TCRAP_Public/030827.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, August 27 2003, Vol. 6, No. 169

                         Headlines

A U S T R A L I A

AMP LIMITED: Appoints New Directors
ANALYTICA LTD: Lodges Bidders Statement for SSH Medical W/ ASIC
COTECH PTY: Tasmanian Directors Appear on Fraud Charges
MAYNE GROUP: National Capital Private Hospital Sale Completed
MAYNE GROUP: To Acquire Worldwide Paclitaxel Business

WESTERN METALS: Employee Entitlements Assured


C H I N A   &   H O N G  K O N G

HK CONSTRUCTION: Debt Workout, Standstill Arrangements Underway
PEAKTOP INTERNATIONAL: Capitalization Resolutions Passed at SGM
SEAPOWER RESOURCES: Scheme Approved at Creditors' Meetings
WAI YUEN: Hires Agent for Odd Lot Facilities Arrangements
WAI YUEN: Proposed Capital Reorganization Circular Dispatched

WAI YUEN: Sees No Reason for Price, Volume Fluctuations


I N D O N E S I A

BANK MANDIRI: Seeks Quasi Reorganization Approval at SGM
INDONESIAN SATELLITE: Commissioner OKs Rp5.5T Refinancing Scheme


J A P A N

DIA KENSETSU: Resona Asks IRCJ to Help Revive Builder
KAKIUCHI CO.: Construction Firm Enters Rehab
KOBE STEEL: Fitch Affirms Ratings at 'B+'; Outlook Stable
MARUBENI CORP.: S&P Withdraws 'C' Short-Term Rating
MITSUI MINING: IRCJ Likely to Bail Out Mining Firm

* IRCJ May Name Firms to Revive This Week


K O R E A

CHOHUNG BANK: Union Accepts Choi Dong-su as New President
HYNIX SEMICONDUCTOR: S. Korea Files DRAM Complaint Against EU
KIA MOTORS: Tentatively Agrees to End Strike
KOREA THRUNET: Dacom, Hanaro Submit Bids to Buy Firm
SK GLOBAL: Shares Likely to Resume Early Next Week


M A L A Y S I A

CHG INDUSTRIES: SC Grants Investigative Audit Time Extension
GENERAL SOIL: Faces Public Reprimand, Fine From KLSE
HIAP AIK: Seeks Scheme Implementation Time Extension
OILCORP BERHAD: Implements Call, Put Option Agreement
PICA (M) CORPORATION: Revised Proposal RA Dispatch Pending

TONGKAH HOLDINGS: Scheme Creditors Meeting Set on Sept 15
ROAD BUILDER: Provides Financial Assistant to Sub-Contractors
SATERAS RESOURCES: MITI Endorses Proposed Restructuring Scheme
SENG HUP: SC Grants Two-Month Investigative Audit Extension
SETEGAP BERHAD: Unit Faces Writ of Summons Over Claims

SISTEM TELEVISYEN: Disposes of Unit to Ease Financial Burden
SURIA CAPITAL: Notice of Discontinuance Served
TAJO BERHAD: Investigative Audit Completion Pending
TONGKAH HOLDINGS: Implements Quoted Securities Disposal
WING TIEK: Receives Investigative Audit Findings


P H I L I P P I N E S

INTERNATIONAL CONTAINER: CPs Due to Mature June 24, 2004
MANILA ELECTRIC: Refunds P4.5M in Second Phase
URBAN BANK: President Pushes Charges vs. Central Bank Executives

S I N G A P O R E

CARINE MANAGEMENT: Unveils Creditors Meeting Agenda
CHARTERED SEMICON: Schedule Set for Annual Worldwide Tech Forums
DON HILLSON: Winding Up Hearing Set September 5
ENTELLIUM INTERNATIONAL: Posts Winding Up Order Notice
ESQUIRE KITCHEN: September 22 Final General Meeting Set

LIP YICK: Petition to Wind Up Pending
PERMAS ENVIRON: Notice of Winding Up Order


T H A I L A N D

BANGCHAK PETROLEUM: Submits MD&A for H103 Business Operations
CHRISTIANI & NIELSEN: Releases Capital Increase Form
CHRISTIANI & NIELSEN: September 4 Books Closing Date Set
PREMIER ENTERPRISE: Planner Arranges Capital Payment
TANAYONG PUBLIC: Lists Board of Directors

THAI PETROCHEMICAL: Clarifies Bt1.72B Loss Variance

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Appoints New Directors
-----------------------------------
AMP Limited Chairman Peter Willcox announced Tuesday the
appointment of two Directors to the Board. AMP has appointed Dr
Nora Scheinkestel, who will begin 1 September 2003, and Peter
Mason, who will begin 20 October 2003.

The Troubled Company Reporter - Asia Pacific reported last week
that AMP Limited incurred a bottom line loss of A$2,159 million,
reflecting the impact of write-downs and restructuring costs
announced on 1 May 2003.


ANALYTICA LTD: Lodges Bidders Statement for SSH Medical W/ ASIC
---------------------------------------------------------------
Analytica Limited lodged its Bidders Statement for the takeover
of SSH Medical Limited with ASIC and served a copy on SSH
Medical Ltd. A copy of the Statement can be found at
http://bankrupt.com/misc/TCRAP_ALT0827.pdf.

On July 24, the Troubled Company Reporter - Asia Pacific
reported that Analytica Ltd proposed to make a takeover bid for
all of the ordinary shares in SSH Medical Limited. The bid will
be made off-market. The essential elements of the proposed bid
are:

   * The bid will offer one Analytica share for each share held
in SSH;

   * The bid therefore values the companies approximately
equally, after completion of certain transactions also announced
on Tuesday;

   * The bid will be subject to acceptances from the holders of
at least 75% of the ordinary shares in SSH;

   * The bid will be subject to the successful completion of the
$3 million rights issue, which, Analytica has announced on
Tuesday. That issue will be fully underwritten by Australian
Technology Innovation Fund Ltd, which is a major shareholder in
the Company, as well as in Psiron Limited, which is Analytica's
largest shareholder.


COTECH PTY: Tasmanian Directors Appear on Fraud Charges
-------------------------------------------------------
Mr Timothy Rhys Hawker Williams, of Hobart, and Mr Ian Thomas
Paterson, of Croydon, Victoria, appeared in the Hobart
Magistrates' Court on fraud charges brought by the Australian
Securities and Investments Commission (ASIC).

Mr Williams, a former director of Cotech Pty Ltd (Cotech),
pleaded guilty to two counts of fraud. Mr Paterson, a former
director of BRG Capital Facilitation Pty Ltd (BRG), pleaded not
guilty to the same charges on 31 July 2003.

ASIC alleges that, between 15 February 2000 and 3 March 2000,
Messrs Williams and Paterson were knowingly concerned in Cotech
making two false representations to BRG, in contravention of the
Corporations Act. The total amount involved was $50,000.

Cotech, a baby cot manufacturer based in Goodwood, Tasmania,
went into voluntary administration on 25 September 2000, and was
placed in liquidation by its creditors on 20 October 2000. BRG,
a provider of cash flow funding, went into receivership on 15
February 2002.

Mr Williams will appear in the Supreme Court of Tasmania on 1
September 2003 to be given a date for sentencing. Mr Paterson
will appear for a committal hearing in the Hobart Magistrates'
Court on 3 October 2003. The Commonwealth Director of Public
Prosecutions is prosecuting the matter.


MAYNE GROUP: National Capital Private Hospital Sale Completed
-------------------------------------------------------------
Mayne Group Limited advises the Australian Stock Exchange that
further to its announcement on 3 February 2003, Mayne has
completed the sale of National Capital Private Hospital to
Healthscope Limited. This completes the sale of all seven
hospitals announced earlier in the year.

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


MAYNE GROUP: To Acquire Worldwide Paclitaxel Business
-----------------------------------------------------
Mayne Group Limited announced it has agreed to acquire the NaPro
Biotherapeutics, Inc (NaPro) worldwide generic injectable
paclitaxel business.

As a result of Mayne's agreement with NaPro, it also triggers an
agreement with Abbott Laboratories (Abbott) for Mayne to acquire
the rights to market and sell NaPro's paclitaxel in North
America. The transactions are subject to customary closing
conditions, in addition to approval by NaPro's stockholders.
The aggregate value of both transactions is approximately $US85
million ($A130 million). Completion of the deal is expected in
the fourth quarter of calendar 2003 and will immediately
contribute to company earnings. Incremental EBITA in the 12
months after the acquisition is expected to be in the order of $
US13 million ($A20 million). Paclitaxel is a chemotherapy
treatment for a number of cancer types, particularly breast and
ovarian. It is made from a naturally occurring compound in the
Yew tree. The worldwide market for paclitaxel is estimated to
be $US940 million.

As part of the deal with NaPro, the assets secured by Mayne
include; the Yew tree plantations; intellectual property;
extraction contracts; purification plant; and, distribution
contracts. This provides Mayne with specialist capabilities in
active pharmaceutical ingredient (API) development and
manufacturing. Mayne previously had agreements with NaPro to
market and sell its paclitaxel worldwide except for North
America, Israel and Japan. The agreement with Abbott secures the
rights to sell NaPro's paclitaxel in the US and Canada. Abbott
currently holds approximately 15% of the US paclitaxel market
with sales of approximately $US25 million.

