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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, August 22 2003, Vol. 6, No. 166

                         Headlines

A U S T R A L I A

AMP LIMITED: Results In Line With Expectation, Says Moody's
ARISTOCRAT LEISURE: H103 Restructuring Cost Amounts A$37.2M
DOTNET LIMITED: Former Director Sentenced to Jail
ORBITAL ENGINE: Appoints Don Bourke as Director, Chairman
ORBITAL ENGINE: Restructuring Program Cuts Overheads to $19.5M

PAN PHARMACEUTICALS: Second Creditors Meeting Scheduled Sept 1
QANTAS AIRWAYS: Reorganization Creates Stand-Alone Businesses
QANTAS AIRWAYS: Reports A$502.3M Profit Before Tax
WATTLE GROUP: Administrator Corbett Pleads Guilty


C H I N A   &   H O N G  K O N G

BOLDFULL ENTERPRISES: Winding Up Sought by Silvershine
CHINA ELEGANCE: 2003 Net Loss Narrows to HK$14.479M
HOP KAI: Winding Up Petition Pending
MAN LEE: Hearing of Winding Up Petition Set
NAM FONG: Winding Up Petition Hearing Scheduled on October 8

RIGHTONE TELECOM: Winding Up Hearing Scheduled in September


I N D O N E S I A

DIRGANTARA INDONESIA: IBRA Injecting Rp1.7T New Capital


J A P A N

CROSSWAVE COMMUNICATIONS: Files For Corporate Reorganization
CROSSWAVE COMMUNICATIONS: IIJ Makes Statement Regarding Filing
MARUBENI CORPORATION: Gets Orders For Three Transformer Stations
LEAMAN INC.: Files Application For Rehab Proceedings
TOSHIBA CORP.: Completes PC Ops Restructuring Plan This Month


K O R E A

JINRO LTD.: Foreigners Hold Key to Jinro's Fate
SK GLOBAL: Arab Creditors Pressure S. Korea to Act
SK GLOBAL: Foreign Creditors Accept Bailout Package
SK GLOBAL: Meeting With US Trustee to Form Committees
SK GLOBAL: Watchdog Wants Executives Fired


M A L A Y S I A

ACTACORP HOLDINGS: Obtains 90-Day Restraining Order Extension
ANSON PERDANA: Units' Restraining Order Extended for Six Months
ASSOCIATED KAOLIN: KLSE Removing Warrants by Sept 19
GADANG HOLDINGS: ICULS Conversion Price Fixed at RM1.27
KAI PENG: Winding Up Petition Filed by Chip Ngai Withdrawn

KSU HOLDINGS: Becomes Affected Listed Issuer
MALAYSIAN GENERAL: SC OKs Proposed Offer for Sale Application
MALAYSIAN PACIFIC: Voluntarily Winds Up Dormant Unit
MBF HOLDINGS: Audit Committee Member Dato' Ishak Resigns
PANCARAN IKRAB: Appeals Against SC's Land Purchase Decision

PARIT PERAK: Subsidiary Receives Summon From LHDN
PICA (M) CORPORATION: Proposes Revisions to Proposals
SENG HUP: PCDR Exercise Completion Extended Until Dec 31
SETEGAP BERHAD: Faces Writ Over Alleged Unsettled Contract Sum
SISTEM TELEVISYEN: Disposes of Dormant Unit to Enhance Business

TA ENTERPRISE: SC Approves Applications Conditions Waiver
TECHNO ASIA: Discloses July Production Figures
TECHNO ASIA: SC Grants Investigative Audit Time Extension


P H I L I P P I N E S

EASYCALL COMMUNICATIONS: Clarifies Asset Spin-off Report
MANILA ELECTRIC: Sees P0.15/kwh Rate Reduction
NATIONAL STEEL: Creditors to Sell Steel Firm
PRIMETOWN PROPERTY: Files Petition For Rehabilitation


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Slashes Wafer Prices
COMPUTER SHACK: Issues Notice to Creditors
HIANG KIE: Issues Notice Debt Claim Notice
KOO HENG: Releases Winding Up Order Notice
OFFICE SHOPPING: Issues Winding Up Order Notice

VERTEX LIFE: Goes Into Voluntary Liquidation


T H A I L A N D

GENERAL ENGINEERING: Registers Increased Capital With MoC
JASMINE INTERNATIONAL: Sept 15 Warrant Exercise Date Fixed
M.D.X. PUBLIC: Securities Trading Suspension Remains
RAIMON LAND: Appoints Audit Committee, Board Directors
RAIMON LAND: Court Issues Reorganization Termination Formal Docs

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Results In Line With Expectation, Says Moody's
-----------------------------------------------------------
Following AMP Limited's Wednesday announcements of its H1 2003
results, Moody's Investors Service commented that developments
were broadly in line with the rating agency's expectations.

Total net loss after income tax stood at A$2.2 billion, largely
reflecting the effects of previously announced writedowns to the
UK businesses as a result of the decision to demerge the UK and
Australian entities. Total shareholder resources, including
external corporate debt, fell as a consequence to A$11.5
billion, and total external corporate debt fell slightly to
A$3.3 billion  through repayments and exchange rate differences.
In terms of the demerger process, Moody's commented that, whilst
substantial progress on the demerger has been made to date,
significant transactions remain to be completed. Moody's
negative outlook for the ratings of the Group reflects these
risks.

Moody's also commented on the announcement by AMP Group that, as
part of its demerger process, a restructuring of it's A$1.1
billion Reset Preferred Security (RPS) instrument is likely.
Moody's understands that the rationale for such restructuring
would reflect the inability, post any demerger, to treat the
full RPS amount as tier 1 regulatory capital under APRA
guidelines. AMP has indicated that any restructuring of the
security would only occur after the shareholder Extraordinary
General Meeting (expected December 2003) in relation to the
demerger process.

Moody's ratings on the AMP Group are unchanged (Baa1 senior
debt/Baa2 subordinated debt for debt guaranteed by AMP Group
Holdings, Baa3 RPS at Henderson Global Investors, A1 IFSR at AMP
Life), with a negative outlook.


ARISTOCRAT LEISURE: H103 Restructuring Cost Amounts A$37.2M
-----------------------------------------------------------
The Board of Aristocrat Leisure Limited announced last week its
half-year results for the period ended 30 June 2003. Revenue for
the period declined 10.6% to $392.6 million. This, combined with
total restructuring costs of $37.2 million after tax, has
resulted in an after-tax loss of $32.9 million for the half
year. Operating cash flow remained strong at $33 million.

The Acting Chief Executive Officer, Mr David Creary, said that
the result was due to problems encountered in South America and
the United States, and a softer market in Australia, reflecting
the challenging environment for gaming operators and suppliers
during the period.

"This is a disappointing result; however we are confident about
the result for the second half of 2003. Our problems were in
specific areas and we have acted swiftly to fix them. The
company is committed to and focused on core business and
customers, and on improving operating performance, so as to
restore value for shareholders," he said.

Although segment revenue from the Americas fell by 37.3% to
$108.8 million, this was almost entirely due to the absence of
any contribution from South America. North American revenue was
down 11.7% in A$ but was up 2.8% in US$.

Australian segment revenue fell by 17.8% to $143.7 million.
Segment revenue from Japan increased by 72.5% to $95.7 million,
New Zealand revenue rose 38% to $24.6 million, and the combined
revenues of Aristocrat's businesses in Europe, Africa and Asia
rose 10.6% to $17.8 million.

Compared to the same period last year:

   ú Earnings before interest, tax, depreciation and
amortization (EBITDA) fell 54% to $39.6 million (a loss of $13.8
million including the one -off items)

   ú Earnings before interest and tax (EBIT) fell 71% to $20.1
million (a loss of $35.4 million including the one -off items)

   ú Profit before tax (PBT) was $11.9 million (a loss of $43.6
million including the one-off items)

The Board has approved an interim dividend in respect of the six
months ended 30 June 2003 of 3.0 cents per share. The dividend
will be fully franked and will be paid on 9th September 2003 to
shareholders on the register as a t 5pm, 26th August 2003.

The Board noted that the payment of the interim dividend was
indicative of its confidence in the future of the Company. The
Dividend Reinvestment Plan remains in force, with the discount
set at 5%. The plan is fully underwritten in respect of this
dividend.


DOTNET LIMITED: Former Director Sentenced to Jail
-------------------------------------------------
Judge Davey in the County Court of Victoria has sentenced Mr
Andrew Geoffrey Thomson to 12 months imprisonment on each of
three charges of making false and misleading statements in a
prospectus.

The Court ordered that Mr Thomson will serve three months in
prison, and will then be placed on a two-year $1,000 good
behavior bond.

Mr Thomson was charged following an investigation by the
Australian Securities and Investments Commission (ASIC) into a
number of dotcom companies including, Dotnet Limited (Dotnet),
Hotlinks Internet Services Pty Ltd (Hotlinks) and World Intranet
Work Inc.

Mr Thomson pleaded guilty to raising money through investment
documentation relating to the dotcom companies, which ASIC
alleged contained false and misleading statements.

Dotnet and Hotlinks provided Internet services and website
development, particularly for sporting clubs, including a number
of AFL teams.

The companies raised money from investors during 1999 and 2000
with the intention of listing on the Australian Stock Exchange.

ASIC alleged that the Dotnet prospectus falsely claimed it had
perfected an Internet technology called Genesis. The Genesis
application claimed to be capable of replicating websites 'on a
scale never seen before', from which clients could promote their
services and earn revenue from advertising.

ASIC also alleged that Dotnet's claims about the existence of a
US registered company called World Intranet Work (WIW) and an
Internet technology called Gain were false. Mr Thomson has since
admitted that WIW never existed.

Both Dotnet, which changed its name to Sports Australia Media
Group Ltd, and Hotlinks were placed into liquidation in March
2001, and are now deregistered.

Mr Dale Cameron Munckton, a former co-director of Dotnet, was
convicted and sentenced last year to a 12-month good behavior
bond with a recognizance of $2,000 on similar offences.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


ORBITAL ENGINE: Appoints Don Bourke as Director, Chairman
---------------------------------------------------------
The Board of Orbital Engine Corporation Limited is pleased to
announce the appointment of Mr Don Bourke as a Director and
Chairman of the Company with effect from 21 August 2003.

Mr Bourke succeeds Mr Ross Kelly as Chairman of the Company,
following Mr Kelly's decision to retire as a Director and
Chairman with effect from that date. The Board expresses their
appreciation of Mr Kelly's significant contribution to Orbital
since his appointment to the Board in 1995.

Mr Bourke has extensive business experience and is currently
Executive Chairman of Australian Technology Group Limited - a
company established by the Federal Government in 1993 to assist
in the commercialization of start-up IT&T and Bio-technology
ventures. He is also Chairman of Olex Holdings Limited and
Compudigm International Limited.

Previously, Mr Bourke was a Director of Crown Casino Limited and
BIL (Australia Holdings) Ltd as well as a Councilor of the
National Library of Australia. For a number of years, Mr Bourke
was the Finance Director of Consolidated Press Holdings Limited.
Early in his career, Mr Bourke gained significant experience in
the automotive industry, occupying various finance and senior
management positions with Ford Australia during almost eighteen
years with that company.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -A$12.71
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This
company's total liabilities are higher than total equity, which
means that the money this company owes are greater than all of
the assets of the company.


ORBITAL ENGINE: Restructuring Program Cuts Overheads to $19.5M
--------------------------------------------------------------
Orbital Engine Corporation announced Thursday its financial
results for the full year ended 30 June 2003.

Highlights include:

   * Profit after taxation of $1.0 million in the second half-
year.

   * Significantly reduced loss after taxation for the full year
of $1.9 million, compared to $26.8 million losses in each of the
previous two years of F2002 and F2001.

   * Overheads reduced 23% to $19.5 million compared to $25.4
million F2002 due to a major restructuring program.

   * Synerject's contribution to the full year result was a
profit of $1.4 million compared to $3.1 million loss in the
prior year.

   * Successful capital raising generating $2.6 million in June
2003 and a further $3.3 million post year end in July 2003.

   * Cashflow from operations showing continuing improvement.

   * Additional new products introduced by its customers
including the launch of Mercury 3 cylinder OptimaxT engines and
Peugeot's Jetforce scooter.

   * Increasing proportion of revenue from engineering services
outside the traditional Orbital Combustion Process (OCP)
technology.

The retiring Chairman, Ross Kelly, said that the strategies
employed over the last 18 months were clearly delivering the
desired outcome. "I am particularly pleased with the financial
results delivered in the second half of the year. The process of
restructure, led by Managing Director, Peter Cook, which
commenced 18 months ago has delivered a very satisfactory
outcome."

