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

                   A S I A   P A C I F I C

            Monday, September 01 2003, Vol. 6, No. 172

                         Headlines

A U S T R A L I A

AMP LIMITED: Comments on NAB's Strategic Stake Purchase
AMP LIMITED: Director Comments on NAB Discussions Media Reports
DOWNER EDI: Allots 825,000 Ordinary Shares
HEALTH CARE: S&P Places 'BBB-' Rating on CreditWatch Negative
ENVESTRA LTD.: Results In Line With Expectation, Says S&P

HEALY AIRCONDITIONING: Former Directors Banned
MAYNE GROUP: S&P Places Ratings on CreditWatch Negative
TRANZ RAIL: Narrows H103 Net Loss to $2.6M
UNION CAPITAL: EGM Fixed on Sept 25


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: SPA Agreement With Vendors Terminated
HYCOMM WIRELESS: Unit Disposes of Property for Working Capital
HYCOMM WIRELESS: F/S Result Dispatch Further Delayed to Oct 7
MINGTAI FIRE: S&P Raises Credit Ratings to 'BBBpi' From 'BBpi'
TOMORROW INTERNATIONAL: Asset Disposal Agreement Terminated


I N D O N E S I A

DANAREKSA JAKARTA: Creditors Face Total Loss
DIRGANTARA INDONESIA: West Java Acquisition Likely


J A P A N

HOSOKAWA MICRON: JCR Downgrades Rating to BB
NAKANO CO.: Real Estate Firm Enters Bankruptcy
NIPPON TELEGRAPH: IIJ New Shares Proposes Issuance
RESONA BANK: Expects Y30B Loss This Year
RESONA HOLDINGS: Unveils Fixed Assets Transfer

SEVEN OCEAN: Real Estate Firm Enters Bankruptcy
TOSHIBA CORPORATION: Issues Securities Sale Notice


K O R E A

HANARO TELECOM: Calling Emergency Meeting to Discuss Debt
KIA MOTOR: Union Endorses Wage Increase Plan
KOOMIN BANK: Purchases 650,000 Treasury Stock Shares
KOOKMIN BANK: Revises ING Strategic Alliance Terms
SHINHAN BANK: Fitch Assigns 'BBB-' to US$250M Debt Issue


M A L A Y S I A

AKTIF LIFESTYLE: Resolutions Pass at 9th AGM
GANAD CORPORATION: Accepts SC's Proposals Terms, Conditions
HYUNDAI-BERJAYA CORP.: Unit Serves Summons, Statement of Claim
JASATERA BERHAD: Revised Proposed Recapitalization Approved
L&M CORPORATION: July Defaulted Payment Hits RM60.818M

MALAYSIAN RESOURCES: Restricted Offers for Sale Relevant Dates
MANGIUM INDUSTRIES: Unit Defaults on Credit Facilities
METACORP BERHAD: Acquires Quoted Shares
NALURI BERHAD: Currently Evaluates AHB's Proposals
NAM FATT: KLSE Grants ICULS Conversion Listing Wednesday

PILECON ENGINEERING: Default in Payment Status Remains Unchanged
PROMET BERHAD: Acquisition Agreement Execution Extended
RNC CORPORATION: 33rd AGM Fixed on September 23
SATERAS RESOURCES: Appoints Receivers, Managers to Unit NDH
SENG HUP: Danaharta Further Extends Moratorium Period for A Year

TAJO BHD: SC Approves RM59,000,000 RCSLS Issuance
TONGKAH HOLDINGS: Disposes Quoted Securities
UCP RESOURCES: Liquidators Appointed to Associated Company
WING TIEK: Releases Investigative Audit Findings Summary


P H I L I P P I N E S

NATIONAL BANK: Earns P50M in First Idle Asset Auction
PHILIPPINE AIRLINES: April-July Net Loss Over P900M
SEMIRARA MINING: Clarifies Debt Reduction Report
VICTORIAS MILLING: CEO Resigns as Director of Induplex


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Enters Alliance With CSMC-Tech
KOREA LEASING: Issues Notice of Dividend
MEIJISEIMEI INVESTMENT: Issues Debt Claim Notice to Creditors
SKY TECHNOLOGY: Petition to Wind Up Pending
SUMI INDUSTRIES: Issues Notice of Winding Up Order

TAN TOO: Issues Notice of Winding Up Order


T H A I L A N D

CHRISTIANI & NIELSEN: Decreases Capital as Reorganization Plan
DBS THAI: Fitch Affirms DBS 'C/D' Individual Rating
SIAM SYNTECH: Gains H103 Bt205.39M Profit Fr Debt Restructuring
SINO-THAI RESOURCES: Issues Shares at Bt10 Par Value

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP LIMITED: Comments on NAB's Strategic Stake Purchase
-------------------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl on Thursday
responded to the announcement that National Australia Bank had
acquired 34.3 million AMP shares at A$6.00 per share, taking its
relevant interest to 5.4 per cent.

"We believe the purchase of a strategic investment is an
endorsement of the demerger strategy that the Board and
management is pursuing," Mr Mohl said. He said that the demerger
is progressing to plan and AMP would continue to follow its
tight implementation timetable. He said that shareholders should
receive substantial information about the demerger in the coming
weeks. By mid-October, a detailed Explanatory Memorandum
outlining the demerger is expected to be available for AMP's
almost one million shareholders.

"AMP believes it is important that shareholders carefully
consider the demerger documentation to ensure they are fully
informed about the Board and management's proposals to enhance
the value of AMP," Mr Mohl said. "The demerger will create two
regionally focused companies with clear strategic objectives,
which will appeal to a broader group of investors. "If the
demerger is approved, the underlying value of AMP is more likely
to be reflected in the share prices of the two new entities." Mr
Mohl acknowledged National Australia Bank's comments on AMP's UK
operations.

"This confirms to us the enormous strategic value of AMP's
Australasian franchise," he said. "AMP's Australian Financial
Services business is the jewel in the crown and its recent
results show just how resilient and high performing this
business is. "There is no doubt that AMP's Australasian
franchise has unique value." AMP's interim results last week
reported embedded value of o1.34 billion (A$3.3 billion) in its
UK Life businesses at 30 June 2003, following its writedowns and
risk reduction initiatives.

"Our UK business is now operating on a much sounder footing. It
is well provisioned and is being tightly managed within a much
lower risk environment," Mr Mohl said.


AMP LIMITED: Director Comments on NAB Discussions Media Reports
---------------------------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl said Friday that
he wished to expand on media reports about discussions with
National Australia Bank (NAB). Mr Mohl said he felt he needed to
provide further context, after details of the discussion were
leaked to the media. In May 2003, following a conversation
between both Chairmen initiated at NAB's request, Mr Mohl met
with NAB Chief Executive Officer Frank Cicutto. At this meeting,
NAB expressed interest in acquiring AMP's Australian Financial
Services (AFS) business. NAB said that its interest was not a
proposal.

In addition, NAB required confidentiality, as well as
exclusivity and the ability to carry out due diligence before it
would put a value on the business. NAB was advised that it had
told AMP something the company already knew: that its AFS
business was highly attractive. It was told that AMP's demerger
strategy, announced on 1 May 2003, was seen as the best way to
realize maximum value for shareholders. NAB's proposal for an
"off market" private sale - without any of the benefits of an
open auction - was not in AMP shareholders' best interests.
Further, it would destroy value in other parts of AMP. AMP
Henderson, for example, has around two-thirds of its funds under
management sourced from AFS. NAB later advised that it would
also consider purchasing AMP Henderson - again with no
indication of value.

NAB was advised that if it wanted to take the matter further, it
would have to put forward a "highly attractive offer with
minimal conditions" that the AMP Board would then be able to
consider and take to shareholders. There was no response from
NAB until 28 August 2003, when it advised the market of its
purchase of 34.3 million shares. "This was essentially our major
competitor asking for full access to AMP's books and key staff
to conduct due diligence - without even a commitment that it
would make an offer," Mr Mohl said.

"It would have been grossly irresponsible to AMP shareholders to
allow our major competitor exclusive access without any
commitment in return. "It's like a poker player asking to see
your hand before they decide to lay a bet." Mr Mohl said that
AMP's Board and management team continued to believe the
proposed demerger provided the best way to unlock the true value
of AMP. "If a demerger is approved, the underlying value of AMP
is more likely to be reflected in the share prices of the two
new entities and provide maximum value for shareholders."


DOWNER EDI: Allots 825,000 Ordinary Shares
------------------------------------------
Downer EDI advised of the allotment of 825,000 ordinary shares
on the 29/08/2003.

Issue price or consideration: 825,000 unlisted ordinary shares
converted to listed - not applicable as shares already issued
and consideration previously advised.

Reason for issue: Transfer of 825,000 shares from unlisted to
listed security.

Issued capital: 971,094,258

On July 14, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings, the international rating agency,
has assigned a Senior Unsecured rating of 'BBB-' to Downer EDI
Limited (Downer). The rating Outlook is Stable.


HEALTH CARE: S&P Places 'BBB-' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services on Friday placed its 'BBB-'
long-term rating on the asset-backed notes issued by Health Care
Trust No.1 on CreditWatch with negative implications. The rating
action follows the placement of the 'BBB-/A-3' counterparty
credit ratings on Mayne Group Ltd. on CreditWatch with
negative implications, and reflects the status of Mayne Group
Ltd. as a rating dependent in this transaction.

Health Care Trust No.1 bondholders are paid from rental payments
made by Mayne Finance Ltd. under a lease over the Joondalup
Health Campus.


ENVESTRA LTD.: Results In Line With Expectation, Says S&P
---------------------------------------------------------
Standard & Poor's Ratings Services said Friday that Envestra
Ltd.'s (BBB/Stable/A-2) preliminary full-year results maintained
credit protection measures in line with Standard & Poor's
expectations, and, consequently, there is no change to the
current ratings on Envestra or its wholly owned subsidiary
Envestra Victoria Pty Ltd. (EnVic; BBB/Stable/A-2). The ratings
remain on a stable outlook.

"Although revenues were slightly lower than Standard & Poor's
expectations due to the continued warm weather, this was
compensated by lower-than-expected operating expenses and lower
capital expenditure," said Standard & Poor's credit analyst,
Colin Atkin, associate director, Corporate & Infrastructure
Finance Ratings.

"The stable nature of Envestra's utility cash flows, and the
added certainty to its funding arrangements with longer dated
debt, underpins its credit rating, but the company's high
leverage, and capital hungry operations, allowed for only
modest improvement in debt protection measures," Mr. Atkin said.

"This risk profile is expected to endure for the foreseeable
future," Mr. Atkin added.

According to Wrights Investors' Service, at the end of 2002,
Envestra Limited had negative working capital, as current
liabilities were A$101.58 million while total current assets
were only A$36.88 million.


HEALY AIRCONDITIONING: Former Directors Banned
----------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr Alwyn Robert Healy and Mr Richard Douglas Wheeler,
both of Wanneroo, Western Australia, from managing any company
for five years.

Messrs Healy and Wheeler were both directors of the failed
companies Healy Air-conditioning Pty Ltd, Comfort Breeze Air-
conditioning Pty Ltd (Comfort Breeze), and Solar Evap
Australasia Pty Ltd (Solar Evap).

Healy Air-conditioning Pty Ltd was put into liquidation on 14
February 2002 with debts of $5.255 million, while Comfort Breeze
went into liquidation on 1 July 2002 with debts of $593,424.

Solar Evap was put into liquidation on 26 February 2003 with
debts of $733,508. This followed a successful winding up
application by ASIC in the Federal Court, Perth, in December
2002.

On 25 February 2003, Messrs Healy and Wheeler entered into a
Part 10 agreement with their creditors under the Bankruptcy Act.
Under the Corporations Act, entering into a Part 10 agreement
automatically disqualifies a person from managing companies
until their creditors have been paid.

ASIC's additional banning action precludes Messrs Healy and
Wheeler from freeing themselves to manage companies by making a
final payment under the agreement.

"Mr Healy and Mr Wheeler had a long history of failed dealings
with creditors", ASIC Director Enforcement, Mr Mark Steward,
said.

"Creditors can check to see if a director has been banned, by
doing a free search on ASIC's website at www.asic.gov.au", Mr
Steward said.


MAYNE GROUP: S&P Places Ratings on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that its 'BBB-
/A-3' ratings on Mayne Group Ltd. and associated debt issues
were placed on CreditWatch with negative implications following
the announcement of Mayne's 2003 financial results.

"Weaker returns on capital employed, higher working capital, and
weaker segment EBIT margins reflect the continuing challenges
faced by management in operating key business divisions, despite
evidence of a slight improvement in reported cash flows," said
Standard & Poor's credit analyst, Brenda Wardlaw, director of
Corporate & Infrastructure Finance Ratings.