Mayne's Group Managing Director and Chief Executive Officer, Mr
Stuart James, said that the acquisitions were consistent with
Mayne's strategy of investing in the higher margin, higher
growth specialty pharmaceutical business.

"The dual acquisitions ideally complement Mayne's strong focus
in the pharmaceutical oncology market and provide greater
capabilities for future development," Mr James said.

"We now become a vertically integrated pharmaceutical company,
from processing active pharmaceutical ingredient through to
sales, enabling us to extract the full margin benefit from the
paclitaxel product," he said.

"Our expertise in this specialist field made Mayne a natural
buyer of these assets and we will now have the opportunity to
look at other taxane developments and revenue streams associated
with API sales to third parties."

Mayne is announcing its result for the 12 months ending 30 June
2003 today, Wednesday 27 August.


WESTERN METALS: Employee Entitlements Assured
---------------------------------------------
David McEvoy of PricewaterhouseCoopers, current receiver and
manager of the Western Metals companies announced that accrued
employee entitlements were assured for the companies' 500+ team
of employees, due to proposals agreed with the support
of the secured creditors.

Mr McEvoy said, "The issue of employee entitlements is obviously
an important area of concern and it was critical that we
negotiated a satisfactory resolution to preserve the
operations."

He said the issue was complicated by the fact that many
employees were engaged by an entity that does not have
significant assets and as a consequence the entitlements of many
employees were at risk.

"With the support of the secured creditors, the receivers have
been able to create a proposal whereby accrued leave
entitlements were assured for all employees, irrespective of
where they are employed," Mr McEvoy said.

"This has provided employees with the level l of comfort that
they require and enables the receivers to pursue a going concern
in the interests of all creditors and jobs," Mr McEvoy
said.

CONTACT INFORMATION : Andrew Head
        PricewaterhouseCoopers
        Telephone: (02) 8266 2111
        Mobile: 0411 268 001
        Email: andrew.head@au.pwc.com


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


HK CONSTRUCTION: Debt Workout, Standstill Arrangements Underway
---------------------------------------------------------------
Reference is made to the announcements issued by the board
(Board) of directors of Hong Kong Construction (Holdings)
Limited on 27 August 2002, 20 and 31 December 2002, 31 March
2003, 3, 7, 21 and 28 July 2003 and 11 and 18 August 2003
regarding the Company's debt restructuring and standstill
arrangements.

The Board advises that negotiation in connection with the
Company's debt restructuring and standstill arrangements is
still ongoing. Since more time is required to finalize the terms
thereof, the Company has requested for, and the steering
committee of the Banks has agreed to, a further extension of the
Long Stop Date from 25 August 2003 to 1 September 2003. Further
announcement will be made with regard to this matter as and when
appropriate.


PEAKTOP INTERNATIONAL: Capitalization Resolutions Passed at SGM
---------------------------------------------------------------
Reference is made to the circular of Peaktop International
Holdings Limited dated 6 August 2003 containing, among other
things, details of the Capitalization Agreements.

The board of directors of the Company hereby announces that the
ordinary resolutions for the approval of the Capitalization
Agreements and the transactions contemplated thereunder
including but not limited to the allotment and issue of the
Subscription Shares were passed by the Independent Shareholders
at the Special General Meeting (SGM) of the Company held on
25 August 2003.

According to Wrights Investors' Service, at the end of 2002,
Peaktop International Holdings Limited had negative working
capital, as current liabilities were HK$340.91 million while
total current assets were only HK$293.27 million. It also
reported losses during the previous 12 months and has not paid
any dividendss during the previous 3 fiscal years.


SEAPOWER RESOURCES: Scheme Approved at Creditors' Meetings
----------------------------------------------------------
The Provisional Liquidators of Seapower Resources International
Limited (Provisional Liquidators Appointed) are pleased to
announce that the Schemes were approved unanimously by the
Creditors who were present and voting in person or by proxy at
the Creditors' meetings held on 25 August 2003.

The Creditors present and voting had claims of HK$1,516,015,440
in value, representing approximately 95% of the total claims
made against the Company of approximately HK$1,589,000,000.
The Stock Exchange informed the Company on 7 March 2003 that the
Company had been placed into the second stage of the de-listing
procedures in accordance with Practice Note 17 of the Listing
Rules.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Agreement may not be fulfilled or otherwise waived. Trading in
the Shares of the Company has been suspended since 2:30 p.m. on
28 December 2001 and will remain suspended until Completion and
a sufficient public float has been restored. Further
announcements will be issued as and when appropriate.


WAI YUEN: Hires Agent for Odd Lot Facilities Arrangements
---------------------------------------------------------
Wai Yuen Tong Medicine Holdings Limited's announced that in
order to facilitate the trading of odd lots (if any) which will
arise upon the Capital Reorganization becoming effective, the
Company has appointed Kingsway SW Securities Limited as an agent
to arrange for the sale and purchase of odd lots on behalf of
the Shareholders and potential investors on a "best effort"
basis.

During the period from 6th October, 2003 to 27th October, 2003
(both dates inclusive), holders of New Shares who wish to take
advantage of this facility either to dispose of their odd lots
or to top them up to a full board lot may contact Kingsway SW
Securities Limited during the aforesaid period as follows:

   Mr. Aman Cheung 5th Floor
   Hutchison House (852) 2283-7719
   10 Harcourt Road, Central
   Hong Kong

Holders of New Shares in odd lots should note that the matching
of odd lots is not guaranteed.


WAI YUEN: Proposed Capital Reorganization Circular Dispatched
-------------------------------------------------------------
Reference is made to Wai Yuen Tong Medicine Holdings Limited's
announcement dated 30th July, 2003 relating to the proposed
capital reorganization and share premium reduction.

(A) DESPATCH OF CIRCULAR

A circular containing details of the Capital Reorganization, the
Share Premium Reduction, trading arrangements, arrangements of
odd lot facilities, arrangements for free exchange of
certificates for the New Shares, the adoption of the new share
option scheme and the termination of the existing share option
scheme, the granting of the mandates to issue and repurchase
shares of the Company and a notice convening the SGM was
dispatched to the Shareholders on 21st August, 2003.

Expected timetable for the Capital Reorganization
The expected timetable for the Capital Reorganization is set out
as follows:
                                              2003
Latest time for lodging
proxy forms for the SGM  9:30 a.m. on Tuesday, 16th September

SGM                      9:30 a.m. on Thursday, 18th September
Effective date of the
Capital Reorganization                Friday, 19th September

Dealings in the New
Shares on the Stock
Exchange commence        9:30 a.m. on Friday, 19th September

First day of free exchange
of existing certificates for
Shares for new certificates
for New Shares                        Friday, 19th September

Original counter for trading
in Shares in board
lots of 2,000 Shares
temporarily closes       9:30 a.m. on Friday, 19th September
Temporary counter for trading
in New Shares in board lots
of 20 New Shares (in the
form of existing certificates
for Shares) opens        9:30 a.m. on Friday, 19th September

Original counter for trading
in New Shares in board lots
of 2,000 New Shares (in
the form of new certificates
for New Shares) reopens   9:30 a.m. on Monday, 6th October

Parallel trading in New Shares
(in the form of existing
certificates for Shares and
new certificates for
New Shares) commences    9:30 a.m. on Monday, 6th October

First day for designated broker
to stand in the market to
provide matching service
for selling and buying of
odd lots of New Shares 9:30 a.m. on Monday, 6th October

Temporary counter for trading
in New Shares in board lots
of 20 New Shares (in the
form of existing certificates
for Shares) closes     4:00 p.m. on Monday, 27th October

Latest time for designated broker
to stand in the market to
provide matching service
for selling and buying of
odd lots of New Shares 4:00 p.m. on Monday, 27th October

Parallel trading in New Shares
(in the form of existing
certificates for Shares and
new certificates for
New Shares) ends       4:00 p.m. on Monday, 27th October

Last day of free exchange of
existing certificates for Shares
for new certificates for New Shares  Friday, 31st October

(B) TRADING ARRANGEMENTS

The New Shares will be traded in board lots of 2,000 New Shares
each, which is the same number as the present board lots of the
Shares. From 9:30 a.m. on 19th September, 2003, the original
counter for trading in the Shares in board lots of 2,000 Shares
will be temporarily closed. A temporary counter will be
established for trading in the New Shares in board lots of 20
New Shares. Every 100 Shares will be deemed to represent 1 New
Share. Certificates for existing Shares may only be traded at
this temporary counter.

With effect from 9:30 a.m. on 6th October, 2003, the original
counter for trading in Shares will be reopened for trading in
New Shares in board lots of 2,000 New Shares.

From 9:30 a.m. on 6th October, 2003 to 4:00 p.m. on 27th
October, 2003 (both dates inclusive), there will be parallel
trading at the above two counters.

The temporary counter for trading in the New Shares in board
lots of 20 New Shares will be removed after the close of trading
on 27th October, 2003. Thereafter, trading will be in New Shares
in board lots of 2,000 New Shares only and the existing
certificates for the Shares will cease to be marketable and will
not be acceptable for dealing purposes. However, such share
certificates will continue to be good eviance of legal title to
the New Shares.

