TCRAP_Public/030916.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Tuesday, September 16, 2003, Vol. 6, No. 183

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Update on Anaconda Settlement Deed Payment
DUKE ENERGY: Fitch Lowers Senior Unsecured Debt Ratings to 'BBB'
LOY YANG: Malaysian Firm Joins Fray, Offers Undisclosed Amount
WATTLE GROUP: Four Wattle Administrators Plead Guilty


C H I N A  & H O N G K O N G

EZCOM HOLDINGS: Admits HK$34M Overstatement on Unit's Books


I N D O N E S I A

INDONESIAN SATELLITE: Lowers Value of Bond Issue to IDR1.7Tr


J A P A N

CROSSWAVE COMMUNICATIONS: Starts Reorganization Proceedings
CROSSWAVE COMMUNICATIONS: Board Member Fushimi Retires
DAIEI INC.: Auctions Fukuoka Operations This Week
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
MATSUSHITA ELECTRIC: Unveils Interest Rate Risk

MAZDA MOTOR: Develops New Paint Stripping Technology
NIPPON STEEL: Nagoya Plant Catches Fire Again
NIPPON TELEGRAPH: Issues Interim Dividend Proposal
SAKAI IRON: Files for Rehabilitation Proceedings

* Japan Corporate Bankruptcies Down 15.4% in August


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

HANARO TELECOM: LG Reconfirms Plan to Take Over Telecom
SK CHEMICAL: Shutting Down Fabric Production Facility
SK GLOBAL: Agrees to Remove Bank One Frozen Account to Wachovia
SK GLOBAL: Auditor Young Wha Fined For Misstatements


M A L A Y S I A

BERJAYA GROUP: Disposes of Shares in SMCSB
HONG LEONG: Unveils CGB Shares Disposal
HUME INDUSTRIES: Unveils Proposed Disposal Details
KUALA LUMPUR INDUSTRIES: Proposes Debt Restructuring Scheme
LONG HUAT: Appoints Ernst & Young as Investigative Auditor

PARIT PERAK: SC Okays Restructuring Proposal
SJA BERHAD: Enters Winding Up Petition
SPORTMA CORP.: Appoints Tan Kim Leong as Provisional Liquidator


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Seeks US$120M Loan for Cellular Unit
NATIONAL POWER: Posts H103 Php34B Net Loss
RAMCAR INC.: Court Okays Amended Rehab Plan


S I N G A P O R E

DANA ASIA: Releases Debt Claim Notice to Creditors
HAW PAR: Unit Appoints Liquidator
HOTEL MALAYSIA: Proposes Voluntary Liquidation
L&M GROUP: Sees Tough Business Conditions in the Next 12 Months
NEPTUNE ORIENT: Post Changes in Director's Shareholding

SIN HENG: Creditors to Submit Claims by September 29
STRIKE ENGINEERING: Posts FY03 S$26.6M Net Loss
ZURICH CAPITAL: Issues Notice to Creditors


T H A I L A N D

JASMINE INTERNATIONAL: Court OKs Fund Transfer to Offset Loss
THAI PETROCHEMICAL: Explains Auditor's Opinion in Latest Books
TPI POLENE: Restates First Quarter Financial Statements

     -  -  -  -  -  -  -  -


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


ANACONDA NICKEL: Update on Anaconda Settlement Deed Payment
-----------------------------------------------------------
Queste Communications Ltd and its 48.817% controlled entity
Central Exchange Ltd are pleased to provide this weekly update
on the status of the possible payment by Anaconda Nickel Ltd to
Central Exchange of the sum of AU$18,937,738 [as indexed by
United States Consumer Price Index (US CPI)], pursuant to a
settlement deed between Anaconda and Central Exchange.

Settlement Deed Payment Calculations

(1) Current LME nickel price                    US$4.541/Lb
    -- 12th September 2003

(2) Current US CPI indexed LME                  US$4.079/lb
    nickel Trigger Price

(3) 12 month average LME nickel                 US$3.693/lb
    price to 12th September 2003

(4) Shortfall/Gap between LME nickel            US$0.386/lb
    trigger price and 12th month
    average LME nickel price

(5) Current 5 day average LME nickel            US$4.454/lb
    price - 8th to 12th September 2003

(6) Estimated date when Trigger Price           5 January 2004
    is attained (i.e. The date when the
    12 month Average LME nickel price
    would exceed the Trigger Price) if (5)
    is sustained and US CPI remains at
    183.9

The Companies note that the shortfall/Gap between LME nickel
Trigger Price and the 12 month Average LME nickel price has
decreased by US$.03 cents since the previous week and the date
when the Trigger Price is forecast to be attained is now 3 days
earlier that last week's forecast.