The health care company's decision to pay three dividends for
fiscal 2004 and its continuing share buyback program are viewed
as shareholder friendly. Mayne's liquidity, however, currently
is strong.

Mayne's growth strategy is increasingly focused on the specialty
pharmaceutical sector. On Aug. 26, 2003, Mayne announced it had
agreed to acquire the NaPro Biotherapeutics Inc. worldwide
generic injectable paclitaxel business. Growth will continue to
be largely offshore and exposes Mayne to a highly competitive
global market; which is likely to pose a significant management
challenge. In July 2003, Mayne announced that it had received
enquiries regarding its hospital business. Mayne's future
strategy for its hospital operations is uncertain following
these approaches.

Reported return on capital employed of 5.1% was below the 8.2%
reported in fiscal 2002 and is still well below Mayne's weighted
average cost of capital. Reported net operating cash flows of
A$186 million were marginally higher than A$180 million for
2002. However, comparison of Mayne's results is complicated by
the financial impact of asset write-downs, acquisitions, asset
sales, and restructuring costs. This continues to be an issue in
fiscal 2003. Asset write-downs totaling A$513.0 million after
tax reported for fiscal 2003 included A$341.3 million for
Mayne's hospital assets, A$80 million for its pharmacy services
assets, and A $34.0 million for the recall on products
manufactured by Pan Pharmaceuticals Ltd., A $33.4 million on IT,
and A $30.0 million write-down of deferred tax assets.

Resolution of the CreditWatch will require a focus on Mayne's
likely future business mix, its growth strategy, its capital
management initiatives, and the impact on its financial
performance risk profile. Resolution is anticipated within two
months.


TRANZ RAIL: Narrows H103 Net Loss to $2.6M
------------------------------------------
Tranz Rail Holdings Limited announced Friday a $14.8 million
(59%) increase in the Company's end of year operating profit
from trading compared to 2002. The final end of year operating
profit from trading of $40.0 million is in line with the
forecast released to the market on 16 June 2003, and in excess
of the operating profit from trading of $25.2 million achieved
in the 2002 financial year.

The Company recorded a net loss after tax of $2.6 million,
compared to the prior year net loss after tax of $122.7 million.
This is lower than what was put to the market in mid June and is
as a result of the company taking a conservative view of its tax
position during the year end and audit process. The impact is a
$32.7 million non-cash tax expense, relating to an impairment of
certain tax losses.

Managing Director Michael Beard said that the trading results
showed the pleasing progress Tranz Rail has made over the past
year, especially in terms of operational gains. "While we did
not achieve our original forecasts it is however important to
acknowledge the increased operating profit we have achieved for
2003."

The Company achieved three major financial restructuring
objectives over the past year: the negotiation of new bank
facilities through to June 2004, the renegotiations of the terms
of the lease on the Aratere ferry which resulted in multi-
million dollar foreign exchange gains, and a capital raising of
$65.2 million by a 5 for 7 rights issue of new shares at 75
cents each.

"Operational gains recorded during the year saw Tranz Rail move
a record tonnage. Total bulk revenue was 2.1% ahead of the
previous year, despite the effect of the drought conditions on
the dairy season that affected milk volumes, and the strike at
the Kinleith mill that affected forestry traffic. This increase
was mainly due to coal revenue, which was 16.1% ahead of the
prior year despite service issues relating to the Otira
tunnel, which have now been resolved.

"Continued efficiencies within the Rail Services Group resulted
in Intermodal traffic revenue being 4.1% above the prior year,
mainly due to Kombi/Domestic traffic, which showed an increase
in revenue of 5.8% on the 2002 result.

"Overall the freight rate decline has been arrested, efficiency
has been enhanced and profitability continues to improve. Our
capital expenditure is under tight control. We have exited loss-
making areas of business and still have valuable surplus assets
that can be realized in addition to winning valuable new
business.

"Current operating trading and cash flows are coming in ahead of
budget. The company has sufficient cash facilities to cover
seasonal lows in the first quarter of the 2004 financial year"
said Mr Beard.


UNION CAPITAL: EGM Fixed on Sept 25
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Union Capital Limited is to be held at the registered office of
the Company, Level 6, 200 Creek Street, Brisbane, Queensland on
Thursday 25 September 2003 at 10 am (Brisbane time).

Ordinary Business

1. That in accordance with the provisions of Listing Rule 7.4
of the Official Listing Rules of the Australian Stock Exchange
Ltd, and for all other purposes, the shareholders ratify the
previous issue, on 8th August 2003, of 5,000,000 ordinary shares
of the Company at an issue price of two (2) cents each for a
consideration of $100,000 to McNeil Nominees Pty Ltd.

2. That in accordance with the provisions of Listing Rule 7.4
of the Official Listing Rules of the Australian Stock Exchange
Ltd, and for all other purposes, the shareholders ratify the
previous issue, on 8th August 2003, of 1,000,000 ordinary shares
of the Company at an issue price of two (2) cents each for a
consideration of $20,000 to Colvic Pty Ltd.

3. That in accordance with the provisions of Listing Rule 7.4
of the Official Listing Rules of the Australian Stock Exchange
Ltd, and for all other purposes, the shareholders ratify the
previous issue, on 8th August 2003, of 5,000,000 ordinary shares
of the Company at an issue price of two (2) cents each for a
consideration of $100,000 to clients of Bell Potter Securities.

4. That in accordance with Listing Rule 7.1 of the Official
Listing Rules of the ASX, and for all other purposes, the
Company and the Directors of the Company are hereby authorized
to issue up to 50,000,000 ordinary shares, at an issue price of
2 cents ($0.02) each as described in the Explanatory Memorandum
accompanying this Notice of Meeting, or a placement at a price
not less than 80% of the prevailing weighted average market
price of the shares calculated over the last 5 days on which
sales in the shares were recorded before the issue was made.

To see Explanatory Statements, go to
http://bankrupt.com/misc/TCRAP_UCL00901.pdf.


================================
C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: SPA Agreement With Vendors Terminated
---------------------------------------------------
Reference is made to CIL Holdings Limited's circular dated 31
May 2002 (the Circular) in relation to, inter alia, the S&P
Agreement and the Company's announcements dated 26 November 2002
and 17 July 2003 in relation to extending the longstop date for
satisfaction of the conditions remaining to be unfulfilled under
the S&P Agreement to 30 June 2003 and 31 July 2003 respectively.

The Board of Directors of the Company announces that:

   (i) On 19 March 2002, the Company and the Vendor entered into
the S&P Agreement whereby the Vendor agreed to sell and the
Company agreed to purchase the Sale Shares, representing 49 per
cent. of the issued share capital of Micky, for the
consideration of HK$25 million (the Consideration).

   (ii) On completion of the S&P Agreement, the Consideration
will be satisfied by the Company by the issue of the Bond to the
Vendor.

   (iii) The following conditions precedent of the S&P
Agreement, inter alia, were not fulfilled on or before the
extended completion date of 31 July 2003 contemplated under the
S&P Agreement and its corresponding supplemental agreements
dated 3 July 2002 and 17 July 2003 (together as Agreements):

     (a) The Purchaser undertaking a due diligence review of
Micky and its subsidiary and being satisfied with such review in
all respects; and

     (b) The Bermuda Monetary Authority having approved the
issue and the free transferability of the Bond if required.

   (iv) Subsequent to 31 July 2003, the Company continued to
negotiate with the Vendor with a view to entering into an
extension agreement. As no agreement was able to be reached, the
Company and the Vendor verbally agreed on 26 August 2003 that no
further extension of the completion date shall be pursued.

   (v) Therefore, the Agreements were terminated on 31 July 2003
for the conditions precedent of the S&P Agreement not being
fulfilled and neither the Company nor the Vendor shall have any
claim against the other for costs, damages, compensation or
otherwise.

   (vi) The Board considers that the termination of the
Agreements has no material adverse impact on the daily operation
and financial position of the Group.

The shareholders of the Company and investors are reminded to
execute caution when dealing in the shares of the Company.


HYCOMM WIRELESS: Unit Disposes of Property for Working Capital
--------------------------------------------------------------
Win's Properties Limited, an indirect wholly-owned subsidiary of
HyComm Wireless Limited, entered into the Agreement with the
Purchaser on 19 August 2003 relating to the disposal of the
Properties for a consideration of HK$21.76 million in cash.

THE AGREEMENT DATED: 19 August 2003

PARTIES

Purchaser: Beijing Long Yuan Real Estate Development Company
Limited, a sino-foreign equity joint venture established in the
PRC. The Directors confirmed that the Purchaser and its
beneficial owners are not connected persons (as defined in
the Listing Rules) of the Company.

Vendor: Win's Properties Limited, an indirect wholly-owned
subsidiary of the Company

ASSET TO BE DISPOSED

The Properties are twelve villa houses erected on twelve lots
known as Lot Nos. 153, 165 and 166 of Phase 1, Lot Nos. 309,
341, 345 and 355 of Phase 3 and Lot Nos. 502, 513, 530, 531 and
536 of Phase 5, Beijing Dragon Villas, 8 Shun An South Road,
Shun Yi District, Beijing, the PRC.

The Vendor acquired the Properties in November 1999 for the
purposes investment holding and rental income generation. Since
then, rental income was unsatisfactory due to high vacancy ratio
of 58.33% as at 1 August 2003 despite of engaging a professional
property management company in Beijing to handle the rental
arrangement of the Properties. The net profit before and after
taxation attributable to the Properties in respect of the
financial year ended 31 March 2001 was HK$0.63 million as there
was no taxation for that year. The audited consolidated net
losses before and after taxation of the Group attributable to
the Properties in respect of the financial year ended 31 March
2002 were HK$0.67 million and HK$0.59 million respectively. The
unaudited consolidated net profit before and after taxation of
the Group attributable to the Properties in respect of six
months ended 30 September 2002 was HK$0.43 million as
there was no taxation for that period.

CONSIDERATION

HK$21.76 million which will be satisfied by cash payments in the
following manner:

   * A deposit of HK$2.176 million (the "Deposit"), which has
been exchanged to RMB2.35 million, paid upon signing of the
Agreement;

   * HK$19.2 million to be paid to an escrow account with
Gallant Y.T. Ho and Co., a law firm in Hong Kong, within 15 days
of signing of the Agreement and such sum will be released to the
Vendor upon fulfillment of certain conditions as stipulated in
the Agreement; and

   * The remaining balance of HK$0.384 million to be paid on the
completion of the transfer of the existing tenancy agreements in
respect of 5 units of the Properties from the Vendor to the
Purchaser.

FINANCIAL EFFECT OF THE DISPOSAL OF THE PROPERTIES

   * a net cash inflow of HK$21.76 million upon completion of
the Agreement improving liquidity of the Company;

   * a loss being the difference between the selling price of
HK$21.76 million and the value of the Properties on an open
market value existing use basis by professional independent
valuation of DTZ Debenham Tie Leung & Co of HK$55.2 million as
at 31 March 2002 to be reflected in the annual reports for the
years ended 31 March 2003 and 31 March 2004 aggregately of
HK$33.44 million;

   * the turnover generated from the Properties in six months
ended 30 September 2002 of HK$1.13 million equivalent to 23.5%
of the total turnover of the Group of HK$4.80 million in the
respective period; and

   * the net profit before taxation generated from the
Properties in six months ended 30 September 2002 of HK$0.43
million while there being a loss before taxation of the
Group of HK$10.3 million in the respective period.

INTENDED APPLICATION OF THE SALE PROCEEDS

The sales proceeds are intended to be used for the general
working capital of the Company's existing business in high
technology and telecommunications business in Hong Kong and the
PRC. No special project has been identified by the Company at
this moment.

BASIS OF CONSIDERATION

The terms of the disposal was arrived at after arm's length
negotiations between the Vendor and the Purchaser based on
normal commercial terms after taken into consideration the
following factors:

      * the policy of the Company in re-engineering its business
towards high technology and telecommunication and the re-
allocation of the resources resulting from the disposal of the
Properties is in line with such policy;

      * the low occupancy rate of the Properties of letting 5
houses out of the 12 houses since the acquisition of the
Properties in November 1999;

      * the over supply of the residential properties especially
villas in Shun Yi District, Beijing;

      * the stagnant property market in Beijing since early
2003;

      * the down adjustment in prices of the overall properties
market in the PRC due to the over supply of properties in
general and in particular to the outburst of the Severe
Acute Respiratory Syndrome (SARS) in the first half of 2003.
Beijing, in which the Properties are located, being one of the
PRC cities seriously affected by SARS;

      * the less successful promotion of the Beijing Dragon
Villas by the developer;

      * the disposal of all the Properties to a single buyer in
one transaction instead of sourcing of and negotiating with
several buyers; and

      * As the Properties are not subject to any mortgages, the
whole Consideration of HK$21.76 million from the disposal of the
Properties will become the cash inflow of the Group, which will
enhance its liquidity position.

