TCRAP_Public/030820.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

            Wednesday, August 20 2003, Vol. 6, No. 164

                         Headlines

A U S T R A L I A

ASHBURTON MINERALS: Discloses General Meeting Results
ASHBURTON MINERALS: Prospectus Closing Date Extended to Aug 26
BRAMBLES INDUS.: US Court Re-Affirms CHEP's Pallets Ownership
COMMSOFT GROUP: Deed of Company Arrangement Effectuated
MAYNE GROUP: Mosman Private Hospital Sale Completed

NATIONAL FORGE: PwC Discloses Case Profile
POWERTEL LIMITED: TVG Takeover Offer Goes Unconditional


C H I N A   &   H O N G  K O N G

BILLION LIGHT: Winding Up Sought by Bank of China
DANON ASIA: Sept 24 Winding Up Petition Hearing Set
DYNAMIC GLOBAL: Directors Retire
CATHAY INTERNATIONAL: S&P Withdraws 'CCC' Rating
HK CONSTRUCTION: Shares Acquisition Media Report Untrue

JIN RONG: Faces Winding Up Petition
KWONG SANG: Incurs Operations Loss of HK$9.9M
SK GLOBAL: Hearing of Winding Up Petition Set
TAITAI PHARMACEUTICAL: Xinhua Cuts LT Credit Ratings BB+(pi)
WUI LUEN: Winding Up Petition Pending


I N D O N E S I A

BANK PERMATA: Government Claims Bank Problem Has Solutions


J A P A N

HAC KIMISAWA: JCR Affirms BBB Rating
MARUBENI CORPORATION: Moody's Withdraws Euro MTN Program Rating


K O R E A

ASIANA AIRLINES: Reaches Tentative Agreement With Union
DAEWOO MOTOR: GM May Acquire Bupyeong Plant by 2005
HANARO TELECOM: Pushes to Issue Bonds Worth US$169M
KIA MOTORS: Union Continues Walkout This Week
SK GLOBAL: CEO Steps Down to Speed Up Restructuring

SK GLOBAL: Creditors Nominate New Management Team
SK GLOBAL: Requests KPMG's Employment as Financial Advisors
SK GLOBAL: Seeks to Employ Ordinary Course Professionals


M A L A Y S I A

ANCOM BERHAD: Voluntarily Liquidates Inactive Subsidiaries
BESCORP INDUSTRIES: Revises Proposed Conversion of Advances
HIAP AIK: Defaulted ICULS Status Remains Unchanged
KAMUNTING CORPORATION: FIC OKs Proposed Corporate Exercise
KEMAYAN CORP.: Restructuring Scheme Waiver Application Pending

KRETAM HOLDINGS: Discloses Production Figures
OILCORP BERHAD: Creditors' Agent Selling Shares
SEAL INCORPORATED: Proposed JV Duly Passed at EGM
SITT TATT: Seeks Proposals Implementation Time Extension
SUNWAY CONSTRUCTION: Proposes Fund Raising Exercise

TAI WAH: Resolutions Approved at Court Convened Meeting
UCP RESOURCES: Appeals Proposed Debt Settlement Revision to SC
UNITED ENGINEERS: SC Approves Intria's Proposals Application


P H I L I P P I N E S

INTERNATIONAL CONTAINER: SEC Clears Firm on Disclosure Case
KUOK PHILIPPINE: Narrows 1H03 Net Loss to P107M
MANILA ELECTRIC: Starts Refunding 567,000 Customers
MINDANAO SAVINGS: Issues Creditors Notice
PHILIPPINE LONG: Pays P16M Franchise Tax to Davao City


S I N G A P O R E

BURLY ENTERPRISE: Petition to Wind Up Pending
MARLEX MARKETING: Places Firm Under Judicial Management
NAGANO DYNAMICS: Issues Intended Dividend Notice
LIEF INTERNATIONAL: Releases Intended Dividend Notice
SPORTS PRODUCTS: Issues Winding Up Order Notice


T H A I L A N D

CHRISTIANI & NIELSEN: Explains Q203 Operating Results Variance
CHRISTIANI & NIELSEN: Posts Q203 Auditor's Disclaimer of Opinion
EASTERN WIRE: H103 Revenue Narrows to Bt1.43M
JASMINE INTERNATIONAL: SET Lifts Suspension Sign
NATIONAL FERTILIZER: Incurs Bt946M Q203 Net Loss

THAI PETROCHEMICAL: Q203 Financial Statement Submission Delayed

* SEC Requires Financial Statements Amendment
* SET Suspends Companies for F/S Disclosure Failure

     -  -  -  -  -  -  -  -


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A U S T R A L I A
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ASHBURTON MINERALS: Discloses General Meeting Results
-----------------------------------------------------
Pursuant to Listing Rule 3.13.2, Ashburton Minerals Ltd advises
that all resolutions proposed at the General Meeting on August
18, 2003 of security holders were passed on a show of hands.

In accordance with Section 251AA(2) of the Corporations Act, the
Company provided the required details of the proxy votes
received for each resolution as follows:

RESOLUTION 1 - ISSUE OF SHARES PURSUANT TO A SHARE PURCHASE PLAN

The proxy was directed to vote for the resolution    12,771,890
The proxy was directed to vote against the resolution         0
The proxy was directed to abstain from voting on the resolution
                                                     80,263,362
The proxy may vote at the proxy's discretion          1,452,939
Total Proxies received                               94,488,191

RESOLUTION 2 - CONSOLIDATION OF CAPITAL

The proxy was directed to vote for the resolution    68,474,998
The proxy was directed to vote against the resolution   989,218
The proxy was directed to abstain from voting on the resolution
                                                              0
The proxy may vote at the proxy's discretion          25,023,975
Total Proxies received                                94,488,191

RESOLUTION 3 - ISSUE OF SHARES PURSUANT TO A PLACEMENT

The proxy was directed to vote for the resolution     69,464,216
The proxy was directed to vote against the resolution          0
The proxy was directed to abstain from voting on the resolution
                                                               0
The proxy may vote at the proxy's discretion          25,023,975
Total Proxies received                                94,488,191


ASHBURTON MINERALS: Prospectus Closing Date Extended to Aug 26
--------------------------------------------------------------
Ashburton Minerals Ltd announced that the Closing Date for the
offer of shares under the Company's current prospectus has been
extended to 5:00pm (WST) 26 August 2003.

Under the prospectus, which was lodged with ASIC on 17 July
2003, the Company is seeking to raise $3 million to enable it to
complete the acquisition of the Drummond Basin Gold Assets by
offering 25 million shares at 12 cents each (following a 1 for
15 consolidation of the existing share capital).

Following the recent Diggers & Dealers forum in Kalgoorlie, the
Company has received very strong and widespread interest in the
offer, resulting in a renewed period of presentations and
promotion of the offer. As a result, the Company has secured the
services of Dalkeith Corporate to manage the issue, as well as
having signed an agreement with Datatech Financial Services Pty
Ltd to secure subscriptions for $1.0 million.

Over the past week, and partly on the back of a strong and
rising gold price, the Company has received a strong response to
the raising, which has also been reflected in the commensurate
strengthening of the share price. In order to fully accommodate
and take advantage of this swell in interest in the Company, the
decision was made to extend the Closing Date to 26 August 2003.


BRAMBLES INDUS.: US Court Re-Affirms CHEP's Pallets Ownership
-------------------------------------------------------------
CHEP USA is involved from time to time in legal cases in the US,
as management takes initiatives to work with pallet recyclers to
recover CHEP pallets.

In that context, Brambles Industries Limited is pleased to note
that a favorable decision has been handed down in the case
involving Buckeye Diamond Logistics and CHEP USA. This decision
reaffirms that CHEP retains ownership of pallets that come into
the possession of pallet recyclers, which is an important legal
principle in the integrity of the CHEP pallet pool model in the
USA.

The Court's decision stated "The evidence demonstrates without
question that CHEP has at all times retained ownership in its
pallets" and that "the facts conclusively [demonstrate] that
CHEP has not given up its right of ownership to those CHEP
pallets that are subject of this litigation".

Although this decision may be appealed, CHEP remains confident
of successfully defending any such action.

CONTACT INFORMATION: John Hobson
        Head of Investor Relations
        Tel +61 (0) 2 9256 5216
        Mob +61 (0) 414 239 188


COMMSOFT GROUP: Deed of Company Arrangement Effectuated
-------------------------------------------------------
The directors of Commsoft Group Limited advised Monday that the
Deed of Company Arrangement has been wholly effectuated and that
the Company has been placed back into the control of the
Directors. This brings to an end both the period of Voluntary
Administration and the period of operating under Deed of Company
arrangement. All prior claims of Creditors, other than
Convertible Notes holders, have been extinguished or released by
this Deed.

CommSoft retains a 20% interest in Commsoft NZ Ltd with the
remaining 80% owned International Software Services (ISS).

The Directors are considering various strategies to realize
value from the Group and in particular are seeking suitable
businesses to acquire, which would benefit from CommSoft's dual
listing on the ASX and NZSE. Share in CommSoft will remain
suspended pending future announcements.


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

The Troubled Company Reporter - Asia Pacific reported on
February 4 that Mayne Group announced the sale of six loss-
making hospitals to Healthscope Limited for AU$27.5 million. The
six hospitals are Hobart Private, St Helen's Private, Mersey
Community Hospital, National Capital Private, Geelong Private
and Mosman Private. The sale will result in a net write-down of
AU$90 million, which will drag down first half results into the
red.


NATIONAL FORGE: PwC Discloses Case Profile
------------------------------------------
PricewaterhouseCoopers (PwC)disclosed this case profile:

Territory   :  Australia
Company Name:  National Forge Limited
Lead Partner:  David McEvoy
Case Manager:  Julian Derrick
Date of Appointment:  16 October 2002
Normal Contact     :  Julian Derrick
Contact Phone No   :  (03) 8603 3603

PricewaterhouseCoopers Office

Location:  Melbourne
PO Box  :  GPO Box 1331L
Street Address:  215 Spring Street
City    :  MELBOURNE
State   :  VIC
Postcode:  3000
DX      :  DX 77 Melbourne
Phone   :  (03) 8603 1000
Fax     :  (03) 8603 6044
Registered Office of company:  465 Somerville Road, West
            Footscray VIC 3012
Company No / ACN   :  052 470 327
Type of Appointment:  Receiver and Manager
Lead Partner - Full Name  :  David Laurence McEvoy
Second Partner - Full Name:  Nicholas Brooke

Case Information (Last Updated 17/06/2003)

First Creditors' Meeting

Date:  28 October 2002 - National Forge Limited
       29 October 2002 - National Forge (Operations) Pty Ltd
Time:  2:30pm
Address: Melbourne Town Hall, Corner Swanston and Collins
         Street (entry via main entrance on Swanston Street)
         "Yarra Room" on Level 2 for National Forge Limited
         "Supper Room" on Level 3 for National Forge
         (Operations) Pty Ltd
Proxy return date:  The day of the respective meetings
Return time      :  9:00am

Other Key Information

Report as to Affairs received from directors:  Received
following the granting of an extension and are expected to be
lodged on Friday 29 November 2002.

Dates of trading by insolvency practitioner:  The business is
continuing to trade under the control of the Receivers and
Managers whilst opportunities for a sale or a restructure of the
business are considered.

Business sold/ceased trading :  On 25 November 2002, David
McEvoy and Nick Brooke (Receivers and Managers of National
Forge) announced that CMI Limited (ASX:CMI) was the preferred
purchaser of the company's automotive business. The impending
sale will be an acceptable outcome for all stakeholders involved
including key automotive customers, unions and for the motor
vehicle industry generally. Also the impending sale will ensure
the automotive business continues and 170 jobs and careers will
be saved. However the non-automotive businesses cannot continue
in their present form and redundancies will be an unavoidable
consequence. The Receivers and Managers expect the sale will
settle promptly after contracts are executed.