New Chairman, Mr Don Bourke, said "The result shows that the
Company has been stabilized and provides the foundation for
future development. I look forward to being part of that
process".

Go to http://bankrupt.com/misc/TCRAP_OBT0822.pdfto see
financial summary.


PAN PHARMACEUTICALS: Second Creditors Meeting Scheduled Sept 1
--------------------------------------------------------------
The Voluntary Administrators of Pan Pharmaceuticals Limited
provide their Report to Creditors and Notice of the 2nd Meeting
of Creditors, to be held on Monday 1 September 2003.

The Report is in five parts, consisting of:

   1. Pan Group Circular to Creditors Notice of Meeting
   2. Pan Group General Meeting Information
   3. Pan Group Report to Creditors Part 1
   4. Pan Group Report to Creditors Part 2
   5. Pan Pharmaceuticals Limited DOCA

A copy of the Report and Notice cab be viewed at
http://bankrupt.com/misc/TCRAP_PPH1.pdf,
http://bankrupt.com/misc/TCRAP_PPH2.pdf,
http://bankrupt.com/misc/TCRAP_PPH3.pdf,
http://bankrupt.com/misc/TCRAP_PPH4.pdf,and
http://bankrupt.com/misc/TCRAP_PPH5.pdf.

CONTACT INFORMATION: KPMG Corporate Recovery
        Phone - 61-2-93357000
        Email - info@panpharma.com.au
        Web - http://www.kpmg.com.au/content.asp?cid=22133


QANTAS AIRWAYS: Reorganization Creates Stand-Alone Businesses
-------------------------------------------------------------
Qantas Airways Limited said that the reorganization of the
company announced last week would see the establishment of at
least eight stand-alone businesses, each with its own management
and leadership.

The Chief Executive Officer of Qantas, Geoff Dixon, said the
reorganization would enable the company to manage constant
change more effectively, and drive current and future
initiatives to maintain the airline's reputation for excellence.

He said the eight or more businesses would come from three areas
- flying businesses; flying services (Maintenance and Airports);
and associated businesses (Catering, Freight, Qantas Holidays
and Qantas Defense Services).

Qantas Catering had been selected as the pilot business segment.

"Each business will have budgets and profit targets and be
required to produce targeted returns on the assets allocated to
them and, at the same time, operate to optimize the performance
of the whole Qantas Group," Mr Dixon said.

"I am confident that this project will greatly improve our
performance in all areas, allow us to compete more effectively,
protect jobs at Qantas and, importantly, deliver better service
to our customers and more fulfilling jobs for our people."

The businesses will be supported by a corporate center,
including a shared services division that will provide
information technology, human resources and financial services
to each business segment.

"Critical to the success of the reorganization will be a focus
on building the way we operate as a business - our operating
style - to improve accountability, collaboration and leadership.
We will increase accountability levels for people's actions and
results by setting clearer performance expectations and
empowering managers to deliver against those targets. We will
also improve collaboration and leadership practices, including
better communication on Qantas' business strategy and continued
investment in talent development and succession planning," Mr
Dixon said.

He said that organizational structures set up under past
conditions could no longer deliver the outcomes required in the
new aviation environment.

"Qantas has to develop different and better ways of doing
business to meet new challenges such as the increasing number of
low cost airlines, Government owned and backed airlines, and
airlines under various forms of protection through Government
financial support or, in North America, Chapter 11 bankruptcy
protection."


QANTAS AIRWAYS: Reports A$502.3M Profit Before Tax
--------------------------------------------------
Qantas Airways Limited announced on Thursday a profit before tax
of $502.3 million for the year ended 30 June 2003. The net
profit after tax was $343.5 million.

The Directors declared a fully franked final dividend of 9 cents
per share, bringing the total fully franked dividends for the
year to 17 cents per share.

The Chairman of Qantas, Margaret Jackson, said the result was
pleasing given the negative circumstances existing in the
airline industry.

"The fallout from 9/11, constant security alerts, acts of
terrorism, the war in Iraq and the SARS pandemic have all
affected both inbound and outbound travel," Ms Jackson said.

"The constant pressure on the industry has made planning
extremely difficult. It is a tribute to all our staff and to our
management that the company performed so well in those
circumstances."

The Chief Executive Officer of Qantas, Geoff Dixon, said the
lead-up and outbreak of the war in Iraq and SARS had combined to
decimate the airline's profitability in the second half.

"After a record first half we saw all sections of our business
come under severe strain in the second half, with inbound
visitors to Australia falling by more than 20 per cent in some
months and by up to 45 per cent on some Asian routes," he said.

This particularly impacted:

   * Qantas domestic operations, where 15 per cent of all
passengers come from inbound services; and

   * The key international markets of Japan, Hong Kong,
Singapore, Bangkok, the United Kingdom and Europe.

Mr Dixon said Qantas had acted quickly following the war and the
outbreak of SARS to:

   * reduce planned international flying by up to 20 per cent
from April 2003;

   * use accumulated leave to reduce staffing numbers by the
equivalent of 2,500 full time employees between April and 30
June 2003 and by 1,000 between July and September 2003;

   * implement a restructuring program involving 2,000
redundancies, 800 positions eliminated through attrition as well
as hundreds of permanent positions being converted from full
time to part time;

   * freeze capital and discretionary expenditure;

   * retire some older aircraft and defer delivery of some new
aircraft;

   * introduce a program to reduce planned capital expenditure
in the 2003/04 financial year by $1 billion.

Mr Dixon said other issues that affected the second half result
included increased competition and falling yields in the
domestic business and a yield decline internationally as pricing
was used to stimulate travel after the fear of SARS began to
recede.

The introduction of a new fares package domestically from 1 July
and a growing return of the inbound market had stabilized
domestic yields and international yields were recovering as the
"SARS recovery" fares leave the market.

Mr Dixon said the initiatives in response to the SARS outbreak
had resulted in a one-off charge of $91 million for the write
down of the 767-200 fleet, which would be retired by the end of
the 2003/04 year, and were the major reason for the redundancy
charge of $115 million.

He said the airline industry was still recovering from the
"constant shocks" of the past two years.

The hard work on costs and product over a sustained period, and
new strategies underway or to be implemented, provided the
platform for Qantas to transition back to satisfactory levels of
profitability over the next two to three years while re-
equipping its fleet with modern, cost efficient aircraft.

The new initiatives included:

   * a program called Sustainable Future that aims to reduce
operating costs by $1 billion over two years;

   * significant investment in the international airline
product, including new airport lounges and new seating and
interiors in all international aircraft (see separate release);

   * investment in, and changes to, the domestic airline that
will provide better product, service and reliability, greater
sales on the internet and a wider range of choice for passengers
(see separate release);

   * a further $6 billion investment over three years in new and
more efficient aircraft;

   * further growth of Australian Airlines into leisure markets
where Qantas cannot attract satisfactory yields; and

   * the introduction of a new business model that will see
Qantas run stand-alone businesses for flying, airports,
maintenance, freight, catering, Qantas Holidays and Qantas
Defense Services (see separate release).

Mr Dixon said the need to continually make Qantas more efficient
was the backbone of the Sustainable Future program.

"We intend to work closely with our people and all Unions,
including the ACTU, to ensure we reduce costs and improve
productivity," Mr Dixon said.

"Although this will not be easy and will certainly involve some
difficulties, we are confident that it can be achieved in a
constructive manner."

Group Revenue

Revenue for the year totaled $11.4 billion, an increase of $0.4
billion or 3.7 per cent. Excluding the impacts of foreign
exchange rate movements, total revenue increased by 5.0 per
cent.

Passenger revenue increased by 3.1 per cent, with RPKs growing
2.8 per cent and yield deteriorating by 1.7 per cent.

Expenditure

Total expenditure increased by 5.0 percent to $10.8 billion.
Excluding the favorable impact of movements in foreign exchange
rates, this increase amounted to 7.5 percent and was mainly due
to costs associated with the 3.7 percent increase in capacity,
higher depreciation due to new aircraft deliveries and the write
down of the Boeing 767-200 fleet, higher manpower costs
following EBA settlements, higher superannuation contributions
and redundancy costs arising from the reorganization program
announced in April 2003.

Cost per Available Seat Kilometer, excluding the impact of
exchange, increased by 1.2 per cent.

Fuel costs decreased by 1.9 per cent, or $29.6 million. The
underlying fuel price was 15.8 per cent greater than last year,
increasing costs by $209.2 million. However, hedging benefits
were $107.6 million better than the previous year. While flying
hours increased, fuel efficiency gains from new fleet
acquisitions reduced liters consumed per hour, resulting in an
overall activity saving of $5.3 million versus the prior year.
Favorable foreign exchange rate movements also reduced fuel
costs by $125.9 million.

There were also substantial cost increases in insurance,
security costs and domestic airport charges, which were largely
recouped by direct passenger recoveries.

Net interest expense increased by 34.0 per cent or $16.4
million. Average net debt was $2.5 billion, $0.7 billion higher
than the prior year. Interest rates were lower and $82.7 million
of interest was capitalized into aircraft progress payments
(compared with $77.0 million in the previous year).

The net impact of favorable foreign exchange movements was a
$106.8 million benefit to profit

International operations

During the first half of the year, demand rebounded following
9/11. However, from January onwards, the threat of global
terrorism, the war in Iraq and the SARS virus all adversely
affected demand. Qantas international capacity was reduced by up
to 20 per cent. Yields weakened as price led initiatives were
introduced to boost flagging demand.

Australian Airlines commenced operations in late October 2002
and was profitable until March 2003. However, it recorded a loss
for the June quarter due to the impact of the war in Iraq and
SARS on international leisure travel in the Asia Pacific region.

Earnings before interest and tax (EBIT) for international
operations, including Australian Airlines, totaled $206.9
million, up from $202.8 million last year. This result includes
an EBIT loss of $54.5 million for the second half of the year.

International capacity is still approximately 10 per cent below
the level at 11 September 2001. Yield (excluding the impact of
unfavorable movements in foreign exchange) increased by 2.0 per
cent.

Domestic operations

Domestic performance was adversely impacted by the effects of
global events on the inbound market. While some outbound
international travel switched to local destinations, this impact
was confined to deep discount leisure travel. Additional
capacity was added to the domestic market throughout the year,
leading to increased levels of price competition.

QantasLink performance improved due to network rationalization
and the cessation of the loss making Beechcraft 1900 operations.

Domestic operations, including QantasLink, contributed $223.0
million in EBIT, down 34.5 per cent from last year. Yield
deteriorated by 6.3 per cent versus the prior year (after
excluding the unfavorable impact of foreign exchange movements)
but was offset by a 10.2 per cent increase in load due to the
airline's efforts to meet market demand following the collapse
of Ansett. Domestic capacity was 11.4 per cent higher than the
prior year while seat factors deteriorated by 0.9 percentage
points.


WATTLE GROUP: Administrator Corbett Pleads Guilty
-------------------------------------------------
Mrs Anne Shirley Corbett, a director of Anscor Pty Ltd (Anscor),
has pleaded guilty in the Brisbane District Court to 48 charges
of being knowingly concerned in the promotion of prescribed
interests, in contravention of the Corporations Act.

Mrs Corbett was charged following an investigation by the
Australian Securities and Investments Commission (ASIC) into the
failed Wattle Group. The charges relate to 12 investors who lost
approximately $1.99 million invested in the Wattle scheme
between February 1996 and March 1998.

The Wattle Group raised more than $160 million from over 2,700
investors across Australia. Anscor, a Brisbane-based company,
received commissions from the Wattle Group of five per cent per
month on funds it sourced from investors.

The matter, which was prosecuted by the Commonwealth Director of
Public Prosecutions, was adjourned for a sentence hearing on 4
September 2003.

Mrs Corbett was granted bail on her own undertaking but was
required to surrender her passport and is prohibited from
applying for a new passport or international travel documents.

Background

The Wattle Group was an unlicensed investment scheme operated by
Mr Geoffrey Robert Dexter. The scheme involved Mr Dexter
obtaining unsecured loan funds from investors on the promise of
high rates of return, generally 50 per cent per annum.

ASIC took action to close down the scheme, and on 7 May 2001, Mr
Dexter was convicted of multiple fraud charges and jailed for 10
years. Seven other promoters of the scheme were also charged
with similar offences.