Any fractional entitlement to the New Shares will be aggregated,
sold and retained for the benefit of the Company.

(C)  FREE EXCHANGE OF CERTIFICATES FOR THE NEW SHARES

Subject to the passing of the resolution approving the Capital
Reorganization, Shareholders may, from 9:00 a.m. on 19th
September, 2003 until 4:00 p.m. on 31st October, 2003, submit
certificates for the Shares to the Company's Hong Kong branch
share registrar, Secretaries Limited, at Ground Floor, Bank of
East Asia Harbor View Centre, 56 Gloucester Road, Wanchai, Hong
Kong, for exchange, at the expense of the Company, for
certificates for the New Shares. Thereafter, certificates for
the Shares will be accepted for exchange for certificates for
the New Shares only on payment of a fee of HK$2.50 (or such
higher amount as may be stipulated in the Listing Rules from
time to time) for each new certificate to be issued or each old
certificate submitted, whichever number of certificates
is higher.

In order to distinguish between the existing and the new
certificates, certificates for the New Shares will be blue in
color, which is different from the existing certificates for the
Shares, which are green in color.

It is expected that new certificates for the New Shares will be
available for collection on or after the tenth business day from
the date of submission of the existing certificates for the
Shares to the Company's Hong Kong branch share registrar at the
above address. Unless otherwise instructed, new certificates
will be issued in the board lot size of 2,000 New Shares.


WAI YUEN: Sees No Reason for Price, Volume Fluctuations
-------------------------------------------------------
The directors of Wai Yuen Tong Medicine Holdings Limited have
noted the recent increases in the trading price and volume of
its shares. The board wishes to state that it is not aware of
any reasons for such increases save for the acquisition by WYT
Holdings of an effective interest of approximately 99.79% in
Luxembourg Medicine Company Limited from Wang On Group Limited
(Acquisition).

The Acquisition was approved by the independent shareholders of
WYT Holdings at a special general meeting of WYT Holdings held
on 19th August, 2003, and as consideration for the Acquisition,
WYT Holdings has issued 5,972,464,700 new shares of WYT Holdings
and the 2% convertible notes having an aggregate principal
amount of HK$70,000,0000 to a subsidiary of Wang On. Completion
of the Acquisition took place on 20th August, 2003.

The respective directors of Wang On and Wai Yuen Tong also
confirm that save for the above, there are no negotiations
or agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the respective board of directors of Wang
On and WYT Holdings aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a pricesensitive
nature.


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


BANK MANDIRI: Seeks Quasi Reorganization Approval at SGM
--------------------------------------------------------
PT Bank Mandiri will ask the approval of shareholders in
Shareholders General Meeting (SGM) on September 29 to hold quasi
reorganization, so it can pay dividendss to the shareholders
next year, Bisnis Indonesia reports, citing Director of Bank
Mandiri I Wayan Pugeg.

"Before the quasi reorganization, there had been loss
accumulation since crisis worth Rp163 trillion. On the other
hand, we have stocks worth Rp168 trillion. With the quasi
reorganization, there will be a surplus of Rp5 trillion," Pugeg
said, adding that the quasi reorganization was needed for the
company to pay dividends to the shareholders.

"The quasi reorganization should be conducted this year if the
management wanted to pay dividends. For the purpose, there will
be assessments in the assets, debts, bonds revaluation, and
fixed assets," he said.

The SGM will also talk about the changes in the line of
commissaries and directors. According to Pugeg, their terms of
service would end on October 2, 2003, or five years after the
bank was established on October 2, 1998.


INDONESIAN SATELLITE: Commissioner OKs Rp5.5T Refinancing Scheme
----------------------------------------------------------------
The Commissioner of PT Indonesian Satellite (Indosat) approved
the refinancing scheme of its Rp5.5 trillion debt and chose the
underwriter of the new bonds of the company, Bisnis Indonesia
reported Monday, quoting Roes Aryawijaya, a commissioner of
Indosat.

"The commissioner of Indosat has approved the refinancing plan.
The commissioner also has appointed the underwriter of the bonds
to be issued soon. But I cannot tell you yet who the underwriter
is," Aryawijaya said.

However, the President Director of Indosat Widya Purnama, said
that he was not aware about the commissioner meeting conducted
in Singapore.

"I did not go to Singapore for the meeting. Even I did not know
who the winner of the bid to be the underwriter of Indosat bonds
is," he said.

An unnamed Bisnis Indonesia source said that the winner of the
bid is Goldman Sachs. The company would underwrite the US$
bonds. Meanwhile ING and PT Andalan Artha Advisindo Sekuritas
(AAA) were potential to be the underwriter of the rupiah bonds.

Indosat planned to issue US$300 million and Rp3 trillion bonds
to refinance the bonds of Satelindo and IM3 as the two
companies, the subsidiaries of the company, would be vertically
merged into Indosat.


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


DIA KENSETSU: Resona Asks IRCJ to Help Revive Builder
-----------------------------------------------------
Resona Holdings Inc. plans to ask the state-backed Industrial
Revitalization Corporation of Japan (IRCJ) to help revive the
condominium builder Dia Kensetsu Co., according to Kyodo News on
Tuesday. Resona, Dia's principal lender, plans to provide more
than 85 billion yen in financial support of its own to Dia
through debt write-off and debt-to-share swap. Resona is
expected to reach a formal decision later this week.

Meanwhile, Channel News Asia reported that Dia Kensetsu posted a
net loss of 88.7 billion yen (US$756 million) in the fiscal year
that ended last March and had a negative net worth of 72.5
billion yen.


KAKIUCHI CO.: Construction Firm Enters Rehab
--------------------------------------------
Kakiuchi Co. Limited, which has total liabilities of 31 billion
yen against a capital of 553 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The broad woven fabric mill and construction material firm is
located in Chuo-ku, Tokyo, Japan.


KOBE STEEL: Fitch Affirms Ratings at 'B+'; Outlook Stable
--------------------------------------------------------
Fitch Ratings, the international rating agency, has affirmed
Kobe Steel, Ltd's (Kobe Steel) Senior Unsecured rating at 'B+'
and Short-term rating at 'B'. The Outlook is Stable.
The ratings reflect the company's improved but still weak
financial profile while the severe industrial operating
environment as characterized by sluggish - demand especially
from the domestic construction industry - protectionism by the
US and China, and the problem of global steel overcapacity,
remain fundamentally unchanged. Fitch also takes a positive view
of the company's strategy to specialize in high-value-added
products and a smooth start in the profitable independent power
production (IPP) business.

In the fiscal year ended (FYE) March 2003, operating profit
surged by 128% to Y81 billion. Sales volumes and prices improved
for steel operations, and the company succeeded in cutting both
variable and fixed expenses. Its IPP business contributed to
profit in its start-up year. At the same time, Kobe Steel has
reduced its debts by Y184 billion to Y958 billion, in line with
its original plan of a year earlier. As a result, the ratio of
net debt to EBITDA improved to 5.3x as of FYE March 2003 from
8.4x in the previous year. Nevertheless, the leverage is still
high compared to its global peers.

Kobe Steel is forming alliances with Nippon Steel and Sumitomo
Metals, each investing Y3billion in the other, respectively.
Kobe Steel will collaborate with Nippon Steel in the area of
distribution and with Sumitomo Metals in raw materials
purchasing and distribution. Fitch notes that these alliances
are insufficient for a drastic improvement in earnings structure
compared to European steel companies, which have already
experienced sector consolidations.


MARUBENI CORP.: S&P Withdraws 'C' Short-Term Rating
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
rating to general trading company Marubeni Corp., and withdrew
its 'C' short-term rating at the company's request. The long-
term rating reflects a recovery in the company's profitability
and reduced concerns over its liquidity, offset by its still
weak capital structure. The outlook on the rating is stable.

At the same time, the 'C' short-term ratings on the commercial
paper programs of Marubeni America Corp., Marubeni International
Finance PLC, and Marubeni Europe PLC were also withdrawn.

"Marubeni has made progress in restructuring, and as a result,
its profitability is recovering," said Standard & Poor's credit
analyst Ryoji Yoshizawa. "The company is also likely to maintain
access to financing from its main banks and other financial
institutions, which has mitigated concerns over its liquidity,"
he added.

The rating, however, also reflects the financial problems
Marubeni continues to face. The company has failed to improve
its capitalization against risk factors, including deferred tax
assets and investment and loan assets. In addition, its
financial leverage remains high. Concerns also exist over
possible pressure on the creditworthiness of the general trading
industry stemming from Japan's entrenched economic slump and
continuing deflation.

The stable outlook reflects the belief that the overall risks of
Marubeni's financial base in the medium to long term are
consistent with the long-term rating assigned. The outlook could
be revised to positive if the company achieves further
improvement in its profitability or a significant improvement in
capital.


MITSUI MINING: IRCJ Likely to Bail Out Mining Firm
--------------------------------------------------
The state-backed Industrial Revitalization Corporation of Japan
(IRCJ) is likely to pick Mitsui Mining as the first listed firm
to be bailed out under its rescue program, Channel News Asia
said on Tuesday. Resona Bank and Sumitomo Mitsui Banking, Mitsui
Mining's principal lenders, have asked the IRCJ to help
rehabilitate the mining firm. The IRCJ is to begin a series of
committee meetings in late August to decide on the case.

