/raid1/www/Hosts/bankrupt/TCRAP_Public/030909.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

            Tuesday, September 09 2003, Vol. 6, No. 178

                         Headlines

A U S T R A L I A

ADVANCED ENGINE: 2002 AGM Scheduled on October 7
AMP LIMITED: Clarifies Capital Raising Media Reports
AMP LIMITED: Issues 23,651 Shares at A$6.80/Share
BONLAC FOODS: S&P Affirms 'B+/C' Ratings; Outlook Stable
QANTAS AIRAYS: Claims Aviation Security High Priority

SOUTHCORP LTD: Issues Comprehensive Business Improvement Program
WATTLE GROUP: Administrators Corbett, Anscor Sentenced


C H I N A   &   H O N G  K O N G

CHIU CHAI: Faces Winding Up Petition
EVEREST INT'L: Ups Operations Loss Reaches HK$27.267M
HK CONSTRUCTION: HKCW Liquidator Withdraws Winding-up Petition
PALIBURG HOLDINGS: Proposes Financial Restructuring
QPL INT'L: 2003 Net Loss Narrows to HK$478M

SOUTH STAR: Petition to Wind Up Pending
ZHU KUAN: Winding Up Petition Pending


I N D O N E S I A

INDONESIAN SATELLITE: Seeks Bond Covenant Elimination


J A P A N

DAIEI INC.: Seeks IRCJ Assistance
FUJITSU LIMITED: Aims to Cut Production Costs by 30%
NICHIMEN CORPORATION: S&P Cuts Rating to 'B'
NIPPON STEEL: Unveils Production Status
USUI DEPARTMENT: Asking Creditors to Waive Loans


K O R E A

DAEWOO GROUP: Affiliates Likely to Graduate From Debt Workouts
HYUNDAI MOTOR: Appoints Park Hwang-Ho as New CEO
HYUNDAI MOTOR: Issues US$400M Bonds
KOOKMIN BANK: S. Korea to Sell 9.33% Stake in Bank
SK GLOBAL: Likely to Change Name to SK Networks

SK GLOBAL: Wants Schedules Filing Deadline Moved to September 30


M A L A Y S I A

CHASE PERDANA: Restraining Order Expires
C.I. HOLDINGS: SC Waives Proposed Debt Settlement Conditions
FW INDUSTRIES: Disposes of Logamaweld Shares
HUME INDUSTRIES: Dissolves Subsidiary
JASATERA BERHAD: SC Extends RPRE Implementation to June 2004

KRETAM HOLDINGS: Provides Settlement Agreement Clarification
KRETAM HOLDINGS: SC Approves SCM-JSCB Proposed Joint Venture
MALAYSIAN GENERAL: Submits Investigative Audit Report
PILECON ENG'G: Unit's Restraining Order Status Remains Unchanged
SELANGOR DREDGING: Unit Under Members' Voluntary Winding Up

SILVERSTONE CORPORATION: Strikes Off Dormant Singaporean Units
SOUTH MALAYSIA: FIC Extends Time to Up Bumiputera Shareholding
SRI HARTAMAS: Danaharta Approves Modified Workout Proposal
SUNWAY CONSTRUCTION: Proposes Fund Raising Exercise
TAI WAH: Receives Proposed Disposals Full Payment From Ramatex

TAI WAH: Scheme Creditors OK Proposed Restructuring Scheme
TECHNO ASIA: Novation, Principal Agreement Extended to Dec 31
TECHNO ASIA: Provides Defaulted Payment Status Update
TENCO BERHAD: 19th AGM Set on September 24
WEMBLEY INDUSTRIES: Regularization Plan Exercise Underway


P H I L I P P I N E S

MANILA ELECTRIC: Perez Urges Deal With FGPC and Quezon Power
NATIONAL BANK: Bad Asset Sale Likely in 2004
SARABIA MANOR: Court Approves Hotel's Rehabilitation Plan

* S&P Revises Philippines Banks Outlook to Stable From Negative


S I N G A P O R E

CHENG POH: Winding Up Hearing Slated September 12
DREAMCAR AUTO-MART: Issues Winding Up Order Notice
E-JIA TRADING: Petition to Wind Up Pending
GATEWAY EXPRESS: Winding Up Petition Hearing Set
JACKSON PILING: Places Firm Under Judicial Management


T H A I L A N D

BANGKOK RANCH: Planner Reports Reorganization Plan Progress
KRISADA MAHANAKORN: Investors Undertake Subscription Payment
RAIMON LAND: Unit's Business Rehabilitation Plan Completed
THAI MILITARY: Sells Unit's Loan, Asset to BAM for Bt2.3M
UNION MOSAIC: Changes Register Book Closing to Oct 3

     -  -  -  -  -  -  -  -

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


ADVANCED ENGINE: 2002 AGM Scheduled on October 7
------------------------------------------------
Advanced Engine Components Limited notifies that its 2002 Annual
General Meeting will be held at 14 Energy Street, Malaga,
Western Australia, on Tuesday 7th October 2003 at 10:00am.

Click http://bankrupt.com/misc/TCRAP_AEC0909.pdfto see full
copy of the 2002 AGM Notice as well as the Explanatory
Memorandum to Shareholder.


AMP LIMITED: Clarifies Capital Raising Media Reports
----------------------------------------------------
Media reports on Monday of a capital raising by AMP Limited
reconfirm statements made by the company at the release of its
interim results on 20 August 2003. AMP said at its interim
results that if its proposed demerger proceeds, refinancing the
RPS is both necessary and desirable to achieve regulatory,
ratings and tax efficiency. Alternatives being investigated, in
conjunction with investment banks, involve refinancing the RPS
into equity and/or other Tier 1 instruments in the `new' AMP.

AMP can confirm that one of the alternatives being considered is
a rights issue. AMP also said at its interim results that it is
likely the refinancing will be for the full amount of the RPS,
although proceeds from asset sales, if realized, will be
taken into account in the final capital structure. As noted at
the interim results, the final capital structure of both new
entities is subject to ongoing discussions with regulators.
These discussions are yet to be concluded.

"When AMP has determined the best way in which to refinance the
RPS, full disclosure will be made. However, the refinancing is
also dependent on a number of other factors including agreement
with regulators on the capital structures of the demerged
entities and Board approvals," AMP Chief Executive Officer
Andrew Mohl said.


AMP LIMITED: Issues 23,651 Shares at A$6.80/Share
-------------------------------------------------
AMP Limited advised the allotment of 23,651 ordinary shares at
A$6.80 per share.

Purpose of the issue     : the shares were issued pursuant to
                           the AMP International Employee Share
                           Ownership Plan.
Date of Issue            : 05/09/2003.
Number of shares on issue: 1,523,429,905


BONLAC FOODS: S&P Affirms 'B+/C' Ratings; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it has
affirmed the 'B+/C' ratings on Bonlac Foods Ltd. and the ratings
on the company's rated debt issues following a successful
shareholders' vote on a restructuring proposal. The outlook,
consequently, is revised to stable from negative.

On Sept. 5, 2003, Bonlac announced that its shareholders had
voted in favor of a proposal from Fonterra Co-operative Group
Ltd. (AA-/Stable/A-1+) to restructure Bonlac. The restructuring
will result in Fonterra increasing its share in Bonlac Foods
Ltd. to 50% from 25%, and will be completed on Tuesday, Sept. 9,
2003. Standard & Poor's does not factor any credit support from
Fonterra into Bonlac's rating. "Fonterra will buy and market all
of Bonlac's production for both export and domestic markets, and
provia management services to Bonlac. These arrangements, in
combination with further debt reduction using asset-sale
proceeds and a reduction in Bonlac's hedge exposure, are viewed
as stabilizing Bonlac's financial profile," said Standard &
Poor's credit analyst Brenda Wardlaw, director, Corporate &
Infrastructure Finance Ratings.

"Despite the restructuring, Bonlac remains vulnerable to the
need to pay a competitive milk price to retain milk supply and
the challenge of improving operating efficiency while capacity
utilization remains sub-optimal. Its liquidity is also currently
weak. In the absence of asset sales, Bonlac would have reported
a significant operating loss in the past two financial years.
The company's ability to generate adequate operating cash flows
to meet its commitments will continue to be a critical rating
factor," added Ms. Wardlaw.

Under the restructuring, Bonlac Supply Co. will own the other
50% of Bonlac Foods Ltd. Fonterra has an option to acquire
Bonlac Supply Co.'s 50% interest if Bonlac Supply Co. suffers an
insolvency event, if there is a change of control of Bonlac
Supply Co., or if Bonlac Foods Ltd. fails to maintain a minimum
milk supply as reasonably determined by Fonterra and agreed to
by the Bonlac Foods board.

The outlook is stable. The restructuring and debt reduction have
stabilized Bonlac's financial profile. The company does,
however, face a number of challenges in generating adequate
operating cash flows to meet its ongoing commitments in view of
competitive industry dynamics.


QANTAS AIRAYS: Claims Aviation Security High Priority
-----------------------------------------------------
The Chief Executive Officer of Qantas, Geoff Dixon, last week
said there was no specific intelligence that Australian aviation
interests at home or abroad were at risk from shoulder-fired
surface-to-air missiles.

"Security and safety are paramount at Qantas and we take our
responsibilities in relation to aviation security extremely
seriously," Mr Dixon said.

"In Australia, the Federal Government, Qantas and the industry
in general have been at the forefront of the implementation of
enhanced security measures since the events of 9/11.

"Qantas has tripled its expenditure on security since the events
of 9/11 and the company spent more than $180 million on security
measures during the 2002/03 financial year."

Mr Dixon said that it was important for the industry to achieve
a strategic balance between financial sustainability and the
provision of safe and secure national and international
transportation.

He said discussion about shoulder-fired surface-to-air missiles
highlighted the need for a balanced approach to aviation
security.

"Where there is a risk, the most effective preventive strategy
is for the relevant Government to identify likely launch areas
around airports - not for commercial airlines to install anti-
missile systems such as those currently used on military
aircraft.

"The cost of installing such anti-missile systems is huge and
their effectiveness is very uncertain. It would cost Qantas
US$442 million, about A$692 million, to install the proper
systems on just our international fleet of Boeing 747s and
767s."

Mr Dixon said that a safe, secure and viable commercial aviation
industry was essential to the economic and social well being of
Australia.

"Qantas is committed to working with the Government and other
industry stakeholders to achieve a security regime which
delivers the best outcomes for Australian commercial aviation,"
he said.


SOUTHCORP LTD: Issues Comprehensive Business Improvement Program
----------------------------------------------------------------
Southcorp Limited released last week its full year results for
2003 and announced a number of major changes, including a
comprehensive business improvement program.

Key points:

   *  EBITA of $132.1 million, in line with the May 2003
forecast
   *  Net debt improved by almost $100.0 million from the May
2003 forecast
   *  Goodwill of $642.5 million written off
   *  Rosemount Estate brand name written down by $240.0
million, to $340.0 million
   *  Change in US depletions policy with an impact of $22.9
million
   *  Restructuring and redundancy costs of $20.8 million
   *  Write-down of Independence Wine Company (IWC) of $20.5
million
   *  Adjustment to the value of Employee Share Plans of $17.2
million
   *  Significantly reduced capital expenditure outlook

End of Year Results

For the year ended 30 June 2003, Southcorp recorded a loss,
including significant items, of $922.9 million. This result
compares to a profit of $312.7 million for the prior financial
year. Before significant items and SGARA, Southcorp recorded
earnings before interest, tax and amortization of $132.1
million. This result is consistent with the forecast of $130.0
million to $140.0 million provided to the Australian Stock
Exchange in May 2003. Managing Director & CEO, John Ballard
said, "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."

Significant items included the write-off of goodwill amounting
to $642.5 million and the writedown of the book value of the
Rosemount Estate brand names by $240.0 million, to 340.0
million. Mr Ballard said the write-downs were non-cash in nature
and did not impact the ability of Southcorp to operate.

"The Rosemount Estate brand is a great brand and its potential
for this company is simply immense," he said. "So writing down
the value in the books to $340.0 million was not something that
we would intuitively do because it does not, in our opinion,
show the true worth of the brand. It was done to meet the
accounting standards.

"In fact Rosemount Estate is the only brand in the books that
had any real value attributed to it and one option we had in
adjusting its value down, was to revalue all our brands up on
the balance sheet - including major brands Penfolds, Lindemans,
Wynns Coonawarra Estate and Seppelt. That would have meant no
write-down in total brand value at all, but given the
anticipated changes in international accounting standards, which
would require a future reversal, we decided not to do so.

