/raid1/www/Hosts/bankrupt/TCRAP_Public/030829.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

            Friday, August 29 2003, Vol. 6, No. 171

                         Headlines

A U S T R A L I A

AMP LIMITED: Comments on Share Purchase
AMP LIMITED: Director Replies to Speculation
AMP LIMITED: NAB Acquires 34.3M Strategic Interest
AMP LIMITED: Ratings Remains After NAB's Increased Shareholding
ARISTOCRAT LEISURE: Implements Dividend Reinvestment Plan

GINDALBIE GOLD: Issues Anketell Gold-Copper Joint Venture Update
MAYNE GROUP: Releases H103 Information Compendium
QANTAS AIRWAYS: New Look Part of Ongoing Investment Program
SOUTHCORP LIMITED: Directors Warburton, Argus Retire


C H I N A   &   H O N G  K O N G

CIL HOLDINGS; AGM Scheduled on Sept 29
PEREGRINE FIXED: Issues Fifth Dividend Declaration Notice
SKYNET INTL: Requests Trading Suspension; Sept 25 AGM Set
SUN'S GROUP: Financial Results Dispatch Delayed
SUN'S GROUP: Li, Tang, Chen & Co Replaces PwC as Auditors


I N D O N E S I A

BANK PERMATA: Concluding Business Plan Revision Next Month


J A P A N

AOZORA BANK: S&P Ups 'BBpi' Rating to 'BBBpi' on NPL Reduction
DIA KENSETSU: Seeks Capital Injection From Leopalace21
FUJITSU LIMITED: Consolidates Semiconductor Assembly Operations
HOLIDAY TOWER: Files Rehabilitation Plan Proceedings
KINKI NIPPON: Posts Y3.27B Net Loss

MATSUSHITA ELECTRIC: Unveils Restructuring, Growth Strategy
MAZDA MOTOR: Appoints Imaki as New President
MITSUI MINING: Asking IRC's Help
SOFTBANK CORPORATION: JCR Upgrades Rating to BBB
TOKYO DOME: JCR Affirms BBB-, J-2 Ratings

TOSHIBA CORPORATION: Enters Deal With Applied Materials


K O R E A

HYUNDAI INVESTMENT: Prudential Nears Takeover Deal
HYUNDAI MOTOR: Guarantee of Debt Payment Issued For Third Party
SHIN DONG: Picks Dongwon as Prime Bidder
SHINHAN BANK: Plans to Issue US$200M 10-Year Bonds
TONGIL HEAVY: Production Resumes Wednesday


M A L A Y S I A

BERJAYA GROUP: Revises Proposed Restructuring Exercise
BESCORP INDUSTRIES: Oct 29 Pre-Trial Case Management Set
CEMENT INDUSTRIES: Unit Obtains Existing Borrowings Refinancing
FOREMOST HOLDINGS: Receivers, Managers Appointed to Unit
FOREMOST HOLDINGS: Unit Defaults Secured Overdraft Facility

KAI PENG: Court Grants Winding Up Petition Consent Order
KIARA EMAS: KLSE, SC Approves Proposals Application
METACORP BERHAD: Unit Executes RM5M Revolving Credit Facility
MTD CAPITAL: Disposes Quoted Securities in WCT to Cut Debt
NCK CORPORATION: Liquidators Appointed to Unit KWSB

PAN MALAYSIAN: Changes Rights Issue Proceeds Utilization
PANCARAN IKRAB: Proposed Land Acquisition Terminated
PILECON ENGINEERING: Proposes Acquisition of Mahabudi Land
PILECON ENGINEERING: KLSE Strikes Off Winding Up Petition
RHB CAPITAL: Defendant Seeks Stay of Execution Order to Court

SATERAS RESOURCES: Securities De-listing Deferred


P H I L I P P I N E S

ASB GROUP: SEC Reviews Rehabilitation Plan
PRIMETOWN PROPERTY: Releases More Info on Rehab Receiver
SEMIRARA MINING: Pares P2B Debt in Three Years


S I N G A P O R E

CAULFIELD INVESTMENTS: Releases Creditors Notice
FILIGREE PROPERTIES: Issues Debt Claim Notice to Creditors
LASCO PTE.: Releases Winding Up Order Notice
PIAZZA ENTERTAINMENT: Posts Winding Up Order Notice
WAH YANG: Winding Up Hearing Set for September 5


T H A I L A N D

CHRISTIANI & NIELSEN: Planner OKs Additional Shares Sale
THAI DURABLE: Increases Capital, Allocates New Shares  
THAI DURABLE: Sept 29 Shareholders Meeting Scheduled
THAI PETROCHEMICAL: Founder In Conflict With Debt Manager
TPI POLENE: Debt Negotiations Delayed Until Next Year

WONGPAITOON GROUP: Auditor Issues F/S Disclaimer of Opinion
WONGPAITOON GROUP: Narrows Net Loss to Bt39.21M

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Comments on Share Purchase
---------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl commented
Wednesday on the order to purchase up to 174 million shares in
AMP. "The new Board and management team are making considerable
progress in restoring value for shareholders," Mr Mohl said.

"Investors are becoming more confident in our management of what
has been a difficult situation." Mr Mohl said that the
demerger is progressing to plan and remains the preferred
strategy to create maximum long term shareholder value. He said
that shareholders should receive substantial information about
the company as documentation for the demerger is finalized in
the coming weeks.

By mid-October, a detailed Explanatory Memorandum outlining the
demerger is expected to be available.


AMP LIMITED: Director Replies to Speculation
--------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl on Thursday
commented on an order to purchase a large number of AMP shares,
announced on 27 August 2003.

Mr Mohl said AMP was currently not aware of the identity of the
purchaser.

Mr Mohl confirmed that the company was not in discussions with
any party about these shares.


AMP LIMITED: NAB Acquires 34.3M Strategic Interest
--------------------------------------------------
The National Australia Bank (NAB) has acquired 34.3 million
shares in AMP at $6.00 per share, taking its relevant interest
in the company to 5.4 per cent.

The Managing Director and Chief Executive Officer of the
National, Mr Frank Cicutto, said: "This is a strategic
investment for the National.

"We await the detailed information to be provided in AMP's
demerger documents.

"The National has no interest in acquiring AMP while AMP owns
its UK business."


AMP LIMITED: Ratings Remains After NAB's Increased Shareholding
---------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that the
ratings on AMP Life Ltd. (A+/Negative/--), AMP Group Holdings
Ltd. (BBB+/Negative/A-2), AMP Bank Ltd. (BBB+/Negative/A-2),
National Australia Bank Ltd. (National; AA/Stable/A-1+), and
related debt ratings are unchanged following National's
acquisition of 34.3 million shares in AMP Ltd.

National increased its stake in AMP to 5.4% from 3.1% (the
previous shareholding is held within the funds management
business of MLC Ltd.) may be a precursor to the bank acquiring a
larger stake in the AMP group. National, however, has indicated
that it has no interest in acquiring AMP while the insurer still
owns its U.K. business, and accordingly is targeting the
stronger Australian and New Zealand operations of AMP. National
is not expected to fully acquire any part of the AMP group until
the demerger is completed and the bank is able to fully assess
the implications of any acquisition. The rating on all parties
involved will be revisited at such time as National, or another
third party, moves to formally acquire AMP or any part of its
business.

On May 1, 2003, AMP announced its intention to pursue a demerger
of its U.K. and Australian businesses. Details of the demerger
are expected to be available in October, with the demerger
expected to be completed by year-end 2003.

National, through its 100% ownership of MLC Ltd. (AA/Stable/--)
and other National funds management operations, has a large
presence in the life and funds management sector in Australia,
which could be complemented by any AMP acquisition through the
potential scale and synergy benefits of funds management and
distribution resources.


ARISTOCRAT LEISURE: Implements Dividend Reinvestment Plan
---------------------------------------------------------
Aristocrat Leisure Limited advises that the issue price for
shares issued under the Dividend Reinvestment Plan will be
$1.4817. The shares will be allotted on 9 September 2003.

The Troubled Company Reporter - Asia Pacific reported on May
that the Standard & Poor's Ratings Services had lowered its
corporate credit ratings on Aristocrat Leisure Ltd.  to 'BB'
from 'BBB-' following the Company's announcement that the
performance of its Australian operations is being impacted  by a
tough operating environment, and that the Company will incur
further charges as it restructures its U.S. operations.


GINDALBIE GOLD: Issues Anketell Gold-Copper Joint Venture Update
----------------------------------------------------------------
Eight new targets are to be tested by Teck Cominco in September
2003.  Gindalbie Gold NL wishes to advise that its joint venture
partner, Canadian company, Teck Cominco, will undertake a series
of Induced Polarization (IP) surveys, totaling 50 line
kilometers, on the Anketell Gold-Copper Project in the Telfer
region of Western Australia. The survey work will commence in
September 2003 and test eight newly identified targets.

This follows the completion of four-diamond drill holes
(totaling 2,011 meters) drilled by Teck Cominco on the Magnum
Prospect during June and July 2003. Drilling by Gindalbie in
1998-1999 had previously discovered significant gold-copper
mineralization at Magnum with a best intersection of 15 meters
at 14.07g/t gold.

Of the four diamond holes completed, two were drilled on the
Magnum Dome, a circular magnetic feature with a coincident broad
electromagnetic anomaly. These holes were unsuccessful in
identifying any significant mineralization. The other two holes
were drilled along strike and down dip of the Magnum Prospect.
Numerous narrow mineralized zones up to 2.68g/t gold and 4.02%
copper were intersected in these two holes but the drilling did
not identify any extensions to the known high grade goldcopper
Mineralization.

While the recent drilling results downgrade the potential of the
Magnum Prospect for an economic ore deposit, the style of the
gold-copper mineralization identified at Magnum highlights the
prospectivity of the Anketell tenements. Exploration will now
focus on identifying and testing other targets on the 2,400
square kilometer Anketell joint venture area, commencing with
upcoming IP survey work.

The decision to undertake the IP program is based on the success
of an orientation IP survey conducted over the Magnum Prospect
in July. This IP survey was successful in penetrating through
the Permian cover, and delineating a chargeable zone centered on
the numerous sulphide veins previously intersected at Magnum.

According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.


MAYNE GROUP: Releases H103 Information Compendium
-------------------------------------------------
Mayne Group Limited released its information compendium for the
12 Months to 30 June 2003. The following is an excerpt of the  
report:

"In 2003, Mayne Group Limited has been active in streamlining
the structure of the business to focus on its core healthcare
operations. A number of significant items were included in the
1H03 result. Many of these items were estimates at 31 December
2002, and accordingly, there have been minor adjustments to many
of these amounts to reflect the actual result when it became
known. As a result of a change to the use of discounted cashflow
methodology for calculating net recoverable amounts a number of
asset write-downs were made at 30 June 2003.

"Businesses discontinued during the year include the logistics
operations, the sunscreen and personal wash Consumer Products
businesses, and the Corporate Health Management previously
operated under the Medical Centers division. These businesses
contributed negative EBIT of $11.3 million in 2H03. These
results do not include the six hospitals divested to HSP, nor
the hospital sold to Primelife during the year because they
represent assets that form part of a larger hospitals business."

To see full copy of Information Compendium for the 12 Months to
30 June 2003, go to
http://bankrupt.com/misc/TCRAP_Mayne0829.pdf.


QANTAS AIRWAYS: New Look Part of Ongoing Investment Program
-----------------------------------------------------------
Qantas Airways Limited said that it would offer new seating and
interiors on almost all its international aircraft by the end of
next year as part of its ongoing investment in new aircraft,
aircraft enhancements, product and service.

The Chief Executive Officer of Qantas, Geoff Dixon, said a
highlight of the program was Skybed - a new, state-of-the-art,
cocoon-style sleeper seat - that will be installed on all 30 of
the airline's 747-400s from next month and seven new Airbus
A330-300s that will be delivered between June and December next
year.

Qantas' new International Business Class, to be launched next
month, will feature Skybed as well as specially trained,
dedicated Business Class flight attendants; new food and wine; a
new service style; a self-service bar for drinks and snacks;
premium quality noise cancellation headsets and luxury amenity
kits.

First Class customers will also see improvements in seat comfort
and cabin enhancements including new bathrooms and amenities.

"The new product and service we offer our international
customers will be exceptional, maintaining our reputation as one
of the leading airlines in the world," Mr Dixon said.

"These latest initiatives also build on the recent $300 million
refurbishment of our 747-400s, including a new inflight
entertainment system that offers in-seat viaos in Economy Class,
larger personal screens and PC power in Business and First Class
and in-seat telephones in all classes."

Mr Dixon said Qantas was also:

   * refurbishing its six 747-300s, installing Dreamtime
Business Class seats and new seats in Economy, in-seat inflight
entertainment, new interiors and enhanced cabin lighting in and
PC power in Business Class;

   * opening a new lounge at Los Angeles Airport, following the
opening of new international Qantas Clubs in Sydney, Melbourne,
Singapore, Bangkok, and Honolulu;

   * introducing a Short Message Service (SMS) system from late
September, offering a reply facility that will be a world first;
and

   * installing a unique LED mood lighting system in First and
Business Class on the 747 fleet. The system offers light schemes
that coincide with cabin activities and time of day to increase
customer comfort and relaxation.

Looking further forward, Qantas will take delivery of 12 Airbus
A380 aircraft from 2006. These aircraft will revolutionize
international air travel and offer even greater personal space
and comfort.

Domestically, Qantas is continuing to invest in new, two-class
Next Generation Boeing 737-800s.

"This is part of a fleet strategy that will increase the
commonality and efficiency of both our international and
domestic fleets," Mr Dixon said.

"Our four A330-200s, which currently fly domestically, will
operate internationally with the seven A330-300s that will be
delivered in the second half of next year.

"The 767-300 fleet, which currently operates internationally,
will replace the A330-200s domestically, operating major
domestic routes together with the growing 737-800 fleet and our
refurbished 737-400s.

"Overall, we will have a younger fleet that offers customers a
better product as well as improving reliability and on-time
performance."

