed Scheme of
Arrangement (Proposed SOA) proposed to be made pursuant to
Sections 60, 64, 176 and 178 and other sections of the Companies
Act, 1965, between United Engineers (Malaysia) Berhad, the
Company, the shareholders of the Company and Global Converge
Sdn. Bhd., as set out in Appendix VIII (including all sub-
paragraphs therein) of the Explanatory Statement and Circular
which has been circulated with the Notice convening this meeting
AND THAT the Directors be and are hereby authorized to do all
such acts, deeds and things as are necessary to give full effect
to and to complete the Proposed SOA with full power to assent to
any conditions, modifications, variations and/or amendments as
the Directors may, in their absolute discretion, deem fit and
expedient in the best interests of the Company."

The Meeting will be held at Nusantara Ballroom, 2nd Floor,
Sheraton Imperial, Jalan Sultan Ismail, 50250 Kuala Lumpur on
Saturday, 6 September 2003 at 9:30 a.m., at which place and time
all the aforesaid shareholders are requested to attend.
A copy of the Explanatory Statement and Circular dated 15 August
2003 (with the Proposed SOA enclosed therein) required to be
furnished pursuant to Section 177 of the Companies Act, 1965 has
been circulated to the shareholders of Renong Berhad on 15
August 2003. Further copies of the Explanatory Statement and
Circular (with the Proposed SOA enclosed therein) may be
obtained from the registered office of the Company situated at
2nd Floor, Bangunan MCOBA, 42, Jalan Syed Putra, 50460 Kuala
Lumpur on any working day except Saturday between 9.00 a.m. and
5:00 p.m.

The shareholders may vote in person at the said Meeting or they
may, subject to the provisions of the Companies Act, 1965,
appoint a proxy or proxies, whether a member of the Company or
not, to attend and to vote on a poll instead of him. A Form of
Proxy is enclosed in the aforesaid Explanatory Statement and
Circular.

It is requested that forms appointing proxies be lodged with the
Share Registrars' office, Signet Share Registration Services Sdn
Bhd, situated at 11th Floor, Tower Block, Kompleks Antarabangsa,
Jalan Sultan Ismail 50250 Kuala Lumpur not less than forty eight
(48) hours before the time appointed for the said Meeting. By
the said Order, the Court has appointed Dato' Izham Mahmud (NRIC
No. 410111-09-5017) or failing him, Datuk Oh Chong Peng (NRIC
No. 440712-07-5115), to act as the Chairman of the said Meeting
and has directed the said Chairman to report the results thereof
to the Court.

The said Proposed SOA will be subject to the approval of the
High Court.


TA ENTERPRISE: BSSB Seeks SC's Applications Conditions Waiver
-------------------------------------------------------------
TA Enterprise Berhad refers to the announcements dated 9 July
2003 and 11 August 2003 concerning the Company's appeal to the
Securities Commission (SC) seeking modification/waiver of
certain conditions imposed on Botly Securities Sdn Bhd (BSSB), A
wholly owned subsidiary of TAE pertaining to the following
applications:

   - Proposed Acquisitions by BSSB of the stockbroking
businesses of

     1. Borneo Securities Sdn Bhd (Borneo)
     2. Kota Bharu Securities Sdn Bhd (KBS)
     3. Ta Securities Berhad (TAS)

   - Proposed Conversion of the stockbroking businesses of
Borneo, KBS and TAS into branch offices of BBSB

   - Proposed Relocation of the stockbroking business of BBSB
from Ipoh to Kuala Lumpur

   - Application by Botly to attain the Universal Broker (UB)
Status

   - Proposed Opening of additional branch offices by BSSB at
Johor Bahru, Kota Kinabalu, Kuching and Seremban.

Further to the above, the Board of Directors of TAE wishes to
announce that BSSB submitted on Thursday a fresh appeal to the
relevant authorities seeking exemption/waiver of the following
conditions imposed by the SC:

   1. That Datuk Tony Tiah Thee Kian provide a written
declaration to the SC on the respective shareholdings in TAE
(being the shareholder of BSSB) in which he and persons
connected with him are holding, whether beneficial or otherwise
and whether directly or indirectly, including details of such
shareholdings, before BSSB can commence operations as a UB.

   2. That Datuk Tony Tiah Thee Kian and persons connected to
him shall reduce their shareholding in TAE collectively to not
more than 20% before BSSB can commence operations as a UB.


WIDETECH (MALAYSIA): EGM Fixed on September 5
---------------------------------------------
The Board of Directors of Widetech (Malaysia) Berhad is pleased
to announce that an Extraordinary 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 immediately upon the conclusion of the Nineteenth Annual
General Meeting of the Company which has been scheduled at 9:30
a.m. on even date.