The above table is based upon calculations made by Central
Exchange and Queste consistent with the terms of the settlement
deed.  The projected date of payment is forecast assuming that
the previous 5 days' LME nickel price prior to the date of this
announcement is sustained and based upon the latest published US
CPI.  Under the terms of the Settlement Deed, Anaconda is
required to review every month on the "Review Date" whether
payment has been triggered and advise Central Exchange in
writing accordingly.  Central Exchange and Queste will also
provide this information from Anaconda as and when it is
received.

For further information, please contact William Johnson on
telephone numbers (08) 921-497-97


DUKE ENERGY: Fitch Lowers Senior Unsecured Debt Ratings to 'BBB'
----------------------------------------------------------------
Fitch Ratings lowered the senior unsecured debt ratings of Duke
Energy Corp (DEC) and Duke Capital Corp to BBB-plus and BBB-
minus, respectively.  The ratings of subsidiaries PanEnergy Corp
and Texas Eastern Transmission, LP are lowered to BBB-minus and
BBB' respectively.

The ratings assigned to Duke Energy Australia Pty Ltd's medium-
term notes and commercial paper program were also lowered to
BBB-minus and F3, respectively.  The rating outlook for each of
the DEC entities mentioned above remains negative. The BBB
senior unsecured debt ratings of Duke Energy Field Services were
unaffected.

The changes are primarily driven by the continued under-
performance and poor outlook for Duke Capital Corp's merchant
energy business, and substandard investment returns on
international energy operations.

Because of the weak earnings in those business segments and the
substantial debt burden at Duke Capital Corp, leverage -- as
measured by debt to earnings before interest, tax, depreciation
and amortisation (EBITDA) -- is high at both Duke Energy
consolidated and at Duke Capital Corp and more reflective of the
new ratings.

Other credit measures have also been negatively affected and
will continue to be pressured by the two underperforming
business units.

The ratings of Duke Capital Corp also consider the strong cash
flow generated by the gas transmission business and strength
derived from ownership by DEC and assumes continued equity
support from DEC. The ratings of Texas Eastern Transmission, LLC
and PanEnergy Corp are constrained by those of Duke Capital
Corp.

Favorably, asset sales have exceeded expectations and should
allow for meaningful debt reduction at Duke Capital Corp. in
2003 and beyond. At the DEC consolidated level, the debt
reductions will be partly offset by external financing needs at
the franchised electric business.

Meeting forecasted debt reduction targets will be critical to
maintaining existing ratings. The execution risk associated with
ongoing assets sales as well as continued weakness in the
domestic merchant energy sector and the questionable value of
underperforming assets account for the negative outlook.

The continued strong performance of Duke Power, DEC's regulated
electric utility business, accounts for the higher ratings of
Duke Energy. The utility continues to generate healthy regulated
returns, but will require external financing in each of the next
several years to meet its large capital program and common
dividend requirement.

Capital expenditures reflect an agreement with the North
Carolina Public Service Commission requiring environmental
expenditures of approximately US$1.5 billion over the period
2003-2013. Capital requirements have also been increased by
capital infusions into Duke Capital Corp.


LOY YANG: Malaysian Firm Joins Fray, Offers Undisclosed Amount
--------------------------------------------------------------
The race for troubled Australian power station, Loy Yang, is
getting interesting.  Malaysian firm, Genting Bhd, has
reportedly offered an undisclosed amount for the company, Dow
Jones said yesterday.

The bid rivals that of a consortium led by Australian Gas Light
Co., Tokyo Electric Power Co. and a group of financial investors
led by Commonwealth Bank of Australia.  This group is offering
AU$3.5 billion for Loy Yang.

An unnamed source close to the Malaysian firm told Dow Jones
Genting is bidding alone and is being advised by Citigroup.  The
bid was lodged Friday last week.