The Independent Valuer has been appointed as the valuer to
provide the independent valuation reports on all the properties
held by the Group, including the Properties, for the financial
year ended 31 March 2003. A valuation of the Properties as at 19
August 2003 from the Independent Valuer in the form of written
report will be incorporated into the circular for the
Shareholders. In its professional opinion letter to the Company
dated 14 August 2003, the Independent Valuer was of the view
that the consideration of HK$21.76 million for the Properties to
be disposed in one lot is a fair and reasonable price based on
existing listing price for renovated second-hand villas inside
Beijing Dragon Villas having taken into account the current
buyer market condition, the high vacancy rate, the comparatively
unappealing internal condition, the strong competition from
brand new villas, the renovation cost, the existing condition
and status of the alleged villas, the undue long marketing
period for individual sale and the discount for bulk purchase.

The Directors are aware that there is a significant drop of the
disposal price (per square meter) compared with the purchase
price or previous valuations of the Properties. The reasons for
the drop of price are stated in the opinion letter of the
Independent Valuer and covered in the factors mentioned above.
The Directors are of the view that the terms of the disposal to
be fair and reasonable and in the best interests to the Company
and the Shareholders as a whole based on the above-mentioned
factors and the offers from the developer of the Properties and
individual buyers, as well as the opinion of Independent
Valuer's mentioned above.

CONDITIONS OF THE AGREEMENT

Completion is conditional upon:

The Vendor having proved to satisfaction of the Purchaser on or
before 31 October 2003 that the Vendor is the legal and
beneficial owner of the Properties and has good and marketable
title to the Properties free from all mortgages, charge, pledge,
lien and other encumbrances and is entitled to the use of the
Properties.

EXPECTED DATE OF COMPLETION

Completion will fall on or before 31 October 2003. If the
Agreement cannot completed on or before this date for reasons
due to force majeure or restrictions from the PRC law,
regulations, policies and relevant regulatory departments, the
Agreement will lapse and will have no further effect, and no
party shall have any liability to the others arising out
of the Agreement, save for any antecedent breach of the
Agreement. The Deposits and other payments paid to the Vendor
under the Agreement shall be refunded to the Purchaser in full
without interest, failing which the Vendor shall pay the
Purchase a penalty at a rate of 0.05% of the Deposit and other
payments on a daily basis.

INFORMATION ON THE PROPERTY

The Properties were acquired by the Vendor from the Purchaser in
November 1999 (the Previous Acquisition), a discloseable
transaction as defined in the Listing Rules, at a total
consideration of HK$45 million which was satisfied by the issue
of 90,000,000 shares, representing 11.9% of the then enlarged
issued share capital of the Company upon completion of the
Previous Acquisition, of HK$0.10 each in the capital of the
Company at an issue price of HK$0.50 per share of the Company to
the Purchaser. As set out in the audited financial statement of
the Group for the financial year ended 31 March
2002, the value of the Properties on an open market value
existing use basis was HK$55.2 million as at 31 March 2002.

The Directors are of the view that the second-hand property
market for luxury houses is very weak in Beijing. It is
difficult to locate a willing and capable buyer who can acquire
the whole lot of 12 houses by cash. As the developer of Beijing
Dragon Villas is willing to buy the Properties back from the
Company, it is quite natural for the Directors to consider the
project developer as the potential buyer, which has ultimately
become the Purchaser of the Properties. However, there was no
repurchase clause allowing the Vendor to sell back the
Properties to the Purchaser within certain criteria and time in
the purchase agreement for the Previous Acquisition.

REASONS OF THE DISPOSAL

The Group is principally engaged in the businesses of sale of
properties, leasing of properties, and trading of communication
products. The Group has re-engineered its business in high
technology and telecommunications business. The disposal of the
Properties is in line with the policy and strategy of the
Company. The Company has disclosed its policy of re-engineering
the business in high technology and telecommunication business
in both its 2002 annual report and circular dated 28 February
2003.

The Properties to be disposed are originally invested for
leasing. The turnover generated from the leasing of the
Properties for the financial year ended 31 March 2002 of
HK$1.69 million represents approximately 3.16% to the Group's
audited consolidated turnover for the same period while that for
the six months ended 30 September 2002 of HK$1.13 million
represents approximately 23.5% to the Group's unaudited
consolidated turnover for the same period. The Group will be
engaged in the businesses of sale of properties, leasing of
properties, trading of communication products, high technology
and telecommunications business immediately upon the Completion.

GENERAL

The disposal constitutes a discloseable transaction for the
Company under the Listing Rules. A circular will be sent to the
Shareholders as soon as practicable.

DEFINITIONS

"Agreement" the purchase agreement dated 19 August 2003 entered
into between the Purchaser and the Vendor

"Company" HyComm Wireless Limited, a company incorporated in
Bermuda with limited liability and whose shares having a par
value of HK$0.10 each are listed on the main board of the Stock
Exchange

"Completion" completion of the Agreement

"Consideration" HK$21.76 million, being the purchase price of
the Properties under the Agreement

"Director(s) the director(s) of the Company

"Group" the Company and its subsidiaries

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

"Independent Valuer" S.K. Pang Surveyors & Co. Ltd, having
extensive valuation experience in properties and property
development projects in Hong Kong and the PRC

"Listing Rules" The Rules Governing the Listing of Securities on
the Stock Exchange

"PRC" People's Republic of China

"Properties" Twelve villa houses erected on twelve lots known as
Lot Nos. 153, 165 and 166 of Phase 1, Lot Nos. 309, 341, 345 and
355 of Phase 3 and Lot Nos. 502, 513, 530, 531 and 536 of Phase
5, Beijing Dragon Villas, 8 Shun An South Road, Shun Yi
District, Beijing, the PRC

"Purchaser" Beijing Long Yuan Real Estate Development Company
Limited, a sino-foreign equity joint venture established in the
PRC with limited liability

"Share(s)" Share(s) of HK$0.10 each in the capital of the
Company

"Shareholder(s) holder(s) of Share(s)

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"Vendor" Win's Properties Limited, an indirect wholly-owned
subsidiary of the Company

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

"RMB" Renminbi, the lawful currency of the PRC

"%" per cent


HYCOMM WIRELESS: F/S Result Dispatch Further Delayed to Oct 7
-------------------------------------------------------------
Further to an announcement of HyComm Wireless Limited (Company)
dated 31 July 2003 (Announcement), the directors (Directors) of
the Company announces that the publication of the audited final
results of the Company in respect of the year ended 31 March
2003 and the dispatch of the annual report in respect of the
year ended 31 March 2003 to its shareholders have to be further
delayed, pending the finalization of the unaudited final results
for the year ended 31 March 2003 which is due to

   i) the accounts of investments in securities and associated
company of the Company and its subsidiaries (the Group), which
the main operations of them are in mainland China and represents
approximately 19% of the total assets of the Group as at 30
September 2002, has not yet been finalized. The Directors expect
it can be finalized on or before 15 September 2003;

   ii) the valuation of investment properties held by the Group,
which represents approximately 56% of the total assets of the
Group as at 30 September 2002, has also not been finalized as
the professional valuer was only appointed by the Company in
July 2003 once the Company reaches a consensus about the
valuation fee of the professional valuer and it is indicated
that valuation will be completed within two weeks from the date
of this announcement. The late appointment of the professional
valuer was due to inadvertent oversight by the Company; and

   iii) change of auditors on 30 July 2003.

The audit works have been started by the newly appointed
auditors from the week following the Announcement. Since they
are only appointed by the Company on 30 July 2003, they need
more time to perform audit works for the Group. It is expected
to be completed by the end of September 2003.

The Directors expect that the Company will publish the Company's
audited final results for the year ended 31 March 2003 and to
dispatch the Company's annual report for the year ended 31 March
2003 on or before 7 October 2003. The Directors also expect that
the unaudited final results for the year ended 31 March 2003
will be published on or before 30 September 2003.

The delay in publication of the audited final results and
dispatch of the annual report constitute breaches of paragraphs
8(1), 11(1) and 11(3)(i)(c) of the Listing Agreement (Listing
Agreement) made between the Company and The Stock Exchange of
Hong Kong Limited (Stock Exchange). The Stock Exchange reserves
the right to take appropriate action against the Company and/or
Directors in respect of such breaches.

The Directors have not dealt in any of the securities of the
Company since the date of one month preceding 31 July 2003
and they have undertaken not to deal in the securities of the
Company until the audited final results for the year ended 31
March 2003 are published. Investors are advised to exercise
caution when dealing in the shares of the Company.


MINGTAI FIRE: S&P Raises Credit Ratings to 'BBBpi' From 'BBpi'
--------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it had
raised its public information insurer financial strength and
counterparty credit ratings on Mingtai Fire & Marine Insurance
Co. Ltd. (Mingtai) of Taiwan to 'BBBpi' from 'BBpi'.

The rating action reflects the company's good market position,
its consistently good operating performance, and satisfactory
investment profile. These positive factors, however, are
moderated by the company's high reliance on reinsurance and its
capitalization, which is below the domestic average.

Mingtai is a short-tail Taiwan insurer underwriting motor
(54.4%), fire (20.4%), marine (7.2%), engineering (6.3%),
aviation (0.8%), and other types of insurance (10.9%). It is the
second largest general insurer in Taiwan; in 20 02 it had a
market share of 9.1% in terms of direct premiums written.
Mingtai achieved 12.9% growth in its gross premiums during 2002
in line with the rest of the sector. In July 2003, the company
became a wholly owned subsidiary of First Financial Holding Co.
Ltd.

"Mingtai's underwriting performance is good and the company
consistently outperforms most of its peers, as demonstrated by
its low five-year average combined ratio of 92.8%," said
Standard & Poor's credit analyst, Jacphanie Cheung.

In 2002, the company's combined ratio fell to 89.1% from 97.7%
in 2001 as a result of an improvement in its loss ratio to 50.7%
from 61.6%. However, its expense ratio increased slightly to
38.4% in 2002 from 36.2% in 2001 because of reduced reinsurance
commissions and increased acquisition costs.

Mingtai has a satisfactory investment profile. The company's
invested assets are liquid with 60.3% in cash and short-term
deposits, 13.6% in listed and unlisted equities, 12.2% in public
and corporate bonds, 11.5% in property, and 2.4% in mutual
trust. The company's total investment return on average total
assets fell to 2.0% in 2002 from 3.2% in 2001 as a result of
reduced interest income and lower investment gains.

With a retention ratio of 40% in 2002, Mingtai remains heavily
reliant on reinsurance and is vulnerable to changing reinsurance
market conditions. However, the company plans to increase its
retention gradually.

Mingtai's capitalization is below the domestic average. The
company's solvency, as measured by net premium income diviad by
adjusted shareholders' funds, increased to 74.6% in 2002 from
68.2% in 2001.

Nevertheless, the company was able to ensure that its paid-up
capital met a statutory minimum of Taiwan dollar (NT$) 2 billion
by capitalizing NT$114.1 million of its retained earnings.


TOMORROW INTERNATIONAL: Asset Disposal Agreement Terminated
-----------------------------------------------------------
Reference is made to the joint announcement dated 4th March,
2003 (the Joint Announcement) issued by Tomorrow International
Holdings Limited (Tomorrow) and Swank International
Manufacturing Company Limited (Swank), the announcements of
Swank dated 4th April, 2003, 6th May, 2003, 29th May, 2003, 11th
June, 2003 and 9th July, 2003 (the Subsequent Announcements,
each of which being a Subsequent Announcement) and the
respective circulars both dated 7th April, 2003 issued by
Tomorrow and Swank in relation to, among other things,

   (i) the sale by Swank to Probest of its 30% equity interest
in BVI Holdco and 30% of the BVI Loan under the Asset Disposal
Agreement; and

   (ii) the restructuring of the Loan pursuant to the Loan
Restructuring Agreement, including, among others, the issue of
the Convertible Note and the execution of the Share Mortgage by
Swank in favor of Probest, under which Probest, as mortgagee,
has the right to dispose of or foreclose the 70% interest in BVI
Holdco and the BVI Loan if an event of default under the
Convertible Note shall occur (collectively, the Transactions).

TERMINATION OF AGREEMENTS

The respective board of directors of Tomorrow and Swank wishes
to announce that on 27th August, 2003, Tomorrow, Swank and
Probest have entered into a termination agreement in respect of
the Asset Disposal Agreement, and Probest and Swank have also
entered into a termination agreement in respect of the Loan
Restructuring Agreement on the same date. As the Transactions
are terminated, the loan in the principal sum of HK$250 million
(the Loan) owing by Swank to Probest will remain outstanding, of
which HK$62.5 million has been overdue.