In the domestic market, Mr Dixon said Qantas was also:

   * opening new domestic Qantas Club lounges in Townsville,
Darwin and the Gold Coast following the opening of new or
upgraded lounges in Sydney, Melbourne, Brisbane, Perth and
Adelaide;

   * further upgrading meals on all domestic services;

   * continuing to enhance the Qantas internet site with a
booking engine that has made it faster to book online and easier
to choose the right fares.

Other recent domestic initiatives include:

   * a new, simpler domestic fare structure that allows business
and leisure travelers to mix and match one way fares to combine
affordability and flexibility to better suit their individual
travel needs;

   * self-service QuickCheck kiosks at Sydney, Melbourne,
Brisbane and Canberra domestic airports, to streamline the
check-in process.

Early this week, the Troubled Company Reporter - Asia Pacific
reported that Qantas confirmed reports that it is selling its
Sydney and Melbourne domestic passenger terminals to raise money
to fund its expansion.


SOUTHCORP LIMITED: Directors Warburton, Argus Retire
----------------------------------------------------
The Chairman of Southcorp Limited, Mr Brian Finn, on Thursday
announced that Mr R F E Warburton (a Director since 1993) and Mr
D R Argus (a Director since 1999) have indicated that they will
not be seeking re-election as Directors at the forthcoming
Annual General Meeting of the Company. Mr Argus will leave the
Board immediately and Mr Warburton will retire at the conclusion
of the Annual General Meeting.

Mr Finn said the Company expects to make a further announcement
shortly with respect to filling the vacancies created by these
retirements.

On February, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
'BBB+' long-term and 'A-2' short-term corporate credit ratings
on Southcorp Ltd. to 'BBB' and 'A-3', respectively, following
the wine company's worse-than-expected financial results for the
first half of 2003.


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


CIL HOLDINGS; AGM Scheduled on Sept 29
--------------------------------------
Notice is hereby given that the Annual General Meeting of the
Members of CIL Holdings Limited will be held at Basement
Function Room I, Luk Kwok Hotel, 72 Gloucester Road, Wanchai,
Hong Kong on 29 September 2003 at 9:00 a.m. for the following
purposes:

1. To receive and consider the audited Financial Statements and
the Reports of the Directors and of the Auditors for the year
ended 30 June 2002;

2. To re-elect Directors and to authorize the Board of Directors
to fix Directors' remuneration;

3. To re-appoint Auditors and to authorize the Board of
Directors to fix Auditors' remuneration;

4. To consider as Special Business and, if thought fit, pass
with or without amendments, the following resolution as an
Ordinary Resolution:

"THAT

   (a) the exercise by the Directors during the Relevant Period
of all the powers of the Company to purchase its shares, subject
to and in accordance with the applicable laws, be and is hereby
generally and unconditionally approved;

   (b) the total nominal amount of shares to be purchased
pursuant to the approval in paragraph (a) above shall not exceed
10% of the total nominal amount of the share capital of the
Company in issue on the date of this Resolution, and the said
approval shall be limited accordingly; and

   (c) for the purpose of this Resolution, "Relevant Period"
means the period from the passing of this Resolution until
whichever is the earlier of:
  
     (i) the conclusion of the next Annual General Meeting of
the Company;

     (ii) the revocation or variation of the authority given
under this Resolution by Ordinary Resolution of the shareholders
in general meeting; and

     (iii) the expiration of the period within which the next
Annual General Meeting of the Company is required by the Bye-
laws of the Company or the laws of Bermuda to be held.";

5. To consider as Special Business and, if thought fit, pass
with or without amendments, the following resolution as an
Ordinary Resolution:

"THAT

   (a) the exercise by the Directors during the Relevant Period
of all the powers of the Company to issue, allot and deal with
additional shares of the Company and to make or grant offers,
agreements and options which would or might require shares to be
allotted, issued or dealt with during or after the end of the
Relevant Period be and is hereby generally and unconditionally
approved, provided that, otherwise than pursuant to a rights
issue where shares are offered to shareholders on a fixed record
date in proportion to their then holdings of shares (subject to
such exclusions or other arrangements as the Directors may deem
necessary or expedient in relation to fractional entitlements or
having regard to any restrictions or obligations under the laws
of, or the requirements of any recognized regulatory body or any
stock exchange in any territory outside Hong Kong) or any option
scheme or similar arrangement for the time being adopted for the
grant or issue to officers and/or employees of the Company
and/or any of its subsidiaries of shares or rights to acquire
shares of the Company, or any scrip dividend scheme or similar
arrangement providing for the allotment of shares in lieu of the
whole or part of a dividend on shares of the Company in
accordance with the Bye-laws of the Company, the total nominal
amount of additional shares issued, allotted, dealt with or
agreed conditionally or unconditionally to be issued, allotted
or dealt with shall not in total exceed 20% of the total nominal
amount of the share capital of the Company in issue on the date
of this Resolution and the said approval shall be limited
accordingly; and

   (b) for the purpose of this Resolution, "Relevant Period"
means the period from the passing of this Resolution until
whichever is the earlier of:

     (i) the conclusion of the next Annual General Meeting of
the Company;

     (ii) the revocation or variation of the authority given
under this Resolution by Ordinary Resolution of the shareholders
in general meeting; and

     (iii) the expiration of the period within which the next
Annual General Meeting of the Company is required by the Bye-
laws of the Company or the laws of Bermuda to be held."; and

6. To consider as Special Business and, if thought fit, pass
with or without amendments, the following resolution as an
Ordinary Resolution:

"THAT the general mandate granted to the Directors of the
Company pursuant to Resolution 5 above and for the time being in
force to exercise the powers of the Company to allot shares and
to make or grant offers, agreements and options which might
require the exercise of such powers be and is hereby extended by
the total nominal amount of shares in the capital of the Company
repurchased by the Company since the granting of such general
mandate pursuant to the exercise by the Directors of the Company
of the powers of the Company to purchase such shares, provided
that such amount shall not exceed 10% of the total nominal
amount of the share capital of the Company in issue on the date
of this Resolution."


PEREGRINE FIXED: Issues Fifth Dividend Declaration Notice
---------------------------------------------------------
Simon C Copley, Joint and Several Liquidator of Peregrine Fixed
Income Limited (In Compulsory Liquidation), notified that a
fifth dividend is to be declared. All creditors of the Company
must prove their debt by August 29, 2003. Any creditor who does
not lodge a claim by the said date will be excluded from the
benefit of any distribution made before such debts are proved
and from objecting to such distribution.

CONTACT INFORMATION: Simon C Copley
        c/o PricewaterhouseCoopers
        22/F Prince's Building
        Central, Hong Kong
        Ph: (852)2289-888
        Fax: (852) 2525-3720


SKYNET INTL: Requests Trading Suspension; Sept 25 AGM Set
---------------------------------------------------------
Skynet (International Group) Holdings Limited advised that the
Annual General Meeting of Skynet (International Group) Holdings
Limited will be held at Flat A and B, 14th Floor, Ka Nin Wah
Commercial Building, 423-425 Hennessy Road, Wanchai, Hong Kong
at 10:00 a.m. on 25 September, 2003. To see copy of the Notice,
go to http://bankrupt.com/misc/TCRAP_Sky0829.pdf.

At the request of Skynet (International Group) Holdings Limited,
trading in its shares was suspended with effect from 9:30 a.m.
on Thursday (28/8/2003) pending the release of an announcement
in relation to price sensitive information.


SUN'S GROUP: Financial Results Dispatch Delayed
-----------------------------------------------
Further to the announcements of The Sun's Group Limited dated 27
June 2003 and 7 August 2003 respectively regarding the delay in
releasing the results of the Group for the year ended 31
December 2002, the directors of the Company currently expect
that the unaudited and audited results of the Group for the year
ended 31 December 2002 that were originally to be released on or
before 31 August 2003 and 30 September 2003 respectively will
now be released on or before 30 September 2003 and 17 October
2003 respectively.  The annual report of the Company for the
year ended 31 December 2002 will be dispatched thereafter as
soon as possible.

The Directors acknowledge that the delay in publication of the
audited results and unaudited results of the Company and the
dispatch of the annual report of the Company for the year ended
31 December 2002 constitute breaches of paragraphs 11(1),
11(3)(i)(c), 8(1) and 8(2) of the Listing Agreement of the
Company respectively. The Stock Exchange reserves its rights to
take appropriate actions against the Company and/or its
Directors in respect of such breaches.

At the request of the Company, trading in the shares of the
Company has been suspended since 24 April 2003 and will remain
suspended until further notice.


SUN'S GROUP: Li, Tang, Chen & Co Replaces PwC as Auditors
---------------------------------------------------------
The Sun's Group Limited, together with its subsidiaries, refers
to its announcement dated 7 August 2003 regarding the
resignation of PricewaterhouseCoopers (PwC) as the auditors of
the Group on 30 July 2003.

The Group is pleased to announce that Li, Tang, Chen & Co. was
appointed on 19 August 2003 as the auditors of the Group to
audit the financial statements of the Group for the year ended
31 December 2002 and thereafter.


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


BANK PERMATA: Concluding Business Plan Revision Next Month
----------------------------------------------------------
PT Bank Permata Tbk expects to conclude business plan revision
early next month despite targeting business expansion to Eastern
Indonesia (KTI), Bisnis Indonesia reports, quoting Bank
President Director Agus Martowardoyo.

"We expect to conclude the revision early next month that we
could report it to shareholders," Martowardoyo said, explaining
that the revision is intended as anticipative strides towards
the expected higher profitability, not because of cancellation
of the planned rights issue.

Given the recent economic development in the country, Bank
Permata will soon boost business expansion to a number of cities
in the region following the revision.

"We are ready to develop business in KTI and has taken
supportive strides such as meeting with business players in
Makasar to introduce our new products," he said.

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

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on May 14, 2003 assigned its
'CCCpi' rating to P.T. Bank Permata Tbk. The upgrades recognize
that improvement in Indonesia's economy since the financial
crisis in 1997-1998.


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


AOZORA BANK: S&P Ups 'BBpi' Rating to 'BBBpi' on NPL Reduction
--------------------------------------------------------------
Standard & Poor's Ratings Services raised on Thursday its rating
on Aozora Bank Ltd. to 'BBBpi' from 'BBpi', reflecting progress
in the reduction of its nonperforming loans and stabilization in
its operating performance. In addition, Aozora's current
exposure to the high business risk of its 49% owner, Softbank
Corp. will be eliminated along with the sale of Softbank's stake
to U.S. investment fund Cerberus.

As a result of efforts to reduce the level of nonperforming
loans, the ratio of Aozora's risk-managed loans to total assets
net of reserves dropped to 0.02% at the end of March 2003, which
is one of the lowest among the major Japanese banks. In
addition, the previous weakness in the bank's business profile
and financing ability at the time of its reprivatization in 2000
has been dispelled.

"Unlike its domestic peers, Aozora has largely achieved its
business restoration goals as originally planned," said Standard
& Poor's credit analyst Yuri Yoshida.

Aozora's capital quality compares favorably with that of other
Japanese banks both in size, with a Tier 1 capital ratio at
12.5% in March 2003, and quality. Although preferred securities
accounted for about 60% of its capital, net deferred tax assets
were low, as the company set aside an adequate level of
reserves. Asset deterioration risk from a slide in the stock
market is also limited, given Aozora's relatively small stock
holdings.

Concerns over asset quality and profitability remain, given
Aozora's high ratio of watch-list loans to total lending and
possible credit costs stemming from the extended disposal of
nonperforming loans in the banking sector and the economic
downturn. Following the termination of the loan protection from
its agreement with the Japanese government at the end of
September 2003, Aozora may incur additional credit costs.

While Aozora's core profit is lower than that of its peers, the
bank's management has announced its intention to focus on
corporate reconstruction business and investment banking for
midsize companies. However, a significant contribution to
earnings from these businesses is unlikely in the short term,
given the fierce competition and unknown market size. As a
result, the bank expects to maintain its higher reliance on less
profitable banking activities, and thus a substantial
improvement of profitability is unlikely in the near term.


DIA KENSETSU: Seeks Capital Injection From Leopalace21
------------------------------------------------------
Dia Kensetsu Co. seeks capital injection from real estate
developer Leopalace21 Corporation, Reuters reported on Thursday.
The size of the capital stake had yet to be decided, but Dia
Kensetsu planned to retire 99 percent of its outstanding common
stock before Leopalace21's purchase of an equity stake. The
ailing condominium developer was also seeking financial help
from lenders as well as a support from the state-backed
corporate rehabilitation body the Industrial Revitalization
Corporation of Japan (IRCJ).


FUJITSU LIMITED: Consolidates Semiconductor Assembly Operations
---------------------------------------------------------------
Fujitsu Limited will consolidate its four-semiconductor back-end
assembly and testing subsidiaries in Japan into one newly
established Company with four facilities. The new Company,
Fujitsu Integrated Microtechnology Limited, will focus on the
back-end assembly and testing of logic chips, integrating the
unique product lines and technological strengths of each of the
four units into one highly competitive organization with
improved efficiencies.

Under this reorganization, Fujitsu Tohoku Electronics Limited
will be the surviving corporate entity under a new name, into
which will be consolidated Fujitsu Miyagi Electronics Limited,
Kyushu Fujitsu Electronics Limited, and the manufacturing
operations in Gifu Prefecture of Fujitsu VLSI Limited, creating
one integrated Company focused on back-end fabrication.

Using Fujitsu's highly advanced chip package technology as a
base, the new Company will offer a variety of assembly and
testing services, extending from high-end chip packages for
servers and networking equipment, to commodity and multi-chip
packages for digital audio-viao equipment, mobile phones, and
in-car systems.

Through higher efficiencies in R&D and production, improved cost
competitiveness, and enhanced services, Fujitsu's goal in this
reorganization of its back-end fabrication is to deliver optimal
chip package solutions to its customers.