WATTLE GROUP: Four Wattle Administrators Plead Guilty
-----------------------------------------------------
Four men associated with the Gold Coast-based Australasian
Management Consultants Pty Ltd (AMC) have pleaded guilty in the
Brisbane District Court to being knowingly concerned in the
promotion of prescribed interests, in contravention of the
Corporations Act.

Messrs Robert Murray Cooper and Brian Michael Wood, both
directors of the company, each pleaded guilty to 21 counts.
Messrs Lloyd Reginald Ross and Kevin Thomas Browne, both
employees of the company, pleaded guilty to three and two
counts, respectively.

The defendants were charged following an investigation by the
Australian Securities and Investments Commission (ASIC) into the
failed Wattle Group investment scheme, which raised more than
AU$160 million from over 2700 investors across Australia.

The charges against Mr. Cooper and Mr. Wood relate to fourteen
investors who lost approximately AU$652,795 invested in the
Wattle scheme. AMC received commissions from the Wattle Group of
up to five per cent per month on investor funds it sourced.

The defendants will be sentenced on 6 October 2003. The matter
was prosecuted by the Commonwealth Director of Public
Prosecutions.

Background

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

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


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


EZCOM HOLDINGS: Admits HK$34M Overstatement on Unit's Books
-----------------------------------------------------------
Ezcom Holdings confessed recently it grossly overstated the
profit of Ezcom Technology Ltd, a subsidiary whose books should
have shown a profit of HK$33.3 million instead of HK$67.7
million for the seven months to October 31, 2002, AFX-Asia said.

The company blamed human error for the overstatement, adding it
is an isolated case.  Despite this, the company commissioned an
independent accounting audit firm to conduct a review of its
financial information reporting process.  This audit firm
recently recommended that Ezcom develop and perform independent
checking and reconciliation procedures over system-generated
outputs and to define clearly and communicate the procedures to
the relevant personnel involved.

"The company adopted the recommendations and put in place a
four-member special unit to hold responsible for quality control
of all information to be published in public documents in the
future," AFX-Asia said citing an Ezcom statement.

Meanwhile, the company said it has set off a debt due from Lamex
China Ltd against the debt owed by Ezcom's majority
shareholders, Kok Kin Hok and Li Tung Wai.  The company defended
its move not to immediately disclose this transaction, saying
the set-off arrangement had a zero value to the company and
therefore exempt from connected transaction disclosure
requirements under the Listing Rules of the Stock Exchange of
Hong Kong.

But the Stock Exchange said it considered this a connected
transaction that should have been disclosed and is making
enquiries as to the appropriate action to be taken against the
company, AFX-Asia said.


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


INDONESIAN SATELLITE: Lowers Value of Bond Issue to IDR1.7Tr
-------------------------------------------------------------
Indonesian Satellite Corp. will pursue its planned bond issue
but only for up to IDR1.75 trillion worth of paper, instead of
the previously reported IDR3 trillion, Dow Jones said yesterday.

As earlier reported, the proceeds will be used to refinance the
debt of cellular unit, PT Satelite Palapa Indonesia.  The
company did not explain why it lowered the value of the
transaction.  The new bonds will carry maturities of five and
seven years.  PT Andalan Artha Advisindo, PT ING Securities
Indonesia will jointly lead underwrite the issue.  The timing
and coupon rates haven't yet been finalized, report said.

It said the local bond issue would allow the company to extend
its loan tenors, take advantage of the low interest rate
environment, and reduce risks stemming from exposure to foreign
currency and interest rate fluctuations.  Besides the rupiah
bond issue, the company will also offer up to US$300 million in
international bonds later this year to refinance some of the
US$900 million debt coming due.

The company's debt load increased in 2002 when it bought
Satelite Palapa, the nation's second-largest cellphone company.
Much of the unit's US$360 million debt is in short-term
borrowings, including bonds and bank loans.


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


CROSSWAVE COMMUNICATIONS: Starts Reorganization Proceedings
-----------------------------------------------------------
Crosswave Communications, Inc. and its Japanese subsidiaries,
Crosswave Facilities Inc. and Crosswave Services Inc. (together
with the above three companies, Crosswave), recently announced
that Crosswave received an order for the commencement of its
corporate reorganization proceedings from the Tokyo District
Court on August 28, 2003. The court appointed the former
preservative administrator, Masaaki Oka, to serve as the
reorganization administrator.