The Transactions are terminated as the directors of Swank are
now considering other fund raising alternatives for Swank. In
addition, Swank is in discussion with Probest on other possible
settlement arrangement in relation to the Loan. No concrete plan
has been formulated yet and the fund raising exercises may or
may not proceed. Further announcement(s) will be made by Swank
and Tomorrow as and when appropriate.

As referred to in the Subsequent Announcement dated 9th July,
2003, the EGM of Swank has been adjourned to be held at 11:00
a.m. on 29th August, 2003 to consider and, if thought fit,
approve the Transactions. As a result of the termination of the
Asset Disposal Agreement and the Loan Restructuring Agreement,
the adjourned EGM of 29th August, 2003 will not be held. The
supplemental circular of Swank referred to in the Subsequent
Announcements will not be sent to the shareholders of Swank.


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


DANAREKSA JAKARTA: Creditors Face Total Loss
--------------------------------------------
The creditors of Danareksa Jakarta International (DJI) may lose
their entire $180 million in loans after South Jakarta Court
ruled the loan and security documents null and void, DebtTraders
reported Friday.

The creditors are planning to appeal. The loans were made to
refinance existing debt and the construction of the second tower
of the Jakarta Stock Exchange. DJI asked an Indonesian court to
cancel the debt in November last year.

The Troubled Company Reporter - Asia Pacific reported on June
that PT Danareksa finally decided to sell its 45 percent shares
of DJI to a Hong Kong Investor at the price of US$6.5 million,


DIRGANTARA INDONESIA: West Java Acquisition Likely
--------------------------------------------------
The provincial government of West Java stated its readiness to
acquire shares of PT Dirgantara Indonesia should the central
government give permission, Bisnis Indonesia reports, citing the
Governor of West Java, Danny Setiawan. The report added that the
Workers Union Communication Forum (SP FKK) lodged a demand for
the province to acquire the company's shares.

"We only received about Rp3 trillion for this year's budget but
I have stated readiness for assistance through some of the
company shares acquisition if it makes the offer," Setiawan
said, adding that the central government and some Asean
countries form consortium to collect fund to strengthen capital
position of PT Dirgantara.

Should the consortium lack funds, the central government is may
offer provincial governments, like West Java's, some of the
shares.

Indonesia's state-owned aircraft manufacturer, which has debts
of Rp3,170bn ($340m), has been plagued by problems since the
International Monetary Fund ordered Indonesia to stop
subsidizing the company.

Last month, the Troubled Company Reporter - Asia Pacific
reported that Indonesian Bank Restructuring Agency (IBRA) signed
agreement to inject some capital of Rp1.7 trillion to PT
Dirgantara Indonesia.


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


HOSOKAWA MICRON: JCR Downgrades Rating to BB
--------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating on
the bonds of Hosokawa Micron Corporation from BB+ to BB.

Issue Amount (bn) Issue Date Due Date Coupon
Convertible
Bonds no.1 Y7 Oct. 8, 1998 Sept. 30, 2003 1.5 percent

RATIONALE:

Hosokawa Micron is the world's largest provider of powder and
particle processing equipment and systems. Although it had been
strengthening the business through M&A activities, it is now
restructuring the offshore operations due to the recent
deterioration in performance. Orders dropped in the midst of
stagnant capital investments in general.

Hosokawa Micron plunged into an operating loss for fiscal 2002
ended September 30, 2002. It incurred a large net loss. The
performance was poor for the first half of fiscal 2003 ended
March 31, 2003 with the operating loss remaining. JCR considers
that Hosokawa Micron has gotten over the critical point in the
restructuring process, writing down the goodwill and selling off
the assets. Given the prospects for the0 orders, however,
significant improvement in the performance is not likely to be
made in the short run. The financial strength has been lowered
due to the restructuring measures. The downgrade of the rating
reflects the now lowered financial strength.


NAKANO CO.: Real Estate Firm Enters Bankruptcy
----------------------------------------------
Nakano Co. Ltd. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm and hotel
operator located at Chuo-ku, Tokyo, Japan has 71 million yen in
capital against total liabilities of 62 billion yen.


NIPPON TELEGRAPH: IIJ New Shares Proposes Issuance
--------------------------------------------------
Internet Initiative Japan Inc., Japan's leading Internet access
and comprehensive network solutions provider, announced that its
board of directors approved the issuance of new shares of common
stock in a proposed privately negotiated transaction in Japan.

In the transaction, IIJ is proposing to issue 12,615 new shares
of common stock at the current market price for a total amount
of approximately JPY 12 billion. IIJ is in discussion with NTT
Group (Nippon Telegraph and Telephone Corporation and NTT
Communications Corporation), Itochu Corporation, Sumitomo
Corporation and other existing Japanese shareholders to purchase
the share proposed to be issued.

"This transaction will improve IIJ's capital structure" said
Koichi Suzuki, President and CEO of IIJ. "It will help to offset
the financial impact of commencement of corporate reorganization
proceedings of Crosswave Communications Inc., IIJ's affiliate."

Forms of the transaction

1. Maximum number of common shares to be issued 12,615 shares

2. Approximate total amount of issue JPY 12,000,649,500 (JPY
951,300 / share)

3. Date for application September 16, 2003

4. Date for payment September 16, 2003

5. The date of calculation of dividend April 1, 2003

About IIJ

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

CONTACT: IIJ Investor Relations Office
         3-5259-6500
         ir@iij.ad.jp URL:
         http://www.iij.ad.jp/


RESONA BANK: Expects Y30B Loss This Year
----------------------------------------
Resona Bank expects a loss of 30 billion yen this fiscal year as
a result of its financial support for troubled condominium
builder Dia Kensetsu Co., Kyodo News reported Friday. The sum is
the unsecured portion of loans Resona has extended to Dia, the
bank said after the state-backed Industrial Revitalization
Corporation of Japan decided to bail out Dia, along with Kyushu
Industrial Transportation Co., the biggest bus operator in
Kumamoto Prefecture, and Usui department store in Koriyama,
Fukushima Prefecture.


RESONA HOLDINGS: Unveils Fixed Assets Transfer
----------------------------------------------
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura), one
of the banking subsidiaries of Resona HD, decided to transfer
its fixed assets as specified below.

1. Fixed Assets to be transferred

Address Shimokawaramachi, Nanzenji, Sakyo-ku, Kyoto-shi, and
other Land 40/100 (jointly owned portion) of 18,640.11 square
meters

Establishment 40/100 (jointly owned portion) of the total floor
area of 2,348.31 square meters

Book value 0.06 billion yen

Transfer price 2.16 billion yen

Gain on transfer 2.1 billion yen

Settlement Entire amount to be settled in cash

2. Outline of the Transferee

Corporate Name Nomura Holdings, Inc.
Address 1-9-1, Nihonbashi, Chuo-ku, Tokyo
Representative Representative Executive Officer: Nobuyuki Koga

3. Date of Transfer August 29, 2003

4. Reason for the Transfer

Transfer of fixed assets, which are not being utilized for
operational purpose

5. Impact on the Forecasted Earnings

The transfer of these fixed assets will not affect the earnings
forecasts for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.

For a copy of the press release, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030827_1a.pdf


SEVEN OCEAN: Real Estate Firm Enters Bankruptcy
-----------------------------------------------
Seven Ocean Club K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm located at
Chiyoda-ku, Tokyo, Japan has 13 billion yen in capital against
total liabilities of 32 billion yen.


TOSHIBA CORPORATION: Issues Securities Sale Notice
--------------------------------------------------
Toshiba Corporation (Toshiba) has decided to sell part of its
holding securities, as one of the measures in progressing
'asset-light' programs to reduce property and other assets:

1.  Total market price of securities to be sold: approximately
37.5billion yen (as of August 27, 2003)

2.  Planned sales period: securities to be sold from August 28,
2003 through September 30, 2003

3.  Impact on operating results:

Toshiba estimates gains from the sale of approximately 21.5
billion yen, although this is subject to market prices on the
sales date. This will be accounted as extraordinary gains in the
settlement of accounts for FY 2003.

The sale is expected to have some effect on Toshiba's operating
results for FY 2003. However, the Company's final forecast for
this fiscal year has not yet been announced. This will be done
without delay, once material changes to the forecast become
clear.

Contact: Hideo Kitamura,
General Manager,
Corporate Communication Office
Tel: 81 3 3457 2096


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


HANARO TELECOM: Calling Emergency Meeting to Discuss Debt
---------------------------------------------------------
Hanaro Telecom will convene an emergency board meeting before
this weekend to discuss the Company's liquidity problems, the
Yonhap News reported Thursday. The meeting will take place on
August 29 with directors being asked to forward views on how
best to resolve Hanaro's short-term cash crunch. They will also
be invited to come up with ways to improve the Company's long-
term financial circumstances.

Meanwhile, the Korea Herald reported that Hanaro failed to
redeem US$100 million of overseas bonds with warrants that
matured August 26. The Company said it was given a weeklong
grace period, but it has to pay back the bonds by September 2,
the last day of the grace period.

Hanaro controls 27.4 percent of Korea's high-speed Internet
market, which is one of the world's largest and most advanced.
Its archrival KT Corp., formerly state-run Korea Telecom,
controls about 50 percent of the market.


KIA MOTOR: Union Endorses Wage Increase Plan
--------------------------------------------
Union members of Kia Motors officially passed on Thursday a wage
increase plan for this year, which union and management
representatives hammered out Tuesday, according to Digital
Chosun.

The union and management of the carmaker agreed on an 8.8
percent raise, equal to 98,000 won using the basic salary, a
200-percent performance bonus, a 100-percent bonus for workers
who make up for production lost during the strikes, and a cash
payment of 1 million won to mark the dispute settlement. The two
parties also agreed to start a five-day workweek as of September
1, without changing any other existing working conditions.


KOOMIN BANK: Purchases 650,000 Treasury Stock Shares
----------------------------------------------------
On August 27, 2003, the Board of Directors of Kookmin Bank
approved and ratified that Mr. Jin-Baek Jeong, newly-elected
Chief Information Officer (CIO) for its Information Technology
Division, be granted stock options to buy 30,000 registered
common stock of Kookmin Bank.

Pursuant to the Article 13 of the Articles of Incorporation,
this resolution is subject to the approval and ratification by
the shareholders at the nearest forthcoming General
Shareholders' Meeting.

1. Purpose of the grant

The purpose of the grant is to motivate the grantee to achieve
the business targets.

2. Exercise method Kookmin Bank may choose to grant stock by
means of:

1) Issuing new stock;
2) Granting treasury stock; or
3) Granting the equivalent amount of cash or treasury stock for
the difference between the exercise price and the market price.

3. Exercise price: 40,500 Won

4. Exercise period

The exercise period is from August 28, 2006 to August 27, 2011.

5. Adjustment to the exercise price and the number of options

In the event of any right offering, stock dividend, transfer of
reserves to capital, stock split, reverse split, or merger,
which require adjustments to the price or the number of stock
after the option grant date, the Board of Directors may adjust
the number of options and the exercise price to reflect the
changes.


KOOKMIN BANK: Revises ING Strategic Alliance Terms
--------------------------------------------------
On August 27, 2003, the Board of Directors has approved and
ratified the revised terms and conditions of the strategic
alliance agreement with ING Group. The key summaries of the
revised agreement are as follows:

1. Strategic alliance

Exclusive alliance on bancassurance business has been revised as
commercial relationship-based alliance.

2. ING's stake in Kookmin Banking is required to hold its
current stake of 3.87 percent (12,716,691 shares) in Kookmin
Bank.

3. Mutual stake in ING Life Insurance Company, Korea and KB
Investment Trust Management

Kookmin Bank and ING agreed to hold current mutual investment in
ING Life Insurance Company, Korea Ltd. (20 percent owned by
Kookmin Bank and 80 percent by ING Insurance International B.V.)
and KB Investment Trust Management Ltd. (80 percent owned by
Kookmin Bank and 20 percent by ING Insurance International B.V.)
until the revised date of August 29, 2006 (previously, it was
December 4, 2008).

DebtTraders reports that Kookmin Bank Ltd.'s 7550% floating rate
note due in 2006, rates between 98 and 99. For real-time bond
pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


SHINHAN BANK: Fitch Assigns 'BBB-' to US$250M Debt Issue
--------------------------------------------------------
Fitch Ratings, the international rating agency, assigned on
Thursday a Long-term foreign currency debt rating of 'BBB-' (BBB
minus) to the proposed US$250 million Upper Tier 2 subordinated
debt issue from Korea's Shinhan Bank.

Established in 1982, Shinhan is one of the `new' commercial
banks that have achieved a leading position in Korea's banking
industry. Among Korean banks, Shinhan has a good record in all
areas of risk management, emerging from the 1997/98 economic
crisis in reasonably sound shape. Thanks to below average credit
losses it has managed to achieve an above average level of
profitability, though profits for 2003 will be dented by
exposure to energy trader SK Global which was hit by a USD1.2
billion accounting fraud uncovered in March.