Overview of the New Company

Company Name:           Fujitsu Integrated Microtechnology
                        Limited (tentative)
President:              Mr. Teiichi Endo (tentative)
                        (current President of Fujitsu Tohoku
                        Electronics Limited)
Capital:                450 million yen
Equity Structure:       Wholly owned subsidiary of Fujitsu
                        Limited
Address:                4 Kogyodanchi, Monden-machi, Aizu-
                        Wakamatsu, Fukushima Prefecture, Japan
Revenue:                Approximately 31 billion yen (FY2003
                        second-half)
Date of Establishment:  October 1, 2003 (tentative)

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Standard & Poor's Ratings Services recently lowered its rating
on Fujitsu Limited to 'BB+pi' from 'BBB-pi', reflecting the
Company's weak financial profile and the relatively slow
recovery of its earnings and cash flow despite several years of
business reforms.

Like other electronics companies, Fujitsu continues to face
difficulty in securing profits in the platform business-which
includes computer hardware and communication equipment-amid
strong pricing pressures. The business environment is expected
to remain difficult, especially in the North American
telecommunications market, on which the Company still has a
relatively high dependence compared with its domestic peers. In
the electronic devices business, Fujitsu lacks competitive
products to ensure an improvement in earnings. Although the
Company's software business has offset weakness in its platform
and electronic devices segments; it is uncertain whether Fujitsu
can improve earnings from this business as planned, as
intensifying competition pressures its operating performance.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


HOLIDAY TOWER: Files Rehabilitation Plan Proceedings
----------------------------------------------------
Holiday Tower Co. and its six affiliated firms have filed with
the Tokyo District Court a rehabilitation plan featuring 15
billion yen in financial aid from U.S. investment fund Lone Star
Group as a sponsor, according to Kyodo News on Thursday. The
failed hotel management firm is located in Toyohashi, Aichi
Prefecture, operates Hotel Nikko Toyohashi. The affiliated firms
include Kyoto-based H.I. Plaza, which operates Holiday Inn
Kyoto.


KINKI NIPPON: Posts Y3.27B Net Loss
-----------------------------------
Kinki Nippon Tourist Co. incurred a group net loss of 3.27
billion yen in the January-June period, mainly due to the war in
Iraq and the outbreak of severe acute respiratory syndrome
(SARS), according to Japan Times yesterday. The travel agency
reported a loss of 5.39 billion yen in the same period a year
earlier. Sales in the six-month period slipped 6.2 percent to
46.62 billion yen. The negative impact from the two events is
likely to linger until October.


MATSUSHITA ELECTRIC: Unveils Restructuring, Growth Strategy
-----------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, will implement business
restructuring and a new growth strategy at the Motor Company (an
internal divisional Company of MEI). The Motor Company,
representing a business domain of MEI, will work to reestablish
a highly profitable / high growth business structure by creating
a value chain around the electric motor business, taking
advantage of the presence of formidable finished product
manufacturers within the Matsushita Group. Specifically, this
initiative will be centered on selection of priority business
lines and concentration of management resources into them,
including the establishment of a large-scale, customer-driven
sales structure in China.

Details of the business restructuring and growth strategy are as
follows:

1. Motor Company business restructuring and growth strategy

A. Selection of priority business lines and concentration of
resources into them

Based on MEI's new business performance evaluation criteria --
Capital Cost Management (CCM) and cash flows -- the Motor
Company will implement selection of priority areas and
concentration of management resources into them by classifying
its businesses into product lines that would benefit through
expansion of operations in China, product lines that will be
strengthened through alliances with other companies, and product
lines to be transferred to other divisions within the Matsushita
Group. Specific details are outlined below.

1) Manufacturing shift to China

Main manufacturing operations will be concentrated in China. In
line with this move, manufacturing operations of Takefu
Matsushita Electric Co., Ltd. (Takefu Matsushita) and National
Micro Motor Co., Ltd. (National Micro Motor), and certain
manufacturing operations of Matsushita Electronic Motor
(Malaysia) Sdn. Bhd. will be shifted to China. Meanwhile,
domestic operations will be responsible for headquarters
functions, including design/R&D, production engineering, R&D
verification, quality assurance and overseas support functions.
For the purpose of developing personnel suitable for these
functions, Matsushita Motor Experts Co., Ltd. will be
established as a wholly owned subsidiary of the Motor Company in
October 2003.

2) Increased sales centered on brushless motors

The Motor Company will work to augment sales in the respective
lines of motors for home appliances, information, and industrial
equipment, with emphasis on high-growth brushless motors, by
enhancing its customer-driven R&D structure and further
developing technologies pertinent to high-efficiency, enhanced
performance and low noise.

3) Joint venture with Minebea in four information equipment
motor categories

Minebea Co., Ltd. (Minebea) and MEI have agreed to terms on the
establishment, around April 2004, of a new joint venture Company
that will integrate the two companies businesses for information
equipment motors in four categories: axial fan motors, stepping
motors, vibration motors and direct current (DC) brush motors.
The new Company will tap Minebea's advanced ultra-precision
machining, mass-production technologies and cost
competitiveness, and MEI's latest product development
technologies to attain high added-value product development /
manufacturing capabilities and accelerate development speed, as
well as establishing a strong customer support structure, all
aimed at capturing the leading position in markets worldwide in
relevant product categories.

4) Transfer of hard disk drive (HDD)-use fluid dynamic bearing
motor business to Matsushita Kotobuki Electronics

On June 1, 2003 the Fluid Dynamic Bearing Company was
established as an internal Company of the Motor Company for the
purpose of integrating sales and R&D functions in this product
category. However, in order to fully integrate not only sales
and R&D, but also manufacturing functions, the fluid dynamic
bearing motor business of the Motor Company will be transferred
to Matsushita Kotobuki Electronics Industries, Ltd. (an MEI
subsidiary) on October 1, 2003.

B. Creation of a large-scale sales structure in the Chinese
market

Given the expansion into China by various finished product
manufacturers, the Motor Company will create a total value chain
by working closely with these customers, as well as developing
new customers, including local Chinese manufacturers. The Motor
Company will strengthen its operating structure in all of R&D,
manufacturing and sales, aiming for consolidated sales in China
of 100 billion yen over the mid term. To achieve this, the Motor
Company will implement the following:

1) Establishment of new Company for home appliance-use motors
and expansion of manufacturing facilities for information- and
industrial-equipment motors

In addition to the current two manufacturing locations in China
for home appliance-use motors, Hangzhou Matsushita Motor Co.,
Ltd. (HA) will be established, with operations scheduled to
begin in Autumn 2003. The new Company will be responsible for
home appliance-use motors for the Japanese and Southeast Asian
markets. Regarding information and industrial equipment-use
motors, a new factory will be established at Zhuhai Matsushita
Electric Motor Co., Ltd. As a result of these expanded
manufacturing facilities, the Motor Company will increase its
manufacturing operations in China to nearly double the current
capacity by the year ending March 31, 2005.

2) Strengthening have strategic and R&D functions in China

In addition to expanded manufacturing operations, the Motor
Company will focus on creating marketing strategies and
strengthening R&D functions in China, as well as making full use
of Chinese parts and materials. Through these initiatives, the
Motor Company aims for further business expansion, a more
customer-oriented business structure, and enhanced cost
competitiveness.

2. Employment restructuring initiatives associated with the
growth strategy

The Motor Company will implement employment restructuring at
domestic locations as part of the Company's realignment of its
global manufacturing structure, centered on the shift of
manufacturing operations to China. Specific details are outlined
below.

1) Closing of Takefu Matsushita and National Micro Motor

Due to the new functions that will be performed by domestic
locations, the manufacturing locations at Takefu Matsushita and
National Micro Motor will be closed, and, subject to necessary
approvals, both companies will be dissolved. However, both
companies will offer early retirement programs and assistance in
the form of additional retirement allowances, job searches and
other support for retiring employees.

2) Motor Company job relocation assistance program

The Motor Company will implement a job relocation assistance
program at domestic operations to address issues arising from
the shift of manufacturing operations to China. This program
will provide employees with opportunities through skill
development, as well as new career opportunities in response to
employees of diversified values and attitudes toward work.

3. Effect of business restructuring on MEI's financial results

The aforementioned Motor Company business restructuring and
growth strategy are not expected to have a material effect on
MEI's consolidated financial results forecast for the year
ending March 31, 2004. This forecast was announced on April 28,
2003.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand name, is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated sales of US$61.68 billion for
the fiscal year ended March 31, 2003. Matsushita's shares are
listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York,
Pacific, Euronext Amsterdam, Euronext Paris, Frankfurt and
Dusseldorf stock exchanges. For further information, please
visit the Matsushita Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

Contact:
Kan Takahashi,
Global Corporate Communications
Tel: +81-6-6998-1574
Fax: +81-6-6908-5817


MAZDA MOTOR: Appoints Imaki as New President
--------------------------------------------
Mazda Motor Corporation announced Wednesday that Hisakazu Imaki
has been named President and Chief Executive Officer, effective
immediately. Imaki succeeds Lewis Booth, who has been appointed
President and Chief Operating Officer of Ford Europe. John
Parker, formerly President of Ford Motor Company's ASEAN
Operations, has been appointed executive Vice President of
Mazda. The Mazda Board of Directors approved all changes on
Wednesday.

Kazuhide Watanabe, Chairman of Mazda, said, "It is an honor to
name Hisakazu Imaki President and CEO of Mazda. For nearly 40
years, Imaki-san has been a central part of Mazda and a key
player in many areas. He was instrumental in the creation and
launch of the Millennium Plan, and of many of the new products
we have today. As President, I'm confident he will carry forward
the excellent progress Mazda has made in the recent years.
Today, Mazda is building some of its best products ever, and
Imaki-san's efforts in this success should not go unnoticed. He
embodies the spirit of Mazda."

Imaki, 60, joined the Company in 1965 and has vast experience in
the areas of manufacturing, production engineering and business
logistics. He was first named a Company general manager in 1988.
In 1990, Imaki was named general manager of the Vehicle
Engineering Department and, three years later, he became a
director, serving as general manager of Production Engineering
Division.

Imaki became a managing director when he was put in charge of
Production Engineering, Manufacturing and Business Logistics in
1997. In March 2002, he was appointed a Mazda representative
director and the Company's sole executive Vice President. At
that point, Imaki was also named chief engineering &
manufacturing officer in charge of R&D, Production, Quality
Assurance and Business Logistics.

"I couldn't possibly leave Mazda in better hands," said Booth.
"I have worked closely with Imaki-san and know his capabilities
well. The leadership team at Mazda is very fortunate to have
Imaki-san, and I know that Imaki-san has the full support of the
entire Mazda team."

Parker, 55, is Mazda's executive Vice President, assistant to
President; in charge of Research & Development, Purchasing,
Quality Assurance, Marketing, Sales and IT Solutions. He brings
to Mazda vast experience in Ford's International Operations and
has served as President of Ford's ASEAN Operations since January
2002. In this role, Parker was responsible for all aspects of
Ford's operations in Indonesia, Malaysia, Vietnam, Thailand and
the Philippines. He also served on the Board of Directors of
AutoAlliance (Thailand) Co., Ltd., Mazda and Ford's joint
venture assembly plant in Thailand.

Prior to being named President of the ASEAN operations, Parker
was President of Ford Lio Ho in Taiwan for two years. Parker,
born in the United Kingdom, joined Ford South Africa in 1965 and
held a number of positions before his initial assignment in
Taiwan in 1979, where he ultimately became director, Technical
Operations. He was then assigned to Ford Australia in 1986 and
advanced to Vice President, Product Development. He also served
as President of Ford India from 1994-98.

"The appointment of John Parker brings Mazda additional global
experience, particularly in the areas of new and emerging
markets," added Chairman Watanabe. "As we move forward with our
product-led growth and move to become a stronger player in
emerging markets in Asia, I am sure John's strong ties with the
Ford organization and vast automotive experience will serve
Mazda well."

About Mazda Motor Corporation

Mazda Motor Corporation was established in 1920 and is one of
Japan's leading automobile manufacturers. With its headquarters
in Hiroshima, Mazda has two plants in Japan and manufacturing
and assembly operations in sixteen other countries. Mazda cars
and trucks are sold in more than one hundred and thirty
countries. Ford Motor and Mazda agreed to collaborate in 1979,
Ford Motor Company started investing in Mazda and increased its
shareholding to 33.39 percent as of March 31, 1999. For further
information, please visit the Mazda Motor Corporation home page
at: www.mazda.com/flash.html

Mazda Motor Corporation wants to revive sales in the United
States, boost market share in Japan and in Europe, and double
its dealership network in China, TCR-AP reported recently,
quoting Senior Managing Executive of Marketing and Sales Stephen
Odell.

According to Wright Investor's Service, at the end of 2003,
Mazda Motor had negative working capital, as current liabilities
were 910.67 billion yen while total current assets were only
745.75 billion yen.

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
+81-3-3508-5022


MITSUI MINING: Asking IRC's Help
--------------------------------
Mitsui Mining is seeking assistance from the state-backed
Industrial Revitalization Corporation of Japan (IRCJ) to help
the Company turn its business around, but no details have been
decided, Nihon Keizai Shimbun reported Wednesday. Mitsui Mining
will try to revive its operations by becoming a unit of the
IRCJ. The plan would also call for the firm's key lenders such
as Sumitomo Mitsui Banking Corporation to forgive 150 billion to
200 billion yen in loans.


SOFTBANK CORPORATION: JCR Upgrades Rating to BBB
------------------------------------------------
Japan Credit Rating (JCR) has upgraded the ratings on the bonds
of Softbank Corporation from BBB- to BBB, affirming the J-2
rating on the CP program.

Issues / Amount (bn) / Issue Date / Due Date / Coupon
Bonds no.2 / Y50 / Sept. 27, 1995 / Sept. 27, 2007 / 3.90 %
Bonds no.9 / Y10 / Oct. 18, 1996 / Oct. 17, 2003 / 3.45 %
Bonds no.10 / Y10 / Oct. 18, 1996 / Oct. 18, 2004 / 3.55 %
Bonds no.11 / Y10 / Oct. 18, 1996 / Oct. 18, 2006 / 3.80 %
Bonds no.12 / Y5 / Nov. 1, 1996 / Nov. 1, 2006 / 3.70 %
Bonds no.15 / Y40 / Sept. 21, 2001 / Sept. 21, 2005 / 3.00 %
Bonds no.16 / Y30 / Sept. 21, 2001 / Sept. 21, 2004 / 2.45 %
Bonds no.17 / Y10 / Sept. 21, 2001 / Sept. 21, 2005 / 3.00 %

CP:
Maximum: Y50 billion
Backup Line: 0%

RATIONALE:

Softbank is expected to incur a large operating loss for the
current fiscal year continually, being burdened with large costs
to capture members for its ADSL service, "Yahoo!BB." However,
JCR upgraded the rating for Softbank for the following reasons.