Go to http://bankrupt.com/misc/TCRAP_Widetech0818.docto see a
copy of the Extraordinary General Meeting Notice.

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
=====================


BAYAN TELECOMMUNICATIONS: Court OKs Debt Relief
-----------------------------------------------
The Pasig Regional Trial Court (RTC) has ordered a freeze on the
payment of the outstanding debts of Bayan Telecommunications
Inc. (BayanTel) while a viable and acceptable rehabilitation
plan is being hammered out, the Philippine Star reported on
Friday. This as the Bank of New York, acting upon the
instructions of some secured bondholders of BayanTel, filed a
petition for rehabilitation with the RTC.

The bondholders included Avenue Asia Investments LP., 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. The court order, among other
matters, stayed the enforcement of all claims and actions
against BayanTel. The court also appointed Conchita Manabat a
former President of the Financial Executives Institute of the
Phils. (Finex), as rehabilitation receiver. Her task is to draft
a feasible rehabilitation plan to ensure the orderly settlement
of BayanTel's debt and the improvement of the firm's financial
condition.

BayanTel's parent Company, Benpres Holdings Corp., said it has
yet to secure a copy of the petition and of the rehabilitation
plan.

DebtTraders reports that Bayan Telecommunications, Inc.'s
13.500% bond due in 2006 (BAYA06PHA1) trades between 18 and 22.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHA1


BENPRES HOLDINGS: Posts P43M Income in First Half
-------------------------------------------------
Benpres Holdings Corporation posted a net income of 43 million
pesos in the first half of this year, versus a net loss of 80
million pesos a year earlier, Business World said on Friday. In
a report submitted to the Philippine Stock Exchange (PSE),
Benpres attributed the turnaround to the performance of media
unit ABS-CBN Broadcasting Corp. and power generation unit First
Philippine Holdings Corp. (FPHC)

Benpres recorded revenues of PhP4.15 billion during the first
half versus PhP838 million in the same period last year.
Burdened by almost $552 million in debts, Benpres has been
trying to sell of its "non-core assets" outside media and power
to raise cash. These assets include its stake in a construction
Company and a property development Company.


MANILA ELECTRIC: Posts Power Supply Contract Progress With IPPs
---------------------------------------------------------------
Manila Electric Co. (Meralco) announced that Mr. Margarito B.
Teves, a member of the Board of Directors of Meralco and
Chairman of the Independent Board Review Committee, will make an
announcement on the progress of the renegotiation of the power
supply contracts which Meralco ha with its Independent Power
Producers (IPPs). The 3-man committee consists of Mr. Teves, who
sits on the Meralco Board as a government representative, and
Directors Carlos G. Dominguez and Emilio A. Vicens. Mr. Teves
will announce that the proposed renegotiation terms could result
in immediate savings of over P10 billion on consumers
(approximately P0.15 per kilowatt-hour). Total concessions
obtained from First Gas Power Corporation (FGPC) and Quezon
Power Philippines Limited (QPPL) could amount to over P44
billion over the duration of the contracts.

There are still some pending issues that need to be resolved
between the parties, but at this point, the concessions obtained
from MERALCO IPPs are significant and at least as valuable as
those obtained by the National Power Corporation (NPC) from its
IPPs. As soon as the remaining issues are settled, Meralco and
its aforementioned IPPs will proceed to formalize the terms of
the renegotiated agreements.

We will make the appropriate disclosure as soon as the parties
could execute the renegotiated agreements.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2684_MER.pdf


METRO PACIFIC: Denies Hiring Brokers to Sell Bonifacio Stake
------------------------------------------------------------
Metro Pacific Corporation (MPC) Thursday denied allegations that
it had engaged and paid commissions to brokers or agents to
assist in the sale of its controlling interest in Bonifacio Land
Co. (BLC) to the Ayala-Greenfield Group in December, according
to ABS-CBN News. Metro Pacific emphasized that the only outside
advisors that were tapped for the BLC transaction were CLSA
Exchange Capital, its exclusive financial advisor, and Picazo
Buco Tan Fider and Santos Law Offices as its local legal
advisor. It added that the deal was conducted in accordance with
all applicable laws and regulations. Metro Pacific sold off its
stake in BLC, the private sector group spearheading the
development of former military camp Fort Bonifacio, to retire a
hefty debt obligation to parent Company First Pacific Co. Ltd.


RURAL BANK OF LEON: Issues Notice to Creditors
----------------------------------------------
Please take notice that 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 we send it 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.