Shinhan has been proactive in responding to the anticipated
maturing of Korea's financial system by entering other areas of
non-bank financial services through subsidiaries held under the
Shinhan Financial Group holding company (SFG). The scale of the
subsidiaries is currently small, but the group is in the process
of acquiring Cho Hung Bank, which is larger than Shinhan and
will propel the group to number two among Korean banks in terms
of asset size. From a longer term perspective the acquisition is
a positive move as Cho Hung Bank has considerable profit-
generating potential, once its credit quality is improved. In
the short-term, however, dealing with its remaining asset
quality problems will leave Cho Hung weakly capitalized on its
acquisition by SFG and while this does not directly impact
Shinhan, it is currently a constraining factor on its long-term
debt ratings as Shinhan is the main profit generator and source
of dividend income for SFG. The 'BBB-' rating of the Upper Tier
2 subordinated debt issue is two notches below the senior debt
rating of 'BBB+', in line with Fitch's normal notching criteria


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


AKTIF LIFESTYLE: Resolutions Pass at 9th AGM
--------------------------------------------
Aktif Lifestyle Corporation Berhad Company wishes to announce
that at its 9th Annual General Meeting (AGM) held on 28 August
2003, the shareholders have duly approved all the resolutions as
set out in the Notice of AGM dated 6 August 2003.

Early last month, the Troubled Company Reporter - Asia Pacific
reported that Aktif is still in the midst of negotiations with
the major lenders of Aktif (Creditors) to reach mutual
agreements on specific requests made by the Creditors in
relation to Aktif's proposed restructuring scheme


GANAD CORPORATION: Accepts SC's Proposals Terms, Conditions
-----------------------------------------------------------
Ganad Corporation Bhd refers to the announcement made on 17 June
2003 on Proposals, comprising:

   * Proposed Scheme of Arrangement
   * Proposed Ganad Disposal
   * Proposed Acquisitions
   * Proposed Bumiputera Issue
   * Proposed Placement
   * Proposed Exemption
   * Proposed Listing Transfer

On behalf of Ganad, Southern Investment Bank Berhad (SIBB) is
pleased to announce that the Board of Directors of Ganad has
accepted all the conditions as set out in the approval letter
from the Securities Commission (SC) dated 12 June 2003 (SC
Approval Letter).

Ganad, the shareholders of Asiapin Sdn Bhd, Chongee Enterprise
Sdn Bhd and GBC Marketing Pte Ltd and Axis Diversity Sdn Bhd
(Axis) have executed a Second Supplemental Restructuring
Agreement on 28 August 2003 for the purpose of complying to one
of the conditions imposed by the SC via the SC Approval Letter
on the disposal of Ganad to be carried out via an open tender
exercise.

The salient terms of the Second Supplemental Restructuring
Agreement, inter-alia, are as follows:

   (a) The conditional sale and purchase agreement between Axis
and Emerging Gateway Sdn Bhd dated 15 October 2003 shall be
revoked simultaneously with the execution of the Second
Supplemental Restructuring Agreement;

   (b) The disposal of the entire issued and paid-up share
capital of Ganad together with its subsidiary and associated
companies (Ganad Group) will be carried out by way of an open
tender exercise in a transparent manner;

   (c) The inter-conditionality of the Proposals be amended as
follows:

     (i) The Proposed Scheme of Arrangement, Proposed
Acquisitions, Proposed Placement and Proposed Listing Transfer
are inter-conditional;

     (ii) The Proposed Scheme of Arrangement, Proposed
Acquisitions, Proposed Placement and Proposed Listing Transfer
are conditional upon the Proposed Exemption being granted by the
SC; and

     (iii) The Proposed Bumiputera Issue and Proposed Ganad
Disposal are conditional upon the Proposed Scheme of
Arrangement, Proposed Acquisitions, Proposed Placement and
Proposed Listing Transfer but not vice versa; and

   (d) Axis will not unduly interfere or effect any changes to
the existing operations and running of Ganad until the
completion of the Proposed Ganad Disposal as long as Ganad is
being properly and efficiently managed or otherwise operated by
the existing management according to its present practices and
in the usual course of business. Ganad shall not under any
circumstances whatsoever incur any liabilities to its bankers
exceeding RM11,000,000. Any liabilities exceeding RM50,000
(excluding inter company transaction within the Ganad Group) for
any single transaction or an aggregate liabilities of RM250,000
for all transactions in any financial year shall not be incurred
without the prior consent of Axis, which consent shall not be
unreasonably withheld.

SIBB has on behalf of Ganad submitted a letter to the SC on 27
August 2003 pursuant to an earlier letter dated 11 August 2003
to seek a further extension of time until 15 September 2003 to
formalize the appointment of an independent firm to undertake
the investigative audit.

An announcement on the outcome of the said application will be
made in due course upon receiving the decision from the SC.


HYUNDAI-BERJAYA CORP.: Unit Serves Summons, Statement of Claim
--------------------------------------------------------------
The Board of Directors of Hyundai-Berjaya Corporation Berhad
(formerly known as Transwater Corporation Berhad) wishes to
inform that on 26 August 2003 Pentagon Engineering Sdn Bhd
(PESB), its 60%-owned subsidiary company under its specialist
engineering division, was served with a Writ of Summon and
Statement of Claim dated 30 July 2003 by Jebsen & Jessen Process
Engineering (M) Sdn Bhd (formerly known as Jebsen & Jessen
Engineering (M) Sdn Bhd) as the Plaintiff.

The action, which was filed in the Kuala Lumpur High Court as
Suit No. S7-22-1122-2003, is in relation to an outstanding
balance of RM580,000 being 80% of the purchase price of a
turbine for a project undertaken by PESB.

The Plaintiff's claims are RM580,000 together with 8% interest
per annum from 12 January 2001 until the date of payment,
compensation, interest, costs and any other relief set by the
Court.

As the Defendant, PESB is required to enter an appearance within
8 days from the service of the writ and PESB will be instructing
its solicitors to enter an appearance on its behalf.

The legal action is not expected to have an adverse impact on
the earnings and net tangible assets of the Hyundai-Berjaya
Group.


JASATERA BERHAD: Revised Proposed Recapitalization Approved
-----------------------------------------------------------
Reference is made to paragraph 4.1 (b) of PN 4/2001 whereby the
listed issuer is required to announce the status of it's
financial position on a monthly basis until further notice from
the KLSE.

Jasatera Berhad had already obtained the approvals from the
Securities Commission, the Ministry of International Trade and
Industry and the Foreign Investment Committee for the Revised
Proposed Recapitalisation Exercise.

With regard to the Proposed Exemption sought pursuant to PN
2.9.1 of the Malaysian Code on Takeovers & Mergers 1998, the
Securities Commission had replied that it will consider the
proposed exemption subject to the fulfillment of the conditions
as per the announcement dated 24 February 2003.

The implementation of the Revised Proposed Recapitalisation
Exercise is currently in progress and an application has been
made to the Securities Commission ("SC") on 18th August 2003 to
seek for an extension of time from 4 September 2003 to 3 June
2004 to complete the implementation of the Revised Proposed
Recapitalisation Exercise. The approval from the SC is still
pending as at to date.


L&M CORPORATION: July Defaulted Payment Hits RM60.818M
------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd (L&M)
wish to inform the Exchange that the total default payments to
financial institutions, in respect of various credit facilities
granted to its subsidiary company, L & M Geotechnic Sdn Bhd,
based on the latest available information provided by financial
institutions as at 31 July 2003 was RM60,818,448.87.

As announced on 1 August 2003, L&M is seeking waiver/indulgence
from the Securities Commission (SC) in respect of certain
conditions stated in the SC's approval letter dated 23 May 2003.

Remarks: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.


MALAYSIAN RESOURCES: Restricted Offers for Sale Relevant Dates
--------------------------------------------------------------
Malaysian Resources Corporation Berhad refers to the
announcement dated 6 August 2003 and 14 August 2003 in relation
to the Restricted Offers for Sale, comprising:

   (A) Renounceable Restricted Offer for Sale by Malaysian
Resources Corporation Berhad of:

     1. RM127,652,006 Nominal Value of 5-Year 2% Media Prima
Berhad (MPB) Irredeemable Convertible Unsecured Loan Stocks
2003/2008 (MPB ICULS) at an Offer Price of Rm1.00 Per MPB ICULS
Equal to 100% of its Nominal Value of Rm1.00 to Entitled
Shareholders of MRCB Holding Mrcb Shares on the Basis of Rm1.00
Nominal Value of MPB ICULS for Every Three (3) Ordinary Shares
of Rm1.00 Each in MPB to be Received by the Entitled
Shareholders Pursuant to the Demerger; and

     2. RM10,250,277 Nominal Value of MPB ICULS at an Offer
Price of Rm1.00 Per MPB ICULS Equal to 100% of its Nominal Value
of RM1.00 to Entitled Shareholders MTCB Holding MRCB-OA Shares
on the Basis of Rm1.00 Nominal Value of MPB ICULS for Every One
(1) Ordinary Share of Rm1.00 Each in MPB to be Received by the
Said Entitled Shareholders Pursuant to the Demerger, with an
Additional RM4,750,000 Nominal Value of MPB ICULKS Made
Available for Excess MPB ICULS Applications; and

   (B) Renounceable Restricted Offer for Sale by Gabungan
Kesturi Sdn Bhd (GKSB) of 10,250,277 5-Year Mpb Warrants
2003/2008 (MPB Warrants) at an Offer Price of RM0.10 Per MPB
Warrant to Entitled Shareholders of MRCB Holding MRCB-OA Shares
on the Basis of one (1) MPB Warrant for Every One (1) Ordinary
Share of Rm1.00 Each in MPB to be Received by the Said Entitled
Shareholders Pursuant to the Demerger, with an Additional
4,750,000 MPB Warrants Made Available for Excess MPB Warrants
Applications.

On behalf of MRCB, MPB and GKSB, AmMerchant Bank Berhad wishes
to announce the following important relevant dates in relation
to the Restricted Offers for Sale:

Date of Prospectus: 29 August 2003

LAST DATE AND TIME FOR MPB ICULS

Splitting of Provisional Letter of Offer: 17 September 2003 at
          5.00 p.m. *
Acceptance and Payment: 1 October 2003 at 5.00 p.m. *
Renunciation and Payment: 1 October 2003 at 5.00 p.m. *
Excess Applications and Payment: 1 October 2003 at 5.00 p.m. *

* or such later date and time as the directors of MRCB may
decide and announce at least one (1) day before the last day
stated above.

LAST DATE AND TIME FOR MPB Warrants

Splitting of Provisional Letter of Offer: 10 September 2003 at
          5.00 p.m. *
Acceptance and Payment: 24 September 2003 at 5.00 p.m. *
Renunciation and Payment: 24 September 2003 at 5.00 p.m. *
Excess Applications and Payment: 24 September 2003 at 5.00 p.m.*

* or such later date and time as the directors of GKSB may
decide and announce at least one (1) day before the last day
stated above.

THE RENUNCIATION/TRANSFER AND TRADING OF MPB ICULS AND WARRANTS
PROVISIONALLY OFFERED TO ENTITLED SHAREHOLDERS SHALL BE DONE VIA
THE PHYSICAL TRADING OF THE PROVISIONAL LETTERS OF OFFER PRIOR
TO THE RESPECTIVE CLOSING DATES AS STATED ABOVE.

Upon completion of the Restricted Offers for Sale, the MPB ICULS
and MPB Warrants is expected to be listed and quoted on the
KLSE, subject to the MPB ICULS and MPB Warrants having
respectively met the shareholding requirement of 100 holders
each.


MANGIUM INDUSTRIES: Unit Defaults on Credit Facilities
------------------------------------------------------
Mangium Industries Bhd (formerly known as Serisar Industries
Bhd) [MIB] wishes to announce that its wholly owned subsidiary,
Kilang Papan Dasatu Sdn Bhd [KPD] has not paid, and is deemed to
have defaulted in its repayments on facilities granted by
Standard Chartered Bank Malaysia Berhad and Southern Bank
Berhad, which are unsecured. The details of the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001 are as tabulated in Table 1 at
http://bankrupt.com/misc/TCRAP_Mangium0901.doc.

A) REASON FOR DEFAULT IN PAYMENTS

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group. As a result, the cashflow
generated from operations was not sufficient to service the
interest and principal obligations to the lenders as and when
they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

MIB is currently in negotiations with Standard Chartered Bank
Malaysia Berhad to normalize and regularize the
accounts/facilities and amounts due and owing to the bank.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 July 2003, in relation
to the payments, which are in default and are the subject matter
of this announcement amounts to RM9,617,059.26.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Not applicable.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

Not applicable.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, KPD, and as a result of their
default, the remaining facilities granted by other lenders to
KPD are all technically in default by virtue of the "Cross
Default' clauses in the Letter of Offers.

