/raid1/www/Hosts/bankrupt/TCRAP_Public/030903.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, September 3, 2003, Vol. 6, No. 174

                         Headlines

A U S T R A L I A

ADSTREAM MARINE: Posts AU$62 Million Full-year Loss
AMP LIMITED: NAB to Conduct Due Diligence after Demerger
ENERGY DEVELOPMENTS: FY Net Loss Due to Huge Asset Writedown
LOY YANG: Proposed Sale to Great Energy Extended to September 12
SOUTHCORP LIMITED: Writedowns Tip FY Results to AU$922M Loss


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

CHINA INVESTMENTS: Court Orders Firm to Freeze Units' Assets
CHINA NAN: Creditors Owed HK$144M Offered Shares, Cash
SHANGHAI LAND: Receivers Ordered to Recover US$34M from Zhou


I N D O N E S I A

ARGHA KARYA: Creditors Agree to Restructure US$145 Million Debt
BANK INTERNASIONAL: 14 Banks from 8 Countries Vie for 71% Stake
BANK INTERNASIONAL: IBRA Wants to Close Stake Sale by November


J A P A N

ALL NIPPON: Links Up With Eurostar
DIA KENSETSU: Receives Financial Assistance
FUJITSU LTD: Provides the World's Most Powerful Single Server
MITSUBISHI MOTORS: O'Neill Heads North American Operations
MITSUI MINING: IRC Decides to Bail Out Mining Firm

SECAICHO CORPORATION: Footwear Maker Starts Rehab Proceedings


K O R E A

DAEWOO MOTOR: GM, Bupyeong Plant Union Reaches Settlement
DREAMLINE CORPORATION: Faces Kosdaq Delisting
HYNIX SEMICONDUCTOR: Develops 0.18um High Voltage Technology
HYNIX SEMICONDUCTOR: Expands Pseudo SRAM Product Line
HYNIX SEMICONDUCTOR: Citigroup May Acquire Non-Memory Business

HYUNDAI CORPORATION: Splits From Parent Group
KIA MOTORS: Names New CEO in Top Reshuffle
KOREA THRUNET: Fails to Find Buyer


M A L A Y S I A

BESCORP INDUSTRIES: Units Defaulted in Debt Payments
BUKIT KATIL: Issues Update on Loan Facilities
NCK CORPORATION: Unveils Default in Debt Payments
RENONG BERHAD: Disposes of 13,800,000 Shares in PMB
SATERAS RESOURCES: MITI OKs Debt Restructuring Proposal

TONGKAH HOLDINGS: Defaults on Interest Payments


P H I L I P P I N E S

ABS-CBN BROADCASTING: ABS-CBN Seeks PHP70M For Debt Payment
MANILA ELECTRIC: Needs Financing Plan to Obtain ADB Waiver


S I N G A P O R E

BESTBUILD DEV'T: Appoints Judicial Managers
DBS VICKERS: Deadline for Proofs of Claim October 1
HIAP TIAN: Issues Winding Up Order Notice
L&M GROUP: Net Loss Widens to S$22.52M
OSPREY MARITIME: Issues Notice to Creditors

TEIN FONG: Orders Winding Up Petition


T H A I L A N D

TPI POLENE: Posts Details of Conciliation Proceedings with Banks


     -  -  -  -  -  -  -  -


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


ADSTREAM MARINE: Posts AU$62 Million Full-year Loss
---------------------------------------------------
After recording a AU$30.47 million net profit last year,
Adstream Marine Ltd. reported a huge AU$62.74 million net loss
for the year to June 30, Asia Pulse said yesterday.

The company did not say what caused the sharp turnaround;
instead it forecast a better result for the current year. "At
this stage we expect operating earnings for 2003/04 to be
slightly higher than the 2002/03 earnings," Managing Director
John Moller was quoted as saying.

"The substantial positive impact from cost reductions arising
from the operational review, start to kick in during 2004/05.  
Significant progress has already been achieved with operational
improvements across the group, and while we are far from
finished, the early signs are most encouraging and in line with
our plans," he added.

Mr. Moller said the key for the year is the implementation of
the group's previously announced strategies to help deliver
improvements to shareholder returns.  Adsteam said operating
cash flow in the 12 month period rose AU$7.3 million to AU$49.7
million at June 30, but revenue for the year was down 6.4
percent.

Lower revenue and earnings from the Australian operations were
due mainly to the non-ship assist operations, including the
previous corresponding period benefiting from a pipe laying
project in Bass Strait, Asia Pulse said.

Meanwhile, Adsteam said it was on track to sell its 50 percent
of its North American business Northland, which did not fit the
company's future direction.  Divestment of the Australasian fuel
bunkering and stevedoring businesses was also on track, Asia
Pulse said.

Mr. Moller adds the other key to transforming the company was
debt restructure: "I am pleased to advise that we have now
improved the debt profile of the company, having put in place a
AU$265 million amortizing facility expiring in 2006 (previously
May 2004) and a AU$113 million amortizing facility expiring in
2011."


AMP LIMITED: NAB to Conduct Due Diligence after Demerger
--------------------------------------------------------
National Australian Bank CEO Frank Cicutto will not make any
other significant moves on AMP Limited until the latter releases
the outline of its demerger plans, Asia Pulse said yesterday.

The bank recently raided the company's outstanding shares in an
attempt to buy 174 million share, but only managed to corner
34.3 million.  Mr. Cicutto has admitted his bank wants to buy
AMP's Australian operations upon completion of its split from
the British units.  

A takeover bid, however, will only be made after a thorough due
diligence, he said, which means that the bank will not rely on
the hefty document AMP will send shareholders this month.

Meanwhile, in a separate report, the Australian Financial Review
said sources, who had attended a briefing recently, revealed Mr.
Cicutto is mainly interested in AMP's distribution network.  
Accordingly, Mr. Cicutto will also put AMP's financial adviser
force under the bank's existing MLC funds management platform, a
move he expects to lead to significant cost savings.


ENERGY DEVELOPMENTS: FY Net Loss Due to Huge Asset Writedown
------------------------------------------------------------
Due to massive write-downs at its Solid Waste Energy and
Recycling Facility in Whytes Gully, Energy Developments Ltd
reported a sharp full year net loss of AU$119.9 million, Asia
Pulse said yesterday.

The writedowns amounted to AU$128.7 million against the carrying
value of the facility located south of Sydney.  In July this
year, Energy Developments said it would cease its partial
funding of the SWERF plant near and would seek a business
partner to fund the marketing and development side of the
project.  The plant is on care and maintenance while the search
is underway, Asia Pulse said.

Also weighing heavily on the full year results were provisions
amounting to AU$136.7 million.  But excluding these items,
Energy Developments' net profit was AU$16.8 million, in line
with the company's advice to the market in February 2003, the
report said.

Managing Director Chris Laurie said the company will now focused
on increasing returns from its landfill gas and coal mine waste
methane projects.  He said the changes to the company's business
infrastructure would improve returns to shareholders while
retaining the company's capacity to expand its core business
progressively.

"We acknowledge that 2003 was a difficult and disappointing year
for our shareholders and supporters," he said.  "Through the
return to our core business and the associated initiatives
underway we believe we have now turned the corner and are
hopeful of restoring shareholder confidence through better
financial performance on all measures during 2004."

The company did not declare any dividend, but it forecasts net
profit after tax for 2003/04 of between AU$18 million and AU$21
million.


LOY YANG: Proposed Sale to Great Energy Extended to September 12
----------------------------------------------------------------
The partners in Australian power generator Loy Yang Power have
extended to September 12 the date for its proposed sale to allow
the Australian Competition and Consumer Commission (ACCC) to
rule on the participation of Australian Gas Light Co. (AGL) in
the transaction.

AGL is part of the Great Energy Alliance Corporation, which has
submitted a AU$3.5 billion bid.  The other members of group are
Tokyo Electric Power Co. and financial investors led by
Commonwealth Bank of Australia Ltd.

The ACCC, however, has expressed concern at the participation of
AGL, Australia's largest electricity retailer; more so that Loy
Yang is the nation's largest privately held generator, which
account for about 24% of Victoria state's generating capacity,
and 5% of capacity across the National Electricity Market that
includes New South Wales, Queensland and South Australia.

Under the deal, explains Dow Jones, AGL would emerge with a 35%
stake with Japan's TEPCO taking 35% and the Commonwealth-led
investors taking 30%.