Philippine Deposit Insurance Corporation
Liquidator


RURAL BANK OF OLONGAPO: Releases Debt Claim Notice to Creditors
---------------------------------------------------------------
Please take notice that on May 26, 2003, the Honorable Court,
Regional Trial Court of Olongapo City, Branch 73, approved the
Project of Distribution of the Assets of Rural Bank of Olongapo
(Zambales), Inc.  Check payments for approved claims will be
released starting on August 6, 2003 from Monday to Friday, 8
a.m. to 5 p.m. at the Claims Settlement Department, Ground Floor
of PDIC Building, 2228 Chino Roces Avenue (formerly Pasong Tamo
St.) Makati City.

For inquiries and assistance, creditors/claimants may contact
Ms. Noela C. Minoza at Telephone No. (02) 841-4730.

Philippine Deposit Insurance Corporation
Liquidator


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


ATD.COM PTE: Issues Winding Up Order Notice
-------------------------------------------
Atd.Com Pte Ltd issued a notice of winding up order made on the
1st day August 2003.

Name and address of Liquidator: The Official Receiver

The URA Center (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Messrs RAJAH & TANN
Solicitors for the Petitioner.
No. 4 Battery Road #15-01
Bank of China Building
Singapore 049908.


CHEAP & GOOD: Releases Intended Dividend Notice
-----------------------------------------------
Cheap & Good Trading Pte Ltd (In Liquidation) issued an intended
dividend notice as follows:

Address of Registered Office: c/o 10 Collyer Quay #21-01, Ocean
Building Singapore 049315.

Court: High Court of Singapore.

Number of Matter: 207 of 1998.

Last day of receiving proofs: 22nd August 2003.

Name of Liquidator: Ong Yew Huat.

Address: 10 Collyer Quay #21-01, Ocean Building,
Singapore 049315.


HELIXENSE PTE: Enters Winding Up Petition
-----------------------------------------
The petition to wind up Helixense Pte Ltd. is set for hearing
before the High Court of the Republic of Singapore on August 15,
2003 at 10 o'clock in the morning. Joshy George, a creditor,
whose address is situated at Block 1, Normanton Park #14-55,
Singapore 118998, filed the petition with the court on July 24,
2003. The Petitioner's Solicitors are Messrs Ong Tan & Nair of
101 Cecil Street #08-05, Tong Eng Building, Singapore 069533.


LYVES & COMPANY: Winding Up Petition Slated For August 15
---------------------------------------------------------
The petition to wind up Lyves & Company Pte Ltd is set for
hearing before the High Court of the Republic of Singapore on
August 15, 2003 at 10 o'clock in the morning. The Ascott Group
Limited (formerly known as Scotts Holdings Limited, a creditor,
whose address is situated at 8 Shenton Way, #13-01, Temasek
Tower, Singapore 068811, filed the petition with the court on
July 18, 2003. The Petitioners' solicitors are Messrs Rodyk &
Davidson of 80 Raffles Place, #33-00, UOB Plaza 1, Singapore
048624.


SPRING-RAIN TRADING: Issues Debt Claim Notice to Creditors
----------------------------------------------------------
The creditors of Spring-Rain Trading Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 9th day of September 2003 to send in
their names and addresses and particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidators of the said Company and if
so required by notice in writing from the said Liquidators are
by their solicitors or personally to come in and prove the said
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.

TAN CHOON CHYE
LOW nee TAN LENG FONG (Mrs)
TAN SHOU CHIEH
Liquidators.

c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road #12-01 & #12-11
Golden Mile Tower
Singapore 199589.


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


GENERAL ENGINEERING: Explains Bt171M Q203 Sales Revenue
-------------------------------------------------------
General Engineering Public Company Limited, in reference to its
Financial Statement for Quarter 2/2003 ended as of June 30,
2003, which has been verified by the auditor of the company,
explains the profit for Quarter 2/2003 as follows:

   1.  For the 2nd Quarter of 2003 the net sales revenue of the
company amounted to Bt171.00 million, which the net sales
turnover amounted to Bt102.97 million, by 66.07 percent. However
in the 2nd Quarter of 2003 the cost of sales and service of the
company amounted to Bt146.22 million which represents 89.54
percent of the sales turnover, whereas in the 2nd Quarter of
2003 the cost of sales and services amounted to Bt87.63 million
which represents 88.12 percent of the sales turnover.  This is
because of increasing in sales and expenses are decreased.

   2.  The company's interest in the profit and loss of its
associated and subsidiary companies amounts in  the total
Bt0.065 million in the 2nd Quarter which the details as follow:

                                           Million baht
                Quarter 2nd           Quarter 1st - Quarter 2nd
                  2003         2002           2003          2002
Subsidiary company   0.072    (0.016)    0.228        (0.265)
Associated company  (0.007)   (0.002)   (0.012)       (0.022)
Total                0.065    (0.018)    0.216        (0.243)

   3.  Total asset of the company and subsidiaries as at June
30, 2003 amounted to Bt380.49 million and Bt331.08 million as at
December 31, 2002.


