/raid1/www/Hosts/bankrupt/TCRAP_Public/030821.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, August 21 2003, Vol. 6, No. 165

                         Headlines

A U S T R A L I A

AMP LIMITED: Writedowns Lead to A$2.16B Bottom Line Loss
AMP RESET: Oct 24 RPS Payment Distribution Scheduled
ASHBURTON MINERALS: Acquisition Settlement Date Extended
DEUTSCHE OFFICE: S&P Revised 'BBB+' Rating Outlook to Negative
POWERTEL LIMITED: Appoints Non-Executive Directors

STRAITS RESOURCES: Evaluates Major Salt Project


C H I N A   &   H O N G  K O N G

CHINA GAS: 2003 Net Loss Swells to HK$69.673M
GOLDEN DRAGON: Winding Up Hearing Scheduled in September
HK CONSTRUCTION: Long Stop Date Further Extended to Aug 25
HK CONSTRUCTION: Turnover Movement Inexplicable
ORIENTAL METALS: Executive Dir, Vice Pres Xun Gao Resigns

W3FUSION LIMITED: Winding Up Sought by Leung Ka Pin
Y & H ENGINEERING: Winding Up Petition Slated for Hearing
ZHU KUAN: RSM Nelson Appointed as Units' Provisional Liquidators


I N D O N E S I A

ALAKASA INDUSTRINDO: Focuses on Business Development


J A P A N

FURUKAWA CO.: Moody's Downgrades Rating to B1
KOBE STEEL: Expands Aluminum Alliance With Alcoa
RESONA HOLDINGS: Goldman Sachs Among Suitors for Units
SEGA CORPORATION: Nokia Acquires Unit Sega.com Inc.


K O R E A

HANBO STEEL: Consortium Delays Acquisition Payment
HYNIX SEMICONDUCTOR: Elpida, Others Seek Punitive Tariff
KIA MOTORS: Orders Backlog Piling Up Due to Strike
KIA MOTORS: Sedans May Face U.S. Recall for Fuel-Valve Problem
SK GLOBAL: Designates Chung Man-won as New Head

SK GLOBAL: Wants Schedule Filing Deadline Moved to September 8

* Corporate Insolvencies Up 23% in July, BOK Says


M A L A Y S I A

ASSOCIATED KAOLIN: Warrants 1996/2005 Terminated
AUTOINDUSTRIES VENTURES: Posts Dealings During Closed Period
EPE POWER: September 10 EGM Scheduled
GEAHIN ENGINEERING: Obtains SC's Nod on Proposed Extension
HHB HOLDINGS: MOU Further Extended to September 19

IDRIS HYDRAULIC: Proposes Disposal to Progress Workout Scheme
KAI PENG: Proposes Land Disposal to Repay Bank Borrowings
KAI PENG: Answers KLSE's Unusual Market Activity Query
KL INDUSTRIES: Unit Receives Tax-Related Summon
LAND & GENERAL: LFM Winding-Up Completed

L&M CORPORATION: Fulfillment Date Extended to December 16
LONG HUAT: Restraining Order Period Extension Expires Nov 5
MALAYSIAN GENERAL: SRB Enters Stakeholder Agreement
NYLEX (MALAYSIA): SC OKs Mandatory Offer Waiver Application
SISTEM TELEVISYEN: Proposes Disposal to Ease Financial Burden

SOUTHERN PLASTIC: Appoints Lee Sek Nam as Audit Committee Member
TECHNO ASIA: Proposed Set-Offs, Transfers Executed
TONGKAH HOLDINGS: Quoted Securities Disposed


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Court Appoints Rehabilitation Receiver
BENPRES HOLDINGS: Clarifies Debt Restructuring Report
BENPRES HOLDINGS: Clarifies Merger Deal With Sky Cable
MANILA ELECTRIC: Unveils Power Supply Contract With IPPs


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Promotes Mike Rekuc to SVP
I.R.E CORPORATION: Posts Deeper 1H03 Net Loss
KWIK-PICK: Petition to Wind Up Pending
POLA ELECTRONICS: Issues Winding Up Order Notice
SINCEM HOLDINGS: Unveils EGM Special Resolutions


T H A I L A N D

BANGKOK RUBBER: SET Lifts Securities Trading Suspension
DATAMAT PUBLIC: BOD Meeting OKs Malaysian Unit Restructuring
ITALIAN-THAI DEVELOPMENT: Narrows Q203 Profit to Bt373.58M
MILLENNIUM STEELP: Clarifies Q203 Business Operation
PREECHA GROUP: Cuts Q203 Operations Net Loss to Bt55.975M

PREMIER ENTERPRISE: Securities Trading Suspension Remains
TPI POLENE: Financial Statements Amendment Unnecessary

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Writedowns Lead to A$2.16B Bottom Line Loss
---------------------------------------------------------
AMP Limited has announced Wednesday a bottom line loss of
A$2,159 million, reflecting the impact of writedowns and
restructuring costs announced on 1 May 2003.

Operating profit after tax but before other items was 7 per cent
lower at A$317 million, compared with A$341 million in the
previous corresponding period.

The final audited result for UK writedowns was in line with the
œ900 million estimate anticipated on 1 May 2003.

AMP Chief Executive Officer Andrew Mohl said that while very
disappointing, the bottom line loss had been well-flagged and
reflected the poor situation the company had encountered in its
UK Life operations in the face of prolonged bear markets and
ill-timed acquisitions.

"The underlying results show that our Australian financial
services business remains resilient, reflecting its strength in
brand, distribution and scale," Mr  Mohl said.

"In our asset management arm Henderson, the lagged effect of
weak investment markets continues to impact the business,
although it is well positioned for market recovery. UK Financial
Services made a small operating loss in the half-year but is
transitioning quickly to a closed book business with a strong
focus on costs and management of balance sheet risk.

"Looking ahead, this is the first six month period for four
years in which global equity markets have finished the half at a
higher level than at the start of the period. This is an
encouraging signal of a turn in the investment market cycle and
our businesses are well placed to benefit from a sustained
upturn.

"While the actions we have had to take since late 2002 -
including a new Board and management team, the closure of
businesses, reduction in costs and risks, and ultimately the
decision to demerge - have had painful consequences, they are
decisive steps aimed at putting AMP on a much stronger footing."

Mr Mohl said the demerger of the company into two regionally
based entities, announced on 1 May 2003, remained the best
strategic solution for the company.

"The proposed demerged companies will be focused regional
players, pursuing distinctive strategies, customer bases and
growth prospects, and operating in simpler, more transparent
structures," he said.

"While a number of details are yet to be resolved,
implementation of the demerger is progressing."

To see a summary of results, go to
http://bankrupt.com/misc/TCRAP_AMP0821.pdf.


AMP RESET: Oct 24 RPS Payment Distribution Scheduled
----------------------------------------------------
AMP Henderson Global Investors, as Responsible Entity of the AMP
Reset Preferred Securities Trust (RPS), draws the attention of
RPS Holders to the comments in the ASX statement lodged by AMP
Limited on Wednesday, specifically that:

1. Minimum conversion number adjustment

   - The next date for payment of the Reset Preferred Securities
distribution of A$4.32 per A$100 security is 24 October 2003.
This amount is expected to be paid to holders registered on the
record date of 8 October 2003.

   - In addition, following the completion of AMP's A$1.7
billion capital raising earlier this year, AMP's Board, having
taken external advice, has decided to increase the Minimum
Conversion Number set out in the RPS Terms in accordance with
Clause 3.12 of the RPS Terms. The Minimum Conversion Number
has been increased from 5.1282 to 5.1620 with immediate effect
as the AMP Board considered such an increase was consistent with
the spirit of the RPS Terms. As the Responsible Entity, AMP
Henderson also confirms that, in accordance with the RPS Terms,
AMP Limited has notified AMP Henderson of the increase. The RPS
Terms provides that the increase in the Minimum Conversion
Number is binding on AMP Henderson as Responsible Entity of the
AMP Reset Preferred Securities Trust (RPS) and all RPS Holders.

2. De-merger update

AMP Limited also said on Wednesday:

   - If the de-merger proceeds, refinancing the RPS is both
necessary and desirable to achieve regulatory, ratings and tax
efficiency.

   - A simple conversion of the RPS is not in the best interests
of shareholders. Alternatives being investigated involve
refinancing the RPS into equity and/or other Tier 1 instruments
in the `new' AMP, subject to APRA approval.

   - It is likely that the refinancing will be for the full
amount of the RPS given UK asset sales such as NPI did not
occur. Other asset sales are still progressing and any proceeds
from these sales will be taken into account in the final capital
structure.

   - In addition, AMP is investigating methods of achieving
majority shareholder ownership of Henderson North, which is
currently owned by Pearl, given the decision to investigate the
feasibility of a UK listing in 2003. This restructuring was not
contemplated on 1 May 2003. Discussions with the UK regulator on
this restructuring are continuing.

   - The final capital structure of both new entities remains
subject to ongoing discussions with regulators. Any refinancing
of the RPS will also only take place with the approval of AMP
shareholders to the demerger proposal and would occur post the
EGM. AMP Henderson as the Responsible Entity of the AMP Reset
Preferred Securities Trust will act in the interests of RPS
Holders in relation to any proposal concerning the RPS.


ASHBURTON MINERALS: Acquisition Settlement Date Extended
--------------------------------------------------------
Ashburton Minerals Ltd on Monday reached agreement with Placer
Dome Asia Pacific Ltd to extend the Completion Date for
settlement of the Drummond Basin acquisition to 26 August 2003.

This one-week extension will allow the Company additional time
to receive and confirm applications for shares under its current
prospectus. As a result of promotional work undertaken by the
Directors at this years Diggers & Dealers forum in Kalgoorlie,
and on the back of a solid and rising gold price, there has been
strong interest in the offer.

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).


DEUTSCHE OFFICE: S&P Revised 'BBB+' Rating Outlook to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it had
revised the outlook on the 'BBB+' long-term corporate credit
rating for Deutsche Office Trust (DOT) to negative from stable,
and then withdrew the long-term rating, along with the 'A-2'
corporate credit and the guaranteed issue and program ratings on
DOT.

The outlook revision (before the withdrawal of the ratings)
reflected the expected near-term spike in the trust's gearing to
the high 35%-40% range, as a result of large capital-expenditure
commitments at St Georges Terrace in Perth, and Hickson Road in
Sydney. Although the trust's strategy is to divest 45 Clarence
St, Sydney, to reduce pressure on debt levels, delays in this
sale are likely to cause a material increase in gearing in the
near term. This heightened financial risk will be borne at a
time when DOT faces material near-term lease maturities,
including 23% of lease income expiring (or already expired)
within the next 12 months.

The rating withdrawal coincides with a major strategic review of
DOT that incorporates a widening of the trust's investment
mandate to include investment in U.S.-based commercial property
assets. This offshore growth strategy incorporates additional
integration and execution risk for the trust; however, it is
expected that this strategy will not be aggressively pursued
until DOT's near-term gearing and leasing risks have been
addressed. Standard & Poor's also notes that about A$50 million
of medium-term notes (MTNs) remain outstanding following the
recent buyback.

These notes are expected to enjoy enhanced recovery prospects as
a consequence of their secured status.  The remaining MTNs have
been refinanced via asset-backed commercial paper issuance,
which was issued by the DB Real Estate CP Trust - Series 1
(rated 'A-1+' by Standard & Poor's).


POWERTEL LIMITED: Appoints Non-Executive Directors
--------------------------------------------------
PowerTel Limited announced Tuesday that the TVG Takeover offer
became unconditional with the acceptance by WilTel of the TVG
Takeover Offer.