However, the lenders have refrained from serious legal action
other than those, which have been disclosed in the Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.


METACORP BERHAD: Acquires Quoted Shares
---------------------------------------
Metacorp Berhad informed that Metacorp had from June 17, 2003 to
August 25, 2003, acquired 11,156,100 ordinary shares of ACP
Industries Berhad (ACPI) for a total consideration of
approximately RM35.6 million or average RM3.19 per share via
open market. The acquisition increases Metacorp's shareholding
in Trenergy by 8.38% to approximately 29.09%.

Rationale of Acquisition

The acquisition was performed in view of the attractive
investment potential that ACPI possesses.

Effect of Acquisition

The acquisition will allow the Company to equity accounts the
results of ACPI for the current financial year. There will be no
material impact on the net tangible assets of the Company for
the current financial year as the purchase was sourced from the
Company's internal generated funds.

Directors' and Substantial Shareholders' Interest

Save for YBhg Dato' Dr. Nik Hussain Bin Abdul Rahman who is
deemed substantial shareholder of ACPI, none of the directors or
major shareholders of the Company or persons connected with them
has any interests, whether direct or indirect in the
acquisition.

Condition of the Acquisition

The acquisition is not subject to the approval of shareholders
or any relevant authorities. Pursuant to Listing Requirement of
KLSE, the total acquisition of 11,156,100 ordinary shares of
ACPI for a period of 3 months is approximately 8.61 % of the net
tangible assets of the Company.

Directors' Opinion

The Board of Directors of the Company is of the opinion that the
acquisition is in the best interest of the Company. The Company
is required to send a circular to shareholders for information.

According to Wrights Investors' Service, MTD had negative
working capital at the end of 2001, as current liabilities were
Rp251.05 million while total current assets were only Rp227.54
million.


NALURI BERHAD: Currently Evaluates AHB's Proposals
--------------------------------------------------
Naluri Berhad (Special Administrators Appointed) refers to the
Company's announcements dated 18 April 2003, 7 May 2003 and 30
May 2003 in relation to the Status of Proposal to ensure
adequate level of operations.

On 21 April 2003, Pengurusan Danaharta Nasional Berhad
(Danaharta) called for a public tender for its 309,648,000
ordinary shares of RM1.00 each representing approximately 44.84%
in Naluri.

On 27 June 2003, Danaharta announced that at the close of the
tender on 23 May 2003, it had received five bids, of which only
two qualified for evaluation, both bidding for 220.96 million
shares representing 32% equity interest in Naluri. Of the two
qualified bidders, Atlan Holdings Berhad (AHB) was declared the
winning bidder with a bid price of RM1.98 per Naluri share.

On 11 August 2003, AHB announced that its 70% owned subsidiary
company, Atlan Properties Sdn Bhd (APSB) had entered into a
conditional sale and purchase agreement with Danaharta for the
proposed acquisition by APSB of 220,965,222 Naluri shares for a
cash consideration of RM437,511,139.

In view of the above, the Special Administrators of Naluri are
currently evaluating AHB's proposals to ensure an adequate level
of operations for the Company for continued trading and / or
listing on the Official List of the Exchange together with the
Proposed Capital Repayment, in the best interest of all
stakeholders of the Company.


NAM FATT: KLSE Grants ICULS Conversion Listing Wednesday
--------------------------------------------------------
Kindly be advised that Nam Fatt Corporation Berhad' additional
2,193,000 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of RM2,193,000 Irredeemable Convertible Unsecured
Loan Stocks - A into 2,193,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, 3 September 2003.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission has on 6 January 2003
approved an extension of time to 9 June 2003 for Nam Fatt to
complete the Proposals, which involves Proposed Loans
Restructuring Scheme; Proposed Additional Issue; Proposed Rights
Issue; and Proposed Increase in Authorized Share Capital.


PILECON ENGINEERING: Default in Payment Status Remains Unchanged
----------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on 31 July 2003 with regards to the status of default in payment
pursuant to Practice Note 1/2001, the Company wishes to hereby
announce that there have not been any changes to the status of
default since then.

The steps undertaken by the Company to rectify the default are
comprised in the Proposed Scheme of Arrangement pursuant to S176
of the Companies Act, 1965. Please refer to the announcement
made by the Company on 21 February 2003 for more details of the
Proposed Scheme of Arrangement.


PROMET BERHAD: Acquisition Agreement Execution Extended
-------------------------------------------------------
Promet Berhad refers to the announcement dated 31 July 2003 in
relation to the Proposed Acquisition by Titan Element Sdn Bhd
(TESB) of 91 parcels of commercial and office space in Wisma
Saberkas, Kuching, Sarawak (Wisma Saberkas) (Proposed Wisma
Saberkas Acquisition) from Presab Sdn Bhd (Presab).

On 30 May 2003, Promet had entered into an agreement (Agreement)
with TESB to set out the Company's agreement to use its best
efforts to procure the sale of Wisma Saberkas by Presab to TESB
and to procure the execution of the conditional sale agreement
(Wisma Saberkas SPA) by Presab within a period of thirty (30)
days from the date of the Agreement or such further period as
TESB and Promet may agree in writing.

Pursuant to the above, on behalf of the Board of Directors of
Promet, Southern Investment Bank Berhad wishes to announce that
Promet and TESB had on 28 August 2003 agreed to extend the
execution of the Wisma Saberkas SPA to 30 September 2003,
pending the finalization of the terms and agreements of the
parties to the Wisma Saberkas SPA. All other terms and
conditions of the Agreement shall stand and remain unchanged.


RNC CORPORATION: 33rd AGM Fixed on September 23
----------------------------------------------
Notice is hereby given that the Thirty-Third (33rd) Annual
General Meeting of RNC Corporation Berhad will be held at The
View Room, Level 18, Melia Kuala Lumpur, 16, Jalan Imbi, 55100
Kuala Lumpur on Tuesday, 23rd September 2003 at 10:30 a.m. for
the following purposes:

AGENDA

1. To receive and adopt the Financial Statements for the year
ended 31st March 2003 together with the Reports of the Directors
and Auditors thereon. (RESOLUTION 1)

2. To approve the payment of Directors' fees for the year ended
31st March 2003. (RESOLUTION 2)

3. To re-elect the following Directors retiring pursuant to
Articles 98 and Articles 103 of the Articles of Association of
the Company:

Articles 98
Mr Tow Kong Liang (RESOLUTION 3)

Articles 103
Dato' Keo Kheh Toh (RESOLUTION 4)

4. To re-appoint Messrs KPMG as Auditors and to authorize the
Directors to fix their remuneration. (RESOLUTION 5)

5. To transact any other business of which due notice shall have
been given.


SATERAS RESOURCES: Appoints Receivers, Managers to Unit NDH
-----------------------------------------------------------
The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that Wong Cham Mew and Ong Kong Lai, both of
M/s Ong & Wong, Chartered Accountants of Unit C-20-1, 20th
Floor, block C, Megan Avenue II, No. 12, Jalan Yap Kwan Seng,
50450 Kuala Lumpur have been appointed as Receivers and Managers
of New Decade Holding Sdn. Bhd. (NDH), a wholly owned subsidiary
of Sateras. The details pertinent to the appointment of
Receivers and Managers are as follows:

The date of appointment

The Receivers and Managers are appointed, effective from 27th
August 2003.

The details of the Company under the Receivers and Managers

New Decade Holding Sdn Bhd (Company No.: 76654-A) is a wholly
owned subsidiary of Sateras. Its main activity being property
development.

The net book value of the affected assets

The net book value of the affected assets is approximately
negative RM23 million.

The details of the events leading to the appointment of the
Receivers and Managers

The Receivers and Managers are appointed by Khoi Kiong (M) Sdn.
Bhd. pursuant to powers given under the Deed of Debenture dated
10th May 2002 executed by NDH pertaining to the Loan Agreement
dated 30th August 2001 entered into between NDH, Khoi Kiong (M)
Sdn. Bhd., Ribar Resources Sdn. Bhd. and Sant Sdn. Bhd.

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

The Board of Sateras does not foresee any financial and
operational impact of the aforesaid appointment on the group.

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

The Company does not expect any significant loss arising from
the aforesaid appointment.

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

The Board is currently studying the basis of appointment of
Receivers and Managers and contemplating the necessary action to
pursue the matter.


SENG HUP: Danaharta Further Extends Moratorium Period for A Year
----------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed), wishes to announce that
Pengurusan Danaharta Nasional Berhad (Danaharta) had, via its
letter dated 25 August 2003, extended the moratorium period
pursuant to Section 41(3) of the Pengurusan Danaharta Nasional
Berhad Act 1998 (Danaharta Act) for a further period of
twelve(12) months from 9 September 2003 to 8 September 2004.

During the aforementioned period, no creditor may take action
against the Company except in accordance with Section 41 of the
Danaharta Act.


TAJO BHD: SC Approves RM59,000,000 RCSLS Issuance
-------------------------------------------------
Tajo Berhad refers to the announcements dated 10 June 2002, 9
August 2002, 31 December 2002, 23 January 2003 and 6 March 2003
in relation to the Proposed Restructuring Exercise.

On 26 March 2003, Public Merchant Bank Berhad (PMBB), had
announced that the vendors, namely MAA and Tokojaya have decided
not to proceed with the injection of MAA Penang and MAAKK 2
respectively into Tajo.

In view of the exclusion, on 21 April 2003, PMBB, on behalf of
the Board of Directors of Tajo, informed the Securities
Commission (SC) that the abovementioned properties will be
excluded from the Proposed Restructuring Exercise.

As a consequence, PMBB had also sought the approval of the SC
for the following:

   (i) To issue a total of RM119,700,000 comprising RM59,000,000
of RCSLS and RM60,700,000 of ICULS instead of the proposed
issuance of RM105,300,000 of RCSLS and RM60,700,000 of ICULS
totaling RM166,000,000; and

   (ii) The approval for the utilization of an additional
RM9,100,000 the Company proposes to raise from the Proposed
RCSLS Issue as working capital for Tajo/Mithril.

Further, on 25 July 2003, PMBB, on behalf of the Board of
Directors of Tajo, submitted an application to seek an extension
of time from the SC to procure the release of the guarantors on
the credit facility amounting to RM6,555,000 offered to Saferay
(Saferay Guarantors) only upon the admission and quotation of
the Mithril Shares on the Second Board of the Kuala Lumpur Stock
Exchange (KLSE).

In this regard, PMBB, on behalf of the Board of Directors of
Tajo, is pleased to announced that the SC had via its letter
dated 25 August 2003, approved the following:

   (i) The exclusion of the Proposed MAAKK 2 Acquisition and
Proposed MAA Penang Acquisition from the Proposed Restructuring
Exercise;

   (ii) The issuance of RM59,000,000 of RCSLS as compared to
RM105,300,000 of RCSLS;

   (iii) The revised utilization of the proceeds raised from the
issuance of the RCSLS and ICULS as set out below:

                              As approved by     Revised and
                              the SC on 24       Approved by the
                              December 2002      SC on 25 August
                              (RM'000)           2003 (RM'000)

Proposed MAAKK1 Acquisition      65,000           65,000
Proposed Kuching Acquisition    20,000           20,000
Proposed Penang Acquisition     30,000             -
Proposed Saferay Acquisition    17,500           17,500
Working capital                  8,100           17,200
Total                          140,600          119,700

   (iv) The listing and quotation for RM59,000,000 of RCSLS as
compared to the original proposal of RM105,300,000 of RCSLS on
the Second Board of the KLSE;

   (v) The release of the Saferay Guarantors only upon the
admission and quotation of the Mithril Shares on the Second
Board of the KLSE.

The SC's approval for (v) above is subject to Mithril providing
the SC with a written undertaking to procure the release of the
Saferay Guarantors within a period of one (1) month from the
date of the admission and quotation of the Mithril Shares on the
Second Board of the KLSE.

Other than the above, PMBB/Tajo/Mithril have been informed by
the SC that all other conditions previously imposed by the SC
are still effective.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad informed that it had on 28 August 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 22 August 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. For information on the securities disposed, click
http://bankrupt.com/misc/TCRAP_Tongkah0901.doc.


UCP RESOURCES: Liquidators Appointed to Associated Company
----------------------------------------------------------
Pursuant to the announcement made on 6 August 2003, UCP
Resources Berhad would like to announce that on 27 August 2003,
Mr Lim Tian Huat and Mr Adam Primus Varghese Bin Abdullah of
Messrs Ernst and Young were appointed as Liquidators of Khazanah
Wangsa Sdn Bhd (KWSB), an associated Company of UCP via a
Meeting of Creditors held on the same date.