About Crosswave

Crosswave Communications Inc. is a data communications carrier
offering customer's reliable and versatile broadband networks
and network services, enabling them to streamline and innovate
their business infrastructure. Founded in 1998 by Internet
Initiative Japan, Sony Corporation and Toyota Motor Corporation,
the Company has made groundbreaking changes in the Japanese
telecommunications market by offering a completely data-centric
network. Currently, 90% of the traffic on Crosswave's nationwide
network infrastructure is Ethernet-based, provided mainly
through its flagship, Wide-area Ethernet Platform Service.
Launched in 1999, the Wide-area Ethernet Platform service
introduced a brand new type of network service to the market.
The Company's fully integrated data centers and other services
have redefined the role of carrier services by accommodating
entire corporate system requirements. With the quality of its
networks and its wide-ranging value-added features, the company
has been a pioneer in the development of the data communications
market in Japan. The Company offers its services to a diverse
base of over 400 customers including many blue-chip companies in
Japan.


CROSSWAVE COMMUNICATIONS: Board Member Fushimi Retires
------------------------------------------------------
Crosswave Communications, Inc. (Crosswave) announced the
retirement of Mr. Yasuharu Fushimi, Chief Financial Officer,
from the Board of Directors, effective August 15, 2003.

As a result of Crosswave filing voluntary petitions for
commencement of corporate reorganization proceedings with the
Tokyo District Court on August 20, 2003, board members no longer
have the authority to conduct business on behalf of Crosswave.
The preservative administrator to be appointed by the Court has
responsibility to continue the business as its representative
under the Japanese Corporate Reorganization Law.

Contact:
Hiroaki Tsuno, Taisuke Ono
Crosswave Communications Inc. Media / Investor Relations Office
Tel: +81-3-5205-4580
Fax: +81-3-5205-4691
E-mail: ir@cwc.co.jp
URL: http://www.cwc.co.jp/


DAIEI INC.: Auctions Fukuoka Operations This Week
-------------------------------------------------
Daiei Inc. will auction its Fukuoka operations anytime this
week, with U.S. fund Ripplewood Holdings LLC among those
expected to bid, Namnews reported on Friday. The move is aimed
at reducing Daiei's huge debt burden as it undergoes a sweeping
rehabilitation with support from the government and banks.
Ripplewood has been aggressively bidding for distressed Japanese
assets, hoping to profit by turning the businesses around.

Daiei's Fukuoka operations, which include the popular Fukuoka
Daiei Hawks baseball team, its stadium and a hotel, are saddled
with about 120 billion yen ($1.03 billion) in interest-bearing
debt.


MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, has purchased a portion of its own
shares from the market in conformity with provisions of Article
210 of the Japanese Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock

2. Period of purchase: Between August 28, 2003 and September 12,
2003

3. Aggregate purchase amount: 14,998,751,000 yen

4. Aggregate number of shares purchased: 9,782,000 shares

5. Method of purchase: Shares were purchased on the Tokyo Stock
Exchange

(Reference)

1) The following are the resolutions that were approved at the
ordinary general meeting of shareholders held on June 27, 2003:

-- Class of shares: Common stock

-- Aggregate number of shares to be purchased: Up to 200 million
shares

-- Aggregate purchase amount: Up to 200 billion yen

2) Cumulative total of shares repurchased through September 12,
2003:

-- Aggregate purchase amount: 29,998,568,000 yen
-- Aggregate number of shares purchased: 20,268,000 shares

SOURCE: Matsushita Electric Industrial Co., Ltd.

CONTACT: Panasonic Finance (America), Inc.
         Akihiro Takei, 212-698-1365


MATSUSHITA ELECTRIC: Unveils Interest Rate Risk
-----------------------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
Matsushita Electric Industrial Co.'s exposure to market risk for
changes in interest rates relates principally to its debt
obligations. The Company has long-term debt primarily with fixed
rates. Fixed-rate debt obligations expose the Company to
variability in their fair values due to changes in interest
rates. To manage the variability in the fair values caused by
interest rate changes, the Company enters into interest rate
swaps when it is determined to be appropriate based on market
conditions. Interest rate swaps change fixed-rate debt
obligations to variable-rate debt obligations by entering into
fixed-receiving, variable -paying interest rate swap contracts.

