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

                   A S I A   P A C I F I C

            Friday, September 12, 2003, Vol. 6, No. 181

                         Headlines

A U S T R A L I A

ANALYTICA LIMITED: Withdraws Bid for SSH Medical
P.O.S ONLINE: Voluntary Administrator Appointed
QANTAS AIRWAYS: Disappointed With ACCC Final Determination
SELWYN MINES: Panel Receives Application From HGL
SOUTHCORP LIMITED: AGM Scheduled in October


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Enters S&P Agreement to Reduce Bank Borrowings
E-KONG GROUP: Operations Loss Narrows to HK$8.220M
G-PROP (HOLDINGS): 30 September AGM Scheduled
I100 LIMITED: Nil Paid Rights Trading Started Wednesday
I100 LIMITED: Unaware of Why Shares Price Decreased

LEADSON CONSTRUCTION: Winding Up Sought by Universal Aluminium
POLYFAME INVESTMENT: Winding Up Petition Slated for Hearing
SWANK INTERNATIONAL: Inks Share Sale, Loan Settlement Agreement
UNITY INVESTMENTS: 2003 Net Loss Swells to HK$5.014M
WINFULL FAR: Sept 24 Winding Up Hearing Scheduled


I N D O N E S I A

LIPPO BANK: IBRA Reschedules Sale Plans
RAJAWALI GROUP: Sugar Factory Attracts More Investors


J A P A N

HITACHI LIMITED: Forecasts Half-year Dividend of Three Yen
MATSUSHITA ELECTRIC: Issues Restructuring Update
MATSUSHITA ELECTRIC: Issues Update on Pension Payment Scheme
MATSUSHITA ELECTRIC: May Fail to Recruit Skilled Workers
NICHIMEN CORP.: Requests S&P's Rating Withdrawal

RESONA HOLDINGS: Appoints Outside Directors
RESONA HOLDINGS: Unveils Employee Pension Fund Update
RESONA HOLDINGS: Unveils Reasons for Fund Infusion
SAKAI IRON: Osaka Court OKs Rehabilitation


K O R E A

CHOHUNG BANK: Fitch Cuts Individual Rating to `D' From `C/D'
HANARO TELECOM: Signs Investment Deal With Foreign Investors
HANARO TELECOM: Posts 2003 August Subscriber Numbers
SK CHEMICAL: Pulls Out of Textile Business
SK GLOBAL: Debtors File Motion to Keep Cash Management System

SK GLOBAL: Chairman Son Kil Seung Resigns From Post


M A L A Y S I A

CSM CORPORATION: Appoints Chen Li Fang as Joint Secretary
EPE POWER: Proposals Resolutions Approved at EGM
KSU HOLDINGS: Injunction Application Hearing Scheduled Sept 24
METACORP BERHAD: Disposes of Quoted Shares to Reduce Borrowings
PERNAS INTERNATIONAL: Media Report Unfounded

PERNAS INTERNATIONAL: Unit's Proposed Disposal Passed at EGM
RNC CORPORATION: Asset Disposal Completed
SCK GROUP: 13th AGM Fixed on September 29
SITT TATT: Gets SC's Nod on RM6.0M Proposed Utilization Revision
SITT TATT: SPA, Deed Cut-off Date Extended Monday

SRI HARTAMAS: Creditors' Voluntary Winds Up Unit
TAP RESOURCES: KLSE Grants Conversion Listing Today
TECHNO ASIA: MAPSB's Proposed Set-Off, Transfer Executed
TECHNO ASIA: August Report, SA Statutory Declaration Submitted
UCP RESOURCES: KLSE Grants LR Compliance Time Extension


P H I L I P P I N E S

PRIMETOWN PROPERTY: Receiver Declines Appointment
VICTORIAS MILLING: Signs Deal With 33 Creditor-Banks


S I N G A P O R E

JOENCON BUILDERS: Petition to Wind Up Pending
KWIK-PICK FOOD: Issues Winding Up Notice
LYVES & COMPANY: Issues Winding Up Order
TAI LEE: Winding Up Hearing Set September 12
UNION RUBBER: Issues Notice to Creditors


T H A I L A N D

BANGCHAK PETROLEUM: PTT Clarifies President Appointment
RAIMON LAND: Discloses Asset Disposal Info Memorandum
RAIMON LAND: Posts BOD Meeting No. 2/2003 Resolutions
SIKARIN PUBLIC: Issues Debentures; Oct 16 EGM Set

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Withdraws Bid for SSH Medical
------------------------------------------------
On 22 July 2003 Analytica announced its intentions to make a
takeover bid for all of the shares in SSH Medical Limited. On 22
August 2003, Analytica lodged its bidder's statement in ASIC and
served the Bidders Statement on SSH.

However, on 8 September 2003, SSH informed Analytica that all
transactions announced on 20 August 2003 would be the subject of
shareholder approval. The Company has resolved not to proceed
with its bid and SSH has agreed to withdraw its application to
the Takeovers Panel.

For complete disclosure on this matter, go to
http://bankrupt.com/misc/TCRAP_ALT0912.pdf.


P.O.S ONLINE: Voluntary Administrator Appointed
-----------------------------------------------
The Board of Directors of P.O.S Online Media Online Limited on
September 10, 2003 voluntarily appointed Mr. Robert Elliot and
Mr Richard Albarran of Hall Chadwick, Chartered Accountants, as
the Company's Administrators.

Click http://bankrupt.com/misc/TCRAP_PMD0912.pdfto see complete
disclosure on this matter.


QANTAS AIRWAYS: Disappointed With ACCC Final Determination
----------------------------------------------------------
Qantas Airways Limited was extremely disappointed in the
Australian Competition and Consumer Commission's decision to
reject its proposed alliance with Air New Zealand.

The Chief Executive Officer of Qantas, Geoff Dixon, said it was
particularly disappointing that the ACCC had not properly taken
into account significant additional information and expert
eviance that had been proviad to the ACCC following its draft
determination in April 2003.

"There has been a stark contrast between the process followed by
the New Zealand Commerce Commission and that followed by the
ACCC," Mr Dixon said.

"Last month, the New Zealand Commerce Commission held a six day
public forum to hear eviance in person from interested parties
and to examine new eviance submitted after its draft
determination in April.

"This was an extremely informative week that, we believe,
resulted in the New Zealand Commerce Commission gaining a much
better understanding of the rationale for the Qantas/Air New
Zealand alliance.

"The ACCC took a very narrow view of competition and consumer
interests in its April draft determination, either ignoring or
underestimating the significant structural challenges facing
airlines around the world.

"This approach has continued, with the ACCC not adequately
considering the significant further changes in our industry,
including in our region, over the past five months."

Mr Dixon said Qantas was reviewing the lengthy Determination in
detail to determine the appropriate response, including the
possibility of an appeal to the Australian Competition Tribunal.


SELWYN MINES: Panel Receives Application From HGL
-------------------------------------------------
The Takeovers Panel has received an application from Hillgrove
Gold Limited (HGL) dated 9 September 2003 alleging unacceptable
circumstances in relation to failure of the Receivers and
Managers (Receivers) of Selwyn Mines Limited (Receivers and
Managers Appointed) (Selwyn) to provia information to the
directors of Selwyn in order to enable them to understand the
legal status of negotiations between the Receivers and a third
party proposing to acquire the assets of Selwyn.

On 6 September 2003, HGL and Grange Resources Limited announced
their intention, through an equally and jointly owned nominee,
to make an off-market scrip bid for all of the fully paid
ordinary shares in Selwyn (Bid).

HGL applies for final orders that:

   * the Receivers provia information to the directors of Selwyn
to enable them, the ASX and the market to consider the relative
merits of the proposal by a third party to acquire the assets of
Selwyn and the Bid; and

   * the Receivers be prevented from further negotiating or
entering into any binding agreement with the third party until
such time as the directors of Selwyn are able to assess and
obtain independent legal advice on the legal status of any
agreement with the third party.

HGL has not sought any interim orders.

The Panel has not yet sought the views of other persons
potentially involved in the application and has therefore formed
no views on the application.

The President of the Panel has yet to appoint a sitting Panel to
consider the application.

CONTACT INFORMATION: George Durbridge,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3553
        george.durbridge@takeovers.gov.au


SOUTHCORP LIMITED: AGM Scheduled in October
-------------------------------------------
Notice is hereby given that the Annual General Meeting of
Southcorp Limited will be held at the Adelaide Convention
Centre, North Terrace, Adelaide, South Australia (enter from
North Terrace), on Tuesday, 14 October 2003 at 10:00am.

It has been determined, for the purposes of the Annual General
Meeting, that all quoted securities of the Company will be taken
to be held by those persons who are entered on the Company's
Share Register as holding them as at 8:00am Australian Eastern
Standard Time on Monday 13 October 2003.

ORDINARY BUSINESS

1. Annual Reports and Accounts

To receive and consider the Directors' Report, Financial
Statements and Independent Audit Report for the year ended 30
June 2003.

2. Election of Directors

(a) To elect as a Director of the Company Mr T P Burnet who,
having been appointed by the Directors in accordance with
Article 106 of the Company's Constitution, retires in accordance
with Article 107 of the Company's Constitution and, being
eligible, offers himself for election.

(b) To elect as a Director of the Company, Mr J W Murphy who has
been recommended for election by the Directors in accordance
with Article 104 of the Company's Constitution, and, being
eligible, offers himself for election.

(c) To elect as a Director of the Company Mr E J J Pope who has
been recommended for election by the Directors in accordance
with Article 104 of the Company's Constitution, and, being
eligible, offers himself for election.

SPECIAL BUSINESS

3. Re-election of Director

To consider and, if thought fit, to pass the following
resolution as a special resolution:

"That Mr R I Oatley, who is 75 years of age, be reappointed
as a Director of the Company in accordance with Clause 201C(8)
of the Corporations Act and Article 109(1) of the Company's
Constitution, to hold office until the conclusion of the next
Annual General Meeting of the Company".