"Let me stress that the accounting treatment in no way reflects
my great belief in the power of the Rosemount Estate brand. In
total, because key brands are carried at nil or minimal value,
it's my view that the balance sheet significantly undervalues
shareholder assets."

Directors have previously advised that there will be no final
dividend. The total dividend for the financial year ended 30
June 2003 is 10 cents per share, franked to 80%. Biggest Shake-
up in Southcorp's History to Underpin Turnaround Mr Ballard
released details of recent major organizational changes made
within Southcorp. "I believe that the actions taken in the last
four months represent the biggest shake-up in Southcorp's
history," he said. "Of my twelve direct reports seven are new
appointments, including a new Chief Financial Officer, and new
heads of Global Marketing, Winemaking, Operations and
Viticulture & Grape Resources.

"In the next tier of Southcorp management, 40% of positions have
changed during this year. They represent a mixture of new hires
in key catalyst type positions and the upgrading of
responsibilities of existing executives who now have the freedom
to perform to their full potential.

"The changes we have made and are making - while profound - are
being tackled with the support of all who work in Southcorp, our
suppliers, growers and our customers. All are determined to see
Southcorp operating to its fullest potential.

"The reporting lines within the business have been reshaped to
remove complexity and duplicate functions."

Mr Ballard said changes made across the company were designed to
bring tighter controls and a focus on consumers.

CONTACT INFORMATION: Kristina Devon
        Direct: 61 2 9465 1048
        Mobile: 0409 030 767


WATTLE GROUP: Administrators Corbett, Anscor Sentenced
------------------------------------------------------
Mrs Anne Shirley Corbett, and Mr Robert Edward Corbett were
sentenced on Friday in the Brisbane District Court in relation
to 48 charges of being knowingly concerned in the promotion of
prescribed interests, in contravention of the Corporations Act.

Mrs Corbett, a former director of Anscor, and Mr Corbett, a
current director of Anscor, were each sentenced to 20 months
imprisonment, fully suspended, upon entering into a $5000
recognizance to be of good behavior for two years.

Mr and Mrs Corbett were charged following an investigation by
the Australian Securities and Investments Commission (ASIC) into
the failed Wattle Group. The Wattle Group raised more than $160
million from over 2,700 investors across Australia. The charges
against Mr and Mrs Corbett relate to 12 investors who were
clients of Anscor who lost approximately $1.99 million invested
in the Wattle scheme between February 1996 and March 1998.

Anscor operated a business from an office in Queen Street,
Brisbane, which was established for the purpose of sourcing loan
funds from members of the public for the Wattle Group
investment. Anscor handled the administrative arrangements,
which facilitated the loan of Anscor's clients' funds toWattle.

Anscor received commissions from the Wattle Group of five per
cent per month on the funds it sourced from investors. Anscor
did not hold a license as a securities dealer or investment
adviser.

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

Background

The Wattle Group was an unlicensed investment scheme operated by
Mr Geoffrey Robert Dexter, which raised more than $160 million
from over 2700 Australian investors. The scheme involved Mr
Dexter obtaining unsecured loan funds from investors on the
promise of high rates of return, generally 50 percent per annum.

ASIC took action to close down the scheme, and on 7 May 2001 Mr
Dexter was convicted of multiple fraud charges and jailed for 10
years.

Mr Dexter marketed the scheme through eight administrators and a
number of sourcing agents across Queensland, New South Wales,
South Australia and the ACT. Anscor was the largest Wattle Group
administrator. In addition to Mr & Mrs Corbett, other promoters
of the scheme have been charged with similar offences.

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

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

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

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

On 7 August 2003, Mr Rodney James Mackay and Mr John Andrew
Allen of Mackay & Allen Pty Ltd pleaded guilty in the Brisbane
District Court and will be sentenced on 9 September 2003.

On 26 August 2003 Mr Ian William Snook of Golconda Resources
pleaded guilty in the District Court in Adelaide and will be
sentenced on 25 September 2003.


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


CHIU CHAI: Faces Winding Up Petition
------------------------------------
The petition to wind up Chiu Chai Kee Timber Company Limited
is set for hearing before the High Court of Hong Kong on October
15, 2003 at 10:00 in the morning.

The petition was filed with the court on August 26, 2003 by Chan
Mun of Room 2921, Hin Yau Houe, Hin Keng Estate, Shatin, New
Territories, Hong Kong.


EVEREST INT'L: Ups Operations Loss Reaches HK$27.267M
-----------------------------------------------------
Everest International Investments Limited issued its financial
statement summary for the year ended March 31, 2003:

Year-end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001
                              to 31/3/2003       to 31/3/2002
                              Note  ('000)       ('000)
Turnover                           : 689                770
Profit/(Loss) from Operations      : (27,267)           (9,771)
Finance cost                       : (1)                (21)
Share of Profit/(Loss) of
  Associates                       : 57                 N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (27,211)           (9,792)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1104)           (0.0412)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (27,211)           (9,792)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 5/9/2003           to
9/9/2003  bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

Basis for calculation of loss per share

The calculation of the loss per share is based on the loss for
the year of approximately HK$27,211,000 (2002: approximately
HK$9,792,000) and on the number of 246,568,000 (2002: the
weighted average number of 237,472,110) shares in issue during
the year.


HK CONSTRUCTION: HKCW Liquidator Withdraws Winding-up Petition
--------------------------------------------------------------
Reference is made to the announcement issued by the board
(Board) of directors of Hong Kong Construction (Holdings)
Limited dated 1 September 2003 regarding a winding-up petition
(Winding-up Petition) issued by the joint and several liquidator
(Liquidator of HKCW) of Hong Kong Construction (Works) Limited
(HKCW) against the Company.

The Board is pleased to announce that the Liquidator of HKCW has
agreed to unconditionally withdraw the Winding-up Petition
issued against the Company and vacate the Hearing scheduled to
be heard on 22 October 2003. Messrs. Tanner De Witt, solicitors
for the Liquidator of HKCW, Messrs. Iu, Lai & Li, solicitors for
the Company and the Official Receiver have signed a consent
summons dated 4 September 2003 (Consent Summons) to that effect.
The Consent Summons has been filed in court (Court) and an
The Court has now sealed order in terms of the Consent Summons.
Accordingly, the Winding-up Petition has now been withdrawn and
the Hearing has now been vacated.

As such, trading in the shares of the Company will not be
suspended on 22 October 2003,
the date of the Hearing, which has now been vacated.

The Directors wish to confirm that, apart from the above, they
are not aware of any matter discloseable under the general
obligations imposed by paragraph 2 of the listing agreement,
which is or may be of a price-sensitive nature.


PALIBURG HOLDINGS: Proposes Financial Restructuring
---------------------------------------------------
The boards of directors of Century City International Holdings
Limited, Paliburg Holdings Limited, and Regal Hotels
International Holdings Limited are pleased to announce that
following continuing discussions with the Financial Creditors of
the Regal Group, a proposal for a consensual restructuring of
the Regal Loans was formulated and presented by the Regal Group
in August 2003 for consideration by the Financial Creditors and,
as of 3rd September, 2003, over 90% by value of the Regal Loans
of the requisite Financial Creditors have in principle agreed to
the proposal. The financial restructuring proposal will be
subject to the finalization and signing of relevant loan
documents by the Regal Group and the Financial Creditors.

PRINCIPAL TERMS OF THE FINANCIAL RESTRUCTURING PROPOSAL

The principal terms of the financial restructuring proposal in
respect of the Regal Loans are set out below:

   (i) That a sale and purchase agreement relating to the
disposal of the Regal Oriental Hotel is signed, and a cash
deposit of not less than HK$30 million is paid under the
agreement, on or before 31st August, 2003;

   (ii) Existing security for the Standstill Arrangement
continues to form security for the restructured Regal Loans,
comprising primarily security over the Regal Group's five hotels
in Hong Kong, namely Regal Airport Hotel, Regal Hongkong Hotel,
Regal Kowloon Hotel, Regal Riverside Hotel and Regal Oriental
Hotel, (until sold), the Regal Group's 70% interest in the
luxury residential development at Rural Building Lot No.1138,
Wong Ma Kok Road, Stanley, Hong Kong and certain of the Regal
Group's operating entities;

   (iii) Cash sweep arrangements on the operational income from
the Regal Group's five hotels in Hong Kong (to the extent
they remain as security for the restructured Regal Loans) and
the surplus funds from the Stanley development project
which are distributable to the Regal Group for interest
servicing and milestone payments under the restructured Regal
Loans; and

   (iv) The final repayment date of the Regal Loans will be
extended from 8th September, 2003 under the Standstill
Arrangement to, in respect of the Key Winner Loan, 31st
December, 2006 and, in respect of the Bauhinia Loan, 31st
December, 2012, subject to certain agreed milestone payments in
respect of the Key Winner Loan and scheduled principal
repayments in respect of the Bauhinia Loan.

EFFECTS OF THE FINANCIAL RESTRUCTURING PROPOSAL

The board of directors of Regal is of the view that the
endorsement by the Financial Creditors of the financial
restructuring proposal represents a major positive step in the
financial restructuring process of the Regal Group and, on due
implementation of the proposal, it will provia the Regal Group
with overall financial stability for its sustained business
recovery going forward.

Century, Paliburg and Regal will make further announcement when
the formal documentation for the financial restructuring
proposal is finalized and signed by the Regal Group and the
Financial Creditors, which is expected to be in October 2003.

DISPOSAL OF THE REGAL ORIENTAL HOTEL

As contemplated under the financial restructuring proposal in
respect of the Regal Loans, Dragon Root and Regal entered into
the SP Agreement with Sino Bright on 29th August, 2003 relating
to the sale by Dragon Root and the purchase by Sino Bright
of the Sale Share and the procurement by Dragon Root of the
assignment of the Assigned Loans to Sino Bright. Completion
of the SP Agreement is conditional on, among others, requisite
consent from the Financial Creditors. As of 3rd September,
2003, approval on the Disposal under the SP Agreement has been
obtained from all requisite Financial Creditors.

THE SP AGREEMENT DATED 29TH AUGUST, 2003

Parties to the SP Agreement

  (1) Vendor : Dragon Root
  (2) Purchaser : Sino Bright; and
  (3) Vendor's guarantor : Regal (as guarantor for the
performance of the obligations of Dragon Root under the
SP Agreement) Assets to be sold and purchased under the SP
Agreement The assets to be sold and purchased under the SP
Agreement comprise:

   (1) the Sale Share in Chasehill, which directly owns 100%
shareholding interests in Gala, which in turn directly owns
100% interests in the Regal Oriental Hotel; and

  (2) the Assigned Loans.

The negative net tangible assets/net asset value of the ROH
Group as at 31st December, 2002 was approximately HK$750.5
million, after accounting for the amount of the intra-group
loans in the sum of approximately HK$1,030.4 million as at 31st
December, 2002. The net tangible assets/net asset value
represented by the ROH Group as disclosed in the respective
latest published audited financial statements of Century,
Paliburg and Regal for the year ended 31st December, 2002 was
approximately HK$279.9 million. The net loss before and after
taxation of the ROH Group in respect of the financial year
ended 31st December, 2001 was approximately HK$136.3 million
(which included a deficit on revaluation of hotel property
of approximately HK$124.0 million) and, in respect of the
financial year ended 31st December, 2002, was approximately
HK$275.0 million (which included an impairment of hotel property
of approximately HK$271.3 million).

The Consideration for the Disposal and the Payment Terms
The consideration for the Disposal is HK$350 million payable in
cash, subject to adjustments (including the holdback and
retention amounts referred to in items 2 and 3 below). A non-
refundable cash deposit of HK$30 million has been paid by Sino
Bright to the solicitors acting for Dragon Root, as
stakeholders, upon signing of the S&P Agreement.

At completion, Sino Bright shall pay to Dragon Root an amount,
based on the consideration of HK$350 million less the
following amounts:

   1. The cash deposit of HK$30 million (together with interest
earned thereon);

   2. HK$50 million, if the parties shall fail to agree within 2
months from the date of the SP Agreement on the extent, scope
and specifications for all major outstanding commitments and
rectification works of the Regal Oriental Hotel (including the
demolition of a footbridge connected to the hotel), which are to
be satisfied or completed before completion of the SP Agreement.
In such event, the Regal Oriental Hotel will be delivered on an
"as is" basis and Dragon Root will not have to be responsible
for the severance payment allowance of the hotel staff; and

   3. HK$30 million, as the retention money for securing the
obligations of Dragon Root in respect of the warranties given
by Dragon Root under the SP Agreement (most of which are usual
as compared with those in similar type of transactions) and a
warranty that the net income (before interest expenses) of the
Regal Oriental Hotel for the 3 calendar years to 31st December,
2006 will not be less than HK$150 million (provided that the
maximum liability of Dragon Root under this net income warranty
shall not exceed HK$30 million). The balance of the retention
money, after deduction of any admitted claims, will be paid by
Sino Bright to Dragon Root on the fourth anniversary of
completion of the SP Agreement.