The hedging relationship between interest rate swaps and hedged
debt obligations is highly effective in achieving offsetting
changes in fair values resulting from interest rate risk. The
following tables provide information about the Company's
derivative financial instruments and other financial instruments
that are sensitive to changes in interest rates at March 31,
2003 and 2002. For debt obligations, the table presents
principal cash flows by expected maturity dates, related
weighted average interest rates and fair values of financial
instruments. For interest rate swaps, the table presents
notional principal amounts and weighted average interest rates
by expected maturity dates. Notional principal amounts are used
to calculate the contractual payments to be exchanged under the
contracts.


MAZDA MOTOR: Develops New Paint Stripping Technology
----------------------------------------------------
Mazda Motor Corporation has developed a new paint stripping
process utilizing optical separation technology developed in
conjunction with local machinery maker Satake Corporation.
Employed in bumper recycling, the new process significantly
increases the percentage of paint that can be removed from the
bumper surface resulting in strong, high quality material that
is suitable for re-use in the manufacturing of new bumpers.

The improved paint stripping process combines optical separation
technology, which removes impure pieces from grains, with the
conventional paint stripping process. After removing the paint,
pellets are sorted using an optical sensor, which detects those
with traces of paint still attached so that they can be removed.
Compared to grains, the recycled pellets are flat and of various
sizes. For this reason, the process had to be refined to better
suit the properties of the pellets. For example, the pellets are
sorted according to size beforehand to increase the accuracy of
separation. As a result, Mazda has successfully improved the
rate of paint removal from 99 percent to around 99.9 percent. In
addition, the time required for the overall process of paint
stripping and one-third has reduced separation.

Since 1992 Mazda has been collecting damaged bumpers from
dealers and recycling them for use as undershields. In 2001, the
automaker utilized paint stripping technology owned by Takase
Gosei Kagaku Corporation, a plastics recycling Company, to
produce recycled material with the same strength as new
material, which was used for making bumper reinforcement parts.
Furthermore, in 2002 Mazda improved the rate of paint removal
from 98 percent to 99 percent and since July 2003, has been
using this material in the grained surface bumper of its MPV
minivan. In this way, Mazda has continued to expand the use of
recycled materials in bumpers.

The improved recycling process expands the future applications
of recyclable materials by producing high quality recyclable
material that can be re-used in the manufacturing of painted
bumpers with a smooth finish. Following further research and
testing, Mazda plans to introduce this new technology into mass
produced models in 2004 aiming to utilize recycled material for
around twenty to thirty percent (weight base) of the bumper
material. Recycling technologies are expected to become
increasingly important in the future as carmakers strive to
improve automobile recycling. Mazda believes that this
technology will provide a strong foundation as the Company
continues to pursue the development of further technologies in
this field.

About Mazda Motor Corporation

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

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

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

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


NIPPON STEEL: Nagoya Plant Catches Fire Again
---------------------------------------------
Nippon Steel Corporation's Nagoya plant, which was shut down
after a fire and a gas tank explosion last week, was on fire
again on Friday, Reuters reports, citing an unnamed official
from a local fire department. The official said the fire started
at a different tank, not the one that exploded last week.

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


NIPPON TELEGRAPH: Issues Interim Dividend Proposal
---------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) announced that
a record date has been fixed at September 30, 2003 for interim
dividends for the fiscal year ending March 31, 2004 which is
subject to the approval of the Minister of Public Management,
Home Affairs, Posts and Telecommunications of Japan.


SAKAI IRON: Files for Rehabilitation Proceedings
------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Sakai Iron
Works Co., Ltd., which is a customer of its banking subsidiary,
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura),
filed an application for commencement of civil rehabilitation
proceedings with the Osaka District Court. As a result of this
development, there arose a concern that the claims to the
Company may become irrecoverable or its collection may be
delayed. Details were announced as follows:

1. Outline of the Company

(1) Corporate name Sakai Iron Works Co., Ltd.
(2) Address 3-1 Dejima-Nishimachi, Sakai-shi, Osaka-fu
(3) Representative Iwao Sakai
(4) Amount of capital 1,025 million yen
(5) Line of business Manufacturing of penstocks and bridges

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
September 9, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 3.4 billion yen

Exposure of Daiwa Factor and Leasing Claims on Leasing: 0.2
billion yen

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

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The aforementioned claims are covered by collateral. Therefore,
this development does not affect the earnings forecasts of
Resona HD for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.