JASMINE INTERNATIONAL: Incurs Bt209M Capital Deficit
----------------------------------------------------
Pursuant to the disclaimer of opinion made on August 8, 2003 by
the Auditor on the consolidated financial statements as of June
30, 2003 of Jasmine International Public Company Limited (the
Company) and its subsidiaries, the Company provided with the
following information:

The going-concern business is that the Company and its
subsidiary, Jasmine International Overseas Company Limited
(JIOC), defaulted on the debt repayments under the Debt
Restructuring Agreement. The Company and its subsidiary have
incurred capital deficit amounting to approximately Bt209
million and current liabilities approximately Bt2,837 million in
excess.


JASMINE INTERNATIONAL: SET Suspends Securities Trading
------------------------------------------------------
Jasmine International Public Company Limited (JASMIN) has
publicly submitted the SET its reviewed financial statements for
the second quarter ending 30 June 2003. Since its auditors was
unable to reach any conclusion on its financial statements, it
can be considered that the numbers (indicating the financial
status and operating results of the company presented in  its
financial statements) did not reflect the actual position of
the company and the Securities and Exchange Commission (SEC)
probably issues instructions that it is obliged to amend its
financial statements.

The SET has posted "SP" sign for suspended trading on its
securities on 14 August 2003  to enable shareholders and general
investors to have sufficient time to scrutinize auditors'
reports relating to the results in financial statements,
including the company's clarification.

The SET will later grant permission to continue trading its
securities and also post "NP" sign from 15 August 2003 until
such time as the company will submit its amended financial
statements or there are conclusions that it is not necessary to
amend its financial statements.


SAHAMITR PRESSURE: Explains Operations Performance Variance
-----------------------------------------------------------
Sahamitr Pressure Container Public Company Limited posted the
following reasons for the variation of its operating performance
for the six-month period ended June 30, 2003 compared to the
same period of prior year.

   1. Sales was increased due to the expansion of its export
market base resultant in 54% export sales increase.  Pricing
factor hasn't been much changed however still plays a major role
in world market competition.

   2. Total revenues was increased due to the sales increase as
described in No. 1

   3. Cost of sales was increased in respects to the sales
whereas cost of raw materials has been slightly increased
according to general business condition.

   4. Operating expenses were increased mainly due to the
reservation of potential bad debts from loan granted to a
related company as a guarantor, which is mostly complied to the
contract elements of debt restructuring plan.

   5. Interest expenses in Profit & Loss Statement were
increased due to the undertaking of new loans to clear some
portion of debts prior due date and of the new working capital.

As to the actual interest expenses resultant from the debt-
restructuring plan of this period total Bt10.52 million and the
same period of prior year total Bt15.46 million, is debited in
total debts of the Balance Sheet in order to conform to the
Generally Accepted Accounting Principles.  The decrease of
actual interest expenses is caused by debts clearing prior due
date, debts repayment by due date resultant in less principal.
Too the market interest rate has been lowered.

   6. In Q1/2003, the company has gained total Bt7 million from
debt repurchase when clearing some portion of debts prior due
date and the creditor has managed to undergo haircut in favor of
the company.


SINO-THAI RESOURCES: Revised DRA Triggers Bt186M Net Profit
-----------------------------------------------------------
Sino-Thai Resources Development Public Company Limited, in
reference to the Reviewed Financial Statements for six-month
periods ended June 30, 2003, advised that performance showed in
six-month periods of 2003 report represented net profit Bt186.62
million comparing to net loss of Bt11.52 million in the six-
month periods of 2002. The Company's performance increases by
Bt198.13 million or is equal to 1719.88%.

The main reasons of differences in the Company's performance was
that the Company had signed the Revised Debt Restructuring
Agreement with the Bank (a creditor) on March 27, 2003 which was
revised from the Debt Restructuring Agreement on November 4,
1999 and the debt of Bt186 million and accrued interest of
Bt53.8 million had been paid off.

With aforementioned factor, the Company's performance for the
six-month periods of year 2003 was report profit from asset
transferring of Bt87.9 million and profit from debt
restructuring of Bt108.6 million and loss on diminution in value
of assets Bt8.2 million.

STRD's reviewed quarterly financial statement:

Reviewed             Ending  June 30 (In thousands)

Quarter 2                      For 6 Months

Year                  2003        2002         2003        2002

Net profit (loss)  (2,140)     (7,396)      186,616   (11,516)
EPS (baht)         (0.15)      (0.57)        13.80       (0.89)


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

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