As a result of the transaction, the Board of PowerTel has
changed. New non-executive Directors appointed are Mr John Troy
and Mr Edward Sippel.

Mr S Miller Williams, Mr Stephen Butler, Mr Frank Semple and Mr
Brian Finn have retired as directors of the Company with effect
from 19 August 2003. The Board notes with appreciation the
contribution that the retiring directors have made to the
Company over the last few years.

Mr Paul Broad and Mr Richard Griffin remain as directors. Mr
Richard Griffin has been appointed as the Independent Chairman
of the Company.


STRAITS RESOURCES: Evaluates Major Salt Project
-----------------------------------------------
The Directors of Straits Resources Limited announced Tuesday
that the company is investigating the viability of developing a
new solar salt project in Western Australia. Straits has applied
for exploration licenses on the eastern margin of the Exmouth
Gulf, Western Australia, an area previously identified
by government as a potential solar salt field.

Straits Chief Executive Officer Mr Milan Jerkovic said Tuesday
the company, which mines and ships 2 million tonnes per annum of
coal from its Sebuku operation in Indonesia, wished to leverage
on its capabilities as a project developer and operator
especially its experience in marine logistics and marketing of
commodities in Asia and the Pacific Region.

"This is an opportunity to develop a viable and sustainable
business that can underpin Straits' future activities and
generate new wealth and opportunities for both shareholders and
regional Western Australia.

"While preliminary work suggests that an initial production
level of 3 million tonnes per annum of export grade salt can be
achieved, we believe that production should be able to be
expanded significantly above this level over a staged
development period. This would place this project amongst the
largest of the world's salt producers.

"Salt is primarily used as a feedstock for the production of
chemicals and plastics and we believe the continued industrial
and economic development of Asia, in particular China,
will underpin our investment in the Australian solar salt
industry".

Scoping studies on the development of this project have
commenced along with initial discussions with government
authorities and other stakeholders. This study is due to be
completed later this year, potentially leading to more advanced
studies.


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


CHINA GAS: 2003 Net Loss Swells to HK$69.673M
---------------------------------------------
China Gas Holdings Limited posted its results announcement
summary for the year ended March 31, 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/4/2002      from 1/4/2001
                               to 31/3/2003       to 31/3/2002
                               Note  ('000)       ('000)
Turnover                           : 85,537             4,827
Profit/(Loss) from Operations      : (58,645)           (7,383)
Finance cost                       : (6,169)            N/A
Share of Profit/(Loss) of
  Associates                       : (11)               N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (69,673)           (7,294)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0668)           (0.0225)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (69,673)           (7,294)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Loss before taxation included the following items which are
of the such size, nature or incidence that their disclosure is
relevant to explain the financial performance for the years:

                                        HK$'000         HK$'000

Deficit on revaluation of
investment properties                   (4,123)         (1,030)
Impairment loss recognized in
respect of investment in securities     (28,060)        -
Impairment loss recognized in respect
of property, plant and equipment        (8,797)          -
                                        ----------      --------

2. The calculation of basic loss per share is based on the net
loss for the year of HK$69,673,000 (2002: HK$7,294,000) and on
1,043,403,188 (2002: 324,461,902) weighted average number of
ordinary shares outstanding during the year. No diluted loss per
share is presented as the exercise of the potential dilutive
ordinary shares would result in reduction in loss per share in
both years.


GOLDEN DRAGON: Winding Up Hearing Scheduled in September
--------------------------------------------------------
The High Court of Hong Kong will hear on September 3, 2003 10:00
in the morning the petition seeking the winding up of Golden
Dragon Seafood Restaurant (Shatin) Limited.

Ngai Siu Fong of Room 2205, Pok Tai House, Pok Hong Estate,
Shatin, New Territories, Hong Kong filed the petition on July
21, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


HK CONSTRUCTION: Long Stop Date Further Extended to Aug 25
----------------------------------------------------------
Further extension of the Long Stop Date relating to the
Restructuring Agreement Reference is made to the announcements
issued by the board of directors of Hong Kong Construction
(Holdings) Limited on 27 August 2002, 20 and 31 December 2002,
31 March 2003, 3, 7, 21 and 28 July 2003 and 11 August 2003
(Prior Announcements) regarding the Company's debt restructuring
and standstill arrangements.

The Board advises that negotiation in connection with the
Company's debt restructuring and standstill arrangements is
still ongoing. Since more time is required to finalize the terms
thereof, the Company has requested for, and the steering
committee of the Banks has agreed to, a further extension of the
Long Stop Date from 18 August 2003 to 25 August 2003. Further
announcement will be made with regard to this matter as and when
appropriate.


HK CONSTRUCTION: Turnover Movement Inexplicable
-----------------------------------------------
Hong Kong Construction (Holdings) Limited has noted the recent
increases in the trading volume of the shares of the Company and
stated that it is not aware of any reasons for such increases.

The Directors confirm that, save for the matter published in the
announcement issued by the Company on 18 August 2003, 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.


ORIENTAL METALS: Executive Dir, Vice Pres Xun Gao Resigns
--------------------------------------------------------
The Board of Directors of Oriental Metals (Holdings) Company
Limited announces that Mr. Xun Gao resigned as Executive
Director and Vice President of the Company with effect
from 18th August, 2003.

The Board would like to express its sincere thanks to Mr. Xun
Gao for his past contribution to the Company during his tenure
of Service.

According to Wrights Investors', at the end of 2002, Oriental
Metals (Holdings) had negative working capital, as current
liabilities were HK$1.02 billion while total current assets were
only HK$509.63 million. It has paid no Dividends during the
previous 6 fiscal years.


W3FUSION LIMITED: Winding Up Sought by Leung Ka Pin
---------------------------------------------------
Leung Ka Pin Stan is seeking the winding up of W3Fusion Limited.
The petition was filed on July 17, 2001, and will be heard
before the High Court of Hong Kong on August 27, 2003 at 10:00
in the morning.

Leung Ka Pin holds its registered address at 1-D, Block 2, 7
Chun Fai Road, Mt. Butler, Hong Kong.


Y & H ENGINEERING: Winding Up Petition Slated for Hearing
---------------------------------------------------------
The petition to wind up Y & H Engineering Co. Limited is set for
hearing before the High Court of Hong Kong on September 3, 2003
at 10:00 in the morning.

The petition was filed with the court on July 21, 2003 by Siu
Chu Kwanof Room 1816, Kwai Tai House, Kwai Fong Estate, New
Territories, Hong Kong.


ZHU KUAN: RSM Nelson Appointed as Units' Provisional Liquidators
----------------------------------------------------------------
The Directors of Zhu Kuan Development Company Limited noted that
there were recently some press reports regarding the winding up
petitions filed by Standard Chartered Bank against Zhu Kuan HK
and Zhu Kuan Macau, which are two of the controlling
shareholders of the Company. To the understanding of the
Directors, two individuals of RSM Nelson Wheeler Corporate
Advisory Services Limited have been appointed as provisional
liquidators to the said two companies to safeguard their assets
for the benefit of the creditors in general pending the Court's
decision as to whether winding-up orders will be made.

The Directors wish to clarify that the Company is not a subject
to the winding up proceedings. On 15 August 2003, the Company
also received a request from the said provisional liquidators
that they were appointed on 14 August 2003 to be the directors
of Zhuhai Industrial and PIV Limited and all the original
directors of the said two companies had been removed. The
provisional liquidators requested for a meeting with the
Directors in order to address, among other matters, the current
financial and other affairs of the Company and their
representation on the board of Directors.

Save as mentioned above, the Directors are not aware of the
latest progress of the winding up proceedings.

At present, the Company's business and financial operations have
been carried on in the normal manner. As at the date of this
announcement, the Group has neither given financial assistance
(such as loan or guarantee) to Zhu Kuan HK and Zhu Kuan
Macau or any of their subsidiaries and associates, nor has the
Group received any financial assistance from Zhu Kuan HK and Zhu
Kuan Macau or any of their subsidiaries and associates. At
present, the major connected transactions made between (a) the
Group on the one part and (b) the group of companies comprising
Zhu Kuan HK and Zhu Kuan Macau and their respective subsidiaries
(other than the Group) on the other part are certain lease
arrangements under which the Group is the lessee. The subject
premises of such lease arrangements are the Group's office
and staff quarters in Hong Kong and some of the facilities
(including villas, a health center and recreational facilities)
of Zhuhai Holiday Resort Hotel in Zhuhai. For the year ended 30
April 2002, such rental expenses amounted to approximately HK$9
million.

Among the 13 current Directors (comprising 10 executive
Directors, 1 non-executive Director and 2 independent non-
executive Directors), 4 executive Directors assume directorship
in Zhu Kuan HK and/or Zhu Kuan Macau. So far as the Company and
its subsidiaries are concerned, the winding-up petitions
mentioned above have not affected the said four executive
Directors.

Based on the Company's records, as at the date of this
announcement (i) 236 million Shares (representing approximately
29.5% of the Company's issued share capital) are beneficially
owned by Zhuhai Industrial, a wholly owned subsidiary of Zhu
Kuan HK; and (ii) 337 million Shares (representing approximately
42.2% of the Company's issued share capital) are beneficially
owned by PIV Limited, a wholly owned subsidiary of Zhu Kuan
Macau. Among the 236 million Shares beneficially owned by Zhuhai
Industrial, 235.2 million Shares have since October 1998 been
charged to the then Kincheng Banking Corporation and Kincheng
Finance (HK) Limited, now renamed as Bank of China, Limited.
Based on the register of corporate substantial shareholders kept
by the Company, the 337 million Shares owned by PIV Limited have
since June 2000 been charged to LSG Limited, a wholly owned
subsidiary of ZJP Group. To the understanding of the Directors,
ZJP Group is an enterprise under the administration of the
Zhuhai SOA Administration. It is not certain whether or not the
said chargees will exercise their right under the said share
charges as a result of the winding up proceedings regarding Zhu
Kuan HK and Zhu Kuan Macau.

The Company will make announcement to keep shareholders of the
Company informed when there is any material development on the
matter mentioned above.

Shareholders of the Company are reminded to exercise extreme
caution when dealing in Shares.

DEFINITIONS

In this announcement, the following expressions shall, unless
the context requires otherwise, have the following meanings:

"Company" Zhu Kuan Development Company Limited, a company
incorporated in Bermuda and whose shares are listed on the Stock
Exchange

"Directors" the directors of the Company

"Group" the Company and its subsidiaries

"Hong Kong" the Hong Kong Special Administrative Region of the
PRC

"LSG Limited" Longway Services Group Limited, a company
incorporated in the British Virgin Islands and a wholly owned
subsidiary of ZJP Group

"PIV Limited" Pioneer Investment Ventures Limited, a company
incorporated in the British Virgin Islands and which is the
beneficial owner of 337 million Shares as at the date hereof. It
is a wholly owned subsidiary of Zhu Kuan Macau

"PRC" the People's Republic of China

"ZJP Group" (Zhuhai Jiuzhou Port Group Corporation), an
enterprise established under the law of the PRC

"Share(s)" share(s) with a nominal value of HK$0.10 each
in the ordinary share capital of the Company

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"Zhuhai Industrial" Zhuhai Industrial Company Limited, a company
incorporated in BVI with limited liability and a wholly owned
subsidiary of Zhu Kuan HK

"Zhuhai SOA Administration" (Zhuhai State Owned Assets
Administration Bureau)

"Zhu Kuan Macau" Zhu Kuan Group Company Limited, a company
established under the law of the Macau Special Administrative
Region of the PRC with limited liability. Its ultimate
beneficial owners are Stateowned enterprises under the
administration of Zhuhai SOA Administration

"Zhu Kuan HK" Zhu Kuan (Hong Kong) Company Limited a
company incorporated in Hong Kong with limited liability and a
wholly owned subsidiary of Zhu Kuan Macau. Its ultimate
beneficial owners are State-owned enterprises under the
administration of Zhuhai SOA Administration

"HK$" Hong Kong dollars, the lawful currency of Hong Kong

"%" percent.