The consideration of the Disposal was determined after arm's
length negotiation and is considered by the directors (including
the independent non-executive directors) of Regal to be fair and
reasonable, having regard to the prevailing market conditions
of the hotel industry in Hong Kong. The consideration of HK$350
million (which is subject to adjustments as referred to above)
for the Disposal represents a premium of approximately 25% over
the net tangible assets of approximately HK$279.9 million
represented by the ROH Group as at 31st December, 2002. The
directors (including the independent non-executive directors) of
Regal also considered the Disposal to be in the overall
commercial interest of the Regal Group as it served to satisfy
the covenant required under the financial restructuring proposal
and will help in the reduction of the borrowing levels of the
Regal Group.

Other terms of the SP Agreement

As part of the terms and conditions of the SP Agreement, at
completion of the SP Agreement, Gala will enter into a new
management contract with a wholly-owned subsidiary of the Regal
Group for its management of the Regal Oriental Hotel for
a fixed term of 3 years at a fee of 3% of gross hotel revenues,
extendable by mutual agreement.

Dragon Root has the option, exercisable at its sole discretion,
to terminate the SP Agreement by giving notice in writing to
Sino Bright (i) within 30 days from the date of the SP Agreement
by returning the deposit of HK$30 million paid by Sino Bright
(together with interest earned thereon), together with the
payment to Sino Bright of an amount of HK$15 million (as agreed
liquidated damages); or (ii) within 60 days from the date of the
SP Agreement by returning the deposit of HK$30 million paid by
Sino Bright (together with interest earned thereon), together
with the payment of an amount to Sino Bright of HK$30 million
(as agreed liquidated damages).

Completion of the SP Agreement

Completion is subject to the satisfaction and/or waiver (if
applicable) by Sino Bright of, inter alia, the following
conditions before the Completion:

   (1) The warranties in respect of the ROH Group and the Regal
Oriental Hotel given by Dragon Root under the SP
Agreement remaining in all material respects true and accurate
at Completion;

   (2) Regal having reached agreement with the Financial
Creditors for the restructuring of the Regal Loans;

   (3) All requisite consents (if any) for the transactions
contemplated under the SP Agreement have been obtained from
the Financial Creditors and any conditions relating to such
consents have been or, contemporaneously with the completion of
the SP Agreement will be, fulfilled;

   (4) All existing mortgages or charges over Chasehill, Gala,
the Regal Oriental Hotel and any other assets of the ROH
Group and all guarantees given by Chasehill and Gala have been
released; and

   (5) Gala has shown or proved a good title to the Regal
Oriental Hotel.

Reasons for the Disposal

As mentioned in a joint announcement dated 7th July, 2003 made
by Century, Paliburg and Regal, Regal has been in continuing
discussions with the Financial Creditors on the restructuring of
the Regal Loans and in the meanwhile undertaking a sale process
for the disposal of the Regal Group's two non-core hotels,
namely, the Regal Oriental Hotel and the Regal Riverside Hotel.
While substantive progress has been achieved on a consensual
agreement with the Financial Creditors for the restructuring of
the Regal Loans, the entering into of the SP Agreement for the
Disposal would serve to facilitate the implementation of the
consensual restructuring proposal.

Use of Proceeds from the Disposal

The net consideration receivable from the Disposal being the
consideration of HK$350 million less any adjustments that may
arise under the HK$50 million holdback and HK$30 million
retention amounts mentioned above, will be applied by the Regal
Group in reduction of the outstanding indebtedness under the Key
Winner Loan.

Effect of the Disposal

The implementation of the Disposal will serve to reduce the
borrowing levels of Regal by the amount of proceeds to be
realized from the Disposal and hence the interest expenses of
Regal. As Regal is a major subsidiary of Century and Paliburg,
the implementation of the Disposal will likewise benefit Century
and Paliburg.

General

Each of Century, Paliburg and Regal is an investment holding
company and the principal activities of the subsidiaries of
Century and Paliburg (including the subsidiaries of Regal)
include property development and investment, property
management, construction and construction-related businesses,
hotel ownership and management and other investments.
The Disposal constitutes a discloseable transaction for Century
(based on the Modified Calculation Concession as disclosed
in an announcement of Century dated 19th June, 2003) and
Paliburg under the Listing Rules. A circular of each of Century
and Paliburg setting out details of the Disposal will be issued
to the respective shareholders of Century and Paliburg in
accordance with the requirements under the Listing Rules as soon
as practicable.

SUSPENSION AND RESUMPTION OF TRADING

At the request of each of Century, Paliburg and Regal, trading
in the ordinary shares of Century, Paliburg and Regal on the
Stock Exchange was suspended from 9:30 a.m. on 2nd September,
2003 pending the release of this announcement. Century,
Paliburg and Regal have applied to the Stock Exchange for
dealings to resume from 9:30 a.m. on 5th September, 2003.

DEFINITIONS

As used in this announcement, the following words and phrases
have the same meanings assigned:

"associates" has the meaning as ascribed in the Listing Rules

"Assigned Loans" the inter-company balances owing by Gala to two
wholly owned subsidiaries of the Regal Group at completion of
the SP Agreement, which amounted to approximately HK$1,036.0
million as at the date of the SP Agreement

"Bauhinia Loan" the outstanding construction loan of the Regal
Group in an amount of approximately HK$1,054.2 million as at
30th June, 2003

"Century" Century City International Holdings Limited, a company
incorporated in Bermuda with limited liability and the shares of
which are listed on the Stock Exchange

"Chasehill" Chasehill Limited, a company incorporated in the
British Virgin Islands with limited liability and 100% directly
owned by Dragon Root

"Disposal" Disposal of Chasehill and its assets, comprising
primarily its interests in Gala and the Regal Oriental Hotel,
through the sale of the Sale Share and the assignment of the
Assigned Loans upon the terms and conditions as set out in the
SP Agreement

"Dragon Root" Dragon Root Inc., an indirect wholly owned
subsidiary of Regal incorporated in the British Virgin Islands
with limited liability

"Financial Creditors" the financial creditors of the Regal Group
under the Standstill Arrangement

"Gala" Gala Hotels Limited, a company incorporated in Hong Kong
with limited liability and 100% directly owned by Chasehill

"Hong Kong" the Hong Kong Special Administrative Region of the
People's Republic of China

"Key Winner Loan" the outstanding syndicated loan of the Regal
Group in an amount of approximately HK$3,732.5 million as at
30th June, 2003

"Listing Rules" the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited

"Paliburg" Paliburg Holdings Limited, a subsidiary of Century
incorporated in Bermuda with limited liability and the ordinary
shares of which are listed on the Stock Exchange, in which
Century holds approximately 66.87% shareholding interests

"Regal" Regal Hotels International Holdings Limited, a
subsidiary of Paliburg incorporated in Bermuda with limited
liability and the ordinary shares of which are listed on the
Stock Exchange, in which Paliburg holds approximately 63.52%
shareholding interests

"Regal Group" Regal and its subsidiaries

"Regal Loans" the outstanding bank loans of the Regal Group in
an aggregate amount of approximately HK$4,786.7 million as at
30th June, 2003, comprising the Key Winner Loan and the Bauhinia
Loan

"Regal Oriental Hotel" the hotel property and business in the
name of "Regal Oriental Hotel", located at 30-38 Sa Po Road,
Kowloon, Hong Kong and 100% owned by Gala

"ROH Group" Chasehill and Gala

"Sale Share" the one (1) issued ordinary share of par value
US$1.00 of Chasehill, representing its entire issued share
capital

"Sino Bright" Sino Bright Group Limited, the purchaser under the
SP Agreement, together with its beneficial owners are
independent of and not connected with the directors, chief
executive or substantial shareholders of Century, Paliburg and
Regal and the respective subsidiaries of Century, Paliburg and
Regal or any of their respective associates

"SP Agreement" the conditional Sale and Purchase Agreement
relating to Chasehill Limited dated 29th August, 2003 entered
into between Dragon Root as the vendor, Sino Bright as the
purchaser and Regal as the vendor's guarantor

"Standstill Arrangement" the standstill arrangement between
Regal and the financial creditors of the Regal Loans pursuant to
the standstill agreement dated 4th September, 2002 entered into
between Regal, certain companies of the Regal Group involved in
providing standstill security and the financial creditors of the
Regal Loans

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"substantial shareholders" has the meaning as ascribed in the
Listing Rules

"HK$" Hong Kong dollars


QPL INT'L: 2003 Net Loss Narrows to HK$478M
-------------------------------------------
QPL International Holdings Ltd disclosed its Results
Announcement (Summary) for the year ended April 30, 2003:

Year end date: 30/04/2003
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                              (Audited)           Last
                               Current            Corresponding
                               Period             Period
                               from 1/5/2002      from 1/5/2001
                               to 30/4/2003       to 30/4/2002
                               Note  ('Million)   ('Million)
Turnover                           : 419                284
Profit/(Loss) from Operations      : (131)              (148)
Finance cost                       : (15)               (14)
Share of Profit/(Loss) of
  Associates                       : (370)              (368)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (478)              (523)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.86)             (1.01)
         -Diluted (in dollars)     : (0.86)             (1.01)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (478)              (523)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Basis of preparation and principal accounting policies
The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong and comply with
accounting standards issued by the Hong Kong Society of
Accountants (HKSA).  The accounts have been prepared under the
historical cost convention as modified for the revaluation of
investment properties, land and buildings and investments in
securities.

In the current year, the Group has adopted a number of new and
revised Statement of Standard Accounting Practice (SSAPs) issued
by the HKSA which has resulted in a change in the format of
presentation of the cash flow statement, the introduction of the
statement of changes in equity and the adoption of new and
revised accounting policies.  The adoption of new and revised
accounting policies has had no material effect on the results
for the current or prior accounting years.  Accordingly, no
prior period adjustment has been required. Certain comparative
figures have been restated in order to achieve a consistent
presentation.

2. Turnover

Turnover represents the net amounts received and receivable for
goods sold and services provided by the Group to outside
customers and rental income earned during the year as follows:
                                 For the year ended 30th April,
                                                 2003    2002
                                                HK$'M   HK$'M
Manufacture and sales of integrated circuit
leadframes,
heatsinks and stiffeners                        395     259
Rental income                                   24      25
                                        ------------    --------
                                                419     284
                                             =======    =======

3. Share of results of an associate
                                 For the year ended 30th April,
                                                 2003    2002
                                                HK$'M   HK$'M
Loss from ordinary activities before
taxation attributable to the Group
Loss before non-recurring items                 (93)    (249)
Impairment loss on property, plant and equipment(274)   (15)
Reorganization expenses in relation
to cost reduction program                       (3)       (8)
Assets written off in relation to a subsidiary  --      (82)
Loss on disposal of property, plant and
equipment                                       --      (14)
                                            --------    --------
                                                (370)   (368)
                                                ======  ======
4.      Loss per share

The calculation of the basic and diluted loss per share is based
on the following data:
                                 For the year ended 30th April,
                                                 2003    2002
Loss for the purposes of basic and
diluted loss per share                HK$(478) M      HK$(523) M
                                      ==========      ==========
Weighted average number of ordinary
shares for the purpose of
calculating basic and diluted loss
per share                               556,211,341
518,846,957
                                        ==========      ========

Additional basic and diluted loss per share figures have also
been presented, based on the loss excluding certain non-
recurring items as follow:

                                For the year ended 30th April,
                                         2003    2002
                                        HK$'M   HK$'M
Loss for the year                       (478)   (523)
Adjustments:
Crystallization of obligations
under guarantees                       13      70
Gain on disposal of subsidiaries        (3)     (37)
Costs relating to relocation of
operations                              15      20
Waiver of an unsecured loan             --      (11)
Costs relating to a terminated
collaboration                           --      8
Costs arising on early extinguishments
of debt provided (written back)        1       (2)
Share of results of an associate
Impairment loss on property, plant
and equipment                           274     15
Reorganization expenses in relation to
cost reduction program                  3        8
Assets written off in relation to
a subsidiary                            --      82
Loss on disposal of property, plant
and equipment                           --      14
Tax effect of above items               (44)    --
                                ------------    ------------
Adjusted loss                          (219)    (356)
                                     =======    =======


The denominators used are the same as those detailed above for
both basic and diluted loss per share.