In April 2002, Mr Marshall John Cobb, of Tax Invest Australia
Pty Ltd, was sentenced in the Canberra Magistrates Court to a
two-year, $2,000 good behavior bond and ordered to pay a penalty
to the Commonwealth of $10,000 within a two-year period. ASIC
also banned Mr Cobb from being a representative of either a
dealer in securities or an investment adviser for one year, in
November 1999.

In July 2002, Mr Howard Jeffrey Owen, of Fin Invest Pty Ltd, was
sentenced in the Sydney Downing Centre District Court to 300
hours community service and a 12-month $1,000 good behavior
bond.

In July 2003, Mr Bruce Raymond Walden, of Australian Secured
Mortgages Pty Ltd, was sentenced in the Brisbane District Court
to a $2,000, three-year good behavior bond.

On 25 July 2003, Mr Kenneth Edwin Parker, the General Manager of
Anscor, was sentenced in the Brisbane District Court to a
$1,000, three-year good behavior bond.

On 7 August 2003, Mr Rodney James Mackay and Mr John Andrew
Allen, of Mackay & Allen Pty Ltd, pleaded guilty in the Brisbane
District Court and will be sentenced on 5 September 2003.

On 8 August 2003, Mr Robert Edward Corbett, also a director of
Anscor, pleaded guilty in the Brisbane District Court and will
be sentenced on 5 September 2003.


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


BOLDFULL ENTERPRISES: Winding Up Sought by Silvershine
------------------------------------------------------
Silvershine Development Limited is seeking the winding up of
Boldfull Enterprises Limited. The petition was filed on August
1, 2003, and will be heard before the High Court of Hong Kong on
September 24, 2001.

Silvershine Development Limited holds its registered office at
Room B, 17th Floor, Great Smart Tower, 230 Wanchai Road,
Wanchai, Hong Kong.


CHINA ELEGANCE: 2003 Net Loss Narrows to HK$14.479M
---------------------------------------------------
China Elegance International Fashion Limited released a summary
of its results announcement for the year ended March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified

                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                           : 140,245            170,517
Profit/(Loss) from Operations      : (10,313)           (33,397)
Finance cost                       : (537)              (197)
Share of Profit/(Loss) of
  Associates                       : (1,001)            (1,090)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (14,479)           (37,604)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0008)           (0.0021)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (14,479)           (37,604)
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 Annual
  General Meeting                  : 29/08/2003         to
01/09/2003bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. LOSS FROM OPERATIONS

Loss from operations is arrived at after charging/(crediting):

                                    2003                    2002
                                 HK$'000                 HK$'000

Depreciation                       1,613                   1,338
Amortization of goodwill           5,519                   2,609
Impairment loss of goodwill         -                     16,922
Gain on disposal of subsidiaries   (7,091)                 -
Loss on disposal of subsidiaries    -                     2,050

2. LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$14,479,000
(2002: HK$37,604,000) and 17,665,936,000 (2002: 17,665,936,000)
ordinary shares in issue during the year.

There is no diluted loss per share shown for either year as the
effects arising from the exercise of the potential ordinary
shares would have been anti-dilutive.


HOP KAI: Winding Up Petition Pending
------------------------------------
Hop Kai Property Investment Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on September 3, 2003 at 9:30 in the morning.

The petition was filed on July 16, 2003 by Top Floor, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong.


MAN LEE: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up Man Lee Decoration And Design Limited is
set for hearing before the High Court of Hong Kong on August 27,
2003 at 9:30 in the morning.

The petition was filed with the court on July 10, 2003 by Cheung
Kam Kwong of Room 506, On Chiu House, Cheung On Estate, Tsing
Yi, New Territories, Hong Kong.


NAM FONG: Winding Up Petition Hearing Scheduled on October 8
------------------------------------------------------------
Reference is made to a winding-up petition filed by Wing Siu
Company Limited on 15th August, 2003 against Nam Fong
International Holdings Limited duly served for a claim of
HK$479,980.00 as surety for an off ice lease agreement made
between the landlord and D & L Management Limited, a wholly-
owned subsidiary of the Company (the subsidiary). The leased off
ice is currently used by the Company as its principal place of
business in Hong Kong.

The Company will, together with the subsidiary, negotiate a
settlement with the landlord. Since the Group continues to
generate rental income from its investment properties, the
Company believes that there will be no material adverse impact
on the business operation and/or f financial position of the
Company. According to the Company's annual report for the f
financial year ended 31st December, 2002, the Group recorded
rental income and sales proceeds from investment properties
amounting to approximately HK$25 million and HK$13 million
respectively and the consolidated net tangible asset value was
approximately HK$102.1 million as at 31st December, 2002
(31/12/2001: HK$371.7 million).

Based on the above, the Company is of the view that it has
sufficient levels of operations and value of tangible assets
that warrant the continued listing of the Company's shares on
the Stock Exchange. The petition will be heard on 8th October,
2003. In the event either no or successful negotiations with the
landlord can be reached by 7th October, 2003, the shares of the
Company will be suspended on 8th October, 2003 pending the
outcome of the hearing of the petition.

Further announcement will be made by the Company as and when
appropriate.

Resumption of Trading in the Shares

The trading in the shares of the Company was suspended from 9:30
a.m. on 19th August, 2003 at the request of the Company pending
for the release of this announcement. The Company has requested
for resumption of trading in the shares of the Company with
effect from 9:30 a.m. on 21st August, 2003.

Investors should exercise extreme caution when dealing in the
shares of the Company.


RIGHTONE TELECOM: Winding Up Hearing Scheduled in September
-----------------------------------------------------------
The High Court of Hong Kong will hear on September 10, 2003 at
9:30 in the morning the petition seeking the winding up of
Rightone Telecom Limited.

Ng Lai Ching of Room 425, Fu Shun House, Fu Shan Estate, Wong
Tai Sin, Kowloon, Hong Kong filed the petition on July 25, 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.


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


DIRGANTARA INDONESIA: IBRA Injecting Rp1.7T New Capital
-------------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) signed agreement to
inject some capital of Rp1.7 trillion to PT Dirgantara
Indonesia, Bisnis Indonesia reported Thursday.

Following the decision, IBRA would invite extraordinary meeting
of Dirgantara shareholders to restructure the management of the
state owned aircraft manufacturer.

"Hopefully we will be able to conduct some restructuring this
week. We will place our men in the board of directors of the
company," IBRA Chairman Syafruddin Arsyad Temenggung said,
adding that the government opened the possibility to convert its
Rp1.07 trillion loan to be the shares of the company.

He revealed that IBRA would coordinate with the State Ministry
of State Owned Enterprise, Ministry of Research and Technology
and Manpower Ministry to talk about Dirgantara restructuring.


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


CROSSWAVE COMMUNICATIONS: Files For Corporate Reorganization
------------------------------------------------------------
Crosswave Communications Inc. (Crosswave Communications), and
its Japanese subsidiaries, Crosswave Facilities Inc. (Crosswave
Facilities) and Crosswave Services Inc. (Crosswave Services,
and, together with Crosswave Communications and Crosswave
Facilities, Crosswave), filed voluntary petitions for
commencement of corporate reorganization proceedings with the
Tokyo District Court on Wednesday.

Upon filing of the petitions, the court appointed Masaaki Oka to
act as the preservative administrator and issued a preservative
administration order to protect Crosswave's assets from
creditors. Crosswave intends to continue to provide its clients
with stable data communication services.

Depending upon the value of Crosswave's assets to be determined
through the proceedings, shares of Crosswave Communication's
common stock and American Depositary Shares representing such
shares will most likely lose all value. Specific details
regarding corporate reorganization proceedings in Japan are
discussed later in this press release.

Crosswave Communications America, Inc., Crosswave's non-Japanese
subsidiary, is not included in the petition of corporate
reorganization.

Since its incorporation in 1998, Crosswave Communications has
been providing corporate clients with data communications
services as a Type I Carrier in the telecommunication business.
It won high praise in the market for its quality, technological
skill and capabilities and acquired an increasing number of
clients. However, as a result of severe price competition in the
Japanese data communications market and a depressed domestic
economy, Crosswave has been unable to achieve profitability and
has experienced increasing funding constraints. Although the
Company has continued to attempt to increase sales, limit
capital investments, reduce costs, rationalize the organization
to operate more efficiently and find new sources of financing,
such measures have not been sufficient to meet Crosswave's cash-
flow requirements.

In light of these circumstances and its current inability to pay
obligations becoming due, Crosswave decided that the most
appropriate course of action was to file a petition for
commencement of corporate reorganization proceedings in order to
be able to continue to provide its clients with stable data
communication services and avoid the confusion that would result
from the suspension of these services.

Through the reorganization process, Crosswave hopes to obtain
new funding to supplement Crosswave's existing capital and help
it restructure its business operations.

Note on Japanese Corporate Reorganization Proceedings:

Under the Japanese Corporate Reorganization Law, a Company may
apply to a court for commencement of corporate reorganization
proceedings (CRP). CRP is similar to Chapter 11 of the United
States Bankruptcy Code in that it allows a Company to reorganize
its business and its finances in order to continue the business
operations of the Company. After receiving a petition for CRP, a
court will normally grant a preservative administration order by
which a preservative administrator is appointed and the
Company's assets are temporarily protected from creditors. The
Company continues its business operations under the authority of
the preservative administrator, the successor to the pre-
petition management, who is normally an attorney-at-law and who
is charged with investigating the financial condition of the
Company with the assistance of a certified public accountant,
and studying the feasibility of a successful reorganization of
the Company. This process typically takes one to two months,
though it can be substantially longer.

Unlike "debtor in possession" bankruptcies in the United States,
prior directors and officers forfeit their prior power to manage
the Company and dispose of its assets.

If the preservative administrator finds that the Company has a
good chance to be successfully reorganized under CRP, the court
will issue an order for the commencement of CRP and will appoint
a reorganization administrator to assume responsibility for the
Company. The reorganization administrator is normally the former
preservative administrator. The reorganization administrator
will then seek a financial sponsor, typically an entity that is
willing to provide financial assistance in order for the debtor
Company to maintain liquidity and continue its business
operations. If the Company successfully finds a financial
sponsor, the court will appoint an additional reorganization
administrator who is usually a businessperson chosen by the
financial sponsor. If the preservative administrator finds,
however, that the Company is unlikely to be successfully
reorganized under CRP, the court is likely to reject the CRP
petition and therefore a liquidation of the Company's assets
will occur, similar in respects to Chapter 7 of the United
States Bankruptcy Code.

If the order is given to begin CRP, a number of procedures are
carried out. First, the court will notify creditors of the CRP
and provide them with the opportunity to verify their credit
claims with the court. The reorganization administrator checks
the nature and amount of the claims. Second, the reorganization
administrator will audit Company properties with the goal of
clearly identifying the Company's assets, estimating the degree
of recovery possible for the creditors and assessing the values
of the secured claims.

Third, the reorganization administrator will propose a
reorganization plan, including a repayment schedule. If the
Company's liabilities are greater than its assets, the
reorganization plan will typically include a provision, which
extinguishes all existing equity shares held by shareholders at
the date the plan becomes effective. At the same time, the
Company may issue new shares to creditors as part of a debt-
equity swap or to parties providing additional financing. As a
result, prior shareholders would most likely lose all rights and
value in their shares by operation of law with no consideration
deliverable to such shareholders. Crosswave's liabilities
exceeded its assets as of June 30, 2003. Fourth, creditors vote
whether to approve the reorganization plan and the court then
endorses the plan, unless it is deemed unfair or unlawful.

About Crosswave

Crosswave Communications Inc. is a data communications carrier
offering customers' reliable and versatile broadband networks
and network services, enabling them to streamline and innovate
their business infrastructure. Founded in 1998 by Internet
Initiative Japan, Sony Corporation and Toyota Motor Corporation,
the Company has made groundbreaking changes in the Japanese
telecommunications market by offering a completely data-centric
network.

Currently, 90 percent of the traffic on Crosswave's nationwide
network infrastructure is Ethernet-based, provided mainly
through its flagship, Wide-area Ethernet Platform Service.
Launched in 1999, the Wide-area Ethernet Platform service
introduced a brand new type of network service to the market.
The Company's fully integrated data centers and other services
have redefined the role of carrier services by accommodating
entire corporate system requirements. With the quality of its
networks and its wide-ranging value-added features, the Company
has been a pioneer in the development of the data communications
market in Japan. The Company offers its services to a diverse
base of over 400 customers including many blue-chip companies in
Japan.