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


ALAKASA INDUSTRINDO: Focuses on Business Development
----------------------------------------------------
PT Alakasa Industrindo is giving its primary focus on business
development and operational improvement after concluding debt
restructuring of US$12.8 million, Bisnis Indonesia reported
Wednesday.

The company public expose, to be launched on August 22, says it
is confident with the target, as it has discharged the burden,
making capital structure improvement as the only thing to focus
on. It will also reduce risk from exchange rate fluctuation
following the restructuring, which goes through several schemes,
among others is write off of US$3.1 million.

"Management can now give their greatest focus on business
development. The company will seek business opportunity through
business development unit," the expose said.

The Company signed on 19 November 2002 basic loan restructuring
agreement with its creditor Ryburn Investment Limited. Both
parties agreed to reschedule payment for the other US$3.6
million debt until 2011 with fixed interest of 2% per year.
Payment should be made in every June and December.

Meanwhile the remaining US$5.8 million would be converted into
equity, an arrangement referring to Bapepam ruling No. IX.D.4 on
preemptive right.


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


FURUKAWA CO.: Moody's Downgrades Rating to B1
---------------------------------------------
Moody's Investors Service said Tuesday it has downgraded its
senior unsecured debt ratings for nonferrous metals manufacturer
Furukawa Co. Ltd. to B1 from Ba3, with the rating outlook placed
at negative. The rating action reflects Furukawa's continuous
deterioration of financial profile and Moody's view that
Furukawa's cash flow and operating performance will remain under
pressure despite its ongoing restructuring efforts. The negative
outlook reflects our concern over the Company's ability to
stabilize earnings and improve its capital structures. This
rating action concludes the review initiated on July 16, 2003.

Furukawa's operating performance remained under pressure over
the last several years, mainly due to ongoing operational
problems at Port Kembla Copper, Pty. Ltd. (PKC), its Australian
copper smelting and refining facility. As a result of weak
performances, the Company's capital structure was substantially
deteriorated. To avoid making further losses, in July 2003,
Furukawa announced that they would suspend operations at PKC.
While the exact amount of losses relating to PKC has not yet
determined, it is expected that Furukawa will incur a
considerable amount of extraordinary losses for March 2004.
Since Furukawa has limited equity base, this would severely
damage the Company's equity base.

To cover these losses, Furukawa announced that it would sell a
part of assets (mainly lands and investment securities), and
also considering increasing its capital by issuing new shares.
Although these measures should help to offset the losses related
to PKC, Moody's expects that its financial profile remain fairly
weak over the intermediate term. While its real estate division
continues to generate rather stable earnings and cash flows, its
machinery division's operating performance is relatively weak
and volatile. The stability of earnings and continued support
from financial institutions are essentials to Furukawa's ratings
going forwards. Moody's will continue to closely monitor the
outcome of PKC, and the measures the Company takes to mitigate
the impact to its financial profile.

Furukawa Co., Ltd., headquartered in Tokyo, is one of Japan's
leading manufacturers of metal products and construction and
mining machinery. Its consolidated sales were Yen 151.6 billion
for FYE 3/2003.


KOBE STEEL: Expands Aluminum Alliance With Alcoa
------------------------------------------------
Kobe Steel, Ltd. and Alcoa Inc. recently announced an agreement
to expand their aluminum alliance on the joint development of
aluminum products for the automotive market. Due to changes in
the business environment, the two companies also announced that
they intend to discontinue both of their 50/50 joint ventures
that produce aluminum can stock used in making beverage cans.
Financial terms of the agreements were not disclosed.

Building on automotive aluminum

Kobe and Alcoa intend to expand their existing cooperation in
aluminum sheet for global automotive customers by adding R&D
efforts on aluminum extrusions, castings and forgings.

In July 1992, Kobe and Alcoa formed two 50/50 joint ventures to
serve the transportation market. Kobe Alcoa Transportation
Products, Ltd. (or KATP) in Japan undertakes R&D, manufacturing
and marketing of aluminum sheet products aimed at the Japanese
automotive industry.

The U.S. counterpart is Alcoa Kobe Transportation Products, Inc.
(or AKTP). AKTP conducts research and development of aluminum
sheet for the automotive industry. AKTP's R&D effort in aluminum
sheet technologies has been effective in supporting carmakers in
the United States.

Car manufacturers value the joint ventures, because Kobe and
Alcoa can provide aluminum sheet based on the same
specifications through them. As a result, demand for automotive
aluminum in these markets has steadily increased. By expanding
joint R&D to a wider range of aluminum products, Kobe and Alcoa
can meet the growing demand for lighter cars and improve their
responsiveness to automakers that have increasingly global
operations.

Can stock joint ventures to be restructured

Despite diligent efforts, the can stock joint ventures did not
meet the expectations of either party. Market conditions are
extremely competitive, and both parties believe they can be more
effective in the market by operating independently.

As part of the termination of the can stock ventures, Kobe will
acquire control of the Kaal Japan joint venture from Alcoa. In
exchange, Alcoa will receive Kobe's interest in the Kaal
Australia joint venture. Alcoa will grant Kobe a license to use
Alcoa's technology embedded in the Kaal Japan cold rolling mill.
Alcoa has also agreed to act as a distributor for Kobe's can
sheet products in Asia. Both companies also agreed to continue
the supply of aluminum ingot to the Japan can stock operation
for a certain period of time.

In October 1993 the 50/50 joint venture, KSL Alcoa Aluminum
Company, Ltd., began production of aluminum can stock in Japan.
January 1996 saw the start of operations of a second 50/50 can
stock joint venture, KAAL Australia, Pty. Ltd. in Australia.

Alcoa is the world's leading producer of primary aluminum,
fabricated aluminum and alumina, and is active in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation
and industrial markets, bringing design, engineering, production
and other capabilities of Alcoa's businesses as a single
solution to customers. In addition to aluminum products and
components, Alcoa also markets consumer brands including
Reynolds Wrap-- aluminum foil, Alcoa-- wheels, and Baco--
household wraps. Among its other businesses are vinyl siding,
closures, precision castings, and electrical distribution
systems for cars and trucks. The Company has 127,000 employees
in 40 countries. For more information, go to www.alcoa.com.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. is one of Japan's leading steel makers and
producers of aluminum and copper products. Other businesses
include welding consumables, infrastructure and plant
engineering, machinery, and real estate. For further
information, please visit the Kobe Steel, Ltd. home page at:
www.kobelco.co.jp/index_e_wi.htm

TCR-AP reported that Kobe Steel posted a group net loss of 28.52
billion yen in 2002 ending March 31 from a profit of 6.50
billion yen the previous year. The Shinagawa-ku, Tokyo-based
steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.

Contact:
Kobe Steel, Ltd.
Gary I. Tsuchida, Communication Center
E-mail: www-admin@kobelco.co.jp
+81-3-5739-6010


RESONA HOLDINGS: Goldman Sachs Among Suitors for Units
------------------------------------------------------
Goldman Sachs Group Inc. and the Bank of Tokyo-Mitsubishi Ltd.
are interested in acquiring parts of Resona Holdings Inc., the
Wall Street Journal reported. Sumitomo Trust and Banking and
Newbridge Capital are also interested in the takeover, the
Journal said, citing unidentified executives at those companies.

Officials at Japan's Financial Services Agency said in June that
the government would sell its stake in Resona in a few years.
Resona received a US$17 billion government bailout in mid-May.


SEGA CORPORATION: Nokia Acquires Unit Sega.com Inc.
---------------------------------------------------
Nokia and Sega Corporation announced a definitive agreement in
which Nokia will acquire assets of Sega.com Inc., a subsidiary
of SEGA. This agreement will further enhance online games and
service offerings for the Nokia N-Gage(TM) game deck, as
Sega.com's leading multi-player technology will now become an
integral part of the Nokia N-Gage experience. The SEGA Network
Application Package (SNAP), that enables high-performance
networked multi-player games, will form the core part of Nokia
Mobile Phones' Entertainment and Media Business Unit's online
games activity.  This transaction is subject to standard closing
conditions.

"Online multi-player games and mobility are seen as the hottest
developments in the games industry today. This acquisition is a
logical step in bringing online elements to mobile games," said
Ilkka Raiskinen, Senior Vice President, Entertainment and Media
Business Unit. "Sega.com Inc. has developed a robust technology
platform which, combined with the Nokia N-Gage(TM) game deck,
opens up totally new dimensions for gamers. Sega.com is known to
be the host for some of the world's best online game
competencies, and I believe that together, we have the leading
knowledge in both mobility and online games technologies, thus
further developing and expanding the opportunities for the
entire games space."

Sega.com Inc. is located in San Francisco focusing on game
distribution and online game services.  In the game industry,
Sega.com Inc. is known as a leading supplier of technology for,
and a pioneer in, mobile and multi-player online games.
Following the acquisition, SNAP will be integrated into the
Nokia N-Gage(TM) game deck enabling multi-player games for
mobile and fixed environments.  SNAP will bring immediate
benefits to the Nokia N-Gage game deck, scheduled to be
available to consumers worldwide October 7, 2003.

The integration of SNAP technology into Nokia's game portfolio
will have positive effects on all aspects of the games
community.  Nokia N-Gage(TM) gamers will benefit from content
creation, resulting in more feature-rich multi-player online
games.  The mobile operators will have the opportunity to
generate additional revenue streams by integrating games
industry technology into their mobile networks.  Finally, SNAP
technology offers games developers a flexible and well tested
online games platform to provide appealing and entertaining
games to gamers globally.  Over time, SNAP will bring even
bigger benefits to the games industry as the technologies and
games genres evolve to take full advantage of online elements.

"SEGA understood the great future for online gaming from a very
early point.  Thus, we have used our best efforts to further the
online gaming business," said Hisao Oguchi, Representative
Director and President of SEGA Corporation.  "After this
agreement closes, Nokia will leverage the SNAP technology to
strengthen online gaming titles for Nokia N-Gage(TM).  SEGA will
continue to enhance its gaming software business as a content
publisher and pursue various avenues in the online entertainment
industry including providing content for Nokia N-Gage(TM)."

Two press and industry analyst calls will be held:

Tuesday, August 19, 2003 - Wednesday, August 20, 2003
4:00 p.m. PDT, 7:00 p.m. EST; 2:00am Finland; 1:00am Germany;
8:00am Japan AND 12:00 a.m. PDT, 3:00am EST; 10:00am Finland;
9:00am Germany; 4:00pm Japan
Domestic dial-in number: (877) 721-9310
International dial-in number:  + 1 (706) 679-6164

Host: Kenya Rodgers, Corporate Communications, Mergers &
Acquisitions

Please be prepared to offer your full name and press affiliation

A replay of the audio conference will be available 2 hours after
each call's completion until August 28, 2003.  Domestic replay
is available at (800) 642-1687.   International dial-in is
available at + 1 (706) 645-9291.

About Sega.com

Sega.com, Inc. (www.sega.com), is a network entertainment
company that integrates Internet technology with innovation
while leveraging a video game heritage dating back more than 50
years.  Sega.com also built the first high-speed online console
gaming network and community destination for gamers.  Sega.com
is dedicated to bringing the technology and content required for
networked entertainment to game developers and game players
alike, leveraging the network possibilities for a multitude of
devices including game consoles, cellular phones and PDAs.