If approved, Mitsui Mining will be the first Company listed on
the premium first section of the Tokyo Stock Exchange to join
the bailout scheme.


* IRCJ May Name Firms to Revive This Week
-----------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) may
this week announce names of ailing firms it will help return to
health, including Kyushu Industrial Transportation Co.,
Bloomberg reported Monday, citing Kazumasa Nishimura, officer in
charge of general affairs at Kyushu Industrial. Kyushu expects
to outline a restructuring plan, involving the government-backed
agency's aid, at a meeting with its creditors next Wednesday.

The revival agency plans to spend 10 trillion yen (US$85
billion) over the next two years buying debt owed by firms it
deems viable from small creditors and then working with other
major lenders to restructure those businesses. The agency said
in May, when it started operating, that it would announce the
names of companies it planned to help in two to three months
time.

The IRCJ's seven-member committee, led by Chairman Shinjiro
Takagi, will consider applications signed by debtor companies
and their main lenders. Successful applications will be
announced by the agency on the same day they are approved by the
committee.


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


CHOHUNG BANK: Union Accepts Choi Dong-su as New President
---------------------------------------------------------
In an unexpected move, labor union members of Chohung Bank have
decided to accept Choi Dong-su as the bank's new President,
Digital Chosun reported Monday. Choi was named to the post after
the bank was taken over by Shinhan Financial Group last month,
but the union resisted the appointment, staging rallies.

Shinhan Financial agreed in compensation for accepting the
appointment that the bank would pay the union members a special
bonus of up to 100 percent of the worker's basic salary; that
the bank would declare not to force a manpower layoff; and that
Lee In-ho, currently a Vice Chairperson of Shinhan Bank, would
not be appointed to be the Chairperson of the board of Chohung.


HYNIX SEMICONDUCTOR: S. Korea Files DRAM Complaint Against EU
-------------------------------------------------------------
South Korea filed a complaint against the European Union (EU) at
the World Trade Organization (WTO) on August 25, alleging that
European governments unfairly imposed import duties on South
Korean computer memory chips, according to a report from the
Silicon Strategies. Last week, the EU had imposed a 34.8 percent
tariff on imports from Hynix Semiconductor Inc. after ruling
that the South Korean government had subsidized the chipmaker in
violation of WTO rules.


KIA MOTORS: Tentatively Agrees to End Strike
--------------------------------------------
Labor union leaders at Kia Motors Corporation have reached a
tentative agreement on a wage increase and other benefits,
opening the way for an end to three weeks of strikes, according
to Reuters. Union members are currently voting on whether to
approve the deal.

Meanwhile, the Yonhap News Agency reported that both parties
agreed on a basic-pay hike of 8.8 percent, or 98,000 won
(US$83.7) a month, a special bonus equivalent to 300 percent of
monthly salary and a separate cash gift of 1 million won.


KOREA THRUNET: Dacom, Hanaro Submit Bids to Buy Firm
----------------------------------------------------
Dacom Corporation and Hanaro Telecom Inc. have submitted bids to
purchase Korea Thrunet Co., which filed for court receivership
in March, Dow Jones reported on Monday. Financial terms of the
individual bids weren't disclosed. But an unnamed Korea Thrunet
representative said 50 percent of the investment would be in the
form of a new share issue, while the remainder will be either
through a convertible bond, or corporate bond issue.

Both firms had submitted letters of intent (LOI) in July to
purchase the broadband services provider. A preferred negotiator
might be selected as early as Friday. Dacom is the country's
second-largest fixed-line carrier, while Hanaro is the second-
largest broadband services provider, both behind market leader
KT Corporation.


SK GLOBAL: Shares Likely to Resume Early Next Week
--------------------------------------------------
Domestic creditors of the SK Global Co. plan to cancel their
earlier resolution to apply for court receivership of the
Company, paving the way for its stocks to resume trading on the
main bourse as early as next week, Yonhap News reported
yesterday, citing Hana Bank. The main domestic creditors of SK
Global are scheduled to hold a meeting on Thursday to repeal the
previous decision.


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


CHG INDUSTRIES: SC Grants Investigative Audit Time Extension
------------------------------------------------------------
Pursuant to the Securities Commission's letter dated 24 December
2002 approving the restructuring scheme of CHG Industries Berhad
and its subsidiaries, a condition of the approval is a
requirement that an investigative audit be completed within six
(6) months from the date of appointment of the investigative
auditors.

CHG Industries Berhad wishes to inform that it had on 22 August
2003 made an application to the Securities Commission, via
Commerce International Merchant Bankers, for an extension of
time of six (6) months up to 24 February 2004 for the
investigative audit to be completed.


GENERAL SOIL: Faces Public Reprimand, Fine From KLSE
----------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE) in consultation with the
Securities Commission, publicly reprimanded and imposed a fine
of RM28,750.00 on General Soil Engineering Holdings Berhad
(GENSOIL) for breaching Paragraph 9.23(a) of the Listing
Requirements (LR).

Paragraph 9.23(a) of the LR stipulates that a listed issuer must
ensure that the annual report shall be issued to the listed
issuer's shareholders and given to the Exchange within a period
not exceeding 6 months from the close of the financial year of
the listed issuer.

The annual report of GENSOIL for the financial year ended 30
June 2002 was due on 31 December 2002. However, the said annual
report was only furnished to the KLSE on 6 February 2003, after
a delay of twenty-three (23) market days.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the LR after having considered all relevant factors,
including the fact that GENSOIL had previously breached the
KLSE's listing requirements and after consultation with the
Securities Commission.

The KLSE views the above contravention seriously and hereby
cautions the GENSOIL and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

Previous Public Reprimand

(i) Publicly reprimanded on 12 October 2002 for breach of
Section 341, in particular Section 341(1) of the Main Board
Listing Requirements for failure to make a factual, clear and
succinct announcement on 1 June 2000 in respect of the terms and
conditions imposed by the Securities Commission on the proposed
revision to the terms and conditions of the Profit Guarantee and
Stakeholder's Agreement dated 19 June 1997 entered into between
the GENSOIL, the Guarantors and the Stakeholder in connection
with the listing of the GENSOIL on the Second Board of the KLSE.


HIAP AIK: Seeks Scheme Implementation Time Extension
----------------------------------------------------
Reference is made to the announcement made by AmMerchant Bank
Berhad on 16 May 2003 with regards to the extension of time to
obtain all the necessary approvals from the regulatory
authorities for the implementation of the Proposed Restructuring
Scheme.

Further to the announcement made on 14 August 2003, AmMerchant
Bank, on behalf of Hiap Aik Construction Berhad (Special
Administrators Appointed), wishes to announce that the Proposed
Restructuring Scheme is currently subject to the SC's approval
on the proposed exemption from the obligation to extend and
unconditional mandatory general offer for the remaining shares
in Lebar Daun Berhad not held by Dato' Noor Azman @ Noor Hizam
bin Mohd Nurdin (Dato Noor Azman) and Datin Norhayati Bt Abd
Malik and persons acting in concert with them (Proposed
Exemption. An application has been made to the Kuala Lumpur
Stock Exchange by the Company for a further extension of time
until 31 October 2003 to obtain the necessary approvals for the
implementation of the Proposed Restructuring Scheme.


OILCORP BERHAD: Implements Call, Put Option Agreement
-----------------------------------------------------
Oilcorp Berhad refers to the announcement made on 4 July 2003 in
relation to, inter-alia, the Call Option Agreement entered into
between the Creditors' agent (CA) and Ng Huat Tian, Haji Ahmad
bin Jamaludin, Azaruddin bin Ahmad and Pua Yow Liang (Option
Shareholders).

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

In order to facilitate expeditious implementation of the said
exercise of the call option, the Option Shareholders and the CA
had on 25 August 2003 agreed to Ng Huat Tian (one of the Option
Shareholders) immediate exercise of the call option pursuant to
clause 4.3(b) of the Call Option Agreement, at a price of RM1.97
in respect of the 5 Million ordinary shares in the Company.

Given the same and pursuant to clause 4.5 of the Call Option
Agreement, the CA shall indemnify Ng Huat Tian against the
difference in cash between the transacted price of RM1.98 and
the call option price.

Pursuant to clause 3.2 of the Call Option Agreement, Ng Huat
Tian has on 25 August 2003 served an Option Notice on the CA in
respect of the said 5 Million ordinary shares at the call option
price in accordance with the Call Option Agreement, the CA is
bound to sell & Ng Huat Tian is bound to complete the purchase
of the said 5 Million ordinary shares.


PICA (M) CORPORATION: Revised Proposal RA Dispatch Pending
----------------------------------------------------------
Pica (M) Corporation Berhad refers to the announcement on 20
August 2003 in relation to the Revised Proposals:

  * Proposed Capital Reconstruction
  * Proposed Rights Issue
  * Proposed Composite Scheme
  * Proposed Special Bumiputera Issue
  * Proposed Employee Share Option Scheme
  * Proposed Increase in Authorized Share Capital.