CROSSWAVE COMMUNICATIONS: IIJ Makes Statement Regarding Filing
--------------------------------------------------------------
Internet Initiative Japan Inc., a leading Internet access and
comprehensive network solutions provider in Japan, on Wednesday
issued a statement about the simultaneous filing by Crosswave
Communications Inc., a 37.9 percent owned affiliate of IIJ, and
two Japanese subsidiaries of Crosswave, Crosswave Facilities
Inc. and Crosswave Services Inc., of voluntary petitions with
the Tokyo District Court in Japan for corporate reorganization
proceedings.

The Court accepted the filing, appointed Masaaki Oka as the
preservative administrator and issued an order to preserve the
assets of Crosswave and the subsidiaries from creditors.
Corporate reorganization proceedings are proceedings to
rehabilitate an insolvent Company similar to Chapter 11
bankruptcy proceedings in the United States. Crosswave has
announced that it intends to begin the process of restructuring
its business operations and finances under the management of the
preservative administrator and supervision of the Tokyo District
Court.

Crosswave currently owes IIJ approximately JPY 1.72 billion in
loans. IIJ will owe banks JPY 5.0 billion under a cash
deficiency support agreement in connection with bank loans made
to Crosswave. Such obligation will likely be set off against
IIJ's current security deposit of JPY 5.0 billion with the
banks, which would increase Crosswave's indebtedness to IIJ by
the same amount pursuant to the terms of the cash deficiency
support agreement. The book value of IIJ's equity interest in
Crosswave under U.S. GAAP was JPY 828 million as of June 30,
2003. IIJ expects that these claims and equity interests in
Crosswave will become of no or little value as a result of the
corporate reorganization proceedings and related developments.
IIJ believes that the reorganization filing will seriously
impact IIJ's financial position and results of operations, but
IIJ itself does not plan to seek any judicial relief for
protecting its own assets. IIJ plans to undertake efforts to
obtain new funding and to improve its financial condition as
soon as possible.

Crosswave provides IIJ with a significant portion of IIJ's
network, data center facilities, network, and telecommunications
facilities. Under Japanese corporate reorganization proceedings,
IIJ will be unable to vote its shares in Crosswave or otherwise
control or influence the operation or management of Crosswave.
However, as Japanese corporate reorganization proceedings are
aimed at ensuring the continuity of the entity and provide the
Company with protection from creditors while a determination is
being made as to the feasibility of reorganization, IIJ believes
that Crosswave will continue to provide its services as before
during this period, and thereafter if reorganization is approved
by the Court. IIJ itself plans not only to continue offering
existing services, but to continue to actively provide new
services to meet its customers needs.

IIJ intends to continue providing its clients with high quality
services based on its cutting-edge technology as a leading
Internet access and comprehensive network solutions provider,
and appreciates the continued understanding and support of its
valued customers.

About IIJ

Founded in 1992, Internet Initiative Japan Inc. (IIJ) is Japan's
leading Internet-access and comprehensive network solutions
provider. The Company has built one of the largest Internet
backbone networks in Japan, and between Japan and the United
States. IIJ and its group of companies provide total network
solutions that mainly cater to high-end corporate customers.
Services range from the delivery of new generation network
services over an optical-fiber infrastructure that is optimized
for data communications, to the construction of pan-Asian IP
backbone networks. The Company also offers high-quality systems
integration and security services, Internet access,
hosting/housing, and content design.


MARUBENI CORPORATION: Gets Orders For Three Transformer Stations
----------------------------------------------------------------
Marubeni Corporation has received from an Indonesian state-run
electric power firm a roughly 3.6 billion yen (US$30.33 million)
order for three transformer stations to be built in Jakarta,
Asia Times said on Thursday. The order is for gas-insulated
switchgears (GIS) as well as the construction-related foundation
and installation work. The switchgear order will be filled by
Japan AE Power Systems Corporation, which was formed through the
consolidation of the transmission and distribution equipment
operations of Hitachi Ltd., Fuji Electric Co. and Meidensha
Corporation.


LEAMAN INC.: Files Application For Rehab Proceedings
----------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Leaman Inc.,
which is a customer of its banking subsidiary, Resona Bank, Ltd.
(Resona Bank, President: Masaaki Nomura), filed an application
for commencement of civil rehabilitation proceedings with the
Nagoya District Court. As a result of this development, there
arose a concern that the claims to the Company may become
irrecoverable or its collection may be delayed.

Details were announced as follows:
1. Outline of the Company

(1) Corporate name Leaman Inc.
(2) Address 20-1 Terabedori 4-chome, Minami-ku, Nagoya
(3) Representative Toshiaki Takahashi
(4) Amount of capital 111 million yen
(5) Line of business Manufacturing and sales of child seats and
automobile parts

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Nagoya District Court on
August 18, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 2.1 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank, have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.


TOSHIBA CORP.: Completes PC Ops Restructuring Plan This Month
-------------------------------------------------------------
Toshiba Corporation will complete by the end of this month its
strategies to revamp its unprofitable personal computer
business, Dow Jones reported on Tuesday. Possible measures
include the use of more common parts in different PC models to
cut production costs. The Company plans to transfer some of the
assembly operations at its German plant to production sites in
China and the Philippines, while outsourcing nearly 30 percent
of its laptop PC production to Taiwanese manufacturers, up from
10 percent now.

The Company incurred hefty losses for the April-June quarter as
overseas price competition hit its PC business hard. The Company
suffered a quarterly group net loss of 36.8 billion yen, deeper
than its loss of 18.8 billion yen in the same period last year.


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


JINRO LTD.: Foreigners Hold Key to Jinro's Fate
-----------------------------------------------
Foreign investors, including Goldman Sachs, hold the key to the
fate of Jinro Ltd., a leading local distillery under court
control, as they hold more than 35 percent of Jinro's unsecured
debt targeted for rescheduling, the Korea Times said on
Wednesday. Under court receivership procedures, creditors with
more than 34 percent of unsecured debentures of a firm under
court control can veto a reorganization or debt-rescheduling
plan for the Company. If foreign investors exercise the veto,
Jinro will have no choice but to face bankruptcy in accordance
with the law.

The Seoul District Court granted the application by Goldman
Sachs to put the firm into court receivership in early May. The
court said in the ruling that Jinro cannot pay its debt in
accordance with its debt workout conditions.


SK GLOBAL: Arab Creditors Pressure S. Korea to Act
--------------------------------------------------
Arab creditors of SK Global Co. pressured the South Korean
government to help them recover more of their outstanding loans
to the embattled trading Company, according to Asia Pulse. The
Company owes the Arab creditors US$99 million, or 17 percent of
its total foreign debt of 830 billion won (US$705.5 million).
The Company's domestic and foreign creditors have agreed on a
cash buyout plan under which foreign creditors will receive 43
percent of the principal.

Arab banks, including Arab Banking Corporation, allege the US$99
million is not loans but overdue trade payments related to SK
Global's imports of crude oil, demanding the full repayment. SK
Global has become insolvent due to debts of 9.97 trillion won.
The Company's liabilities exceed its assets by around 4.4
trillion won.


SK GLOBAL: Foreign Creditors Accept Bailout Package
---------------------------------------------------
Foreign creditors of SK Global Co. have agreed on a debt buyout
plan proposed by their domestic counterparts, according to Asia
Pulse on Wednesday, citing main creditor Hana Bank. The trading
arm of SK Group is in deep financial trouble due to debts of
9.97 trillion won (US$8.47 billion), including 830 billion won
owed to foreign creditors.

Hana Bank said a plenary meeting of creditors would be convened
next Tuesday or Wednesday to give the green light to the bailout
package. If the bailout package is approved, creditors will run
the trading Company jointly to put it back on track.


SK GLOBAL: Meeting With US Trustee to Form Committees
-----------------------------------------------------
The United States Trustee for Region 2, Carolyn S. Schwartz,
cancelled the August 11, 2003 organizational meeting for SK
Global America, Inc.'s 20-largest unsecured creditors. Ms.
Schwartz informs the Court that it would solicit acceptance
forms by mail instead.  Furthermore, Ms. Schwartz relates that
acceptance forms should be returned on or before August 14,
2003. SK Global America is a subsidiary of South Korean SK
Global Co., Ltd., one of the world's leading trading companies.
(SK GLOBAL BANKRUPTCY NEWS, August 16, 2003, Issue No. 3)


SK GLOBAL: Watchdog Wants Executives Fired
------------------------------------------
The Securities Futures Commission has recommended that former SK
Global Co. Chairman Son Kil-Seung and three former executives to
be fired from their posts for accounting fraud, the Star Online
reports. But the move has only symbolic effects as Son and the
three others have already resigned.

The commission also imposed restrictions on the issuance of
corporate debts by SK Global for a year and ordered the Company
should have an auditor appointed by financial authorities for
the next three years. It also hit an accounting firm with fines
of some 320 million won (US$270,000) and deprived two
accountants of licenses and punished five others with lesser
degrees of punishment.

SK Global, the trading arm of South Korea's third largest
conglomerate, SK Group, has been teetering on the verge of
bankruptcy after its financial crisis came to a head in March.


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


ACTACORP HOLDINGS: Obtains 90-Day Restraining Order Extension
-------------------------------------------------------------
The Board of Directors of Actacorp Holdings Berhad wishes to
inform that the Company has on 20th August 2003 obtained an
extension of the Restraining Order from Kuala Lumpur High-Court
via Suit No:D6-24-86-2003 for ninety (90) days effective from
21st August 2003 pursuant to Section 176 (1) and 176 (10A) of
the Companies Act 1965.

COMPANY PROFILE

The Actacorp Group is a construction concern. Flagship company
V-Pile Sistem Sdn Bhd undertakes construction and engineering
activities.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.

As of 3 March 2003, the Company is awaiting decision from the
relevant authorities on the proposed restructuring scheme.

CONTACT INFORMATION: 3rd Floor, Bangunan Ming
        Jalan Bukit Nenas
        50250 Kuala Lumpur
        Tel : 03-20707316
        Fax : 03-20784911


ANSON PERDANA: Units' Restraining Order Extended for Six Months
---------------------------------------------------------------
Anson Perdana Berhad wishes to announce that the Restraining
Order pursuant to Section 176 of the Companies Act, 1965 granted
to its subsidiaries, Bayan Bay Development Sdn Bhd and Bayan
Marina Yacht Club Berhad, which will expire on 21 August 2003
has been extended for a further six (6) months.

Earlier this month, the Troubled Company Reporter - Asia Pacific
reported that the appointment of an independent accounting firm
as a monitoring accountant is not required as the criteria in
the PN4 for such appointment is not triggered.


ASSOCIATED KAOLIN: KLSE Removing Warrants by Sept 19
----------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcement made on behalf of AKI
dated 8 August 2003 in relation to the Termination of AKI's
Outstanding Warrants 1996/2005.

On behalf of AKI, Commerce International Merchant Bankers Berhad
wishes to announce that the Kuala Lumpur Stock Exchange had via
its letter dated 18 August 2003, confirmed that AKI's
Outstanding Warrants 1996/2005 will be removed from the Official
List with effect from 9:00 a.m., Friday, 19 September 2003.


GADANG HOLDINGS: ICULS Conversion Price Fixed at RM1.27
-------------------------------------------------------
Gadang Holdings Berhad refers to the announcement dated 14
August 2003 in relation to the Proposed ICULS Issues,
consisting:

   (1) Proposed Issuance of 35,000,000 of RM1.00 Nominal Value
of Irredeemable Convertible Unsecured Loan Stocks 2003/2008
(ICULS) to Danaharta Managers Sdn. Bhd.; and

   (2) Proposed Issuance of 3,000,000 of RM1.00 Nominal Value of
ICULS to Aseambankers Malaysia Berhad

Further thereto, Aseambankers Malaysia Berhad, on behalf of the
Board of Directors of Gadang (Board), wishes to announce that
the Board has determined 20 August 2002 as the price-fixing date
in relation to the conversion price of the ICULS to be issued
pursuant to the Proposed ICULS Issues.

The conversion price of the ICULS for new ordinary shares of
RM1.00 each in Gadang has been fixed at RM1.27 per ICULS which
represents a discount of approximately 10% from the price of
RM1.41, being the five (5) day weighted average market price of
Gadang shares calculated up to 19 August 2003.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous three fiscal years.


KAI PENG: Winding Up Petition Filed by Chip Ngai Withdrawn
----------------------------------------------------------
Kai Peng Berhad refers to the announcements dated 24 January
2003 and 27 January 2003 pertaining to the Winding-Up Petition
filed by Chip Ngai Engineering Works Sdn Bhd against the
Company.