Background Information

On 16 October 2002 David McEvoy and Nicholas Brooke (partners of
PricewaterhouseCoopers) were appointed joint and several
Receivers and Managers of National Forge Limited and National
Forge (Operations) Pty Limited. The appointment was made by GE
Capital Finance Pty Limited, the first ranking charge holder.
National Forge is one of the leading Australian manufacturers of
forged metal components for the automotive, aerospace and
leisure (golf) markets in Australia. The company has a long and
distinguished history with origins dating back to 1952, and was
listed on the Australian Stock Exchange in 1992. The
manufacturing operations are located at Somerville Road and
Cross Street in West Footscray, Victoria.

Current status of assignment and actions required by creditors

The receivers and managers are continuing to trade the business
whilst opportunities for a sale or a restructure of the
operations are considered. Any queries in relation to supplier
arrangements should be directed to the Company in the first
instance on (03) 8325 5200 or by facsimile on (03) 8325 5299.
The business is for sale. All genuine expressions of interest
should be directed to Gary Higgins or Mark Draper of Ernst &
Young Corporate Finance Pty Limited on (03) 8650 7345.
In addition to the appointment of the Receivers and Managers,
David Lofthouse and Richard Cauchi of CJL Partners Pty Ltd were
appointed as Voluntary Administrators of National Forge Limited
and National Forge (Operations) Pty Ltd on 21 October 2002 and
22 October 2002 respectively. All queries and correspondence
relating to creditor claims and meetings of creditors should be
directed to the Voluntary Administrators on (03) 9639 4779.

Next milestone and estimated timetable

Expressions of interest in the business are being sought and
indicative offers must be submitted by 5pm on Friday, 1 November
2002. Interested parties should contact Gary Higgins or Mark
Draper of Ernst & Young Corporate Finance Pty Limited on (03)
8650 7345 to obtain an Information Memorandum.
Refer below for the announcement on 25 November 2002 that CMI
Limited are the preferred purchaser of the company's automotive
business.

Likely outcome for creditors and timetable

It is too early to give any indication of the prospects of a
return to unsecured creditors. Please note that a Receiver and
Manager does not have the power to agree or pay unsecured debts
of the companies as these powers belong to a liquidator (should
one be appointed). Any creditor claims should be submitted to
the Voluntary Administrators. (www.pwcrecovery.com)


POWERTEL LIMITED: TVG Takeover Offer Goes Unconditional
-------------------------------------------------------
PowerTel Limited is pleased to announce the acceptance by WilTel
of the TVG Takeover Offer, making the TVG Takeover Offer
unconditional.

On Friday evening PowerTel entered into an underwriting
agreement with TVG. Under this agreement TVG will fully
underwrite a renounceable pro-rata rights issue to all
shareholders of converting preference shares (CPS Rights Issue).
The CPS Rights Issue will, if approved by shareholders, raise
A$50 million in new equity capital (before costs of the issue).
PowerTel will issue to all shareholders a notice of
extraordinary general meeting, to be held on Wednesday 17
September 2003, to approve amendments to PowerTel's constitution
to issue a new class of converting preference share (CPS)
and to authorize the CPS Rights Issue. A copy of the notice of
meeting, which sets out the terms of the CPS, can be found at
http://bankrupt.com/misc/TCRAP_PWT0820.pdf.

On Friday evening, PowerTel also accepted the previously
announced WilTel Offer to forgive the subordinated and
intercompany debt of A$21.3 million (plus accrued
interest) owed by PowerTel to WilTel in consideration for a
payment of A$10 million.

PowerTel will pay the A$10 million out of the proceeds of an
A$13 million bridge facility loan which has been entered into
with TVG. The balance of A$3 million will be available to the
company for operating capital. PowerTel will repay the A$13
million bridge facility and $25 million of its senior debt out
of the proceeds of the CPS Rights Issue.

PowerTel welcomes TVG as its new major investor and controlling
shareholder. The company looks forward to working closely with
TVG to continue its rapid growth in the telecommunications
market.


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C H I N A   &   H O N G  K O N G
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BILLION LIGHT: Winding Up Sought by Bank of China
-------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Billion Light Investment Limited.  The petition was filed on
July 18, 2003, and will be heard before the High Court of Hong
Kong on September 3, 2003.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


DANON ASIA: Sept 24 Winding Up Petition Hearing Set
---------------------------------------------------
Danon Asia Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on
September 24, 2003 at 9:30 in the morning.

The petition was filed on July 29, 2003 by Kin Tong Land
Investment Company Limited whose registered office is situated
at Top Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong.


DYNAMIC GLOBAL: Directors Retire
--------------------------------
The Board of Directors of Dynamic Global Holdings Limited
announced that Mr. Chang Xi Min and Mr. Shi Neng He retired
respectively as Executive Director and Independent Non-executive
Director of the Company in accordance with the Company's Bye-
laws at its Annual General Meeting held on 15 August 2003.

At the end of 2001, Dynamic Global Holdings Limited had negative
working capital, as current liabilities were HK$258.62 million
while total current assets were only HK$64.54 million, Wrights
Investors' Service reported. It added that the company reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.


CATHAY INTERNATIONAL: S&P Withdraws 'CCC' Rating
------------------------------------------------
Standard & Poor's Ratings Services said Monday that it had
withdrawn its 'CCC' foreign currency corporate credit rating on
Hong Kong-based Cathay International Water Ltd. at the company's
request. The rated US$350 million senior notes were redeemed in
full earlier this year.


HK CONSTRUCTION: Shares Acquisition Media Report Untrue
-------------------------------------------------------
Further reference is made to the newspaper article (Article)
which appeared in Sing Tao Daily dates 19 August relating to,
inter alia, the possible acquisition of shares of Hong Kong
Construction (Holdings) Limited by Cheung Kong (Holdings)
Limited (Cheung Kong) and Mr. Yu Yuen Ping (also known as Mr. Yu
Ching Po, the honorary chairman of the Company) (Mr. Yu), and
the sale of the controlling stake of, or introduction of
strategic shareholders into, the Company.

The Board is not aware of the source of information on which the
Article is based and confirms that as far as it is aware, the
contents of the Article are not correct as neither Cheung Kong
nor Mr. Yu has been in touch with the Board regarding any
proposed acquisition of shares in the Company, and so far, the
Company has not been involved in any negotiation leading to the
sale of the controlling stake of, or introduction of strategic
shareholder into, the Company.

The Board also wishes to draw the shareholders' attention to the
announcement issued by the Company on 3 July 2003 relating to
the possible change in substantial shareholder. The Board
confirms that it has not received any further information from
Shanghai Construction relating to the Possible Sale since the
publication of that announcement.

Fluctuation of price and trading volume

Further, the Directors noted the recent increase in the price
and trading volume of the shares of the Company and wish to
state that they are not aware of any reasons for such increase.

The Directors confirm that, save for the matters disclosed in
this announcement and the Prior Announcements, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


JIN RONG: Faces Winding Up Petition
-----------------------------------
Jin Rong International Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on September 3, 2003 at 9:30 in the morning.

The petition was filed on July 16, 2003 by Bank of China (Hong
Kong) Limited of 14th Floor, Bank of China Tower, No. 1 Garden
Road, Central, Hong Kong.


KWONG SANG: Incurs Operations Loss of HK$9.9M
---------------------------------------------
The Board of Directors of The Kwong Sang Hong International
Limited announced that turnover for the six months ended 31st
May, 2003 amounted to HK$122.3 million, representing a 391.2%
increase as compared with the same period last year. The
increase was mainly attributable to the property trading, which
included the sales of Greenville Residence in Yuen Long with
over 90% units sold and several units in Tin Wan Court in
Aberdeen. A total sales proceeds of HK$104.9 million was
recorded.

Despite an increase in turnover, the Group recorded HK$9.9
million loss from operations as compared to HK$1.6 million
profit from operations for the same period last year. This was
mainly attributable to the loss on sales of properties amounted
to HK$12.3 million during the current period. Other revenue for
the six months ended 31st May, 2003 decreased by HK$2.0 million
to HK$3.1 million.

The Group recorded interest income of HK$0.8 million and a loss
from investments in securities of HK$0.8 million for the six
months ended 31st May, 2003. For the same period last year,
interest income of HK$1.5 million and profit from investments in
securities of HK$1.4 million, together with dividend of HK$1.0
million were recorded.

The Group recognized impairment loss on amounts due from
associates of HK$87.8 million for the six months ended 31st May,
2003 as compared to HK$3.9 million for the same period last
year. The impairment loss was mainly due to a loss recognized on
write-down of a redevelopment project at Tai Yuen Street/Wanchai
Road held by an associate.

NET ASSET VALUE

The Group's total net assets as at 31st May, 2003 amounted to
HK$1,261.8 million, a decrease of HK$95.8 million or 7.1% as
compared with the value of HK$1,357.6 million (restated) as at
30th November, 2002. Total net asset value per share was HK$1.31
(30th November, 2002 (restated): HK$1.41). The decrease mainly
reflected the loss of HK$95.7 million sustained for the six
months ended 31st May, 2003.

DEBT AND GEARING

As at 31st May, 2003, the Group's bank and other borrowings
increased to HK$441.5 million (30th November, 2002: HK$327.9
million), of which HK$51.1 million was payable within one
year and HK$390.4 million was payable after one year. HK$269.7
million of the borrowings was secured while the remaining
HK$171.8 million was unsecured. Bank balances and cash amounted
to HK$23.6 million (30th November, 2002: HK$14.4 million),
resulting in net borrowings of HK$417.9 (30th November, 2002:
HK$313.5 million). Total debt to equity ratio was 35% (30th
November, 2002 (restated): 24.2%), which is expressed as a
percentage of bank and other borrowings over the total net
assets of HK$1,261.8 million (30th November, 2002 (restated):
HK$1,357.6 million). The net debt to equity ratio was 33.1%
(30th November, 2002 (restated): 23.1%), being a percentage of
net borrowings over the total net assets. The increase in debt
was due to the increase in borrowings for financing of
development projects.

As at 31st May, 2003, the Group's borrowings were wholly
denominated in Hong Kong Dollars and carried at interest rates
calculated with reference to prime rate and Hong Kong Interbank
Offered Rate. The Group did not have any financial instruments
used for hedging purpose. Nearly all of the Group's income were
denominated in Hong Kong or United States Dollars, RMB net
income was minimal. No hedging for non-Hong Kong Dollars assets
or investment was made.

PLEDGE OF ASSETS

As at 31st May, 2003, the Group's investment properties and
properties held for development with an aggregate book value of
HK$963.4 million (30th November, 2002: HK$1,018.6 million) were
pledged to secure general banking facilities of the Group. The
contingent liabilities of the Group in respect of guarantees
given to banks and financial institutions for general facilities
made available to an associate and an investee company as at
31st May, 2003 were HK$60.6 million (30th November, 2002:
K$62.3 million).


SK GLOBAL: Hearing of Winding Up Petition Set
---------------------------------------------
The petition to wind up SK Global Hong Kong 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 17, 2003 by the
above named company whose registered office is situated at 16th
Floor, Admiralty Center, Tower 2, 18 Harcourt Road, Hong Kong.


TAITAI PHARMACEUTICAL: Xinhua Cuts LT Credit Ratings BB+(pi)
------------------------------------------------------------
Xinhua Far East China Credit Ratings, the pioneering undertaking
to rank credit risk among Chinese corporations using
international standards, downgraded on Friday the BBB- (pi)
long-term credit rating of Taitai Pharmaceutical Co Ltd. The
rating outlook is also changed to negative from stable.