Commerce International Merchant Bankers Berhad, on behalf of
Pica, wishes to announce that, pursuant to Practice Note No.
4/2001 of the Listing Requirements of the Kuala Lumpur Stock
Exchange, the Requisite Announcement in relation to the Revised
Proposals will be made upon obtaining the requisite majority
approval from Pica's creditors at the court convened meetings to
be held within three (3) months from the date of the court order
obtained on 18 August 2003.


TONGKAH HOLDINGS: Scheme Creditors Meeting Set on Sept 15
---------------------------------------------------------
On behalf of Tongkah Holdings Berhad, Public Merchant Bank
Berhad is pleased to announce that the Court Convened Meetings
for the Scheme Creditors and shareholders of THB will be held at
THB Satu, Level 2, West Wing, 8, Jalan Damansara Endah,
Damansara Heights, 50490 Kuala Lumpur on the dates and times
specified below or as soon thereafter upon the conclusion or
adjournment of the prior meeting:

Date/Time
Meeting of Shareholders 15 September 2003 at 11:00 a.m.
Meeting of the Scheme Creditors 15 September 2003 at 10:30 a.m.

for the purpose of considering and, if thought fit, agreeing
(with or without modification) to the scheme of arrangement
proposed between the Company and its Shareholders and Scheme
Creditors respectively.

The full notice of the Court Convened Meetings is set out in the
file attached below.

On behalf of THB, we are also pleased to announce that:

   (i) a meeting of holders of RM186,558,296 nominal value of 5
year 1%-2% redeemable secured convertible Bond A 1999/2004 (Bond
A) will be held at THB Satu, Level 2, West Wing, 8, Jalan
Damansara Endah, Damansara Heights, 50490 Kuala Lumpur on 15
September 2003 at 9.00 a.m. for the purpose of considering and
if thought fit, passing (with or without modifications), the
resolutions as set out in the file attached below;

   (ii) a meeting of holders of RM275,980,363 nominal value of 5
year 1%-2% redeemable secured convertible Bonds B 1999/2004
(Bond B) to be held at THB Satu, Level 2, West Wing, 8, Jalan
Damansara Endah, Damansara Heights, 50490 Kuala Lumpur on 15
September 2003 at 9:30 a.m. or immediately after the conclusion
or adjournment of the Meeting of Bond A holders for the purpose
of considering and if thought fit, passing with or without
modifications, the resolutions as set out in the file attached
below;

   (iii) a meeting of holders of RM161,996,151 nominal value of
5 year 1%-2% irredeemable convertible unsecured loan stocks
1999/2004 (ICULS) to be held at THB Satu, Level 2, West Wing, 8,
Jalan Damansara Endah, Damansara Heights, 50490 Kuala Lumpur on
15 September 2003 at 10:00 a.m. or immediately after the
conclusion or adjournment of the Meeting of Bond B holders, for
the purpose of considering and if thought fit, passing with or
without modifications, the resolutions as set out in the file
attached below;

   (iv) an Extraordinary General Meeting of THB will be held at
THB Satu, Level 2, West Wing, 8, Jalan Damansara Endah,
Damansara Heights, 50490 Kuala Lumpur on 15 September 2003 at
11:30 a.m. or immediately after the conclusion or adjournment of
the Court Convened Meeting for the shareholders of the Company
for the purpose of considering and if thought fit, passing with
or without modifications, the resolutions as set out at
http://bankrupt.com/misc/TCRAP_TongkahCCM.doc,and;

   (v) a meeting of holders of 196,155,452 Warrants 1999/2004
issued with RM186,558,296 nominal value of 5 year Bonds A
1999/2004 and RM275,980,363 nominal value of 5 year Bonds B
1999/2004 and detachable immediately upon issue to be held at
THB Satu, Level 2, West Wing, 8, Jalan Damansara Endah,
Damansara Heights, 50490 Kuala Lumpur on 15 September 2003 at
12:00 p.m. or immediately after the conclusion or adjournment of
the Extraordinary General Meeting for the shareholders of the
Company for the purpose of considering and if thought fit,
passing with or without modifications, the resolutions as set
out at http://bankrupt.com/misc/TCRAP_TongkahEGM.doc.


ROAD BUILDER: Provides Financial Assistant to Sub-Contractors
-------------------------------------------------------------
Pursuant to Paragraph 8.23(1)(ii) and Practice Note No 11/2001
on Provision of Financial Assistance of the Kuala Lumpur Stock
Exchange (KLSE) Requirements, the Board of Road Builder (M)
Holdings Bhd wishes to inform the Exchange that its wholly-owned
subsidiary, Road Builder (M) Sdn Bhd, has provided financial
assistance to sub-contractors during the quarter ended 30 June
2003 as shown below:

       Type of financial assistance               RM

a) Advances                                     150,000
b) Letter of Credit & tender bond               197,000
                                                347,000

FINANCIAL IMPACT

Share capital

The provision for financial assistance has no effect on the
share capital and shareholdings structure of RBH for the quarter
ended 30 June 2003.

Earnings

There is no material impact on the earnings of RBH Group for the
quarter ended 30 June 2003.

Net tangible assets (NTA)

There is no material impact on the NTA of RBH Group for the
quarter ended 30 June 2003.


SATERAS RESOURCES: MITI Endorses Proposed Restructuring Scheme
--------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Sateras
Resources (Malaysia) Berhad, is pleased to announce that the
Ministry of International Trade and Industry (MITI) had approved
the Proposed Restructuring Scheme, via its letter dated 21
August 2003, received on 22 August 2003. The approval of MITI is
subject to the following conditions:

   (i) approval from the Foreign Investment Committee; and

   (ii) approval from the Securities Commission.

Refer to the Troubled Company Reporter - Asia Pacific May 14
2003, Vol. 6, No. 94 issue for details of the Proposed
Restructuring Scheme.


SENG HUP: SC Grants Two-Month Investigative Audit Extension
-----------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
refers to the announcement made on 30 December 2002 by
AmMerchant Bank Berhad, on behalf of the Company, with regards
to the approval obtained from the Securities Commission (SC) via
its letter dated 26 December 2002 on the Proposed Restructuring
Exercise.

Pursuant to certain conditions in the abovementioned approval
letter dated 26 December 2002, it is stipulated, inter alia,
that SHCB is required to appoint an independent audit firm
within two months from the date of the letter of approval from
the SC to conduct an investigative audit on SHCB's previous
business losses. The said investigative audit is to be completed
within six (6) months from the date of appointment of the
independent audit firm. SHCB had appointed Messrs. Shamsir
Jasani Grant Thornton as the independent audit firm on 26
February 2003 to conduct the required investigative audit on the
Company.

In connection thereto, AmMerchant Bank, on behalf of the
Company, wishes to announce that an application has been made to
the SC for an extension of time of two(2) months to 25 October
2003 to complete the investigative audit of SHCB.

AmMerchant Bank, on behalf of the Company, also wishes to inform
that further to the announcement dated 30 September 2002 and
SHCB's Information Circular dated 10 July 2003, Salcon Berhad
(Salcon) and the vendors of Salcon Engineering Berhad (SEB) had
mutually agreed to a waiver on the condition precedent requiring
the approval of the Kuala Lumpur Stock Exchange (KLSE) for the
transfer of listing status to Salcon and the listing of Salcon
on the KLSE to complete the sale and purchase agreement entered
into on 20 September 2002 for the acquisition of SEB.


SETEGAP BERHAD: Unit Faces Writ of Summons Over Claims
------------------------------------------------------
Setegap Berhad furnished the following information on Writ of
Summons against Tekun Bina Sdn. Bhd. for immediate public
release:

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

The Plaintiff, Drexel Bakti Sdn. Bhd. via Messrs. Lin &
Associates has filed a suit with the Kuala Terengganu High
Court, no. 22-46-2003 on 17th July 2003 against Tekun Bina Sdn.
Bhd. (TBSB), a wholly owned subsidiary of Setegap Berhad. The
Writ was served on the Company on 20th August 2003 at
approximately 10:30 a.m..

The particular of claims under the Writ

The claim was for:

   i) the amount of RM401,053.64 up till 14.01.2001;
   ii) interest of 1.5% per month on the sum of

     a) RM317,560.80 from 28.12.2000 until 05.06.2002;
     b) RM237,658.40 from 14.12.2001 until 05.06.2002;
     c) RM401,053.64 from 06.06.2002 until full and final
settlement;

   iii) cost for taking this legal action;
   iv) legal cost incurred by the plaintiff ; and
   v) any other relief deemed fit and just by the Court.

The details of the circumstances leading to filing of the claim

The claim under the notice was allegedly for the construction
and installation of Guardrails for a project in the Klang Valley
amounting to a sum of Ringgit Malaysia Four Hundred One Thousand
Fifty Three and Sen Sixty Four Only (RM401,053.64).

The total cost of investment in TBSB

The total cost of investment in TBSB to the Company is
RM1,400,100.00 i.e. the issued and paid up capital of TBSB.