4. Grant of Options to Managing Director

(a) To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be and is hereby given for all purposes under the
Listing Rules of Australian Stock Exchange Limited for

   (i) the grant of options to Mr John Charles Ballard to
subscribe for up to 2,000,000 fully paid ordinary shares in the
capital of the Company exercisable at $3.36 per share, being the
weighted average price per share of the Company's shares on the
ASX over the five trading days before 20 March 2003 (the date
that the Company announced the proposed appointment of Mr
Ballard), subject to and in accordance with the terms of the
Managing Director Share Option Deed, a copy of which was set out
in the notice of the meeting at which this resolution was
considered; and

   (ii) the allotment to Mr Ballard of up to 2,000,000 fully
paid ordinary shares in the capital of the Company, upon the
valid exercise of the options described in paragraph (i),
subject to and in accordance with the terms of the Deed referred
to in that paragraph."

(b) To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be and is hereby given for all purposes under the
Corporations Act, including for the purposes of Section 208 of
the Corporations Act, to permit the Company to enter into the
Managing Director Share Option Deed, a copy of which was set out
in the notice of the meeting at which this resolution was
considered, pursuant to which Mr John Charles Ballard will be
granted options to subscribe for up to 2,000,000 fully paid
ordinary shares in the capital of the Company, exercisable
subject to and in accordance with the terms of that Deed."

5. Grant of Options to Executive Director

(a) To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be and is hereby given for all purposes under the
Listing Rules of Australian Stock Exchange Limited for the
allotment to Mr Thomas Palmer Burnet of up to 250,000 fully paid
ordinary shares in the capital of the Company, upon the valid
exercise of options with respect to those shares granted (in
accordance with the terms of the Southcorp Executive Share and
Option Plan) prior to his becoming a Director of the Company".

(b) To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be and is hereby given for all purposes under the
Listing Rules of Australian Stock Exchange Limited for:

   (i) the grant of options to Mr Thomas Palmer Burnet to
subscribe for up to 500,000 fully paid ordinary shares in the
capital of the Company in two equal tranches of 250,000
options each, exercisable at the weighted average price per
share of the Company's shares on the ASX over the five trading
days before the date the particular tranche of options is
granted, subject to and in accordance with the terms of the
Executive Director Share Option Deed, a copy of which was set
out in the notice of the meeting at which this resolution was
considered; and

   (ii) the allotment to Mr Burnet of up to 500,000 fully paid
ordinary shares in the capital of the Company, upon the valid
exercise of the options described in paragraph (i), subject to
and in accordance with the terms of the Deed referred to in that
paragraph."

(c) To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That approval be and is hereby given for all purposes under the
Corporations Act, including for the purposes of Section 208 of
the Corporations Act, to permit the Company to enter into the
Executive Director Share Option Deed, a copy of which was set
out in the notice of the meeting at which this resolution was
considered, pursuant to which Mr Thomas Palmer Burnet will be
granted options to subscribe for up to 500,000 fully paid
ordinary shares in the capital of the Company, exercisable
subject to and in accordance with the terms of that Deed."

Go to http://bankrupt.com/misc/TCRAP_SRP0912.pdfto see
explanatory statements.


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


401 HOLDINGS: Enters S&P Agreement to Reduce Bank Borrowings
------------------------------------------------------------
The board of directors of 401 Holdings Limited announced that on
2 September, 2003, two legally binding agreements were entered
into between AWT Investment Company Limited which is a wholly-
owned subsidiary of the Company, and each of (i) Chung Kit Leung
and (ii) Wong Chun Chau, neither of whom are connected with the
directors, chief executive, substantial shareholders of the
Company and any of its subsidiaries or any of their respective
associates (as defined in the Listing Rules), for the sale and
purchase of the properties situated at Store no. 3, 3A, 33, 33A,
35A & 35B and Store no. 36, 48, 53, 53A & 69 both on Basement,
Malahon Apartments (The Causeway Bay Ginza) No. 509 Jaffe Road,
Hong Kong. The aggregate consideration for Property 1 and
Property 2 is HK$4,700,000 and completion shall take place on or
before 30 September, 2003.

The provisional sale and purchase agreements for the Properties
were signed on 2 August, 2003. Upon the signing of the
provisional agreements, the parties agreed to hold further
discussions on the terms and conditions to be contained in the
formal agreement including the liability as to who should bear
the license fee free period (which relates to the licensing
arrangements between the licensor and the licensee in respect of
each of Property 1 and Property 2) which will extend beyond the
original completion date i.e. 15 September, 2003, although such
agreement was not specifically stated in the provisional
agreements. Under the existing license agreements, a license fee
free period is offered to the licenses as an incentive for them
to enter into the license agreements ranging from 7 days to 91
days. Certain license fee free periods do go beyond the original
completion date i.e. 15 September, 2003.

The provisional agreements do not contain any provisions
regarding arrangements between the Vendor and the Purchasers in
relation to the license fee free period. The Purchasers have
indicated that if such discussions could not be finalized, they
will rescind the provisional agreements, although such rights to
rescind were not stated in the provisional agreements. The
directors of the Company consider that the provisional
agreements signed on 2 August, 2003 were preliminary agreements
and subject to the finalization of the outstanding issues which
should be incorporated in the formal agreements and the initial
deposits were no more than an earnest money.

USE OF PROCEEDS

The Properties is under mortgage in favor of a bank to secure
loan facilities the outstanding principal amount of which as at
the date hereof amounts to approximately HK$3.18 million. The
Purchase Prices will be used to apply to settle the
corresponding amount due to the bank. The net sales proceeds of
the disposal of the Property in the amount of approximately
HK$1.27 million will be used as general working capital of the
Group (including settlement of operating expenses).

REASON FOR ENTERING INTO THE S & P AGREEMENT

The Board considers that the terms of the S & P Agreements are
fair and reasonable in so far as the shareholders of the Company
as a whole are concerned, since the Purchase Prices are reached
and determined based on what the directors of the Company
believe to be the prevailing market value of the Property.
Giving their experience in property investment business, the
directors of the Company consider that the Purchase Prices
represent the best available price obtainable in the market. The
Company has not obtained any valuation in respect of the
Properties from independent professional surveyors at this stage
but valuation report will be contained in the circular to be
dispatched to the shareholders of the Company as soon as
possible. The Board also considers that the disposal of the
Properties is in the best interest of the Company since the
proceeds of sale of the Properties would be applied towards
reducing the indebtedness of and hence the interest payment
incurred by the Company.

Despite the reasons proviad by the Company, the HKSE considers
that the failure of the Company to make an announcement at the
time of the entering into of the provisional agreements
constitutes a breach of the Listing Rules, the HKSE reserves its
right to take appropriate action against the Company and its
directors in respect of the aforesaid breach where appropriate.

The S & P Agreements constitute major transactions of the
Company for the purpose of the Listing Rules and are subject to
the approval of the shareholders at a general meeting of the
Company to be convened. A circular of the Company, containing
details relating to the disposal of the Properties and
information of the Company, and a notice convening a special
general meeting of the Company, will be dispatched to the
shareholders of the Company as soon as possible.

Trading in Company shares was suspended at the request of the
Company with effect from 9:30 a.m. on 28 March, 2003 and remains
suspended until further notice.


E-KONG GROUP: Operations Loss Narrows to HK$8.220M
--------------------------------------------------
e-Kong Group Limited posted this results announcement:

Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                 (Unaudited)
                               (Unaudited )       Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2003      from 1/1/2002
                               to 30/6/2003       to 30/6/2002
                               Note  ('000)       ('000)
Turnover                        : 201,173            140,592
Profit/(Loss) from Operations   : (8,220)            (114,558)
Finance cost                    : (111)              (770)
Share of Profit/(Loss) of
  Associates                    : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (8,331)            (115,328)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.0177)           (0.472)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (8,331)            (115,328)
Interim Diviand                : Nil                Nil
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Interim Diviand              : 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. Comparative figures

Certain comparative figures have been reclassified to conform
with the current period's presentation.

2.  Turnover :
                                      Six months ended 30 June
                                       2003            2002
                                       HK$'000         HK$'000

- Continuing operations                201,173         133,785
- Discontinued operations                 -              6,807
                              ----------------  ---------------
                                      201,173          140,592
                                     =========         =========
Profit/(Loss) from operations :
                                      Six months ended 30 June
                                       2003            2002
                                       HK$'000         HK$'000

- Continuing operations               (8,220)         (107,361)
- Discontinued operations                  -           (7,197)
                              ----------------  ----------------
                                      (8,220)          (114,558)
                                    =========        ==========

In January 2003, the Group entered into a sale and purchase
agreement with an independent third party to dispose of two of
the Company's subsidiaries. Upon disposal of the two
subsidiaries, which were engaged in the business of provision of
event management services, the corporate management services
business of the Group has been discontinued since January 2003.

3. Loss per share

The calculation of basic loss per share for the six months ended
30 June 2002 and 2003 was based upon the consolidated loss
attributable to shareholders of HK$8,331,000 (30 June 2002: loss
of HK$115,328,000) and on the weighted average number of
ordinary shares of 470,894,200  (30 June 2002: 244,361,624) in
issue during the period.

The fully diluted loss per share for six months ended 30 June
2002 and 2003 were not shown because the potential ordinary
shares would decrease the loss per share and would be regarded
as anti-dilutive.

The comparative amount of the loss per share have been adjusted
for the effect of the share consolidation and the rights issue
of 235,447,100 shares of the Company during the year of 2002.


G-PROP (HOLDINGS): 30 September AGM Scheduled
---------------------------------------------
G-Prop (Holdings) Limited notifies that its Annual General
Meeting will be held at Garden Rooms, 2nd Floor, The Royal
Garden, 69 Mody Road, Tsimshatsui East, Kowloon Hong Kong on
Tuesday, 30th September, 2003 at 10:00 in the morning.