Softbank decreased the interest-bearing debt by selling off the
assets while allocating the resources to broadband business.
Secondly, there is much room for sell-off of the assets.
Thirdly, it has already obtained large size of members for the
broadband business and the business will be able to be
profitable. Given the competition of broadband business with NTT
and other and the fast innovation of telecommunications
technology, however, unexpected changes may occur in the future.
JCR considers it necessary to watch carefully the future trend.


TOKYO DOME: JCR Affirms BBB-, J-2 Ratings
-----------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- and the
J-2 ratings on the bonds and CP program of Tokyo Dome
Corporation, respectively.

Issues / Amount (bn) / Issue Date / Due Date / Coupon
Bonds no.5 / Y10 / Oct. 24, 1996 / Oct. 24, 2006 / 3.15 %
Bonds no.11 / Y8 / Sept. 8, 2000 / Sept. 8, 2003 / 2.85 %
Bonds no.12 / Y3.5 / Sept. 8, 2000 / Sept. 8, 2004 / 3.14 %

CP:
Maximum: Y35 billion
Backup Line: 0%

RATIONALE:

Tokyo Dome has been improving profitability and reducing the
interest-bearing debt by allocating the resources to the
profitable Tokyo Dome in Suidobashi, Tokyo. The redeveloped spa
complex attracts many visitors. Tokyo Dome plans to find out
alternative use of the stadium for a professional baseball team,
Japan Ham Fighters, which plans to move the home ground from
Tokyo Dome to other place. Both the revenue and profit are
expected to increase in fiscal 2003 ending January 31, 2004,
supported by these efforts.

Although the interest-bearing debt has been reduced by
constraint on capital spending and cutback in loans of the
finance business, JCR is concerned about impact of accounting
for impairment of long-lived fixed assets on the subsidiary that
is facing difficulty in its rehabilitation.

According to Wright Investor's Service, at the end of 2002,
Tokyo Dome had negative working capital, as current liabilities
were 274.53 billion yen while total current assets were only
256.05 billion yen.


TOSHIBA CORPORATION: Enters Deal With Applied Materials
-------------------------------------------------------
Applied Materials Inc. announced on Wednesday that its Black
Diamond(R) and BLOk(TM) low k dielectric films are being used by
Toshiba Corporation for volume production of its advanced 90nm
CMOS4 process in the Oita, Japan facility, further validating
the manufacturability of Applied Materials' low k films. Toshiba
is using Black Diamond and BLOk to deliver higher performance
and lower power consumption required for its TC300 family of
ASICs, now being incorporated in the latest wireless devices,
networking and server products.

Low k films are key to increasing the speed and power-efficiency
of next-generation devices but have presented significant
integration issues in the transition from research and
development to production. Working together, Toshiba and Applied
Materials have resolved these challenges to achieve a
production-worthy low k process that will enable faster, more
powerful chips.

Dr. Masakazu Kakumu, technology executive of Toshiba Corporation
Semiconductor Company said, "Our TC300 family is targeted at
next-generation, high-end applications ranging from portable
wireless devices to high-speed networking and server products.
Through a combination of design and manufacturing technologies,
including 11 layers of copper wiring and Applied Materials' low
k films, we are able to meet the most advanced performance and
low power requirements for these applications. For example,
integrating Black Diamond and BLOk has enabled us to reduce
power consumption by almost 50 percent and capacitance by 16
percent. These results open the door to supporting a wider array
of devices suitable for consumer and enterprise products."

Applied Materials' Black Diamond bulk dielectric film and BLOk
process for barrier and etch stop applications work together to
achieve an optimized combined effective-k value for the entire
dielectric stack structure. Both films are deposited using the
Company's proven Producer(R) CVD platform. With more than 600
systems installed worldwide, Producer provides proven
productivity, reliability and versatility for a broad range of
generations and applications. Toshiba has multiple Producer
systems in production to deposit these low k and other Applied
Materials CVD processes, with additional 300mm Producer systems
on order.

"We are very excited that Toshiba is using our CVD low k
dielectric films to manufacture their latest copper chip
designs," said Dr. Farhad Moghadam, group Vice President and
general manager of Applied Materials' Dielectric Systems and
Modules Product Business Group. "This development signifies a
new, long-awaited era in chip making, which has the potential to
revolutionize electronic products and applications. In addition
to providing Toshiba with the best low k technology, our goal is
to now offer process extendibility and support that can speed
time to market for their future products to 65nm and beyond."

Applied Materials, the largest supplier of products and services
to the global semiconductor industry, is one of the world's
leading information infrastructure providers. Applied Materials
enables Information for Everyone(TM) by helping semiconductor
manufacturers produce more powerful, portable and affordable
chips. Applied Materials' web site is www.appliedmaterials.com.
  
According to TCR-AP, Toshiba Corporation posted a group net loss
of 36.8 billion yen for the three months ended June 30, double
its loss in the year-earlier period.

Contacts:

Applied Materials Inc.
Connie Duncan, 408-563-6209 (Editorial/Media)
Carolyn Schwartz, 408-748-5227 (Financial Community)


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


HYUNDAI INVESTMENT: Prudential Nears Takeover Deal
--------------------------------------------------
The South Korean government is likely to wrap up the sale of
Hyundai Investment and Securities Co. (HISC) to Prudential
Financial Inc. for a conditional 500 billion won, Digital Chosun
reported on Thursday. The conditions are that the government
must receive 320 billion won to 350 billion won upfront, and an
additional 150 billion won to 180 billion won after two years,
depending on the operation of HISC.

When the deal pushes through, the government is expected to
spend about 2.4 trillion won in public funds to substantially
reduce the current bad assets at the Hyundai Group unit. The
government is to discuss the final terms and conditions for the
sale at a plenary session of the Public Fund Oversight Committee
on Wednesday.


HYUNDAI MOTOR: Guarantee of Debt Payment Issued For Third Party
---------------------------------------------------------------
Hyundai Motor Company (HMC) announced the guarantee of debt
payments for the third party as follows:

Disclosure date:  August 26, 2003
Disclosure title: Guarantee of Debt Payment for the Third Party
                  (Including Provision of Collateral)

1.      Name of guarantee (debtor): Equus Cayman Finance Ltd.
        - Relationship with company: -

2.      Creditor: Overseas Investor
        - Relationship with company: -

3.      Principal debts:

        - Amount: KRW 472,000,000,000
        - Details: Reflects the USD bond's principal and
        interest issued by the principal debtor from overseas

4.      Principal debts:

        - Amount of guarantee concerned: KRW 472,000,000,000

        - Accumulated balance of debt payment guaranteed: KRW
          472,000,000,000

        - Period of guarantee: September 11, 2003, September 10,
          2008 (5 years)

- Details: This bond is related to the derivatives
        transaction contract between Hyundai Motor Company, CSFB
        and JP Morgan Chase and serves as the Guarantee towards
        the bonds issued by the principal debtor

5.      Total Balance of debt guaranteed: KRW 472,000,000,000

        - Paid-in capital at the end of the previous fiscal
          year: KRW 1,476,454,200,000
        - Ratio to paid-in capital (%): 31.97

6.      Date of board resolution: August 26, 2003

        - 3 out of 4 outside directors were present.
        - 3 out of 3 auditors were present.

7.      Total Assets at the end of the previous fiscal year :
        KRW 20,867,273,000,000

8.      Others:

        - The bond issued by Equus Cayman Finance. Ltd and
        guaranteed by Hyundai Motor Company is expected to be
        listed and transacted through the Luxemburg Stock
        Exchange
    
        - The above principal debt, guarantee debt and total
        balance of debt guaranteed amounts have been derived
        from approximately USD 400,000,000 (F/X=1,180), and may
        be subject to change in the future at time of contract
     
        - Total interests other than the principal (the interest
        rate to be determined at a later date) and the total
amount to be paid by the issuer in accordance with the
terms of the bond are included in the guaranteed debt
amount.
       
        - The period of guarantee above may be subject to change
        depending on the market situation

        - Amounts less than KRW 1,000,000 have been deleted from
#7 above.

        - The BOD has approved this transaction on the
condition that needed government approval be attained

        - The above auditors in #6 are Hyundai Motor
Company!s internal auditors whose rights are delegated by the
audit committee.


(Balance of debt payment guaranteed (including provision of
collateral) per debtor)

Debtor          Relationship with      Balance (KRW)   
                 Company

Equus Cayman Finance Ltd.  -            472,000,000,00

Remark: Total interests other than the principal and the total
amount to be paid by the issuer in accordance with the terms of
the bond are included in the guaranteed debt amount.

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 104.100 and 104.510. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


SHIN DONG: Picks Dongwon as Prime Bidder
----------------------------------------
Dongwon Enterprise Consortium was selected as prime bidder to
acquire Shin Dong Bang Corporation, according to a report from
the Maeil Business Newspaper. Woori Bank, main creditor of Shin
Dong Bang, said on Wednesday that it would sign a MOU
(memorandum of understanding) with the consortium early next
month before it conducts a two-week due diligence inspection.

Other bidders including the CJ consortium and the KTB Network
consortium remain as spare negotiators.


SHINHAN BANK: Plans to Issue US$200M 10-Year Bonds
--------------------------------------------------
Shinhan Bank, a unit of Shinhan Financial Group, plans to issue
US$200 million in 10-year subordinated eurobonds in September,
Reuters said on Tuesday. The bank is expected to hold road shows
early in September and float the bond in the middle of next
month. The lead managers for the deal had not been decided yet.
The proceeds will be used to repay US$1.6 billion in debt
maturing between September and December this year.


TONGIL HEAVY: Production Resumes Wednesday
------------------------------------------
Tongil Heavy Industries resumed production on Wednesday after a
13-day shutdown, according to Digital Chosun. On August 14, the
Company started a lockout and halted its supply of parts to
South Korean carmakers. The Company has been stuck in a bitter
labor dispute, as the union has demanded a monthly wage increase
of 125,100 won for all of its workers, against the management's
offer to increase salaries by 50,000 won on the condition that
workers increase productivity by 30 percent.


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


BERJAYA GROUP: Revises Proposed Restructuring Exercise
------------------------------------------------------
On 28 June 2002, Commerce International Merchant Bankers Berhad
(CIMB) had, on behalf of the Board of Directors (Board) of
Berjaya Group Berhad, announced the following revisions to the
proposals previously announced on 23 May 2001:

PART A - PROPOSED RESTRUCTURING EXERCISE

   (i) The proposed voluntary members scheme of arrangement
pursuant to Section 176 of the Companies Act, 1965 (Act) on the
entire BGroup securities (i.e. BGroup Shares, BGroup ICULS and
BGroup Warrants as hereinafter defined) through a newly
incorporated company (Newco) by way of exchange in the
securities of Newco with that of BGroup (Proposed BGroup
Scheme);

   (ii) The proposed renounceable rights issue by Newco of
ordinary shares of RM1.00 each in Newco (Newco Shares) and
warrants (Newco Warrants) (Proposed Rights Issue);

   (iii) The proposed repayment of certain BGroup's bank
borrowings through the issuance of Newco Shares and 2% 10-year
irredeemable convertible unsecured loan stocks
(ICULS) of RM1.00 nominal value each in Newco (2% Newco ICULS)
(Proposed Repayment of Bank Borrowings);

   (iv) The proposed settlement of BGroup's inter-company
balances due to Berjaya Land Berhad (B-Land) and Berjaya Capital
Berhad (BCap) through the issuance of 2% Newco ICULS at the
nominal value of RM1.00 per 2% Newco ICULS (Proposed Inter-
Company Settlement); and

   (v) The proposed acquisition of the entire issued and paid-up
share capital of BTR (Proposed BTR Acquisition).

PART B - PROPOSED MANDATORY OFFER EXEMPTIONS

   (i) The proposed exemption to Tan Sri Dato' Seri Vincent Tan
Chee Yioun (TSVT) and parties acting in concert with him from
undertaking any Mandatory Offers that may arise from the
Proposed BGroup Restructuring Exercise;

   (ii) The proposed exemption to Newco from undertaking any
Mandatory Offers that may arise from the Proposed BGroup
Restructuring Exercise; and

   (iii) The proposed exemption to the BGroup lenders from
undertaking any Mandatory Offers that may arise from the
Proposed Repayment of Bank Borrowings.

The proposals in Parts A and B above are collectively referred
to as "Previous Proposals".

After taking into account the overall economic outlook, feedback
from BGroup's bankers and the current financial positions of
BGroup and its subsidiaries (Group), the Directors of BGroup
propose certain refinements to be made to the Previous
Proposals. As such, CIMB wishes to announce, on behalf of the
Board of BGroup, details of the Revised Proposals, which are set
out in the ensuing sections.

DETAILS OF THE REVISED PROPOSALS

PART A - PROPOSED BGROUP RESTRUCTURING EXERCISE

Proposed BGroup Scheme

As set out in the Previous Proposals, the Proposed BGroup Scheme
relates to the proposed voluntary members scheme of arrangement
pursuant to Section 176 of the Act on the entire ordinary shares
of RM1.00 each in BGroup (BGroup Shares) and proposed scheme
with the existing holders of 5% 10-year ICULS 1999/2009 of
RM1.00 nominal value each in BGroup (BGroup ICULS) and warrants
1999/2009 in BGroup (BGroup Warrants) (through separate meetings
for the BGroup ICULS and BGroup Warrants holders) with Newco for
the exchange of the securities of BGroup with Newco Shares and
2% Newco ICULS.

BGroup will then be delisted from the Main Board of the KLSE and
its listing status will be transferred to Newco.