* Japan Corporate Bankruptcies Down 15.4% in August
---------------------------------------------------
The number of corporate bankruptcies in Japan fell 15.4 percent
in August from a year earlier to 1,321, Teikoku Databank Ltd.
said on Friday. This marks the eighth consecutive monthly
decline, according to the credit research firm Teikoku Databank.

Teikoku Databank attributed the decline primarily to risk-averse
business strategies adopted by a number of companies, along with
an improved public sector financing system that helped prevent
struggling firms from going under.

Combined debts left by the failed companies stood at 1.17
trillion yen, marking an increase of 10.8 percent from a year
before and the second highest figure for August since World War
II, according to Teikoku Databank.

The credit research firm's report covers failures involving
liabilities of 10 million yen or more.



=========
K O R E A
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HANARO TELECOM: LG Reconfirms Plan to Take Over Telecom
-------------------------------------------------------
LG Group vowed again its plan to acquire Hanaro Telecom over the
weekend, according to the Maeil Business Newspaper, citing LG
Group telecommunications business President Chung Hong-shik. LG
would make its utmost efforts to acquire the ailing Hanaro
Telecom by turning down a US$500 million offer for Hanaro
Telecom by foreign investors.

"When our plan to take over Hanaro is finished, we will
officially submit it to the Ministry of Information and
Communication," Chung said in a press interview.


SK CHEMICAL: Shutting Down Fabric Production Facility
-----------------------------------------------------
A fabric production facility of SK Chemical in Suwon was shut
down last week after 50 years in operation, according to the
Korea Times. Company officials said fabrics are quickly becoming
a subset industry and snowballing losses had accumulated to more
than 80 billion won, thus leaving SK Chemical with no choice but
to close the plant. All employees recently handed in their
resignations to make way for restructuring.


SK GLOBAL: Agrees to Remove Bank One Frozen Account to Wachovia
---------------------------------------------------------------
Prior to the Petition Date, SK Global America Inc., deposited
funds in Account No. 707002380 located at Bank One's Chicago,
Illinois branch.

SK Global America Inc. is a subsidiary of South Korea's SK
Global.

On April 7, 2003, Kookmin Bank, New York Branch commenced an
action by filing a motion for summary judgment in lieu of
complaint against the Debtor and the Debtor's Parent, SK Global
Co., Ltd., in the New York State Supreme Court, New York County,
seeking money judgment in connection with certain loans made to
the Debtor for $20,000,000.

Subsequently, Kookmin commenced another action in the Circuit
Court for Cook County, Illinois on April 22, 2003, and filed a
complaint and a motion seeking an attachment order authorizing
the Sheriff of Cook County, Illinois to attach up to $20,000,000
in the Bank One Account to secure payment of a judgment in
Kookmin's favor. That same day, the Illinois Court granted the
Attachment Motion and issued the Kookmin Attachment Order. Bank
One was thereafter served with the Kookmin Attachment Order.

The New York State Supreme Court granted the Kookmin Summary
Judgment Motion on May 13, 2003, and issued a $20,000,000 money
judgment, plus accrued interest, against the Debtor and its
parent SK Global Co., in Kookmin's favor.

Kookmin and the Debtor then entered into a Terms of Agreement,
dated June 24, 2003, and an Agreed Order, dated June 25, 2003,
under which Kookmin agreed to forbear from further enforcement
of the Judgment. The next day, the Illinois Court executed and
entered the Agreed Order, which also incorporated by reference
the Terms of Agreement.

On April 17, 2003, Korea Exchange Bank, New York Branch
commenced an action against the Debtor and SK Global in the New
York State Supreme Court seeking to recover a money judgment for
certain loans made to the Debtor for $70,000,000. As a result,
the New York State Supreme Court directed the Debtor to maintain
at least $50,000,000 in the Bank One Account.

Pursuant to the State Court Orders -- the KEB Order and the
Kookmin Attachment Order -- Bank One placed a freeze on the Bank
One Account, prohibiting the Debtor from reducing the funds held
to not less than $70,000,000.