The downgrade is prompted by China Securities Regulatory
Commission (CSRC)'s Letter of Scheduled Rectification to the
Company in this year. The letter, requires Taitai to rectify
weaknesses in corporate governance, internal control,
information disclosure, financial management, accounting
treatment and use of funds raised from the equity market (see
Appendix 1 at http://bankrupt.com/misc/TCRAP_Tai0820.pdf)on
schedule. In particular, although the Company's auditor pointed
out Taitai's shortcomings in internal control in it unqualified
auditor's opinion for 2001, the Company's management did not
aggressively rectify problems with the Company's internal
control and risk management.

Xinhua Far East believes the above problems reflect that the
Company lacks a system that can effectively protect investors'
interests. Meanwhile its disclosures and transparency are
inadequate for investors to assess effectively the Company's
risks. As such, even though the Company's current operation and
financial position are both sound, the Company's investors
remain vulnerable to significant potential and contingent risks.
Thus, Xinhua Far East believes Taitai's overall risk profile is
incommensurate with that of investment grade companies, and
accordingly downgrades the Company's ratings to a non-investment
grade.

Taitai engages in the production, sales and development of
healthcare and pharmaceutical products. Its products include
Taitai Beauty Essence, Menocare Essence, Hanlin Capsule, and
Eagle American Ginseng. The Company also owns 23.31% stake in
Livzon Pharmaceutical Group, becoming the largest shareholder of
Livzon Group. Livzon Group is a pharmaceutical company focused
on alimentary drugs, with main products catering to infections,
alimentary and cardio-cerebral vascular diseases.

The Company is a large cap stock ranking the 63rd in the
Xinhua/FTSE China A 200 Index. As of August 13, 2003, its total
market cap reached RMB 7.79 billion yuan (US$962 million) with
the investible market cap of RMB 2.34 billion yuan (US$289
million).


WUI LUEN: Winding Up Petition Pending
-------------------------------------
Wui Luen Investment Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on August 27, 2003 at 9:30 in the morning.

The Collector of Stamp Revenue of Hong Kong of Revenue Tower, 5
Gloucester Road, Wanchai, Hong Kong filed the petition on July
4, 2003.


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BANK PERMATA: Government Claims Bank Problem Has Solutions
----------------------------------------------------------
The state has at least three options to resolve the problem of
PT Bank Permata following the decree of the Supreme Court that
the Attorney General may execute the closure of Bank Bali,
Bisnis Indonesia reports, quoting State Minister of State Owned
Enterprises (SOE) Laksamana Sukardia.

The options could entail injecting fresh funds, merging it with
another bank, and inviting in new investors. Sukardi said,
however, the government would not transfer funds from the bank
in a rush.

"It is right that the Supreme Court decided that Djoko Tjandra
is not committed to any wrongdoing. But we do not have to
transfer the money tomorrow," Sukardi said, adding that the
government would focus on what option it would take.

The Supreme Court issued a decree on August 7th that Indonesian
Bank Restructuring Agency (IBRA) had to transfer Rp546.47
billion of Bank Bali funds.  The decree was the respond to the
letter of IBRA that asking for a decree on this issue.


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J A P A N
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HAC KIMISAWA: JCR Affirms BBB Rating
------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB rating on
the senior debts of Hac Kimisawa Co. Limited.

RATIONALE:

Hac Kimisawa has been suffering from stagnant sales at the
existing drugstores. It has narrowed down the plan of new store
opening after recruiting new staff. As a result, it fell into a
large net loss for fiscal 2002 ended February 28, 2003. It has
been gathering pace of the cost reductions through constraint on
recruitment, standardization of the various drugstores and
introduction of computer systems. Although the financial
standing remains poor compared to major drugstores, JCR
evaluates that the financial structure of Hac Kimisawa will
improve gradually, given the limiting of the capital spending to
the operating cash flow. Accordingly, JCR affirmed the BBB
rating for the Company. Under the leadership of the new
President and Chief Executive Officer, Hak Kimisawa will be
strengthening the reform of the corporate structure, changing
the Company name to CFS Corporation. JCR will watch carefully
the future developments.


MARUBENI CORPORATION: Moody's Withdraws Euro MTN Program Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings assigned to
the Euro MTN programmers of Marubeni Corporation and their
subsidiaries. The ratings for all the outstanding notes issued
under these programmers are maintained.

The following EMTN programmed ratings were withdrawn:

Marubeni Corporation: B1 EMTN programmed

Marubeni Europe Plc: B2 EMTN programmed

Marubeni Finance Holland B.V.: B2 EMTN programmed

Marubeni International Finance Plc: B2 EMTN programmed

Marubeni's earnings power improved due to cut in expenses as
well as withdrawal from unprofitable businesses, according to
Japan Credit Rating Agency. On the other hand, its interest-
bearing debt and total assets were reduced. However, Marubeni
still carries large amount of securities and real estate against
the amount of shareholders' equity. Reductions in the risk
assets are important issue for Marubeni. It aims to increase the
earnings and to improve the financial structure by allocating
the resources to core business areas.


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


ASIANA AIRLINES: Reaches Tentative Agreement With Union
-------------------------------------------------------
Labor and management of Asiana Airlines have reached a tentative
agreement on the withdrawal of a mass layoff plan scheduled for
later this year, Yonhap News reported recently. The agreement
was made after several rounds of wage talks that began earlier
last month. The labor union said the compromise was endorsed by
86.4 percent of 1,606 members who participated in the August 13-
18 voting. The union has 2,504 members.


DAEWOO MOTOR: GM May Acquire Bupyeong Plant by 2005
---------------------------------------------------
General Motors Corporation (GM) may acquire Daewoo Incheon Motor
in Bupyeong earlier than planned, possibly by 2005, Asia Pulse
said on Monday. When GM took over bankrupt Daewoo Motor last
year, it pledged to buy the aging plant within the next six
years if it resumed the shift and improved productivity, quality
and relations between labor and management.

The Bupyeong plant aims to produce 256,044 units this year, 60
percent more than a year ago. Its employees increased from 3,316
to 4,040, employing some previously laid-off former Daewoo
workers last month.


HANARO TELECOM: Pushes to Issue Bonds Worth US$169M
---------------------------------------------------
Hanaro Telecom plans to issue 200 billion won (US$169.6 million)
worth of convertible bonds to solve short-term liquidity
problems, Asia Pulse reported Tuesday. Convertible bonds allow
holders to turn them into shares after a given period. The
internet service carrier has total liabilities of 1.7 trillion
won and has to repay 180 billion of the debt by the end of
October, including US$100 million worth of bonds with warrants
due on August 22.

The Company expected its major shareholders, Samsung Electronics
and SK Telecom, would not oppose the bond issue. LG Group is the
biggest shareholder of Hanaro, while Samsung Electronics and SK
Telecom are its second and third largest shareholders.

Meanwhile, the Korea Herald reported that Hanaro's net loss for
the April- to-June period narrowed to 13.6 billion won, compared
with a loss of 33.3 billion won a year earlier. The Company
posted an operating loss in the first quarter this year due to
fierce competition, but it swung back to operating profits in
the second quarter.


KIA MOTORS: Union Continues Walkout This Week
---------------------------------------------
Labor union members at Kia Motors will continue partial walkouts
this week to press their demand for higher pay and more say in
the Company's management, according to Asia Pulse. Around 23,500
union members has partially walked off their jobs since August
8, asking for an 11.1 percent pay hike and a five-day workweek
without pay cuts and its participation in key management
decisions.

The walkout of employees has cost it 23,000 vehicles, valued at
340 billion won (US$288 million), in lost output. Last week, the
unionists walked out for two to four hours a day.


SK GLOBAL: CEO Steps Down to Speed Up Restructuring
---------------------------------------------------
Son Kil Seung, the Chief Executive Officer (CEO) of SK Global,
resigned over the weekend, according to DebtTraders. The Company
said that Son Kil Seung stepped down to allow creditors a wide
choice of executives for SK Global. The South Korean creditors
will decide on a new CEO for the ailing company Tuesday, and the
appointment will be finalized in the shareholder meeting to be
held September 9.


SK GLOBAL: Creditors Nominate New Management Team
-------------------------------------------------
Creditors of embattled SK Global Co. assembled on Tuesday to
nominate a new management team for the Company, including a new
Chief Executive Officer (CEO) for the trading arm of SK Group,
the Korea Herald said on Tuesday. Creditors plan to formally
appoint the new managers at an extraordinary shareholders'
meeting September 9.

SK Global, which admitted in March to having inflated its 2002
earnings by 1.5 trillion won ($1.25 billion), has been on the
verge of bankruptcy. Domestic creditors have conducted a debt-
for-equity swap for the firm, rather than opting for possible
liquidation.

SK Global owes 900 billion won to overseas creditors, including
Citigroup Inc's Citibank, Standard Chartered Plc and HSBC
Holdings Plc, along with foreign branches of domestic banks. The
Company owes 6.7 trillion won to domestic creditors and South
Korean branches of foreign banks.


SK GLOBAL: Requests KPMG's Employment as Financial Advisors
-----------------------------------------------------------
SK Global America cannot reorganize its affairs or comply with
the reporting requirements of Chapter 11 without the assistance
of outside accountants.  Hence, by this motion, the Debtor seek
Judge Blackshear's authority to employ KPMG LLC as accountants
and financial advisors, nunc pro tunc to July 21, 2003.

SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.

SK Global America's Chief Executive Officer, Seung Jae Kim,
asserts that KPMG is well qualified to provide the accounting
and financial advisory services needed by the Debtor in its
Chapter 11 case.  KPMG LLP is a firm of independent public
accountants. The Debtor has selected KPMG LLP as its accountants
and financial advisors because of the firm's diverse experience
and extensive knowledge in the fields of accounting, taxation
and bankruptcy.

Having participated in some of the largest bankruptcy
proceedings and out-of-court restructurings in the country, the
Debtor believes that KPMG is both well qualified and uniquely
able to provide services in a most efficient and timely manner.
In addition, the Debtor needs assistance in collecting,
analyzing and presenting accounting, financial and other
information in relation to the Chapter 11 case.  KPMG's
employment, therefore, is essential and should be approved.

KPMG is expected to:

    a. monitor daily cash position and manage other elements of
       working capital to manage liquidity;

    b. assist in gathering and analyzing information necessary
       to assess the options available to the Debtor;

    c. assist in the preparation of the Debtor's financial
       projections and assumptions;

    d. advise and assist the Debtor in negotiations and
       meetings with equity holders, secured lenders, creditors
       and any official or informal creditor committees;

    e. advise the Debtor on negotiations with potential debtor-
       in-possession lenders;

    f. assist with identifying and analyzing potential cost-
       containment opportunities;

    g. assist with identifying and analyzing asset redeployment
       and liquidation opportunities;

    h. assist in the preparation and review of reports or
       filings as required by the Bankruptcy Court or the United
       States Trustee, including the preparation of the Debtor's
       Schedules of Assets and Liabilities, Statement of
       Financial Affairs and Monthly Operating Reports;

    i. perform other accounting services as may be necessary or
       desirable, including, if applicable, implementation of
       bankruptcy accounting procedures as required by the
       Bankruptcy Code and generally accepted accounting
       principles;

    j. advise and assist the Debtor in connection with tax
       planning issues, and other tax consulting, advice,
       research, planning or analysis as may be requested from
       time to time;

    k. evaluate potential employee retention and severance
       plans;

    l. analyze assumption and rejection issues regarding
       executory contracts and leases, including the preparation
       of damage calculations;

    m. prepare liquidation analyses; and

    n. provide other financial analysis as may be requested.

The Debtor intends to compensate KPMG the customary hourly rates
charged by the firm's personnel anticipated to be assigned to
the Debtor's case as:

           Partner                        $540 - 600
           Managing Director/Director      450 - 510
           Senior Manager/Manager          360 - 420
           Senior Staff/Consultants        270 - 330
           Associate                       180 - 240
           Paraprofessional                120

KPMG will also be reimbursed for necessary expenses incurred,
which includes travel, photocopying, delivery service, postage,
vendor charges and other out-of-pocket expenses incurred in
providing professional services.