The computation of diluted loss per share and additional loss
per share for both years does not assume the exercise of the
share options and warrants of the Company because the exercise
prices of share options and warrants were greater than the
average market price of the Company's share.


SOUTH STAR: Petition to Wind Up Pending
---------------------------------------
The petition to wind up South Star (Hong Kong) Limited is set
for hearing before the High Court of Hong Kong on October 8,
2003 at 10:00 in the morning.

The petition was filed with the court on August 13, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, Bank of China Tower,
1 Garden Road, Central, Hong Kong.


ZHU KUAN: Winding Up Petition Pending
-------------------------------------
Zhu Kuan Group Company Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 8, 2003 at 9:30 in the morning.

The petition was filed on August 12, 2003 by Standard Chartered
Bank whose principal place of business is at 3rd Floor, Standard
Chartered Bank Building, 4-4A Des Voeux Road Central, Hong Kong.


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


INDONESIAN SATELLITE: Seeks Bond Covenant Elimination
-----------------------------------------------------
PT Indonesian Satellite Corporation (Indosat) is asking for the
elimination of one of the covenants in Indosat I and II bonds
following its plan to issue bonds worth Rp1.75 trillion to
support vertical merger, Bisnis Indonesia reports.

"The covenant proposed to be eliminated is the minimum ratio
between current assets and current liabilities of 1.1:1,"
revealed an unnamed Bisnis source.

The request of Indosat to eliminate the current ratio, the
source said, would be asked for approval in Bondholders General
Meeting (RUPO) on September 15-16, 2003.

According to the source, Indosat's request to eliminate the
current ratio would not inflict losses on the bondholders. "The
elimination will make Indosat's finance more flexible in getting
new debts by issuing bonds worth IDR1.75 trillion, maximum bonds
issuance of US$300 million, and rupiah-denominated bank loans."

The source further disclosed that the request was normal since
the current liabilities of Indosat would increase, and this
would make it difficult for Indosat to meet 1.1:1 current ratio.

For the bondholders, the source said, the most important thing
would be the payments of interest and core of the first and
second bonds when they matured after the vertical merger between
PT Indosat Multi Media Mobile (IM3), PT Satelit Palapa Indonesia
(Satelindo), and PT Bimagraha Telekomindo.

Indosat issued Indosat I bonds worth Rp1 trillion on April 12,
2001 that will mature on April 12, 2006. It later issued Indosat
II bonds worth Rp1.25 trillion on November 6, 2002 consisting of
conventional bonds that will mature on November 6, 2007.


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


DAIEI INC.: Seeks IRCJ Assistance
---------------------------------
Daiei Inc. has sought assistance from the Industrial
Revitalization Corporation of Japan (IRCJ) in the reconstruction
of its baseball and real estate business in Fukuoka, according
to Kyodo News, citing Daiei President Kunio Takagi.

The Tokyo District Court has ordered two units of ailing
retailer Daiei Inc. in charge of the group's Fukuoka business to
repay 1.38 billion yen in overdue loans to a Cayman Islands-
based investment firm Park Credit Management Co., TCR-AP
reported recently. The court fully supported the investment firm
Park Credit in demanding KK Fukuoka Dome and KK Fukuoka Daiei
Real Estate repay the outstanding sum.


FUJITSU LIMITED: Aims to Cut Production Costs by 30%
----------------------------------------------------
Fujitsu Limited intends to lower production costs by 30 percent
within three years, in a move to lower prices and to remain
competitive in the industry, Bloomberg reported on Monday,
citing Fujitsu spokesman Isamu Yamamori.

The push to lower costs is in response to price cuts by U.S.
companies such as Hewlett-Packard Co., which has reduced prices
by farming out more production to Chinese and Taiwanese
companies. Fujitsu will try to reduce costs by improving
efficiency, enabling the maker of the FMV personal computer to
maintain factories in Japan, Yamamori said.


NICHIMEN CORPORATION: S&P Cuts Rating to 'B'
--------------------------------------------
Standard & Poor's Ratings Services on Friday has lowered its
long-term rating on Nichimen Corporation to 'B' from 'B+', and
affirmed its 'C' short-term rating. The long-term rating was
removed from Credit Watch where it was placed on December 11,
2002. The outlook on the long-term rating is stable.

At the same time, Standard & Poor's raised its long-term rating
on Nissho Iwai Corp. to 'Bpi' from 'B-pi'. The ratings actions
reflect the expectation that the companies' credit qualities
will converge in the medium to long term due to management
consolidation of the two companies.

In the first phase of an integration plan announced in December
2002, Nichimen and Nissho Iwai began operating as subsidiaries
under Nissho Iwai-Nichimen Holdings Corp. in April 2003.

"Although uncertainties remain over the compatibility of
management styles, Nichimen and Nissho Iwai are likely to be
exposed to similar risks and gain similar advantages under the
holding Company structure," Standard & Poor's credit analyst
Yuri Yoshida said. Integration has proceeded slowly, as Nichimen
appears intent on defending its stronger individual credit
attributes.

Nissho Iwai-Nichimen Holdings raised 273 billion in capital in
May 2003, mainly by issuing preferred stock. Although this
contributed to the enhancement of the group's capital base to a
certain extent, the group's capitalization is still weak given
the risks associated with its investment and loan assets and
deferred tax assets. Although Nichimen and Nissho Iwai have been
disposing of problem assets, further asset restructuring may
also lead to the emergence of additional losses. Amid a
difficult business environment, the group may be unable to
achieve its target of 100 billion in recurring profits in
fiscal 2005.

Liquidity support from the UFJ Group, the Nissho Iwai-Nichimen
group's main bank, is expected to be maintained. However, given
the group's high dependence on short-term borrowing, a key
credit factor will be whether UFJ and other major creditor banks
will maintain their current lending policy to the Nissho Iwai-
Nichimen group.

The outlook on the long-term rating on Nichimen is stable,
reflecting the expectation that the Company will maintain its
financial profile within the tolerance of the revised rating in
the medium to long term. However, if additional asset
restructuring triggers massive losses that threaten to erode
capitalization, there could be a revision of the outlook or a
downgrade.


NIPPON STEEL: Unveils Production Status
---------------------------------------
As of September 7, 2003, Nippon Steel has restarted the
operation of the following facilities at Nagoya Works.

Further, in order to avoid any inconvenience to the Company's
customers, Nippon Steel is taking all possible measures to
retrieve the rest of the facilities that are currently under the
preparation as soon as possible.

The Company is planning to explain their retrieval condition of
Nagoya Works on and after September 8th.

The Facilities, which have restarted operations, are:

1. Since the operation of the coke oven facilities was restarted
on September 4th, the following facilities that utilize the
coke-oven-gas as fuel have been retrieved gradually after 11:00
pm on September 6th.

- Continuous Annealing and Processing Lines (#1 C.A.P.L. and #2
C.A.P.L.)

- Continuous Galvanizing Lines (#1 CGL and #5CGL)

2. From 0:00 am on September 6th, one of the two blast furnaces
at Nagoya Works was restarted its production. The Company is
operating the steel making plants smoothly at the appropriate
rate that keeps the balances of the blast furnace production.

3. The facilities that do not use the fuel gas such as cold-
strip mill, tin-plate mill, and pipe mill, were retrieved their
productions gradually after 7:00 am on September 4th.

4. Hot-strip mill and heavy plate mill that require the coke-
oven-gas as fuel are currently under the preparation for the
early recovery.

At about 7:42 pm on September 3rd, 2003, the coke-oven-gas
holder on the premises of Nagoya Works exploded and caught fire.
Fire fighting started promptly and the blaze was extinguished at
3:26 am on September 4th. The cause of the explosion is under
investigation by the authorities with our full cooperation. The
effect of the incident to our production is also being
investigated.

Fitch Ratings recently affirmed Nippon Steel Corporation's
(Nippon Steel) Senior Unsecured rating of 'BB+', following
Sunday's gas tank accident at one of its plants. The rating
Outlook is Stable. A gas tank exploded and burned within the
precincts of Nippon Steel's Nagoya plant yesterday evening,
Japan time. Fire fighters managed to put out the blaze in eight
hours after the accident.

Last month, Fitch Ratings affirmed Nippon Steel Corporation's
(Nippon Steel) Senior Unsecured rating at 'BB+' and Short-term
rating at 'B'. The Outlook is Stable. The ratings reflect the
company's improved but still weak financial profile while the
severe industrial operating environment as characterized by
sluggish demand - especially from the domestic construction
industry - protectionism by the US and China, and the problem of
global steel overcapacity, remain fundamentally unchanged.

Inquiries about this matter should be addressed to:

P.R. Center +81-3-3275-5021/5022/5023
Public Relations Center
Nippon Steel Corporation
Phone: 03-3275-5022 and -5023


USUI DEPARTMENT: Asking Creditors to Waive Loans
------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
asked four creditors of Usui department store to waive a total
of 3 billion yen in claims on loans to the troubled Company, an
executive director of the state-backed entity said, according
Kyodo News. The four creditors are Daito Bank, Fukushima Bank,
Tokio Marine and Fire Insurance Co. and Nippon Life Insurance
Co, Yoshihide Watanabe said at a press conference.


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


DAEWOO GROUP: Affiliates Likely to Graduate From Debt Workouts
--------------------------------------------------------------
Former affiliates of the bankrupt Daewoo Group, including Daewoo
International and Keangnam Enterprises Co., are set to graduate
from their debt workout programs after staging strong business
performances in the recent years, Asia Pulse reported on Friday.

In the wake of the filing, Daewoo International will undergo due
diligence by accounting firms over the next two months. Daewoo
can graduate from the debt workout program if approval is given
by more than 75 percent of its creditors.

Keangnam Enterprises Co., a mid-ranking builder of apartment and
commercial buildings, has paid back its entire debt of 63
billion won, whose payment was deferred in the wake of the
launch of its debt workout program.

Accordingly, the contractor's debt-to-equity ratio has sharply
fallen to 107.4 per cent. The payment of the entire workout
debts will pave the way for Keangnam to be reborn as a clean
Company.


HYUNDAI MOTOR: Appoints Park Hwang-Ho as New CEO
------------------------------------------------
Hyundai Motor Co. recently announced the appointment of a new
Chief Executive Officer (CEO) and four other promotions. Park
Hwang-Ho, 57, formerly Senior Executive Vice President of
Planning has been named Hyundai Motor's new CEO and President
responsible for planning and sales replacing Dr. Kim Dong-Jin
who becomes Vice Chairman.

A graduate of Seoul National University's Department of
Aerospace Engineering, Pres. Park joined Hyundai Motor in 1968
and specialized for most of his career in manufacturing before
joining the planning division.

At the same time, Jeon Cheon-Soo, formerly head of the Ulsan
Plant, assumes the new title of President of Manufacturing.

Shin Hyun-Oh, the former Executive Vice President of Production
Development, has been promoted to Senior Executive Vice
President of Production Technology while Asan plant head Ahn
Joo-Soo has been promoted to Senior Executive Vice President of
the plant.

The new appointments, effective Sept. 1, 2003 lay the groundwork
to strengthen Hyundai's overseas operations and joining the
ranks of the world's top five automakers by 2010.

Established in 1969, Hyundai Motor Co. has grown into the
Hyundai Automotive Group, which includes Kia Motors Corp. and
over two dozen auto-related subsidiaries and affiliates.
Employing nearly 50,000 people worldwide, Hyundai Motor posted
US$21.94 billion in sales in 2002. Hyundai motor vehicles are
sold in 166 countries through 4,504 dealerships and showrooms.
Further information about Hyundai Motor Co. and its products is
available on the Internet at http://www.hyundai-motor.com

Hyundai Motor Global PR Team:
Jake Jang, Manager, tel. (82) 2 3464 2117 or e-mail
projjk@hyundai-motor.com or Sang Woo (William) Park,
tel (82) 2 3464 2118 or e-mail swpark@hyundai-motor.com


HYUNDAI MOTOR: Issues US$400M Bonds
-----------------------------------
Hyundai Motor Co. has signed a deal to issue global bonds worth
US$400 million, the Korea Herald said on Monday. The five-year
bonds, signed in New York on Friday, will carry a lower-than-
expected spread of 2.23 percentage points over the U.S. Treasury
yield. Credit Suisse First Boston Bank, J.P. Morgan and Morgan
Stanley participated in the bond offering as lead managers.