According to the partners comprising Loy Yang, the regulator has
assured them that it would rule on AGL's participation in the
bid before September 12.  The extension will also allow time for
expected tax rulings and for senior and junior lenders to agree
a restructure of their facilities.

"In the event that the GEAC bid isn't successfully completed for
reasons outside Loy Yang Power partners' control, the Loy Yang
Power partners will ask the senior lenders to enter into a
longer term extension of the finance arrangements," the partners
said in a statement.  "However, there is no guarantee the
lenders will agree to a longer term extension."

Loy Yang faces a AU$500 million debt repayment due November 11
and unless a sale is made the partners will be unable to make
that repayment.

"At that time the Loy Yang Power lenders will be in a position
to exercise their security under the Loy Yang Power financing
documentation," the partners said.

The partners comprising Loy Yang are U.S. utilities CMS Energy
Corp. and NRG Energy Inc. with a 49.6% and 25.4% stake
respectively, and Australia's Horizon Energy Investment Group
with 25%.


SOUTHCORP LIMITED: Writedowns Tip FY Results to AU$922M Loss
------------------------------------------------------------
As expected a hefty writedown weighed heavily on the full year
results of Southcorp Ltd., which reported recently a AU$922.9
million net loss compared to last year's AU$312.7 million net
profit.

The loss was attributed to goodwill writedowns, which amounted
to AU$642.5 million and AU$240 million off the value of the
Rosemount brand, which the company acquired for AU$1.5 billion
from the Rosemount Estates wine business of the Oatley family in
2001.

Before these exceptional items, however, Southcorp's earnings
before interest, tax and amortisation amounted to AU$132.1
million, in line with its profit warning in May after it sacked
its chief executive and slashed its profit outlook.  For the
year, it forecasts flat revenues and volumes.

Following the entry of a new management team headed by CEO John
Ballard, the market had since expected the company to report
full year results in red.

"The full year results for 2003 are unacceptable and whilst they
include the seeds of improvement, they reinforce the need for
urgent and substantial action to improve efficiencies across the
company," Mr. Ballard said in a statement.

He added it would take time to turn around the U.K. business,
while the U.S. market was still tough.  He warned the 2004 first
half would be weaker than a year earlier because the company has
ended a previous policy of "trade loading" where sales figures
were boosted by placing increased stock with wholesalers.

Mr. Ballard, however, said he expects an improvement this year
in the Australian business, where EBITA in financial 2003 halved
to AU$40.1 million due partly to price discounting driven by
surplus wine availability.

The UK and Europe division in 2003 posted a loss of AU$8
million, compared with a year-earlier profit of A$71.9 million,
hit by heavy promotional spending to clear inventories and price
discounting to capture sales in a competitive market, according
to Reuters.

In the Americas, where wine industry revenues have been hit by
an over-supply and cut-price products, Southcorp EBITA fell to
AU$100 million from AU$134.3 million a year ago, Reuters adds.



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

CHINA INVESTMENTS: Court Orders Firm to Freeze Units' Assets
------------------------------------------------------------
Shares of China Investments Holdings Ltd have been suspended
following a court order issued by the Intermediate People's
Court of Foshan City, AFX-Asia said yesterday.

China Investments was ordered to freeze the assets of two
subsidiaries valued as much as CNY40 million to answer claims
filed by Shenzhen Development Bank (Foshan Branch) in relation
to a loan contract dispute.

The two subsidiaries are Nanhai Jia Shun Timber Co Ltd, acquired
in May 2002 and Nanhai Heng Da Timber Company Ltd, acquired in
June 2002, AFX-Asia said.  China Investments, which pledged to
look into the matter, admitted its business operations and
financial position will be adversely affected if the
subsidiaries fail to defend themselves against the allegations
and their production is suspended for a prolonged period.

Trading in shares of China Investments Holdings will remain
suspended until further notice, a company statement said.  Its
shares last traded HK$0.168.


CHINA NAN: Creditors Owed HK$144M Offered Shares, Cash
-------------------------------------------------------
A debt-restructuring scheme bared by China Nan Feng Group Ltd.
proposes to pay creditors, holding HK$144 million of its debt,
with shares and cash, AFX-Asia reported yesterday.

Along with the scheme, the company also disclosed a capital
reduction and consolidation to help improve the its balance
sheet.  Following this transaction, the company will hold a
cash-call to raise HK$23.10 million.

In a statement, China Nan Feng said it is proposing to cut the
nominal value of each share from HK$0.10 to HK$0.0005 and to
consolidate 20 shares of HK$0.005 into one share of HK$0.01.  
This will result in the company's issued capital being slashed
to HK$1.024 million comprising 102.46 million shares of HK$0.01
from HK$204.92 million comprising 2.05 billion shares of
HK$0.10, AFX-Asia said.

"The capital reduction will also result in the cancellation of
HK$491.90 million accumulated losses and is expected to improve
the company's balance sheet and give it greater flexibility in
the utilization of reserves in the future," AFX-Asia said citing
the company statement.

As of December 2002, unsecured debts of the company amounted to
HK$122 million, while contingent liabilities totaled HK$22.3
million as of end-July 2003.

Under the proposed scheme, creditors will be paid cash payment
of not more than HK$0.10 and not more than 1.50 creditors'
shares for every HK$1.00 of valid claim.  This means that in
total, the creditors would receive HK$12 million in cash and
180.00 million creditors shares at HK$0.10 per creditor shares,
AFX-Asia said.

"As part and parcel of the scheme, the company is also proposing
a five-for-one rights issue after the capital reduction and
consolidation at HK$0.045 a share to raise 23.10 million rgt of
gross proceeds," AFX-Asia said.

According to China Nan Feng, major shareholders Euro Concord and
Main Faith have given undertakings to subscribe to the rights
issue.  It added Main Faith has also agreed to underwrite the
rights shares and in the event that it subscribes in full to the
underwritten shares, its major shareholder Tam Kai On and
associates will see their shareholdings in the enlarged China
Nan Feng increasing by 10.50% to 67.40%.  Tam and associates,
the company said, will apply for a waiver from making a general
offer under the whitewash principles.


SHANGHAI LAND: Receivers Ordered to Recover US$34M from Zhou
------------------------------------------------------------
Stephen Liu Yiu-keung and Kenneth Yeo Boon Ann of Ernst & Young
Transactions were appointed recently as receivers with orders
from the High Court of Hong Kong to seize any personal assets of
business tycoon Zhou Zhengyi.

According to AFX-Asia, Mr. Zhou owes Shanghai Lang Holdings Ltd.
about US$34.2 million.  The order, issued on August 28, assigns
the receivers over a number of Mr. Zhou's personal assets "with
powers to manage the same in order to preserve the value" and
recoup the US$34.2 million, the report said.

AFX-Asia did not indicate the assets involved, but citing Mr.
Yeo, the news agency said it include assets in Hong Kong and
China, including bank accounts and equity holdings in listed and
private companies.


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


ARGHA KARYA: Creditors Agree to Restructure US$145 Million Debt
---------------------------------------------------------------
Creditors are amenable to PT Argha Karya Prima Industry's
suggestion to swap US$54.96 million in debt for shares in the
company and write off about US$44.07 million in credits.

Dow Jones said the agreement, formalized yesterday, involved
US$145.79 million worth of debt, of which only US$46.76 million
were to be paid in cash, while the rest will be converted to
shares or be written off.  In return, lenders will get 48.23% of
the total paid-in capital, which will be split by Asiamakers
Finance Ltd. (13.88%), Shenton Finance Corporation (17.03%) and
Asia Investment Ltd. (17.32%).

The packaging company said it would now seek approval on the
debt restructuring from its shareholders who will hold an
extraordinary general meeting on September 17.


BANK INTERNASIONAL: 14 Banks from 8 Countries Vie for 71% Stake
---------------------------------------------------------------
At least 14 foreign banks are reportedly intent on buying a
stake in PT Lippo Bank and PT Bank Internasional Indonesia, Dow
Jones said yesterday.