The Debtor has informed KPMG, and KPMG is aware, that its
compensation for services rendered will be fixed by the Court
upon application and in accordance with the applicable
provisions of the Bankruptcy Code, the Bankruptcy Rules and the
Local Bankruptcy Rules for the Southern District of New York.
KPMG will bill its time in increments of one-tenth of an hour.

In addition to the professional fees, out-of-pocket expenses
like support staff assistance, transportation, lodging, meals,
telephone and report production are billed at cost.  KPMG will
maintain detailed records of any actual and necessary costs and
expenses incurred in connection with the services to be rendered
to the Debtor.

Leon Szlezinger, a principal at KPMG LLP, relates that KPMG has
received an advance payment retainer equal to $100,000 from the
Debtor.  KPMG will hold the retainer and apply it against post-
petition fees and expenses, to the extent the Court allows.
KPMG is not a prepetition creditor of the Debtor's estate, and
has received no other payments from the Debtor in the 90 days
preceding the initiation of the bankruptcy case.

Mr. Szlezinger assures the Court that KPMG is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.  Furthermore, KPMG has no connection with, and holds no
interest adverse to, the Debtor, its estate, creditors, or any
other party-in-interest in the matters for which the firm is to
be employed. (SK GLOBAL BANKRUPTCY NEWS, August 16, 2003, Issue
No. 3)


SK GLOBAL: Seeks to Employ Ordinary Course Professionals
--------------------------------------------------------
SK Global America's management identified six law firms that it
routinely turns to in the ordinary course of its business:

    (1) Pryor Cashman Sherman & Flynn LLP

        Pryor Cashman provides the Debtor with general corporate
        work and currently represents the Debtor in seven
        Actions.

    (2) Ross & Hardies

        Ross & Hardies is the Debtor's local counsel for an
        Action against Kookmin Bank, New York Branch pending in
        the Circuit Court of Cook County, Illinois.

    (3) Skadden, Arps, Slate, Meagher & Flom LLP

        Skadden is the Debtor's legal counsel in its defense of
        the investigation by the U.S. Federal Government into
        certain alleged embargo violations.

    (4) Paul Hastings Janofsky & Walker

        Paul Hastings is the Debtor's legal counsel in a civil
        action Eun J. Yang filed in the Superior Court of
        California, County of Los Angeles.

    (5) Baker & McKenzie

        Baker & McKenzie is the Debtor's legal counsel in a
        civil case Jose Joaquin Lopez Montez Y Diaz filed in the
        Mexican Federal Conciliation and Arbitration Board in
        Mexico City.

    (6) Bingham McCutchen

        Bingham is the Debtor's legal counsel in two Actions.

SK Global America is a subsidiary of South Korean SK Global Co.,
Ltd., one of the world's leading trading companies.

Pursuant to Sections 105 and 327 of the Bankruptcy Code, the
Debtor is required to file formal applications with the Court
should it wish to employ professionals.  However, the Debtor
finds it costly if each of these professionals were required to
step through the process of filing and prosecuting formal fee
applications.

To save itself from substantial expenses, the Debtor proposes
certain guidelines pertaining to preparing and prosecuting
interim fee applications together with the review process by
other parties-in-interest.  Likewise, Scott E. Ratner, Esq., at
Togut, Segal & Segal LLP, in New York, reports that the
procedure will relieve the Court and the United States Trustee
of the burden of reviewing numerous fee applications involving
relatively small amounts of fees and expenses.

The Debtor suggests that each Professional will file an
affidavit with the Court, disclosing that it does not represent
or hold any interest adverse to the Debtor or its estate, in
respect of the matters in which each of them is engaged.

Pursuant to Sections 105(a) and 330, the Debtor further proposes
to pay, without formal application, 100 percent of the interim
fees and disbursements to each professional on the condition
that the interim fees and disbursements do not exceed $25,000
per month or a total of $300,000 annually.  In the event a
professional is paid more than $25,000 per month, the Debtor
will submit a formal application to employ that professional for
compensation and reimbursement of expenses.

The Debtor reserves the right to supplement its list of ordinary
course professionals from time to time, as necessary.  The
Debtor will file a supplemental list with the Court and serve it
on the U.S. Trustee, and counsel to the Official Creditors'
Committee, once appointed.  If no objections are filed to each
supplemental list within 10 days after service, then each list
would be deemed approved without the necessity of a Court
hearing.

Accordingly, the Debtor seeks the Court's authority to employ
and compensate the Ordinary Course Professionals in the ordinary
course of its business. (SK GLOBAL BANKRUPTCY NEWS, August 16,
2003, Issue No. 3)


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


ANCOM BERHAD: Voluntarily Liquidates Inactive Subsidiaries
----------------------------------------------------------
The Board of Directors of Ancom Berhad wishes to announce that
it has commenced proceedings to liquidate its wholly owned
subsidiary, Sun Chemicals Sdn Bhd (SunChem), by way of members'
voluntary liquidation.

The Board further wishes to announce that its wholly owned
subsidiary, Ancom Crop Care Sdn Bhd, has also commenced
proceedings to liquidate its wholly owned subsidiary,
Consolidated Specialties Sdn Bhd (ConSpec), by way of members'
voluntary liquidation.

SunChem was incorporated in Malaysia under the Companies Act,
1965 on 2 April 1980. Its authorized share capital is RM250,000
and its issued and paid up share capital is RM60,000 made up of
60,000 ordinary shares of RM1.00 each. It was principally
involved in formulation and repacking of agricultural chemicals.
SunChem ceased operation in 2001 and has remained inactive since
then. Based on its audited accounts for the financial year ended
31 May 2002, it recorded a loss after tax of RM28,000 and its
net tangible assets as at 31 May 2002 were RM127,000/-.

ConSpec was incorporated on 24 January 1995 in Malaysia under
the Companies Act, 1965. It has an authorized share capital of
RM500,000 and an issued and paid up share capital of RM400,000
made up of 400,000 ordinary shares of RM1.00 each. It was
involved in the trading of textile and paint chemicals. It has
ceased operation in 2002 and has remained inactive since then.
Based on its audited accounts for the financial year ended 31
May 2002, it recorded a profit before tax of RM189,000 and its
net tangible assets as at 31 May 2002 were RM473,000/-.

There is no plan to re-activate the respective operations of
SunChem and ConSpec.

The liquidations of SunChem and ConSpec are not expected to have
a material effect on the earnings or net tangible assets of
Ancom Group for the financial year ending 31 May 2004.

None of the directors or substantial shareholders of Ancom or
persons connected to them has any interest, directly or
indirectly, in the liquidations of SunChem and ConSpec.


BESCORP INDUSTRIES: Revises Proposed Conversion of Advances
-----------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
Refers to the announcements made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 13
December 2002, 27 December 2002, 17 March 2003, 20 May 2003, 22
May 2003 and 3 June 2003 in relation to the Corporate Proposals:

    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

Bescorp Industries also refers to the announcement made on
behalf of the Company by CIMB on 2 July 2003 wherein WCT Land
Sdn Bhd (formerly known as WCT Realty Sdn Bhd) (WCTL), a wholly-
owned subsidiary of WCT, which will be utilized to implement the
Corporate Proposals, had on 2 July 2003 entered into a
conditional share sale agreement with MTD Realty Sdn Bhd, a
wholly-owned subsidiary of MTD Capital Bhd for the 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).

On behalf of the Company, CIMB wishes to announce that the
Company had on 15 August 2003 entered into a second supplemental
agreement with WCT Engineering Berhad (WCT) (Second Supplemental
Agreement) to inter alia, replace the 132,000,000 5-year 3%
irredeemable convertible cumulative preference shares of par
value of RM1.00 each in WCTL (WCTL ICCPS) to be issued pursuant
to the Proposed Conversion of Advances as stated in the
supplemental agreement entered into between BIB and WCT dated 27
December 2002, with up to RM132,000,000 nominal value of 5-year
3% convertible redeemable debt securities (WCTL CRDS) comprising
up to RM120,000,000 nominal value of 5-year 3% convertible
redeemable debt securities A (WCTL CRDS A and RM12,000,000
nominal value of 5-year 3% convertible redeemable debt
securities B (WCTL CRDS B) to be issued by WCTL (Revised
Proposed Conversion of Advances). The RM120,000,000 nominal
value of WCTL CRDS A are proposed to be listed on the Kuala
Lumpur Stock Exchange (KLSE) whilst the RM12,000,000 nominal
value of WCTL CRDS B will not be listed on the KLSE.

In addition, on behalf of the Company and WCTL, CIMB also wishes
to announce that in order for WCTL to meet the minimum public
shareholding spread for the listing of the ordinary shares of
RM0.50 each in WCTL (WCTL Shares) to be issued pursuant to the
Revised Corporate Proposals and WCTL CRDS A in accordance with
the Listing Requirements of KLSE, WCT intends to carry out the
following:

   (i) proposed offer for sale of up to 82,000,000 WCTL Shares
at an offer price to be determined later to the shareholders of
WCT whose names appear on the Record of Depositors (save for WCT
Capital Sdn Bhd (WCT Capital) and persons connected to WCT
Capital) at a date to be determined later and on a basis to be
determined later, the Bumiputera shareholders to be nominated by
the Ministry of International Trade and Industry (MITI),
Malaysian public, eligible employees of WCT and its subsidiaries
(WCT Group) and identified investors by way of private placement
(Proposed Offer for Sale). In this respect the Proposed Offer
for Sale will replace the Proposed Restricted Offer for
Sale/Private Placement in relation to the Corporate Proposals;
and

   (ii) proposed distribution of up to RM2,000,000 nominal value
of WCTL CRDS A to approximately 600 employees (including
executive directors) of the WCT Group as part of the employees'
(including executive directors') annual bonus which will be
determined at a later date (Proposed Distribution).

Save for the Revised Proposed Conversion of Advances, the Second
Supplemental Agreement does not revise the other existing
proposals pursuant to the Corporate Proposals that have been
approved by the Securities Commission (SC) via its letters dated
9 May 2003 and 19 May 2003.

The Proposed Share Split, Proposed Share Exchange, Proposed Cash
Payment, Proposed Capitalization, Revised Proposed Conversion of
Advances, Proposed Offer for Sale, Proposed Transfer of Listing,
Proposed Exemption and Proposed Liquidation, are collectively
hereinafter referred to as the Revised Corporate Proposals.

The Proposed Increase in Authorized Share Capital, Proposed
Amendments and Adoption of Articles, Revised Corporate Proposals
and Proposed Distribution are collectively, hereinafter referred
to as the Revised Proposals.

DETAILS OF THE REVISED PROPOSED CONVERSION OF ADVANCES AND
PROPOSED OFFER FOR SALE

Revised Proposed Conversion of Advances

The Revised Proposed Conversion of Advances involves the
conversion of up to RM132,000,000 of part of the inter-company
advances by WCT and/or its subsidiaries to WCTL at a cut-off
date to be determined later through the issue of up to
RM132,000,000 nominal value of WCTL CRDS comprising up to
RM120,000,000 nominal value of WCTL CRDS A and RM12,000,000
nominal value of WCTL CRDS B to WCT and/or its subsidiaries in
settlement of the inter-company advances owing to WCT and/or its
subsidiaries. The RM12,000,000 nominal value of WCTL CRDS B
shall be utilized by WCT for the settlement of the debts owing
to the creditors of BIB.

In conjunction with the RM12,000,000 nominal value of WCTL CRDS
B used by WCT to settle the debts owing to the creditors of BIB,
WCT has granted the Special Administrators and/or the creditors'
agent acting for and on behalf of the creditors of BIB a swap
option to enable the Special Administrators and/or the
creditors' agent of BIB to exchange the WCTL CRDS B to be held
by them wholly or partially for the WCTL Shares to be issued to
WCT pursuant to the Revised Corporate Proposals ("Swap Option").
The Swap Option is to provide the creditors of BIB further
flexibility to obtain the WCTL Shares expeditiously compared to
the conversion process of the WCTL CRDS under normal
circumstances.