Under the Revised Proposals, it is proposed that the coupon rate
of the ICULS to be issued by Newco shall be revised from 2% to
0%, the nominal value of the ICULS to be issued by Newco shall
be revised from RM1.00 to RM0.50 (the ICULS in Newco with
revised coupon rate and nominal value shall hereinafter be
referred to as the "0% Newco ICULS") and the basis of exchange
of the BGroup securities shall be revised in the manner as set
out in Table 1.

The above exchange ratios were arrived at based on, amongst
others, the market prices of the BGroup securities as at 25
August 2003.

The indicative principal terms of the 0% Newco ICULS are as set
out in Table 2.

Proposed Rights Issue

In the Previous Proposals, the Proposed Rights Issue involves
the issuance of new Newco Shares with free detachable Newco
Warrants as "sweeteners" on the basis of one (1) Newco Share and
one (1) Newco Warrant for every ten (10) Newco Shares or ten
(10) 2% Newco ICULS held on a date to be determined and
announced later by the Board, upon completion of the Proposed
BGroup Scheme, the Proposed Repayment of Bank Borrowings and the
Proposed BTR Acquisition.

Under the Revised Proposals, it is proposed that Newco will
implement a Proposed Rights Issue of 0% Newco ICULS on the basis
of four (4) 0% Newco ICULS (Rights ICULS) for every five (5)
Newco securities (i.e. Newco Shares or 0% Newco ICULS) held on
completion of the Proposed BGroup Scheme.

It is also proposed that 0.27 additional 0% Newco ICULS
(Additional ICULS) be issued for every one (1) Rights ICULS
subscribed. The basis of 0.27 Additional ICULS to be issued for
every one (1) Rights ICULS represents a yield of approximately
4% per annum for the 0% Newco ICULS over its tenure of ten (10)
years.

Further details of the capital-raising exercise are summarized
in Table 3.

The gross proceeds to be raised pursuant to the Proposed Rights
Issue will be utilized in the manner as set out in Table 4.

The 0% Newco ICULS to be issued pursuant to the Proposed Rights
Issue will have the same terms and conditions as those to be
issued pursuant to the Proposed BGroup Scheme.

Proposed Repayment of Bank Borrowings

As set out in the Previous Proposals, the Company proposed to
restructure some of its existing bank borrowings through the
issuance of Newco Shares and 2% Newco ICULS by Newco on behalf
of BGroup. Following discussions and negotiations with the
relevant parties, it is now proposed that the settlement of the
bank borrowings (inclusive of interest portion) shall be
satisfied through the issuance of 0% Newco ICULS.

The estimated total bank borrowings (including accrued interest)
to be restructured pursuant to the Proposed Repayment of Bank
Borrowings as of 31 December 2003 is approximately RM867.5
million. Payment of interest cost on the outstanding amount
after 31 December 2003 will be negotiated with the lenders.

The 0% Newco ICULS to be issued pursuant to the Proposed
Repayment of Bank Borrowings will have the same terms and
conditions as those to be issued pursuant to the Proposed BGroup
Scheme.

As part of the terms of the Proposed Repayment of Bank
Borrowings, the relevant parties will enter into a put and call
option arrangement wherein the relevant parties will be granted
a put option to sell and a call option to acquire up to
approximately RM699.2 million nominal value of 0% Newco ICULS.

Proposed Inter-Company Settlement

As set out in the Previous Proposals, Newco proposed to settle
its inter-company balances due to B-Land and BCap through the
issuance of 2% Newco ICULS at the nominal value of RM1.00 per 2%
Newco ICULS. It is now proposed that 0% Newco ICULS at the
nominal value of RM0.50 per ICULS be issued instead of 2% Newco
ICULS. It is also proposed that Additional ICULS be issued as
full and final settlement of the inter-company balances due to
B-Land and BCap.

As of 30 April 2003, the amount of inter-company balances owing
by BGroup to B-Land and BCap are approximately RM1,527 million
and RM1,385 million respectively (to be known as the "Proposed
B-Land Inter-Company Settlement" and the "Proposed BCap Inter-
Company Settlement" respectively). Based on the assumption that
the Proposed Inter-Company Settlement is completed by 30 June
2004, the estimated inter-company balances with B-Land and BCap
to be fully settled through the issuance of 0% Newco ICULS are
as set out in Table 5.

The 0% Newco ICULS to be issued pursuant to the Proposed Inter-
Company Settlement will have the same terms and conditions as
those to be issued pursuant to the Proposed BGroup Scheme.

Proposed BTR Acquisition

There is no change to the Proposed BTR Acquisition as per the
Previous Proposals. TSVT, a director and substantial shareholder
of BTR, has extended an offer to sell to BGroup or its nominee,
his entire direct shareholding of approximately 291.4 million
ordinary shares of RM1.00 each in BTR (BTR Shares) representing
approximately 72.7% equity interest in BTR for a total
consideration of approximately RM582.8 million or at RM2.00 per
BTR Share.

TSVT also has indirect shareholdings of approximately 51.0
million BTR shares representing approximately 12.7% of the
issued and paid-up share capital of BTR by virtue of his
interests in Hotel Resort Enterprise Sdn Bhd and Nostalgia Kiara
Sdn Bhd.

Newco and/or BGroup will approach the other shareholders of BTR
for the sale of the remaining 109.7 million BTR Shares
representing approximately 27.3% of the issued and paid-up share
capital of BTR to Newco/BGroup or their nominee, for a total
consideration of RM219.4 million or at RM2.00 per BTR Share.

The entire purchase consideration for the Proposed BTR
Acquisition of approximately RM802.2 million will be satisfied
through the issuance of Newco Shares at par.

Under the Previous Proposals, TSVT has agreed to provide a
profit guarantee that the cumulative audited consolidated profit
after tax of BTR for the two (2) financial years ending 31
December 2003 will not be less than RM100 million in total. For
the financial year ended 31 December 2002, the audited
consolidated profit after tax of BTR is approximately RM41.6
million.

The purchase consideration for the Proposed BTR Acquisition of
approximately RM802.2 million or RM2.00 per BTR Share was
arrived at after taking into consideration, amongst others, the
adjusted NTA of BTR, after incorporating the revaluation surplus
(net of deferred taxation) arising from the valuation of the
land in BTR (BTR Land), the location of the BTR Land and its
development potential.

Messrs. Colliers Jordan Lee & Jaafar Sdn Bhd, the independent
valuers, has valued the BTR Land at approximately RM1,475
million based on open market valuation as of 30 April 2003.

The NTA per BTR Share as at 31 December 2002 is approximately
RM1.11. The adjusted NTA per BTR Share as at 31 December 2002
after incorporating the revaluation surplus (net of deferred
taxation) is approximately RM2.62.

The purchase consideration of RM2.00 per BTR Share thus
represents a discount of approximately RM0.62 or 24% to the
adjusted NTA per share of BTR of RM2.62.

The BTR Shares will be acquired by Newco, free from all liens,
charges, claims and encumbrances and with all rights, benefits
and advantages attaching thereto and accruing in respect of the
BTR Shares.

There will not be any assumption of liabilities by Newco in
respect of the Proposed BTR Acquisition.

Proposed Listing Transfer

There is no change to the Proposed Listing Transfer as per the
Previous Proposals. In conjunction with the Proposed BGroup
Scheme, it is proposed that the listing status of BGroup on the
Main Board of KLSE be transferred to Newco. BGroup will then be
delisted and Newco will be admitted to the Official List of the
KLSE and all the securities of Newco to be issued pursuant to
the Revised Proposals will be listed and quoted on the Main
Board of KLSE.

Ranking of the Newco Shares to be issued pursuant to the
Proposed BGroup Restructuring Exercise

The Newco Shares will, upon allotment and issue, rank pari passu
in all respects with the existing issued and fully paid-up Newco
Shares save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of
the Newco Shares.

Only the Newco Shares and 0% Newco ICULS to be issued pursuant
to the Proposed BGroup Scheme will be entitled to the Proposed
Rights Issue.

The new Newco Shares to be issued pursuant to the subsequent
conversion of the 0% Newco ICULS arising from the Proposed
Rights Issue shall, upon allotment and issue, rank pari passu in
all respects with the existing issued and fully paid-up Newco
Shares, save and except that they shall not be entitled to any
dividends, rights, allotment and/or distributions, the
entitlement date for which is prior to the date of conversion of
the 0% Newco ICULS.

PART B - PROPOSED MANDATORY OFFER EXEMPTIONS

Mandatory Offer implications on TSVT and parties acting in
concert with him

TSVT and parties acting in concert with him will seek a waiver
from undertaking any Mandatory Offer obligations that may arise
from the Proposed BGroup Restructuring Exercise.

Mandatory Offer implications on Newco

Newco will seek a waiver from undertaking any Mandatory Offer
obligations that may arise from the Proposed BGroup
Restructuring Exercise.

Mandatory Offer implications on the BGroup Lenders
Under the Previous Proposals, BGroup lenders will seek an
exemption from undertaking any Mandatory Offer obligations that
may arise from the Proposed Repayment of Bank Borrowings.

For the Revised Proposals, the borrowings will be restructured
into term loan or settled by way of issuance of 0% Newco ICULS
and as such, there are no Mandatory Offer obligations by the
BGroup lenders arising from the Proposed Repayment of Bank
Borrowings.

RATIONALE FOR THE REVISED PROPOSALS

The rationale for the Revised Proposals are similar to that of
the Previous Proposals as follows:

(a) Recapitalisation of BGroup's capital base via the issuance
of new equity/quasi-equity;

(b) Reduction in BGroup's bank borrowings by approximately RM1.1
billion;

(c) Rejuvenation of BGroup's income stream with prospects of
turnaround; and

(d) Resolution of inter-company balances with B-Land and BCap.

EFFECTS OF THE REVISED PROPOSALS

Share Capital

The effects of the Proposed BGroup Restructuring Exercise on the
issued and paid-up share capital of Newco are as set out in
Table 6.

Shareholding Structure

The effects of the Proposed BGroup Restructuring Exercise on the
shareholding structure of Newco are as set out in Table 7.

Proforma NTA

The effects of the Revised Proposals on the proforma NTA of
Newco and its subsidiaries and associated companies (Newco
Group) based on the unaudited consolidated accounts of BGroup as
at 30 April 2003, assuming that the Revised Proposals have been
completed on that date, are as set out in Table 8.

Earnings

The Revised Proposals are expected to be completed by the last
financial quarter of 2004. Newco Group's earnings for the
financial year ending 30 April 2004 will be reduced by the
issuance of the Additional ICULS pursuant to the Proposed BGroup
Restructuring Exercise. Barring any unforeseen circumstances,
the Revised Proposals are expected to contribute positively to
the future earnings of the Group/Newco Group thereafter.

APPROVALS REQUIRED

The Revised Proposals are conditional upon the approvals of the
following being obtained:

  (i) the Securities Commission (SC), for the Revised Proposals;

  (ii) the Foreign Investment Committee, for the Revised
Proposals;

   (iii) KLSE, for the listing of and quotation for the Newco
securities to be issued pursuant to the Proposed BGroup
Restructuring Exercise, the Proposed Listing Transfer and the
new Newco Shares to be issued pursuant to the conversion of the
0% Newco ICULS;

   (iv) the shareholders of BGroup for the Proposed BGroup
Restructuring Exercise at an extraordinary general meeting (EGM)
to be convened; as well as the shareholders of BGroup at a
meeting to be convened by an Order of the High Court of Malaya
pursuant to Section 176 of the Act, the holders of the BGroup
ICULS and BGroup Warrants at separate meetings to be convened,
for the Proposed BGroup Scheme;

   (v) the shareholders of B-Land for the Proposed B-Land Inter-
Company Settlement at an EGM to be convened respectively;

   (vi) the shareholders of BCap for the Proposed BCap Inter-
Company Settlement at an EGM to be convened respectively;

   (vii) Bank Negara Malaysia, for the Proposed Restructuring
Exercise (in particular, the proposed change in the ultimate
controlling shareholder of Berjaya General Insurance Berhad, a
subsidiary of BCap, from BGroup to Newco);

   (viii) the BGroup lenders, for the Proposed Repayment of Bank
Borrowings;

   (ix) the Order of the High Court of Malaya sanctioning the
Proposed BGroup Scheme (in relation to the scheme involving the
shareholders of BGroup); and

   (x) any other relevant authorities, if required.

The Proposed Repayment of Bank Borrowings, the Proposed BTR
Acquisition, the Proposed Inter-Company Settlement and the
Proposed Rights Issue are conditional upon the Proposed BGroup
Scheme. The Proposed BTR Acquisition is conditional upon the
Proposed Repayment of Bank Borrowings and the Proposed Inter-
Company Settlement.

The Proposed BGroup Restructuring Exercise is conditional upon
the Proposed Mandatory Offer Exemptions.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Proposed BTR Acquisition

TSVT is a Director and substantial shareholder of BGroup and
BTR. As such, TSVT is deemed interested in the Proposed BTR
Acquisition. Accordingly, he has abstained and will continue to
abstain from all the board deliberations of BGroup pertaining to
the Proposed BTR Acquisition. TSVT will also abstain and ensure
that persons connected to him will abstain from voting in
respect of his/their direct and/or indirect shareholdings in
BGroup at the forthcoming EGM of BGroup to be convened for the
Proposed BTR Acquisition.

Tan Sri Dato' Danny Tan Chee Sing (TSDT) and Rayvin Tan Yeong
Sheik (RTYS) are the brother and son to TSVT respectively and
are both Directors of BGroup. They are therefore deemed
interested in the Proposed BTR Acquisition. As such, they have
abstained and will continue to abstain from all the board
deliberations of BGroup pertaining to the Proposed BTR
Acquisition. They will also abstain and ensure that persons
connected to them will abstain from voting in respect of their
direct and/or indirect shareholdings in BGroup (if any) at the
forthcoming EGM of BGroup to be convened for the Proposed BTR
Acquisition.

Dato' Mohd Annuar bin Zaini (DMAZ) is a Director of BGroup. He
is also a Director and substantial shareholder of Satriani Sdn
Bhd, which in turn has an equity interest of approximately 2.81%
in BTR. He is therefore deemed interested in the Proposed BTR
Acquisition. As such, he has abstained and will continue to
abstain from all the board deliberations of BGroup pertaining to
the Proposed BTR Acquisition. He will also abstain and ensure
that persons connected to him will abstain from voting in
respect of his/their direct and/or indirect shareholdings (if
any) in BGroup at the forthcoming EGM of BGroup to be convened
for the Proposed BTR Acquisition.