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 Unit to Ease Financial Burden
------------------------------------------------------------
Grand Brilliance Sdn Bhd (GBSB), a subsidiary of Sistem
Televisyen Malaysia Berhad, has, 19 August 2003 entered into a
sale of shares agreement (Agreement) with Golden Satellite (M)
Sdn Bhd (GSSB) to dispose of its 60% equity interest in its
subsidiary, Layar Opera Sdn Bhd (LOSB).

PROPOSED DISPOSAL

Details Of The Proposed Disposal

Pursuant to the Agreement, GBSB shall dispose its 60% equity
interest in LOSB comprising 600,000 ordinary shares of RM1.00
each in LOSB (Sale Shares) to GSSB, for a consideration of
RM1.00 to be fully satisfied in cash (Consideration).

Background Information On LOSB

LOSB was incorporated in Malaysia under the Companies Act, 1965
as a limited liability corporation on 9 September 1995.
The present authorized share capital of LOSB is RM1,000,000.00
comprising 1,000,000 ordinary shares of RM1.00 each, of which
1,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

The principal activity of LOSB is the production and
distribution of local Chinese films, drama serials and
situational comedies.

Based on the audited accounts of LOSB for the financial year
ended 31 August 2002, LOSB registered a net loss of RM382,930.00
and a net tangible liabilities (NTL) of approximately RM11.06
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 RM1,000,000.00
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
copyright on videotapes and film related sales.

Salient Terms Of The Agreement

The salient terms of the Agreement are as follows:

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

   (b) The Proposed Disposal is inter-conditional upon the
proposed disposal of Mercury Entertainment Sdn Bhd by TV3; and

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

     (i) Due diligence audit by the Purchaser;
     (ii) Approval from any relevant authorities by the
purchaser and/or the vendor, if so required.

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 LOSB.

Original Cost Of Investment

GBSB's original cost of investment in the LOSB Shares was
RM600,000.00, which was incurred in 11 December 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 is proposed to be
utilized for working capital of TV3 group.

RATIONALE FOR THE PROPOSED DISPOSAL

Over the years, LOSB had registered substantial losses and the
management does not expect the business to turnaround in the
near future. With the Proposed Disposal, GBSB and hence,TV3
group is expected to ease its financial burden of supporting
LOSB'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 GBSB.

Net Tangible Assets (NTA)

Based on the audited consolidated balance sheets of TV3 as at 31
August 2002, the Proposed Disposal will not have any material
effect on the proforma NTA of the GBSB and hence, TV3 group.

Earnings

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

Substantial Shareholders' Shareholdings

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

APPROVALS REQUIRED

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

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

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

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

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

ESTIMATED TIME FRAME FOR COMPLETION

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

DOCUMENT FOR INSPECTION

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


SURIA CAPITAL: Notice of Discontinuance Served
----------------------------------------------
Further to the announcement on 28th July 2003 in relation to the
litigation: Koru Bena Sdn Bhd VS Suria Capital Holdings Berhad,
the Company announced further that Koru Bena Sdn. Bhd.
(Plaintiff) had agreed to settle the matter out of court upon
payment by SURIA (Defendant) the amount of RM300,000.00 as the
full and final settlement of the claim.

The Notice of Discontinuance was filed by the Plaintiff's
Solicitors at Shah Alam High Court on 20th August 2003 and
served on SURIA's KL based solicitors on 25th August 2003.


TAJO BERHAD: Investigative Audit Completion Pending
---------------------------------------------------
Tajo Berhad refers to the announcement dated 31 December 2002 in
relation to the Proposed Restructuring Exercise.

On 31 December 2002, Public Merchant Bank Berhad (PMBB),
announced on behalf of TAJO, the Securities Commission's (SC)
approval for the Proposed Restructuring Exercise subject to
certain conditions being fulfilled.

One of the conditions imposed by the SC is that TAJO is required
to appoint an independent audit firm to carry out an
investigative audit within a period of two months from the date
of the SC's letter. In addition, the investigative audit must be
completed within a period of six (6) months from the date of the
appointment of the independent audit firm.

Premise on the above, TAJO had on 21 February 2003 appointed
Anuarul Azizan Chew & Co. (AAC) to conduct the investigative
audit (i.e. to complete the investigative audit by 21 August
2003). The SC was informed of the appointment of AAC on the same
date.

PMBB, had on behalf of TAJO, made an application for an
extension of time on 15 August 2003 to the SC, seeking its
approval for an extension until 31 October 2003 for AAC to
complete the investigative audit on TAJO.

Presently, the approval of the SC for the extension to complete
the investigative audit on TAJO is still pending.


TONGKAH HOLDINGS: Implements Quoted Securities Disposal
-------------------------------------------------------
Tongkah Holdings Berhad informed that it had on 22 August 2003
and 25 August 2003 been notified by PB Trustee Services Berhad
(the trustee in respect of the Company's RM186,558,296 Nominal
Value of 5 year 1%-2% Redeemable Secured Convertible Bonds A
1999/2004 and RM275,980,363 Nominal Value of 5 year 1%-2%
Redeemable Secured Convertible Bonds B 1999/2004 (collectively "
"Bonds")) that they have on 18 August 2003 and 19 August 2003,
disposed of some of the Company's securities held in public
listed companies, which are pledged with them in relation to the
Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Go to http://bankrupt.com/misc/TCRAP_Tongkah0827.doc
for information on the securities disposed.


WING TIEK: Receives Investigative Audit Findings
------------------------------------------------
Wing Tiek Holdings Berhad refers to the announcement dated 7
January 2003 and the approval letter dated 2 January 2003 from
the Securities Commission (SC) pertaining to the Proposed
Corporate and Debt Restructuring Scheme.

One of the conditions imposed by the SC in the said approval
letter requires WTHB to appoint an independent firm of auditors
to conduct an investigative audit into the past losses of the
WTHB Group (Investigative Audit). The said investigative audit
shall be completed within 6 months from the date of appointment
of the independent firm of auditors. On 25 February 2003, WTHB
appointed Messrs Gomez & Co. to conduct the Investigative Audit.

The Board wishes to announce that it has received the
Investigative Audit Report dated 23 August 2003 from Messrs
Gomez & Co. In view of the short notice, the Board has not been
able to deliberate on the same to ascertain the actions to be
taken, if any.

Two copies of the Investigative Audit Report has been forwarded
to RHB Sakura Merchant Bankers Berhad, the financial adviser,
for their submission to SC in accordance with the requirement
stated in SC's approval letter dated 2 January 2003.


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


INTERNATIONAL CONTAINER: CPs Due to Mature June 24, 2004
--------------------------------------------------------
Port operator International Container Terminal Services Inc.
(ICTSI) has secured two long-term loans worth one billion pesos
and will use the funds to prepay maturing commercial papers, Dow
Jones reported on Monday. ICTSI said it has PHP1 billion in
long-term commercial papers maturing June 24, 2004. The debt
will be settled early on September 24 this year.

The Company said it secured a PHP500 million fixed-rate loan
with a 10-year term from Insular Life Assurance Co. Ltd. It also
got a seven-year PHP500 million floating-rate loan from
Equitable PCI Bank.


MANILA ELECTRIC: Refunds P4.5M in Second Phase
----------------------------------------------
In September, the Manila Electric Co. (Meralco) will start
refunding customers who have consumed 101 - 300 kilowatt-hour
(Kwh) from February 1994 to May 2003, the Manila Times reported
on Tuesday. Meralco would be refunding some 4.5 million pesos to
more than two million customers. Meralco Vice President for
Corporate Communications Elpi O. Cuna said the total number of
refund would reach 75 to 80 percent by December.

The Supreme Court on November 15, 2002, ordered Meralco to
refund to its consumers the excess charges in their electric
bill from 1994 to 1998. The first phase that benefited around 2
million residential customers consuming 100kWh or less is
expected fully accomplished by the end of the month.


URBAN BANK: President Pushes Charges vs. Central Bank Executives
----------------------------------------------------------------
Former Urban Bank President Teodoro C. Borlongan will ask the
court to reconsider penalties imposed on officials of the
Central Bank of the Philippines (Bangko Sentral ng Pilipinas)
and further appeal the dismissal of criminal charges against
them, according to a report from the Business World.

Mr. Borlongan will file a petition for certiorari with the
Supreme Court after the Office of the Ombudsman allegedly
dismissed his cases against former Philippine Deposit Insurance
Corporation (PDIC) Chief Norberto Nazareno and BSP Governor
Rafael Buenaventura. A petition for certiorari is filed when the
complainant considered the lower courts decided beyond its
jurisdiction.

On August 13, the Court of Appeals, exonerated central bank
official Juan de Zuniga Jr. but found Mr. Buenaventura, Deputy
Governor Alberto Reyes and bank officials Dolores Yuvienco,
Candon Guerrero and Tomas Aure, Jr. guilty of gross neglect of
duty. The court slapped a one-year suspension without pay. Mr.
Borlongan filed a complaint before the Ombudsman against the
officials in November 2000.

He earlier accused BSP officials of falsifying public documents
and violating the anti-graft law and the new Central Bank Act
when they ordered the closure of Urban Bank and placed it under
receivership.