For a copy of the AGM Notice, go to
http://bankrupt.com/misc/TCRAP_G-Prop0912.pdf.

According to Wrights Investors' Service, as at the end of March
3, 2003, the company had earnings of -0.13 and has not paid
diviands for the last 12 months. The Group's principal
activities are leasing of equipment and property rental. Other
activities include manufacturing and trading of energy saving
machines, provision of management services, trading of
properties held for resale, trading of investments in securities
and investment holding. Operations are carried out in Hong Kong
and the British Virgin Islands. Leasing accounted for 45% of fis
2003 revenues; energy saving machine, 39%; investment & finance,
9% and other, 7%.


I100 LIMITED: Nil Paid Rights Trading Started Wednesday
-------------------------------------------------------
Trading in the nil paid Rights in the ordinary shares of i100
Limited commenced at 9:30 a.m. on Wednesday, 10/09/2003 under
the following particulars (FORCE MAJEURE WARNING: These rights
are conditional):

Stock Code      Stock Short Name        Board Lot
----------      ----------------        ---------
2967            I100 RTS                4,000 shares

According to Wrights Investors' Service, at the end of 2002,
i100 Limited had negative working capital, as current
liabilities were HK$8.15 million while total current assets were
only HK$4.63 million.


I100 LIMITED: Unaware of Why Shares Price Decreased
---------------------------------------------------
i100 Limited has noted the recent decreases in the price of the
shares of the Company and stated that it is not aware of any
reasons for such decreases.

The Company confirmed that save for the share consolidation
which has become effective at 4:00 p.m. on 8th September 2003 as
announced on the same day and the proposed rights issue on the
basis of one rights share for every two consolidated shares as
announced on 1st August 2003, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


LEADSON CONSTRUCTION: Winding Up Sought by Universal Aluminium
--------------------------------------------------------------
Universal Aluminium & Steel Engineering Limited is seeking the
winding up of Leadson Construction & Engineering Limited. The
petition was filed on August 8, 2003, and will be heard before
the High Court of Hong Kong on October 8, 2003 at 9:30 in the
morning.

Universal Aluminium holds its registered office at Ground Floor,
297 Reclamation Street, Mongkok, Kowloon, Hong Kong.


POLYFAME INVESTMENT: Winding Up Petition Slated for Hearing
-----------------------------------------------------------
The petition to wind up Polyfame Investment Limited is set for
hearing before the High Court of Hong Kong on October 8, 2003 at
9:30 in the morning.

The petition was filed with the court on August 12, 2003 by Bank
of China (Hong Kong) Limited of 14th Floor, No. 1 Garden Road,
Central, Hong Kong.


SWANK INTERNATIONAL: Inks Share Sale, Loan Settlement Agreement
---------------------------------------------------------------
On 3rd September, 2003, Swank International Manufacturing
Company Limited (Swank), Probest Holdings Inc. (Probest) and
Tomorrow International Holdings Limited (Tomorrow) entered into
the conditional Share Sale Agreement under which Swank
conditionally agreed to sell to Probest a 30% of the entire
issued share capital in Profitown Investment Corporation
(Profitown) and 30% of the Profitown Loan at an aggregate
consideration of HK$3 million. Such consideration will be
satisfied by Probest upon Completion by offsetting an equivalent
amount of HK$3 million outstanding principal of the Loan of
HK$250 million due from Swank to Probest.

On 3rd September, 2003, Swank and Probest entered into the Loan
Settlement Agreement relating to the remaining principal of the
Loan of HK$247 million, pursuant to which:

   a. Probest agrees to waive the repayment of the outstanding
principal of HK$47 million of the Loan and the normal and
default interest accrued on the entire Loan since 1st March,
2002 up to the effective date of the Loan Settlement Agreement
which amounted to approximately HK$23.7 million as at the date
of the Loan Settlement Agreement;

   b. Swank agrees to apply the net proceeds from the Open Offer
to repay HK$37 million of the Loan; and

   c. the remaining outstanding principal of HK$163 million of
the Loan after Completion shall be repaid by Swank to Probest by
installments in accordance with the terms of the Promissory
Note.

The Share Sale Agreement and the Loan Settlement Agreement are
inter-conditional.

Upon Completion and the Loan Settlement Agreement becoming
effective (but not taking into account of the effect of the Open
Offer), total outstanding indebtedness (excluding interests)
owed by Swank to Probest will be reduced by HK$50 million, and
in return, Probest will receive 30% equity interest in Profitown
and 30% of the Profitown Loan which in total amounted to
approximately HK$52 million as at 31st December, 2002.

Currently, the Share Sale Agreement and the Loan Settlement
Agreement, Probest was interested in approximately 57.9% of the
issued share capital of Swank. Accordingly, the entering into of
the Share Sale Agreement and the Loan Settlement Agreement
constitute connected transactions for both Tomorrow and Swank
under the Listing Rules, which will be subject to the approval
by their respective independent shareholders.

As none of the connected persons (as defined in the Listing
Rules) of Tomorrow has any direct interest in Swank and in the
Share Sale Agreement and the Loan Settlement Agreement, no
shareholders of Tomorrow are required to abstain from voting on
the Share Sale Agreement and the Loan Settlement Agreement at
the SGM.

Winspark, the controlling shareholder of Tomorrow which holds
approximately 58.0% of the issued share capital of Tomorrow, has
indicated that it will vote in favor of the resolutions
approving the Share Sale Agreement and the Loan Settlement
Agreement at the SGM. An independent financial adviser will be
appointed to advise the independent board committee of Tomorrow
which will in turn make a recommendation to the independent
shareholders of Tomorrow on the terms of the Share Sale
Agreement and the Loan Settlement Agreement.

Probest and its associates will abstain from voting on the Share
Sale Agreement and the Loan Settlement Agreement at the EGM. An
independent financial adviser will be appointed to advise the
independent board committee of Swank which will in turn make a
recommendation to the Independent Shareholders on the terms
of the Share Sale Agreement and the Loan Settlement Agreement.
Upon Completion and the Loan Settlement Agreement taking effect,
the principal assets of Swank would be its 70% interest in
Profitown (amounting to approximately HK$29.8 million as at 31st
December, 2002) and 70% of the Profitown Loan (amounting to
approximately HK$91.6 million as at 31st December, 2002), and
the principal liabilities of Swank would be the Promissory Note
of HK$163 million owed to Probest.

The Open Offer

Swank also proposes to raise not less than HK$37.7 million
before expenses by issuing not less than 2,901,658,253 Offer
Shares at HK$0.013 each by way of the Open Offer. Swank will
provisionally allot 13 Offer Shares for every existing Share
held by the Qualifying Shareholders on the Record Date. The Open
Offer is not available to the Overseas Shareholders. The
subscription price of HK$0.013 represents an approximately
93.5% discount to the closing price of HK$0.20 per Share as
quoted on the Stock Exchange on 3rd September, 2003 (being the
last trading day of the Shares immediately preceding this
announcement). The expected net proceeds from the Open Offer of
approximately HK$37.0 will be used to repay partly the
outstanding Loan.

The Open Offer is conditional, inter alia, on the passing of the
appropriate resolution(s) by the Independent Shareholders at the
EGM approving the Share Sale Agreement, the Loan Settlement
Agreement and the Open Offer. Probest and its associates will
abstain from voting on the Share Sale Agreement, Loan Settlement
Agreement and the Open Offer at the EGM.

Probest has irrevocably undertaken to Swank that the Shares
beneficially owned by it will remain beneficially owned by it
from the date of this announcement to the Record Date. Probest
has also undertaken to subscribe or procure subscribers for its
entitlements in full under the Open Offer, which amount to
1,679,130,245 Offer Shares, representing approximately HK$21.8
million. On 3rd September, 2003, Probest, Swank and Tomorrow
(as guarantor) entered into the Underwriting Agreement pursuant
to which, inter alia, Probest agreed to underwrite the balance
of not less than 1,222,528,008 Offer Shares, representing
approximately HK$15.9 million.

It should be noted that the Underwriting Agreement contains
provisions granting the Underwriter the right to terminate its
obligations on the occurrence of certain events.

Existing Shares will be dealt in on an ex-entitlement basis from
9th October 2003. To qualify for the Open Offer, all transfer of
the Shares must be lodged for registration by 4:00 p.m. on 10th
October 2003. Any person dealing in the Shares on an ex-
entitlement basis will accordingly bear the risk that the Open
Offer may not become unconditional and/or may not proceed.

Any Shareholder or other person contemplating selling or
purchasing the Shares during such period who is in any doubt
about his/her position is recommended to consult his/her own
professional adviser.

It is the intention of Probest and Swank that the listing of the
Shares on the Stock Exchange should be maintained. Accordingly,
Probest and Swank have undertaken to the Stock Exchange, in
terms to be agreed with the Stock Exchange, to take appropriate
steps as soon as practicable following the close of the
Open Offer to ensure that the public holds such number of the
Shares as may be required by the Stock Exchange. The Stock
Exchange has stated that, in the event that less than 25% of the
Shares are in public hands following the closing of the Open
Offer; or if the Stock Exchange believes that a false market
exists or may exist in the Shares or that there are insufficient
Shares in public hands to maintain an orderly market, then it
will consider exercising its discretion to suspend trading in
the Shares.

General

A circular of Tomorrow setting out, among other things, details
of the Share Sale Agreement and the Loan Settlement Agreement,
the recommendation of the independent board committee of
Tomorrow, a letter of advice from an independent financial
adviser on the terms of the Share Sale Agreement and the Loan
Settlement Agreement and the notice convening the SGM will be
dispatched to the shareholders of Tomorrow as soon as
practicable.

A circular of Swank setting out, among other matters, details of
the Share Sale Agreement, the Loan Settlement Agreement and the
Open Offer, the recommendation of the independent board
committee of Swank, a letter of advice from the independent
financial adviser on the terms of the Share Sale Agreement, the
Loan Settlement Agreement and the Open Offer and the notice
convening the EGM will be dispatched to the shareholders of
Swank as soon as practicable.