Kai Peng informed that the Winding-up petition by Chip Ngai
Engineering Works Sdn Bhd (as Petitioner) against Kai Peng
Berhad and the Company's application to strike out the Petition
have both been withdrawn by consent of both parties on 19 August
2003 with no order as to costs.


KSU HOLDINGS: Becomes Affected Listed Issuer
--------------------------------------------
Paragraph 8.14 of the Kuala Lumpur Stock Exchange Listing
Requirements stipulates that the financial condition of a listed
issuer on a consolidated basis, must in the opinion of the KLSE,
warrant continued trading and/or listing on the Official List of
the KLSE. It further states that where a listed issuer fulfils
one or more of the criteria prescribed by the KLSE, such listed
issuer and/or its directors must, amongst others, regularize its
financial condition within such timeframes as stipulated by the
KLSE.

In tandem with the foregoing, Practice Note No. 4/2001 (PN4)
which addresses the criteria and obligations of an affected
listed issuer pursuant to paragraph 8.14 stipulates that within
seven (7) market days from the date on which PN4 takes effect or
from the date a listed issuer fulfils one or more of the
criteria prescribed pursuant to paragraph 8.14(2) of the KLSE
Listing Requirements, whichever shall be the later, the affected
listed issuer must make an announcement in accordance with its
requirements.

In this respect, KSU Holdings Berhad would like to announce that
it is an affected listed issuer pursuant to PN4 in view that the
auditors of the Company's main operating subsidiary, Kumpulan
Sepang Utama Sdn Bhd (KSUSB) had indicated through the audited
draft accounts that they are unable to form an opinion on the
financial statements of KSUSB. As a consequence, the auditors
had also been unable to form an opinion on the financial
statements of Earnest Equity Development Berhad (EEDB), the
immediate holding company of KSUSB. EEDB is a wholly owned
subsidiary of KSU Holdings Bhd (KSUH)

This announcement serves as the Company's First Announcement, in
accordance with the requirements of PN4.

OBLIGATIONS PURSUANT TO PN4

Pursuant to PN4, the Company is required to comply with the
following disclosure requirements:

   (a) make the First Announcement;

   (b) announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
KLSE;

   (c) announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4, as and when such
obligation becomes due; and submit monthly reports to the KLSE
in the manner set out under PN4, accompanied by statutory
declarations, within ten (10) market days from the end of the
month reported until further notice from the KLSE.

CONSEQUENCES OF NON-COMPLIANCE

In the event that the Company fails to comply with the
obligations stipulated under PN4, the Company might be deemed as
a listed entity whose financial condition does not warrant
continued trading and/or listing. However, the suspension or de-
listing of the Company is subjected to the KLSE.

The Company intends to comply with the obligations stipulated
under PN4.

STATUS OF REGULARISATION PLAN

In view of the present litigations involving various parties in
relation to the Kuala Lumpur High Court Suit No. D5-22-337-2003
Ban Guan Hin Realty Sdn Bhd v KSUH and 41 others, and Kuala
Lumpur High Court Suit No. D6-22-308-2003 KSUH v Azman Bin Abdul
Aziz & 101 others, KSUH would be seeking further clarification
from the KLSE with regard to the fulfillment of the time frame
given to make the Requisite Announcement. The present
litigations are expected to have an impact on KSUH in meeting
the time frame given.


MALAYSIAN GENERAL: SC OKs Proposed Offer for Sale Application
-------------------------------------------------------------
Malaysian General Investment Corporation Berhad's Proposed
Restructuring Scheme comprises 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) (Proposed Offer
For Sale / Placement);

   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, submitted an application to the
Securities Commission (SC) to seek its approval on the final
number of SRB Shares to be offered for sale/placed out by the
Creditors to the public/investors of 10,107,226, in complying
with one of the conditions imposed by the SC in its approval
letter dated 24 December 2002.

In this respect, on behalf of the Company, AmMerchant Bank is
pleased to announce that the SC has approved the Company's
application via its letter dated 18 August 2003 (which was
received on 19 August 2003).


MALAYSIAN PACIFIC: Voluntarily Winds Up Dormant Unit
----------------------------------------------------
Malaysian Pacific Industries Berhad writes to inform that MPI
will place Techad Sdn Bhd (Formerly Known As Carsem Advanced
Technologies Sdn Bhd) (Techad), a wholly-owned subsidiary of the
Company, under Member's Voluntary Winding-up pursuant to Section
254(1)(b) of the Companies Act, 1965. Mr Ling Kam Hoong (I.C.
No. 391019-08-5069) of Messrs Ling Kam Hoong & Co., No. 6-1,
Jalan 3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala
Lumpur will be appointed as liquidator of Techad.

Techad is currently a dormant company and there are no future
plans to activate it.


MBF HOLDINGS: Audit Committee Member Dato' Ishak Resigns
--------------------------------------------------------
MBF Holdings Berhad posted this Change in Audit Committee
Notice:

Date of change : 19/08/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : Dato' Ghazi Bin Ishak
Age            : 60
Nationality    : Malaysian
Qualifications : Barrister-at-Law
Working experience and occupation         : Lawyer
Directorship of public companies (if any) : MBf Holdings Bhd's
Group
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries  : Nil

Composition of Audit Committee (Name and Directorate of members
after change) :
Tuan Haji Othman Bin Hitam (Chairman) - Independent Non-
Executive Director
Datuk Azizan Bin Abdul Rahman (Member) - Executive Director

The Troubled Company Reporter - Asia Pacific reported on July
that MBf-H completed the offshore debt restructuring scheme with
the execution of all relevant documents, including the trust
deed, and the redeemable convertible secured loan stocks in USD
denomination will be issued to the offshore scheme creditors
accordingly.


PANCARAN IKRAB: Appeals Against SC's Land Purchase Decision
-----------------------------------------------------------
Further to the approval from the Securities Commission (SC), via
its letter dated 1 April 2003 on the Proposed Restructuring
Scheme (Approval Letter), which was announced on 7 April 2003,
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Pancaran Ikrab Berhad, had submitted an appeal to the SC against
the decision of the SC on the purchase consideration of the Land
and also proposed certain revisions to the proposals as proposed
earlier (Application). The decision of the SC on the Application
was set out in its letter dated 12 August 2003, which was
received on 15 August 2003. The details of the Application and
the decision of the SC pertaining thereto are set out below:

   (i) To revise certain proposals of the Proposed Restructuring
Scheme as follows (collectively known as the Proposed
Revisions). Details are tabled at
http://bankrupt.com/misc/TCRAP_Pancarn0822.pdf.

   (ii) The appeal against the SC's decision, wherein, the
purchase consideration for Proposed Acquisition of the Land
should remain at RM8,000,000 instead of RM5,500,000 as approved
by the SC via its Approval Letter was rejected.

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

   (i) The Proposed Restructuring Scheme can only be implemented
upon meeting the requirement as set out in the Policies on
Issue/Offer of Securities on the minimum NTA per share of at
least 33% of the par value of the share upon the implementation
of the Proposed Restructuring Scheme. For the purposes of
computing the NTA, it has to be performed in accordance with the
SC Guidelines. The condition imposed on the NTA requirement has
to be met before the issuance of the circular on the Proposed
Restructuring Scheme to the shareholders of PIB; and

  (ii) The profit guarantee to be provided by the Vendors of
RM36,000,000 should be irrevocable.

RATIONALE FOR THE PROPOSED REVISIONS AND APPEAL AGAINST THE
DECISION OF THE SC ON THE PURCHASE CONSIDERATION OF THE LAND

The mode of satisfaction for the Proposed Acquisition of Decil,
Imex and Bueno was revised to enable the Vendors to place the
additional RCULS for the profit guarantee purposes as imposed by
the SC via its Approval Letter.

The Proposed Capital Reduction and Consolidation and the
Proposed Set-Off of Share Premium and Reserves were originally
intended to reconstruct the balance sheet of PIB by reducing the
accumulated losses of PIB to a lower amount. However, the
reconstruction of the balance sheet of PIB is no longer required
as PIB will be liquidated upon the completion of the Proposed
Restructuring Scheme.

The Vendor of the Land is of the opinion that the value of the
Land should remained at RM12,000,000 as valued by a registered
independent valuer, Messrs Azmi & Co on 18 November 2002. Hence,
in this respect, PMBB, on behalf of the Board of PIB had
appealed against the SC decision to acquire the piece of Land at
RM5,500,000 instead of the original proposed purchase
consideration of RM8,000,000, which represents a discount of
RM4,000,000 against the valuation of the Land as valued by
Messrs Azmi & Co.

CONCLUSION

The Board of PIB and the Vendors are currently deliberating on
the SC's decision on the Proposed Acquisition of the Land and
once a decision has been agreed upon, an announcement and the
financial effects pertaining thereto will be made in due course.


PARIT PERAK: Subsidiary Receives Summon From LHDN
-------------------------------------------------
The Special Administrators on behalf of Parit Perak Holdings
Berhad (Special Administrators Appointed) announced that its
wholly owned subsidiary, Capital Dynasty Sdn Bhd (CDSB) had on
18 August 2003 received a summon from Kerajaan Malaysia, Lembaga
Hasil Dalam Negeri (LHDN) of Tingkat 16 Kanan, Blok 8A, Kompleks
Bangunan Kerajaan, Jalan Duta, 50600 Kuala Lumpur for the
following claims against CDSB:

   1. the sum of RM26,586,635.98;
   2. interest at the rate of 8% per annum on the total sum of
RM26,586,635.98 from the date of judgment until date of
realization;
   3. costs; and
   4. such other relief as the Honorable Court may deem fit and
proper.


PICA (M) CORPORATION: Proposes Revisions to Proposals
-----------------------------------------------------
Pica (M) Corporation Berhad refers to the announcements on 1
March 2002 and 8 August 2003. On 1 March 2002, Commerce
International Merchant Bankers Berhad (CIMB), on behalf of Pica
announced the details of Pica's plan to regularize its financial
condition as follows:

   (i) Proposed capital reduction of Pica involving the
cancellation of RM0.70 of the par value of each existing
ordinary share of RM1.00 each and the subsequent consolidation
of every ten (10) existing ordinary shares of RM0.30 each into
three (3) ordinary shares of RM1.00 each (Proposed Capital
Reconstruction);

   (ii) Proposed renounceable rights issue of 432,414,400 new
irredeemable convertible preference shares of RM0.10 each (ICPS)
in Pica at an issue price of RM0.10 each on the basis of 40 new
ICPS for every three (3) ordinary shares of RM1.00 each held
after the Proposed Capital Reconstruction (Proposed Rights
Issue);

   (iii) Proposed restructuring of the debts of Pica and two (2)
of its subsidiaries, namely Pica First Credit Sdn Bhd (Pica
First) and PS Holdings Limited (PS Holdings) (Proposed Debt
Restructuring);

   (iv) Proposed special bumiputera issue representing up to 10%
of the issued and paid-up ordinary share capital of Pica after
the Proposed Capital Reconstruction and the Proposed Debt
Restructuring to Bumiputera investors to be approved by the
Ministry of International Trade and Industry (Proposed Special
Bumiputera Issue); and

   (v) Proposed employee share option scheme (ESOS) for eligible
employees and executive Directors of Pica and its subsidiaries
(Pica Group) (Proposed ESOS).

The Proposed Capital Reconstruction, Proposed Rights Issue,
Proposed Debt Restructuring, Proposed Special Bumiputera Issue
and Proposed ESOS are collectively known as the "Proposals".

On behalf of Pica, CIMB wishes to announce the revision to
certain terms of the Proposals (Revised Proposals). In addition,
CIMB also wishes to announce that Pica and Pica First
(collectively known as "Scheme Companies") had on 18 August 2003
obtained the following court orders:

   (i) an order under Section 176(10) of the Companies Act, 1965
(Act), restraining all creditors from taking any action against
the Scheme Companies, except by leave of court, for a period of
90 days (Restraining Order) from the date of the court order;
and

   (ii) an order to convene meeting(s) separately or jointly
with their creditors according to their respective classes
within three (3) months from the date of the court order.

DETAILS OF THE REVISED PROPOSALS

The Revised Proposals will entail the replacement of the
Proposed Debt Restructuring by the debt restructuring scheme of
Pica to be implemented under Section 176 of the Act (Proposed
Composite Scheme), details of which are as follows:

Scheme Creditors

The scheme creditors identified in the respective schemes of
arrangement to be implemented by Pica comprises of financial
institution creditors, save for hire purchase creditors. The
unsecured creditors are classified based on their positions and
rights as follows:

   (i) Direct unsecured lenders, which consist of debts owed
directly by Pica (Scheme A Creditors); and

   (ii) Indirect unsecured lenders, arising from the corporate
guarantees given by Pica to the unsecured lenders of Pica First
and PS Holdings as security for the credit facilities granted to
Pica First and PS Holdings (Scheme B Creditors).