Citing documents from Indonesia's Bank Restructuring Agency, Dow
Jones said the potential buyers include DBS Bank, a unit of
Singapore DBS Group Holdings; U.K.-based Standard Chartered Plc;
Malaysia's Malaysia Malayan Banking Bhd and RHB Capital Bhd;
China Industrial and Commercial Bank of China; Hong Kong-based
Bank of East Asia Ltd.; South Korea's Kookmin Bank; ABN Amro
Holding N.V. (ABN) of the Netherlands; France's BNP Paribas S.A;
Singapore Oversea-Chinese Banking Corp.; and Australia's
Commonwealth Bank of Australia, Westpac Banking Corp. and
Australia and New Zealand Banking Group.

The documents were among those submitted by the agency to
parliament recently, according to Dow Jones.  It quoted IBRA
saying it hopes to sell its entire 52% stake in Lippo Bank in
October and a 71% stake in Bank Internasional in November.  The
government has a 93.7% stake in Bank Internasional.

Just like other proceeds from other investments, the money from
this sale will be used to plug the government's 2003 budget
deficit, which is expected to reach IDR34.4 trillion, Dow Jones
said.


BANK INTERNASIONAL: IBRA Wants to Close Stake Sale by November
--------------------------------------------------------------
The sale of a majority stake in PT Bank Internasional Indonesia
by Indonesia's Bank Restructuring Agency (IBRA) is expected to
be completed by November, Reuters said yesterday.

The agency, which took over the bank to secure its credits at
the height of the Asian economic crisis in the late 90s,
released this timetable yesterday:

(a) Distribution of confidentiality   Week 1-3 September 2003
    Agreement to potential bidders

(b) Preliminary non-binding bids,     Week 4 September 2003
    selects maximum three short-
    listed bidders

(c) Due diligence by short-listed     Week 1-4 October 2003
    bidders

(d) Short-listed bidders submit final Week 4 October 2003
    binding bids

(e) Results of fit and proper test    Week 1-2 November 2003
    by central bank, selects winner,
    signs sales and purchase agreement


ABN AMRO will act as financial adviser for the sale, according
to Reuters.  According to IBRA, several Asian and European
investors have shown interest in the 71% stake up for sale, 51%
of which will be sold to a strategic partner.

As of June 30, the bank recorded a net profit of IDR143.1
billion (US$16.9 million) and total assets of IDR34.5 trillion.
In early trade on Tuesday, BII was trading up five rupiah at 100
rupiah.



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


ALL NIPPON: Links Up With Eurostar
----------------------------------
All Nippon Airways Co. (ANA), Asia's largest airline in terms of
passengers carried*, is to link up with Eurostar, the fast train
service linking London with the continental European capitals of
Paris and Brussels.

From October 1st this year, a Eurostar journey can be included
in the itinerary of ANA passengers flying from Tokyo to Europe,
for the same total price as the round-trip air fare. This will
be available on journeys between London and Paris, London and
Brussels, and London and Disneyland Paris. Eurostar reservations
can be made directly with ANA at the time of booking, and
tickets issued by ANA, resulting in greater convenience and a
more seamless service for passengers.

ANA flies daily from Tokyo directly to the European gateways of
London, Paris and Frankfurt. ANA Group airlines carried over 50
million passengers in fiscal 2002, and ANA the parent airline
was ranked 7th in the world in terms of passenger numbers*.

Travelling at speeds of up to 300km/h, Eurostar links London
Waterloo and Paris Gare du Nord/Disneyland Paris in
approximately three hours, with 14 return journeys per day to
Gare du Nord and a daily service to Disneyland. Brussels Midi is
reached in approximately two hours and forty minutes from
London, with a frequency of eight return journeys per day.
Fastest journey times will be reduced by twenty minutes from 28
September 2003, when the first section of the new high speed
line opens in the UK.

*2002 World Air Transport Statistics published by IATA

ANA Contact: Yasuo Taki on y.taki@ana.co.jp or Rob Henderson on
r.henderson@ana.co.jp

Eurostar Contact: press.office@eurostar.co.uk or +44 20 7922
4494/25.

Moody's Investors Service on August 13 downgraded the debt
rating of All Nippon Airways (ANA) due to the impact of the Iraq
war and Severe Acute Respiratory Syndrome (SARS). The ratings
agency cut the senior unsecured debt rating of Japan's major air
carrier to Ba3 from Ba1. 'The downgrades reflect Moody's
expectation of weaker cash flow generation at ANA over the short
to medium term, due to negative events prompted by the Iraq war
and the SARS virus,' Moody's said in a statement.


DIA KENSETSU: Receives Financial Assistance
-------------------------------------------
Resona Bank, Ltd. (President: Masaaki Nomura), one of the
banking subsidiaries of Resona Holdings, Inc., acceded to the
business revitalization plan formulated by its customer, Dia
Kensetsu Co., Ltd., and on August 28, 2003, submitted an
application, under their joint names, to the Industrial
Revitalization Corporation of Japan for assistance towards the
business revitalization of the Company.

In accordance with the application, Resona Bank will provide the
Company with the financial assistance as specified below,
subject to the condition that other financial institutions also
accede to the business revitalization plan of the Company.

1. Outline of the Company

Address 28-7, Shinjyuku 6-chome, Shinjyuku-ku, Tokyo
Representative Kazumi Shimozu
Amount of capital 21,826.73 million yen
Line of business Real estate

2. Financial Assistance

Acquisition of stock through debt-equity swap 40.0 billion yen
Debt forgiveness 82.9 billion yen

The above financial assistance will be provided in the second
half of fiscal year 2003.

Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

3. Impact of This Development on the Forecasted Earnings

The expected amount of loss arising from this development is
estimated to be approximately 30 billion yen. With respect to
the impact of this development on the previously announced
earnings forecasts, we will announce a revision immediately
after it becomes possible to estimate such impacts, including
the possible impact of the due diligence, which is being
implemented at the moment.

For a copy of the press release, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030828_1a.pdf


FUJITSU LTD: Provides the World's Most Powerful Single Server
-------------------------------------------------------------
Fujitsu Limited announced a record-breaking data warehousing
single system benchmark result for its Solaris(TM)/SPARC(R)
based PRIMEPOWER(TM) 2500 UNIX(R) system running 64 SPARC64(TM)V
processors. Fujitsu achieved a TPC-H benchmark of
34,345.4QphH@3000GB, setting another world record in industry-
leading standards. The PRIMEPOWER 2500 benchmark clearly
demonstrates its superior performance and outstanding capability
running mission-critical applications, making it the best choice
for users of large data warehouses.

The PRIMEPOWER 2500 outperformed the next best single server in
the TPC-H 3000GB scale factor category, the Sun Fire 15K, by 33
percent per CPU. The benchmark was performed on a 64-way 1.3GHz
SPARC64 V processor-based PRIMEPOWER 2500 with 256GB of memory,
running the Solaris 9 Operating Environment (OE) and the Oracle
Database.

The PRIMEPOWER 2500 system provides substantial headroom and is
capable of scaling up to 128 processors without any hardware
restrictions. With its well-balanced and scalable architecture
PRIMEPOWER servers are the ideal foundation for future growth
and new solution deployment for implementing new business
processes.

"Making good business decisions entails being able to quickly
examine all available information," said Noriyuki Toyoki,
general manager of Fujitsu Limited's Enterprise Server Division.
"PRIMEPOWER's industry-leading technology and performance
benchmarks, together with its ability to support advanced
databases such as Oracle Database, deliver the ideal solution to
help customers address their mission-critical data warehousing
and business analysis requirements."

Outperforming All Competitors' Data Warehousing Solutions in
TPC-H 3 TB Benchmark for non-clustered servers (as of 08/26/03)

System             CPUs  QphH       $QphH     Availability
                         @3000GB    @3000GB
PRIMEPOWER 2500    64    34,345.4   $147      01/31/04
Sun Fire 15K       72    28,948.1   $184      04/30/03
HP 9000 Superdome  64    27,094.3   $213      10/30/02
HP 9000 Superdome  64    17,908.4   $476      05/15/02

About PRIMEPOWER

PRIMEPOWER servers are developed by Fujitsu Limited in Japan and
sold by local Fujitsu group companies in Asia/Pacific, Fujitsu
Technology Solutions in North America and Fujitsu Siemens
Computers in Europe, the Middle East, and Africa.  They use
SPARC V9 architecture and the Solaris(TM) Operating Environment
to run some of the world's most demanding systems.  Fujitsu has
PRIMEPOWER benchmarking centers in North America, Europe and
Japan that provide the most realistic comparisons of the power
available from these systems and test bed further system
performance improvements. For more information about PRIMEPOWER,
see: http://primepower.fujitsu.com/en/About

The TPC-H Benchmark Established by the Transaction Processing
Performance Council (TPC), the TPC-H benchmark is an industry-
standard Decision Support test designed to measure systems'
capability to examine large volumes of data, execute queries
with a high degree of complexity, and give answers to critical
business questions.  The TPC-H benchmark evaluates a composite
performance metric (QphH@size) and a price / performance metric
($/QphH@size) that measure the performance of various decision
support systems by the execution of sets of queries against a
standard database under controlled conditions.  TPC-H, QphH and
$/QphH are trademarks of the TPC. For additional information on
the TPC-H benchmark, please visit the Transaction Processing
Performance Council's Web site at http://www.tpc.org/About

About Fujitsu Limited

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

For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Standard & Poor's Ratings Services recently lowered its rating
on Fujitsu Limited to 'BB+pi' from 'BBB-pi', reflecting the
Company's weak financial profile and the relatively slow
recovery of its earnings and cash flow despite several years of
business reforms.
    
Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


MITSUBISHI MOTORS: O'Neill Heads North American Operations
----------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) announced Sunday
that Finbarr O'Neill will become the Company's new Chief
Executive Officer (CEO) and co-Chairman, effective September 2.

"Mitsubishi Motors has built a solid base in North America by
improving our brand, consolidating our business operations and
expanding our product line.  Fin is the perfect choice to move
us to the next level in North America in this highly competitive
market," said Steven Torok, MMNA's Co-Chairman and Mitsubishi
Motors Corporation's (MMC) Executive Vice President of
International Sales and Marketing.

O'Neill joins Mitsubishi Motors following 18 years at Hyundai
Motor America, where he is widely credited with orchestrating a
dramatic corporate turnaround following his promotion to
President and CEO in 1998.  Known as a disciplined and effective
manager, O'Neill's relentless focus on product, brand and the
dealer network pushed Hyundai into the top five ranking on the
National Automobile Dealers Association's dealer attitude
survey.

O'Neill, 51, currently serves as the Chairman of the board of
the Association of International Automobile Manufacturers.

"Finbarr O'Neill has an outstanding track record and has the
full support of MMC and its alliance partners," said Rolf
Eckrodt, MMC President and CEO. "He has proven his ability to
stimulate profitable growth even in a down market, and to build
brand awareness and customer satisfaction.  Each of those skills
will be critical to Mitsubishi Motors' next phase of North
American growth."

O'Neill noted, "It's an honor and privilege to join the
Mitsubishi Motors team. With a strong foundation already in
place, this brand has extraordinary growth potential throughout
the North American market.  I look forward to working with a
very talented group of employees and dealers."

O'Neill takes over as Mitsubishi Motors enters a new phase of
growth in North America, with several new product introductions
in the core S.U.V., sedan and sport specialty markets.

MMNA also announced the departure of Pierre Gagnon, who is
resigning from the Company to pursue other opportunities.
Gagnon, who joined Mitsubishi Motors in 1997, had been President
and CEO of MMNA in July 2002.  Gagnon helped drive the
consolidation of all Mitsubishi Motors' North American
operations into a single organization.  He was also instrumental
in revitalizing the brand image in North America.

MMNA is responsible for all of the North American operations of
MMC. As a single Company consolidated on Jan. 1, 2003, MMNA and
its subsidiaries manufacture, distribute, finance and market
Mitsubishi brand coupes, convertibles, sedans and sport utility
vehicles through a network of nearly 700 dealers in the United
States, Canada, Mexico and the Caribbean.

Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars here in 1988 at its manufacturing
facility in Normal, Ill.  For more information, contact the
Mitsubishi Motors News Bureau at (888) 560-6672.

Shares of Mitsubishi Motors Corporation slumped 12 percent after
the Company forecast a first-half loss to cover car-loan
defaults and slumping sales in North America, TCR-AP reported
recently. Mitsubishi's 3.3 percent bonds due in 2009 fell 0.335
points to 92.262 per 100-yen face amount, giving a yield of
5.015 percent.


MITSUI MINING: IRC Decides to Bail Out Mining Firm
--------------------------------------------------
The Industrial Revitalization Corporation (IRC) has decided to
provide Mitsui Mining Co. with a state-funded bailout worth 171
billion yen, the Yomiuri Shimbun reported Tuesday. The mining
firm will receive financial aid, including debt waivers from its
main bank, Mitsui Sumitomo Bank, New Energy and Industrial
Technology Development Organization and other institutions. The
IRC's plan calls for a reduction in Mitsui's capital. This will
be followed by an additional investment of 17 billion yen in the
firm by the IRC, which will spearhead efforts to rebuild the
troubled firm as its largest shareholder.

All 10 executives, including Shuji Nishino, President of the
Company, will resign to take responsibility. The Company,
established in 1911, ran the Miike Coal Mine in Fukuoka,
exported coal and engaged in environmental business.


SECAICHO CORPORATION: Footwear Maker Starts Rehab Proceedings
-------------------------------------------------------------
The Osaka District Court has decided to begin rehabilitation
procedures for struggling footwear maker Secaicho Corporation
under the Corporate Rehabilitation Law, the Japan Times said on
Tuesday.

Secaicho, which filed for court protection from creditors under
the rehabilitation law in July, is expected to hold a meeting
with creditors in Osaka on Monday and hopes to come up with a
revival plan by April 30. The Company is currently in talks with
several companies, including a Hong Kong shoemaker that holds a
stake in the failed firm, to find a sponsor.

Secaicho Corporation was established in 1919 to manufacture
rubber footwear and has changed its name from Sekaicho Rubber
Co., Ltd. in June 1991. The company is a leading manufacturer of
rubber footwear in Japan and also makes industrial rubber,
sealing materials and other synthetic chemical products.
Footwear accounted for 76% of fiscal 1999 revenues; chemical
products including sealing materials and industrial rubber
products, 15%; industrial rubber, 7% and real estate rental and
leasing, 2%. The company has seven consolidated subsidiaries,
all based in Japan. Export sales accounted for less than 10% of
fiscal 1999 revenues.  

COMPANY OFFICERS:

Senior Managing Director - KUNIO SUGA
Managing Director - SHIGEAKI MATSUSHITA
President - Shigeaki Matsushita


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


DAEWOO MOTOR: GM, Bupyeong Plant Union Reaches Settlement
---------------------------------------------------------
Labor union members and management of GM Daewoo and Daewoo
Incheon Motors, formerly, Daewoo Motor's main Bupyeong Plant,
reached a settlement over their wage hike negotiations for this
year, Digital Chosun said on Monday.

The union accepted the offer by the management of a W132,500
hike in the monthly basic salary with a salary increase ratio of
13.5 percent, giving up their earlier demand for 24.3 percent
raise. The management, however, decided to pay each worker an
extra W2 million in cash to grease the dispute settlement.

The two parties also agreed to launch a separate organization to
rehire laid-off workers of the former Daewoo Motors.


DREAMLINE CORPORATION: Faces Kosdaq Delisting
---------------------------------------------
Dreamline Corporation will be delisted from the Kosdaq stock
exchange on September 19 due to dwindling value of its shares,
the JoongAng Daily reported Friday. Kosdaq Stock Market Inc.
would delist the telecommunications line services provider
because the firm's share price has dropped below 30 percent of
par value. On August 13, the business information network firm
had been placed under special supervision by the exchange.

The firm, started in 1997, saw its share price peak at 169,000
won ($135) in 2000, but has rung up losses for four straight
years. Its shares closed Thursday at 1,145 won.

Meanwhile, the Korea Times reported that the Korea Development
Bank (KDB) has decided to rescue troubled Internet service
provider Dreamline, opening the way for the company to attract
fresh foreign capital. The Korea Highway Corporation, which owns
15.4 percent of Dreamline, is also considering acquiring the
beleaguered Internet service provider outright through an
affiliate in a joint deal with a foreign firm.


HYNIX SEMICONDUCTOR: Develops 0.18um High Voltage Technology
------------------------------------------------------------
Hynix Semiconductor (www.hynix.com) has completed the
development of its 0.18um high voltage process technology, a
Company statement said.

The 0.18um high voltage process technology was developed to
address the increased requirement for a "one-chip" total
solution on LDI (LCD Driver IC), which includes: Gate, Source,
Controller, DC/DC converter and SRAM. The "one-chip" solution
benefits manufacturers with reduced chip size and weight,
resulting in a significant reduction in manufacturing cost, all
due to this breakthrough of 0.18um High Voltage Process
Technology.