About SEGA Corporation

SEGA(R) Corporation is a worldwide leader in interactive
entertainment both inside and outside the home, encompassing
consumer business, amusement machine sales and amusement center
operations.  The company develops, publishes and distributes
interactive entertainment software products for a variety of
hardware platforms including PC, wireless devices, and those
manufactured by Nintendo, Microsoft and Sony Computer
Entertainment Inc.  SEGA(R) Corporation's Web site is located at
http://sega.jp.

About Nokia

Nokia is the world leader in mobile communications. Backed by
its experience, innovation, user-friendliness and secure
solutions, the company has become the leading supplier of mobile
phones and a leading supplier of mobile, fixed broadband and IP
networks. By adding mobility to the Internet, Nokia creates new
opportunities for companies and further enriches the daily lives
of people. Nokia is a broadly held company with listings on six
major exchanges.

For further information:
Media only please contact:

Nokia Mobile Phones
Communications
Tel. +358 7180 45667
Email: nokia.mobile.phones@nokia.com
www.n-gage.com/press

Nokia Americas
Kenya Rodgers
Tel. +1 214-632-7159
Email: communication.corp@nokia.com

Nokia
Corporate Communications
Tel. +358 7180 34900
Email: press.office@nokia.com

Public Relations of SEGA Corporation
Hirofumi Otsuki
Tel: +81 (3) 5736-7037
Email: otsukih@soj.sega.co.jp

Industry Analysts please contact:
Nokia Americas
Virve Virtanen
Tel. +1 972-894-6331


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


HANBO STEEL: Consortium Delays Acquisition Payment
--------------------------------------------------
The sale of Hanbo Steel to a consortium led by AK Capital will
be delayed as the bankruptcy court and the creditors of Hanbo
decided Tuesday to provide the consortium with an additional
three-month period to complete the US$377 million payment for
the acquisition, Digital Chosun said on Tuesday. The consortium
asked for a new three-month postponement of the payment last
week, and the court and creditors, consenting to the new
request, said that the new deadline is moved to November 18 from
the scheduled date of August 20.


HYNIX SEMICONDUCTOR: Elpida, Others Seek Punitive Tariff
--------------------------------------------------------
Elpida Memory Inc. and four Taiwanese peers plans to file
countervailing duties on the memory chips of Hynix Semiconductor
Inc. by the end of this year, the Nihon Keizai Shimbun reported
on Wednesday. The move follows decisions by the European Union
(EU) and the U.S. Department of Commerce to impose anti-dumping
duties on shipments of Hynix memory chips after finding that
Hynix had won state aid. The four Taiwanese makers, including
Nanya Technology Corporation, will file similar complaints this
week.

The EU on Tuesday decided to impose definitive anti-dumping
duties of 34.8 percent on Hynix products, after allegations from
German rival Infineon Technologies AG that the Korean maker
received tax benefits for export losses, loans and state-
guaranteed export credits.


KIA MOTORS: Orders Backlog Piling Up Due to Strike
--------------------------------------------------
Labor union members of Kia Motors have been pressing ahead with
partial walkouts for 16 days, causing huge losses in production,
Digital Chosun reported Tuesday. The carmaker has been able to
ship 6,265 cars as of Tuesday, only 13 percent of the total
48,850 units that are to be exported in August. The Company
added that the backlog of orders has been piling up.

The Kia union staged an eight-hour partial strike on Tuesday.
The union said it would be on strike for eight hours a day until
Friday. The union and management continued negotiations over
wage increases for this year, but the parties have so far failed
to narrow their differences.

Meanwhile, Yonhap News reported that the value of cumulative
lost output at strike-hobbled Kia Motors Corporation and its
parts suppliers is expected to swell to about 1.3 trillion won
(US$1.1 billion) this week.


KIA MOTORS: Sedans May Face U.S. Recall for Fuel-Valve Problem
--------------------------------------------------------------
Kia Motors Corp.'s Sephia sedans from the 1998 through 2001
model years may be called back for repairs because of fuel
spills, after problems were reported to United States regulators
following an earlier recall, Bloomberg reports.

The National Highway Traffic Safety Administration said it's
reviewing 253,200 of the sedans because of renewed complaints
that gasoline ``spit back'' at motorists or spilled during
refueling. The agency said on its Web site that it's considering
the adequacy of a June 2000 recall to fix fuel valves of 100,137
of the 1998 and 1999 models.

Kia Motors didn't immediately comment. Kia changed the name of
its sedan from the Sephia to the Spectra starting with 2002
models. In 2001, the automaker sold 49,016 Sephias, down 28
percent from the previous year.


SK GLOBAL: Designates Chung Man-won as New Head
-----------------------------------------------
Creditors of SK Global Inc. has appointed Chung Man-won, head of
the SK Global restructuring taskforce, as the Company's new
Chief Executive Officer (CEO) on Tuesday, the Maeil Business
Newspaper reported Tuesday. Creditors also plan to replace all
eight board members of SK Global, and reveal the new executives
at the Company's shareholder's meeting on September 9.

Son Kil-seung, Chairman of the SK Group and previous head of SK
Global, resigned from his position as top official from SK
Global on Sunday.


SK GLOBAL: Wants Schedule Filing Deadline Moved to September 8
--------------------------------------------------------------
Albert Togut, Esq., at Togut, Segal & Segal LLP, in New York,
tells Judge Blackshear that SK Global America needs more time to
file its Schedules of Assets and Liabilities and Statement of
Financial Affairs. SK Global America is a subsidiary of South
Korean SK Global Co., Ltd., one of the world's leading trading
companies.

According to Mr. Togut, the Debtor has over $3,100,000,000 in
liabilities, including loan payables, vendor payables and
certain other unsecured obligations, as well as extensive
contractual relationships.  As an international trading Company
with several offices located throughout the United States,
annual sales exceeding $2,600,000,000 and numerous trading
partners located in the United States and abroad, the financial
affairs and contractual relationships of the Debtor are complex
and extensive.

Mr. Togut explains that the Debtor's case is still in its early
stages.  In fact, an official committee of unsecured creditors
has not been formed yet.  Since the Petition Date, the Debtor
has expended substantial time and resources on issues relating
to its orderly transition to operating in a Chapter 11 context.
In addition to operating its business, the Debtor's personnel
and its professionals have been consumed since the Petition Date
with many issues that have been complex and time-intensive,
including:

    (a) continuing negotiations with representatives of the
        Foreign Creditors;

    (b) addressing the issues and concerns raised by the
        Debtor's trading partners, both domestic and foreign,
        regarding the impact of the Chapter 11 process on its
        trading business;

    (c) addressing the retention of the Debtor's essential
        employees; and

    (d) responding to information requests of the U.S. Trustee
        and other parties-in-interest, including utilities and
        landlords.

Mr. Togut points out that the Debtor is working diligently to
shift to its new status as a debtor-in-possession.  The Debtor's
financial and accounting staff has been fulfilling the many
requests for information and documents required by the Debtor's
professionals for the administration of its bankruptcy case.

As a matter of fact, Mr. Togut says, the Debtor recently filed
an application to employ KPMG LLP as its accountants and
financial advisors to provide assistance in the preparation of
the Schedules and the other financial reporting requirements
imposed upon a debtor-in-possession in Chapter 11.  Mr. Togut
anticipates the retention will be approved in mid-August.  KPMG
will therefore need additional time to assist the Debtor in
preparing the Schedules.

At this juncture, the Debtor calculates that an additional 20-
day extension should provide sufficient time within which it can
have its Schedules prepared and filed.  The accuracy and
completeness of the Schedules will, among other things, allow
the Debtor to send notice of the claims bar date, to be set by
the Court, to the Debtor's creditors on, or shortly after, the
filing of the Schedules.

Pursuant to Rule 1007(c) of the Federal Rules of Bankruptcy
Procedure, the Debtor asks the Court to extend the time for it
to file its Schedules of Assets and Liabilities and Statement of
Financial Affairs to September 8, 2003.  The Debtor discussed
its request with the Foreign Bank Steering Committee and the
Committee does not oppose the extension sought. (SK Global
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


* Corporate Insolvencies Up 23% in July, BOK Says
-------------------------------------------------
The Bank of Korea (BOK) announced that corporate insolvencies in
July increased 23 percent, or 95 firms, from June's 413,
according to Digital Chosun. The July figure was the highest
since the 532 recorded in January 2001. The central bank said
that more firms in provincial areas went belly up in July than
in Seoul, indicating that the economy outside the capital region
is far worse than in Seoul and Gyeonggi Province.


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


ASSOCIATED KAOLIN: Warrants 1996/2005 Terminated
------------------------------------------------
Associated Kaolin Industries Berhad (AKI) advised of the
following:

   1) AKI's Warrants will be terminated at 5:00 p.m. on
Thursday, 18 September 2003.

   2) Trading of the Warrants has been suspended since 21 April
1998.

   3) The Warrants will be removed from the Official List of the
Exchange with effect from 9:00 a.m., Friday, 19 September 2003.

Last week, the Troubled Company Reporter - Asia Pacific reported
that the Securities Commission has approved an extension of time
for a period of six (6) months up to 10 January 2004 to
implement the Proposals, which collective refers to the
following:

     i. Proposed Capital Reduction;
    ii. Proposed Termination of Aki's Outstanding Warrants
        1996/2005;
   iii. Proposed Share Exchange;
    iv. Proposed Rights Issue;
     v. Proposed SBI;
    vi. Proposed GPSB Acquisition;
   vii. Proposed Success Profile Acquisition;
  viii. Proposed Debt Restructuring of AKI;
    ix. Proposed Waiver; and
     x. Proposed Transfer Listing.


AUTOINDUSTRIES VENTURES: Posts Dealings During Closed Period
------------------------------------------------------------
Further to the announcements of 11 August 2003 and 13 August
2003 on the Trading in Securities of the Company during Closed
Period, Autoindustries Ventures Berhad informed that, pursuant
to paragraph 14.08(c) of the Listing Requirement of Kuala Lumpur
Stock Exchange, Datuk Haji Sarip Bin Hamid, the Director of the
Company has informed AIV that he has disposed of additional AIV
shares as follows:

   Date of dealing          : 18 August 2003
   Consideration of dealing : RM0.69 per share
   Number of shares disposed: 562,500 ordinary shares of RM1.00
                              each
   Percentage of issued share capital of AIV: 1.41%

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


EPE POWER: September 10 EGM Scheduled
-------------------------------------
On behalf of EPE Power Corporation Berhad, Commerce
International Merchant Bankers Berhad, is pleased to announce
that an EGM of EPE will be held at Nusantara Ballroom 3, Level
2, Hotel Sheraton Imperial Kuala Lumpur, Jalan Sultan Ismail,
50250 Kuala Lumpur on Wednesday, 10 September 2003 at 11:00
a.m., for the purpose of considering and if thought fit, passing
with or without modifications, the resolutions as set out in the
notice of EGM.

A copy of the said notice can be found at
http://bankrupt.com/misc/TCRAP_EPE0821.pdf.


GEAHIN ENGINEERING: Obtains SC's Nod on Proposed Extension
----------------------------------------------------------
Geahin Engineering Berhad refers to the announcement dated 03
March 2003 in relation to the Proposed Corporate Restructuring
Exercise.

Public Merchant Bank Berhad (PMBB) had on 05 August 2003 on
behalf of Geahin, submitted an application to the Securities
Commission (SC) to seek the SC's approval to grant an extension
of time up to 31 October 2003 for the independent audit firm to
complete the investigative audit (Proposed Extension).