UNITY INVESTMENTS: 2003 Net Loss Swells to HK$5.014M
----------------------------------------------------
Unity Investments Holdings Limited disclosed a summary of its
financial statement for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ('000)       ('000)
Turnover                           : 14,343             19,761
Profit/(Loss) from Operations      : (4,640)            (1,273)
Finance cost                       : (375)              0
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,014)            (1,309)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0251)           (0.0065)
         -Diluted (in dollars)     : N/A                (0.0065)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,014)            (1,309)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Interim 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) The Group is principally engaged in the investment in listed
companies.  Revenues of the Group recognized during the Period
are as follows:
                                            Six months ended
                                                30th June
                                             2003         2002
                                          HKS'000      HKS'000

Turnover
Proceeds from sale of trading securities   14,343       19,761

Other revenues
Interest Income                              0           583
Dividend income from investments in securities 182          307
Other income                                 0           10
                                         ----------------------
                                             182         900
                                         ---------------------
Total Revenues                             14,525       20,661
                                         =======================

(2)    Loss before taxation is stated after charging
depreciation of approximately HK$80,000 (2002: HK$174,000).

(3)   Operating loss is stated after crediting and charging the
following:
                                               Unaudited
                                            Six months ended
                                               30th June
                                          2003            2002
                                        HK$'000         HK$'000
        Charging
        Depreciation                     80              174
        Staff cost, including directors' remuneration
                                         614             1,140
        Operating leases - Land and buildings   360     174
                                        -----------------------

(4) The basic and diluted loss per share is based on the
weighted average of 200,000,004 (2002: 200,000,004) ordinary
shares in issue during the Period.  The number of ordinary
shares in issue during the Period and the six months ended 30th
June 2002 has been adjusted retrospectively after taking into
account the one to one bonus issue of shares of the Company
effected on 24th May 2002.

The diluted loss per share for the Period is the same as the
basic loss per share as all potential ordinary shares are anti-
dilutive.


WINFULL FAR: Sept 24 Winding Up Hearing Scheduled
-------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2003 at
10:00 in the morning the petition seeking the winding up of
Winfull Far East Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
August 6, 2003.  Messrs. Deacons represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Mssrs.
Deacons, which holds office on the 5th Floor, Alexandra House
Central, Hong Kong.


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


LIPPO BANK: IBRA Reschedules Sale Plans
---------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has rescheduled
plans to sell stakes in PT Lippo Bank Tbk to mid-November, from
late October, IndoExchange reports.

IBRA said the delay came at the request of investors who were
concerned they would not have enough time to make a proper
evaluation of the bank and prepare preliminary submissions.

The agency also issued some conditions that have to be met by
investors, including the need to be a commercial bank or a
consortium led by a commercial bank.


RAJAWALI GROUP: Sugar Factory Attracts More Investors
-----------------------------------------------------
The Rajawali III Sugar Factory, which is offered in the
Strategic Asset Sales Program II (PPASII) has drawn the highest
number of investors compared to that of the previous PPAS I. The
factory, located in Gorontalo, North Sulawesi in PPAS I drew
bids only from 2 (two) prospective investors while in the PPAS
II it has drawn 4 (fours) prospective investors. This was
revealed during the opening of bid envelopes submitted by
prospective investors on Friday, 5 September 2003.

Other assets, consisting of Texmaco Group, PT Chandra Asri, PT
Bakrie Nirwana Resort obtained 1 (one) investor, respectively.

Results of the initial bid envelope opening on 8 September 2003
show that there are 7 prospective investors for PPAS II
consisting of 4 foreign and 3 local investors. Five of the whole
investors are repeat bidders of the previous PPAS I while the
remaining two are new investors.

PPAS II is continued from the PPAS I offering the same assets
but IBRA provides a longer period of due diligence for
investors, from 30 days to 50 days. The total strategic assets
value is US$2.5 billion and Rp18.6 trillion.

IBRA will then conduct evaluation on the incoming bids. In
principle, prospective investors are obliged to offer their bids
at the minimum of the floor price as determined by IBRA. In case
of equal value of bids, an additional opportunity will be given
to the prospective investors for a rebid.

Based on the bid evaluation, IBRA will nominate the winners and
notify them on 26 September 2003. Following the notification
letter, the winning investors are required to make the first
payment on 2 October 2003. Investors will then sign the sales
and purchase document on 3 October 2003.

PPAS is an asset disposal program carried out by IBRA as an
effort to bring credit assets back to financial/banking
institutions as well as to render contribution of Rp26 trillion
to the State Budget.

Rajawali Group is comprised of 19 debtors: one is in the initial
process of restructuring, one debtor is on the way to MoU
process, 14 debtors signed MoU, two debtors signed the Loan
Agreement and one debtor has made full payment.


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


HITACHI LIMITED: Forecasts Half-year Dividend of Three Yen
----------------------------------------------------------
Hitachi Limited on Wednesday forecast an unchanged dividend of
three yen per share for the six months ending September 30,
Reuters said on Wednesday. The industrial electronics
conglomerate did not offer an estimate for its dividends when it
announced half-year and full-year profit forecasts in April. The
Company paid out a half-year dividend of three yen last year and
a dividend of six yen for the full year to March 31.

Shares in the Company decreased 2.17 percent at 676 yen as of
Wednesday, compared to a 0.55 percent decline in Tokyo's
electric machinery index.


MATSUSHITA ELECTRIC: Issues Restructuring Update
------------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
the restructuring of Matsushita Electric Industrial Co.'s
businesses may not bring the improved efficiency, cost
reductions and growth that the Company aims for Under the Value
Creation 21 plan, Matsushita implemented various management
innovations and restructuring initiatives, such as: closing or
integrating its manufacturing bases in Japan and overseas;
reforming its consumer sales and distribution structure in
Japan; innovating manufacturing and R&DD (R&D and design); and
implementing employment restructuring initiatives.

As another major restructuring measure, Matsushita implemented
share exchanges with five of its majority-owned subsidiaries to
transform them into wholly-owned subsidiaries of Matsushita,
effective October 1, 2002, followed by the creation in January
2003 of a new business domain-based organizational structure
over the entire Matsushita group in place of the traditional,
single product-oriented divisional management system. Under the
new management structure, Matsushita seeks to conduct its
consolidated Groupwide businesses speedily and efficiently, and
to achieve synergies expected from such business restructuring.
Matsushita may not, however, be able to improve efficiency and
reduce costs and realize growth through these measures due to
unexpected additional reorganization or restructuring expenses,
improper allocation of operational resources or other
unpredictable factors.


MATSUSHITA ELECTRIC: Issues Update on Pension Payment Scheme
------------------------------------------------------------
Matsushita Electric Industrial Co. has contributory, funded
benefit pension plans covering substantially all employees in
Japan who meet eligibility requirements. On April 2002, the
Company amended its benefit pension and lump-sum payment plans
to new systems as a means to reduce the adverse influence of
economic conditions.

However, even after the introduction of these new systems, a
decline in interest rates may cause a decrease in the discount
rate on benefit obligations. A decrease in the value of stocks
may also affect the return on plan assets. As a result, the
unrecognized portion of actuarial loss may increase, leading to
a future recognized actuarial loss on an increase in future net
periodic benefit costs of these pension plans.


MATSUSHITA ELECTRIC: May Fail to Recruit Skilled Workers
--------------------------------------------------------
Matsushita Electric Industrial Co. may fail to recruit skilled
employees, particularly scientific and technical personnel, who
are limited in number, a Company statement said. Matsushita's
future success depends largely on its ability to attract and
retain certain key personnel, including scientific, technical
and management personnel. Matsushita anticipates that it will
need to hire additional skilled personnel in all areas of its
business.

Industry demand for skilled employees, however, exceeds the
number of personnel available, and the competition for
attracting and retaining these employees, especially scientific
and technical employees, is intense. Because of this intense
competition for these skilled employees, Matsushita may be
unable to retain its existing personnel or attract additional
qualified employees in the future. If Matsushita is unable to
retain skilled employees and attract additional qualified
employees to keep up with its future business needs, this may
adversely affect its business and results of operations.


NICHIMEN CORP.: Requests S&P's Rating Withdrawal
------------------------------------------------
Standard & Poor's Ratings Services withdrew on Thursday its 'B'
long-term and 'C' short-term issuer ratings on Nichimen Corp.
upon the company's request.

Early this week, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's lowered the Company's long-term
rating to 'B' from 'B+', and affirmed its 'C' short-term rating.


RESONA HOLDINGS: Appoints Outside Directors
-------------------------------------------
Resona Holdings Inc. announced the appointment of outside
directors as follows:

Position Name Concurrent position(s)

Director Yoji Arakawa Lawyer

Director Terukazu Inoue Corporate Adviser, Toyota Motor
Corporation

Director Shunji Koike President of Sunlit Sangyo Co., Ltd.,

Vice Chairman, The Osaka Chamber of Commerce and Industry

Director Noboru Yanai President, Arrow Consulting

Director Hiroshi Rinno President, Credit Saison Co., Ltd.

Director Shotaro Watanabe Vice Chairman and President, KEIZAI
DOYUKAI (Japan Association of Corporate Executives)

Composition of the Boards of Directors (Number of directors)

Previous structure New structure Outside directors (included)

Resona Holdings 11            10                 6
Resona Bank     10            11 (Note)          6

Accompanying the appointment of governance committees, the
Company separated the functions of overall decision-making and
the supervision of the business activities from the functions of
the day-to-day conduct of operations. The objectives of this
measure were to enhance the soundness and transparency of
management and to increase the speed and flexibility of the
conduct of operations.

Also, together with the appointment of governance committees,
the Company's three key organizational changes, with the aim of
strengthening its corporate governance structures as quickly as
possible.