The total nominal value of WCTL CRDS A to be issued by WCTL will
be based on the total outstanding inter-company advances by WCT
and/or its subsidiaries to WCTL agreed to be settled at a cut-
off date to be determined later.

Salient Terms and Conditions of the WCTL CRDS

The salient terms and conditions of the WCTL CRDS A and WCTL
CRDS B are set out in Table 1.

Basis of Determining the Conversion Price of the WCTL CRDS

As the WCTL CRDS are proposed to replace the WCTL ICCPS, the
conversion price of the WCTL CRDS is also fixed at par, i.e. for
every RM1.00 nominal value of WCTL CRDS to be converted to 2 new
WCTL Shares.

Proposed Offer for Sale

In order for WCTL to meet the minimum public shareholding spread
for the WCTL Shares in accordance with the Listing Requirements
of KLSE, WCT proposes to implement an offer for sale of up to
82,000,000 WCTL Shares of the 320,000,004 WCTL Shares which it
will hold upon completion of the Proposed Capitalization.

The Proposed Offer for Sale will involve the offer for sale by
WCT of up to 82,000,000 WCTL Shares at an offer price to be
determined later, payable in full on application, as follows:

   (i) up to 22,300,000 WCTL Shares to the shareholders of WCT
whose names appear on the Record of Depositors (save for WCT
Capital and persons connected to WCT Capital) at a date to be
determined later and on a basis to be determined later;

   (ii) 2,000,000 WCTL Shares to the eligible employees of the
WCT and its subsidiaries (WCT Group);

   (iii) 8,000,000 WCTL Shares available for application by
Malaysian public;

   (iv) 25,000,000 WCTL Shares to identified investors by way of
private placement; and

   (v) 24,700,000 WCTL Shares to Bumiputera investors to be
nominated by the MITI.

Any WCTL Shares offered for sale by WCT in respect of sections
2.2(i), (ii) and (iv) above which are not subscribed for by the
respective potential applicants will be made available for
application by the Malaysian public.

Save for section 2.2(v) above, all of the WCTL Shares offered
for sale by WCT will be fully underwritten.

OTHER SALIENT TERMS OF THE SECOND SUPPLEMENTAL AGREEMENT

Save as disclosed in section 2.1 above, the Second Supplemental
Agreement does not contain any other salient terms.

RATIONALE FOR THE REVISED PROPOSED CONVERSION OF ADVANCES,
PROPOSED OFFER FOR SALE AND PROPOSED DISTRIBUTION

WCT has proposed to replace the WCTL ICCPS to be issued pursuant
to the Proposed Conversion of Advances with up to RM120,000,000
nominal value of WCTL CRDS A and RM12,000,000 nominal value of
WCTL CRDS B as the redemption feature of the WCTL CRDS will
enable WCTL to mitigate the significant immediate increase in
the share capital of WCTL as compared to the irredeemable
feature of the WCTL ICCPS. The increase in the share capital of
WCTL may result in an immediate significant dilution to WCTL and
its subsidiaries' (WCTL Group) earnings per share and
subsequently affect the market price of the WCTL Shares.

The redemption feature of the WCTL CRDS provides a better
alternative for repayment to creditors of BIB as compared to the
WCTL ICCPS which is irredeemable as well as provide the
creditors of BIB an opportunity to participate in the future
growth and prospects of the WCTL Group upon completion of the
Revised Corporate Proposals. The swap option is to compensate
and provide the creditors of BIB an opportunity to expeditiously
convert the WCTL CRDS B into WCTL Shares, if required. It will
also enable the creditors of BIB to have another immediate
source of cash realization from the stock exchange.

The Proposed Offer for Sale and Proposed Distribution is
expected to enable WCTL to meet the public shareholding spread
requirement in respect of the WCTL Shares and WCTL CRDS A,
respectively pursuant to the Listing Requirements of KLSE.

EFFECTS OF THE REVISED PROPOSALS AND PROPOSED ACQUISITION

In view of the Revised Proposed Conversion of Advances and
Proposed Acquisition, the effects of the Revised Proposals and
Proposed Acquisition are set out as follows:

Share capital

The Revised Proposed Conversion of Advances (prior to the
conversion of the WCTL CRDS), Proposed Offer for Sale and
Proposed Acquisition do not have any effect on the issued and
paid-up share capital of WCTL.

The Revised Proposed Conversion of Advances and Proposed Offer
for Sale do not have any effect on the NTA of the WCTL Group.

The Revised Proposed Conversion of Advances and Proposed
Acquisition do not have any effect on the shareholding structure
of WCTL.

Earnings

The Revised Proposals and Proposed Acquisition do not have any
material effect on the earnings of the WCTL Group for the
financial year ending 31 December 2003 as the Revised Proposals
and Proposed Acquisition are expected to be completed by January
2004 and December 2003, respectively. However, the Revised
Proposals and Proposed Acquisition are expected to contribute
positively to the earnings of the WCTL Group for the financial
year ending 31 December 2004 and in the future financial years.

The Revised Proposed Conversion of Advances and Proposed Offer
for Sale do not have any effect on the gearing of the WCTL
Group.

The Proposed Cash Payment, Proposed Transfer of Listing,
Proposed Exemption, Proposed Liquidation, Proposed Increase in
Authorized Share Capital and Proposed Amendments and Adoption of
Articles and Proposed Distribution do not have any effects on
the share capital and shareholding structure of WCTL, earnings
and gearing of the WCTL Group.

CONDITIONS OF THE REVISED PROPOSALS AND PROPOSED ACQUISITION

In view of the Revised Proposed Conversion of Advances, Proposed
Offer for Sale and Proposed Acquisition, the Revised Proposals
and Proposed Acquisition are subject to the approval of the
following:

   (i) the SC for the following;

     (a) the Corporate Proposals which was obtained on 9 May
2003 and 19 May 2003;

     (b) the Revised Proposed Conversion of Advances, Proposed
Offer for Sale and Proposed Acquisition;

     (c) the admission of and the listing of and quotation of
the following on the Official List and the Main Board of the
KLSE:

       (aa) new WCTL Shares to be issued pursuant to the
Proposed Capitalization which was approved by the SC via its
letter dated 9 May 2003;

       (bb) WCTL CRDS A to be issued pursuant to the Revised
Proposed Conversion of Advances; and

       (cc) new WCTL Shares to be issued pursuant to the
Proposed Conversion of WCTL CRDS.

   (ii) the FIC for the following;

     (a) the Corporate Proposals which was obtained on 29
January 2003;

     (b) the Revised Proposed Conversion of Advances, Proposed
Offer for Sale and Proposed Acquisition;

   (iii) the KLSE for the following:

     (a) the admission of and the listing of and quotation for
the new WCTL Shares on the Official List and Main Board of the
KLSE:

       (aa) to be issued pursuant to the Proposed Share Exchange
and Proposed Capitalization; and

       (bb) to be issued pursuant to the Proposed Conversion of
WCTL CRDS;

     (b) the admission of and the listing of and quotation for
the WCTL CRDS A to be issued pursuant to the Revised Proposed
Conversion of Advances on the Official List and Main Board of
the KLSE;

   (iv) the Danaharta for the following:

     (a) the Workout Proposal which includes, inter alia, the
Corporate Proposals pursuant to Section 45(2) of the Pengurusan
Danaharta Nasional Berhad Act, 1998 as amended by the Pengurusan
Danaharta Nasional Berhad (Amendment) Act, 2000 (Danaharta Act),
which was obtained on 4 April 2003; and

     (b) the modification to the Workout Proposal in respect of
the Revised Proposed Conversion of Advances;

   (v) the Ministry of International Trade and Industry, for
inter alia, the nomination of Bumiputera investors pursuant to
the Proposed Offer for Sale;

   (vi) the shareholders of WCT for the Revised Proposals (where
relevant) and the Proposed Acquisition;

   (vii) the shareholders of WCTL for the Proposed Share Split,
Proposed Share Exchange, Proposed Capitalization, Revised
Proposed Conversion of Advances, Proposed Transfer of Listing,
Proposed Liquidation, Proposed Increase in Authorized Share
Capital, Proposed Amendments and Adoption of Articles;

   (viii) the Company being satisfied with the due diligence
review conducted by the Company on the WCTL Group and other
relevant aspects of the Revised Corporate Proposals; and

   (ix) any other relevant authorities and/or parties, for the
Revised Proposals and Proposed Acquisition, if required.


HIAP AIK: Defaulted ICULS Status Remains Unchanged
--------------------------------------------------
Further to the announcement made on 15 July 2003 pertaining to
the default in payment in relation to Practice Note No. 1/2001,
Hiap Aik Construction Berhad (Special Administrators Appointed)
announced that there is no change to the status in respect of
the default in payment in registered holders of 8% Irredeemable
Convertible Unsecured Loan Stocks 2001/2006 (ICULS).

COMPANY PROFILE

Construction company Hiap Aik Construction Bhd (HACB) has been
operating from Malacca since incorporation. Prior to its
incorporation, the founder of HACB, Yap Seng Hock, started the
business under a partnership in the early 1960s. During the
early years of the Company, it was involved in construction
works for plantation companies, Dunlop Estates Bhd and Kumpulan
Guthrie Bhd. As the Company expanded over the years, it
diversified into construction for the government and private
sectors. Today, HACB is a registered "Class A" contractor and
currently, the Group's job order book and work-in- progress
total approx. RM351m.

The Company also has its own timber molding operations.
Production capacity of these operations is 50 tons of timber
per month for the manufacture of plywood flush doors, window
frames and other timber-related products. All the timber
molding products manufactured are used solely for the Company's
construction activities.

In line with diversification plans in 1993 and 1994, HACB
ventured into the manufacturing of cement sand bricks and
precast blocks as well as trading and distribution of building
materials.

In 1995, HACB ventured into property development in Sungai Besi
and Malacca. This was followed by the Company's diversification
into oil palm plantations in 1999.

CONTACT INFORMATION: 327-A, Taman Melaka Raya
                     75000 Melaka
                     Tel : 06-2848398;
                     Fax : 06-2838086


KAMUNTING CORPORATION: FIC OKs Proposed Corporate Exercise
----------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Kamunting Corporation Berhad, is pleased to
announce that the Securities Commission (SC) via its letter
dated 13 August 2003, has approved the Foreign Investment
Committee (FIC) application in respect of the Proposed Corporate
Exercise.

The aforesaid approval is subject to the conditions imposed by
the FIC via its letter dated 31 December 2002 which had
reinstated its earlier conditions stated in the FIC letter dated
25 November 1999. The conditions are as follows:

  (i) KCB and Kayangan Budaya Sdn Bhd are required to increase
their Bumiputera equity shareholding respectively to at least
30% within one (1) year from the date of the SC's letter of
approval dated 13 August 2003; and

  (ii) Eastern & Oriental Berhad is required to increase its
Bumiputera equity shareholding to at least 30% within one (1)
year from the date of the SC's letter of approval dated 13
August 2003.


KEMAYAN CORP.: Restructuring Scheme Waiver Application Pending
--------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Kemayan
Corporation Bhd, announced that the Board of KCB, the vendors of
Iyara Berhad, Major Enterpreneur Sdn Bhd, Satujaya Sdn Bhd,
Amber Resources Sdn Bhd and CDM Sdn Bhd have made an appeal to
the Securities Commission (SC) for a waiver on certain
conditions imposed by the SC via its letter dated 16 July 2003
in respect of the Proposed Restructuring Scheme. Further
developments in relation to the Proposed Restructuring Scheme
will be made to the Exchange in due course.