KOOKMIN BANK: S. Korea to Sell 9.33% Stake in Bank
--------------------------------------------------
The South Korean government will sell its 9.33 percent stake in
Kookmin Bank through off-market trading, Digital Chosun said on
Friday, quoting the Ministry of Finance and Economy (MOFE) Prime
Minister Kim Jin-pyo said. For the off-market sale, the
government is expected to tap about 10 domestic and foreign
brokerage firms early next week to choose a sale leader for the
deal. The actual sale of the government stake is likely to be
carried out after November.

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


SK GLOBAL: Likely to Change Name to SK Networks
-----------------------------------------------
SK Global, the trading unit of the SK Group, is planning to
change its name to SK Networks in a move to shake off the
Company's negative image associated with its accounting scandal,
the Maeil Business Newspaper said on Monday. The Company will
hold a special shareholders meeting Tuesday for approval of the
name change and other agenda, which will include re-
capitalization and issuance of bonds with warrant.


SK GLOBAL: Wants Schedules Filing Deadline Moved to September 30
----------------------------------------------------------------
To assist in the preparation of its Schedules of Assets and
Liabilities, Statement of Financial Affairs, and other financial
reporting requirements imposed on a debtor-in-possession in
Chapter 11, the SK Global America Inc. employed KPMG LLP as its
accountants and financial advisors, which the Court approved on
August 21, 2003. Since then, Scott E. Ratner, Esq., at Togut,
Segal & Segal LLP, in New York, relates that the Debtor worked
diligently with KPMG in gathering and organizing information
required for the Schedules. Significant progress has been made.
However, the recent power outage in the Northeast and the
ensuing communication problems after the power was restored,
together with the computer viruses of the past couple of weeks,
delayed and hindered the Debtor's ability to convey information
to KPMG. Accordingly, the Debtor needs additional time to
complete the Schedules.

Therefore, the Debtor asks Judge Blackshear to further extend
the time within which it may file its schedules of assets and
liabilities and statement of financial affairs to September 30,
2003.

At this juncture, Mr. Ratner asserts that a 20-day extension
will provide sufficient time within which to prepare, review and
file the Schedules. The accuracy of the Schedules will, among
other things, allow the Debtor to send notice of the claims bar
date the Court will set to the Debtor's creditors shortly after
the filing of the Schedules. The Foreign Bank Steering Committee
and the U.S. Trustee do not oppose the proposed extension. (SK
Global Bankruptcy News, Issue No. 4; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


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


CHASE PERDANA: Restraining Order Expires
----------------------------------------
Reference is made to the announcement dated 12 June 2003 in
respect of the extension of the Restraining Order obtained from
the Kuala Lumpur High Court via Originating Summons No. D3-24-
87-2002 on 12 June 2003 pursuant to Section 176 (10) of the
Companies Act, 1965, for Chase Perdana Berhad and its following
subsidiaries:

   LH Capital Sdn Bhd
   Santun Indah Sdn Bhd
   CPB -Plastronic JV Sdn Bhd
   Imacentre Development Sdn Bhd

Chase Perdana Berhad announced that the Restraining Order
expired on Saturday, 6 September 2003.


C.I. HOLDINGS: SC Waives Proposed Debt Settlement Conditions
------------------------------------------------------------
C.I. Holdings Berhad refers to the announcement made on 14 March
2003 in relation to the Proposals, comprising:

   (i) Proposed Disposal by CIH and Proposed Acquisition by QSR
Brands Sdn Bhd (formerly known as Good Platform Sdn Bhd) (Newco)
of 300,000 ordinary shares of RM1.00 each, representing the
entire equity interest in C.I. Enterprise Sdn Bhd, a wholly-
owned subsidiary of CIH, pursuant to a Proposed Scheme of
Arrangement between Ayamas Food Corporation Bhd and its
Shareholders and Warrantholders, and Newco and its Shareholders
under Section 176 of the Companies Act, 1965 (Proposed CIE
Disposal);

   (ii) Proposed Renounceable Rights Issue of 57,377,835 new
ordinary shares of RM1.00 each in CIH (Rights Shares) together
with 57,377,835 Free New Detachable Warrants (Warrants) on the
basis of one (1) Rights Share and One (1) Free Warrant for every
one (1) existing ordinary share held in CIH, at an issue price
of Rm1.00 per rights share (Proposed CIH Rights Issue);

   (iii) Proposed Acquisition of 20,400,000 ordinary shares of
RM1.00 each, representing 51% equity interest in Permanis Sdn
Bhd from Urban Fetch Sdn Bhd (Proposed 51% Permanis
Acquisition);

   (iv) Proposed Acquisition of 300,000 ordinary shares of
RM1.00 each, representing the entire equity interest in Pep
Bottlers Sdn Bhd from KFC Holdings (Malaysia) Berhad (Proposed
Pep Bottlers Acquisition); and

   (v) Proposed Settlement of debt owing to Malaysian Assurance
Alliance Berhad via an issuance of 14,851,485 new ordinary
shares of RM1.00 each in CIH (Proposed Debt Settlement).

On behalf of CIH, Commerce International Merchant Bankers Berhad
wishes to announce that Malaysian Assurance Alliance Berhad
(Lender) has, via its letter dated 3 September 2003 waived the
condition precedent of the approval of Bank Negara Malaysia or
any other regulatory body or competent authority having
jurisdiction over the Lender for the Proposed Debt Settlement in
view that it is not required.

The Company is currently implementing the PRS. Upon completion
of the PRS, the ABMB-TLF will be fully settled.


FW INDUSTRIES: Disposes of Logamaweld Shares
--------------------------------------------
The Board of FW Industries Bhd told the Exchange that the
Company was informed by the directors of its subsidiary, Suitech
Sdn Bhd (Suitech), that Logamweld (M) Sdn Bhd (Logamweld), a
subsidiary of Suitech had disposed of the entire investment of
300,000 ordinary shares of RM1.00 each in its subsidiary
Logamatic Sdn Bhd to third parties for a total consideration of
RM465,000.00.

Logamweld had not obtained the requisite approvals from both
Suitech and the Company as the directors of Logamweld no longer
regards Suitech as its majority shareholder after their
purported allotment of 275,000 ordinary shares of RM1.00 each in
Logamweld to a third party in the year 2001 as stated in Note
12(ii) of the Notes to financial statements of the Annual Report
2002. Nevertheless the said disposal will not have material
effects on the financial aspects of the Company.


HUME INDUSTRIES: Dissolves Subsidiary
--------------------------------------
Hume Industries (Malaysia) Berhad refers to the announcement
dated 12 March 2001, in connection with the Member's Voluntary
Liquidation of Hume Roofing Tiles Sendirian Berahd (HRT), a
subsidiary of the Company.

The Company now writes to inform that the Liquidator of HRT had,
on 28 August 2003 convened a Final Meeting to conclude the
Member's Voluntary Liquidation of HRT. A Return by Liquidator
Relating To Final Meeting was lodged with the Registrar of
Companies and with the Official Receiver on 4 September 2003 and
on the expiration of 3 months after the said lodgment date, i.e.
4 September 2003, HRT shall be dissolved.


JASATERA BERHAD: SC Extends RPRE Implementation to June 2004
------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Jasatera
Berhad, is pleased to announce that the Securities Commission
(SC) had via its letter dated 4 September 2003 which was
received on 5 September 2003, approved the extension of time
sought for an additional 9 months to 3 June 2004 to complete the
implementation of the Revised Proposed Recapitalisation Exercise
(RPRE), which was previously approved by the SC on 5 September
2002.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
April 15, 2002, Vol. 5, No. 73 issue for Revised Proposed
Recapitalisation Exercise (RPRE)'s details.


KRETAM HOLDINGS: Provides Settlement Agreement Clarification
------------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad provided
further clarification on the announcement released on 12 August
2003 in respect of the Settlement Agreement.

En. Faidzan bin Hassan (FH) and Mr. Kong Kok Keong (KKK)
(collectively known as the Plaintiffs) were issued the following
classes of Redeemable Non-Convertible Preference Shares (RNPS)
on 5 May 2000 pursuant to Innosabah Securities Berhad's (ISB)
Workout Proposal formulated by the Special Administrators
appointed by Pengurusan Danaharta Nasional Berhad:

i) RNPS-B
No. of Shares Par Value Redemption Premium
FH 2,853,950 10 sen 90 sen
KKK 3,000,000 10 sen 90 sen

The redemption of RNPS-B shall be from ISB's Preference Shares
Redemption Reserve.

ii) RNPS-C
No. of Shares Par Value Redemption Premium
KKK 14,321,617 1 sen 99 sen

The redemption of the par value of RNPS-C shall be from ISB's
Preference Shares Redemption Reserve.

The redemption of the premium would be from monies recovered
from certain designated debts of ISB. In addition, a limited
Power of Attorney was granted by ISB on 30 August 2002 to
authorize KKK to collect these designated debts.
Any unredeemed RNPS-C on 4 May 2010 shall be cancelled.

iii) RNPS-D
No. of Shares Par Value Redemption Premium
FH 3,936,160 1 sen 99 sen
KKK 3,936,127 1 sen 99 sen

The redemption of RNPS-D shall be from ISB's Bad Debts Recovery
Reserve.

Any unredeemed RNPS-D on 4 May 2005 shall be cancelled.

The RNPS-B, C and D were issued to fully settle the Plaintiffs'
subordinated loans granted to ISB in 1997. Pursuant to the
Settlement Agreement executed on 11 August 2003, the Plaintiffs
have agreed to cancel the above RNPS issued by ISB to them.


KRETAM HOLDINGS: SC Approves SCM-JSCB Proposed Joint Venture
------------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad (KHB) refers to
the announcement made by Alliance Merchant Bank Berhad on 5 June
2002, in relation to the conditional Joint Venture Agreement
(JVA) dated 5 June 2002 between Southcon Corporation (M) Sdn Bhd
(SCM) and SC Approves Proposed JV With (JSCB), a 51% owned
subsidiary of KHB Development Sdn Bhd, which in turn is a
wholly-owned subsidiary of KHB.

Pursuant to the JVA, JCSB had procured the fulfillment of all
the conditions precedent stipulated within 9 months from the
date of the JVA or such other extended period as may be granted
by SCM. SCM had earlier agreed to extend the JVA by an
additional 6 months from 4 March 2003 to 4 September 2003.

On 28 August 2003, the Securities Commission (SC) had approved
the Proposed Joint Venture subject to certain conditions, which
were announced on 29 August 2003.

The Board of KHB wishes to announce that SCM has granted a
further three months extension of the JVA to 4 December 2003
subject to the following:

   i) KHB submitting an appeal to the SC to maintain the
consideration to be settled by SCM for the 70% equity interest
in the joint venture company at RM30 million instead of RM56
million as revised by the SC.

   ii) SC agreeing to the above appeal on the consideration.

   iii) Majlis Bandaraya Johor Bahru lifting the suspension
order issued on 12 May 2003 in respect of the application for
the Development Order for shop offices and apartments in the JB
Project.

   iv) Legal impediments against the Proposed Joint Venture, if
any, being removed.


MALAYSIAN GENERAL: Submits Investigative Audit Report
-----------------------------------------------------
Malaysian General Investment Corporation Berhad refers to the
announcement dated 30 December 2002 and the letter from the
Securities Commission (SC) dated 24 December 2002 approving the
Proposed Restructuring Scheme upon the conditions contained
therein.

One of the conditions imposed by the SC in the abovementioned
letter requires MGIC to appoint an independent audit firm to
conduct an Investigative Audit (IA) on inter alia the past
losses sustained by MGIC.

Messrs. Shamsir Jasani Grant Thornton has completed the IA and
rendered a report thereon (IA Report). A copy of the IA Report
was submitted to the SC on 20 August 2003.

It was noted in the IA Report that MGIC Group started to
experience financial losses in the financial year ended 31
December 1997. The summary of the Group's financial performance
can be found at http://bankrupt.com/misc/TCRAP_MGIC0909.gif.

Financial year ended 31 December 1997

The Group suffered a pre-tax loss of RM320.14 million. This was
mainly due to the following:

     * Substantial provision for doubtful debts of RM329.02
million made by MGI Securities Sdn Bhd {presently known as
Avenue Securities Sdn Bhd} (MGIS) as a result of the market
crash in the second half of the financial year ended 1997,
culminating in default of sizeable contra losses by its clients;

     * Write-down of quoted investments amounting to RM6.36
million by MGIC Asset Management Sdn Bhd, a wholly-owned
subsidiary of MGIC in tandem with the meltdown on the stock
markets in Asia; and

     * Deficit on revaluation of property, plant and equipment
of RM5.90 million in FGCC Berhad, a 72%-owned subsidiary of
MGIC.