These were as follows:

1. Appointment of Independent, Outside Directors

We have appointed a majority, or 6, outside directors to its 10-
member Board, with the aim of substantially strengthening the
supervision and surveillance of management. All of these six
directors also serve on the Board of Resona Bank.

2. Formation of Committees for Appointments, Compensation, and
Auditing To ensure the independence of these committees from the
conduct of operations, a majority of the members of each
committee are independent, outside directors. In addition, none
of the directors serving on the Auditing Committee hold
positions as executive officers.

The functions of these committees are as follows.


RESONA HOLDINGS: Unveils Employee Pension Fund Update
-----------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that the Resona
Employee Pension Fund, Resona Group's employee pension fund,
received approval of a waiver of its future obligations in
respect of the proxy portion of its employee pension fund. The
approval was received from the Minister of Health, Labor and
Welfare on August 29, 2003, based on the Law Concerning Defined-
Benefit Corporate Pension Plans.

Resona HD's banking subsidiaries, Resona Bank, Ltd. (President:
Masaaki Nomura), Saitama Resona Bank, Ltd. (President: Tadahiro
Tone) and The Kinki Osaka Bank, Ltd. (President: Kunitsugu Hara)
will apply the transitional measures laid down in the Practical
Guideline Concerning Retirement Benefit Accounting (Interim
Report)--Report of the Accounting Committee of the Japanese
Institute of Certified Public Accountants No.13, Section 47-2.
As a result, the elimination of their retirement benefit
obligations in respect of the aforementioned proxy portion has
been recognized as of the date of the approval.

As a result of the above, an extraordinary loss of approximately
23.0 billion yen is expected to be incurred on a consolidated
basis for the current fiscal year.

Resona HD will revise its previous earnings forecast for the
current fiscal year soon after it becomes possible to estimate a
possible impact of the due diligence, which is being implemented
at the moment and other factors.



(Billions of yen)

Banking
subsidiaries   Resona Bank  Saitama       Kinki Osaka    Total
                           Resona Bank      Bank
Extraordinary
gain / (loss) (24.5)         (1.0)          2.5           (23.0)

For a copy of the press release, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030909_1a.pdf


RESONA HOLDINGS: Unveils Reasons for Fund Infusion
--------------------------------------------------
The reason leading to Resona Bank's submission of an application
for an infusion of public funds was the substantial decline in
the Bank's capital adequacy resulting from the implementation of
major steps toward enhancing the Bank's financial position in
accord with the intent of the Program for Financial Revival,
which was announced in October 2002. Specific steps taken were
(1) aggressive measures to clear problem loan exposure from the
balance sheet, (2) write-downs of unrealized losses on stocks,
and (3) the reversal of deferred tax assets. These steps
resulted in substantial losses and a consequent deterioration in
the Bank's capital adequacy ratio.

When these circumstances became apparent, Resona Bank received
certification in May 2003 as being in need of No. 1 Measures
(the underwriting of shares and other measures by the Deposit
Insurance Corporation (DIC) to expand the capital of financial
institutions) as specified in Article 102 of Japan's Deposit
Insurance Law. Thereafter, the Bank submitted an application for
an infusion of public funds to the DIC.

Prior to the Bank's certification for No. 1 Measures, a report
issued on May 17 on the findings of the Financial System
Management Council, an advisory group convened at the request of
Prime Minister Junichiro Koizumi, contained the statement, "The
specific content of the capital infusion should be decided after
taking Resona Bank's application into consideration, but the
size of an infusion should be sufficient enough for Resona Bank
to raise its capital adequacy ratio above 10 percent from
the viewpoint of eliminating concerns prevailing among
depositors and customers and in the markets."

In view of this opinion, Resona Holdings, Inc., took into
consideration a comprehensive range of factors, including (1)
Resona Bank's policy of focusing on lending and other services
for small and medium-sized companies, (2) its objective of being
a bank with close ties to regional communities, and (3) the
likelihood that it would take some time to return the Bank to a
sound footing, despite the exertion of strong efforts, and that
the Bank would therefore need to maintain a stable capital base
during this period of recovery. As a result of these
considerations, the Company concluded that a substantial capital
infusion would be necessary and applied for an infusion of
Y1,960 billion in public funds.

Subsequently, this matter was taken up by the Diet and other
government organizations, and a final decision was reached to
make an infusion of �1,960 billion into Resona Bank effective
June 30, 2003. On July 1, 2003, Resona Bank issued common stock
and preferred stocks, as shown in the accompanying table to the
DIC, thus completing the capital infusion.

As a consequence of this capital increase, Resona Bank's capital
adequacy ratio recovered to above 12 percent.


SAKAI IRON: Osaka Court OKs Rehabilitation
------------------------------------------
The Osaka District Court has approved the rehabilitation of
Sakai Iron Works Co. under the Civil Rehabilitation Law, Asia
Pulse reported Wednesday. The Company's unit Sakai Construction
Co. also won approval. The firms have combined liabilities of
11.7 billion yen (US$100.5 million).

Established in 1904, Sakai Iron Works has excelled in areas such
as water pressure steel pipes for electric power companies. But
with the government holding down public works spending and power
companies limiting their capital spending, it had seen its
orders fall.


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


CHOHUNG BANK: Fitch Cuts Individual Rating to `D' From `C/D'
------------------------------------------------------------
Fitch Ratings, the international rating agency, has on Wednesday
downgraded Korea's Chohung Bank's (Chohung) Individual rating to
'D' from 'C/D'. At the same time, the agency has affirmed the
bank's Long-term foreign currency debt rating at 'BBB' and its
Short-term rating at 'F3'. The rating Outlook is Stable. Its
Support rating is affirmed at '2'.

The downgrade reflects the current poor profitability of Chohung
Bank as it cleans up its balance sheet ahead of the acquisition
by Shinhan Financial Group planned for end-September. This
involves reserving and writing off old corporate problem loans
while also dealing with the high level of losses arising on the
credit card portfolio. In the first half of 2003 credit card
charge-offs were running at an annualized rate of almost 30%.
Despite this, delinquencies over one month remained high at 15%
in July, pointing to further charge-offs.

Chohung reported a net loss of W419 billion for the first half
of 2003. During this period its Tier 1 capital ratio improved to
4.88% from 4.61% at end-2002, thanks to an issue of hybrid Tier
1 securities (W272bn) and an upward revaluation of investment
securities that directly boosted equity reserves. The bank's
capital ratio is expected to remain above the regulatory minimum
but could drop near this level if credit losses persist.

Fitch has not changed its debt ratings of Chohung as these are
underpinned by the strong prospect of external support. Fitch
considers Chohung to be a systemically important bank in Korea
that would ensure it of government support, should it be needed.
Its systemic importance would be enhanced by its integration
into the Shinhan Group, following which would make it the second
largest banking group in Korea.

Fitch does not have any plan to change its recently assigned
ratings of Shinhan Bank, which took into account the current
poor performance of Chohung Bank.

CONTACT INFORMATION: David Marshall
        Tel: +852 2263 9911


HANARO TELECOM: Signs Investment Deal With Foreign Investors
------------------------------------------------------------
Hanaro Telecom, Inc. (Hanaro) announced that it signed an
Investment Agreement with certain foreign investors, a Company
statement said. The total investment amounts to US$1.1 billion,
known to be the largest foreign investment a single
telecommunication Company ever raised under the President Roh
government.

The signing ceremony was held at Westin Chosun Hotel in downtown
Seoul, on September 9, 2003. Some of major figures attending the
ceremony included David Bonderman, Chairman of Newbridge
Capital, Ronald Anderson, Chairman of AIG for Asia, Wilfried
Kaffenberger, CEO of EMP-AIG Infrastructure and Stephen W.
Bosworth, Senior Advisor of JPMorgan (former U.S. ambassador to
Korea).

The total amount of foreign capital that the Company has
attracted from the investor group led by Newbridge-AIG is US$1.1
billion of which US$500 million (KRW585.0 billion) will be
raised through a new rights issue in the form of private
placement and US$600 million through a syndicated loan.

Closing under the investment agreement is conditional upon the
satisfaction of a number of conditions precedent set forth in
the investment agreement.


HANARO TELECOM: Posts 2003 August Subscriber Numbers
----------------------------------------------------
Hanaro Telecom Inc. announced its subscriber numbers for August
2003, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on September 9, 2003.

2003 AUGUST SUBSCRIBER NUMBERS

1. BROADBAND

----------------------------------------------------------------
Products                          Number of Subscribers
----------------------------------------------------------------
Residential           ADSL               1,147,110
                      Cable Modem        1,616,256
----------------------------------------------------------------
SUB-TOTAL          2,763,366
-------------------------------------------------
      Corporate             ADSL                  19,607
                            Cable Modem            2,480
-------------------------------------------------
                            SUB-TOTAL             22,087
----------------------------------------------------------------
VDSL                                       134,760
----------------------------------------------------------------
LMDS                                       33,477
----------------------------------------------------------------
Wireless LAN (Note 1)                      18,439
----------------------------------------------------------------
TOTAL                                      2,972,129
----------------------------------------------------------------
Net Addition                           1,732
----------------------------------------------------------------


2. VOICE
----------------------------------------------------------------
                      Products          August
----------------------------------------------------------------
                   Residential            719,212
----------------------------------------------------------------
                   Corporate              269,833
----------------------------------------------------------------
VoIP                   27,341
----------------------------------------------------------------
TOTAL                                    1,016,386
----------------------------------------------------------------
Net Addition                         -4,824
----------------------------------------------------------------

3. LEASED LINE

-------------------------------------------------------------
                    Products                      August
-------------------------------------------------------------
        Leased line                                    3,336
------------------------------------------------------------
        Internet dedicated                             3,390
-------------------------------------------------------------
        LMDS(I/D)                                         12
-------------------------------------------------------------
        Wireless Internet Dedicated                      248
-------------------------------------------------------------
        International Leased Line                         42
-------------------------------------------------------------
              TOTAL                                    7,028
-------------------------------------------------------------
           Net Addition                                 -300
-------------------------------------------------------------

4. GRAND TOTAL

------------------------------------------------------
                                      August
------------------------------------------------------
              Total                       3,995,543
------------------------------------------------------
           Net Addition                      -3,392
------------------------------------------------------

The Troubled Company Reporter-Asia Pacific reported recently
that Hanaro Telecom failed to meet its repayment obligations in
the aggregate amount of US$112,236,900 arising from the exercise
of a put option by the holders of the US$100 million bonds with
warrants due 2007, filed with the Korea Securities Dealers
Association Automated Quotation Market (KOSDAQ) and the
Financial Supervisory Commission on August 26, 2003.