Proposed Inter-Company Settlement

Based on Table 9(a) to (c) which sets out the Directors and
substantial shareholders of BGroup, B-Land and BCap, TSVT, TSDT,
Robert Yong Kuen Loke (RYKL) and Chan Kien Sing (CKS) are deemed
interested in the Proposed Inter-Company Settlement.

RTYS is the son to TSVT and a Director of BGroup. He is
therefore deemed interested in the Proposed Inter-Company
Settlement. As such, he has abstained and will continue to
abstain from all the board deliberations of BGroup pertaining to
the Proposed Inter-Company Settlement. He will also abstain and
ensure that persons connected to him will abstain from voting in
respect of his/their direct and/or indirect shareholdings in
BGroup (if any) at the forthcoming EGM of BGroup to be convened
for the Proposed Inter-Company Settlement.

In view of the above, the aforementioned Directors will abstain
from all of the respective BGroup's, B-Land's and/or BCap's
board deliberations pertaining to the Proposed Inter-Company
Settlement (where applicable). They will also abstain and ensure
that persons connected to them will abstain from voting in
respect of their direct and/or indirect shareholdings in
BGroup/B-Land/BCap at the forthcoming EGM of BGroup/B-Land/BCap
to be convened for the Proposed Inter-Company Settlement (where
applicable).

BGroup, the holding company of B-Land and BCap is deemed
interested in the Proposed Inter-Company Settlement and as such,
will abstain and ensure that persons connected to it will
abstain from voting in respect of its/their direct and/or
indirect shareholdings in B-Land and BCap at the forthcoming
EGMs of B-Land and BCap to be convened for the Proposed B-Land
Inter-Company Settlement and the Proposed BCap Inter-Company
Settlement.

The common directorships in BGroup, B-Land and BCap are as set
out in Table 9(a). The shareholdings of BGroup and the
abovementioned Directors in BGroup, B-Land and BCap (where
applicable) are set out in Table 9(b). The shareholdings of the
substantial shareholders of BGroup, B-Land and BCap, who are
interested or deemed interested in the Revised Proposals are as
set out in Table 9(c).

Save as disclosed above, the Company is not aware of any other
Directors and/or substantial shareholders of BGroup, which has
any interests, direct or indirect, in the Revised Proposals.

UNDERWRITING AND UNDERTAKING ARRANGEMENT

TSVT has indicated that he will subscribe or procure for the
subscription of his entitlements pursuant to the Proposed Rights
Issue amounting to approximately RM103.8 million (or 207.6
million in quantity) 0% Newco ICULS. Underwriting arrangement(s)
will be sought for the balance of approximately RM179.8 million
(or 359.6 million in quantity) 0% Newco ICULS.

DIRECTORS' STATEMENT

The Board of BGroup is of the opinion that the Revised Proposals
are in the best interest of the Company and the Group.

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

The Proposed BGroup Restructuring Exercise may not comply with
certain criteria as stipulated in the SC Guidelines. Appropriate
indulgence will be sought from the SC on the non-compliance
thereof.

Tables 1-9 can be found at
http://bankrupt.com/misc/TCRAP_Berjaya0829.doc.


BESCORP INDUSTRIES: Oct 29 Pre-Trial Case Management Set
--------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
wishes to announce that a Notice to Attend Pre-Trial Case
Management (Guaman No: D4-22-1600-98) has been served to the
Company and its subsidiary, Waktu Cerah Sdn. Bhd. by BSN
Merchant Bank on 27 August, 2003.

The Pre-Trial Case Management has been fixed on 29 October 2003.

The Company will consult its solicitors on the next course of
action and shall make the necessary announcement in due course.


CEMENT INDUSTRIES: Unit Obtains Existing Borrowings Refinancing
---------------------------------------------------------------
Cement Industries of Malaysia Berhad (CIMA) wishes to announce
that its wholly owned subsidiary, Negeri Sembilan Cement
Industries Sdn Bhd (NSCI) entered into a RM360 million
Bridging Loan Facility Agreement on 25 August 2003 for the
purposes of:

   a) refinancing part of its existing term loan borrowings; and

   b) repaying advances made by CIMA to NSCI, in relation to the
issuance of RM166 million Convertible Secured Loan Stocks
(CSLSon 30 August 2001 by CIMA as partial settlement of term
loan debt of NSCI.

As such, CIMA will redeem RM166 million CSLS in full on 29
August 2003.

The Bridging Loan Facility will subsequently be refinanced via
Private Debt Securities (PDS) to be issued by NSCI subject to
approval of the relevant authorities. The details of the PDS
issuance will be announced later.


FOREMOST HOLDINGS: Receivers, Managers Appointed to Unit
---------------------------------------------------------
Foremost Holdings Berhad wishes to clarify the expected losses
arising from the appointment of Receiver and Manager.

As Kenn Kenn Auto Accessories & Services (KKAA) is neither a
core subsidiary nor the core business of Foremost Holdings
Berhad, the Company expects the appointment of Receiver and
Manager will have minimal impact on its operation. However in
view of the unaudited amount owing by KKAA to Foremost Group as
at 30 June 2003 is RM12.42 million of which RM7.10 million has
been provided for as bad and doubtful debts, the Group expects a
further loss in terms of bad and doubtful debts in respect of
the balance of RM5.32 million, should KKAA be wound up and
unable to repay the debts. Otherwise, there is no impact on the
Group's accounts.

Foremost Group does not provide any corporate guarantees in
respect of all the banking facilities of KKAA. Therefore,
barring any unforeseen circumstances, the Group shall not liable
to the borrowings of KKAA.


FOREMOST HOLDINGS: Unit Defaults Secured Overdraft Facility
-----------------------------------------------------------
Pursuant to the Practice Note 1/2001, Foremost Holdings Berhad  
announced that the Group's wholly owned subsidiary, Kenn Kenn
Auto Accessories & Services Sdn Bhd (KKAA) has defaulted in
payment of the principal and interest to RHB Bank Berhad in
respect of a secured overdraft facility of RM4,000,000.

KKAA had defaulted in payments on the facility owing to the
losses suffered by the company in its auto accessories business
in recent years coupled with the adverse cash flow of the
company subsequent to the cessation of its business in year
2002. Presently, the unaudited outstanding principal and
interest is RM4.76 million.

The facility granted to KKAA is secured by a debenture on all
fixed and floating assets of the company except for some landed
properties which are already charged to certain banks, and a
personal, joint and several guarantee from Mr. Siow You, who is
a director of KKAA as well as Foremost Holdings Berhad
(Foremost). Foremost, as the holding company does not provide
corporate guarantees for the said facility.

As RHB Bank Berhad has appointed a receiver and manager on 20
August 2003 under the powers contained in the Debenture dated 31
March 1997, the company is currently in the midst of executing
the procedures as requested by the receiver and manager.


KAI PENG: Court Grants Winding Up Petition Consent Order
--------------------------------------------------------
Further to Kai Peng Berhad announcement dated 19 August 2003 in
relation to the Winding-Up Petition filed by Chip Ngai
Engineering Works Sdn Bhd.

The Company is pleased to announce that the Court has granted a
Consent Order dated 19 August 2003 for the Winding-Up petition
by Chip Ngai Engineering Works Sdn Bhd to be withdrawn
immediately and the matter settled with no order as to costs.


KIARA EMAS: KLSE, SC Approves Proposals Application
---------------------------------------------------
Reference is made to Kiara Emas Asia Industries Berhad's
Proposals consisting of:

     i. Proposed Shareholders' Scheme
    ii. Proposed Creditors' Scheme
   iii. Proposed Disposal
    iv. Proposed Acquisition
     v. Proposed Special Issue
    vi. Proposed Restricted Issue
   vii. Proposed Mandatory Offer
  viii. Proposed Transfer Of Listing Status
(hereinafter collectively referred to as the "Proposals"
   ix. Proposed Exemption

On behalf of Kiara Emas, AmMerchant Bank Berhad (AmMerchant
Bank) wishes to announce the following approvals from the
authorities:

1. Approval from the Kuala Lumpur Stock Exchange (KLSE)

On 14 August 2003, AmMerchant Bank had submitted an application,
on behalf of Major Team Holdings Berhad (MTHB), which will
assume the listing status of Kiara Emas on the Second Board of
the KLSE upon the completion of the Proposals, to shorten the
closing date for the receipt of applications for and acceptances
of the new ordinary shares of RM1.00 each (Shares) in respect of
the Proposed Restricted Issue, to be on the fifth (5th) market
day after the issuance of the Provisional Allotment Letter (PAL)
in respect of the Proposed Restricted Issue, instead of on the
seventeenth (17th) market day after the books closure date of
the Proposed Restricted Issue (BCD), as originally approved by
the KLSE on 30 June 2003 and announced by AmMerchant Bank on 1
July 2003.

The KLSE has via its letter dated 22 August 2003 approved the
above-mentioned application, subject to the following
conditions:

   (a) MTHB must issue and dispatch the PALs to the entitled
shareholders within five (5) market days from the BCD; and

   (b) MTHB must ensure that the entitled shareholders receive
the PALs at least four (4) clear market days prior to the
closing date of the Proposed Restricted Issue.

2. Approval from the Securities Commission (SC)

The SC has via its letter dated 25 August 2003 approved the
following applications by Kiara Emas/MTHB:

(a) Change in the proposed utilization of the proceeds of the
Proposed Special Issue and the Proposed Restricted Issue

The SC approved the application to further increase the proposed
utilization of the proceeds of the Proposed Special Issue and
the Proposed Restricted Issue up to RM6,796,000, for the payment
of 50% of the interest accruing on the total amount owing to the
bank creditors of Kiara Emas as at 31 March 2001, for the period
commencing on 1 April 2001 and ending on the date of issuance of
the 2% 5-year redeemable convertible unsecured loan stocks to be
issued by MTHB to its scheme creditors (RCULS), inclusive of
both dates, based on the assumption that the Proposals will be
completed and the RCULS will be issued on 31 December 2003.
Based on the above-mentioned approval, the gross proceeds of the
Proposed Special Issue and the Proposed Restricted Issue
amounting to RM20,999,999 will be utilized for the following
purposes:

   (i) Up to RM6,796,000 will be used to satisfy 50% of the
interest accruing on the total amount owing to the bank
creditors of Kiara Emas as at 31 March 2001, for the period
commencing on 1 April 2001 and ending on the date of issuance of
the RCULS, inclusive of both dates, assuming that the RCULS will
be issued on 31 December 2003. Any variation in the actual
amount of interest payable to the bank creditors will be
adjusted in the portion of the proceeds to be utilized for
working capital purposes; and

   (ii) The remainder will be used for working capital of the
Stone World Group.

(b) Pledging of 25,000,000 Shares in MTHB, representing 50% of
the 50,000,000 MTHB Shares received by Excellent Avenue (M) Sdn
Bhd (Excellent Avenue) as consideration for the Acquisition,
which are to be placed under moratorium (Moratorium Shares)

In its press release dated 11 March 2002, the SC had announced
that with regards to acquisitions of assets resulting in reverse
take-overs of listed companies, a moratorium will be imposed on
50% of the consideration securities to be received by the
vendors of the assets to be injected, whereby the vendors will
not be allowed to sell, transfer or assign the securities for
one year from the date the securities are listed on the KLSE.
Thereafter, the securities are not subjected to any moratorium
requirement. This new treatment of moratorium would apply
automatically to proposals, which have been approved by the SC
since October 2002.

On 25 August 2003, the SC had approved Excellent Avenue's
application to pledge 14,400,000 Moratorium Shares to AmTrustee
Berhad (Stakeholder) as security for the profit guarantee
executed by Excellent Avenue in favor of MTHB, and 10,600,000
Moratorium Shares to Hong Leong Bank Berhad (HLBB) as security
for the credit facilities to be extended by HLBB to Ample
Potential Sdn Bhd (Ample Potential) to finance Ample Potential's
subscription for the Proposed Restricted Issue. The said
approval is subject to the following conditions:

   (i) The moratorium condition imposed on the Moratorium Shares
shall remain; and

   (ii) Excellent Avenue, the Stakeholder and HLBB shall each
provide a written confirmation that the beneficial owner of the
Moratorium Shares to be deposited with the Stakeholder and HLBB
shall remain unchanged, and that any disposal, transfer or
assignment of rights to the Moratorium Shares shall not be
executed without the prior consent of the SC.


METACORP BERHAD: Unit Executes RM5M Revolving Credit Facility
-------------------------------------------------------------
Metacorp Properties Sdn Bhd (MPSB), a wholly-owned subsidiary of
Metacorp Berhad has on 27 August 2003, executed a Revolving
Credit Facility (Facility) Agreement of RM5.0 million with
Bumiputra-Commerce Bank Berhad (BCB).

The Facility is charged at cost of Fund (COF) plus 1.00% per
annum. The security arrangement of the Facility is a first
charge over leasehold land known as P.T 8330 H.S. (M) 2095 and
P.T. 8331 H.S (M) 2096 both in the Mukim Bukit Katil, Daerah
Melaka Tengah, Melaka in favor of BCB subject to minimum 2.0
times security cover. The Facility is for working capital
purposes of MPSB.


MTD CAPITAL: Disposes Quoted Securities in WCT to Cut Debt
----------------------------------------------------------
Aseambankers Malaysia Berhad (Aseambankers), on behalf of the
Board of Directors of MTD, wishes to announce that its wholly
owned subsidiary, MTD Equity Sdn Bhd (MTDE), had from 28 July
2003 until 22 August 2003 disposed 6,150,100 WCT Engineering
Berhad (WCT) warrants at an average price of RM3.14 per warrant
and on 30 July 2003 disposed 500,000 ordinary shares of RM1.00
each in WCT at a price of RM5.15 per share via the open market.
The total cash consideration for the Disposals was approximately
RM21.46 million which is approximately 5.13% of the net tangible
assets of the Company as at its latest audited accounts for the
year ended 31 March 2003 of RM418.224 million.