In relation thereto, Geahin is pleased to announce that SC had
via its letter dated 18 August 2003, which was received on 19
August 2003, approved the Proposed Extension


HHB HOLDINGS: MOU Further Extended to September 19
--------------------------------------------------
On 21 May 2003, Public Merchant Bank Berhad (PMBB), on behalf of
HHB Holdings Berhad, had announced that HHB had on 20 May 2003,
entered into a Memorandum of Understanding (MOU) with Public
Bank Berhad, Rentak Baru (Sabah) Sdn Bhd, Mr. Lee Nyuk Heng and
Dr. Tan Su Haw (Parties) to undertake a corporate exercise. The
MOU is valid for a period of 30 days from the date of the MOU or
such relevant date as mutually agreed by HHB and the Parties.

PMBB, on behalf of HHB, wishes to announce that HHB and the
Parties have agreed to further extend the MOU for a period of 30
days from 19 August 2003.

A detailed announcement will be made by HHB upon the execution
of a formal definitive agreement.


IDRIS HYDRAULIC: Proposes Disposal to Progress Workout Scheme
-------------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Idris Hydraulic (Malaysia) Bhd, is pleased to
announce that IHMB, had on 18 August 2003 entered into a
conditional Shares Sale Agreement (SSA) with Value Line Sdn.
Bhd. (VLSB) for the proposed disposal of 9,600,000 ordinary
shares of RM1.00 each representing the entire equity interest in
Advanced Electronics (M) Sdn. Bhd. (AESB).

DETAILS OF THE PROPOSED DISPOSAL

The Proposed Disposal will entail the disposal of 9,600,000
ordinary shares of RM1.00 each (ale Shares) representing the
entire equity interest in AESB for a sale consideration of
RM3,000,000.

Salient Features of the SSA

Consideration

The total sale and purchase consideration for the Sale Shares of
RM3,000,000, is to be satisfied in the following manner:

   (a) RM60,000 (being 2% of the consideration) will be paid by
VLSB to IHMB upon execution of the SSA.

   (b) RM240,000 (being 8% of the consideration) will be assumed
by VLSB upon uplifting of charges on a piece of land held by
AESB known as Lease Negeri No. 3275, Lot 4, Seksyen 20, Bandar
Petaling Jaya, Daerah Kuala Lumpur, Selangor Darul Ehsan and
other liabilities by IHMB upon completion of the proposed
restructuring scheme of IHMB.

   (c) RM2,700,000 (being the balance of the consideration) will
be paid by VLSB to IHMB within twelve (12) months from the
payment of the amount mentioned in (b) above.

Conditions Precedent

The sale and purchase of the Sale Shares is subjected to and
conditional upon the following conditions precedent being
fulfilled within the time set out below:

   (a) VLSB obtaining the approval of their respective Board of
Directors and shareholders for the purchase of the Sale Shares
within three (3) months from the date of the SSA and an
extension of one (1) month, or by such extension of time that
both parties may mutually agree in writing;

   (b) IHMB obtaining the approval of the shareholders at the
Extraordinary General Meeting (EGM) for the sale of the Sale
Shares within three (3) months from the date of the SSA and an
extension of one (1) month, or by such extension of time that
both parties may mutually agree in writing;

   (c) VLSB obtaining the approval of any other relevant
authority, if necessary, within thirty (30) days from the date
when VLSB is required to do so or by such extension of time that
both parties may mutually agree in writing;

   (d) The Proposed Disposal is carried out substantially in the
form as proposed in the SSA; and

   (e) IHMB will, upon request of VLSB, procure for VLSB, AESB's
accountants, consultants, legal advisors, employees and agents,
all the assistance, co-operation and access and entry to the
relevant premises where the records, books, audited accounts and
other relevant documents of AESB and its subsidiaries, for VLSB
to carry out the legal due diligence and due diligence audit.

Approvals Not Obtained Or Pending Within The Time Stipulated

In the event that the approvals from relevant authorities and/or
shareholders are not obtained without the faults of any of the
parties or are pending upon the expiration of the time for
obtaining the particular approval, or if the parties agreed to
an extension of time, then upon the expiration of such extension
the SSA will become null and void.

Completion Date

Completion shall take place twelve (12) months from the
fulfillment of clause 4.01 of the SSA or by such extension of
time as both parties may mutually agree.

Warranties by IHMB

IHMB warrants to VLSB, amongst others, the following:

   (a) The execution of the SSA will not contravene any law,
result in any breach of agreement, obligation and/or whatever
that would contravene the Memorandum and Articles of
Association.

   (b) IHMB, is and will be the beneficial owner of the Sale
Shares free and clear of all claims, charges or other
encumbrances except as disclosed in the SSA, and has full power
and authority to transfer good and valid title to the Sale
Shares.

   (c) IHMB has and will have full legal right power and
authority to execute, deliver and perform its obligations under
the SSA, and no litigation, arbitration or administrative
proceeding and dispute with authorities which will affect IHMB's
ability to perform its obligations.

   (d) IHMB will provide all information and documents and
permit all reasonable access to the books and accounts of AESB
to VLSB or its representative. IHMB will also give assistance to
VLSB, VLSB's solicitors and other professional advisers as they
may reasonably require to complete the due diligence exercise.

Basis of Determining the Sale Consideration

The total sale consideration of RM3,000,000 for the Proposed
Disposal was arrived at on a willing buyer willing seller basis
after taking into consideration the net liabilities of AESB and
its subsidiaries (AESB Group) amounting to RM2.91 million as at
31 December 2002.

Original Cost of Investment

The total cost of investments in AESB by IHMB amounting to
RM11.12 million, which were made during the periods in 1984,
1987, 1988 and 1991.

Utilization of Proceeds

The Proposed Disposal will raise proceeds of RM3,000,000 which
are intended to be utilized as follows:

                             RM'000
Working capital                300
Repayment of borrowings      2,700
                             3,000

Liabilities To Be Assumed

There is no liability to be assumed by VLSB pursuant to the
Proposed Disposal.

BACKGROUND INFORMATION ON VLSB

VLSB was incorporated on 18 December 1985 in Malaysia as a
private limited company. The authorized share capital of VLSB is
RM100,000 comprising 100,000 ordinary shares of RM1.00 each of
which 100,000 ordinary shares of RM1.00 each have been issued
and fully paid-up.

The principal activity of VLSB is that of investment holding and
general trader in supplying information technology products and
electrical appliances. Based on the audited financial statements
of VLSB for the financial year ended 31 March 2002, the loss
after taxation was RM3,923 while the net tangible assets (NTA)
as at 31 March 2002 was RM111,921.

BACKGROUND INFORMATION ON AESB

AESB was incorporated on 16 October 1973 in Malaysia as a
private limited company. The authorized share capital of AESB is
RM10,000,000 comprising 10,000,000 ordinary shares of RM1.00
each of which 9,600,000 ordinary shares of RM1.00 each have been
issued and fully paid-up.

The principal activities of the AESB Group are trading,
manufacturing, distribution and sale of electrical appliances.
Details of the subsidiary companies of AESB are set out in Table
1 at http://bankrupt.com/misc/TCRAP_Idris0821.pdf.

Based on the consolidated audited financial statements of the
AESB Group for the financial year ended 31 December 2002, the
loss after taxation was RM926,453 while the net liabilities as
at 31 December 2002 was RM2,909,847.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal would allow IHMB to further progress in
its proposed restructuring scheme in enabling it to rationalize
and streamline its operations by disposing subsidiaries which do
not have any strategic-fit within the IHMB group of companies
(IHMB Group).

EFFECTS OF THE PROPOSED DISPOSAL

The effects of the Proposed Disposal on the share capital,
earnings, NTA and major shareholdings at the IHMB Group shall be
as follows:

Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of IHMB Group.

Earnings

The Proposed Disposal is expected to enhance the earnings of
IHMB Group in the future as losses of the AESB Group would be
eliminated.

NTA

The proforma effect of the Proposed Disposal based on the
audited consolidated balance sheet of IHMB Group as at 31
December 2002 are summarized in Table 2 at
http://bankrupt.com/misc/TCRAP_Idris0821.pdf.

Major shareholdings

The Proposed Disposal will not have any effect on the major
shareholdings of IHMB.

CONDITIONS TO THE PROPOSED DISPOSAL

The Proposed Disposal is conditional upon the approvals of the
following:

   a. Securities Commission (SC);
   b. Shareholders of IHMB at the Extraordinary General Meeting
(EGM) to be convened; and
   c. Any other relevant authorities/parties.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

Save as disclosed below, none of the other Directors, major
shareholders and persons connected to the Directors or major
shareholders has any interest, direct or indirect, in the
Proposed Disposal.

Encik Mohamed Haniffah bin S.M. Mydin, who is the director of
AESB, and his spouse are also the directors and major
shareholders of VLSB.

Encik Mohamed Haniffah and his spouse have abstained and will
continue to abstain from voting, in respect of their direct
and/or indirect interests, on the resolution pertaining to the
Proposed Disposal at the EGM to be convened. They will also
undertake to use their best endeavor to ensure that persons
connected with them will abstain from voting in respect of their
direct and/or indirect interests, on the resolution pertaining
to the Proposed Disposal at the said EGM.

COMPLIANCE WITH THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES

To the best knowledge of the Directors of IHMB, the Proposed
Disposal will not result in any departure from the Securities
Commission's Policies and Guidelines on Issue/Offer of
Securities.

SUBMISSION TO THE AUTHORITIES

The application to the relevant authorities in relation to the
Proposed Disposal will be made within three (3) months from the
date of this announcement.

DIRECTORS' STATEMENT

Having considered all the above, the Directors of IHMB are of
the opinion that the Proposed Disposal is in the best interest
of the Company.

ADVISER

Aseambankers has been appointed as the adviser for the Proposed
Disposal.

DOCUMENTS FOR INSPECTION

The SSA is available for inspection at the Registered Office of
IHMB at Level 20, Menara MRCB, No. 2, Jalan Majlis 14/10,
Seksyen 14, 40000 Shah Alam, Selangor Darul Ehsan from Mondays
to Fridays (except public holidays) during business hours from
the date of this announcement up to the date of the EGM to be
convened for the Proposed Disposal.


KAI PENG: Proposes Land Disposal to Repay Bank Borrowings
---------------------------------------------------------
The Board of Directors of Kai Peng Berhad is pleased to announce
that the Company had on 14 August 2003 entered into a Sale and
Purchase Agreement (SPA) with Rich Assets Development Sdn Bhd
(Purchaser/Rich Assets) for the disposal of the piece of
leasehold land held under Pajakan Mukim 2 Lot No: 21793 Mukim of
Batu Daerah Wilayah Persekutan and measuring 86,938 square feet
together with a factory erected thereon (the said Property) for
a consideration of RM7,500,000.00 only (Consideration) subject
to the terms and conditions as stipulated in the SPA.

The Consideration was arrived at on a willing-buyer willing-
seller basis.

The sum of RM750,000.00 has been paid by Purchaser to the
Vendor's solicitors as deposit and part payment of the
Consideration whilst the balance of RM6,750,000.00 shall be paid
by the Purchaser to the Vendor's solicitors on or before the
Completion Date i.e. 6 months from the date of which the SPA
becomes unconditional or the Extended Completion Date i.e. a
further period of 3 months from the Completion Date.

The said Property will be disposed free from all and any
encumbrances and but subject always to all conditions of title
expressed and/or implied in respect of and affecting the
Document of Title of the said Property.

The said Property was acquired at a cost of RM5,500,000.00. The
net book value, based on the audited consolidated financial
statements of the Company as at 30 June 2002 amounted to
RM4,790,322.44.

Rich Assets was incorporated on 14 October 1996. The authorized
share capital of Rich Assets is RM100,000.00 comprising 100,000
ordinary shares of RM1.00 each. The issued and paid-up capital
of Rich Assets is RM8.00 comprising 8 ordinary shares of RM1.00
each. The principal activity is property development.