Refer to the Troubled Company Reporter - Asia Pacific
Restructuring Scheme issue for details of the Proposed
Restructuring Scheme.


KRETAM HOLDINGS: Discloses Production Figures
---------------------------------------------
February 2003 Production Figures of Kretam Holdings Berhad
Group:

FFB Production        5,563 MT
CPO Production        1,112 MT
Palm Kernel Production  294 MT

COMPANY PROFILE

The Company (KHB) was formed as part of a scheme to restructure
certain plantation operations of the Syarikat Kretam (Far East)
Holdings Group of Companies.

In 1994, the Company diversified into the property sector in
Johor Bahru and hydroelectric power station development in
China.

KHB ventured into the finance sector via acquisition in 1996, of
Innosabah Securities Sdn Bhd (now known as Innosabah Securities
Bhd) and Innosabah Options Futures Sdn Bhd. However to
rationalize its operations, KHB had on 9 November 2001 entered
into an agreement to dispose its interest in Innosabah
Securities to Olympia Industries Bhd (OIB's) subsidiary, Jupiter
Securities Bhd. The agreement with OIB, was however, lapsed on
30 June 2002. Currently, the Company and OIB are still in
negotiations and an announcement will be released to KLSE in due
course.

On 5 April 2002, KHB has proposed a debt-restructuring scheme,
which will entail a proposed capital reconstruction and a
proposed fund-raising exercise. Submission to the relevant
authorities for the restructuring scheme was made on 23 May
2002. Approval from the FIC was obtained on 29 July 2002 and the
conditional shareholders were obtained at an EGM convened on 23
October 2002.

CONTACT INFORMATION: Lot 6, Block 44, Leboh Tiga
        90000 Sandakan, Sabah
        P.O Box 1292, 90008 Sandakan
        Sabah
        Tel : 089-218999
        Fax : 089-275111/275777


OILCORP BERHAD: Creditors' Agent Selling Shares
-----------------------------------------------
Oilcorp Berhad refers to the announcement made on 4 July 2003 in
relation to, inter-alia, the Call Option Agreement entered into
between the Creditors' agent (CA) and Ng Huat Tian, Haji Ahmad
bin Jamaludin, Azaruddin bin Ahmad and Pua Yow Liang (Option
Shareholders).  Refer to the Troubled Company Reporter - Asia
Pacific Wednesday, July 09 2003, Vol. 6, No. 134 issue for
further details of the Call and Put on Option Agreement.

Pursuant to clause 4.1 of the Call Option Agreement, where in
the event, a call option is exercised and the call option price
exceeds the 15% therehold as stipulated by the Kuala Lumpur
Stock Exchange (KLSE)' the Option Shareholders shall give a
Direct Business Transaction Notice (DBT Notice) to the KLSE.

In order to facilitate expeditious implementation of the said
exercise of the call option, the Option Shareholders and the CA
had on 15 August 2003 agreed to Ng Huat Tian (one of the Option
Shareholders) immediate exercise of the call option pursuant to
clause 4.3(b) of the Call Option Agreement, at a price
equivalent to 15% lower than the volume weighted average price
(VWAP Floor Limit Price) of the option shares in respect of the
5 Million ordinary shares in the Company.

Given the same and pursuant to clause 4.5 of the Call Option
Agreement, the CA shall indemnify Ng Huat Tian against the
difference in cash between the VWAP Floor Limit Price and the
call option price.

Pursuant to clause 3.2 of the Call Option Agreement, Ng Huat
Tian has on 15 August 2003 served an Option Notice on the CA in
respect of the said 5 Million ordinary shares at the call option
price of RM 1.78 in accordance with the Call Option Agreement,
the CA is bound to sell & Ng Huat Tian is bound to complete the
purchase of all the said 5 Million ordinary shares.


SEAL INCORPORATED: Proposed JV Duly Passed at EGM
-------------------------------------------------
Seal Incorporated Berhad announced that the following Resolution
as the shareholders at the Extraordinary General Meeting have
approved set down in the Notice of Extraordinary General Meeting
held on 16 August 2003:

ORDINARY RESOLUTION

PROPOSED JOINT VENTURE WITH DARUL KENCANA SDN. BHD. FOR THE
DEVELOPMENT AND THE TRANSFER OF ALL THREE (3) PARCELS OF
FREEHOLD LAND HELD UNDER TITLE G.M. 537, LOT 480, G.M. 536, LOT
481 AND GRANT NO. 5432, LOT 1213 MEASURING APPROXIMATELY 1.175
ACRES, 1.24375 ACRES AND 29.53125 ACRES RESPECTIVELY ALL LOCATED
AT MUKIM OF CHERAS, DAERAH HULU LANGAT, NEGERI SELANGOR FOR A
TOTAL CASH CONSIDERATION OF RM21 MILLION (PROPOSED JV)

"THAT subject to the approvals being obtained from the relevant
authorities and parties, approval be and is hereby given for
Seal Incorporated Berhad to enter into a joint venture with
Darul Kencana Sdn Bhd (DKSB) for the development and the
transfer of all three (3) parcels of freehold land held under
title G.M. 537, Lot 480, G.M. 536, Lot 481 and Grant No. 5432,
Lot 1213 measuring approximately 1.175 acres, 1.24375 acres and
29.53125 acres respectively all located at Mukim of Cheras,
Daerah Hulu Langat, Negeri Selangor for a total cash
consideration of RM21 million upon the terms and conditions as
stated in the JV Agreement and Supplementary JV Agreement;

AND THAT the Board of Directors of the Company be and is hereby
authorized to give effect to the Proposed JV with full power to
enter into or agree to any variations, modifications,
revaluation and/or amendments as may be required by any relevant
authorities."


SITT TATT: Seeks Proposals Implementation Time Extension
--------------------------------------------------------
Sitt Tatt Berhad refers to the announcement made by the Company
on 7 May 2003 in relation to the approval from the Securities
Commission (SC) for the extension of time from 29 April 2003 to
28 August 2003 to complete the Proposed Rights Issue and
Proposed Employee Share Option Scheme.

On behalf of Sitt Tatt Berhad, Malaysian International Merchant
Bankers Berhad, informed the Company had via its letter dated 14
August 2003, made an application to the SC for a further
extension of time from 28 August 2003 to 28 February 2004 to
complete the implementation of the Proposals.

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


SUNWAY CONSTRUCTION: Proposes Fund Raising Exercise
---------------------------------------------------
On behalf of the Boards of Directors (Board) of Sunway
Construction Berhad (SunCon) and Sunway Holdings Incorporated
Berhad (SunInc), Southern Investment Bank Berhad (SIBB) wishes
to announce the proposed fund raising exercise involving the
issuance of the following:

   (i) Asset backed securitization notes (ABS Notes) by ABS Land
& Properties Berhad (ALP), a bankruptcy-remote special purpose
vehicle, of approximately RM240 million nominal value (Proposed
ABS Issue); and

   (ii) Five (5)-year unsecured bonds (Bonds) by SunInc with
issue proceeds of up to RM350 million (Proposed Bonds Issue).

The proposed fund raising exercise will also involve the
disposal of assets by both the SunInc Group and the SunCon Group
to ALP (Proposed Disposals).

The Proposed Disposals have been structured to facilitate the
Proposed ABS Issue pursuant to the Guidelines on the Offering of
Asset-Backed Debt Securities and Guidelines on the Offering of
Private Debt Securities of the Securities Commission (SC).

The Proposed ABS Issue, Proposed Bonds Issue and Proposed
Disposals are collectively known as the Proposals.

PROPOSALS

Proposed Disposals

Both SunInc and SunCon will undertake to enter into the
following transactions respectively:

   (i) The disposal of a portfolio of properties and/or
companies owned by the SunInc Group (SunInc Assets), estimated
at a disposal value of approximately RM185 million, to ALP to be
satisfied via the issuance of approximately RM108 million
Subordinated Class ABS Notes and approximately RM77 million cash
from ALP (Proposed SunInc Disposals). The final sale
consideration of the SunInc Assets will be based on an open
market valuation to be carried out by an independent firm of
valuers; and

   (ii) The disposal of a portfolio of properties owned by the
SunCon Group (SunCon Properties), estimated at a disposal value
of approximately RM55 million, to ALP to be satisfied via the
issuance of approximately RM32 million Subordinated Class ABS
Notes and approximately RM23 million cash from ALP (Proposed
SunCon Disposals). The final sale consideration of the SunCon
Properties will be based on an open market valuation to be
carried out by an independent firm of valuers.

An announcement will be made in due course upon execution of the
sale and purchase agreements in relation to the Proposed
Disposals.

Proposed ABS Issue

The Proposed ABS Issue will involve the issuance of the
following ABS Notes:

   (i) Senior Class ABS Notes of approximately RM100 million to
RM125 million; and

   (ii) Subordinated Class ABS Notes of approximately RM115
million to RM140 million.

ALP is expected to issue the Senior Class ABS Notes in the
domestic debt capital markets. The respective vendors of the
SunInc Assets and SunCon Properties will retain the Subordinated
Class ABS Notes.

Proposed Bonds Issue

The Proposed Bonds Issue will raise issue proceeds of up to
RM350 million. The final terms of the Bonds are subject to the
approval of the SC.

Utilization of Proceeds

The total cash proceeds of up to approximately RM450 million
arising from the Proposed Disposals and Proposed Bonds Issue
will be utilized to repay the borrowings of the SunInc Group and
SunCon Group respectively.

RATIONALE FOR THE PROPOSALS

The Proposed ABS Issue and Proposed Disposals would enable
SunInc and SunCon to achieve the following:

   (i) Realize immediate cash proceeds of approximately RM77
million for the SunInc Group and RM23 million for the SunCon
Group respectively to repay their borrowings;

   (ii) Immediate conversion of non-core property assets of the
SunInc Group and SunCon Group into cash;

   (iii) Disposals of non-core property assets of the SunInc
Group and the SunCon Group under a structured disposal program
to be undertaken by ALP such that the properties are not sold at
suppressed prices. The said disposal program will enable the
SunInc Group and the SunCon Group to maximize their returns via
the redemption of Subordinated Class ABS Notes at a subsequent
date; and

   (iv) The repayment of bank borrowings from the proceeds
raised via the Proposed Disposals would also result in lower
gearing and interest savings for the SunInc Group and the SunCon
Group respectively.

The Proposed Bonds Issue which would raise approximately up to
RM350 million would be utilized by SunInc to repay borrowings.
This will allow SunInc to fully redeem its currently outstanding
US Dollars bonds, thereby eliminating any future foreign
exchange exposure. It will also result in the transformation of
the maturity profile of the SunInc Group's remaining borrowings
from primarily short-term revolving credit facilities to a
longer term fixed rate five-year bond. As a result, this would
significantly improve the SunInc Group's liquidity and cashflow
positions.

EFFECTS OF THE PROPOSALS

The Proposed ABS Issue will not have any effect on the share
capital, earnings, net tangible assets (NTA) and substantial
shareholders' shareholdings of SunInc and SunCon respectively.

Share Capital

As the total consideration for the Proposed Disposals are
satisfied via the issuance of Subordinated Class ABS Notes by
ALP and cash, the Proposed Disposals will not have any effect on
the respective issued and paid-up share capital of SunInc and
SunCon.

The Proposed Bonds Issue will not have any effect on the issued
and paid-up share capital of SunInc as the Bonds are not
convertible into new SunInc Shares.

Earnings

SunInc

Assuming the Proposed Disposals are completed by end of 2003,
the Proposed Disposals are expected to have an impact on the
earnings of the SunInc Group for the financial year ending 31
December 2003 as it would result in a gain on disposal of
approximately RM9 million at the group level. The Proposed
Disposals are expected to have a positive impact on the
consolidated earnings of the SunInc Group in the future.