SK CHEMICAL: Pulls Out of Textile Business
------------------------------------------
SK Chemical plans to shut down its textile production facilities
in Suwon South Korea as a part of its restructuring scheme,
Maeil Business Newspaper said on Monday.

The Company has been suffering monthly deficits of 500~600
million won per month in its textile unit, and has accumulated
debts worth 80 million won, a SK Chemical official said, adding
the workforce has agreed to the liquidation process and have
submitted their letters of resignation on August 28th.


SK GLOBAL: Debtors File Motion to Keep Cash Management System
-------------------------------------------------------------
Pursuant to a Final Order, Judge Blackshear permits SK Global
Co. to maintain and continue using its existing Bank Accounts,
as well as its existing business forms and records, and cash
management system.  However, the notation "debtor-in-possession"
must be placed on checks issued post petition. In addition,
Judge Blackshear orders that:

-- Bank One must be qualified by the U.S. Trustee for the
   Southern District of New York as an "Authorized Bank
   Depository for the Southern District of New York".
   Otherwise, the Debtor will transfer all funds held in its
   Bank One Accounts to a banking institution qualified as an
Authorized Bank Depository"; and

-- the Debtor is prohibited from transferring any funds in
   its Accounts, outside the United States, unless the
   transfer is for payment of goods and services purchased on or
after July 21, 2003 in the ordinary course of business. (SK
Global Bankruptcy News, Issue No. 4, September 5, 2003)


SK GLOBAL: Chairman Son Kil Seung Resigns From Post
---------------------------------------------------
Son Kil Seung, Chairman of SK Global Co., resigned on August 17,
2003, due to pressure from creditors.  The resignation resulted
from a scuffle for final approval of a plan, which called for
creditors to write off about $3,000,000,000 of its debt at 43
percent of its value, Don Kirk of The New York Times reports.

Mr. Son's resignation will enable SK Global to make a fresh
start and will bring the company a step closer to meeting
foreign investors and creditors' demands for a "management
shake-up".

Mr. Son remains as chairman of both the SK Group, as well as the
Federation of Korean Industries. (SK Global Bankruptcy News,
Issue No. 4, September 5, 2003)


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


CSM CORPORATION: Appoints Chen Li Fang as Joint Secretary
---------------------------------------------------------
CSM Corporation Berhad posted this notice:

Date of change : 08/09/2003
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA 7025460
Name           : CHEN LI FANG
Working experience and occupation during past 5 years : Ms Chen
was with an established secretarial firm for the past 7 years.
During her past employment, she has been handling corporate
compliance matters of corporate clients from various industries.

Remarks : c.c.: The Securities Commission
          Issues and Investment Division
          Mr Wong Wing Seong, Director

Early this week, the Troubled Company Reporter - Asia Pacific
provided an update on the Company's status of default in
interest payments and principal loan repayments of the Group
bank borrowings as at 31st August 2003. Details are
http://bankrupt.com/misc/TCRAP_CSM0910.pdf.


EPE POWER: Proposals Resolutions Approved at EGM
------------------------------------------------
EPE Power Corporation Berhad refers to the announcement dated 18
August 2003 in relation to the Proposals, involving:

   � Proposed Capital Reduction
   � Proposed Acquisitions
   � Proposed Debt Restructuring
   � Proposed Rights Issue
   � Proposed Increase in Authorized Share Capital.

On behalf of EPE, Commerce International Merchant Bankers Berhad
is pleased to announce that on 10 September 2003, the
shareholders of EPE have approved all the resolutions tabled at
the Extraordinary General Meeting of EPE.


KSU HOLDINGS: Injunction Application Hearing Scheduled Sept 24
--------------------------------------------------------------
In reference to the Commencement of Litigation against the
Vendors of Shares in Earnest Equity Development Berhad and the
Vendors of Shares in Kembangan Alam Berhad Pursuant to the
Various Share Sale Agreements entered into as part of the Scheme
for the Restructuring of May Plastics Industries Berhad.

KSU Holdings Berhad announced that the Inter Parte Injunction
Application, which was adjourned to 4th September 2003 and 9th
September 2003 for continuation is now fixed for decision on
24th September 2003.

In compliance with Practice Note No.4/2001 on the Criteria and
Obligations to Paragraph 8.14 of the KLSE Listing Requirements,
the Company also informed that there has been no further
development on its plan to regularize its financial condition.


METACORP BERHAD: Disposes of Quoted Shares to Reduce Borrowings
---------------------------------------------------------------
Metacorp Berhad informed that it had on 29 August 2003 and 2
September 2003 disposed of 5,700,000 ordinary shares of Trenergy
(Malaysia) Berhad (Trenergy) at an average RM3.211 per share via
open market. The total cash consideration of the Disposals was
approximately RM18.3 million which is approximately 4.42 % of
the net tangible assets of the Company as at its latest audited
accounts for the year ended 31 December 2002 of RM414.32
million.

Rationale of Disposals

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

Effect of Disposals

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

Approvals Required

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

Directors' and Substantial Shareholders' Interest

None of the directors, substantial shareholders of the Company
and or persons connected with them have any interests, whether
direct or indirect in the disposal.

Directors' Statement

The Board of Directors of the Company is of the opinion that the
said disposal is in the best interest of the Company.


PERNAS INTERNATIONAL: Media Report Unfounded
--------------------------------------------
Pernas International Holdings Berhad responded, in reference to
the KLSE's Query Letter on the article entitled, "Major shake-up
in sugar industry?" appearing in The Star, BizWeek section, page
3 on Saturday, 6 September 2003:

The Company, after due and diligent enquiry with the directors
and major shareholder of the Company, informed that it has no
knowledge of the subject matter referred to in the article.

Below is the KLSE's Query Letter:

We refer to the above news article appearing in The Star,
BizWeek section, page 3 on Saturday, 6 September 2003, a copy of
which is enclosed for your reference.

In particular, the Company would like to draw your attention to
the underlined sentence, which is reproduced as follows:

"... Pernas, it is believed is in talks with the Federal Land
Development Authority (Felda) to take up the latter's stake in
Kilang Gula Felda Perlis (KGFP)."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
LISA LAM
Sector Head, Issues & Listing
LL/WSW/ZOOS
c.c. Securities Commission (via fax)


PERNAS INTERNATIONAL: Unit's Proposed Disposal Passed at EGM
------------------------------------------------------------
Pernas International Holdings Berhad announced that the ordinary
Resolution in relation to the Proposed Disposal by Pernas
Securities Sdn Berhad, a wholly owned subsidiary of Pernas
International Holdings Berhad, to Tradewinds (M) Berhad of:

   (i) 7,200,000 Ordinary Shares of RM1.00 each representing
100% equity interest in Teon Choon Realty Company Sdn Berhad for
a consideration of RM56.400 million;

   (ii) 14,794,700 Ordinary Shares of RM1.00 each representing
70% equity interest in Ladang Serasa Sdn Berhad for a
consideration of RM30.581 million;

set out in the Notice of the Extraordinary General Meeting dated
25 August 2003, was approved by the shareholders of Pernas
Internas International Holdings Berhad at the Extraordinary
General Meeting held earlier on Monday at the Grand Nirwana
Ballroom, Lower Lobby, Mutiara Kuala Lumpur, 50200 Kuala Lumpur.


RNC CORPORATION: Asset Disposal Completed
-----------------------------------------
RNC Corporation Berhad (Special Administrators Appointed) refers
to the announcement dated 4 August 2003 in relation to the
Securities Commission's approval of the disposal of assets of
RNC and Arensi Plastics Sdn. Bhd. (APSB) to Industrial Resins
(Malaysia) Berhad (IRM) and/or its nominee, Beta Network Sdn.
Bhd. (BNSB) for a sale consideration of RM1,500,000.

Pursuant to the Proposed Corporate and Debt Restructuring
(Proposed Scheme), RNC Corporation highlights that the parties
have completed the abovementioned disposal of assets on 5
September 2003.


SCK GROUP: 13th AGM Fixed on September 29
-----------------------------------------
SCK Group Berhad's 13th Annual General Meeting will be held at
Conference Room, Wisma SCK, Lot 775, Jalan Subang 4, Taman
Industri Sg. Penaga, 47610 Subang Jaya, Selangor Darul Ehsan on
Monday, 29 September 2003 at 9:00 a.m. A copy of the Notice of
the Meeting can be found at
http://bankrupt.com/misc/TCRAP_SCK0912.doc.

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Company is progressing in its preparation to
submit its regularization plan to the authorities for their
consideration and approval not later than 18 October 2003.


SITT TATT: Gets SC's Nod on RM6.0M Proposed Utilization Revision
----------------------------------------------------------------
Sitt Tatt Berhad is pleased to inform that the Securities
Commission has on 8 September 2003, approved the revision to the
utilization of RM6.0 million held by the Company in an interest
bearing fixed deposit account for the working capital of the
Group.

For details of the RM6.0 million Proposed Utilization, refer to
Friday, December 20, 2002, Vol. 5, No. 252.