The proposed disposal is part of the Kai Peng Group's strategy
to improve its operating cashflow and/or repay bank borrowings.

There is no material financial effects expected from the
proposed disposal.

The proposed disposal is not subject to the approval of the
shareholders of the Company but is subject to the following:

   a) The said Property is subject to a restriction-in-interest
whereby approval of the State Authority is required for the sale
and transfer of the said Property to the Purchaser.

   b) The Company has to obtain the approval of the Chargee i.e.
RHB Bank Berhad to the sale of the said Property to the
Purchaser as the said Property is presently charged to the said
Bank as security for credit facilities.

The proposed disposal is expected to be completed within 6
months from the date of the SPA ("Completion Date") or the
Extended Completion Date i.e. a further period of 3 months from
the Completion Date.

None of the Directors and major shareholders of Kai Peng or
persons connected with them have any interest, direct and/or
indirect in the proposed disposal.

The Board of Directors of Kai Peng, having considered all the
relevant factors, is of the opinion that the proposed disposal
is in the best interest of Kai Peng.

The SPA may be inspected at 2nd Floor, Bangunan Palm Grove, No:
14 Jalan Glenmarie (Persiaran Kerjaya), Section U1, 40150 Shah
Alam during normal office hours between Monday and Friday
(except public holidays) from the date of this announcement.


KAI PENG: Answers KLSE's Unusual Market Activity Query
------------------------------------------------------
Kai Peng Berhad, in reply to Kuala Lumpur Stock Exchange's Query
Letter reference ID: ME-030815-66794 on Unusual Market Activity
dated 15 August 2003, clarified on the following:

   1) There is no material development in Kai Peng's business
and affairs not previously disclosed.

   2) To Kai Peng's knowledge, there are no other reasons to
account for the unusual market activity.

Kai Peng also informed that to Kai Peng's knowledge, none of the
situations/events as listed in the aforesaid letter contributed
to the unusual market activity in Kai Peng's shares during the
period in question and Kai Peng is not aware of any rumor report
(whether true or false) which contains information which is
likely to have an effect on trading of Kai Peng's securities.

Query Letter content:

We draw your attention to the sharp increase in price and high
volume in your Company's shares recently. In accordance with
paragraph 9.11 of the Exchange's Corporate Disclosure Policy
on Response To Unusual Market Activity, you are requested to
furnish the Exchange with an announcement for public release
after a due enquiry seeking the cause of the unusual market
activity in the Company's securities. When considering your
response and when making the required announcement, your
attention is particularly drawn to the continuing disclosure
requirements set out in Chapter 9 of the KLSE's Listing
Requirements.

The announcement is to reach the Exchange within one (1) market
day via KLSE Listing Information Network (KLSE Link).

Yours faithfully,
ELENA CHEN
Assistant Manager
Financial Review & Surveillance
Listing Group


KL INDUSTRIES: Unit Receives Tax-Related Summon
-----------------------------------------------
Kuala Lumpur Industries Holdings Berhad wishes to announce that
Syarikat Tenaga Sahabat Sdn Bhd (STS), a wholly-owned subsidiary
of the Company has on 15 August 2003 received a Summon dated 3
July 2003 from the Government of Malaysia.

The Summon was served on STS for a claim of RM53,824.10 in
respect of the outstanding income tax for the year of assessment
1991, 1993 and 1994 due from STS to the Inland Revenue Board.
STS is required to be present in Court on 2 September 2003.


LAND & GENERAL: LFM Winding-Up Completed
----------------------------------------
Further to the announcement dated 14 October 2002 in relation to
the Creditors' Voluntary Winding-Up of Lang Furniture (M) Sdn
Bhd (LFM), a wholly-owned subsidiary of Land & General Berhad,
the Company is pleased to announce that the Winding-Up of LFM
has been completed on 15 August 2003.

Refer to the Troubled Company Reporter - Asia Pacific Wednesday,
October 16, 2002, Vol. 5, No. 205 issue for details of LFM's
Winding Up.


L&M CORPORATION: Fulfillment Date Extended to December 16
---------------------------------------------------------
L & M Corporation (M) Bhd (Special Administrators Appointed)
refers to the announcements on 18 October 2002, 19 November
2002, 15 January 2003, 21 January 2003, 24 April 2003, 12 May
2003, 22 May 2003, 27 May 2003 and 4 July 2003 in relation to
the Proposed Corporate and Debt Restructuring Scheme.

The Special Administrators of L&M namely Mr. Gan Ah Tee, Mr. Ooi
Woon Chee and Encik Mohamed Raslan bin Abdul Rahman of KPMG
Corporate Services Sdn Bhd wish to announce that the Fulfilment
Date (referred to in the Amended and Re-stated Reconstruction
Agreement dated 18 November 2002 and the share sale agreements
dated 18 November 2002 to facilitate and implement the Proposed
Corporate and Debt Restructuring Scheme of L&M) i.e. the date
for the satisfaction of all the conditions precedent for the
said agreements has been extended to 16 December 2003.

For more details on the Proposed Corporate and Debt
Restructuring Scheme, refer to the Troubled Company Reporter -
Asia Pacific Thursday, November 21, 2002, Vol. 5, No. 231 issue.


LONG HUAT: Restraining Order Period Extension Expires Nov 5
-----------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcement dated
6 August 2003 on Application for Extension of time in relation
to the Restraining Order Under Section 176 (10) of the Companies
Act.

The extension of time for a further 90 days granted by the Court
in relation to the Restraining Order under Section 176 (10) of
the Companies Act and for the convening of meetings of creditors
and shareholders pursuant to Section 176 (1) of the Companies
Act 1965 will expire on 5 November 2003.


MALAYSIAN GENERAL: SRB Enters Stakeholder Agreement
---------------------------------------------------
Malaysian General Investment Corporation Berhad's Proposed
Restructuring Scheme comprising the following:

   a) Proposed exchange of all the existing ordinary shares of
RM1.00 each (Shares) in MGIC with new Shares in Sumatec
Resources Berhad (SRB) on the basis of one (1) new Share in SRB
for every five (5) existing Shares held in MGIC;

   b) Proposed debt settlement exercise between MGIC and its
creditors, save for the trade creditors (Creditors), involving
the issuance of new Shares in SRB to the Creditors as full and
final settlement of the outstanding debts due from MGIC to the
Creditors;

   c) Proposed acquisition of the entire issued and paid-up
share capital of Sumatec Corporation Sdn Bhd (Sumatec)
comprising 10,000,000 Shares by SRB from Tekad Mulia Sdn Bhd
(Tekad Mulia) for a purchase consideration of RM95,000,000 to be
satisfied by the issuance of 95,000,000 new Shares in SRB at an
issue price of RM1.00 per Share (Proposed Acquisition Of Sumatec
Group);

   d) Proposed waiver to the vendor of the Sumatec Group, Tekad
Mulia and parties acting in concert with it from the obligation
to extend an unconditional mandatory general offer for all the
remaining Shares not already owned by them in SRB after the
Proposed Acquisition Of Sumatec Group;

   e) Proposed offer for sale / placement of the SRB Shares held
by the Creditors and Tekad Mulia (if required);

   f) Proposed admission of the entire enlarged issued and paid-
up share capital of SRB to the Official List of the Kuala Lumpur
Stock Exchange and proposed delisting of MGIC; and

   g) Proposed liquidation of MGIC and all of its subsidiaries.

On 28 July 2003, AmMerchant Bank Berhad (AmMerchant Bank) had,
on behalf of the Company, announced that the Securities
Commission has approved the appeal made by the Company / Sumatec
pertaining to any shortfall in the after-tax profit forecast of
the Sumatec Group for the financial year ending 31 December 2003
due to the non-collectability of the trade debts exceeding the
credit period of RM11.330 million (Outstanding Trade Debts). As
mentioned in that announcement, Tekad Mulia is proposing to
enter into an agreement with a stakeholder whereby an amount of
RM11.330 million (Stakeholder Amount) from the total sale
proceeds arising from the placement of Tekad Mulia's Shares
(Proposed Placement) will be held by the stakeholder and the
relevant amounts will be released to SRB / Sumatec if Sumatec is
unable to collect the Outstanding Trade Debts.

Further to that announcement, on behalf of the Company,
AmMerchant Bank is pleased to announce that SRB, Tekad Mulia,
Sumatec and Raslan Loong Executives & Managers Sdn Bhd
(Stakeholder) have on 18 August 2003 entered into a stakeholder
agreement (Stakeholder Agreement) for the abovementioned
purpose.

SALIENT TERMS OF THE STAKEHOLDER AGREEMENT

The salient terms of the Stakeholder Agreement are as follows:

   (a) Tekad Mulia will deposit or cause to be deposited the
Stakeholder Amount into the account of the Stakeholder not later
than three (3) business days after the receipt of the sale
proceeds from the Proposed Placement and the Stakeholder shall
for the period commencing from the date of the Stakeholder
Agreement and ending 31 December 2003 or the date on which SRB
and Sumatec notify and authorize the Stakeholder to release all
the remaining monies to Tekad Mulia due to full settlement of
the Outstanding Trade Debts (Notice of Settlement), whichever is
earlier, (Stakeholder Period) hold and deal with the Stakeholder
Amount in accordance with the provisions of the Stakeholder
Agreement;

   (b) The Stakeholder shall hold and deal with the Stakeholder
Amount as follows:

     (i) Where the Stakeholder receives notice authorizing the
Stakeholder to release the stipulated amount to Tekad Mulia due
to payment(s) made by identified debtor(s) (Notice of Payment),
the Stakeholder shall within five (5) business days of receipt
of the Notice of Payment release the sum specified in the Notice
of Payment to Tekad Mulia;

     (ii) Where the Stakeholder receives the Notice of
Settlement, the Stakeholder shall within five (5) business days
of receipt of the Notice of Settlement release all sums held by
the Stakeholder pursuant to the Stakeholder Agreement to Tekad
Mulia; and

     (iii) Where the Stakeholder receives notice authorizing the
Stakeholder to release the stipulated amount to SRB due to the
expiry of the Stakeholder Period (Notice of Expiry), the
Stakeholder shall within five (5) business days of receipt of
the Notice of Expiry release the sum(s) specified in the Notice
of Expiry to SRB;

   (c) The Stakeholder shall hold the Stakeholder Amount in an
interest-bearing account and all interest accruing on the
Stakeholder Amount shall be for the benefit of Tekad Mulia and
shall be paid to Tekad Mulia upon expiry of the Stakeholder
Period; and

   (d) The stakeholder arrangement shall be irrevocable for the
duration of the Stakeholder Period.


NYLEX (MALAYSIA): SC OKs Mandatory Offer Waiver Application
-----------------------------------------------------------
Further to the announcement dated 15 August 2003 in relation to
the Proposed reorganization involving the following:

  - Proposed Capital Reconstruction, comprising the Proposed
Capital Reduction, Proposed Share Consolidation and Proposed
Capital Distribution
  - Proposed Acquisitions
  - Proposed Exemption.

Alliance Merchant Bank Berhad, for and on behalf of Nylex
(Malaysia) Berhad, is pleased to announce that the Securities
Commission, via its letter dated 15 August 2003, has approved
Rhodemark Development Sdn Bhd's application for a waiver from
the obligation to undertake a mandatory offer for the remaining
voting shares in Tamco Corporate Holdings Berhad (Tamco) not
owned by it under Practice Note 2.9.7 of the Malaysian Code on
Take-Overs and Mergers, 1998.

The application was made pursuant to the change in status of
Tamco from a private limited company to a public company.