WING TIEK: Releases Investigative Audit Findings Summary
--------------------------------------------------------
Further to the announcement made on 25 August 2003, the Board of
Wing Tiek Holdings Berhad wishes to announce to the Kuala Lumpur
Stock Exchange the following executive summary of the
Investigative Audit Findings.

The requirement for the investigative audit had been imposed by
the Securities Commission in connection with its approval of the
proposed restructuring of the WTHB Group in its letter dated 2
January 2003. Messrs Gomez & Co was appointed the Investigative
Auditors on 25 February 2003.

Scope of work

The investigative audit was for the accounting periods
commencing 1 August 1996 (the first financial year of loss in
the preceding ten financial years to 2002), to the accounting
period to 31 July 2002. The work and report was based on the
information provided by the current management of the WTHB
Group, and on inquiries of and discussions with management, a
review of accounts and other documents made available, and
analytical procedures applied to the data provided.

Limitations

No independent verification of the legitimacy and/or legal
enforceability was carried out on the documentation provided. No
legal due diligence was carried out on any agreements that the
Company has entered into to ascertain if there are any
restrictive covenants or to check compliance with the terms of
such agreements.

Detailed review of major loss transactions

The major loss transactions, representing approximately 85% of
the losses incurred in the six-year period under review, were
selected for investigation and verification. The detailed
observations on these major transactions were presented in the
Investigative Auditors' Report and 'other' transactions were
reviewed for overall reasonableness.

Summary findings

WTHB was classified a PN4 company by virtue of its deficit in
shareholders funds which amounted to RM 571 million as at 31
July 2002. The investigation identified that the losses incurred
over the six year period, to the reference date noted above,
were the main contributors to this deficit.
The investigation of these major loss transactions was
summarized as follows:

   1 The write-off of advances amounting to RM 225 million to a
then wholly owned subsidiary company that was incorporated in
the Philippines, for the purchase of the investment in another
corporation in the Philippines, was the single largest loss
transaction. This loss coupled with the interest costs that
accrued to fund the investment amounting to RM 191 million on
the three main categories of borrowings of WTHB comprising 'hard
debt', account for a total loss of approximately RM 416 million.
The repayment of WTHB Group borrowings was also affected by this
transaction and the bulk of the other interest expense of the
WTHB Group would also have been attributable to this major
transaction.

The Investigative Auditors were unable to investigate the losses
incurred in this mentioned foreign subsidiary company as it was
sold and there was no access to its statutory books and
accounting records. The Investigative Auditors were also not
able to sight the financial statements of this mentioned foreign
subsidiary company to confirm its shareholder funds status as
these financial statements were not available. This was
highlighted as a scope limitation in the investigative audit of
the WTHB Group.

  2 A substantial amount of the debt provisions reviewed were in
relation to trade debtors associated with the then major
shareholder of WTHB amounting to RM84.5 million. The major
amount of this debt was in relation to the purchase of turbines
for the manufacture of power barges by one of the associated
trade debtor and no formal project appraisal appeared to have
been undertaken by WTHB on this particular transaction.

The review of records in relation to these associated trade
debtors also revealed that approvals for credit limits were not
as stringent as with 'third party' customers. The deterioration
of the finances of these associated trade debtors had a
significant impact on WTHB's profitability resulting in WTHB
incurring losses of RM 84.5 million.

  3 Losses of RM 33.4 million incurred in one of WTHB's
subsidiary company, Victory Skyline Sdn Bhd, comprising debts
provided of RM 5.7 million and asset impairment losses of RM
27.7 million. There was proper contract for the rental of one of
the fuel barges to a third party, incorporated in the British
Virgin Islands, but no payments were made for the use of the
barge since commencement of the rental agreement, hence the debt
provision was made. The persons owning and managing this third
party were also not ascertained. The ownership of the fuel
barges is with Victory Skyline Sdn Bhd. On the asset impairment
losses, the current management of WTHB represented that in view
of their inability to secure physical control of these barges,
an initial write-down to recoverable values was made in 2001.
This was followed by a further write-down in 2002 to a nominal
RM 1 each to reflect realizable values in accordance with the
WTHB Group adoption of the 'break-up' basis of accounting.

  4 Certain investment related transactions resulting in losses
of approximately RM 10.6 million.

  5 Other losses arose from provision for doubtful debts (other
than the associated trade debtors provisions mentioned above),
interest and financing costs on other borrowings, stock write-
downs, fixed asset write-downs due to the break-up basis of
accounting adopted using forced sale valuations of the assets of
the WTHB Group and operational losses.

The transactions numbered 1 5 above contributed the bulk of the
losses of the WTHB Group during the period under review.

Conclusion

The Board deliberated on the following issues from the
investigative audit:

   (i) Lack of information pertaining to the investment in the
Philippines and its subsequent disposal arising from the sale of
the foreign subsidiary company;

   (ii) Investigative Auditors' inability to fully investigate
the activities of Victory Skyline Sdn Bhd, in view of the lack
of information on its operations in particular covering the
physical control of its principal assets i.e. the barges, and

   (iii) Rationale and background to certain other investment
proposals were also not fully explained as WTHB is under new
management.

The Board subsequently decided to seek legal advice on the
investigative audit findings and on the appropriate actions to
be taken with regards to this audit.


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


NATIONAL BANK: Earns P50M in First Idle Asset Auction
-----------------------------------------------------
Philippine National Bank (PNB) sold 50 million pesos worth of
foreclosed real estate properties in its first monthly public
auction conducted on Thursday, according to the Business World
newspaper, citing auction consultant CB Richard Ellis. PNB
auction featured 60 properties located in the province of
Bulacan and in metropolitan Manila worth 110 million pesos. The
bank earlier said it expects to sell 3.50 billion pesos in idle
real estate assets this year.

CB Richard Ellis is the largest integrated real estate services
provider in the world with annual revenues of approximately US$
2 billion. It specializes in investment sales, commercial and
industrial leasing, and asset and facilities management. A
strong local and global network backs it up with over 250
offices in 47 countries. The appointment of CB Richard Ellis to
handle the disposal of a block of PNB's non-performing assets is
part of the "Bad Bank Strategy" under the Bank's rehabilitation
plan.


PHILIPPINE AIRLINES: April-July Net Loss Over P900M
---------------------------------------------------
Philippine Airlines (PAL) incurred over 900 million pesos in net
losses in the April-July period as its passenger volume was
adversely affected by SARS virus outbreak, AFX Asia reports,
citing PAL Chief Financial Officer Andrew Huang said.

However, he noted that the months between August and November
are traditionally "lean" months for PAL. The flag carrier
earlier said its full-year to March net profit came in at 295
million pesos, a turnaround from a net loss of 1.61 billion
pesos in 2002.


SEMIRARA MINING: Clarifies Debt Reduction Report
------------------------------------------------
This is in reference to the news article entitled "Semirara
Mining to pare 2 billion pesos debt in three years" published in
the August 28, 2003 issue of the Business World (Internet
Edition). The article reported, "Listed Company Semirara Mining
Corporation will be able to pare its debt to Php400 million from
Php2 billion by 2006, a Company top executive told Business
World. Semirara Vice Chairman Isidro Consunji said while the
Company has not been posting profits, it is capable of working
down its liabilities. 'Our cash flow is good. The Company is not
earning but it is making enough to pay down debts significantly.
We will be able to zero out 80 percent of our debts in two-and-
a-half to three years,' Mr. Consuji said after the stockholders'
meeting of DMCI Holdings, Inc., Semirara's parent Company."

Semirara Mining Corporation (SCC), in its letter to the
Philippine Stock Exchange dated August 28, 2003, stated that:

"This is to inform you that the statement made by Mr. Isidro A.
Consulji refers only to our existing debts."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2809_SCC.pdf


VICTORIAS MILLING: CEO Resigns as Director of Induplex
------------------------------------------------------
The President and CEO of Victorias Milling Company, Inc., Mr.
Arthur N. Aguilar, has resigned as member of the Board of
Directors of Induplex, Inc. effective 29 July 2003.

Mr. Aguilar has served Induplex, Inc. as member of its Board of
Directors for several years now and resigned from this position
to avoid possible conflict of interest. Mr. Aguilar likewise
informed the members of VMC Board of Directors of this
resignation.

Mr. Aguilar's letter to the VMC Board and his resignation letter
to http://www.pse.org.ph/html/disclosure/pdf/dc2003_2809_SCC.pdf

As part of its quasi-reorganization, VMC's creditor banks
converted 1.1 billion pesos in loans into about 70 percent of
VMC's equity, while another 2.4 billion pesos in debts will be
restructured into a 15-year term loan, the Troubled Company
Reporter-Asia Pacific reported recently.


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


CHARTERED SEMICONDUCTOR: Enters Alliance With CSMC-Tech
-------------------------------------------------------
CSMC Technologies Corporation (CSMC-Tech), a leading 150
millimeter (mm) Chinese integrated circuit (IC) foundry services
Company, has entered into an arrangement with one of the world's
top three dedicated semiconductor foundries, Chartered
Semiconductor Manufacturing, on equipment purchase, technology
licensing, operational assistance, and customer referral. In
return, Chartered will receive cash payment and an equity stake
in CSMC-Tech. The collaboration between Chartered and CSMC-Tech
will result in extending the productive life and availability of
proven 150mm technologies for serving the China market and
customers globally with specific mature technology requirements.

The arrangement was formalized during a signing ceremony in
Singapore by Dr. Peter Chen, chairman and CEO of CSMC-Tech; Mr.
Chia Song Hwee, president and CEO of Chartered; and Mr. Zhu
Jinkun, deputy chairman and CEO of China Resources Logic Limited
(CR Logic), the single largest shareholder of CSMC-Tech.

Under the arrangement, CSMC-Tech and its subsidiaries
(collectively the CSMC-Tech Group) signed the Master Agreement,
the Equipment Purchase Agreement, the Technology Transfer and
License Agreement, and the Operational Assistance Agreement
(collectively the "Transaction Agreements"), and the Customer
Referral Agreement with Chartered.

Pursuant to the Transaction Agreements, Chartered agrees to sell
equipment; transfer and license selected proven mature process
technologies, and provide the required operational assistance to
CSMC-Tech. The total consideration payable by CSMC-Tech shall be
US$33 million, comprising cash payment and the allotment and
issue of its ordinary shares, credited as fully paid, to
Chartered.

In accordance with the Customer Referral Agreement, Chartered,
using commercially reasonable efforts, may introduce customers
who require 150mm foundry services to CSMC-Tech. In
consideration of the customer referral services provided by
Chartered, CSMC-Tech agrees to pay a referral fee to Chartered.
Any referral fee payable will be satisfied by the allotment and
issue of CSMC-Tech's ordinary shares, up to a value of US$5
million, credited as fully paid.

On 5 August 2003, Central Semiconductor Manufacturing
Corporation (CSMC), China's original dedicated foundry, and CR
Logic announced the formation of CSMC-Tech and invited a
consortium of well-known international investors to invest in
CSMC-Tech under an investment agreement. 3i, the global private
equity investor, and Crown Crystal Investments Limited, a
company representing the interests of one of the largest
technology-focused venture capital management firms in Asia, led
the US$67 million first investment round. Other investors in the
consortium include International Finance Corporation (IFC), the
private sector arm of the World Bank Group, and a private equity
fund managed by Templeton Asset Management Limited. The
arrangement between Chartered and CSMC-Tech will be conditional
upon the completion of CSMC-Tech's fundraising activities.

Upon completion of the transactions contemplated under the
investment agreement, CSMC-Tech's issued share capital will be
owned 29.2 percent by CR Logic, 24.2 percent by CSMC and an
aggregate of 46.6 percent by Chartered and other investors. The
equity portion of the consideration relating to the Transaction
Agreements and Customer Referral agreement would bring
Chartered's overall stake in the company to not more than 11.15
percent.

Win-Win Strategic Collaboration

Under the arrangement, Chartered will transfer 0.6-micron
technologies, including analog, EEPROM, high voltage and BiCMOS;
0.5-micron analog technology; and 0.35-micron logic technology
to CSMC-Tech.

The licensed technologies and purchased equipment assets from
Chartered's Fab 1 will be installed in CSMC-Tech's 150mm Fab 1
facility, located at Wuxi, China. The technology transfer is
scheduled to start in the third quarter of 2003, followed by
equipment decommissioning which is expected to start in April
2004. Using the 150mm equipment sets purchased from Chartered's
Fab 1, CSMC-Tech plans to increase its total 150mm capacity from
the current 20,000 wafers per month to more than 45,000 wafers
per month by mid 2005.