The Scheme A Creditors and Scheme B Creditors are collectively
referred to as "Scheme Creditors".

PS Holdings is a wholly-owned subsidiary of Pica incorporated in
Cayman Islands.

The details of the Scheme Creditors and their estimated
respective scheme amounts as at 30 September 2003 are set out in
Table 1.

Scheme Amount

The amounts owing to the Scheme Creditors (Scheme Amount) is the
principal amount owing by the Scheme Companies and PS Holdings
as at 31 December 2002 together with any accrued but unpaid
interest on any of such principal amount up to 30 September
2003.

Court Convened Class Meetings of the Scheme Creditors

The Scheme Creditors are proposed to be diviad into two (2)
separate classes namely Scheme A Creditors and Scheme B
Creditors according to the respective scheme of arrangement for
the purposes of voting at the Court Convened Class Meetings for
the Scheme Creditors. Separate meetings are to be convened for
each class of the Scheme Creditors of Pica to vote in favor of
or against the Proposed Composite Scheme applicable to that
class. Upon obtaining the requisite majority in number
representing three-fourths in value of each class of Scheme
Creditors present and voting in person or by proxy in respect of
each class of Scheme Creditors, dissenting Scheme Creditors
within such classes or Scheme Creditors who fail to attend the
Court Convened Class Meetings or vote in person or by proxy at
the meeting of the classes of the Scheme Creditors will be bound
by the decision of such majority if the Proposed Composite
Scheme is subsequently approved by the order of the court and
subject to such alterations or conditions as the court deems fit
to impose.

Proposed Debt Repayment

The estimated debts owed by Pica, Pica First and PS Holdings to
the Scheme Creditors amounting to approximately RM203.64 million
comprise outstanding principal of approximately RM170.96 million
as at 31 December 2002 and estimated accrued interest of
approximately RM32.68 million as at 30 September 2003 are
proposed to be restructured (Proposed Debt Repayment) as
follows:

(A) Scheme A

The total outstanding debts owed by Pica to Scheme A Creditors
is approximately RM136.31 million comprising outstanding
principal of approximately RM113.00 million as at 31 December
2002 and estimated accrued but unpaid interest of approximately
RM23.31 million as at 30 September 2003. Pursuant to the
Proposed Debt Repayment, the said total outstanding debts are
proposed to be restructured as follows:

   (i) waiver of RM39.55 million or 35% of the outstanding
principal amount as at 31 December 2002;

   (ii) settlement of the balance outstanding debts of
approximately RM96.76 million subsequent to (i) above as
follows:

    (a) approximately RM26.60 million or 27% is to be settled
via the cash proceeds from the Proposed Rights Issue;

    (b) approximately RM26.82 million or 28% is to be converted
into 24,383,571 ordinary shares of RM1.00 each in Pica (Pica
Shares) with 24,383,571 attached irredeemable convertible
preference shares (ICPS) on the basis of one (1) Pica Share and
one (1) ICPS for every RM1.10 debt owed; and

    (c) approximately RM43.34 million or 45% is to be converted
into RM43,342,317 nominal irredeemable convertible unsecured
loan stocks (ICULS); and

   (iii) Interest waiver is proposed to commence from 1 October
2003 up to 30 September 2004 and interest at 2% per annum will
be payable on the outstanding principal amount as at 31 December
2002 from 1 October 2004 up to the completion of the Proposed
Debt Repayment.

(B) Scheme B

The total outstanding debts owed by Pica and/or payable on
demand arising from the corporate guarantees given to the Scheme
B Creditors is approximately RM67.33 million comprise
outstanding principal of approximately RM57.96 million as at 31
December 2002 and estimated accrued but unpaid interest of
approximately RM9.37 million as at 30 September 2003. Pursuant
to the Proposed Debt Repayment, the said total outstanding debts
are proposed to be restructured as follows:

   (i) waiver of RM17.39 million or 30% of the outstanding
principal amount as at 31 December 2002.

   (ii) settlement of the balance outstanding debts of
approximately RM49.94 million subsequent to (i) above as
follows:

    (a) approximately RM13.64 million or 27% is to be settled
via the cash proceeds from the Proposed Rights Issue;

    (b) approximately RM13.76 million or 28% is to be converted
into 12,507,025 Pica Shares with 12,507,025 attached ICPS on the
basis of one (1) Pica Share and one (1) ICPS for every RM1.10
debt owed; and

    (c) approximately RM22.54 million or 45% is to be converted
into RM22,537,158 nominal value ICULS; and

   (iii) Interest waiver is proposed to commence from 1 October
2003 up to 30 September 2004 and interest at 2% per annum will
be payable on the outstanding principal amount as at 31 December
2002 from 1 October 2004 up to the completion of the Proposed
Debt Repayment.

The summary of the settlement structure under the Proposed Debt
Repayment is set out in Table 2.

The Pica Shares to be issued pursuant to the Proposed Debt
Repayment shall, upon allotment and issue, rank pari passu in
all respects with the then existing Pica Shares save for the
Proposed Rights Issue.

The ICPS to be issued pursuant to the Proposed Debt Repayment
shall have the same terms as the ICPS under the Proposed Rights
Issue.

The indicative terms of the ICPS and ICULS are set out in Table
3 and Table 4 respectively.

Proposed Put and Call Option Arrangements

Cita Suria Sdn Bhd (Cita Suria), a major shareholder of Pica,
proposes to enter into put and call option arrangements with the
holders of the 36,890,596 Pica Shares and 36,890,596 ICPS (Put &
Call Securities) to be issued pursuant to the Proposed Debt
Repayment (Primary Holders). The proposed put and call option
arrangements shall allow for the sale and purchase of the Put &
Call Securities by the respective parties thereto based on the
terms and conditions to be agreed upon and to be set out in the
put and call option agreements (Proposed Put and Call Option
Arrangements).

The put option to be granted by Cita Suria to the Primary
Holders represents an irrevocable right but not an obligation by
the Primary Holders to sell the Put & Call Securities to Cita
Suria. The call option to be granted by the Primary Holders to
Cita Suria represents an irrevocable right but not an obligation
to purchase the Put & Call Securities from the Primary Holders.

The indicative terms of the put and call options are set out in
Table 5.

In the event Cita Suria exercises its call options in full or
the Scheme Creditors exercise their put options in full, Cita
Suria and persons acting in concert (PAC) will hold
approximately 51.85% of the enlarged issued and paid-up ordinary
share capital of Pica after the Proposed Composite Scheme and
Proposed Special Bumiputera Issue but prior to the full
conversion of the ICPS, ICULS and exercise of ESOS.

Pursuant to the Malaysian Code on Take-Overs and Mergers, 1998
(Code), Cita Suria and PAC with it will be required to undertake
a mandatory offer for the remaining Pica Shares not held by them
after the Revised Proposals (Mandatory Offer).

In respect of the above, an application will be made by Cita
Suria and PAC to the Securities Commission for a waiver from the
obligation on Cita Suria and PAC to undertake a Mandatory Offer
pursuant to Practice Note 2.9.3 of the Code (exemption under
rescue operation).

Proposed Sharing

Pica proposes to share the recovery (if any) from the provision
for bad debts of RM184.2 million made in the financial year
ended 31 December 2001 with the Scheme Creditors (Proposed
Sharing). The basis of sharing the recoverable amount recovered
(if any) is set out in Table 6.

Proposed Bank Guarantee

As an integral part of the Proposed Composite Scheme, Cita Suria
will provide a bank guarantee of RM10 million in favor of the
Scheme Creditors within 30 days from the date of extraction of
the Court Order (Proposed Guarantee). The bank guarantee will be
issued to an agent to be appointed by the Scheme Creditors as a
stakeholder for the Scheme Creditors.

The bank guarantee can only be called upon to partially repay
the Scheme Amounts to the Scheme Creditors in the event the
Revised Proposals, save for the Proposed Special Bumiputera
Issue and Proposed ESOS, have been approved by all relevant
parties and authorities but Cita Suria fails to honor its
undertaking to subscribed for the unsubscribe amount of rights
shares pursuant to the Proposed Rights Issue. In the event the
bank guarantee is called upon to partially repay the Scheme
Amounts to the Scheme Creditors, the bank guarantee amount to be
received by each Scheme Creditor will be on a proportionate
basis based on their respective portion of the total Scheme
Amount.

Save for the above, if the Revised Proposals, save for the
Proposed Special Bumiputera Issue and Proposed ESOS, cannot be
completed for whatsoever reason, including but not limited to
the rejection by the relevant authorities, the bank guarantee
cannot be called upon by the Scheme Creditors. Cita Suria will
cancel the bank guarantee upon completion of the Proposed Rights
Issue.

Save for the above, all other terms in the Proposals remain
unchanged.

EFFECTS OF THE REVISED PROPOSALS

Share Capital

The proforma effect of the Revised Proposals on the issued and
paid-up share capital of Pica is set out in Table 7.

Earnings

The Revised Proposals are not expected to have any effect on the
earnings of the Pica Group for the financial year ending 31
December 2003 as the Revised Proposals are only expected to be
completed towards the third (3rd) quarter of the financial year
ending 31 December 2004. However, the Revised Proposals are
expected to contribute positively to the future results of the
Pica Group arising from the interest savings after the repayment
of debts.

Net Tangible Assets (NTA) and Gearing

The proforma effect of the Revised Proposals on the NTA and
gearing of the Pica Group based on the audited consolidated
balance sheets of Pica as at 31 December 2002 is set out in
Table 8.

Substantial Shareholding Structure

The proforma effect of the Revised Proposals on the substantial
shareholders of Pica, based on the Register of Substantial
Shareholders of Pica as at 15 July 2003, is set out in Table 9.

APPROVALS REQUIRED

Other than the approvals as set out in the announcement on 1
March 2002, the additional approvals required for the Revised
Proposals are as follows:

   (i) the High Court of Malaya, for the Proposed Composite
Scheme and the Proposed Capital Reduction; and

   (ii) the Scheme Creditors at the Court Convened Class
Meetings.

Tables 1 to 9 can be found at
http://bankrupt.com/misc/TCRAP_PICA0822.pdf.


SENG HUP: PCDR Exercise Completion Extended Until Dec 31
--------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
Informed that the existing Audit Committee of the Company
currently comprises solely of Encik Azri bin Ahmad, Chairman
(Independent Non-Executive Director) of the Audit Committee
following the resignation of Mr Ting Keaw @ Law Lee See as a
member of the Audit Committee on 26 February 2003.

As the Company has only one Independent Non-Executive Director
at this point in time, the Company does not comply with the
following Kuala Lumpur Stock Exchange Listing Requirements (LR):

   Paragraph 15.02(1) - A listed issuer must ensure that at
least 2 directors or 1/3rd of the board of directors of a listed
issuer, whichever is the higher, are independent directors.

   Paragraph 15.10(1)(a) - the audit committee must be composed
of no fewer than 3 members

   Paragraph 15.10(1)(b) - a majority of the audit committee
must be independent directors

   Paragraph 15.19 - in order to form a quorum in respect of a
meeting of an audit committee, the majority of be members
present must be independent directors

   Paragraph 15.20 - in the event of any vacancy in an audit
committee resulting in the non-compliance of subparagraphs
15.10(1) above, a listed issuer must fill the vacancy within 3
months

The Company wishes to inform that it has not been in compliance
with the aforesaid Paragraphs for the following reasons:

     1) On 9 September 1999, Pengurusan Danaharta Nasional
Berhad appointed Mr Tan Kim Leong and Mr Siew Kah Toong as
Special Administrators (SA) to manage the assets and affairs of
Seng Hup pursuant to Section 24 of the Pengurusan Danaharta
Nasional Berhad Act (1998) and Pengurusan Danaharta Nasional
Berhad Act (2000) as amended (the Act).

Following the appointment of the SA in Seng Hup, the powers of
the Board of Directors and consequently the Audit Committee have
been suspended. Accordingly, during the tenure of the
administration of the SA, the functions of the Audit Committee
are subject to the approval of the SA;

     2) Both the SA are members of the MIA and pursuant tot he
Exchange's letter dated 27 March 2002, at least one of them is
required to sit in all Audit Committee Meetings and advise and
provide guidance to the Audit Committee on all matters
pertaining to the financial management and reporting to assist
the Audit Committee in its decision making;

     3) The appointment of a new director(s) will affect the
Company financially, as monthly remuneration has to be paid to
them. Being an SA appointed and PN4 Company, the Company is
financially constrained to do so.