SISTEM TELEVISYEN: Proposes Disposal to Ease Financial Burden
-------------------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) is pleased to announce
that TV3, has on 19 August 2003 entered into a share sale
agreement (Agreement) with Proefforts Ways Sdn Bhd (Proefforts)
to dispose its entire equity interest in its wholly-owned
subsidiary, Ambang Anika Sdn Bhd (AASB).

PROPOSED DISPOSAL

Details Of The Proposed Disposal

Pursuant to the Agreement, TV3 shall dispose its 100% equity
interest in AASB comprising 6,000,000 ordinary shares of RM1.00
each in AASB (Sale Shares) to Proefforts, for a consideration of
RM75,000 to be fully satisfied in cash (Consideration).

Background Information On AASB

AASB was incorporated in Malaysia under the Companies Act, 1965
as a limited liability corporation on 19 November 1994.
The present authorized share capital of AASB is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each, of which
6,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activity of AASB is the operation of home shopping
network.

Based on the audited accounts of AASB for the financial year
ended 31 August 2002, AASB registered a net loss of RM22,803 and
a negative net tangible assets (NTA) of approximately RM3.9
million.

Background Information On Proefforts

Proefforts was incorporated in Malaysia under the Companies Act,
1965 as a private limited company on 26 July 2003.

The present authorized share capital of Proefforts is RM100,000
comprising 100,000 ordinary shares of RM1.00 each, of which 100
ordinary shares of RM1.00 each have been issued and fully paid-
up.

The principal activity of Proefforts is that of general trading.

Salient Terms Of The Agreement

The salient terms of the Agreement are as follows:

   (a) TV3 shall sell and transfer to Proefforts, the Sale
Shares free from all encumbrances and together with all rights
and benefits attaching thereto;

   (b) Upon execution of the Agreement, Proefforts shall pay a
deposit amounting to RM7,500 to TV3. The balance of the purchase
consideration amounting to RM67,500 shall be paid by SAL to TV3
after the date of completion.

   (c) Completion of the Agreement is subject to, among others,
the following:

     (i) Approval from the Board of Directors of TV3;

    (ii) Approval from the shareholders of Proefforts; and

   (iii) Approval from relevant authorities, if required.

Basis Of Arriving At The Disposal Consideration

The Consideration is determined on a willing-buyer-willing-
seller basis after taking into account the negative net tangible
assets of AASB.

Original Cost Of Investment

TV3's original cost of investment in the AASB Shares was RM6.0
million, which was incurred in April 1995.

Liabilities To Be Assumed

No liabilities will be assumed by TV3 pursuant to the Proposed
Disposal.

Utilization Of Proceeds Raised From The Proposed Disposal

The entire proceeds from the Proposed Disposal is proposed to be
utilized for working capital of TV3 group.

RATIONALE FOR THE PROPOSED DISPOSAL

Over the years, AASB had registered losses due to poor respond
to home shopping network and the management does not expect the
business to turnaround in the near future. With the Proposed
Disposal, TV3 group is expected to ease its financial burden of
supporting AASB's operations.

In addition, the Proposed Disposal is part of TV3's continuous
effort to dispose non-core assets and investments, which
complements TV3's corporate restructuring scheme. The Proposed
Disposal enables TV3 to focus on building and enhancing its core
business of commercial television broadcasting and related
activities.

EFFECTS OF THE PROPOSED DISPOSAL

Share Capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of TV3.

Net Tangible Assets (NTA)

Based on the audited balance sheet of TV3 group as at 31 August
2002, the effects of the Proposed Disposal on the NTA of the TV3
group are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_TV30821.doc.

At company level, based on the audited balance sheet of TV3 as
at 31 August 2002, the Proposed Disposal will result in a gain
on disposal of approximately RM75,000 (but before taking into
account the estimated expenses relating to the Proposed
Disposal) as the cost of investment in AASB has already been
fully written down due to the diminution in its value.

Earnings

Barring unforeseen circumstances, the Proposed Disposal is
expected to have a positive effect on the earnings and earnings
per share of the TV3 group in the immediate years as it entails
the sale of a subsidiary which are currently loss-making.

Substantial Shareholders' Shareholdings

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings in TV3.

APPROVALS REQUIRED

The Proposed Disposal is subject to, inter-alia, TV3 obtaining
the following approvals:

   (i) the Securities Commission (SC), if necessary;
   (ii) other relevant authorities/parties, if required.

The Proposed Disposal is not subject to the approval of the
shareholders of TV3.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

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

DIRECTORS' STATEMENT

Having considered the rationale and effects of the Proposed
Disposal, the Board of Directors of TV3, after careful
deliberation, is of the opinion that the Proposed Disposal is in
the immediate interest of TV3 and its shareholders.

ESTIMATED TIME FRAME FOR COMPLETION

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed in the third quarter of 2003.

DOCUMENT FOR INSPECTION

The Agreement will be available for inspection at the registered
office of the Company at Sri Pentas, No. 3, Persiaran Bandar
Utama, Bandar Utama, 47800 Petaling, Selangor Darul Ehsan,
during normal office hours from Mondays to Fridays (except
public holidays) for a period of three (3) months from the date
of this announcement.


SOUTHERN PLASTIC: Appoints Lee Sek Nam as Audit Committee Member
----------------------------------------------------------------
Southern Plastic Holdings Berhad posted this Change in Audit
Committee Notice:

Date of change : 18/08/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Lee Sek Nam
Age            : 46
Nationality    : Malaysian

Qualifications :
1) Diploma In Business Administration (Business Accounting), UK
2) Association of Cost & Executive Accountants (UK)
3) Incorporated Society of Planters (Malaysia)
4) Council Member of Wisma Ganda Management Corporation

Working experience and occupation  :
1) Ganda Plantations Sdn. Bhd (Head of Finance & Administration)
2) Melia Executive Tours & Travel Sdn. Bhd. (Director)
3) Gewira Navigation Agency Sdn. Bhd. (Director)
4) Southern Plastic Sdn. Bhd. (Director)
5) Southtech (M) Sdn. Bhd. (Director)
6) South Island Enterprise Sdn. Bhd. (Director)

Directorship of public companies (if any) : N/A
Family relationship with any director and/or major shareholder
of the listed issuer : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries : N/A
Composition of Audit Committee (Name and Directorate of members
after change) : N/A

The Troubled Company Reporter - Asia Pacific reported on May
that Southern Plastic and the Group are still in default of
payments towards their bank borrowings from certain financial
institutions. This was a result of the respective banks' actions
in freezing the bank borrowing facilities of the Group and the
Company in view of the Company's proposal of an informal
restructuring scheme.


TECHNO ASIA: Proposed Set-Offs, Transfers Executed
--------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators (SA)
Appointed) refers to the announcements dated 11 August 2003 in
relation to the Proposed Set-Offs and Transfers, consisting of:

   (i) Proposed Set-Off and Transfer of Lot No. 6863 held under
HS(D) LP 14132 located in Mukim of Hutan Melintang, District of
Hilir Perak, Perak Darul Ridzuan by Ganda Plantations (Perak)
Sdn Bhd (SA Appointed) (GPPSB) to the Secured Creditor, namely
Malpac Capital Sdn Bhd (Malpac), or its Nominated Party at a
Transfer Value of RM13.300 Million (Proposed Set-Off and
Transfer of Lot 6863 by GPPSB); and

   (ii) Proposed Set-Off and Transfer of Lot No. 11644 held
under HS(D) Lp 13127 located in Mukim of Durian Sebatang,
District of Hilir Perak, Perak Darul Ridzuan by Cempaka Sepakat
Sdn Bhd (SA Appointed) (CSSB) to the Secured Creditor, namely
Malpac, or its Nominated Party at a Transfer Value of Rm34.098
Million (Proposed Set-Off and Transfer of Lot 11644 by CSSB).

AmMerchant Bank Berhad, on behalf of TAHB, wishes to announce
that the settlement agreements for the abovementioned Proposed
Set-Offs and Transfers have been executed on 18 August 2003 in
accordance with the approved workout proposals of TAVCSB and
TAHB including any modifications made thereto.


TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad had e on 18 August 2003 been notified by
PB Trustee Services Berhad (the trustee in respect of the
Company's RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable
Secured Convertible Bonds A 1999/2004 and RM275,980,363 Nominal
Value of 5 year 1%-2% Redeemable Secured Convertible Bonds B
1999/2004 (collectively "Bonds")) that they have on 8 August
2003 and 11 August 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. For information on the securities disposed, go to
http://bankrupt.com/misc/TCRAP_Tongkah0821.doc.


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


BAYAN TELECOMMUNICATIONS: Court Appoints Rehabilitation Receiver
----------------------------------------------------------------
Benpres Holdings Corporation received information on August 14
that Bayan Telecommunications, Inc. (Bayantel), a subsidiary of
Bayan Telecommunications Holdings Corporation, a copy of the
order of the Regional Trial Court of Pasig City, Branch 158,
which among other things, stayed the enforcement of all claims
and actions against Bayantel in connection with a petition for
corporate rehabilitation filed by the Bank of New York acting on
instructions of certain unsecured bondholders namely, Avenue
Asia Investments, L.P., Avenue Asia Capital Partners, L.P., and
Van Eck Global Oppurtunity Masterfund, Ltd. The court appointed
Conchita L. Manabat as rehabilitation receiver.

Benpres believes that Bayantel's court rehabilitation process
has no impact on Benpres's own debt restructuring. Benpres has
already assumed in its Balance Sheet Management Plan that no
cash dividends would be forthcoming from Bayantel. Benpres hopes
that Bayantel would nevertheless be able to expediently complete
its debt restructuring. Benpres was informed that Bayantel has
yet to obtain a complete copy of the petition for rehabilitation
plan and will consult its counsel and advisers for the courses
of action to take. Bayantel also informed Benpres that the stay
order did not cover payments and transactions of Bayantel done
in the usual course of business such as the settlement of
administrative expenses including salaries and payment of goods
and supplies.

For a copy of the SEC filing, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2668_BPC.pdf


BENPRES HOLDINGS: Clarifies Debt Restructuring Report
-----------------------------------------------------
Benpres Holdings Corporation responded to the news article
"Benpres debt restructuring plan readied" published in the
August 16, 2003 issue of the Manila Times. The article reported,
"BENPRES Holdings Corp. of the Lopez Group has submitted to its
creditors the term sheet that seeks to restructure its US$552-M
debts, group chief finance officer Angel S. Ong told reporters
Thursday night. Benpres, he said, did not expect its creditors
to accept the term sheet right away but is optimistic that an
agreement would be finalized before the end of the year. The
Company is in the process of restructuring its debt that, as at
end-May, stood at US$552 M, including US$360 M in subsidiary
debts guaranteed by Benpres.

Benpres Holdings Corporation (BPC), in its letter dated August
18, 2003, stated that:

"Benpres is in the midst of discussing its term sheet proposal
with the Overall Creditor Committee prior to general circulation
to all its creditors. Benpres expects to reach agreement with
its creditors on a restructuring plan by the end of the year."


BENPRES HOLDINGS: Clarifies Merger Deal With Sky Cable
------------------------------------------------------
Benpres Holdings Corporation clarifies the news article
"Shareholders' pact on Sky, Home Cable merger up for signing"
published in the August 18, 2003 issue of the Philippine Star.
The article reported, " The Lopez and PLDT groups are expected
to sign anytime now a definitive shareholders' agreement to pave
the way for the complete consolidation or combination of
SkyCable and Home Cable, which they respectively own, The Star
has learned. Last July, Eugenio Lopez III, representing Benpres
Holdings and Manuel Pangilinan, PLDT President, entered into a
basic agreeemnt that contains the general statement of plans of
action as far as the consolidation of Sky and Home are
concerned. The same source said that the signing of the
shareholders' agreement as the creditor-banks of both Sky and
Home have already reached a basic agreement on the restructuring
of a combined debt of P2.6 B. Earlier, Lopez, who is Chairman of
SkyCable, said that the restructuring is almost done and that
the talks will be concluded very soon."