Financial year ended 31 December 1998

For the financial year ended 31 December 1998, trading
restrictions were imposed on MGIS, which was the core income
earner of the Group. Coupled with the prolonged bearish market
sentiment, revenue of the Group plunged from RM77.61 million in
the financial year ended 31 December 1997 to RM12.81 million in
the financial year ended 31 December 1998. Notwithstanding the
aforesaid, the pre-tax loss of the Group decreased from RM320.14
million to RM7.85 million. The much improved financial
performance of the Group was attributable to the write-back of
provision for doubtful debts amounting to RM45 million in MGIS
and the absence of substantial provision for doubtful debts
amounting to RM329.02 million made in the preceding financial
year.

Financial Year ended 31 December 1999

For the financial year ended 31 December 1999, the Group
suffered a higher pre-tax loss of RM48.49 million. The loss was
mainly due to the following:

     * Further deterioration in revenue to RM7.07 million as
MGIS continued to be under trading restrictions;

     * Goodwill on consolidation written off for RM13.88 million
related to the acquisition of MGIS which no longer reflects its
fair value; and

     * Drop in interest income from RM10.67 million to RM0.97
million.

Financial Year ended 31 December 2000

The Group registered a pre-tax profit of RM206.12 million. The
profit was mainly due to the gain on the disposal of investment
in one of its subsidiary companies, MGIS, amounting to RM235.19
million which has off-set the operating loss of RM10.77 million
and finance costs of RM18.30 million incurred by the Group
during the financial year.

Financial Year ended 31 December 2001 and 31 December 2002

For the financial year ended 2001 and 2002, the primarily focus
of the management was placed on restructuring of the Group. The
operations of the Group were gradually wound down in line with
the ultimate intention of the management to liquidate MGIC and
all of its subsidiaries which formed an integral part of the
Proposed Restructuring Scheme. Pre-tax losses sustained by the
Group were mainly attributable to finance costs and
administrative expenses.


PILECON ENG'G: Unit's Restraining Order Status Remains Unchanged
----------------------------------------------------------------
Further to the announcements made by Pilecon Engineering Berhad
on 4 August 2003 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB) and the expiry of the
restraining order granted pursuant to Section 176(10) of the
Companies Act, 1965 (the Restraining Order), the Company
announced that there have not been any changes to the status of
default since then and that TVSB is taking necessary steps to
apply to the Kuala Lumpur High Court for an extension of time to
the Restraining Order in order for TVSB to finalize the Proposed
Debt Restructuring Scheme.

The proposed steps undertaken by TVSB to rectify the default are
comprised in the Proposed Debt Restructuring Scheme pursuant to
Section 176 of the Companies Act, 1965.


SELANGOR DREDGING: Unit Under Members' Voluntary Winding Up
-----------------------------------------------------------
Selangor Dredging Berhad wishes to announce that Para Jaya
Sendirian Berhad (PJSB), a wholly owned sub-subsidiary of SDB,
has commenced members' voluntary winding up on 25 July 2003.

PJSB was principally involved in the operations as distribution
of hardware and building materials. It has ceased operations
from 31 March 2003 due to the highly competitive environment for
hardware trading activities.

The Board of Directors of SDB is of the opinion that the winding
up of PJSB will not have any material effect on the Group
performance.


SILVERSTONE CORPORATION: Strikes Off Dormant Singaporean Units
--------------------------------------------------------------
Silverstone Corporation Berhad wishes to announce that on the
application by the Company, the following wholly-owned
subsidiaries of the Company, which were incorporated in the
Republic of Singapore and were dormant, had been struck off the
Register of Companies pursuant to Section 344(4) of the
Companies Act of Singapore with effect from 13 August 2003 and
notification of the same was published in the Government
Gazette, Electronic Edition on 4 September 2003:

   1. AMB Automobile Pte Ltd
   2. AMB Engineering Pte Ltd
   3. AMB Fortune Holdings Pte Ltd


SOUTH MALAYSIA: FIC Extends Time to Up Bumiputera Shareholding
--------------------------------------------------------------
South Malaysia Industries Berhad is pleased to announce that the
Foreign Investment Committee, via its letter dated 30 August,
2003, has approved the Company's appeal for further extension of
time to meet the 30% Bumiputra Equity Condition, from 31
December 2003 to 31 December 2005.

COMPANY PROFILE

The Company (SMI), which was originally engaged primarily in the
manufacture and trading of assorted metal wire and zinc sheets,
began diversifying its activities in 1984. In 1989, the
manufacture of galvanized iron sheets was terminated due to
continued shortages of raw materials and escalating import
costs. The manufacture of wire-mesh also ceased.

The principal activity of SMI thereafter changed to that of
property development with the acquisition of Perantara
Properties Sdn Bhd and Kuchai Entrepreneurs Park in 1993.

In 1994, the Company entered into various JVAs in China, dealing
mainly with the leisure and entertainment industry. This helped
launch SMI into the international scene. In the process of
expanding its entertainment business, the Company acquired a 70%
equity stake in UA Cineplex Holdings Sdn Bhd (UA).

In November 2000, the Company unveiled its comprehensive debt
restructuring and capital raising exercises. The proposals were
revised on 16 February 2001 to incorporate a share premium
reduction exercise and restructure, additional loan and
liquidated damages. BNM and FIC approved the proposals on 22
January 2001 and 19 February 2001 respectively. Currently,
approvals from its lenders, shareholders, the High Court and the
SC are still pending.

On 2 April 2001, the Company completed the acquisition of
Stellar Acres Sdn Bhd (SA), which had been announced in December
1996 and later revised.

CONTACT INFORMATION: 2G Bangunan Foh Chong
                     Jalan Ibrahim
                     80000 Johore Bahru
                     Tel : 07-2241088
                     Fax : 07-2238988


SRI HARTAMAS: Danaharta Approves Modified Workout Proposal
----------------------------------------------------------
Further to Sri Hartamas Berhad (Special Administrators
Appointed)'s announcement dated 30 January 2002, announcements
released by Commerce International Merchant Bankers Berhad
(CIMB) on behalf of SHB dated 20 March 2003 and 3 June 2003, the
Special Administrators of SHB wish to announce that further
modifications have been made to the Workout Proposal of SHB
(Modified Workout Proposal) to reflect the various changes made
in the manner of implementation of the Proposed Scheme of
Arrangement of SHB, in which the details have been included in
CIMB's announcements above.

The Modified Workout Proposal, which incorporated the said
modifications, was approved by Pengurusan Danaharta Nasional
Berhad (Danaharta) in accordance with Section 46(4)(b) of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (Danaharta Act)
on 29 August 2003.

The implementation of the Proposed Scheme of Arrangement is
subject to the fulfillment of the following approvals:

   * The KLSE, for the admission of and the listing of and
quotation for the Hartamas Group Berhad (HGB) shares to be
issued pursuant to the Proposed Scheme of Arrangement and from
the exercise of the Rights Warrants and the admission of and
listing of and quotation for the Rights Warrants on the Official
List of the KLSE;

   * The FIC for the Proposed Scheme of Arrangement of SHB,
which was obtained on 19 March 2002;

   * The Securities Commission, from which conditional approval
was obtained on 9 July 2002;

   * The approval of the shareholders of FACB Resorts Berhad
(FACB) for its participation in the Proposed Scheme of
Arrangement of SHB, at the Extraordinary General Meeting, which
was obtained on 24 June 2003; and

   * Any other relevant authorities and/or parties, if required.

The Special Administrators of SHB and the management of FACB are
currently taking the necessary steps to fulfill all the
conditions relating to the Proposed Scheme of Arrangement of
SHB.

Pursuant to the Danaharta Act, the Modified Workout Proposal is
binding on all creditors and shareholders of SHB. In accordance
with the provision of the Danaharta Act, any creditor of SHB
may, subject to proper identification and for a period of 30
days after the date of this notice, examine details of the
Modified Workout Proposal during office hours from 9:00 a.m. to
5:00 p.m. on any working day, at the following address:

Sri Hartamas Berhad
(Special Administrators Appointed)
Suite 33.01, Level 33, Bangunan AmFinance
No. 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur


SUNWAY CONSTRUCTION: Proposes Fund Raising Exercise
---------------------------------------------------
Sunway Construction Berhad refers to the announcement made on 15
August 2003 in relation to the proposed fund raising exercise to
be undertaken by Sunway Holdings Incorporated Berhad (SunInc)
and Sunway Construction Berhad (SunCon). On behalf of the Boards
of Directors (Boards) of SunInc and SunCon, Southern Investment
Bank Berhad (SIBB) wishes to announce that on 3 September 2003:

   (i) Some subsidiaries of SunInc (SunInc Group) had entered
into several conditional sale and purchase agreements with ABS
Land & Properties Berhad (ALP), a bankruptcy-remote special
purpose vehicle (SunInc SPAs) to dispose to ALP a combination of
assets and non-core company for an indicative total disposal
value of approximately RM186.72 million. The sale consideration
is proposed to be satisfied via cash and the issuance of
Subordinated Class asset-backed securitization notes (ABS Notes)
from ALP (Proposed SunInc Disposals); and

   (ii) SunCon and some of its subsidiaries (SunCon Group) had
entered into several conditional sale and purchase agreements
with ALP (SunCon SPAs) to dispose to ALP a portfolio of
properties for an indicative total disposal value of
approximately RM56.85 million. The sale consideration is
proposed to be satisfied via cash and the issuance of
Subordinated Class ABS Notes from ALP (Proposed SunCon
Disposals).

The Proposed SunInc Disposals and Proposed SunCon Disposals are
collectively known as the Proposed Disposals.

In order to finance the proposed acquisitions of the SunInc
Assets from the SunInc Group and the SunCon Properties from the
SunCon Group, ALP proposes to issue ABS Notes (Proposed ABS
Issue), the salient terms of which were set out in Section 2.2
of the announcement dated 15 August 2003.

PROPOSED DISPOSALS

The Proposed Disposals have been structured to facilitate the
Proposed ABS Issue pursuant to the Guidelines on the Offering of
Asset-Backed Debt Securities and Guidelines on the Offering of
Private Debt Securities of the Securities Commission (SC).

Proposed SunInc Disposals

The SunInc Group proposes to dispose the SunInc Assets to ALP
for an indicative total consideration of RM186.72 million. The
final sale consideration for the SunInc Assets is subject to
change and will be based on the final open market values of the
portfolio of properties. The disposal consideration for CWSB
will be on a willing buyer-willing seller basis, taking into
account the open market values of the properties held by CWSB.
The final open market values of the properties will be based on
the valuation exercise to be carried out by an independent firm
of valuers prior to the submission to the SC.

The dates and original cost of investments of the portfolio of
properties held by SunInc Group is set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Sunway1.xls.

ALP will not assume any liabilities from the proposed
acquisition of the SunInc Assets.

Proposed SunCon Disposals

The SunCon Group proposes to dispose the SunCon Properties to
ALP for an indicative total consideration of RM56.85 million.
The final sale consideration for the SunCon Properties is
subject to change and will be based on the final open market
values of the SunCon Properties where the valuation exercise
will be carried out by an independent firm of valuers prior to
the submission to the SC.

The dates and original cost of investments of the SunCon Group
in the SunCon Properties is set out in Table 2 at
http://bankrupt.com/misc/TCRAP_Sunway2.xls.

ALP will not assume any liabilities from the proposed
acquisition of the SunCon Properties.

SALIENT TERMS OF THE AGREEMENTS

SunInc SPAs

The salient terms of the SunInc SPAs are as follows:

   (i) The portfolio of properties held by the SunInc Group
shall be sold free of all encumbrances, but subject to all
restrictions in title, category of land use, and any other
agreement entered into by or for the benefit of the SunInc Group
(Related Agreements) in connection with the said properties;

   (ii) The portfolio of properties held by the SunInc Group
shall be sold together with all rights, title and interest in
the Related Agreements, and all rights to receive income
generated by the said properties;

   (iii) The shares of CWSB shall be sold and transferred to ALP
free from all encumbrances and together will all rights and
benefits attached thereto; and

   (iv) The final purchase consideration of the portfolio of
properties held by the SunInc Group and CWSB as well as the
settlement portion of cash and Subordinated Class ABS Notes to
be issued by ALP have to agreed by the SunInc Group and ALP; and

   (v) The SunInc SPAs are subject to ALP being satisfied with
the results of its due diligence investigations into the
portfolio of properties held by the SunInc Group, CWSB and the
Related Agreements.