Tomato LSI, a leading LDI design house, developed the "one-chip"
LCD Driver IC using Hynix's technology and received excellent
results on moving picture performance. Volume production through
Hynix will commence September of 2003.

This process technology results in chip sizes that are 20~30%
smaller than the current pure foundry service providers, thus
giving customers a distinct price competitiveness when the LDI
market is under constant and severe competition.

Hynix is the leader in the 0.18um high voltage process
technology and is a step ahead of leading Japanese foundries in
the LDI markets. LDI demand is growing rapidly as a result of
increased demand for larger LCD panels and superior 3D graphic
performance, with Hynix's 0.18um high voltage process it took
the first step in paving the way to secure new customers, sales
revenue and is determined to set a trend for leaders.

Hynix has scheduled the release of ULP (ultra low power) process
technologies for mobile applications by December 2003, as well
as various voltage ranges by February 2004 to strengthen its
distinct competitive advantage in high voltage processes.

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.

DebtTraders reports that Hyundai Semiconductor's 8.250% bond due
in 2004 (HYUS04KRS1) trades between 87 and 91. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


HYNIX SEMICONDUCTOR: Expands Pseudo SRAM Product Line
-----------------------------------------------------
Hynix Semiconductors Inc. announced on Monday the successful
validation of its Pseudo SRAM for next-generation mobile
applications from multiple customers. As a result, Hynix is
expecting a significant increase in its Pseudo SRAM revenue for
the remainder of this year and projects $100M in Pseudo SRAM
sales for 2004.

Hynix is currently mass-producing its16M and 32M Pseudo SRAM
devices using its .15-micron process technology. The firm
expects to begin mass production of its 64M-density device by
first quarter of next year.

Pseudostatic RAM architecture utilizes a single-transistor
structure rather than six-transistors. This allows mobile phone
makers to add more features to their phones yet maintain system
speed, a compact form and competitive pricing.

The Hynix Pseudo SRAMs support supply and I/O voltages ranging
from 1.8 to 3.0 volts, 75-ns or 85-ns access times and can go as
low as 2-microamps in deep power down mode. These features allow
for wide adoption in next generation mobile applications by
boosting performance, reducing power consumption and extending
battery life.

In addition to a leading position in the Pseudo SRAM market,
Hynix has already begun supplying low-power DRAMs for adoption
in next-generation mobile application and will begin mass
production of its NAND Flash by the first quarter of next year.
Hynix aims to be a leading global total solution provider for
the mobile memory market.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.


HYNIX SEMICONDUCTOR: Citigroup May Acquire Non-Memory Business
--------------------------------------------------------------
The U.S. financial group Citigroup has submitted a letter of
intent to buy non-memory chip operations Hynix Semiconductor,
the Financial Times said on Monday. The non-memory business,
which accounts for about 20 percent of Hynix's sales, was last
year valued by the Company at about US$600 million, but analysts
said any deal was likely to be worth less.

Citigroup declined to comment but analysts said the US group was
interested in the Hynix unit as a financial investment that
could be sold at a profit to a third party following
restructuring. Hynix has been in crisis for two years, fighting
to survive in the face of weak chip prices and heavy debts.


HYUNDAI CORPORATION: Splits From Parent Group
---------------------------------------------
Hyundai Corporation said on Monday that its major shareholders
had written off their equity as part of a plan to separate the
trading Company from what was once South Korea's biggest
conglomerate, according to AFP Online.

Hyundai said equity write-off was completed as of Sunday. It
became the first key unit to be spun off from the group
controlled by Chung Mong-Hun who committed suicide in early
August. Hyundai Corporation will construct an independent
management structure as a general trading Company. With this,
the group has now shrunk into a minor conglomerate with only 11
units including Hyundai Asan, Hyundai Merchant Marine Co. and
Hyundai Securities Company.


KIA MOTORS: Names New CEO in Top Reshuffle
------------------------------------------
Kia Motors Corporation has appointed Yoon Kook-jin as its new
Chief Executive Officer (CEO) as part of a broader management
reshuffle, the Korea Herald reported on Tuesday. His previous
role was senior executive vice President in charge of management
support at Kia, the report said. Previous CEO, Kim Noi-myung,
has been promoted to Vice Chairman of Kia, the automaker said in
a statement.

Labor union leaders at Kia Motors Corporation recently entered a
tentative agreement with management on a wage increase and other
benefits, opening the way for an end to three weeks of strikes,
according to TCR-AP. Union members are currently voting on
whether to approve the deal. The carmaker has lost 1.3 trillion
won due to the strikes.


KOREA THRUNET: Fails to Find Buyer
----------------------------------  
Korea Thrunet Co., which is now under court receivership, is
still trying to map out its plan for survival after it recently
failed to find a buyer with enough cash for a takeover, casting
a cloud over consolidation in the domestic broadband market, the
Korea Herald said on Monday.

Thrunet, a victim of the tough competition in the high-speed
Internet market, is planning to come up with a new restructuring
plan before submitting it to the court. If its plan fails to
secure approval from the court, Thrunet may have even bigger
problems, including a possible notice of insolvency.


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


BESCORP INDUSTRIES: Units Defaulted in Debt Payments
----------------------------------------------------
The default by Bescorp Industries Berhad (Special Administrators
Appointed)(BIB) as at 31 July 2003 amounted to RM57,162,457.90
made up of a principal sum of RM32,220,139.42 plus
RM24,942,318.48 in interest for revolving credit facilities.

As at 31 July 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil Sdn.
Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd., defaulted on a
total sum of RM162,002,459.11 made up of a principal sum of
RM60,905,258.44 plus RM40,165,436.66 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM60,931,764.01 for overdraft
facilities.

There were no further developments since our previous
announcement with regard to this Practice Note.


BUKIT KATIL: Issues Update on Loan Facilities
---------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKATIL)
wishes to update on the following loan facilities:

Bumiputra-Commerce Bank Berhad

The Company is presently making attempts to obtain refinancing
from other financial institutions for the repayment of the
defaulted sums.

OCBC Bank (Malaysia) Berhad

The legal proceedings have been fixed for hearing on 7 October
2003.

The Company's efforts to procure alternative financing to fully
settle the outstanding facilities are still pending a successful
outcome.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

Borrowings in default as at 31 July 2003 with Bumiputra-Commerce
Bank Berhad and OCBC Bank (Malaysia) Berhad are shown below:-


Name of Lender  Type of Facility   Amount (RM)     Amount (RM)
Borrower                        (Interest/Others) (Principal)

BKATIL  Bumiputra- Term Loan      3,606,906.54   41,000,000.00
     Commerce Bank  Revolving      75,923.35     1,700,000.00
     Berhad         Credit

Omega Bricks OCBC Bank      Term Loan 1 696,100.96  3,256,741.98
Sdn Bhd (Malaysia) Berhad   Term Loan 2 75,513.44   359,918.80
(wholly owned               Term Loan 3 90,506.37   430,602.06
subsidiary of BKATIL)       Term Loan 4 41,690.06   198,001.73
                            Overdraft   118,259.24  600,000.00

Amount (RM) (Total
44,606,906.54
1,775,923.35
521,108.43
239,691.79
718,259.24


NCK CORPORATION: Unveils Default in Debt Payments
-------------------------------------------------
NCK Corporation Bhd announced the following with regards to the
status of credit facilities on which the NCK Group has defaulted
in payment since the Company's previous announcement dated 1
August 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM171,923,413 as at 31 August 2003 compared to
RM170,479,910 as at 31 July 2003, an increase of RM1,443,503 due
to interest accrued for the month of August 2003.


RENONG BERHAD: Disposes 13,800,000 Shares in PMB
------------------------------------------------
On 29 August 2003, Renong Berhad has disposed of 13,800,000
ordinary shares of RM1.00 each in PMB (Disposal Shares),
representing approximately 18.9 percent equity interest in PMB
as at 30 June 2003, to Kumpulan Kenderaan Malaysia Berhad (KKMB)
for a total purchase consideration of RM5.2 million or RM0.38
per share. The disposal shall be effected by way of a direct
business transaction on Kuala Lumpur Stock Exchange.