     4) Further to the Requisite Announcement made by the
Company on 9 October 2002, the Company has received the relevant
authorities approvals, namely the Securities Commission,
Ministry of International Trade & Industries, Foreign Investment
Committee and Pengurusan Danaharta Nasional Berhad for the
implementation of its Proposed Restructuring Exercise.

The SC has also via its letter dated 30 June 2003, approved an
extension of time of up to 31 October 2003 for the
implementation and completion of SHCB's Proposed Restructuring
Exercise, which includes the proposed transfer of Salcon Berhad
(Salcon) to the main board of the Kuala Lumpur Stock Exchange
and the proposed employee share option scheme.

In relation to the Proposed Restructuring Exercise, an
announcement on the Notice of Books Closure was made on 17 July
2003 for the recall of the existing ordinary shares of RM1.00
each in SHCB and the issuance of new ordinary shares of RM0.50
each in Salcon to the existing sharesholders of SHCB to replace
their existing SHCB shares on the basis of one (1) new Salcon
share for every twenty four (24) SHCB shares held. The said new
Salcon shares were allotted on 24 July 2003.

Information Circulars dated 10 July 2003 and 17 July 2003
settling out details of the Proposed Restructuring Scheme
undertaken by SHCB and the above Book Closure respectively have
been dispatched to the shareholders. The prospectus for Salcon
was issued on 28 July 2003.

Notwithstanding the above, the Exchange has via their letter
dated 8 August 2003 (ref SB/47 (328)) granted the Company an
extension of time until 31 December 2003 or until completion of
Seng Hup's Proposed Corporate and Debt Restructuring Exercise,
whichever is earlier to comply with the aforesaid Paragraphs of
the LR.


SETEGAP BERHAD: Faces Writ Over Alleged Unsettled Contract Sum
--------------------------------------------------------------
Setegap Berhad furnished the following information on Writ of
Summons for immediate public release:

The date of presentation of the Writ of Summons (the Writ)

The Plaintiff, Mr. Wong King Tung trading as Pohock Construction
& Development Co. via Messrs. Chong Brothers Advocates has filed
a suit with the Kuching Sessions Court, no. 52-436-2003-I on
25th July 2003 and the Writ was served on the Company on 19th
August 2003 at approximately 3:30 p.m..

The particular of claims under the Writ

The claim was for:

    i) the amount of RM88,430.17;
   ii) interest thereon at the rate of 8% per annum from the
       date of the Summons till full and final payment;
  iii) cost; and
   iv) any relief and/or order deemed fit and just by the Court.

The details of the circumstances leading to filing of the claim

The Company as a sub-contractor for a project in Sarawak engaged
the plaintiff. He alleged that the Company has failed to settle
the amount of RM88,430.17 being the outstanding sub-contract
sum.

The financial and operational impact of the claim on the group

The claim will not have any immediate effect on the operational
and financial position of the Company.

Steps taken and proposed to be taken

The Company is currently in the midst of engaging its solicitors
to attend to this matter and at the same time will have further
discussion with the plaintiff to resolve this matter.


SISTEM TELEVISYEN: Disposes of Dormant Unit to Enhance Business
---------------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3), AmMerchant
Bank Berhad (AmMerchant Bank) wishes to announce that TV3, has
on 19 August 2003 entered into a sale and purchase agreement
(Agreement) with Golden Satellite (M) Sdn Bhd (GSSB) to dispose
its entire equity interest of sixty percent (60%) in its
subsidiary, Mercury Entertainment (M) Sdn Bhd (MESB).

PROPOSED DISPOSAL

Details Of The Proposed Disposal

Pursuant to the Agreement, TV3 shall dispose of its 60% equity
interest in MESB comprising 6,600,000 ordinary shares of RM1.00
each in MESB (Shares) to GSSB, for a consideration of RM2.64
million or to be fully satisfied in cash (Consideration).

Background Information On MESB

MESB was incorporated in Malaysia under the Companies Act, 1965
as a limited liability corporation on 21 December 1994.
The present authorized share capital of MESB is RM25,000,000
comprising 25,000,000 ordinary shares of RM1.00 each, of which
11,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

MESB is currently dormant. The principal activity of MESB was
the replication of laser discs and digital video discs.
Based on the audited accounts of MESB for the financial year
ended 31 August 2002, MESB registered a net loss of RM7.97
million. MESB's net tangible liabilities (NTL) based on its
audited accounts, as at 31 August 2002 is approximately RM30.85
million.

Background Information On GSSB

GSSB was incorporated in Malaysia under the Companies Act, 1965
as a private limited company on 13 March 1996.

The present authorized share capital of GSSB is RM1,000,000
comprising 1,000,000 ordinary shares of RM1.00 each, of which
400,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activities of GSSB are obtaining and granting of
copy right on videotapes and film related sales.

Salient Terms Of The Conditional Agreement

The salient terms of the Agreement are as follows:

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

   (b) Upon execution of the Agreement, GSSB shall pay a deposit
amounting to RM264,000 to TV3. The balance of the purchase
consideration amounting to RM2,376,000 shall be paid by GSSB 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 approving
the sale, purchase and transfer of the Shares to GSSB as
contemplated in the Agreement;

    (ii) approval from TV3's remaining shareholders in the form
of a written notification and non-objection by the respective
shareholders; and

    (iii) approval of the shareholders of GSSB in a general
meeting to the purchase by them of the Shares from TV3 on the
terms as set out in the Agreement;

   (d) GSSB shall complete its purchase of 600,000 ordinary
shares of RM1.00 each representing 60% equity interest in Layar
Opera Sdn Bhd held by Grand Brilliance Sdn Bhd (a subsidiary of
TV3) for a consideration of RM1.00 via a separate sale of shares
agreement dated 19 August 2003. The completion of the said
purchase shall not be later than 3 months from the date of the
Agreement.

Basis Of Arriving At The Disposal Consideration

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

Original Cost Of Investment

TV3's original cost of investment in the MESB Shares was RM6.6
million which was incurred on 15 November 1997.

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 are proposed to
be utilized for working capital of TV3 group.

RATIONALE FOR THE PROPOSED DISPOSAL

Over the years, MESB had registered substantial losses 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 MESB'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 as the consideration for the
Proposed Disposal will be fully satisfied in cash.

Net Tangible Assets (NTA)
Based on the audited consolidated balance sheets of TV3 as at 31
August 2002, the effects of the Proposed Disposal on the
proforma NTA of the TV3 group are set out in Table 1 at
http://bankrupt.com/misc/TCRAP_TV30822.doc.

At Company level, based on the audited consolidated balance
sheets of TV3 as at 31 August 2002, the Proposed Disposal will
result in a gain on disposal of approximately RM2.64 million
(but before taking into account the estimated expenses relating
to the Proposed Disposal) as the cost of investment in MESB 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 as the
consideration for the Proposed Disposal will be fully satisfied
in cash.

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.

DEPARTURE FROM THE SC's POLICIES AND GUIDELINES ON ISSUE/OFFER
OF SECURITIES (SC GUIDELINES)

Paragraph 8 of Guidance Note 12 of the SC's Policies and
Guidelines on Issue/Offer of Securities stipulated that,

".For listed companies with negative NTA, any further
acquisitions or disposals above the RM1 million threshold would
normally be considered material, and thus requires the approval
of the SC. However, if the principal adviser is of the opinion
that the acquisition/disposal is not significant and does not
indicate a change in business direction, a waiver can be sought
formally in writing to the SC."

Based on its latest consolidated audited accounts for the
financial year ended 31 August 2002, TV3 group has a negative
NTA. Hence, TV3 is obliged to seek the approval from the SC for
the Proposed Disposal. However, AmMerchant Bank, on behalf of
TV3, will apply to the SC for the waiver from having to seek the
approval of the SC for the Proposed Disposal as it is not
significant and does not constitute a change in business
direction.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, the substantial shareholders or persons
connected with them have 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, after careful deliberation, is
of the opinion that the Proposed Disposal is in the immediate
interest of TV3 and its shareholders.

ADVISER

AmMerchant Bank has been appointed as Adviser to TV3 for the
Proposed Disposal.

ESTIMATED TIME FRAME FOR COMPLETION

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

APPLICATION TO AUTHORITIES

Application to the authorities for the Proposed Disposal, if
required, will be made within three(3) months from the date of
the decision of the SC.

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.


TA ENTERPRISE: SC Approves Applications Conditions Waiver
---------------------------------------------------------
TA Enterprise Berhad refers to the announcements dated 9 July
2003, 11 August 2003 and 14 August 2003 concerning the Company's
appeal to the Securities Commission (SC) seeking modification /
waiver of certain conditions imposed on Botly Securities Sdn Bhd
(BSSB) pertaining to the following:

   - Proposed Acquisitions by BSSB of the stockbroking
businesses of

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

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

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

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

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

Further thereto, the Board of Directors wishes to announce that
for the purposes of the conditions precedent set out in the
Business Merger Agreements (BMA) in relation to the acquisitions
of the stockbroking businesses of Borneo, KBS and TAS, the
approval of the SC has been obtained.


TECHNO ASIA: Discloses July Production Figures
----------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
Is pleased to inform the July 2003 production figures of the
Group, as follows:

                    MT
Crude Palm Oil    4,303
FFB               4,219
Palm Kernel       1,265

COMPANY PROFILE

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

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

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

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

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

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

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

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


TECHNO ASIA: SC Grants Investigative Audit Time Extension
---------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators (SA)
Appointed) refers to the announcement made on 1 August 2003 on
the Proposed Restructuring Exercise, comprising:

AmMerchant Bank Berhad on behalf of TAHB, wishes to announce
that the Securities Commission had via its letter dated 19
August 2003, approved the extension of time of up to 30 November
2003 for Messrs BDO Binder to finalize the investigative audit
on TAHB's previous business losses.


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


EASYCALL COMMUNICATIONS: Clarifies Asset Spin-off Report
--------------------------------------------------------
Easy Communications Philippines Inc. (ECP) refers to Circular
for Brokers No. 2724-2003 dated August 20, 2003, in connection
with the spin off of the Company's operating assets in its
internet and call center business into a wholly-owned
subsidiary, with said assets forming part of the capital
contribution of ECP into the said subsidiary.

In relation thereto, the Corporation, in its letter dated August
19, 2003, provided the Exchange the attached additional
information on the aforementioned matter and on its Special
Stockholders' Meeting on September 17, 2003.

According to the Troubled Company Reporter-Asia Pacific,
EasyCall International Limited had for the year ended 30 June
2002 slashed its net loss after tax to A$1.7 million (S$1.6
million) from the high of A$45.1 million (S$43.4 million)
recorded a year ago. The Group restructured its operations last
year to weed out loss making operations, taking one-time charges
totaling A$39.4 million (S$37.9 million).

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2744_ECP.pdf


MANILA ELECTRIC: Sees P0.15/kwh Rate Reduction
----------------------------------------------
The Manila Electric Co. (Meralco) could reduce its rates by
about 15 centavos per kilowatt-hour after its two independent
power producers (IPPs) agreed to shoulder the local business
taxes, which the privately-owned power distributor had been
passing on to consumers, the Philippine Daily Inquirer reported
Thursday.

Teves said the reduction would take effect upon approval of the
individual boards of Meralco, its IPPs - the Quezon Power
Philippines Ltd. and First Gas Corp., and the Energy Regulatory
Commission (ERC).

"The sooner we get the approval, the sooner we can pass this on
to the consumer," Teves said. However, Teves clarified that the
planned reduction was still "subject to refinement."


NATIONAL STEEL: Creditors to Sell Steel Firm
--------------------------------------------
The creditors of National Steel Corporation (NSC) will auction
off the Company after settling its 171 million pesos in real
estate taxes and getting assurance from the Iligan City
government that the buyer will get tax incentives, the Malaya
Newspaper reports.

The management committee of NSC led by biggest lender and owner
Philippine National Bank (PNB) has given interested investors
until set September 30 to submit their offers for the lease with
a option to buy the Iligan steel facility. A pre-offer
conference will be held on September 1, 2003 at 9:30 a.m. to
entertain all clarifications and inquiries on the pre-
qualifications and tender documents. Offer forms and guidelines
shall be available on Monday August 25 upon payment of a non-
refundable registration fee of P40,000. There was no indicative
price set.