SunCon SPAs

The salient terms of the SunCon SPAs are as follows:

   (i) The SunCon Properties shall be sold free of all
encumbrances, but subject to all restrictions in title, category
of land use, and any other agreement entered into by or for the
benefit of the SunCon Group (Connected Agreements) in connection
with the SunCon Properties;

   (ii) The SunCon Properties shall be sold together with all
rights, title and interest in the Connected Agreements, and all
rights to receive income generated by the SunCon Properties;

   (iii) The final purchase consideration of the SunCon
Properties and the settlement portion of cash and Subordinated
Class ABS Notes to be issued by ALP have to agreed by the SunCon
Group and ALP; and

   (iv) The SunCon SPAs are subject to ALP being satisfied with
the results of its due diligence investigations into the SunCon
Properties and the Connected Agreements.

INFORMATION ON COMPANY

CWSB

CWSB was incorporated in Malaysia on 9 November 1991 as a
private limited company. The present authorized share capital of
CWSB is RM5,000,000 comprising 5,000,000 ordinary shares of
RM1.00 each (Shares), of which RM5,000,000 comprising 5,000,000
Shares have been issued and fully paid-up. The principal
activities of CWSB are property investment and investment
holding.

Based on the latest audited financial statements of CWSB for the
financial year ended 31 December 2002, the net loss after tax
and net tangible liabilities (NTL) of CWSB was RM11,292,928 and
RM25,184,323 respectively.

The original cost of investment in CWSB by Sunwaymas, a wholly-
owned subsidiary of SunInc, is RM5,000,000. The investment was
made on 18 August 1994, 22 October 1995 and 25 October 1995.

DOCUMENTS AVAILABLE FOR INSPECTION

The following documents are available for inspection at the
registered office of SunInc and SunCon during office hours from
Mondays to Fridays (except public holidays) at Level 16, Menara
Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya,
Selangor for a period of fourteen (14) days from the date of
this announcement:

   (i) SunInc SPAs; and

   (ii) SunCon SPAs;


TAI WAH: Receives Proposed Disposals Full Payment From Ramatex
--------------------------------------------------------------
Further to the announcements on 12 May 2003 and 18 August 2003
in relation to the Proposed disposals of land and buildings by
TWGB and Maxfit Textile Corporation Sdn Bhd, a wholly owned
subsidiary company of Tai Wah Garments Manufacturing Berhad
(TWGB) (Proposed Disposals).

On behalf of the Board of Directors of TWGB, Southern Investment
Bank Berhad wishes to announce that on 4 September 2003, the
Company has received full payment for the Proposed Disposals
amounting to RM19,581,000 from Ramatex Berhad (Ramatex).

With the payment, TWGB will make arrangements for the transfer
of title of the properties for the Proposed Disposals to
Ramatex.


TAI WAH: Scheme Creditors OK Proposed Restructuring Scheme
----------------------------------------------------------
Tai Wah Garments Manufacturing Berhad refers to the announcement
made to the Kuala Lumpur Stock Exchange on 13 August 2003 in
relation to the Court Convened Meeting of the Scheme Creditors
of TWGB pursuant to Section 176 of the Companies Act, 1965.

The Board of Directors of TWGB wishes to announce that the
Scheme Creditors had unanimously approved the proposed
restructuring scheme at the Court Convened Meeting of the Scheme
Creditors of the Company pursuant to the provisions of Section
176 of the Companies Act, 1965 held Friday at Level 23A, Merana
Milenium, Jalan Damanlela, Pusat Bandar Damasara, 50490 Kuala
Lumpur.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
May 16 2003, Vol. 6, No. 96 issue for details of the Proposed
Restructuring Scheme.


TECHNO ASIA: Novation, Principal Agreement Extended to Dec 31
-------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
parties to the Principal Agreement and the Novation Agreement
namely TAHB, Yu Kuan Chon, Semai Warnasari Sdn Bhd and Yu Neh
Huat Bhd had on 5 September 2003 mutually extended the Principal
Agreement from 7 September 2003 to 31 December 2003.

For details of the Novation Agreement, refer to the Troubled
Company Reporter - Asia Pacific Monday, November 12 2001, Vol.
4, No. 221 issue.


TECHNO ASIA: Provides Defaulted Payment Status Update
-----------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad (Special Administrators Appointed) and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over the following subsidiary companies
of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Subsidiary Companies")

Further to the announcement dated 05 August, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 31 July
2003 are tabled at
http://bankrupt.com/misc/TCRAP_TECASIA0909.gif.

Interests shown include interest from 1 July 2001 to 31 July
2003 pending implementation of the restructuring scheme, which
was approved by the Securities Commission as announced on 20
December 2002 and 26 December 2002.

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 05 August
2003, there have been no major changes to the status of
TECASIA's plan to regularize its financial position.

Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 28 April 2003 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2004. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.


TENCO BERHAD: 19th AGM Set on September 24
-----------------------------------------
Notice is hereby given that the Nineteenth Annual General
Meeting of the Company will be held at No. 5, Jalan Pelabur
23/1, 40300 Shah Alam, Selangor Darul Ehsan, Malaysia on
Wednesday, 24 September 2003 at 11:00 a.m. to transact the
following business:

1. To receive the Audited Financial Statements for the financial
year ended 31 March 2003 and the Reports of the Directors and
Auditors thereon. Resolution 1

2. To re-elect Dato' Lee Ow Kim who retires by rotation in
accordance with Article 88 of the Company's Articles of
Association. Resolution 2

3. To re-elect Thurairatnam @ Samuel who retires by rotation in
accordance with Article 88 of the Company's Articles of
Association. Resolution 3

4. To re-appoint Messrs Tai Yapp & Co. as auditors of the
Company and to authorize the Board of Directors to fix their
remuneration. Resolution 4

As Special Business:

To consider and if thought fit, to pass the following, with or
without modification, as Ordinary Resolutions of the Company:-

5. PROPOSED PAYMENT OF DIRECTORS' FEES

THAT the payment of Directors' Fees of RM30,000-00 in respect of
the financial year ended 31 March 2003 be and is hereby
approved. Resolution 5

6. AUTHORITY FOR THE DIRECTORS TO ISSUE SHARES

THAT subject always to the Companies Act, 1965 and the approvals
of the relevant Governmental and/or regulatory authorities, the
Directors be and are hereby empowered, pursuant to Section 132D
of the Companies Act, 1965, to issue shares in the Company from
time to time at such price, upon such terms and conditions, for
such purposes and to such person or persons whomsoever as the
Directors may deem fit provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued share capital of the Company for the time being AND

THAT the Directors be and are also empowered to obtain the
approval from the Kuala Lumpur Stock Exchange for the listing of
and quotation for the additional shares so issued AND THAT such
authority shall continue in force until the conclusion of the
next Annual General Meeting of the Company. Resolution 6

7. To transact any other business of which due notice shall have
been given in accordance with the Companies Act 1965.


WEMBLEY INDUSTRIES: Regularization Plan Exercise Underway
---------------------------------------------------------
On 23 February 2001, Wembley Industries Holdings Berhad
announced to the Kuala Lumpur Stock Exchange that the Company is
an affected listed issuer pursuant to Practice Note No. 4/2001
(PN4) as the Auditors of the Company had expressed a disclaimer
opinion of the going concern of the Company and its
subsidiaries. As an affected listed issuer, the Company has its
obligations under PN4.

The Requisite Announcement as required under PN4 was made to the
Exchange on 31 July 2002.

The applications for its regularization plan were submitted to
the Securities Commission (SC) and Foreign Investment Committee
(FIC) on 29 October 2002.

On 7 January 2003, the FIC approved the Company's regularization
plan. Subsequently, on 7 April 2003 the FIC revised its approval
to include the possible participation of Daewoo Corporation, the
former turnkey contractor of Plaza Rakyat Project in the
Proposed Debt Restructuring. As a result, the approval of FIC
now includes the approval for the additional RM112 million ICULS
and 11.2 million warrants to be issued to Daewoo Corporation (in
the event Daewoo participates in the Proposed Debt
Restructuring). The condition that the FIC would review the
equity structure of the WIHB shares 3 year after the completion
of the proposals remains the same. The revised approval
supercedes the approval dated 7 January 2003.

On 27 January 2003, the SC approved the regularization plan
subject to the conditions as set out in the SC's approval letter
dated the same. The details of the SC's conditions are set out
in the Company's announcement dated 5 February 2003.

On 26 March 2003, the Company announced that it had on 22 March
2003 appointed Messrs Horwath, Kuala Lumpur Office as the
independent audit firm to carry out an investigative audit on
the previous losses incurred by the Company. The said
appointment is in compliance with one of the conditions imposed
by the SC in approving the Company's regularization plan.
The regularization plan is now pending the approvals of the
shareholders of the Company and any other relevant authorities.

The Company has received a notice dated 2 January 2003 from the
Exchange noting that the Company has failed to obtain all
regulatory approvals necessary for the implementation of its
regularization plan by 31 December 2002 pursuant to paragraph
5.0 of PN4.

Given the above, the Exchange has suspended the trading of the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements with effect from 9.00 a.m., Friday,
10 January 2003 until further notice.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE NO. 10/2001 (PN10)

On 7 September 2001, the Company announced to the Exchange that
the Company is deemed an affected listed issuers pursuant to
paragraph 2.1(c) of PN10. Under paragraph 2.1(c) of PN10, a
listed issuer, who has insignificant business or operations, is
deemed to have inadequate level of operations. Insignificant
business or operations means business or operations, which
generates revenue on a consolidated basis that represents 5 % or
less of the issued and paid up share capital of the listed
issuer.

As an affected listed issuer under PN10, the Company must comply
with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected listed issuer under PN4, the requirements and
obligations of PN4 would prevail over those of PN10. It is
expected that the Company's regularization plan would address
both its financial condition (PN4) and the level of operations
(PN10) to warrant a continuing listing on the Official List.

There has been no change in status since the date of last
announcement on 1 August 2003.


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


MANILA ELECTRIC: Perez Urges Deal With FGPC and Quezon Power
------------------------------------------------------------
The Department of Energy (DOE) Secretary Vincent S. Perez echoed
calls made by Landbank President Margarito B. Teves to First Gas
Power Corporation (FGPC) and Quezon Power (Phils.) Ltd. to
accommodate the proposals by Manila Electric Co. (Meralco) in
the on-going negotiations of power supply contracts the parties
have signed, the DOE said in a statement.

"We are pleased to hear that there have been significant
developments in the negotiations between Meralco and its IPPs
which hopefully will yield savings to Meralco and to the end
consumers in terms of lower power costs. But we believe there
are still aspects in the IPP contracts where we can see more
improvements," Secretary Perez said.

FGPC supplies electricity to Meralco through its 1,000 megawatt
(MW) Sta. Rita plant and 500 MW San Lorenzo plant. QPPL provides
power to Meralco through its 440 MW Mauban coal-fired plant in
Quezon.

In particular, Secretary Perez urged FGPC and QPPL to strongly
consider Meralco's position to reimburse the distribution
utility of the amount equivalent to the fixed operating and
maintenance (O&M) costs plus the capacity fee when they fail to
deliver the required amount of electricity.

The IPPs, on the other hand, have proposed that the penalty for
failure to deliver electricity be pegged at 98 centavos per kWh,
with a $10.6 million yearly cap.

In an earlier statement, Mr. Teves said it is only fair that the
IPPs pay Meralco the same amount it pays them for the energy
delivered when they don't perform.

"We totally agree with the proposal by Meralco and the
Independent Review Committee headed by President Teves. It is
only fair and just that Meralco be reimbursed by their IPPs the
amount paid for energy not delivered," Secretary Perez pointed
out.

He noted that based on the initial results of the study by the
IRC the proposed negotiated agreements with FGPC and QPPL could
result in immediate savings of over P10 billion for consumers or
equivalent to about 15 centavos per kWh savings.

Details of the negotiations, on the other hand, are still not
available.

The three-man IRC is the independent body created by Meralco to
review the contracts it signed with IPPs to help reduce the cost
of power, consistent to the Electric Power Industry Reform Act.
Other members of the IRC are Carlos Dominguez and Emilio Vicens,
both independent directors of Meralco.

The review of Meralco's IPP contracts is similar to the on-going
review on contracts entered into by the National Power Corp. The
settlement of 18 IPP contracts has resulted in savings to
Napocor of about $832 million in net present value.