2. DETAILS OF THE DISPOSAL

2.1 The price of RM0.38 was arrived at on a willing buyer wiling
seller basis. The price of RM0.38 represents a discount of 5.0
percent and 2.4 percent to the closing market price of PMB
Shares and its five (5) day weighted average market price up to
29 August 2003 of RM0.40 and RM0.389 respectively.

2.2 The Disposal Shares will be sold free from all charges,
liens, encumbrances, claims and interests of third parties
whatsoever and with all rights, interests, benefits and
advantages now or hereafter attaching thereto, including, but
without limitation, all bonuses, rights, dividends and
distributions declared made and paid as from the date of the
transfer of the Disposal Shares to KKMB.

2.3 The Disposal Shares are currently pledged as security for
the RM8,197,620,000 nominal amount zero coupon redeemable
secured guaranteed bond 1999/2006 (SPV Bond) issued by Renong
Debt Management Sdn Bhd, a subsidiary of Renong, to UEM. The
gross proceeds of RM5.2 million from the Disposal, after
deduction of expenses, will be applied towards the partial
redemption of the SPV Bond.

2.4 Upon completion of the Disposal, Renong's equity interest in
PMB shall be reduced from 32,437,800 PMB Shares to 18,637,800
PMB Shares representing approximately 25.5 percent equity
interest therein based on the paid-up share capital of PMB as at
30 June 2003.

3. RATIONALE OF THE DISPOSAL

The Disposal is part of Renong's strategy to systematically
dispose of its assets to redeem the SPV Bond since the
completion of its debt restructuring scheme in 1999.

The Disposal is also consistent with the direction of Renong and
its subsidiaries (Renong Group) of not having transportation as
part of its core business.

4. FINANCIAL EFFECTS OF THE DISPOSAL

4.1 Share capital and substantial shareholding

The Disposal will not have any effect on the share capital and
substantial shareholders' shareholding of Renong.

4.2 Earnings

The Disposal will result in a one-off gain of approximately
RM5.2 million to Renong. This will also result in savings in
interest expense of approximately RM0.5 million per annum.

Details are set out in Table 1.

4.3 Net tangible assets (NTA)

Details of the effect on the NTA of the Renong Group are set out
in Table 2.

5. APPROVALS REQUIRED
There are no approvals required to be sought in respect of the
Disposal.

6. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

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

7. DIRECTORS' RECOMMENDATION

The Directors of Renong, after careful deliberation, are of the
opinion that the Disposal is in the best interest of the
Company.

This announcement is dated 29 August 2003.

Table 1

Effect of the Disposal on the earnings of Renong Group   RM'000

Disposal Consideration                                    5,244
Less: Carrying value of investment in 13.8 m PMB shares   -  
as at 31 Dec 2002
Estimated expenses for the Disposal                      (5)
Gain on disposal                                          5,239


SATERAS RESOURCES: MITI OKs Debt Restructuring Proposal
-------------------------------------------------------
Further to the announcement made on 4th August 2003 pursuant to
Paragraph 4.1b of the Practice Note No. 4/2001 in relation to
Paragraph 8.14 of the Listing Requirements, the Board of
Directors of Sateras Resources (Malaysia) Berhad (the Company or
Sateras) wishes to announce the development as follows:

1. Ministry of International Trade and Industry had approved the
Proposed Restructuring Scheme via its letter dated 21st August
2003 subject to further approvals from Foreign Investment
Committee and Securities Commission.

2. Kuala Lumpur Stock Exchange (the "KLSE" or "Exchange), on
22nd August 2003, notified the removal of the Securities of
Sateras from the Official List of the KLSE at 9.00 a.m. on
Monday, 8th September 2003. The Company against the Exchange's
decision on 25th August 2003 made an appeal. In view of the
Appeal, the Exchange had informed on 26th August 2003 that the
KLSE Committee should defer the removal of the Securities of
Sateras pending the decision on Appeal.


TONGKAH HOLDINGS: Defaults on Interest Payments
-----------------------------------------------
In August 1999, Tongkah Holdings Berhad (THB) issued the Bonds
A, Bonds B and ICULS constituted under threeTrust Deeds dated 27
August 1999 respectively (Trust Deeds). Based on the provisions
of the Trust Deeds, the following were payable on 29 August
2003:

Bonds A

1. Interest amounting to RM2,136,937 (based on the rate of 2
percent on RM106,846,872 nominal value of outstanding Bonds A)
2. One-third redemption of the outstanding Bonds A amounting to
RM35,615,624

Bonds B

1. Interest amounting to RM5,446,656 (based on the rate of 2
percent on RM272,332,802 nominal value of outstanding Bonds B)
2. One-third redemption of the outstanding Bonds B amounting to
RM90,777,600

ICULS

1. Interest amounting to RM2,349,841 (based on the rate of 2
percent on RM117,492,032 nominal value of outstanding ICULS)

We hereby announce that the Company has defaulted in the payment
of the interest.

PB Trustee Services Berhad (Trustee), the trustee for the
holders of Bonds A, Bonds B and ICULS declared an event of
default on 17 December 2002 on the Bonds A and on 20 January
2003 on the Bonds B. As a result of this the total outstanding
nominal value of Bonds A and Bonds B had become immediately
payable. The Company has also defaulted and continues to be in
default of the payments in respect of the second interest
payment on the ICULS due on 29 August 2001 and third interest
payment thereon due on 29 August 2002.

Reason for the default in payment of interest.

The Company is facing financial difficulties and has been
classified as an affected listed issuer pursuant to Practice
Note 4/2001 of the Kuala Lumpur Stock Exchange's Listing
Requirements since September 2001. Due to the Company's severe
shortage of cash flow, it was unable to meet its obligations
herein mentioned.

Measures taken by THB to address the default

The Company has put in place a restructuring scheme to
regularize its financial condition which will address the
defaults on the Bonds A, Bonds B and ICULS. The Company has on
22 August 2003, issued notices convening the meetings of its
shareholders, creditors and holders of Bonds A, Bonds B, ICULS
and Warrants seeking approval for the restructuring scheme,
together with relevant information on the same. Details of the
restructuring scheme has been announced on 6 September 2001, 30
September 2002, 5 November 2002 and 29 January 2003.

The lines of actions available to the ICULS holders against the
Company in the event of default.

The Company is hopeful that its shareholders, creditors and
holders of Bonds A, Bonds B, ICULS and Warrants will approve the
relevant resolutions put forth in connection with the
restructuring scheme and if so approved, will address the
various defaults herein mentioned.



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


ABS-CBN BROADCASTING: ABS-CBN Seeks PHP70M For Debt Payment
-----------------------------------------------------------
ABS-CBN Broadcasting Corporation has yet to find a creditor that
would lend it 70 million pesos to settle outstanding obligations
with Standard Chartered Bank, the Manila Times newspaper
reported, citing the Company's chief financial officer Randolph
Estrallado.

Standard Chartered is the Company's only short-term creditor,
which did not agree to extend the repayment of its loan after it
declined to be covered under an exchangeable notes facility
agreement ABS-CBN executed with other creditors recently.
      

MANILA ELECTRIC: Needs Financing Plan to Obtain ADB Waiver
----------------------------------------------------------
Before deciding on a request for the waiver of its profit
commitment, the Asian Development Bank (ADB) wants Manila
Electric Co. (Meralco) to come up with a plan detailing how the
it intends to pay off maturing debts, the Business World
reported Monday, citing ADB director Patrick Giraud. The ADB
wants to see Meralco's actual financial situation before
deciding on the firm's request for a waiver on its commitment to
achieve an 8 percent return on rate base (RORB).

The RORB is a measure of a power Company's profitability and has
been used as a basis for setting electricity rates. The ADB has
lent US$100 million to Meralco. The bank is now in talks with
the power firm on whether Meralco can still meet ADB's
profitability requirement for this year.


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


BESTBUILD DEV'T: Appoints Judicial Managers
-------------------------------------------
Bestbuild Development Pte Ltd. issued a notice of judicial
management order to the Judicial Manager of No. 16, Raffles
Quay, #22-00 Hong Leong Building, Singapore 048581.

Notice is hereby given that on 15th August 2003, an order of the
High Court for placing the Company under judicial management and
appointing you as the judicial management was made and the
relevant particulars are given as follows:

Date of presentation of Petition: 22nd May 2003.

The Petitioners' Solicitors are Messrs EDWIN TAY & CO of No. 80
Marine Parade Road, #15-05/06 Parkway Parade, Singapore 449269.