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


CARINE MANAGEMENT: Unveils Creditors Meeting Agenda
---------------------------------------------------
Notice is hereby given that a meeting of the creditors of Carine
Management Pte Ltd will be held at 141 Market Street, Room Royal
2, 12th Floor AEC Centre, Singapore 048944 on the 26th day of
August 2003 at 2.30 in the afternoon for the following purposes:

AGENDA

1. To receive a full statement of the company's affairs together
with a List of Creditors and the estimated amount of their
claims.

2. To nominate Liquidator(s) or confirm members' nomination of
Liquidators.

3. To consider and if thought fit, appoint a Committee of
Inspection for the purpose of winding up the Company.

Dated this 20th day of August 2003.
By Order of the Board
Director/Secretary

Notes

Particulars of the claims of any creditors wishing to attend and
vote at this meeting shall be lodged at the office of Tay Swee
Sze & Associates at 30 Robinson Road, #04-01 Robinson Towers,
Singapore 048546 before 4.00 p.m. on the day before the meeting.

For the purpose of voting at the meeting, secured creditors
(unless they surrender their security) must lodge at the above
office before the meeting the particulars of their security, the
date it was received and its value.

A creditor may appoint a proxy to attend and vote instead of him
and that proxy needs not himself be a creditor. Forms of General
and Special Proxy are enclosed which, if intended to be used,
must be duly completed and lodged at the above office before
4.00 p.m. on the day before the meeting.


CHARTERED SEMICON: Schedule Set for Annual Worldwide Tech Forums
----------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated silicon foundries, announced the schedule for
its annual series of worldwide Technology Forums. The 2003
series, entitled "Your Access to New Opportunities in Silicon,"
details Chartered's complete approach to system-on-chip
development and encompasses the leading-edge process
technologies, strategic EDA and IP partnerships, and flexible
design solutions needed for building complete systems in
silicon.

The forums will be held in three global locations beginning
September 2003:

  Tuesday, September 2    Hsinchu, Taiwan
  Thursday, September 18    San Jose, California
  Thursday, November 6    Yokohama, Japan

Chartered senior executives and technology experts will discuss
Chartered's strategies and product roadmaps to support the
design of today's complex integrated circuit systems. The forums
will cover a broad range of topics such as reducing risk at 90
nanometer; 0.13- and 0.18-micron logic processes; product design
solutions; mixed-signal, RF CMOS and SiGe BiCMOS technologies;
as well as manufacturing strategies and 300-millimeter (mm)
technology. Complete registration information is available at
www.charteredsemi.com/forum/.

"As companies confront implementation challenges at 0.13 micron
and contemplate the move to 90 nm, lowering risk and designing
chips right the first time have emerged as key factors to
developing next-generation ICs," said Kevin Meyer, vice
president of worldwide marketing and services at Chartered.
"Over the past year, Chartered has leveraged the manufacturing
and process development we have made at the leading edge into
significant strategic alliances that position us as a major
player heading into the Nano Age. More than ever, companies now
can look to us for total product solutions that offer real
choice, streamline access to IP, support multiple sourcing
strategies, and enable overall system-level cost savings."

Back by popular demand is Chartered's Partner Pavilion, which
features companies from Chartered's global network of electronic
design automation, intellectual property, design service and
manufacturing-related partners demonstrating their latest
technology innovations. More than 25 partners have already
signed up to participate at one or more locations, including:
ARM Limited; Artisan Components, Inc.; Advanced Semiconductor
Engineering, Inc. (ASE); BlueChips Technology Pte. Ltd.; Cadence
Design Systems, Inc.; ChipIdea Microelectronics S.A.; eMemory
Technology Inc.; The Fabless Semiconductor Association (FSA);
Flextronics Corporation; GlobalCAD, Inc.; Hoya Corporation; Leda
Systems, Inc.; Mentor Graphics Corp.; MoSys, Inc.; Nordic VLSI
ASA; Photronics, Inc.; Qthink; Silicon Metrics Corporation; ST
Assembly and Test Services (STATS); Synopsys, Inc.; Taiwan Mask
Corporation; Time to Market, Inc.; Toppan Chunghwa Electronics
Co., Ltd.; Ulead Technology, Inc.; Unitive Semiconductor Taiwan
Corp.; Unive, Inc.; Virage Logic Corp. and The Virtual Component
Exchange, Inc.

Meyer added, "In light of the heightened design, implementation
and market challenges companies face today, the response from
the industry to our tech forums demonstrates that we provide a
valued service to keep companies abreast of important
developments within the outsourcing model when relying on
Chartered. We've had exciting developments this year, and once
again we look forward to sharing our plans for ensuring that
Chartered customers continue to enjoy maximum flexibility,
freedom of choice and economies of scale as we move into the
Nano Age."

About Chartered

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

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

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


DON HILLSON: Winding Up Hearing Set September 5
-----------------------------------------------
The petition to wind up Don Hillson Paper Industries Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on September 5, 2003 at 10 o'clock in the morning.
Bank of China, a creditor, whose address is situated at 4
Battery Road, Bank of China Building, Singapore 049908, filed
the petition with the court on August 13, 2003.

The petitioners' solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to the solicitors a notice in writing
not later than twelve o'clock noon of the 4th September 2003
(the day before the day appointed for the hearing of the
Petition).


ENTELLIUM INTERNATIONAL: Posts Winding Up Order Notice
------------------------------------------------------
Entellium International Pte. Ltd. posted a notice of winding up
order made the 1st day of August 2003.

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

BIH LI & LEE
Solicitors for the Petitioner.


ESQUIRE KITCHEN: September 22 Final General Meeting Set
-------------------------------------------------------
The Final General Meeting of the members of the Esquire Kitchen
Pte Ltd (In Members' Voluntary Liquidation) will be held at 33-
08-01 Sri Penaga Condominium, Jalan Medang Serai, Bukit Bintang
Rajah, Bangsar, 59100, KL, Malaysia on 22nd September 2003 at
10.00am for the following purposes:

1. To receive an account from the Liquidators showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidators.

2. To determine by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidators,
shall be disposed of.

Dated this 22nd day of August 2003.
KON YIN TONG
WONG KIAN KOK
HELEN HEE BOE HIAN
Joint Liquidators.

A member entitled to attend and vote at the General Meeting is
entitled to appoint a proxy to attend and vote in his stead. All
proxies should be deposited at the Liquidators' Office not less
than forty-eight hours before the time for holding the meeting
or any adjournment thereof. A proxy need not be a member of the
Company.


LIP YICK: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Lip Yick Trading Company Private Limited
is set for hearing before the High Court of the Republic of
Singapore on September 12, 2003 at 10 o'clock in the morning.
Bank of China, a creditor, whose address is situated at 4
Battery Road, Bank of China Building, Singapore 049908, filed
the petition with the court on August 15, 2003.

The petitioners' solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 7th day of
11th September 2003 (the day before the day appointed for the
hearing of the Petition).


PERMAS ENVIRON: Notice of Winding Up Order
------------------------------------------
Premas Environ Pte Ltd. posted a winding up order made on the
15th day of August 2003.

Name and address of Liquidators: Ms Low Sok Lee Mona and Mr
Cheng Soon Keong

Messrs Low, Yap & Associates
51 Goldhill Plaza
#18-05 Goldhill Plaza
Singapore 308900.

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


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


BANGCHAK PETROLEUM: Submits MD&A for H103 Business Operations
-------------------------------------------------------------
As the Office of the Securities and Exchange Commission has
fostered listed companies in the Stock Exchange of Thailand to
conduct a Management's Discussion and Analysis (MD&A) for
Business Operations every quarter so as to enable investors to
better understand in the Company's financial status and business
operations- apart from the sole financial data in financial
statements, as well as to enable investors to adequately access
information for decision in a security investment, which is
incompliance with the adequate information.

The Bangchak Petroleum Public Company Limited (BCP), a listed
company in the Stock Exchange of Thailand, has concentrated on
transparent business operation harmonious with the good
corporate governance program. Therefore, the Company conducted
and submitted its MD&A for Business Operations ending June 30,
2003.

To see a copy of the MD&A for Business Operations ending June
30, 2003, go to http://bankrupt.com/misc/TCRAP_BCP0826.pdf.


CHRISTIANI & NIELSEN: Releases Capital Increase Form
----------------------------------------------------
CN Advisory Company Limited, as the Rehabilitation Plan
Administrator of Christiani & Nielsen (Thai) Public Company
Limited, reported the resolutions of the Board of Directors
Meeting No. 3/2003 regarding the capital increase and the
allotment of capital increase shares in accordance with the
rehabilitation plan approved by the Bankruptcy Court on May 2,
2003, as follows:

1. Capital Increase

The Board of Directors Meeting of CN Advisory Company Limited
approved a resolution for Christiani & Nielsen (Thai) Public
Company Limited to increase its registered capital from
Bt1,411,835.20* to Bt312,015,580 by issuing ordinary shares in
the number of 31,060,374,480 shares par value at Bt0.01 (One
Stang) in the total amount of Bt310,603,744.80.

Remark: * The paid-up capital will be equal to Bt1,411,835.20
after the capital reduction process approved by the Bankruptcy
Court which is expected to be completed by August 22, 2003 as
per the following procedure:

    (a) Decrease of unpaid capital in the number of 18,035,800
shares, par value at Bt10 per share for the total amount of
Bt180,358,000 from registered capital of Bt1,592,193,200 to
registered capital of Bt1,411,835,200 with par value of Bt10.