NATIONAL BANK: Bad Asset Sale Likely in 2004
---------------------------------------------
The disposal and restructuring of the Philippine National Bank
(PNB)'s 75 billion pesos idle assets is likely to take place
next year, according to the Business World, citing financial
adviser Ernst & Young Asia Pacific Financial Solutions. Ernst &
Young is currently assessing PNB's entire non-performing loans
(NPL) and real and other properties owned or acquired (ROPOA).
The assessment is expected to take four months, after which
Ernst & Young would present disposition strategies for the idle
assets.

Last month, Ernst & Young was named as PNB's financial advisor
to firm up the overall strategy for the disposal of the bank's
idle assets. As financial adviser, Ernst & Young is tasked to
develop and implement a "comprehensive resolution strategy" for
the bank's PhP45 billion in NPLs and PhP30 billion in ROPOA.


SARABIA MANOR: Court Approves Hotel's Rehabilitation Plan
---------------------------------------------------------
The special corporate court of the Iloilo Regional Trial Court
has approved the rehabilitation plan of cash-strapped Sarabia
Manor Hotel Corporation (SMHC), the Business World reported on
Monday. The 25-page order issued on August 7 effectively stopped
the foreclosure of the Barcelo Sarabia Hotel and Convention
Center by the Bank of the Philippine Islands (BPI).

The bank was also prevented from demanding immediate payment of
the hotel's 199.14-million pesos loan. The rehabilitation plan
submitted by the court-appointed receiver provided for an
amortization period of 17 years or until 2019. The court also
ordered the reduction of interest on the hotel's loans to 6.75
percent.

Sarabia filed a petition on July 26, 2002 for corporate
rehabilitation after it was unable to service its ballooning
debts mostly to the Bank of Philippine Island (BPI).


* S&P Revises Philippines Banks Outlook to Stable From Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said Friday it revised the
outlook for the Philippine banking sector to 'Stable' from
'Negative.' The change acknowledges the stabilizing of the
banking sector in terms of asset quality that is evident from
the tapering growth rates in non-performing assets (NPAs).

Another positive factor is the improvement in earnings of the
banking industry. Owing to the low interest rate environment,
banks have been able to manage their funding costs and carrying
costs of their NPAs more effectively. Coupled with the strong
gains from their treasury activities, profitability has improved
for the banks, alleviating some of the pressures on loan-loss
provisioning, although such treasury gains are not considered to
be recurring in nature.

This is in contrast to a period of aggressive loan growth prior
to the 1997 Asian financial crisis and weak risk management
practices that led to deterioration in commercial banks' asset
quality.

"The Philippine banking industry still faces some challenges, as
reflected by the high industry risks in the country, compared
with other developed banking markets," said Standard & Poor's
credit analyst WeeKiat Sim. The level of NPAs in the system
remains high by international standards.

A key challenge is for the industry to sustain the improving
trend of asset quality. "Given that some key legislation such as
the Special Purpose Vehicle Act of 2002 are now finally in
place, the industry needs to push ahead with more reform, to
hasten the progress towards the rectification of its asset
quality problems," Mr. Sim added.

The benefits of these reforms are likely to be reaped by the
banks over the medium term, as the banks' stand-alone financial
profiles would strengthen and credit quality would improve. The
success of these reforms, however, would depend greatly on the
strength of the will of the government and ability of the
regulators to pursue these reforms, which risk being sidetracked
by political events.

Contact: WeeKiat Sim, CFA, Singapore (65) 6239-6393
Nancy Koh, Singapore (65) 6239-6392
Ernest D Napier, New York (1) 212-438-7397


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


CHENG POH: Winding Up Hearing Slated September 12
-------------------------------------------------
The petition to wind up Cheng Poh Building Construction Pte Ltd
is set for hearing before the High Court of the Republic of
Singapore on September 12, 2003 at 10 o'clock in the morning.
SAL Construction Pte Ltd, a creditor, whose address is situated
at 6 Shenton Way #32-00 DBS Building Tower Two, Singapore
068809, filed the petition with the court on August 18, 2003.

The petitioners' solicitors are Messrs Rajah & Tann of No. 4
Battery Road #15-01 Bank of China Building, Singapore 049908.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Rajah & Tann a notice in
writing not later than twelve o'clock noon of the 11th day of
September 2003.


DREAMCAR AUTO-MART: Issues Winding Up Order Notice
--------------------------------------------------
Dreamcar Auto-Mart Pte Ltd issued a winding up order notice 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.


E-JIA TRADING: Petition to Wind Up Pending
------------------------------------------
The petition to wind up E-Jia Trading Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
September 19, 2003 at 10 o'clock in the morning. The Bank of
China, a creditor, whose address is situated at 4 Battery Road,
Bank of China Building, Singapore 049908, filed the petition
with the court on August 27, 2003.

The petitioners' solicitors are Messrs Lee Bon Leong & Co. of 79
Anson Road #11-01/02, Singapore 079906. Any person who intends
to appear on the hearing of the petition must serve on or send
by post to Messrs Lee Bon Leong & Co. a notice in writing not
later than twelve o'clock noon of the 18th day of September 2003
(the day before the day appointed for the hearing of the
Petition).


GATEWAY EXPRESS: Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Gateway Express Pte Ltd. is scheduled
for hearing before the High Court of the Republic of Singapore
on September 12, 2003 at 10 o'clock in the morning. GE
Commercial Financing (Singapore) Limited, a creditor, whose
address is situated at 6 Temasek Boulevard, #35-01 Suntec Tower
Four, Singapore 038986, filed the petition with the court on
August 19, 2003.

The petitioners' solicitors are Messrs Mallal & Namazie of No.
50 Robinson Road, #12-00 MNB Building, Singapore 068882. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Mallal & Namazie a notice in
writing not later than twelve o'clock noon of the 11th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).


JACKSON PILING: Places Firm Under Judicial Management
-----------------------------------------------------
Notice is hereby given that a petition for placing Jackson
Piling & Civil Engineering Construction Pte Ltd under the
judicial management of judicial manager by the High Court was on
the 26th day of August, 2003, presented by the Directors
(pursuant to a resolution of the board of directors) and the
said Petition is directed to be heard before the Court at 10.00
a.m. on Friday, the 19th day of September, and Don Ho Mun Tuke
of Messrs Don Ho & Associates have been nominated as the
Judicial Manager; and any person who intends to oppose the
making of an order under section 227 (B) (5) (b) or the
nomination of judicial manager under section 227(B) (3) (c) may
appear at the time of the hearing by himself or his Counsel for
that purpose, and a copy of the said Petition will be furnished
to any creditor or contributory of the said Company requiring
the same by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is 50 Bukit Batok Street, 23 #08-06
Midview Building, Singapore 659578.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00
Ocean Towers, Singapore 048620.
Dated this 5th day of September, 2003.

DREW & NAPIER LLC
Solicitors for the Petitioner.

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to Drew & Napier LLC,
notice in writing of his intention to do so. The notice must be
sent by post in sufficient time to Drew & Napier not later than
twelve o'clock noon of the 18th day of September 2003 (the day
before the day appointed for the hearing of the Petition).


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


BANGKOK RANCH: Planner Reports Reorganization Plan Progress
-----------------------------------------------------------
Pursuant to the Bankruptcy Court's approval of the Business
Reorganization Plan (the Plan) of Bangkok Ranch Public Company
Limited (the Company) on August 17, 2000, Bangkok Ranch Planner
Co., Ltd. as the Plan Administrator, reported on the progress of
Plan implementation since the previous report sent to SET on
May 21, 2003, as follows:

Eleventh interest payment pursuant to Restructured Facilities
Agreement to Rescheduling Creditors

The Company processed the eleventh interest payment according to
the conditions stipulated in the Restructured Facilities
Agreement to all Rescheduling Creditors on June 30, 2003.

Fourth principal repayment of Secured Debt

The Company processed the fourth principal repayment to Secured
Creditor according to the conditions stipulated in the
Restructured Facilities Agreement to all Rescheduling Creditors
on June 30, 2003.

Appointment replacement director

As one of director passed away on April 24, 2003, the Plan
Administrator appointed Mr. Jankin Louis to replace this
position on June 12, 2003.


KRISADA MAHANAKORN: Investors Undertake Subscription Payment
------------------------------------------------------------
In reference to the Stock Exchange of Thailand (SET)'s letter
regarding the permission and conditions to move the securities
of Krisada Mahanakorn Public Company Limited (KMC) from
"Rehabilitation Sector" to "Property Development Sector"
whenever the new strategic investors have made the subscription
payment to KMC at least Bt100 million.

KMC would like to inform the SET that 2 strategic partners have
completed the subscription of KMC's capital increase shares.
The first strategic partner is an individual investor, Mr.
Chaisits Viriyamettakul, who has made the subscription payment
of 10 million newly issued shares, totaling Bt100 million, as
per the attachment No. 1-2.

The other strategic partner is Krungthai Thanawat Open-ended
Fund, managed by Krungthai Asset Management Co., Ltd., who has
subscribed 10 million newly issued shares, totaling Bt100
million.


RAIMON LAND: Unit's Business Rehabilitation Plan Completed
----------------------------------------------------------
Raimon Land Public Company Limited notified that Raimon Tower
Co., Ltd. (Raimon Tower), a subsidiary of the Company, submitted
the petition for the Business Rehabilitation of itself to the
Central Bankruptcy Court (the Court) and on 28 February 2002 was
issued an order approving its Business Rehabilitation Plan.

During the implementation process, the Plan Administrator has
arranged for Raimon Tower to implement all aspect in the Plan.
Currently, the Plan Administrator has completed the plan
implementation.  Therefore the court issued an order to
terminate the Business Rehabilitation of Raimon Tower on 27
August 2003.

After the Court issued the order terminating the Business
Rehabilitation of Raimon Tower, the Board of Directors of Raimon
Tower are required to manage the businesses and assets of Raimon
Tower.  The Plan Administration will then hand over the
authority for managing the business and assets of Raimon Tower
to the Board of Directors of Raimon Tower, comprising Mr. Nigel
John Cornic, Mr. Robert William McMillen and Mr. Reungvit
Dusdeesurapot.


THAI MILITARY: Sells Unit's Loan, Asset to BAM for Bt2.3M
---------------------------------------------------------
Thai Military Bank PCL notified the Stock Exchange of Thailand
that on 3 September 2003, the bank has signed an agreement to
sell non-performing loan (NPL) and non-performing assets (NPA)
of its subsidiary Phayathai Asset Management Co., Ltd (PAMC) to
Bangkok Bank of Commerce Asset Management Co., Ltd (BAM) of
total debt value Bt27,000 million for Bt23,000 million. PAMC
had, during December 2000 to December 2001, transferred NPA and
NPL with aggregate net value Bt34,138 million from the bank.
Payment of such transfer was from loan Bt34,086 million borrowed
from the bank.

As of 30 June 2003, PAMC had successfully collected debt under
NPL of Bt9,723 million, which recognized as a net profit of
Bt1,781 million and sold NPA of Bt391 million.  PAMC had made
net profit of Bt152 million for the first half year 2003,
compared to loss during the past 2 years.

Sale on debt of PAMC to BAM is based on the same criteria as
used by TAMC with Commercial banks.  For NPL and TDR of PAMC is
applied to such criteria but under NPA is on outright basis.

PAMC has made negotiation with BAM to manage the NPL transfers
by charging fee from net revenue collected and BAM's investment
cost, which enables to solve NPL more efficiently due to PAMC,
has been familiar with all debtors.

Amount of such negotiation is in the region of Bt7,000 - 8,000
million.

After sale of NPL, the consolidate NPL of the bank will be
reduced by Bt27,500 million which is in accordance with the
plan submitted to Bank  of Thailand and the bank has made
discount of Bt4,000.  After sale completion, PAMC will
have total assets of Bt6,000 million with debt to the bank of
Bt3,000 million and equity Bt3,000.


UNION MOSAIC: Changes Register Book Closing to Oct 3
----------------------------------------------------
The Union Mosaic Industry Public Company Ltd., in reference to
its Board of Director's Meeting of No. 5/2003 held on September
4th, 2003, has passed the essential resolutions that can be
concluded as the follows:

   1. To cancel the closing date of the share register book in
order to suspend the transfer of shares for specifying the right
of shareholders to book for purchasing of capital increase in
term of common shares that has been set on September 29, 2003.

   2. To set the closing date of the share register book in
order to suspend the transfer of shares for specifying the right
of shareholders to book for purchasing of capital increase in
term of common shares on October 3, 2003, as to let shareholders
to have enough time to consider booking for purchasing of this
capital increase in term of common 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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