Benpres Holdings Corporation (BPC), in its letter dated August
18, 2003, stated that:

"The Lopez group and Mediaquest, Inc. are currently in
discussions to finalize and complete the consolidation of their
respective ownerships in SkyCable and Home Cable, part of which
is updating the consolidation agreement. SkyCable continues to
be in discussion with its creditors with regard to the
restructuring of its obligations."

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2703_BPC.pdf


MANILA ELECTRIC: Unveils Power Supply Contract With IPPs
--------------------------------------------------------
Margarita B. Teves, a member of the Board of Directors of Manila
Electric Company (MERALCO) and Chairman of the Independent Board
Review Committee, announced the progress of the renegotiation of
the power supply contracts, which MERALCO has with its
Independent Power Producers (IPPs).

The 3-man Committee consists of Mr. Teves, who sits on the
MERALCO Board as a government representative, and Directors
Carlo G. Dominguez and Emilio A. Vicens. Mr. Teves will announce
that the proposed renegotiation terms could result in immediate
savings of over P10 B on consumers (approximately P0.15 per
kilowatthour).

Total concessions obtained from First Gas Power Corporation
(FGPC) and Quezon Power Philippines Limited (QPPL) could amount
to over P44 B over the duration of the contracts. There are
still pending issues that need to be resolved between the
parties, but at this point, the concessions obtained from
MERALCO IPPs are significant and at least as valuable as those
obtained by the National Power Corporation (NPC) from its IPPs.

As soon as the remaining issues are settled, MERALCO and its
aforementioned IPPs will proceed to formalize the terms of the
renegotiated agreements. MERALCO will make the appropriate
disclosure as soon as the parties could execute the renegotiated
contracts.

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


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


CHARTERED SEMICONDUCTOR: Promotes Mike Rekuc to SVP
---------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated silicon foundries, announced the promotion of
Mike Rekuc to senior vice President of worldwide sales and
marketing. He reports directly to Chia Song Hwee, President and
CEO, and is in the process of relocating to Singapore. Rekuc
replaces Bruno Guilmart, who left Chartered to take a chief
executive position with another Company.

In his new role, Rekuc oversees Chartered's worldwide sales,
marketing, services, customer support and regional business
operations. His organization also has responsibility for
definition of the Company's design solutions -- including its
EDA, IP and design services offerings. Rekuc will focus on
strengthening customer relationships and expanding the customer
base, while executing on Chartered's stated strategy of winning
more "first source" business by capitalizing on the progress
Chartered has made at the leading edge. Rekuc previously served
as President of Chartered's Americas region, which represents
approximately 60 percent of the Company's business.

"As we continue to execute on our near-term and long-term
priorities, Chartered is fortunate to have a leader like Mike
with a proven track record of winning business and building
strong, lasting customer relationships," said Chia. "Mike truly
understands the needs and challenges of today's customers. Under
Mike's leadership, Chartered Americas has achieved some
significant customer wins, and he is well regarded for his work
with our customers. Mike has been an integral part of the senior
management team that has set the strategy for transforming
Chartered from being a process-only Company to a manufacturing
partner that provides complete and flexible solutions. I look
forward to seeing him continue to drive our organization to the
next level."

Rekuc draws on more than 30 years of semiconductor industry
experience across all facets of the semiconductor supply chain,
from wafer fabrication to process engineering and design. Rekuc
began his semiconductor career in 1971 as a semiconductor
specialist working as a civilian for the United States Navy.
Five years later, Rekuc joined Motorola Inc. as a technical
components engineer. During his 22-year career with Motorola, he
held various positions in sales and management in the
Semiconductor Product Sector, including worldwide
responsibilities as global sales director for wireless
subscriber systems and vice President and sales director for PC,
computing and peripherals. Rekuc joined Chartered in January
1999.

"This is an exciting time for Chartered. We continue to gain
momentum at the leading edge and leverage our strategic
alliances for key technologies resulting in strong value
propositions for our customers," said Rekuc. "Being located in
Singapore, I can assure the strongest possible communication of
our customers' needs to Chartered's executive team, at the point
where the key decisions are made. My new role affords me an
opportunity to have a profound impact on the way Chartered works
with our customers and addresses their needs."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated silicon foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 3,500 employees are based at 11 locations
around the world. Information about Chartered can be found at
www.charteredsemi.com.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.25. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


I.R.E CORPORATION: Posts Deeper 1H03 Net Loss
---------------------------------------------
I.R.E Corporation posted a net loss of S$21.79 in the first half
of this year, versus a net loss of S$2.61 a year earlier,
according to Reuters. The widened loss was due mainly to further
allowances made for doubtful receivables, provision for
foreseeable losses on cost overrun for projects and recognition
of impairment loss on property, plant and equipment.

The Company is engaged in the provision of building maintenance,
renovation and retrofitting services and the sale of paints and
building materials.


KWIK-PICK: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Kwik-Pick Food Services 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. Bank of China,
a creditor, whose address is situated at of 4 Battery Road, Bank
of China Building, Singapore 049908, filed the petition with the
court on August 6, 2003.

The petitioners' solicitors are Messrs Josephine Tay & Co. of
151 Chin Swee Road, #07-06 Manhattan House, Singapore 169876.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Josephine Tay & Co. 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).


POLA ELECTRONICS: Issues Winding Up Order Notice
------------------------------------------------
Pola Electronics (S) Pte Ltd issued a notice of winding up order
in the matter of Pola Electronics (S) Pte Ltd. made on the 1st
day of August 2003.

Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11
The URA Centre (East Wing)
Singapore 069118.

A. RAJANDRAN, JOSEPH & NAYAR
Solicitors for the Petitioners.


SINCEM HOLDINGS: Unveils EGM Special Resolutions
------------------------------------------------
At an Extraordinary General Meeting (EGM) of Sincem Holdings Pte
Ltd. (Members' Voluntary Winding Up) was held on 6th August 2003
at 10 a.m., the following resolutions were duly passed:

SPECIAL RESOLUTION

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

ORDINARY RESOLUTIONS RESOLVED:

(b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Mr William Caven
Hutchison be and are hereby appointed liquidators, jointly and
severally, for the purpose of the winding up.

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

SPECIAL RESOLUTION

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


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


BANGKOK RUBBER: SET Lifts Securities Trading Suspension
-------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Bangkok Rubber Public
Company Limited (BRC) from 15 August 2003 because the Company
has publicly submitted to the SET its reviewed financial
statements for the second quarter ending 30 June 2003 but unable
to reach any conclusion on its financial statements. The SET has
been waiting for the clarification about making financial
statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that BRC is not necessary to amend its financial
statements. Therefore, the SET has lifted the "SP" sign from BRC
since the first trading session of 18 August 2003.


DATAMAT PUBLIC: BOD Meeting OKs Malaysian Unit Restructuring
------------------------------------------------------------
The Board of Directors' Meeting of Datamat Public Company
Limited's held on August 14, 2003 resolved the following:

   1. The Meeting approved the Company's 2nd quarter financial
statements and interim consolidated financial statements ended
June, 2003.

   2. The Meeting approved the restructuring of its subsidiary
in Malaysia namely ET Communications Sdn. Bhd., in preparation
for the listing in MESDAQ Market by:

     2.1 Selling 765,000 shares of ET Communications Sdn. Bhd.
to DVM Technology BERHAD (DVM) for 37,482,807 DVM shares (PAR
value RM0.10);

     2.2 Purchasing the Right Issue of 23,717,182 DVM shares at
RM0.10 per share.

   3. The Meeting resolved to enter the agreement with Siam City
Bank Plc. To guarantee its subsidiary Open Computing Technology
Co., Ltd., for L/C and TR accounts with the credit line of Bt10
million, and L/G account with the credit line of Bt10 million.


ITALIAN-THAI DEVELOPMENT: Narrows Q203 Profit to Bt373.58M
----------------------------------------------------------
Italian-Thai Development Public Company Limited, in reference to
its financial statement for the second quarter as of June 30,
2003, informed that the operating results of the Company for the
second quarter showed a net profit of Bt373.58 million.

The profit was more than 20 percent lower compared to the same
period of previous year. The main reason is that in the same
period last year the Company recorded a gain for debt
restructuring amounting to Bt5,962.19 million.


MILLENNIUM STEELP: Clarifies Q203 Business Operation
----------------------------------------------------
Millennium Steel Public Company Limited would like to clarify
the major causes for changes of company business operation in
the second quarter of the year 2003 as followings:

Net Sales

The Company has net sales in the second quarter of the year 2003
in the amount of Bt1,723 million, 30 percent lower in comparison
to the previous quarter due to the high customers' stock and low
trend of global steel price. Besides, according to the domestic
market situation, the steel price is expected to be down
continuously. The customers, therefore, tried to decrease their
stock and some customers were reluctant to buy and waited for
seeing this situation. Total sales of the first half of the year
amounts Bt4,194 million.

Net Profit (Loss)

The Company has net loss in the second quarter of the year 2003
in the amount of Bt120 million, compared with that of net profit
Bt39 million in the previous quarter due to the sales volume had
decreased down to 38%. Selling price has violently decreased and
the customers were reluctant to buy while the company cost is
still high especially raw material price of scrap had been
continuously increasing from the end of the first quarter to the
second quarter. Total Company operation of the first half of the
year has a loss of Bt81 million.

Earning before Interest, Taxes, Depreciation and Amortization
(EBITDA)

The Company EBITDA in the second quarter of the year 2003 is
Bt211 million, a decrease from the previous quarter in the
amount of Bt209 million or 50 percent due to lower volume of
sales and price. Total EBITDA of the first half of the year
amounts Bt631 million.


PREECHA GROUP: Cuts Q203 Operations Net Loss to Bt55.975M
---------------------------------------------------------
Preecha Group Public Company Limited, in reference to its
submitted reviewed financial statement for the 2nd quarter,
advised that the company and its subsidiaries incurred an
operations net loss of Bt55.975 million.  In comparison, the
company had net loss from the operation at Bt87.372 million at
the end of the 2nd quarter, 2002.

The decrease of net loss from the operations this year is due to
less interest expenses, which amounts to Bt29.621 million.


PREMIER ENTERPRISE: Securities Trading Suspension Remains
---------------------------------------------------------
Previously, the Stock Exchange of Thailand (SET) posted the SP
(Suspension) sign on the securities of Premier Enterprise Public
Company Limited (PE) on 15 August 2003 because it had submitted
its quarterly reviewed financial statements ending 30 June 2003
and the auditor was unable to reach any conclusion on its
financial statements. The SET was waiting for the conclusion
whether the company has to amend its financial statements.

The Securities and Exchange Commission (SEC) has informed the
SET that financial statements amendment is not necessary.
However, the SET has still suspended trading all securities of
PE until the causes of de-listing are eliminated.


TPI POLENE: Financial Statements Amendment Unnecessary
------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "NP"
(Notice Pending) sign on the securities of TPI Polene Public
Company Limited (TPIPL) from 18 August 2003 because its auditor
was unable to reach any conclusion on the financial statements
ending 30 June 2003. The SET was waiting for the conclusion
whether the company has to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET TPIPL's financial statements amendment is not necessary
at present on the issue that the auditor has stated. Therefore,
the SET has posted the "NR" (Notice Received) sign on TPIPL's
securities from 18 August 2003 to announce that the SET has
received the conclusion from the SEC.


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***