The Proposed Bonds Issue is expected to be completed by end of
2003 and is not expected to have a material effect on the
consolidated earnings of SunInc for the financial year ending 31
December 2003. The Proposed Bonds Issue is expected to have a
positive impact on the consolidated earnings of the SunInc Group
in the future.

SunCon

The Proposed SunCon Disposals are not expected to have a
material impact on the earnings of the SunCon Group for the
financial year ending 31 December 2003 as it is expected to be
completed by end of 2003. The Proposed SunCon Disposals would
result in a loss on disposal of RM6 million and RM14 million at
the company level and group level respectively.

APPROVALS REQUIRED

The Proposals are subject to, inter-alia, the following
approvals being obtained:

   (a) SC, in relation to the Proposals;

   (b) Foreign Investment Committee (via the SC) in relation to
the proposed acquisitions of SunInc Assets and SunCon Properties
by ALP, to be obtained by ALP;

   (c) The shareholders of SunInc at an extraordinary general
meeting (EGM) to be convened, in relation to the Proposed SunInc
Disposals;

   (d) The shareholders of SunCon at an EGM to be convened, in
relation to the Proposed SunCon Disposals; and

   (e) Any other relevant authorities/parties.

The Proposed ABS Issue and Proposed Bonds Issue are subject to
rating by a rating agency.

The Proposed SunInc Disposals, Proposed SunCon Disposals and
Proposed ABS Issue are inter-conditional.

The Proposed Bonds Issue is not conditional upon the Proposed
Disposals and Proposed ABS Issue.

Tables 1 to 3 can be found at
http://bankrupt.com/misc/TCRAP_Sun0820.pdf.


TAI WAH: Resolutions Approved at Court Convened Meeting
-------------------------------------------------------
The Board of Directors of Tai Wah Garments Manufacturing Berhad
is pleased to announce that the Court Convened Meeting as per
the Notice for the Court Convened Meeting of the Shareholders of
TWGB pursuant to an order of the High Court of Malaya dated 4
July 2003 and the provisions of Section 176 of the Companies
Act, 1965 were approved at the Court Convened Meeting of the
Shareholders of TWGB held on Monday at Matahari Room III, Level
5, Cititel Mid Valley, Mid Valley City, Lingkaran Syed Putra,
59200 Kuala Lumpur at 9:30 a.m.

The Board of Directors of the Company is also pleased to
announce that at the Extraordinary General Meeting held Monday,
the Shareholders of TWGB had unanimously approved the Special
Resolution and all Ordinary Resolutions as set out in the Notice
of the Extraordinary General Meeting dated 25 July 2003.


UCP RESOURCES: Appeals Proposed Debt Settlement Revision to SC
--------------------------------------------------------------
UCP Resources Berhad refers the announcement dated 23 July 2003
in relation to the Proposed Corporate and Debt Restructuring
Scheme, which collectively refers to:

   * Proposed Share Exchange;
   * Proposed Debt Settlement;
   * Proposed Acquisitions;
   * Proposed Capitalization of GRSB Advances;
   * Proposed Disposal of GRSB Shares to SHSB;
   * Proposed Rights Issue;
   * Proposed Placements;
   * Proposed Transfer and Listing;
   * Proposed Liquidation; and
   * Proposed Exemption

Public Merchant Bank Berhad (PMBB) wishes to announce that UCP
and Goldenseal Resources Sdn Bhd (GRSB) having deliberated on
the terms and conditions imposed by the Securities Commission
(SC) via its approval letter dated 18 July 2003 in relation to
the Proposed Corporate and Debt Restructuring Scheme, have
accepted the terms and conditions imposed by the SC save and
except for revisions made by the SC in the Proposed Debt
Settlement.

In this respect, PMBB had on 14 August 2003, submitted an
application to the SC to appeal on the revisions made by the SC
in the Proposed Debt Settlement.

PMBB, on behalf of UCP and GRSB, also wishes to announce certain
revisions made to the structure of the Proposed Corporate and
Debt Restructuring Scheme. Details of the revised structure,
together with the Executive Summary are set out at
http://bankrupt.com/misc/TCRAP_UCP0820.doc.


UNITED ENGINEERS: SC Approves Intria's Proposals Application
------------------------------------------------------------
Intria Berhad refers to the announcement dated 30 April 2003 and
22 July 2003 in relation to the Proposals, comprising:

   (i) The Proposed Scheme of Arrangement between Intria, United
Engineers (Malaysia) Berhad (UEM), Projek Penyelenggaraan
Lebuhraya Berhad (Propel) and the Shareholders of Propel under
Section 176 of the Companies Act, 1965 to take Propel Private;
and

   (ii) The Proposed Acquisition of UE Construction Sdn Bhd
(UEC) by Intria.

As announced on 30 April 2003, the Company had on the said date
made an application to the Securities Commission (SC) on the
Proposals in compliance with Foreign Investment Committee
requirements.

AmMerchant Bank Berhad, on behalf of the Board of Directors of
Intria, wishes to announce that the SC had via its letter dated
13 August 2003 (received on 14 August 2003) informed that the
application for the Proposals have been approved and that it has
no objection towards the equity structure of Intria and the
companies involved in the Proposals.


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


INTERNATIONAL CONTAINER: SEC Clears Firm on Disclosure Case
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) has reversed the
ruling of its Corporation Finance Department (CFD) penalizing
International Container Terminal Services, Inc. (ICTSI) with a
one million pesos fine for alleged failure to disclose approval
by the company's board of directors to partially convert it's
parent Company additional paid-in capital against its deficit
(at cost).

In an order dated 6 August (received only on 12 August), the SEC
en banc acknowledged that ICTSI's board resolution to partially
convert additional paid-in capital against deficit is not an
event deemed "material" that must be disclosed. "Certainly, it
is an important corporate action, although not in fact
'material' to require disclosure on SEC Form 17-C.

It is thus clear that it is optional on the part of the issuer
to report such important events." ICTSI had appealed to the SEC
en banc that the Board approval for the partial conversion of
APIC is not material information and is not, in fact, among
those expressly listed in SEC regulations as a material event
requiring disclosure. Moreover, ICTSI argued that the planned
conversion could not take effect until the SEC has approved the
same. The ICTSI board approved the conversion only because SEC
had earlier advised ICTSI that this was a requirement before SEC
could approve the conversion.


KUOK PHILIPPINE: Narrows 1H03 Net Loss to P107M
-----------------------------------------------
In a disclosure to the Securities and Exchange Commission (SEC),
Kuok Philippine Properties Inc. posted a net loss to 102.7
million pesos in the year ending in June, versus a net loss of
156.3 million a year earlier, the Business World reported on
Tuesday. The property developer's total liabilities increased by
2.2 percent to 9.4 million pesos as of end-June from 9.2 million
pesos in December due to deposits from customers for the sale of
properties and advances from a joint venture project.


MANILA ELECTRIC: Starts Refunding 567,000 Customers
---------------------------------------------------
The Manila Electric Company (Meralco) has started to issue
refunds to 567,000 of its customers, according to Asia Pulse,
citing Meralco Refund Management Task Force Head Leo Mabale.
Mabale said business groups and refund amounts over 4 thousand
pesos (US$72.88) will be given in check form, while refund
amounts less than 4 thousand pesos will be given in cash to the
rightful claimant.

The Meralco's refund for terminated customers is part of phase
one of the refund. This phase covers customers consuming less
than 100-kilowatt hour (kwh) per month. Meralco expects to
complete the phase 1 of the refund this month. The firm
allocated 1.6 billion pesos to 2.2 billion pesos for this phase.
By September, the utility firm will begin phase two of the
refund for 2.2 million customers who consume 101 to 300 kwh.

Mabale earlier said they are asking the Energy Regulatory
Commission to allow the firm to implement phase two next year,
considering its huge 4.5 billion pesos budget requirement.


MINDANAO SAVINGS: Issues Creditors Notice
-----------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), as
Liquidator of the Mindanao Savings and Loan Association Inc.,
submitted on August 1, 2003 at 8:30 A.M. to the Liquidation
Court (Regional Trial Court of Davao City, Branch 12, (Sp. Proc.
No. 3545-91) the Motion for Approval of Partial Project of
Distribution of Assets.


PHILIPPINE LONG: Pays P16M Franchise Tax to Davao City
------------------------------------------------------
After a long battle that reached the Supreme Court, the
Philippine Long Distance Telephone Company (PLDT) finally paid
Davao city government 16 million pesos out of its 25 million
pesos franchise tax dues, according to Asia Pulse on Monday.
Acting city treasurer, Rodrigo Riola, said that the Davao city
government aims to collect the balance from the PLDT after the
City Legal Office gives an opinion denying the request of the
telecom firm for the waiver of surcharges and interests.

DebtTraders reports that Philippine Long Distance Telephone's
10.625% bond due in 2004 (PLDT8) trades between 95 and 98. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLDT8


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


BURLY ENTERPRISE: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Burly Enterprise Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
August 29, 2003 at 10 o'clock in the morning. Diethelm Singapore
Pte Ltd, a creditor, whose address is situated at 34 Boon Leat
Terrace, Singapore 119866, filed the petition with the court on
July 16, 2003.

The petitioners' solicitors are Messrs Raymond Lam & Lim
Partnership of 39A Duxton Road, Singapore 089503. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to RAYMOND LAM & LIM PARTNERSHIP a notice in
writing not later than twelve o'clock noon of the 28th day of
August 2003 (the day before the day appointed for the hearing of
the Petition).


MARLEX MARKETING: Places Firm Under Judicial Management
-------------------------------------------------------
Notice is hereby given that a petition for Marlex Marketing Pte
Ltd. under the judicial management of judicial managers by the
High Court was, on 30th day of July 2003 presented by its
directors (pursuant to directors' resolution in writing passed
pursuant to the Company's Articles of Association) and that the
said petition is directed to be heard before the Court at 10:00
A.M. on the 22nd day of August 2003 and Mr Yin Kim Choy of
Messrs K C Yin & Co of 100 Tras Street, #16-01 Amara Corporate
Tower, Singapore 079027 has been nominated as the Judicial
Manager; and any person who intends to oppose the making of an
order section 227B (5) (b) or the nomination of judicial manager
under section 227B (3) (c) may appear at the time of hearing by
himself or his counsel for that purpose; and a copy of the
petition will be furnished to any creditor or member of the
Company requiring it by the undersigned on payment of the
regulated charge.

The Petitioners' address is care of 50 Raffles Place, #17-01
Singapore Land Tower, Singapore 048623.

The Petitioners' solicitors are Messrs David Lim & Partners of
50 Raffles Place, #17-01 Singapore Land Tower, Singapore 048623.

Messrs DAVID LIM & PARTNERS

Solicitors for the Petitioners.

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to Messrs David Lim & Partners not
later than 12.00 noon of the 21st day of August 2003 (the day
before the day appointed for the hearing of the Petition).


NAGANO DYNAMICS: Issues Intended Dividend Notice
------------------------------------------------
Nagano Dynamics Pte. Ltd (In Court Winding Up) issued a notice
of intended dividend as follows:

Address of Registered Office: c/o 47 Hill Street #05-01 Chinese
Chamber of Commerce & Industry Building Singapore 179365.

Court: In Court Winding Up.

Number of Matter: 42 of 2002/S.

Last Day of Receiving Proofs (if not already lodged): 29th
August 2003.

Name of Liquidator: Kon Yin Tong.

Address: Foo Kon Tan Grant Thornton
47 Hill Street #05-01
Chinese Chamber of Commerce &
Industry Building
Singapore 179365.


LIEF INTERNATIONAL: Releases Intended Dividend Notice
-----------------------------------------------------
Lief International (Singapore) Pte Ltd (In Creditors' Voluntary
Liquidation) issued a notice of intended dividend as follows:

Name of Company: Lief International (Singapore) Pte Ltd.

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

Last day of receiving proofs: 29th August 2003.