The funds in the Bank One Frozen Account constitute property of
the Debtor's estate pursuant to Section 541(a) of the Bankruptcy
Code, and the Debtor desires to use those funds in the ordinary
course of its business operations to pay postpetition wages,
salaries, insurance premiums and other necessary operating
expenses, all of which are necessary to the continued operation
of its business.

Under the July 25, 2003 Interim Order authorizing the Debtor to
continue using its existing cash management system and bank
accounts, unless Bank One is approved by the U.S. Trustee for
the Southern District of New York as an Authorized Bank
Depository for the Southern District of New York, the Debtor
must transfer all funds held in its accounts at Bank One,
including the Bank One Frozen Account, to an Authorized Bank.
However, Bank One notified the Debtor that it would not seek to
qualify as an Authorized Bank. In turn, the Debtor advised Bank
One that it has established an account at Wachovia Bank, which
is an Authorized Bank, and seeks to transfer the Frozen Account
funds there.

Bank One expressed its approval of the arrangement and informed
the Debtor of its willingness to remove the Freeze and transfer
the funds in the Bank One Frozen Account to Wachovia Bank under
certain terms and conditions.

Accordingly, the Debtor and Bank One stipulate and agree that:

(a) Bank One will remove the Freeze and wire transfer the funds
in all of the Debtor's accounts maintained at Bank One,
including the Bank One Frozen Account, to the Debtor's Account
No. 2000003536980 at Wachovia Bank. The Debtor will provide Bank
One with wire transfer instructions;

(b) After the transfer, the Debtor will have use of the funds in
the Wachovia Account to pay its necessary operating expenses,
subject to:

-- the Debtor's rights and responsibilities as a debtor-in-
possession; and

-- any Court Order;

(c) The Debtor will seek approval of these provisions by the
Court, on notice to Kookmin, Korea Exchange Bank, the U.S.
Trustee, the Debtor's twenty largest unsecured creditors, and
any party having filed a notice of appearance in SK Global's
case; and

(d) Bank One will be released from any liability to the Debtor
for implementing the Freeze or for any alleged violation of the
Bankruptcy Code for maintaining the Freeze.

The Debtor asks Judge Blackshear to approve the Stipulation. (SK
Global Bankruptcy News, Issue No. 4; September 5, 2003)


SK GLOBAL: Auditor Young Wha Fined For Misstatements
----------------------------------------------------
On August 20, 2003, The Securities Futures Commission, a panel
under the Financial Supervisory Service, fined SK Global Co.'s
accounting firm, Young Wha Corp., 320,000,000 won or $272,000
for accounting misstatements and failure to recognize fraud in
SK Global.

According to Young-Sam Cho of Bloomberg News, the panel believes
that SK Global's executives should also be fired for their roles
that led to the accounting fraud.  Since SK Shipping, which is
48 percent owned by SK Corp., refused to disclose loans made to
SK Global, the Panel also wants SK Shipping's executives
indicted for obstructing an audit of its accounts.  Furthermore,
the panel recommends financial regulators to investigate 11
unidentified local banks, one foreign lender and two brokerages
for providing false information in an audit of SK Global.

Consequently, SK Global's overseas creditors approved of the
panel's decisions. (SK Global Bankruptcy News, Issue No. 4;
September 5, 2003)


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


BERJAYA GROUP: Disposes of Shares in SMCSB
------------------------------------------
On 23 May 2002, Berjaya Group Berhad (B-Group) announced the
proposed Sun Media Corporation Sdn Bhd (SMCSB) shares disposal
and subsequently, the Company had obtained approval from its
shareholders on the Company's proposed disposal of the entire
19.53 percent equity interest in SMCSB comprising 21,485,310
ordinary shares of RM1.00 each to Nexnews Berhad (Nexnews) for a
sale consideration of rm7,812,000 to be satisfied by the
issuance of 7,812,000 new irredeemable convertible preference
shares of RM0.10 each (ICPS) in Nexnews at an issue price of
rm1.00 per ICPS and the subsequent proposed sale of the rights
to allotment of the entire ICPS to Net Edge Online Sdn Bhd for a
cash consideration of rm7,812,000 (proposed SMCSB shares
disposal). in an Extraordinary General Meeting (EGM) held on 16
July 2003.