SITT TATT: SPA, Deed Cut-off Date Extended Monday
-------------------------------------------------
Sitt Tatt Berhad refers to the announcement dated 11 August 2003
in relation to the mandatory offer obligation arising from:

   * Sale and Purchase Agreement (SPA) between Tan Sri Datuk Dr
Mohan M. K. Swami, J.P. (TSDDMS), Dato' Pang Wee Pat, J.P.
(DPWP), and the Vendors (as defined herein) and Bintang Ketara
Sdn Bhd;

   * Deed of Settlement (Deed) between TSDDMS, DPWP and the
Vendors.

Pursuant to the Deed, it was agreed, inter alia, that MISL &
Associates Sdn Bhd (MISL), as legal and beneficial owner, is to
sell and Datuk Mazlan Bin Jamaludin, Kor Hiang Ling, Lim Lek
Teck, Lai Moon Kwai and Lim Chih Li @ Lin Zhili (the Vendors)
are to procure the sale of, and TSDDMS and DPWP (the Purchasers)
are to purchase, 43,459,500 ordinary shares of RM1.00 each in
Sitt Tatt held by MISL at RM1.20 per share on 6 August 2003
(Completion Date) or in any event not later than 10 September
2003 (Cut-off Date), free of all security interests, moratorium,
other third party rights and all charges, lien, encumbrances,
equities or other adverse claims or interests.

On behalf of the Purchasers, Southern Investment Bank Berhad
wishes to announce that MISL, the Vendors and the Purchasers had
mutually agreed to extend the Cut-off Date from 10 September
2003 to 12 September 2003.


SRI HARTAMAS: Creditors' Voluntary Winds Up Unit
------------------------------------------------
The Special Administrators of Sri Hartamas Berhad, being the
ultimate holding company of Sri Hartamas Transcrete Sdn Bhd
(SHT), wish to inform Exchange that the directors of SHT had on
10 September 2003 resolved:

   * that SHT cannot by reason of its liabilities continue its
business and that it be wound up voluntarily;

   * that pursuant to Section 255 of the Companies Act, 1965,
Tam Kok Meng c/o Tam & Associates Corporate Services Sdn Bhd, D-
8-3 Level 10 Block D, Menara Uncang Emas, 85 Jalan Loke Yew,
55200 Kuala Lumpur, be and is hereby appointed as Provisional
Liquidator for the purpose of the winding up; and

   * that separate meeting of members and creditors of the SHT
be convened on 3 October 2003 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

The aforesaid liquidation will not have any material financial
and operational impact on Sri Hartamas Group of Companies.


TAP RESOURCES: KLSE Grants Conversion Listing Today
---------------------------------------------------
Kindly be advised that TAP Resources Berhad's additional 165,000
new ordinary shares of RM1.00 each issued pursuant to the
Conversion of RM165,000 Nominal Value of 2% 3 Year Irredeemable
Convertible Unsecured Loan Stocks 2003/2006 (ICULS) into 165,000
New Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Friday, 12 September 2003.

Last month, the Troubled Company Reporter - Asia Pacific
reported that an application for extension of time has been
submitted to the SC on 11 August 2003 to extend the deadline
from 19 August 2003 to 19 February 2004 for Messrs BDO Binder to
complete the investigative audit report and submit a copy of the
investigative audit report to the SC.


TECHNO ASIA: MAPSB's Proposed Set-Off, Transfer Executed
--------------------------------------------------------
In reference to the Proposed Set-Off and Transfer of the
Freehold Lands Held Under Hs(D) 215957 Ptd 65571 in Mukim of
Tebrau, District of Johor Bahru, State of Johor and the Vacant
Land Earmarked for 178 Bungalow Lots Held Under Hs(D) 216990 to
217015 Ptd 58152 to 58177, Hs(D) 217016 to 217048 Ptd 58179 to
58211 and Hs(D) 217049 To 217167 Ptd 58213 To 58331, All of
which are Located in Mukim of Tebrau, District of Johor Bahru,
State of Johor at a Transfer Value of Rm49.880 Million by Mount
Austin Properties Sdn Bhd (SA Appointed) (MAPSB) to its Secured
Creditor, Namely Malpac Capital Sdn Bhd (Malpac) (Proposed Set-
Off and Transfer by MAPSB).

AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
settlement agreement in relation to the abovementioned Proposed
Set-Off and Transfer by MAPSB (in accordance with the approved
workout proposal of MAPSB including any modifications made
thereto) have been executed on 9 September 2003.

The secured creditor had elected Option I in accordance with the
approved workout proposal of MAPSB including any modifications
made thereto, whereby the abovementioned lands are to be
transferred to the secured creditor at a value equivalent to the
settlement sum and the outstanding sum shall remain as a debt
owing by TAHB to the secured creditor. The SC has approved the
Proposed Set-Off and Transfer by MAPSB on 4 December 2002 and 7
July 2003.


TECHNO ASIA: August Report, SA Statutory Declaration Submitted
--------------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad, being an affected listed
issuer wishes to announce that in compliance with the obligation
imposed under the said practice note, the monthly report for the
month of August 2003 accompanied by the statutory declaration
duly executed by the Special Administrators (SA) had been
submitted to the KLSE on 10th September, 2003.


UCP RESOURCES: KLSE Grants LR Compliance Time Extension
-------------------------------------------------------
UCP Resources Berhad announced that pursuant to the resignation
of its Independent Director, Tunku Dato' Seri Mahmud Bin Tunku
Besar Burhanuddin on 10 April 2003, the Company was not able to
comply with the following LR:

   * Para 15.02, which states that at least 2 Directors or 1/3rd
of the Board, whichever is the higher, are Independent
Directors.

   * Para 15.10(a) which states that the Audit Committee must be
composed of no fewer than three members

   * Para 15.10(b), which states that a majority of the Audit
Committee must be Independent Directors.

The Company has not been able to appoint any Independent
Director since the resignation of Tunku Dato Seri Mahmud Bin
Tunku Besar Burhanuddin and had applied to the Exchange for an
extension of time to comply with the above.

On 9 September 2003, the Exchange had granted the Company an
extension of time of 6 months from 10 April 2003 to comply with
the above paragraphs.


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


PRIMETOWN PROPERTY: Receiver Declines Appointment
-------------------------------------------------
Further to Circular for Brokers No. 2800-2003 dated August 28,
2003, in connection with the background information of Atty.
Ariel Salvador Magno, the Court appointed Corporate Receiver of
Primetown Property Group, Inc. (PMT), the Company, through SEC
Form 17-C dated September 10, 2003, informed the Exchange that:

"The Company received today a copy of the attached manifestation
of Atty. Ariel Salvador Magno, declining the Order of the Court
appointing him as Rehabilitation Receiver pursuant to the Stay
Order dated August 15, 2003."

For a copy of the Manifestation of Atty. Magno advising the
Court of his non-acceptance of his appointment as the
Rehabilitation Receiver of the Company, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2925_PMT.pdf


VICTORIAS MILLING: Signs Deal With 33 Creditor-Banks
----------------------------------------------------
The Victorias Milling Company, Inc. (VMC) recently signed with
33 creditor-banks convertible notes amounting to 2.4 billion
pesos (US$43.5 million) as the final document of the SEC-
approved 15-year Rehabilitation Plan, according to Asia Pulse.
On September 1, VMC made its initial debt payment of 400 million
pesos sans principal.

VMC Chief Executive Officer Arthur N. Aguilar further disclosed
that beginning Crop Year 2006-2007, the Company would have to
pay a heavier debt burden at 800 million pesos annually,
including the principal. For the sugar firm to meet its huge
debt payment, he said that the VMC Board had approved a P1.1
billion capital budget for 30 major projects for factory
expansion for its mills to further increase the existing
capacity at 2.8 million tons to 3.3 million tons annually,
pointing out as a timetable for the next two years.


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


JOENCON BUILDERS: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Joencon Builders 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. United Overseas
Bank Limited, a creditor, whose address is situated at 80
Raffles Place, UOB Plaza 1, Singapore 048624, filed the petition
with the court on August 27, 2003.

The petitioners' solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to Messrs Drew & Napier LLC 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).


KWIK-PICK FOOD: Issues Winding Up Notice
----------------------------------------
KWIK-PICK FOOD SERVICES PTE LTD issued a notice of winding up
order notice as follows:

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

Messrs JOSEPHINE TAY & CO.
Solicitors for the Petitioners.


LYVES & COMPANY: Issues Winding Up Order
----------------------------------------
Lyves & Company Pte Ltd. issued a notice of winding up order as
follows:

Winding Up Order made on the 22nd day of August 2003.
Name and address of the Liquidator: Official Receiver

The URA Centre, East Wing
45 Maxwell Road #05-11/#06-11
Singapore 069118.

RODYK & DAVIDSON
Solicitors for the Petitioners.


TAI LEE: Winding Up Hearing Set September 12
--------------------------------------------
The petition to wind up Tai Lee Hang Plastic Manufacturer 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.
United Overseas Bank Limited, a creditor, whose address is
situated at 80 Raffles Place, UOB Plaza 1, Singapore 048624,
filed the petition with the court on August 20, 2003.

The petitioners' solicitors are Messrs Shook Lin & Bok of 1
Robinson Road #18-00, AIA Tower, Singapore 048542. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Shook Lin & Bok 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).


UNION RUBBER: Issues Notice to Creditors
----------------------------------------
Union Rubber Brokers (Private) Limited (In Liquidation) issued a
notice of creditor of intention to declared dividend as follows:

Name of Company: Union Rubber Brokers (Private) Limited.

Court Winding Up No.: High Court Winding Up No. 316 of 1989.
Address of Registered Office: Formerly of
122, Robinson Road,
Chiang Hong Building, #04-00
Singapore 068903.

Last Day of Receiving Proofs: 25th September 2003.

Name and address of Liquidator: Michael Ng Wei Teck
c/o KPMG
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.

MICHAEL NG WEI TECK
Liquidator.