RATIONALE

The Disposals will enable MTDE to realize the value of its
investments in WCT, which has appreciated recently.

EFFECTS OF DISPOSALS

The proceeds from the Disposals is expected to be utilized to
reduce borrowings and for working capital purposes.

APPROVALS REQUIRED

The Disposals is not subject to the approval of shareholders or
any relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors and substantial shareholders of the
Company or persons connected to them have any interests, whether
direct or indirect in the Disposals.

DIRECTORS' STATEMENT

The Board of Directors of MTD is of the opinion that the
Disposals is in the best interest of the Company.


NCK CORPORATION: Liquidators Appointed to Unit KWSB
---------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed), in
relation to the Appointment of Liquidators to Khazanah Sdn Bhd
(KWSB), an associated company of NCK Development Sdn Bhd which
in turn is a wholly-owned subsidiary the Company, wishes to make
the following announcement in relation to the appointment of
Liquidators to KWSB as required under Chapter 9 of the KLSE
Listing Requirements.

a) The date of appointment

On 27 August 2003, Mr Lim Tian Huat and Mr Adam Primus Varghese
bin Abdullah of Messrs Ernst & Young, 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur were
appointed as Liquidators of KWSB via Meeting of Creditors held
at 2nd Floor, Units No 6, 8, 10, 12, Jalan 2/109E, Jalan Desa,
Taman Desa, Off Jalan Klang Lama, 58100 Kuala Lumpur.

b) The details of the listed issuer, any of its subsidiaries or
major associated companies which are under the receiver, manager
or receiver and manager or other person of similar capacity

KWSB was incorporated in Malaysia on 30 April 1994. The present
authorized share capital of KWSB is RM5,000,000 comprising
5,000,000 ordinary shares of RM1.00 each of which 2,000,000
ordinary shares of RM1.00 each have been issued and fully paid-
up. KWSB is a dormant company.

c) The net book value of the affected assets

KWSB has net liabilities of RM12,397,606 as at 6 August 2003.

d) The details of the events leading to the appointment of the
receiver, manager or receiver and manager or other person of
similar capacity

KWSB cannot by reason of its liabilities continue its business
and is to be wound up voluntarily by way of Creditors' Voluntary
Liquidation pursuant to Section 254(1)(b) of the Companies Act,
1965.

e) The financial and operational impact of the aforesaid
appointment on the group, if any

KWSB has accumulated losses of RM14,397,606 as at 6 August 2003.
The appointment of Liquidators will not have any operational
impact on the Group as KWSB is a dormant company.

f) The expected losses, if any, arising from the aforesaid
appointment

No further losses is expected to arise from the appointment as
KWSB is a dormant company.


g) The steps taken or proposed to be taken by the listed issuer
in respect of the aforesaid appointment

No steps are expected to be taken by NCK in respect of the
appointment of Liquidators.


PAN MALAYSIAN: Changes Rights Issue Proceeds Utilization
--------------------------------------------------------
Pursuant to Pan Malaysian Industries Berhad's Rights Issue which
was completed on 20 August 2003, the Company received a total of
RM137,495,059 proceeds. Out of the total proceeds received, an
amount of RM64,121,294 had been approved for part repayment of
bank borrowings of the Company and its subsidiaries (Group Bank
Borrowings).

On behalf of the Board of Directors (Board) of PMI, PM
Securities Sdn Bhd wishes to announce that the Board had on 26
August 2003 resolved to vary the utilization of the rights issue
proceeds, by way of reclassifying RM15.0 million of the amount
earmarked for part repayment of the Group Bank Borrowings as
working capital of the Company and its subsidiaries (excluding
Metrojaya Berhad and its subsidiaries). The Company for the
purpose of part repayment of the Group Bank Borrowings will
utilize the remaining RM49,121,294.


PANCARAN IKRAB: Proposed Land Acquisition Terminated
----------------------------------------------------
Further to the announcement dated 20 August 2003, the Boards of
Directors of Pancaran Ikrab Berhad and Dceil International had
on 20 August 2003 written to the Vendor of the Land to terminate
the sale and purchase agreement dated 30 October 2002 to acquire
the 99-years leasehold land measuring 95,927 square meters held
under the title H.S.(D) No. 21149 P.T. No 67622, Mukim Kuala
Kuantan, Pahang Darul Makmur, for a purchase consideration of
RM8,000,000 to be satisfied by way of issuance of 8,000,000 new
Dceil International at par (SPA Land).

Following the decision of the Securities Commission (SC) on 12
August 2003 to reject the appeal made by Public Merchant Bank
Berhad (PMBB), on behalf of the Board of PIB on 30 April 2003,
to reinstate the purchase consideration of the Land at
RM8,000,000 as opposed to the proposed purchase consideration as
approved by the SC at RM5,500,000 via its approval letter dated
1 April 2003, the Boards of Directors of PIB and Dceil
International had decided to terminate the SPA Land, in
accordance with Clause 3.7 of the SPA Land.

RATIONALE FOR THE TERMINATION OF THE PROPOSED ACQUISITION OF
LAND

After due deliberations by the Boards of Directors of PIB and
Dceil International, they are of the opinion that the Land, was
originally proposed to be acquired for warehouse for its storage
of goods in line with the management intention to expand its
business activities of Dijaya and Imex in the East Peninsular
Malaysia, may not be required for immediate use as the enlarged
Dceil International Group intends to expand its business in the
Asia-Pacific region, namely, China, a fast expanding market.

In this respect, as the intention of the enlarged Dceil
International Group to focus on the Asia-Pacific region, the
Land will not provide immediate benefits to the enlarged Dceil
International Group.

FINANCIAL EFFECTS

Further to the announcement dated 20 August 2003, the financial
effects of the Proposed Revisions and the aborted Proposed
Acquisition of Land on the share capital, earnings, substantial
shareholders and the net tangible assets of the PIB Group as at
31 December 2001 and the Dceil International Group based on its
latest management account as at 31 October 2002 are set out in
the Table at http://bankrupt.com/misc/TCRAP_Pancarn0829.doc.


PILECON ENGINEERING: Proposes Acquisition of Mahabudi Land
----------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering Berhad, is pleased to announce
that Pilecon had, on 25 August 2003, entered into a Sale and
Purchase Agreement (SPA) with Mahabudi Development Sdn Bhd
(Mahabudi) and Handersons (Malaysia) Sdn Bhd (Handersons) for
the acquisition of two (2) pieces of freehold land held under
Geran Nos 42711 and 43116 for Lots 1570 and 11156 respectively,
both in the Mukim of Plentong, District of Johor Bahru, State of
Johor measuring in area approximately 20.5125 ha and 85.20 ha
respectively (Mahabudi Land) for a total purchase consideration
of RM82,000,000 to be satisfied by the issuance of RM82,000,000
nominal amount of 5% redeemable convertible secured loan stocks
2004/2007 (RCSLS-B) at 100% nominal amount (Proposed Acquisition
of Mahabudi Land).

The Proposed Acquisition of Mahabudi Land forms part of
Pilecon's scheme of arrangement with certain of its unsecured
creditors, pursuant to section 176 of the Companies Act, 1965
which was announced on 21 February 2003.

DETAILS OF THE PROPOSED ACQUISITION OF MAHABUDI LAND

The Mahabudi Land is located in the rapidly developing Pasir
Gudang corridor in the eastern suburb of the city of Johor Bahru
at about 22 kilometers east of the city center. Pilecon will be
developing the Mahabudi Land into a mixed residential and
commercial development project comprising commercial and
residential units and other complementary and ancillary
facilities. The mixed residential and commercial development
project was approved for development with 442 units of 2-storey
terrace houses, 660 units of low-cost flats, 251 units of low-
medium cost flats, 248 units of low-medium cost apartment, 1,172
units of apartments, 3 units of 2-storey detached houses, 215
units of 5-storey terrace shop/offices, a commercial center, 4
commercial lots, a petrol station site and 75 units of low-cost
shops.

Currently, 100 units of 2-storey terrace houses within the mixed
development project have been launched for sale, 65 units of
which have been sold. At present, construction works on the 100
units of 2-storey terrace houses are in various stages of
completion. However, works on the mixed development project has
ceased since 2001 and the site has been left abandoned. The
project is expected to re-commence in late 2003 and to be
completed in stages within six (6) years. The gross development
cost for the development of the land is RM451 million. The total
expected pre-tax profit would amount to approximately RM37
million from the expected gross development value of
approximately RM488 million. The development cost of the
Mahabudi Land is expected to be funded by internally generated
funds.

The original cost of investment in Mahabudi Land by Mahabudi is
approximately RM9,396,000. The year of the investment is 1989.
The net book value of the subject land based on the latest
audited accounts of Mahabudi as at 31 December 2002 is
RM46,259,498.

The total purchase consideration of RM82,000,000 for the
Proposed Acquisition of Mahabudi Land was arrived at based on a
willing buyer-willing seller basis after taking into
consideration an independent valuation of the Mahabudi Land
which was undertaken by Messrs M. Nawawi & Co. Sdn Bhd on 2 July
2003 at RM82,000,000 or about RM7.40 per square foot or RM80 per
square meter using the Discounted Cash Flow and Comparison
Methods of Valuation.

SALIENT TERMS AND CONDITIONS PRECEDENT IN RELATION TO THE
PROPOSED ACQUISITION OF MAHABUDI LAND

The salient terms of the Proposed Acquisition of Mahabudi Land
as set out in the SPA are as follows:

   (i) Mahabudi has agreed to sell and Pilecon has agreed to
purchase the Mahabudi Land subject to the conditions of title
expressed or implied, the restriction-in-interest and the
category of land use affecting the same as shall be endorsed on
the issue document of title to the Mahabudi Land, free from all
other encumbrances save for the earlier charge registered in
favor of Danaharta Managers Sdn Bhd (Danaharta Managers)
securing the facility owing by Handersons to Danaharta Managers
at the purchase price and upon the terms and conditions as
contained in the SPA;

   (ii) Subject to paragraphs (iv) and (v) below and delivery
the certificates of the RCSLS-B directly to Danaharta Managers,
instead of Mahabudi, Mahabudi hereby acknowledges that the
issuance of the RCSLS-B and the delivery of the certificates to
Danaharta Managers shall pro tanto fully discharge Pilecon's
obligation to satisfy the purchase price to Mahabudi;

   (iii) Subject to a fixed legal charge to be created under the
National Land Code, 1965 by Pilecon in favor of Danaharta
Managers to secure the payment obligations of Pilecon under the
RCSLS-B (New Charge), Pilecon shall have the sole and absolute
rights to develop the said Mahabudi Land and to continue the
project to the exclusion of any other parties in the SPA and all
benefits and rights on the project shall accrue solely to the
benefit of Pilecon;

   (iv) The RM82,000,000 nominal amount of RCSLS-B to be issued
by Pilecon to Danaharta Managers to satisfy the purchase
consideration shall be issued in four different series in the
following aggregate nominal amount:

     (a) RM5,000,000 nominal amount of one (1) year series
RCSLS-B;

     (b) RM12,000,000 nominal amount of two (2) year series
RCSLS-B;

     (c) RM24,000,000 nominal amount of three (3) year series
RCSLS-B; and

     (d) RM41,000,000 nominal amount of four (4) year series
RCSLS-B.

   (v) In the event the Securities Commission's (SC) approval
for the scheme of arrangement stipulates a different valuation
for the Mahabudi Land as the SC's approved basis for determining
the purchase consideration for the acquisition of the Mahabudi
Land, the aggregate nominal amount of RCSLS-B to be issued shall
be adjusted to correspond to the revised purchase consideration
and the aggregate nominal amount of RCSLS-B for each series as
stipulated in sub-para (a) to (d) of paragraph (iv) above shall
be adjusted accordingly and be determined in accordance with the
following formula:

A  
X = --------------------- x B  
RM82,000,000

Where

X is the revised aggregate nominal amount of the relevant series
of RCSLS-B to be issued in substitution for the amount stated in
sub-para (a) to (d) of paragraph (iv);

A is the revised purchase consideration based on the valuation
stipulated and approved by the SC;

B is the aggregate nominal amount of the relevant series of
RCSLS-B to be issued as per the amount currently stated in sub-
para (a) to (d) of paragraph (iv) above; and

   (vi) The terms and conditions of the RCSLS-B shall be agreed
upon separately between Pilecon and Danaharta Managers in
accordance with the parameters set out in the proposed scheme of
arrangement.

The SPA is conditional and shall be subject to the following
conditions precedent being fulfilled within a period of nine (9)
months from the date of execution of the SPA or such other
extended period as mutually agreed upon by the parties to the
SPA:

   (a) the approval of the board of directors and where
applicable, the shareholders of Mahabudi and Handersons for the
sale of the Mahabudi Land by Mahabudi to Pilecon pursuant to the
terms of the SPA;

   (b) all approvals and conditions required to be satisfied
under Section 9 of the Explanatory Statement dated 11 July 2003
shall have been satisfied, details of which have also been
announced on 21 February 2003 and the scheme of arrangement
having been sanctioned by the High Court; and

   (c) the due execution and delivery of a letter from Danaharta
Managers, draft format of which is attached as Schedule 1 to the
SPA. However, the final version of the letter has yet to be
finalized between Pilecon and Danaharta Managers. The draft
format of the required letter contemplates, inter-alia, that
Danaharta Managers shall undertake and confirm to Pilecon,
Mahabudi and Handersons that provide that the SPA is completed
and the purchase consideration is paid by issuance of the RCSLS-
B directly to Danaharta Managers and that the New Charge having
been presented for registration at the land office/registry, the
Danaharta Supplemental Agreement dated 20 April 2000, the
restructured facility and the corporate guarantee granted by
Pilecon to Danaharta Managers for the facility granted to
Handersons shall be settled and/or extinguished effective from
the date of issuance of the RCSLS-B to Danaharta Managers in the
following manner:

     * the outstanding liability of Handersons, Low Koon Chuan
and Lee Chong Lim who are the guarantors of Handersons for the
loan facility granted by Danaharta Managers to Handersons and/or
Mahabudi under the restructured facility and/or the Danaharta
Supplemental Agreement dated 20 April 2000 shall be fully
extinguished; and

     * Pilecon shall be discharged and absolved from its
liability under the corporate guarantee to the extent that the
crystallized amount of the corporate guarantee due to Danaharta
shall only be the amount equivalent to the outstanding
restructured amount (which is RM110,477,543) less the purchase
consideration (subject to a maximum of RM94,371,903.36) and that
the said crystallized amount under the corporate guarantee shall
be settled by Pilecon in accordance with the terms of the
proposed debt restructuring scheme under the scheme of
arrangement, failing which the crystallized amount shall be a
debt due from Pilecon to Danaharta Managers and shall be
repayable on demand.