Name of Liquidator: Max Loh Khum Wai.

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


SPORTS PRODUCTS: Issues Winding Up Order Notice
-----------------------------------------------
Sports Products (Asia) Pte Ltd formerly known as "Haw Par Pro
Kennex Pte Ltd" (formerly known As "Tanjung Resorts Private
Limited") issued a notice of winding up order made on the 8th
day of August 2003.

Winding Up Order made on the 8th day of August 2003.

Name and address of Liquidator: The Official Receiver

Insolvency & Public Trustee's Office

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

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


===============
T H A I L A N D
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CHRISTIANI & NIELSEN: Explains Q203 Operating Results Variance
--------------------------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited, as approved
by the Central Bankruptcy Court on 2 May 2003, explained the
reasons for the actual operating result varying by 20% from the
previous year. The main reasons are due to four factors:

   1) Net loss of Bt398 million from interests in a Subsidiary
that has filed for Bankruptcy;

   2) Subsidiary companies have set up the provision for
doubtful debt in this period of Bt113 million;

   3) There is a provision for loss from diminution in value of
investment and asset of Bt32 million; and

   4) There is a gain from debt restructuring of Bt132 million.


CHRISTIANI & NIELSEN: Posts Q203 Auditor's Disclaimer of Opinion
----------------------------------------------------------------
Pursuant to the disclaimer of opinion made on August 5, 2003 by
the Auditor on the consolidated financial statements for the
six-month period ended 30 June 2003 of Christiani & Nielsen
(Thai) Public Company Limited and its subsidiaries, CN Advisory
Company Limited, as Plan Administrator, provided the following
information:

Regarding the business of Christiani & Nielsen (Thai) Public
Company Limited as a going concern, the Company has a large
amount of debt. In addition, creditors of its subsidiaries
have claimed for repayment of loans and guarantees provided by
the Company, as parent company, totaling approximately Bt1,429
million.

In the current financial position, the Company has a capital
deficit of approximately Bt1,585 million, and current
liabilities exceed current assets by approximately Bt649
million.

Due to these factors, the Company filed a petition for business
rehabilitation to the Central Bankruptcy Court on 31 May 2002.
The Central Bankruptcy Court agreed the Rehabilitation Plan and
appointed CN Advisory Company Limited as the Plan Administrator
on 2 May 2003.

However, when the Company subsequently implements the Plan, the
Company considers that there will not be any significant effect
on the Financial Statements for the 2nd quarter 2003. After
implementation of the Rehabilitation Plan, the Company's
financial status and operating results are expected to improve
and allow the Company to continue its business in the normal
manner.


EASTERN WIRE: H103 Revenue Narrows to Bt1.43M
---------------------------------------------
Eastern Wire Public Co., Ltd.'s performance for the first six
months of the year 2003 showed a total revenue of Bt1.43
million, a decreases of Bt1.06 million when compared with the
performance of the same period of last year, which had net
profit of Bt2.50 million, or lowering 42.69%. Factors affecting
the Company performance are specified as follows:

   1. The total sales revenue rose Bt41.68 million from Bt227.48
million in the first six months of year 2002 to Bt269.16 million
in the same period of this year or increasing 18.32% due to the
continuous increase for the demand of both construction sector,
particularly in the steel market, and automobile sector since
last year.  The outcome of the government policy of trying to
stimulate spending of itself and private section made demand of
the total market for both sectors 20% and 10% expanding,
respectively. In 2003 the Company had policy to increase sales
and production volume so as to cope with such increase of
demand, and to expand the Company market shares. In addition,
rising prices of finished goods, which were affected by
increasing of raw material and production cost, drove the sales
volume gone up as well.

   2. The Company Cost of goods sold increased Bt42.19 Million
from Bt205.82 Million in the first six months of last year to
Bt248.01 million in this year or rising 20.50%. The increase of
Cost of goods sold was mainly the consequence of increasing in
sale volumes, as well as increasing in prices of the cost of raw
material from both local and overseas sources. However the
Company was unable to rise its selling price up in the same rate
against the rising cost of raw material, it consequently made
the Company net profit lower than last year.

   3. Selling and administrative expenses grew up only Bt0.17
million from Bt21.59 million in the first six months of year
2002 to Bt21.72 Million in the same period of year 2003 or
increasing 0.78%. While comparing with the increase in Sales
revenue, in 2003 Selling and administrative expenses was 8.07%
of Sales revenue, whereas in 2002 it was 9.47% of or reducing
1.40% due to the Company policy of high attention in controlling
spending, resulting a little increase in expenses.

For the first six months of the year 2003 performance, the
Company sales revenue increased 18.32%, but the net profit
decreased when comparing with the same period of last year.
However, as the Company has plan to continuously increase its
prices against the change of raw material prices, it expects the
better performance for the second half of the year 2003.


JASMINE INTERNATIONAL: SET Lifts Suspension Sign
------------------------------------------------
The Stock Exchange of Thailand posted the SP (Suspension) sign
on the securities of Jasmine International Public Company
Limited (JASMIN) and Pan Asia Footwear Public Company Limited
(PAF) on 14 August 2003 because they have submitted their
reviewed financial statements for the second quarter ending 30
June 2003 but their auditors were unable to reach any conclusion
on their financial statements. The SET was waiting for the
conclusion whether the companies have to amend their financial
statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that financial statements amendments is not necessary
because the auditors have clarified the issue. Therefore, the
SET has lifted the "SP" sign on JASMIN's securities and PAF's
securities effective from the first trading session of 15 August
2003 onward.


NATIONAL FERTILIZER: Incurs Bt946M Q203 Net Loss
------------------------------------------------
National Fertilizer Public Company Limited is a listed company
in the Securities Exchange of Thailand (SET) and according to
its regulation, the Company shall submit its quarterly financial
statements within 45 days from the closing date. In this
conformity, the Company would like to submit the financial
statements for the second quarter ended 30th June 2003.
Meanwhile, the Company would like to report the operating
results and their explanation as follows:

1. Operating results for the Company

The results of operation for 6 months period ended 30th June
2003, the Company has a net loss of Bt946 million compared to
the same period of 2002 at a net loss of Bt1,070 million, at a
decrease loss of Bt124 million.

   1.1 The results of sale operation

The Company's total revenues for the period January - June
2003,equal to Bt1,498 million increased from the same period of
previous year 2002 amounting Bt1,383 million as an increase of
Bt115 million. The total revenues are comprised:

     A. Revenues from sales of fertilizer

The Company has a fertilizer sales for the period 6 months
amounting Bt1,362 million with a total weight of fertilizer
205,512 tonnes, compared to the same period of 2002 the Company
has a sales of Bt1,339 million with a total weight sales of
215,067 tonnes. The increase of revenues from sales is an effect
of the average selling prices higher than the same period of
2002.

The Company, however has not received any financial credit
supported from financial institution thus the Company has to run
down its production volume as along to its availed working
capital.

     B. Income from sales of by-products

The Company has a revenues from sales of by-product,\ e.g.
Phospho-Gypsum, Ammonia and Sulfuric Acid, for the first half
year of 2003 amounting Bt73 million, increased from the same
period of 2002 at Bt12 million, an increase of Bt61 million.

   1.2  Cost of Goods Sold

The Company has a total cost of goods sold of fertilizer and
intermediate by products for the first half year of 2003
amounting Bt1,699 million, compared from the same period of 2002
at Bt1,617 million, an increase of Bt82 million. This was an
effect of increase sales volume of by-products coped with raw
material prices were higher than the same period of 2002.

   1.3  Selling and administrative expenses

For the first 6 months of 2003, the Company reduced its selling
and administrative expenses totaling Bt140 million, compared to
the same period of the year 2002 at Bt259 million, accounted a
decrease of Bt119 million.

   1.4  Interest expenses

The Company has a total interest expenses Bt604 million for the
first 6 months of the year 2003, which is higher than the same
period of 2002 at Bt564 million, an increase of Bt40 million.
This is an effect of applying default rates to interest
computation.

2. The financial restructuring

Presently, the Company is in process of financial restructuring
with its financial institutional creditors and in process of
sourcing potential investor with resources in finance and
management to join future growth. The selection was succeeded in
July 2003.

NFC's reviewed quarterly financial statements:

National Fertilizer PCL

Reviewed           Ending  June 30,            (In thousands)

Quarter 2                 For 6 Months
Year              2003        2002          2003        2002
Net profit (loss) (470,466)   (510,410)    (945,760) (1,070,162)
EPS (baht)          (0.36)     (0.39)        (0.72)      (0.82)


THAI PETROCHEMICAL: Q203 Financial Statement Submission Delayed
---------------------------------------------------------------
As Thai Petrochemical Industry Public Company Limited is
required to submit the Financial Statement of 2nd Quarter
(Review) to the Office of the Securities and Exchange Commission
(the SEC) by August 14, 2003, the Company informed as follows:

On July 11, 2003, the Central Bankruptcy Court issued an order
(the Central Bankruptcy Court's order of the Red Case No. For.
8/2543 dated 11 July 2546 re: Business Reorganization Plan
(consideration of an appointment of the new Plan Administrator)
to appoint the Ministry of Finance as the new Plan Administrator
of the Thai Petrochemical Industry Public Company Limited
according to the resolution of the Creditors' Meeting and to
authorize the Ministry of Finance or a body of persons as
a representative of the Ministry of Finance which comprises
General Mongkon Ampornpisit, Mr. Pala Sookawesh, Mr. Pakorn
Malakul Na Ayudhya, Mr. Aree Wongsearaya, and Mr. Thanong Bidaya
to have all rights and duties in accordance with laws and
Business Reorganization Plan.

As the new Plan Administrator had undertaken the business of the
company on July 11, 2003 which was the date after the ending of
the 2nd Quarter, the Plan Administrator is unable to review the
Financial Statement of 2nd Quarter and submit it to the
SEC within the deadline.  Nevertheless, the Plan Administrator
will submit the Financial Statement of 2nd Quarter (Review) to
the SEC within August 21, 2003.


* SEC Requires Financial Statements Amendment
---------------------------------------------
The Stock Exchange of Thailand (SET) has posted the "SP"
(Suspension) sign on the securities of the following listed
companies on August 15, 2003 after they have publicly submitted
to SET their reviewed financial statements for the second
quarter ending 30 June 2003:

   1. Asia Hotel Public Company Limited
   2. Christiani & Nielsen (Thai) Public Company Limited
   3. Central Paper Industry Public Company Limited
   4. Inter Far East Engineering Public Company Limited
   5. Thai-German Products Public Company Limited

Since their auditors were unable to reach any conclusion on
their financial statements, this could be considered that their
financial statements do not reflect their actual business
performance.  Hence, the Securities and Exchange Commission
(SEC) required the financial statements amendment.

The SET will post "NP" (Notice Pending) sign from August 18,
2003 until such time as  those companies will submit their
amended financial statements or there is conclusion that it is
not necessary to amend their financial statements.  However, the
SET has still suspended trading all securities of those
companies until the causes of de-listing are eliminated.


* SET Suspends Companies for F/S Disclosure Failure
---------------------------------------------------
The Securities and Exchange Commission (SEC) has allowed listed
companies that have been posted an "SP" (Suspension) sign as a
result of filing petition under Bankruptcy Act to submit their
unreviewed semi-annual financial statements and management
discussion and analysis (MD&A) within 45 days instead of
submitting the reviewed quarterly financial statements.

Since the following listed companies are unable to disclose
their unreviewd semi-annual financial statements by the above
deadline specified by the SEC. Therefore, the SET announces
names of listed companies to the general investors that the SET
is waiting for these companies to disclose the required
information to the SET through the public.

   1. M.D.X. Public Company Limited
   2. Power-P Public Company Limited
   3. Prasit Patana Public Company Limited
   4. Modern Home Development Public Company Limited
   5. Thai Engine Manufacturing Public Company Limited


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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