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


BANGCHAK PETROLEUM: PTT Clarifies President Appointment
-------------------------------------------------------
Reference is made to the news reported on September 9, 2003 that
the Board of Directors of Bangchak Petroleum Public Co., Ltd.
(BCP) has approved a resolution to appoint Mr. Pichai
Chunhavajira, Senior Executive Vice President (SEVP), Finance
and Accounting of PTT Public Co., Ltd. (PTT) who is currently
the BCP's Director and Chairman of Financial Restructuring
Committee, to be BCP's Acting President, with effective date
from September 9, 2003 onwards.

PTT would like to clarify as follows:

   - The appointment of Mr. Pichai Chunhavajira to be BCP's
Acting President is asked by the government, the BCP's largest
shareholder, to accomplish the BCP's financial restructuring
which is expected to be completed within 3 months;

   - Mr. Pichai Chunhavajira remains the SEVP, Finance and
Accounting of PTT despite being appointed as BCP's Acting
President;

   - PTT does confirm the policy notified to the investors that
PTT would reduce its shareholding in BCP as appropriate.


RAIMON LAND: Discloses Asset Disposal Info Memorandum
-----------------------------------------------------
The Board of Directors' Meeting No.2/2003 of Raimon Land Public
Company Limited held on September 8, 2003 resolved to approve
the sale of 315,000 shares in Raimon Tower Company Limited
(Raimon Tower) at the par value of Bt100 per share (out of
671,700 shares in Raimon Tower held by the Company), being 45
percent of the total issued shares in Raimon Tower to Kudu Group
Company Limited (Kudu Group) with the selling price of
Bt36,280,000, being Bt115.174603.

The details of minimum information memorandum under Schedule (1)
attached to the SET regulation regarding criteria, conditions
and procedures for disclosure of information concerning
acquisition and disposal of assets of listed company (SET
Regulation) in connection with the sale of 315,000 shares in
Raimon Tower are as follows:

On September 8, 2003, the Board of Directors Meeting No.2/2003
of the Company resolved to approve the sale of 315,000 shares in
Raimon Tower at the par value of Bt100 per share (out of 671,700
shares in Raimon Tower held by the Company), being 45 percent of
the total issued shares in Raimon Tower to Kudu Group with the
selling price of Bt36,280,000, being Bt115. 174603.

Parties

   (1) Raimon Land Public Company Limited as the seller; and

   (2) Kudu Group Company Limited as the purchaser.

Nature of Transaction

The Company agrees to sell 315,000 shares in Raimon Tower held
by the Company at the par value of Bt100 (out of 671,700 shares
in Raimon Tower held by the Company), being 45 percent of the
total issued shares in Raimon Tower to Kudu Group with the
selling price of Bt36,280,000.

The sale of such shares in Raimon Tower by the Company is
classified as the transaction in Category 2 under the SET
Regulation.

Details of Disposed Assets

The disposed assets are 315,000 ordinary shares in Raimon Tower
at the par value of Bt100, being 45 percent of the total issued
shares in Raimon Tower. Currently, the Company holds 671,700
shares in Raimon Tower, being 95.96 of the total shares in
Raimon Tower.

Total Value of Consideration

The selling price of 315,000 shares in Raimon Tower is
Bt36,280,000, being Bt115.174603 per share.

Value of Disposed Assets

The par value and book value of 315,000 shares equal to Bt100
and Bt92.27 per share, respectively.

Pricing Methodology

Both the Company and Kudu Group agree the selling price of
Bt36,280,000 during the negotiation of the sale of such shares.

Benefit to Company

The Company will utilize the proceeds from the sale of such
shares (Bt36,280,000) for its working capital and its future
investment.

Other Information

The Company and Kudu Group are not considered as connected
persons under the SET's regulation regarding rules, procedures
and disclosure of connected transaction of listed companies.
Therefore the Company is not required to prepare a report and
disclose information according to such SET's regulation.  Kudu
Group is the company within the group of Kudu Company Limited
(Kudu), which is the Company's joint venture partner in
Strategic Property Company Limited (Strategic).

The shareholding ratios of Kudu and the Company in Strategic are
45 and 55 percent of the total shares in Strategic,
respectively.  Mr. Arthur Hugh Napolitano and Mr. Mark Michael
Reinecke, who are the directors of Strategic (as Kudu's
representative), are the directors in Kudu Group and each of
them holds shares in Kudu Group equivalent to 10 percent of the
total shares in Kudu Group.  Currently, none of Kudu's or Kudu
Group's directors have been appointed as the Company's directors
and none of Kudu's or Kudu Group's major shareholders are the
Company's major shareholders. The Company is required to send
the notice to its shareholders with the minimum information
memorandum specified in item nos.1,2,3,5(3),7 and 9 of Schedule


RAIMON LAND: Posts BOD Meeting No. 2/2003 Resolutions
-----------------------------------------------------
Raimon Land Public Company Limited, having office at 22nd Floor,
Unit 2201-3, The Millennia Tower, 62 Langsuan Road, Kwaeng
Lumpini, Khet Pathumwan, Bangkok Metropolis, notified the
resolutions of the Board of Directors Meeting No. 2/2003, held
on September 8, 2003, on the increase of the registered capital
and the allotment of the capital increase ordinary shares as
follows:

1. Capital Increase

The Board of Directors Meeting No. 2/2003 resolved to increase
the registered capital of the Company from the existing amount
of Bt2,249,280,000 to Bt2,466,710,400, by issuing 43,486,080 new
ordinary shares, par value of Bt5 each.

2. Allotment of Capital Increase Ordinary Shares.

   2.1 The Board of Directors Meeting resolved to allot
43,486,080 newly issued capital increase ordinary shares, par
value of Bt5 each, amounting to Bt217,430,400.

   2.2 In cash there are remaining ordinary shares after the
exercise for the right of the warrants holders, the Board of
Directors will allot the said shares in accordance with
resolution of the Shareholders Meeting.

   2.3 Unallotted shares remaining shares.    -none-

3. Setting the Date of Shareholders Meeting for Approval of the
Capital Increase and the Allotment of the Capital Increase
Ordinary Shares.

The Board of Directors set the date of the Extraordinary General
Meeting of Shareholders No. 1/2003, for consideration and
approval of the capital increase and allotment of capital
increase ordinary shares, to be held on 14 October 2003, with
the time and place of the meeting to be fixed by Chief Executive
Officer, and to be further notified to the Shareholders, and
fixed the closing date of share registration for entitlement of
the Shareholders to attend the Extraordinary General Meeting No.
1/2003, from 24 September 2003 until the Extraordinary General
Meeting of Shareholders will adjourn.

4. Approval of capital increase and allotment of capital
increase shares from the government agencies concerned and
conditions of approval (if any).

The Company will register the increase of the registered capital
and the paid-up capital with the Department of Business
Development, Ministry of Commerce, and apply for listing the
allotted new capital increase ordinary shares as listed
securities on the Stock Exchange of Thailand.  And the allotment
and offer of Warrants to buy ordinary shares to the Directors
and/or Employees of the Company shall also require the approval
from the Office of the Securities and Exchange Commission under
the Notification of the Securities and Exchange Commission No.
Kor. Jor. 36/2544 prior to the offer.

5. Objectives of capital increase and plans for utilizing
proceeds received from the capital increase.

   5.1  For use in the investment in the projects of the
Company.

   5.2  For use as the working capital of the Company.

6. Benefits received by the Company from capital increase /
allotment of capital increase shares.

   6.1 The capital increase will contribute an increase of the
financial liquidity of the Company.

   6.2 The capital increase will contribute an increase of the
income of the Company.

7. Benefits received by the Shareholders from capital increase /
allotment of capital increase shares.

   7.1 The Company shall maintain the dividend policy to the
Shareholders at approximately 50% of the net profits after
deduction of corporate income tax.

   7.2 Investors purchasing the capital increase ordinary shares
in this occasion shall be entitled to dividends from the
operations commencing from the fiscal year 2003 onwards.

   7.3 Warrants holders exercised the right to buy ordinary
shares of the Company will have the right to receive dividends
from the performance results of the Company, since the first
year of the exercise of right to buy ordinary shares.

   7.4 The Company will have the potential to further operate
its business and the Company may result in the Company having
opportunity to earn more income in order that the returns will
be further given to the Shareholders.

8. Other details necessary for the shareholders in support of
their decision in approval of capital increase/allotment of
capital increase shares.    -None-


SIKARIN PUBLIC: Issues Debentures; Oct 16 EGM Set
-------------------------------------------------
The Board of Directors' Meeting No. 9/2003 of Sikarin Public
Company Limited held on September 9, 2003 resolved the
following:

1. Approve of the issuance of secured debenture type of
gradually capital refund as debenture representative interest
rate 6.5% per year as not exceeding Bt300 Million to
particularly investors as the following detail.

   Type    :  Warrant debenture.
   Amount  :  Not exceeding Bt300 millions.
   Tenor   :  During the period of 10 years.
   Offering:  Inside the country to institutional investors, at
              the notification of the Securities and Exchange
              Commission.
   Purpose :  To repay the lone and reserve for working capital.

In this, all of regulations, conditions and other details such
as assurance amount, time period, interest rate, interest
payment, capital refund, debenture representative appointment,
registrar appointment, early reclamation, bank or representative
financial institutes appointment, bank or loaner financial
institutes selection etc.  It will determine of The Board of
Directors and/or The Executive Committee and/or whom was
assigned from The Board of Directors appropriately.

2.  Approve to set the date of the Extra-ordinary Meeting of
Shareholders no. 1/2003 on October 16, 2003 at 9:00 a.m. at the
convention room, 2nd floor, Sikarin hospital, 4/29 Moo 10
Srinakarin road, Bangna Subdistrict, Bangna District, Bangkok
and set the closing date of the Company' share register to
determine the right of shareholders to be held on September 26,
2003 at 12:00 p.m. (noon) until the end of the meeting. Agenda
are as follows:

        1.  To notify;
        2.  To consider approval the minutes of the Meeting of
            Shareholders no. 25;
        3.  To consider approval of the issuance of secured
            debenture for Bt300 millions;
        4.  Other matters (if any).


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

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