DOCUMENTS FOR INSPECTION

The SPA for the Proposed Acquisition of Mahabudi Land and
Valuation Report on Mahabudi Land is available for inspection at
Pilecon's Registered Office, 2, Jalan U1/26, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Selangor during normal business
hours from Monday to Friday (except for public holidays) for a
period of fourteen (14) days from the date of this announcement.


PILECON ENGINEERING: KLSE Strikes Off Winding Up Petition
---------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad  
on 11 March 2003, with regards to the winding-up petition served
onto the Company by Bumimex Sendirian Berhad, the Company wishes
to announce that the Kuala Lumpur High Court has on 27 August
2003 struck off the said petition.

Refer to the Troubled Company Reporter - Asia Pacific Thursday,
March 13, 2003, Vol. 6, No. 51 issue for details of the winding
up petition.


RHB CAPITAL: Defendant Seeks Stay of Execution Order to Court
-------------------------------------------------------------
RHB Capital Berhad refers to the announcements dated 8 August
2003 and 15 August 2003 on the material litigation filed RHB
Capital Berhad against Carta Bintang Sdn Bhd. As announced on 8
August 2003, the Learned High Court Judge dismissed the
respective appeals of RHB Capital Berhad (RHB Capital) and Carta
Bintang Sdn Bhd (Defendant) and affirmed the Deputy Registrar's
summary judgment orders made on 22 November 2002 ordering the
return of the Deposit of RM32.8 million by the Defendant to RHB
Capital and the return of the share certificates and transfer
forms in respect of the Sale Shares (Share Certificates) by RHB
Capital to the Defendant.

As announced on 15 August 2003, RHB Capital's solicitors have
filed an appeal to the Court of Appeal against the decision of
the Learned High Court Judge in respect of the order to return
the Share Certificates to the Defendant and an application for
stay of execution of the same pending the hearing and disposal
of RHB Capital's appeal.

RHB Capital wishes to inform the Exchange that the Defendant has
also filed appeals to the Court of Appeals and an application
for stay of execution of the order to return the Deposit of
RM32.8 million to RHB Capital pending the hearing and disposal
of the Defendant's appeals. The Notices of Appeal and an
unsealed copy of the stay application were served on RHB
Capital's solicitors on 21 August 2003 and 27 August 2003
respectively.

The Defendant's appeals are against the decision of the Learned
High Court Judge in respect of (i) the order to return the
Deposit of RM32.8 million to RHB Capital and (ii) the dismissal
of the other prayers in the Defendant's application for summary
judgment (other than the return of the Share Certificates to the
Defendant), which includes, inter alia, the prayer for
assessment of damages and opportunistic losses.


SATERAS RESOURCES: Securities De-listing Deferred
-------------------------------------------------
In reference to the De-Listing of the Securities of Sateras
Resources (Malaysia) Berhad from the Official List of the Kuala
Lumpur Stock Exchange.

The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that the KLSE had via its letter dated 26th
August 2003 informed that the removal of the securities of
Sateras from the Official List of the Exchange on 8th September
2003 will be deferred pending the decision by the KLSE Committee
on the Appeal made by the Company on 25th August 2003.


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


ASB GROUP: SEC Reviews Rehabilitation Plan
------------------------------------------
The Securities and Exchange Commission (SEC) is reviewing the
rehabilitation plan of debt-saddled ASB Group of companies after
three of its creditor banks continued to challenge the firm's
debt settlement program, the Business World said on Thursday.
ASB receiver Rosario Bernaldo said the SEC was concerned on
whether the position of the three creditor banks would hamper
ASB's overall rehabilitation plan.

The dissenting banks are Metropolitan Bank and Trust Co., Bank
of the Philippine Islands and China Banking Corp. The three
banks would not let go of ASB's properties in their custody so
that other creditors can also be repaid. Most of the properties
are valued beyond ASB's actual liability to the banks. Rosario
said despite the three banks' refusal, negotiations for the
property settlement for secured creditors is continuously being
conducted.

So far, ASB has signed a memorandum of agreement with secured
creditors, namely: Standard Chartered, International Exchange
Bank, United Coconut Planters Bank and Allied Banking Corp.  


PRIMETOWN PROPERTY: Releases More Info on Rehab Receiver
--------------------------------------------------------
Further to Circular for Brokers No. 2737-2003 dated August 20,
2003, in connection with the Order of the Regional Trial Court
of Makati Branch 138 regarding Primetown Property Group, Inc.'s
(PMT) Petition for Rehabilitation with Prayer for Suspension of
Payments, and the appointment of Atty. Ariel Salvador Magno as
the Corporate Rehabilitation Receiver, the Company, in its
letter dated August 25, 2003, received by the Philippine Stock
Exchange on August 28, 2003, provided additional background
information of Atty. Magno, and the status of his acceptance as
receiver of PMT.

For more info on Atty. Ariel Salvador Magno as Corporate
Rehabilitation Receiver, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2800_PMT.pdf


SEMIRARA MINING: Pares P2B Debt in Three Years
----------------------------------------------
Semirara Mining Corporation will be able to pare its debt to 400
million pesos from 2 billion pesos by 2006, the Business World
said on Thursday. Last year, Semirara posted a net income of 6
million pesos, a turnaround from the 22 million pesos loss it
incurred a year earlier.

In September 2002, the Company's board approved its
restructuring deal with its creditor United Coconut Planters
Bank. The board also approved the conversion of Semirara trust
receipts with another creditor, Bank of Commerce.

Semirara, 74 percent owned by DMCI Holdings Inc., supplies 85
percent of the total coal requirement of the National Power
Corp.'s 600-megawatt Calaca Power Plant.


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


CAULFIELD INVESTMENTS: Releases Creditors Notice
------------------------------------------------
Notice is hereby given that the creditors of Caulfield
Investments Pte. Ltd., which is being wound up voluntarily, are
required on or before 30th September 2003 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
Liquidators at 300 Beach Road, #38-05 The Concourse, Singapore
199555, and if so required by notice in writing from the said
Liquidators, are by their solicitors or personally, to come in
and prove their 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.

HENG LEE SENG & HENG YEOW MENG
Liquidators.


FILIGREE PROPERTIES: Issues Debt Claim Notice to Creditors
----------------------------------------------------------
The creditors of the Filigree Properties Pte Ltd (In Creditors'
Voluntary Liquidation), which is being voluntarily wound up, are
required, on or before 8th September 2003 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
under mentioned liquidator at Deloitte & Touche, 6 Shenton Way,
#32-00 DBS Building Tower 2, Singapore 068809 and if so required
by notice in writing by the said Liquidator, are to come in,
personally or by their solicitors, and prove their 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.

TAM CHEE CHONG
Joint Liquidator.


LASCO PTE.: Releases Winding Up Order Notice
--------------------------------------------
Lasco Pte. Ltd. posted a notice of winding up order made on 15th
day of August 2003.

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

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


PIAZZA ENTERTAINMENT: Posts Winding Up Order Notice
---------------------------------------------------
The Piazza Entertainment Pte Ltd. issued a winding up order made
on the 15th day of August 2003.

Name and Address of Liquidator: The Official Receiver

Insolvency & Public Trustee's Office
The URA Center, East Wing
45 Maxwell Road #06-11
Singapore 069118.

Dated this 19th day of August 2003.
Messrs RAMDAS & WONG

Solicitors for the Petitioner.

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.


WAH YANG: Winding Up Hearing Set for September 5
------------------------------------------------
The petition to wind up Wah Yang Company (Private) Limited is
set for hearing before the High Court of the Republic of
Singapore on August 13, 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 Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 4th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).


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


CHRISTIANI & NIELSEN: Planner OKs Additional Shares Sale
--------------------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited, has reported
the Progress of Debt Restructuring Plan to the Stock Exchange of
Thailand on 8th August 2003 related to the allocation of
additional ordinary shares. The Planner specifies that, if there
are any of the additional shares remaining unsubscribed by
existing shareholders, they will be offered to Crown Property
Bureau and/or Siam Commercial Bank Public Company Limited.

Subsequently, the Board of Directors of CN Advisory Company
Limited has held the meeting on 25th August 2003 and approved to
sell any of the additional shares remaining unsubscribed by the
existing shareholders in all or in part, at one or more times to
Crown Property Bureau and/or Siam Commercial Bank Public Company
Limited and/or CPB Equity Company Limited. The information above
has been reported the Court.


THAI DURABLE: Increases Capital, Allocates New Shares  
-----------------------------------------------------      
Thai Durable Textile Public Company Limited would like to report
the resolution of Board of Directors no. 9/2003, held on August
22, 2003 in respect of a share allotment, as follows:

1. Increase of Capital:

The Board of Directors has resolved to increase the registered
capital of the Company of another Bt2,791,024,200 from the
registered capital (after capital reduction) of Bt2,133,621,000
to Bt4,924,645,200 by an issuance of 393,102,000 new ordinary
shares at the par value of Bt7.10 each.

2. Allotment of capital increase

   2.1  The Board of Directors has resolved to allot 393,102,000
new ordinary shares at the par value of Bt7.10 each, totaling
Bt2,791,024,200.

   2.2 In case where there is a fraction of shares remaining
from issuing and exercising.

The Board of Directors will call the Shareholders'' Meeting to
reallocate undistributed shares.

   2.3     The remaining shares from the allotment.
                -None-

3. Objective of capital increase and use of additional capital

- Construction of new factories and installation of new machines
that are expected to complete within 2004.

4. Benefits, which the Company will receive from the share
allotment:

- Decrease debt/equity ratio to suitable level, due to
additional investment by new investor in the Company.

- Create confidence to debtor and others.

- Increase capacity and efficiency in production


THAI DURABLE: Sept 29 Shareholders Meeting Scheduled
----------------------------------------------------      
Thai Durable Textile Public Company Limited announce that the
Extraordinary Meeting of Shareholders No. 2/2003 is scheduled to
be held on 29 September 2003 at time 11:00 a.m. Sukhumvit 1-3,
7th floor of The Landmark Hotel, 138 Sukhumvit Road, Klongtoey,
Bangkok 10110.

The share register will be closed for share transfer in order to
determine the right to attend this meeting from 8 September 2003
at 12:00 o'clock, until the meeting has been duly convened.

The allotment of warrants to existing shareholders requires the
submission of application for approval of an offer of newly
issued warrants and newly issued shares reserved for the
exercise of warrants, the registration statements and draft
prospectus to the Office of the Securities and Exchange
Commission (SEC) after the Extraordinary General Meeting of
Shareholders No.2/2003 approves the issuance and offering of
warrants.

Thus, the offering of warrants will be carried out
after the Company obtains the approval from the SEC and the
registration statements and draft prospectus become effective.


THAI PETROCHEMICAL: Founder In Conflict With Debt Manager
---------------------------------------------------------
Prachai Leophairatana, the founder of Thai Petrochemical
Industry Public Company Limited, plans to request the Finance
Ministry to replace the newly appointed debt manager Pala
Sookawesh for alleged mismanagement, DebtTraders reported
Thursday.

Prachai alleges that the debt manager Pala Sookawesh lowered
TPI's production of crude oil to 120,000 barrels from 200,000
barrels, which resulted in monthly losses of $7.2 million a
month.

The Troubled Company Reporter - Asia Pacific reported that the
Central Bankruptcy Court on July 11 issued an order to appoint
the Ministry of Finance as the new Plan Administrator of
TPI. The representatives from the Ministry of Finance comprise
Gen. Mongkon Ampornpisit, Mr. Aree Wongsearaya, Mr. Pala
Sookawesh, Mr. Acorn Karakul Na Ayudhya, and Dr. Thanong Bidaya.


TPI POLENE: Debt Negotiations Delayed Until Next Year
-----------------------------------------------------
TPI Polene Public Company Limited and its creditors delayed debt
negotiations on its debt until next January, DebtTraders
reports.

The reason for the delay is to give Krung Thai Bank enough time
to go through the company's accounting books. Creditors and
Krung Thai Bank will decide on whether to give additional
financial supports of as much as $500 million to TPI Polene.

The Central Bankruptcy Court is mediating the negotiation
process.


WONGPAITOON GROUP: Auditor Issues F/S Disclaimer of Opinion
-----------------------------------------------------------
According to the interim financial statement for six month
period ended 30 June 2003 Wongpaitoon Group Plc, the company's
CPA is unable to issue an opinion on the financial statement
because of the Company have a capital deficit of approximately
Bt1,692 million, with current liabilities of Bt585 million in
excess of current assets.  

In addition, the Company is in the process of rehabilitating
business according to the Rehabilitation Plan approved by the
Central Bankruptcy Court.  The major steps of the plan relate to
a registered share capital reduction, preparation of a factory
and machinery lease agreement with its related company and the
repayment of debts.  The company continues to their businesses
as going concerns depends on their success in implementing the
rehabilitation plan and their future operating results. The
company is certain that there will be no effect to the
shareholders because they are creditor of loan.

The investor will be unaffected because the company is currently
under rehabilitation and not allowed to trade its stock.


WONGPAITOON GROUP: Narrows Net Loss to Bt39.21M
-----------------------------------------------
Wongpaitoon Group Public Company Limited, in reference to its
income statement for the six month period ended June 30, 2003,
incurred a net loss is Bt39.21 million that decreased from same
period of year 2002 by Bt26.65 million.  

The major issues regarding the decrease in net loss is due to
the company's export shoe and sales revenue, which increased
from year 2002 in same period.


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

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

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

This material is copyrighted and any commercial use, resale or
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