The Petitioners' address is at 149 Rochor Road, #04-16 Fu Lu
Shou Complex, Singapore 188425.

EDWIN TAY & CO.
Petitioners' Solicitors.


DBS VICKERS: Deadline for Proofs of Claim October 1
---------------------------------------------------
Notice is hereby given that the creditors of DBS Vickers
Securities (Malaysia) Pte Ltd. (In Members' Voluntary
Liquidation), which is being wound up voluntarily, are required
on or before the 1st day of October 2003 to send in their names
and addresses, with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
undersigned, the Liquidator of the Company, and, if so required
by notice in writing by the 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 by  notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

KO CHIN SIONG
Liquidator.
c/o 8 Cross Street
#02-01 PWC Building
Singapore 048424.


HIAP TIAN: Issues Winding Up Order Notice
-----------------------------------------
Hiap Tian Soon Construction Pte Ltd. posted a notice of winding
up order made on the 18th day of July 2003.

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

Messrs TAN LEE & PARTNERS
Solicitors for the Petitioner.
79 Robinson Road #23-05/08
CPF Building
Singapore 068897.


L&M GROUP: Net Loss Widens to S$22.52M
--------------------------------------
L&M Group Investments Limited posted a net loss of S$22.52
million in the six months to June 30, versus a net loss of
S$6.24 a year earlier, according to Reuters. L&M is engaged in
general and specialist engineering and contracting, project
management, and manufacture of construction products.


OSPREY MARITIME: Issues Notice to Creditors
-------------------------------------------
Notice is hereby given that the creditors of Osprey Maritime
Limited (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before the 30th day of
September 2003 to send in their names and addresses, with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidator
of the Company, and, if so required by notice in writing by the
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 29th day of August 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Robinson Road
#08-00 ASO Building
Singapore 048544.


TEIN FONG: Orders Winding Up Petition
-------------------------------------
Tein Fong Pte. Ltd. issued a notice of winding up order made on
22nd August 2003.

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

RAJAH & TANN
Solicitors for the Petitioner.


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


TPI POLENE: Posts Details of Conciliation Proceedings with Banks
----------------------------------------------------------------
To: President
    The Stock Exchange of Thailand

Herewith we, TPI Polene Public Company Limited, would like to
submit the details of Central Bankruptcy Court's Procedural
Report in Conciliation Case No. 1/2546 as of August 27, 2003
between TPI Polene Public Company Limited ("the Claimant") and
Bangkok Bank Public Company Limited, the Debtors No. 171 and
participants ("the Respondent") as per the attached document No.
1 and 2 and for your information.

Yours Sincerely

Mrs. Orapin Leophairatana
Senior Executive Vice President

                                                               
Attachment 1    

Procedural                          Conciliation Case No. 1/2546
Report

                    Central Bankruptcy Court
                         27 August 2003
                         Bankruptcy Case


        TPI Polene Public Company Limited       The Claimant

        TPI Polene Public Company Limited       The Petitioner
Between
        Bangkok Bank Public Company Limited,
        the Debtors No. 171 and participants    The Respondent

        TPI Polene Public Company Limited       The Debtor

The Court commenced the conciliation at 10.00 a.m.

At the conciliation between the Creditor and Debtor today, the
parties and persons involved whose names appear in the list
attached to this report attended the Court.

The Creditor's representatives and the Plan Administrator stated
that before the conciliation proceeded further the Court should
order the representatives of Krung Thai Bank Public Company
Limited to conduct the due diligence on the Debtor and study the
Debtor's ability to repay the debts and to confirm that it would
extend the loan to the Debtor in an amount that it could.

The Court inquired with the authorized representatives of Krung
Thai Bank Public Company Limited who stated that it would take
approximately 4 months to proceed with such due diligence
process because it would have to hire a private company to
assist in the process, and, hence, the time frame could not be
determined.  However, the authorized representatives of Krung
Thai Bank Public Company Limited would report the status to the
Court.

The Court responded to the Creditors' statement submitted to the
Court today.  

The Court having considered the matter was of the opinion that
in order to proceed as stated by the authorized representatives
of Krung Thai Bank Public Company Limited it would take a period
of time.  Therefore, the Court ordered an adjournment of the
conciliation process to 21st January 2004 (2547) at 10.00 a.m.
and ordered Krung Thai Bank Public Company Limited to report to
the Court periodically of the steps taken so that the Creditors
could be advised.

With regard to a call of the Creditors' meeting to be kept
informed of the development and to be inquired of whether or not
they would want to sell the debts and to what extent, this would
be within the Court's power to do so.

                                    (Signature)           
(Signature)     
                              Pichai Techopittayakul  Pichai
Nilthongkham

Name of Creditors

Bangkok Bank Public Company Limited

1. Signed     (Signature)     Mr. Jeeravit Supathanakul
2. Signed     (Signature)     Mr. Thaveelab Littapirom
3. Signed     (Signature)     Miss Narit Piyavathin
4. Signed     (Signature)     Mr. Apichart Pankaesorn


JP Morgan Chase, the Creditor No. 15

1. Signed     (Signature)     Julian Cole
2. Signed     (Signature)     Mr. Kittipan Anutasodti

Kreditanstalt fur Wiederaufbau, the Creditor No. 110

1. Signed                     Andrens Klocke
2. Signed     (Signature)     Mr. Pichate Nemnut

Standard Chartered Nakornthon, the Creditor No. 172

1. Signed     (Signature)     Peter Warbanoff
2. Signed     (Signature)     Miss Patcharin Saenglertsilpachai

Deutsche Bank, the Creditor

1. Signed     (Signature)     Raymand Zageo

Clifford Chance (Thailand) Co., Ltd. the Consultant of the
Creditor Committee

1. Signed     (Signature)     Mr. Leusak Kanwansakul
2. Signed     (Signature)     Mr. Viriya Arunpethruethai
3. Signed     (Signature)     Mr. Veerachai Thisuthiwongse
4. Signed     (Signature)     Mr. Yongsith Koevithitkul

Name of Debtors

TPI Polene Public Company Limited

1. Signed     (Signature)     Mrs. Orapin Leophairatana
2. Signed     (Signature)     Mr. Prasert Ittimakin
3. Signed     (Signature)     Mr. Adul Srichuchart

International Legal Counsellors Thailand Limited

1. Signed     (Signature)     Mr. Chavalit Uttasart
2. Signed     (Signature)     Mr. Picharn Sukprarangsee
3. Signed     (Signature)     Mr. Panuwat Rattanawechasit


The Representative of Krung Thai Bank Public Company Limited

1. Signed                     Mr. Pairoj Ratanasopa
2. Signed                     Mr. Vinit Saengarun
3. Signed                     Mr. Natee Osirisakul


                                                          
Attachment 2

Proceeding                         Conciliation Case No. 1/2546
Report

                    Central Bankruptcy Court
                         27 August 2003
                         Bankruptcy Case


        TPI Polene Public Company Limited       The Claimant

        TPI Polene Public Company Limited       The Petitioner
Between
        Bangkok Bank Public Company Limited,
        the Debtors No. 171 and participants    The Respondent

        TPI Polene Public Company Limited       The Debtor

The Court commenced the conciliation at 3.30 p.m.

Today's conciliation for the purpose of stopping and settling
the dispute following the previous conciliation held on 20
August 2003 attended by Major General Monkol Ampornpisith, Mr.
Ar-ree Wongaraya, Mr. Prakorn Malakul Na Ayudthaya, Mr. Thanong
Pittaya and Mr. Siri Jirapongpan, the representative of Mr. Para
Sukavet, all 5 persons attended the Court in their capacities as
the Plan Administrator of Thai Petrochemical Industry Public
Company Limited, Thai ABS Co., Ltd., TPI Oil Co., Ltd., TPI
Aromatic Public Company Limited, Polyurethene Industry Co., Ltd.
TPI Energy Co., Ltd. TPI Polyol Co., Ltd., together with Mr.
Wiroj Nuankae, the Managing Director of Krung Thai Bank Public
Company Limited, Mr. Pairoj Osirisakul and Ms. Pannipa
Apichartbut, in their capacities of the representatives of Krung
Thai Bank Public Company Limited, and the Plan Administrator of
TPI Polene Public Company Limited as well as Mr. Prachai
Leophairatana, all of whom attended the Court in compliance with
the written request for co-operation of the Central Bankruptcy
Court.  The purposes of the conciliation were for them to
propose and give opinion in the discussion to find a way to
settle the dispute in an amicable way and to seek an appropriate
way to resolve problems resulting from the administration of the
plan of Thai Petrochemical Industry Public Company Limited and
TPI Polene Public Company Limited and their subsidiaries in the
Black Case No. 2/2543, Red Case No. 8/2543 and Black No.
564/2543, Red Case No. 627/2543 of the Central Bankruptcy Court
and to jointly come to an agreement, so that the cases could be
proceeded  progressively for the benefit to the two debtor
companies so that they could carry on their businesses without
any interruption and all creditors could be repaid in a right
and reasonable method.  These would bring justification to all
parties involved in accordance with the real objectives of the
Bankruptcy Act B.E. 2483.  