"The semiconductor industry in China is entering an exciting era
of growth. The CSMC-Tech and Chartered relationship reflects the
evolving dynamics of the foundry industry and the importance of
the collaboration for lowering risks and delivering proven
solutions amidst increasing complexities in IC design and
escalating manufacturing costs," said CSMC-Tech's Dr. Chen.
"CSMC-Tech is pleased to collaborate with Chartered, whose
global semiconductor leadership and proven partnership model
formed a strong foundation for this arrangement. Through a
complementary business model, our two companies have structured
a unique collaboration that will put CSMC-Tech in position to
become the industry's manufacturer of choice for proven IC
wafers. This relationship provides further endorsement of CSMC-
Tech's business and strategy, and adds to the success of our
recent international investment round."

Chartered and CSMC-Tech are also discussing opportunities for
future collaboration, focused on extending the productive life
and availability of proven technologies for 200mm manufacturing.

"Since 1997, Chartered has been serving customers in China and
strengthening our presence there. Today's announcement with
CSMC-Tech and CR Logic signifies another step toward gaining a
better understanding of the rapidly growing semiconductor market
in China. We believe this important collaboration between two
dedicated foundries will provide China's many emerging design
centers and fabless companies with proven technology for
developing their products," said Mr. Chia Song Hwee, president
and CEO of Chartered. "For Chartered, the collaboration also
represents a significant milestone in executing our fab
rationalization plan, progressing toward the objectives of
consolidating all Singapore fab operations onto our main campus
in Woodlands and working with a selected partner to establish an
initial manufacturing presence in China."

"We believe that the business model of CSMC-Tech is ideally
suited for the PRC market and that CSMC-Tech should expand its
capacity to ride on the growing demand for foundry services in
the PRC. The equipment purchase and technology tie up with
Chartered complement and satisfy the technology migration
directions of both CSMC-Tech and Chartered," said Mr. Charley
Song, Chairman of CR Logic. "The collaboration between CSMC-Tech
and Chartered is expected to provide CSMC-Tech with the
equipment and technology roadmap for future upgrading of CSMC-
Tech's existing 0.45 micron-based process. More importantly, the
strategic relationship will allow the parties to use CSMC-Tech
as a platform to tap into the tremendous potential of the
rapidly growing Chinese IC market."

About CR Logic

CR Logic is principally engaged in technology related
manufacturing businesses with two distinctive business segments,
namely semiconductor and air-conditioner compressor. The Group's
shares became listed on the Stock Exchange of Hong Kong Limited
in November 1994. The Group strives to become a leading
technology-oriented manufacturing enterprise in the PRC.

One of its core businesses is the semiconductor operation, which
involves design, fabrication, packaging, testing, foundry
service and sale of consumer IC's. Its major products, derived
from 4-inch to 6-inch semiconductor wafers, include discrete
devices, bipolar ICs and MOS ICs, which are mainly used in
consumer electronic products and telecommunication devices. The
current annual capacity is about 1.3 million wafers.

The Group is also one of the top four suppliers of air-
conditioner compressors in the PRC, enjoying a 10 per cent
market share. The Group has expanded its annual production
capacity to 3,100,000 units in early 2003, taking advantage of
the rapidly growing residential air-conditioner market in the
PRC.

About CSMC-Tech

Founded in December 1997 by an experienced team of international
semiconductor industry professionals, CSMC-Tech offers
integrated circuit manufacturing, foundry management and
operating services for China and the international markets.
Pioneering the open foundry business model in the PRC, CSMC-Tech
provides fab capacity for a growing number of design houses that
need IC fabrication capacity and integrated device manufacturers
that outsource their production. Since its establishment, the
number of CSMC-Tech's employees has tripled to over 700 now.
CSMC-Tech's strong investor base includes the 3i Group, China
Resources Logic, Crown Crystal Investments, International
Finance Corporation, Templeton Funds, and Walden International.
For more information, visit www.csmc.com.cn.

About Chartered

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

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

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


KOREA LEASING: Issues Notice of Dividend
----------------------------------------
Korea Leasing (Singapore) Pte Ltd (In Liquidation) issued a
notice of third interim dividend as follows:

Address of Registered Office: 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809.

Court: High Court of the Republic of Singapore.

Number of Matter: Companies Winding Up No. 161 of 2000.

Amount per centum: 4 cents in a dollar.

Type of dividend: Third Interim Dividend.

When payable: 27th August 2003.

Where payable: c/o Deloitte & Touche
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809.

WEE AIK GUAN
and CHALY MAH CHEE KHEONG
Joint and Several Liquidators.


MEIJISEIMEI INVESTMENT: Issues Debt Claim Notice to Creditors
-------------------------------------------------------------
The creditors of Meijiseimei Investment Singapore Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up
voluntarily are required on or before the 22nd day of September
2003 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company and, if so required by notice in writing by the
said liquidator are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.
Dated this 22nd day of August 2003.

HAMISH ALEXANDER CHRISTIE
Liquidator.
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.


SKY TECHNOLOGY: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Sky Technology Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
August 11, 2003 at 10 o'clock in the morning. David Richard
Laxton, a creditor, whose address is situated at No. 63 Jalan
Pemimpin, #02-08 Pemimpin Industrial Building, Singapore 577219,
filed the petition with the court on August 11, 2003.

The petitioners' solicitors are Messrs. De Souza Tay & Goh of 5
Shenton Way, #12-05 UIC Building, Singapore 068808. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs. De Souza Tay & Goh 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).


SUMI INDUSTRIES: Issues Notice of Winding Up Order
--------------------------------------------------
Sumi Industries Pte Ltd. formerly known as Octagon Enterprise
Pte Ltd. issued a notice of winding up order made on the 8th day
of August 2003.

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

HO, WONG & PARTNERS
Solicitors for the Petitioner.


TAN TOO: Issues Notice of Winding Up Order
------------------------------------------
Tan Too Guan Private Limited issued a notice of winding up order
made on the 15th day of August 2003.

Name and address of Liquidator: Official Receiver

Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11 & #06-11
Singapore 069118.

ALLEN & GLEDHILL
Solicitors for the Petitioner.


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


CHRISTIANI & NIELSEN: Decreases Capital as Reorganization Plan
--------------------------------------------------------------
CN Advisory Company Limited, as Plan Administrator of Christiani
& Nielsen (Thai) Public Company Limited, reported on the capital
decrease of the Company in accordance with the Reorganization
Plan approved by the Central Bankruptcy Court on 2nd May 2003.
The details are as follows:

1. Decrease of unpaid capital

Decrease of unpaid capital in the number of 18,035,800 shares,
par value at Bt10 per share for the total amount of
Bt180,358,000 from registered capital of Bt1,592,193,200 to
registered capital of Bt1,411,835,200 equal to 141,183,520
shares with par value of Bt10.  The registration has been made
with the Registrar on 25th August 2003.

2. Decrease of paid-up capital to compensate the retained loss
by reducing par value

Decrease of paid-up capital to compensate the retained loss by
reducing par value from Bt10 per share to Bt0.01 per share,
resulting in the capital reduction for the total amount of
Bt1,410,423,364.80 with the effect that the paid-up capital will
be reduced from Bt1,411,835,200 to Bt1,411,835.20 equal to
141,183,520 shares with par value of Bt0.01.  The registration
has been made with the Registrar on 26th August 2003.

The Company has also amended Clause 4 of the Memorandum of
Association of the Company to reflect the reduction of the
registered capital in 1 & 2 above.


DBS THAI: Fitch Affirms DBS 'C/D' Individual Rating
---------------------------------------------------
Fitch Ratings, the international rating agency, on Thursday
affirmed the Individual rating of DBS Thai Danu Bank (DTDB) at
'C/D' and Support rating of '2'. The affirmation followed the
bank's announcement that it has been ordered by the Bank of
Thailand to increase its loan loss reserves by about one-third
or Bt2.7 billion (equivalent to 59% of end-2002 equity), which
will result in a significant loss for the current financial
year.

While increased regulatory pressure from the Bank of Thailand on
Thai banks to improve their capital and reserve positions is a
positive development, other banks appear if anything even less
well reserved and capitalized than DTDB. If other Thai banks
were required to increase provisioning by a similar level, large
losses would result, requiring capital injections for several of
the major private banks. This would also come at a time when
some banks may need to raise equity to replace the hybrid
capital that is callable in 2004. Fitch interprets the Bank of
Thailand's action as a signal to other Thai banks to increase
provisions and, as a result, to raise capital.

At end-June 2003, DTDB's non-performing loans (NPLs) of about
Bt8 billion or 10% of loans and restructured loans of about Bt17
billion or 22% of total loans were one of the lowest in the Thai
bank sector. Its loan loss reserve (LLR) coverage of about 63%
of NPLs was one of the highest. The additional provisions will
increase DTDB's LLR coverage to about 85% of NPLs or about 30%
of NPLs and restructured loans. This should enable the bank to
report a stable recovery in operating performance and net
profitability from 2004. DTDB should benefit from its more
aggressive approach to capital raising, bad debt disposal and
operational restructuring over the medium term. The bank is also
likely to raise ordinary equity next year to replace the THB5bn
in hybrid capital that is callable after June 2004. This should
strengthen its core capital, boost its margins and provide room
for growth.

Although the Thai banks' average impaired loans have fallen to
about 25% of total loans, a significant amount of the
restructured loans (about 20-30% of total loans) reclassified as
performing have been rescheduled and are vulnerable to relapse.
Further losses could result should the economy deteriorate or
interest rates rise. New NPLs and a relapse of restructured
loans are likely to continue to delay a recovery for the Thai
banks. While the stronger banks, notably DTDB, Bangkok Bank,
Kasikornbank, Siam Commercial Bank, Bank of Asia and Krung Thai
Bank, have increased LLR coverage significantly during the past
four years, to about 60% of NPLs, this, as DTDB demonstrates,
may still not be sufficient.

Given the low level of ordinary equity and the high level of
rescheduled loans for which reserves are low, Thai banks remain
vulnerable. Moreover, the weaker banks, Bank of Ayudhya and Thai
Military Bank, have only about half the LLR coverage of their
peers. Further provisioning may be absorbed to some degree by
the improving underlying earnings, helped by a continuing fall
in funding costs and a pick up in consumer loan growth, although
corporate lending remains weak. Fitch's Individual ratings for
the Thai banks, which assess the stand-alone financial strength
of banks, remain at the lower end of the scale, but with further
capital raising and earnings recovery should improve over the
next two to three years.


SIAM SYNTECH: Gains H103 Bt205.39M Profit Fr Debt Restructuring
---------------------------------------------------------------
Siam Syntech Construction Public Company Limited, in reference
to its Consolidated Financial Statements as of 30 June 2003,
posted a net profit of Bt205.39 million, which is decreased by
Bt8,233.58 million compared to the same period last year, which
showed net profit of Bt8,438.97.

This came from the major decreased in "Gain from debts
restructuring and converting debt into share capital, and
Reversal of prior year reserves."

SYNTEC's audited annual financial statements:

Audited
                  Ending  June 30,            (In thousands)
                                               For year
       Year                                2003        2002

Net profit (loss)                         205,387   8,438,973
EPS (baht)                                0.58       46.59


SINO-THAI RESOURCES: Issues Shares at Bt10 Par Value
----------------------------------------------------
Sino-Thai Resources Development Public Company Limited held an
Annual General Meeting of Shareholders No. 25/2003 on March 20,
2003, which resolved to increase the registered capital by
another Bt60,000,000 by means of the issuance of 6,000,000
ordinary shares.  The new ordinary shares shall be sold under
private placement arrangement in accordance with the
notification of the Securities Exchange Commission No. Kor. Jor.
12/2000. The Board of Directors shall be authorized to determine
the conditions and other details of this matter.

On July 11, 2003, the Company held its Board of Directors
Meeting No. 2/2003 and resolved to allocate such shares at the
offering price of Bt3.40.  The Management shall be authorized to
allocate the increased shares to any appropriate persons under
private placement and is not the connected person to the
Company.  Furthermore, the Board of Directors resolved to
determine the market price of the Company's share by calculation
from the average closing price of shares, which trade in the
Stock Exchange of Thailand at Quarter 2, during April 1, 2003 to
June 30, 2003.  The average closing price of the Company's share
during such period amounting Bt3.97 per share.  Upon comparison
of such average closing price with the offering price to private
placement, the offering price is different from such average
closing price 14.36 percent.  Therefore, the sale price offered
by the Company to private placement is not lower than the price
fixed by the Annual General Meeting of Shareholders No. 25/2003.
Moreover, the offering price is not lower than 80 percent of the
Company's market price in accordance with the notifications of
the Securities Exchange Commission.

The Company would like to report that it will allocate the
6,000,000 shares, at the par value of Bt10 in portion.  The
first portion of 1,000,000 new issued shares will be allocated
as follows:

  Allocation of the increased : Mr. Dhol Watanasri
  Number of shares to be sold : 1,000,000 shares
  Offering Price : Bt3.40/share
  Time & date of subscription and payment: August 27, 2003
  The remaining shares unallocated: 5,000,000 shares


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

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

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

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