PRIMETOWN PROPERTY: Files Petition For Rehabilitation
-----------------------------------------------------
This is in reference to Circular for Brokers No. 2663-2003 dated
August 13, 2003, pertaining to the filing of an amended
rehabilitation plan by Primetown Property Group, Inc. (PMT) as
mandated by the Regional Trial Court of Makati City relative to
its "Petition for rehabilitation with Prayer of Suspension of
Payments" filed before the said Court.

In relation thereto, the Company, through SEC Form 17-C dated
August 20, 2003, informed the Philippine Stock Exchange that:

"Primetown Property Group, Inc. received on August 20 a copy of
the attached ORDER of the Regional Trial Court of Makati City
Branch 138 in connection with the petition for rehabilitation
filed by the Company before the said Court. Among other things,
the order stayed the enforcement of all claims against the
Company, whether for money or otherwise and whether such
enforcement is by Court action or otherwise.

Meanwhile, Dow Jones reported that Primetown reported a net loss
of 2.08 million pesos ($1=PHP55.19) for the three months to
March, as cost and expenses totaling PHP5.74 million outpaced
revenue of PHP3.66 million. Based on its audited financial
statement for 2002, Primetown had bank loans amounting to
PHP358.5 million, and accounts payable and accrued expenses
totaling PHP674.2 million. The Company also ended 2002 with a
syndicated loan of PHP120 million. Primetown's total assets as
of end-2002 stood at PHP707.1 million.

For a copy of the RTC Court Order, please go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2737_PMT.pdf


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


CHARTERED SEMICONDUCTOR: Slashes Wafer Prices
---------------------------------------------
Chartered Semiconductor Manufacturing has slashed prices for
0.25-to-0.5-micron mixed-signal processing on 8-inch wafers to
below US$800, Digitimes.com reported Tuesday. Chartered's new
quotes are about 25 percent lower than the ones offered by
Taiwan Semiconductor Manufacturing (TSMC) and United
Microelectronics Corporation (UMC) and 10 percent lower than
China-based Semiconductor Manufacturing International
Corporation (SMIC) and Silterra Malaysia.

In addition, the chipmaker is offering a guaranteed yield rate
of over 90 percent and is aggressively pursuing orders from
second-tier Taiwanese IC design houses. Chartered declined to
comment.


COMPUTER SHACK: Issues Notice to Creditors
------------------------------------------
The creditors of Computer Shack Pte Ltd (In Members' Voluntary
Winding Up), which is being wound up voluntarily, are required
on or before the 30th day of September 2003 to send in their
names and addresses and particulars of their debts or claims and
the names and addresses of their solicitors (if any) to the
undersigned, the Liquidators of the said Company and if so
required by notice in writing from the said Liquidators are by
their solicitors or personally to come in and prove the said
debts or claims at such time and place as shall be specified in
such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

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

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


HIANG KIE: Issues Notice Debt Claim Notice
------------------------------------------
Hiang Kie Pte Ltd. (In Judicial Management) issued a notice to
creditors that if they have not filed a proof of debt (Form 77),
please do so to the satisfaction of the Judicial Managers on or
before 3rd September 2003, or such later date as the Judicial
Managers may fix, failing which, you will not be entitled to
this dividend and payment shall be made to all creditors whose
claims have been admitted, on a pari passu basis, without regard
to your claim.

SESHADRI RAJAGOPALAN
Judicial Manager.
Hiang Kie Pte Ltd
c/o 10 Collyer Quay #21-01
Ocean Building
Singapore 049315.


KOO HENG: Releases Winding Up Order Notice
------------------------------------------
Koo Heng Goldsmith & Jewellery (Pte) Limited issued a notice of
winding up order made on 8th August 2003.

Winding Up Order made on 8th August 2003.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre, East Wing
Singapore 069118.

RAJAH & TANN
Solicitors for the Petitioner.


OFFICE SHOPPING: Issues Winding Up Order Notice
-----------------------------------------------
Office Shopping Network Pte Ltd issued a notice of winding up
order made on the 8th day of August 2003.

Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs DAVID SIOW CHUA & TAN
Solicitors for the Petitioners.
Ref: BTC/10021/0103

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
Company.

(b) All debts due to the Company should be forwarded to the
liquidator.


VERTEX LIFE: Goes Into Voluntary Liquidation
--------------------------------------------
The creditors of Vertex Life Science Management Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before the 15th day of September
2003 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company and, if so required by notice in writing by the
said liquidator are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

LEE KHENG NAM
Liquidator.
c/o 77 Science Park Drive
#02-15 Cintech III
Singapore Science Park
Singapore 118256.


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


GENERAL ENGINEERING: Registers Increased Capital With MoC
---------------------------------------------------------
Reference is made to the Extra ordinary shareholders' Meeting
No. 1/2003 held on August 5, 2003 which approved to increase the
registered capital from Bt45 million to Bt239,812,500 and
amended the Article 4 of the Memorandum of Association pursuant
to the rehabilitation plan.

General Engineering Public Company Limited reported that the
result of change in registered capital and amended Article 4 of
the Memorandum of Association were registered with the
Department of Business Development, The Ministry of Commerce
(MoC), on August 18, 2003.


JASMINE INTERNATIONAL: Sept 15 Warrant Exercise Date Fixed
----------------------------------------------------------
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited, provided the
information regarding the Exercise of 257,239,437 units of the
Company's Rights Warrants as follows:

1. The Exercise Date is on September 15, 2003 during 8:30 in the
morning to 3:30 in the afternoon.

2. The Notification Period is during 8:30am to 3:30pm on the
Company's business day on September 1, 2003 through September
14, 2003.

3. Contact Place to exercise the Rights Warrants and to get the
Subscription Forms is:

     Jasmine International Public Company Limited
     200, 29th-30th Floor, Moo 4, Chaengwattana Road,
     Pakkred Sub-district, Pakkred, Nonthaburi
     11120, Thailand,
     Telephone No. (66 2) 502-3119-20
     Fax No. (662) 502-3151

Or at any office of the brokerage companies during the
Notification Period.

4. The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

1 Rights Warrant has a right to subscribe 1 Common Share of the
Company at the price of Bt5 per share.


M.D.X. PUBLIC: Securities Trading Suspension Remains
----------------------------------------------------
In reference to the Stock Exchange of Thailand (SET)'s posting
an "SP" sign against M.D.X. Public Company Limited (MDX) on
August 18, 2003 due to the auditor's inability to reach any
conclusion on company's the second quarterly reviewed financial
statements as of June 30, 2003.

MDX's has now disseminated its financial statements, thus, the
SET posted an "NP" sign on MDX's securities effective on August
19, 2003 onwards until the amended financial statements will be
submitted or it is concluded that MDX is not necessary to amend
the aforementioned financial statements.

Nevertheless, the SET has still suspended trading all securities
of MDX until the causes of de-listing are eliminated.


RAIMON LAND: Appoints Audit Committee, Board Directors
------------------------------------------------------
Raimon Land Public Company Limited notified the resolutions of
the Board of Directors Meeting No. 1/2003, held on 15 August
2003, as follows:

1.  Acknowledgement of the Plan Administrator handing over the
authority for managing the businesses and assets of the Company
to the Board of Directors of the Company, after the Central
Bankruptcy Court issuing the order terminating the Business
Rehabilitation of the Company on 4 August 2003, which the
directors are as follows:

        1. Mr. Sompoch Intranukul (Chairman)
        2. Mr. Kenneth Kin Hing Lam
        3. Mr. Jeremy Lechemere King
        4. Mr. Nigel John Cornick
        5. Mr. Ruengvit Dusadeesurapot
        6. Mr. Robert William McMillen
        7. Mr. Jirawud Kuvanant
        8. Mr. Rattanachai Phatinavin
        9. Mr. Visit Rakvisitwong

2. Unanimous approval for appointment of Miss Korbsook Iamsuri
as the new director of the Company to replace Mr. Visit
Rakvisitwong who resigned, effective on 15 August 2003.

3. Unanimous approval for the appointment of the Executive Board
of the Company and fixing the scope of authority, duties and
responsibilities of the Executive Board as follows:

   1. Names and positions of the members of the Executive Board:

        1. Mr. Robert William Mcmillen  Chairman of the
                                        Executive Board
        2. Mr. Nigel John Cornick       Chief Executive Officer
        3. Mr. Jeremy Lechemere King    Executive Director
        4. Mr. Ruengwit  Dusadeesurapoj Executive Director

   2. The scope of authority, duties and responsibilities of the
Executive Board:

        1. To have powers, duties and responsibilities in the
management related to the operations in general and the
administrative work of the Company.

        2. To determine the policy, business plan, budget and
administrative structure and administrative authorities.

        3. To propose the guidelines in carrying out the
business operations in line with the economic conditions to the
Board of Directors for consideration.

        4. To inspect and follow up the operations of the
Company in line with the determined policy, provided that the
authority and duties of the Executive Board shall not include an
approval of any transaction which may be of conflict of interest
or any transaction which the Executive Directors or person(s)
related to the Executive Directors have any interest or benefits
in conflict with the Company or the Company subsidiary under the
rules of the Stock Exchange of Thailand, which approval of such
transaction shall be submitted to the meeting of the Board of
Directors and/or of the shareholders of the Company for approval
as provided for in the Articles of Association of the Company or
under the laws concerned.

4. Unanimous approval for the appointment of the Audit Committee
and fixing the scope of authority, duties and responsibilities
of the Audit Committee of the Company as follows:

    1. Names of the members of the Audit Committee:

           -  Mr. Jirawud Kuvanant
           -  Mr. Rattanachai Phatinavin
           -  Miss Korbsook Iamsuri

The Board of Directors will further fix the positions in the
Audit Committee.

    2.  Scope of authority, duties and responsibilities of the
Audit Committee:

       1.  To review and consider in conjunction with the
auditor and/or the management to ensure the efficiency and
sufficiency of the internal control and the standard of
conducting the internal audit.

       2.  To review the financial statements to ensure the
Company to have correct and sufficient financial reports prior
to submission to the regulatory agencies.

       3.  To conduct a review of compliance of the Company with
the securities and exchange laws or the laws relating to the
Company's business;

       4.  To consider the disclosure of the information of the
Company in case of a connected transaction or transaction which
may have conflict of interest, in a correct and complete manner
under the relevant rules and regulations.

       5. To prepare a business review report of the audit
committee to be disclosed in the Company's annual report,
including to provide opinions concerning the preparation and
disclosure of information process in the financial report and
opinions about the Company's internal control system, which will
be signed by the chairman of the audit committee;

       6. To propose the name(s) of the auditor(s) to the Board
of Directors together with the remunerations for each fiscal
year to be approved at the shareholders' meeting, and to review
and assess the performance of the auditor(s).

       7. To report the audit committee's operation to the
Company's Board of Directors at least once on a quarterly basis;

       8. To participate in providing opinions for consideration
on the appointment and removal, work performance and
professional fees of internal auditor(s);  and

       9. To perform any other acts as may be assigned by the
Company's Board of Directors and with the consent of the audit
committee.

   3. The term of office for the members of the Audit Committee:
2 years.

In case the office of a member of the audit committee is vacated
due to other reasons than retirement, the Board of Directors
shall elect a person with due qualifications as a member of the
Audit Committee in his/her place. Said substitute member of the
audit committee shall remain in office for the remaining term of
the member whom he/she replaces.


RAIMON LAND: Court Issues Reorganization Termination Formal Docs
----------------------------------------------------------------
Raimon Land Public Company Limited notified that on 4 August
2003 that the Central Bankruptcy Court ordered to terminate the
Business Reorganization of the Company. On Thursday, the Central
Bankruptcy Court issued the formal document to confirm the
termination the Business Reorganization of the Company.
Therefore, the Company is now operating as the normal public
company.

In terms of good governance, on 15 August 2003 the Company
called the first Board of Directors meeting to appoint the New
Board of Directors, Audit Committee and the Executive Board for
managing the Company's operation (As per the notification to SET
dated 15 August 2003).

The Company is now planning to call a shareholders meeting in
the next few months to propose the New Board of Directors to the
shareholders.

Raimon Land's ongoing business strategy is to develop
residential projects in Central Bangkok, which are well located,
well designed, and of high quality, a number of such
opportunities are currently under construction.

Between January and August 2003, the Company has launched two
joint venture projects to the market. The first project is "The
Lofts Sathorn" located at Soi Meksawat close to Sathorn and Rama
IV Roads. The Second project is "The Lakes" located opposite the
Queen Sirikit Convention Center and Tobacco Monopoly Lake. The
Company is planning to launch in the fourth quarter of 2003, a
third project in the Sathorn area comprising a Grade A Mid Rise
Residential Condominium.


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***