The initial conclusion could be summarized as follows:  the
Creditor Committee of TPI Polene Public Company Limited
confirmed that they did not have a power to make a decision in
any matters since they had to be decided by all creditors.  
However, as for the debts owed to  the Creditor Committee,
despite a new investor in the business of TPI Polene Public
Company Limited, the Creditor Committee insisted on full
repayment of the debts because the general economy was
recovering and the reason for the Creditor Committee not making
any decision was to avoid other creditors making objections.  In
the meantime, the representatives of the debtors confirmed that
they were ready to proceed in accordance with the proposals of
Krung Thai Bank Public Company Limited and were ready to receive
the loan in the amount of 750 Million US Dollars.  The
representatives of the Plan Administrator of Thai Petrochemical
Industry Public Company Limited and representatives of Krung
Thai Bank Public Company Limited stated that they would consider
in the manner to support Thai Petrochemical Industry Public
Company Limited and TPI Polene Public Company Limited. with the
intention to resolve their debt problems at the same time due to
the assets, debts and capitals of the two companies were inter-
related,  and would support TPI Polene Public Company Limited,
in its public offering in accordance with the Plan.  Since the
conciliation proceedings went on until 4.30 p.m., the Court
adjourned the conciliation and all parties agreed in principle
to the abovementioned actions and to propose a draft Memorandum
of Understanding in a positive way so that the plan
administration of Thai Petrochemical Industry Public Company
Limited and TPI Polene Public Company Limited, could be
implemented successfully.  The next conciliation would be held
on August 27, 2003.  

At the conciliation taking place today, Thai Petrochemical
Industry Public Company Limited and the Plan Administrator of
TPI Polene Public Company Limited with participants and Mr.
Prachai Leophairatana attended the Court.  The Court proceeded
with the conciliation and proposed guideline for a preliminary
memorandum of understanding so that the administration of the
Plan of Thai Petrochemical Industry Public Company Limited
and TPI Polene Public Company Limited as well as their
subsidiaries whose plans, method of debts restructuring, assets,
debts and capitals were inter-related, would be accelerated and
would bring justification to all relevant parties as follows:

1. Mr. Prachai Leophairatana agreed to the Court proceedings in
the appointment of Ministry of Finance currently represented by
the committee of the plan administrator comprising of Major
General Monkol Ampornpisith, Mr. Ar-ree Wongaraya, Mr. Prakorn
Malakul Na Ayudthaya, Mr. Thanong Pittaya and Mr. Siri
Jirapongpan the representative of Mr. Para Sukavet.  With regard
to the concern over the conflict of interest of the committee of
the plan administrator,  the committee of the plan administrator
confirmed to the Court that they would manage the  business of
the debtor properly in accordance with the Plan of Thai
Petrochemical Industry Public Company Limited (TPI) which the
Court had approved and agreed with and would exercise their
discretion in compliance with the principle of good governance.  
In view of the foregoing, Mr. Prachai and relevant members of
the family agreed to cooperate with the committee of the plan
administrator or its appointees in the performance of their
obligations in administrating the assets and debts of TPI and
TPI Polene under the Plans.  In case of any concerns,  the
parties would seek a compromise among themselves or bring the
matters to  the Court and find the best solution to settle such
concerns.

2. In performing the obligations of the plan administrator of
TPI, Mr. Prachai Leophairatana was well aware that the power to
administer the Plan belonged to the Plan Administrator.
Therefore, there was no reason to obstruct or stop the
performances of the management of TPI's business.  This would
lead to the co-operating in  the amendments of the Plans of both
Thai Petrochemical Industry Public Company Limited and TPI
Polene Public Company Limited and their subsidiaries in order
that the management of the debt restructuring, administration,
human resources, production, operation for Thai Petrochemical
Industry Public Company Limited and TPI Polene Public Company
Limited and their
subsidiaries would be implemented successfully.

        3. In response to the good intent of Mr. Prachai
Leophairatana, the plan administrator of Thai Petrochemical
Industry Public Company Limited would provide a good
support in the same way.  Krung Thai Bank Public Company
Limited, Ministry of Finance and relevant authorities would
support TPI Polene Public Company Limited in administrating
the plan of TPI Polene Public Company Limited, such as, general
support in the capital increase by a public offering, etc.,.

        4. To proceed with the problem solving and
administration of the Plans of Thai Petrochemical Industry
Public Company Limited and TPI Polene Public Company Limited
properly whose assets, debts and capitals of the two companies
were inter-related, the committee of the plan administrator of
Thai Petrochemical Industry Public Company Limited and Krung
Thai Bank Public Company Limited, would conduct a due diligence
so as to identify the details of assets and debts in order to
find a preliminary feasibility in order to be able to determine
as to how to manage the assets, debts and capitals, which were
inter-related to both companies.

        5. After having proceeded with the foregoing and
sufficient clarification had been obtained, the Ministry of
Finance and Krung Thai Bank Public Company Limited would be
ready to provide financial support by providing or providing
together with other financial institutions to provide credit
facilities to Thai Petrochemical Industry Public Company Limited
and TPI Polene Public Company Limited in accordance with the
conclusion after the due diligence.  The Ministry of Finance and
Krung Thai Bank Public Company Limited would try to co-operate
by granting credit facilities within an amount sufficient to
repay creditors of TPI Polene Public Company Limited under the
Plan which in principle would be estimated at US$ 750 Million.

        6. With regard to the assets of Thai Petrochemical
Industry Public Company Limited and TPI Polene Public Company
Limited which were inter-relating including the concession or
LDPE plant or assets, debts and capitals in other parts, all
parties would arrange for the shares to be sold or ownership to
be transferred interchangeably or any acts to be done
justifiable under the law so that the assets would be in good
order, as well as the exchange of shares, which were held
interchangeably.  The details relating to fair values including
related matters should be in accordance with an appraisal of an
expert and approved by the Court.  To do so, all related parties
would do any acts leading to the success and would propose the
actions to the Court together with providing the financial
support as stated above as well as arranging for a transfer of
ownership which all such juristic acts must be completed at the
same time.

        7. With regard to the guarantee, encumbered shares and
other obligations in the same manner affecting Mr. Prachai
Leophairatana, Mrs. Orapin Leophairatana, Mr. Pramual
Leophairatana, Mr. Prayard Leophairatana including the return of
shares and assets, releasing the mortgages and personal
guarantee given as security for the debts of Thai
Petrochemical Industry Public Company Limited and other 6
subsidiaries and the civil and criminal cases, the parties
agreed to cancel or release or withdraw or waive them and for
the time being to suspend the cases with an aim to withdraw them
at the same time of extending the loan, assets, debts and
capital rearrangement as mentioned above to avoid any concern by
the parties.

        8. In doing any acts mentioned above, if there is any
doubts due to the lack of knowledge or understanding or any
other causes which could cause a dispute, the TPI's plan
administrator, Mr. Prachai Leophairatana and his group would
request an advice from the Central Bankruptcy Court and would
use any such advice as a practical guideline.


                                     (Signature)            
(Signature)     
                                Pichai Techopittayakul  Pichai
Nilthongkham


Continued Report

        With respect to the status of the debtor executives,
their share borrowing fees and other fees as well as
remuneration, the Court would give an order thereto.  The
financial  support of Krung Thai Bank Public Company Limited
would be in accordance with the conditions provided in the
letter No. Sor.Tor.Tor. (Thor) 015/2546 dated 27 July 2003 per
the attachment.

Signature       Plan Administrator of
                Thai Petrochemical Industry Public Company
Limited

Signature

Signature

Signature       Debtor




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

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