    (b) Decrease of paid-up capital to compensate the retained
loss by reducing par value from Bt10 per share to Bt0.01 per
share, resulting in the capital reduction for the total amount
of Bt1,410,423,364.80 with the effect that the paid-up capital
will be reduced from Bt1,411,835,200 to Bt1,411,835.20 equal to
141,183,520 shares with par value of Bt0.01.

2.  An Allotment of Capital Increase Shares

The Board of Directors Meeting of CN Advisory Company Limited
approved a resolution for an allotment of Christiani & Nielsen
(Thai) Public Company Limited's shares for the number of
31,060,374,480 shares at par value of Bt0.01 for the total
amount of Bt310,603,744.80.

3.  Schedule for Shareholders Meeting to Approve the Capital
Increase and the Allotment of Shares

The Capital Increase and the Allotment of Shares have been done
in accordance with the rehabilitation plan of Christiani &
Nielsen (Thai) Public Company Limited approved by the Bankruptcy
Court on May 2, 2003.

4. Request for Approval of Capital Increase and Shares Allotment
from the Relevant Government Agency and the Conditions thereof
(if any)

On July 30, 2003 CN Advisory Company Limited, rehabilitation
plan administrator, submitted a request for a court order
regarding the aforementioned capital increase to the
Bankruptcy Court and the Court issued an order to allow the plan
administrator to increase the Company's Capital on August 5,
2003.

5. The Objectives for the Capital Increase and the Use of Funds
Received from Capital Increase

   5.1  To provide sufficient capital for the Company to operate
with stable conditions.

   5.2  To use the received funds to repay the current debts in
the amount of Bt100 million and the rest of the funds to use as
working capital.

6. The Company's Benefits from the Capital Increase and the
Allotment of Shares

   6.1  Increase of the Company's capital
   6.2  Increase of the Company's working capital
   6.3  The Company's debt reduction

7.  The Shareholders' Benefits from the Capital Increase and the
Allotment of Shares

Under the Company's rehabilitation plan, the Company may pay
dividends if it has operating profit upon the approval of the
rehabilitation plan administrator.

8. Other Information Necessary for Shareholders' Decision to
Approve the Capital

Increase and the Allotment of Shares

        - None -

9. Plan Schedule in case the Board of Directors Has a Resolution
to Approve the Capital Increase and the Allotment of Shares

            Plan                                    Date

1. The Board of Directors' Meeting of CN        July 23, 2003
   Advisory Company Limited, Christiani &
   Nielsen (Thai) Public Company Limited's
   rehabilitation plan administrator to approve
   the capital increase and the allotment of
   shares in accordance with rehabilitation
   plan

2. Submit a request to the Bankruptcy Court for   July 30, 2003
   an order regarding the capital increase

3. Court order for the capital increase           August 5, 2003

4. Report the progress of rehabilitation plan to  August 8, 2003
   the SET

5. Submit Capital Increase Form to the SET       August 20, 2003

6. The closing date of share register book     September 4, 2003
   for the right to subscribe for capital increase
   shares (XR)

7. Distribute information memorandum to     By September 8, 2003
   shareholders

8. Subscription and Payment period         September 16, 17, 18,
                                           19, and 22, 2003


CHRISTIANI & NIELSEN: September 4 Books Closing Date Set
--------------------------------------------------------
CN Advisory Company Limited, the Rehabilitation Plan
Administrator of Christiani & Nielsen (Thai) Public Company
Limited, announced that on August 20, 2003 the Board of
Directors Meeting No. 4/2003 has determined the closing date of
shareholders' book to determine the rights to subscribe for
capital increase shares (XR) to be at 12:00 a.m. on September 4,
2003.

On July 23, 2003, the Board of Directors Meeting No.3/2003
approved the capital increase and the allotment of capital
increase shares of the Company in accordance with its
Rehabilitation Plan, approved by the Bankruptcy Court on May 2,
2003. The Company is to increase its registered capital from
Bt1,411,835.20 to Bt312,015,580 by issuing ordinary shares in
the number of 31,060,374,480 shares, par value of Bt0.01 to the
existing shareholders at the ratio of 1 old share to 220 new
shares at the offering price of Bt0.01 per share.


PREMIER ENTERPRISE: Planner Arranges Capital Payment
----------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, informed that the
Planner will arrange for the payment capital of Datapro Computer
System Company Limited in accordance with the Resolution of the
Board of Creditors' Meeting held on the 2 June 2003. Details are
as follows:

   1. Arrange for the fully paid-up capital in amount of 100
Baht per share, Bt60 each, as the Resolution of the Board of
Director of Datapro Computer System Company Limited. The Company
is the shareholder of Datapro Computer System Company Limited in
the number of 20,000 shares, will make payment for the paid-up
capital in the amount of Bt1,200,000.

   2. Arrange for the payment of the increased shares of Datapro
Computer System Company Limited in the number of 40,000 shares,
in the portion of 20% of the first remaining shares in the
amount of 100 per share, totally Bt4,000,000. The paid-up
capital will be made by dividends from DataPro Computer System
Company Limited as Resolution of the Board of Director and
Shareholders' Meeting of Datapro Computer System Company
Limited.

The Company will make payment for paid-up capital of 2 items
above within 29 August 2003.


TANAYONG PUBLIC: Lists Board of Directors
-----------------------------------------
Pursuant to the Business Reorganization Petition of Tanayong
Public Company Limited on January 22, 2002 with the Central
Bankruptcy Court, which gave an order on February 18, 2002 for
the appointment of Tanayong Planner Company Limited as the
Company's Planner. Furthermore, on August 15, 2003, the Central
Bankruptcy Court gave an order to disagree with the Business
Reorganization Plan and cancel the order for the Business
Reorganization.

After the Court's order to cancel the order for the Business
Reorganization, the Company's Board of Directors have the power
to manage the operation and assets of the Company according to
Bankruptcy Act B.E. 2483 as amended by Bankruptcy Act B.E. 2543
section 90/74. Then the Planner has to transfer the power to
manage the operation and assets of the Company to the Company' s
Board of Directors. List of the Company' s Board of Directors
are as follows:

1. Mr. Keeree Kanjanapas          Executive Chairman and
                                  Managing Director
2. Mr. Sudha Liptawat             Assistant to Managing Director
3. Lieutenant General Phisal Thepsithar     Chairman of Audit
                                            Committee
4. Dr. Anat Arbhabhirama          Audit Committee
5. Pol.Maj.Gen.Vara Ieammongkol   Audit Committee
6. Mr. Rangsin Kritalug           Director
7. Mr. Kom Panomreongsak          Director


THAI PETROCHEMICAL: Clarifies Bt1.72B Loss Variance
---------------------------------------------------
Suwit Nivartvong, the Plan Administrator of Thai Petrochemical
Industry Public Company Limited, announced that in reference to
its Reviewed Financial Statements for the Second Quarter ended
June 30, 2003, TPI incurred a net loss Bt261.80 million compared
to the consolidated net profit of the same period of prior year
of Bt1,454.27 million, which results in a difference
of Baht 1,716.07 million.

The following items can account for the majority of this change:

1. Sales revenue and Cost of Sales

The company and its subsidiaries had sales revenue for the
second quarter ended June 30, 2003 of Bt19,480.71 million, while
the same period of the prior year was Bt19,272.56 million.  The
increase of Bt208.15 million or 1.08% was reflected from the
increase of sales quantities.

Furthermore, the cost of sales for the second quarter of this
year was Bt16,805.48 million compare to the same period of the
prior year was Bt16,117.65 million.  The increase of Bt687.82
million or 4.27% was reflected from the higher cost of raw
material.

2. Foreign exchange gains

The company and its subsidiaries had a gain on foreign exchange
of Bt1,383.01 million for the second quarter of 2003, while the
same period in 2002 the gain on foreign exchange was Bt2,513.00
Million.  The decrease of Bt1,129.99 million or 44.97% was the
result of movements of the value of the Thai Baht against the US
Dollar during the relevant periods.

The rehabilitation expenses for the second quarter ended June
30, 2003 were Bt113.95 million, which was 69.60% lower than the
same period of the previous year.  This was due to the ruling by
the Bankruptcy Court on April 21,2003 dismissing Effective
Planners as Plan Administrator of TPI which subsequently reduced
the rehabilitation expenses.

4.  Creditor's committee fees and surcharge of withholding tax
Creditor's committee fees and surcharge of withholding tax for
the second quarter ended June 30, 2003 were Bt238.42 million,
consisting of Creditor's committee fees of Bt13.9 million and
surcharge of withholding tax from the conversion of the unpaid
accrued interest and guarantee fees into common shares of TPI
Bt224.52 million.

TPI's reviewed quarterly financial statement:

                  Thai Petrochemical Industry Plc

Reviewed
               Ending  June 30,            (In thousands)

                  Quarter 2               For 6 Months

          Year      2003        2002          2003        2002

Net profit (loss)  (261,802)   1,454,267      60,725     997,373
EPS (baht)          (0.03)        0.19          0.01        0.13


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
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                 *** End of Transmission ***