Prior to the EGM, the Securities Commission (SC) had via its
letter to Nexnews dated 9 April 2003 approved, inter-alia, the
Proposed SMCSB Shares Disposal with the condition that the
vendors of SMCSB shares (Vendors) are required to indemnify
Nexnews for any amount of damages awarded by the court against
SMCSB in relation to all legal proceedings occurred prior to the
acquisition of SMCSB by Nexnews.

Subsequently, the Vendors has exercised their right under the
share sale agreement and requested Nexnews to appeal to the SC
for a variation of the said condition to 50 percent of the
damages instead of the full amount as required by the SC. The
appeal was made on 2 May 2003 and currently it is pending the
decision from the SC.

After further due consideration of the above matter, the Board
of Directors of B-Group wishes to announce that the Company will
now accept the condition of the SC and will move forward to
complete the Proposed SMCSB Shares Disposal.


HONG LEONG: Unveils CGB Shares Disposal
---------------------------------------
Hong Leong Industries Berhad (HLI) announced that:

a) On 10 September 2003 and 11 September 2003, it had acquired
6,000 ICULS and 5,000 ICULS (CGB ICULS) respectively
representing in total 0.01 percent of the outstanding ICULS of
CAMERLIN GROUP BERHAD (CGB), for a total cash consideration of
RM11,378.36 (including brokerage and stamp duty charges)
(Acquisition); and

b) On 10 September 2003 and 11 September 2003, HLI Trading
Limited (HLIT), a wholly-owned subsidiary of the Company, had,
on each day, disposed of 5,000 ordinary shares of RM1.00 each in
CGB (CGB Shares), representing in total 0.003 percent of the
issued and paid-up share capital of CGB, for a total cash
consideration of RM11,896.37 (after deduction of brokerage and
stamp duty charges) (Disposal)

(The Acquisition and the Disposal are collectively referred to
as Transactions).

The Transactions were transacted through the open market. The
Acquisition and Disposal considerations were arrived at after
taking into account the prevailing market price of ICULS and
ordinary shares of CGB traded on the Kuala Lumpur Stock
Exchange. The net proceeds from the Transactions will be
utilized for working capital purposes.

The original cost of investment of HLIT for the CGB Shares for
the period from 11 August 1997 to 11 April 2000 was RM204,510.00
or RM4.01 per CGB Share. However, at Group level, the HLIT's
carrying cost in the CGB Shares is nil as the cost of investment
had been fully set off by share of post acquisition losses of
CGB. The Disposal had resulted in a gain of RM11,896.37 at the
HLI Group level.

The Transactions are in line with the principal activities of
HLI and HLIT of investment holding and investment trading
respectively.

The Transactions had no effect on the share capital and major
shareholders' shareholdings in HLI. The Transactions will not
have any impact on the HLI Group's net tangible assets and
earnings per share for the financial year ending 30 June 2004.
Hong Leong Company (Malaysia) Berhad is a major shareholder of
HLI and CGB. YBhg Tan Sri Quek Leng Chan is a Director and major
shareholder of HLI and CGB. Mr Kwek Leng San, a Director of HLI
and CGB, is a brother of YBhg Tan Sri Quek Leng Chan. Save as
disclosed, the Company is not aware of any of its other
Directors, major shareholders and persons connected with them,
has any interest, direct or indirect, in the Transactions.

The Transactions are not subject to the approval of shareholders
or any governmental authority.

The Board of Directors of the Company is of the opinion that the
Transactions are in the best interest of the HLI Group.


HUME INDUSTRIES: Unveils Proposed Disposal Details
--------------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB) proposed to seek
stockholders' approval to undertake the disposal of up to
941,000 ordinary shares of RM1.00 each (OYL Shares),
representing up to 0.72 percent of the issued and paid-up share
capital of OYL through the open market/placement through
stockbroker(s).

The proposed disposal of OYL Shares is referred to as the
"Proposed Disposal" and the stockholders' approval for the
Proposed Disposal is referred to as "Share Disposal Mandate".

DETAILS OF THE PROPOSED DISPOSAL

On 7 April 2003 and 11 July 2003, the Company announced that it
and its wholly-owned subsidiary, Hume Plastics (Malaysia) Sdn
Berhad (HPlastics), disposed of 801,166 OYL Shares in aggregate,
for a total consideration of RM18,584,014.18 (after deduction of
brokerage and stamp duty charges) of which 742,166 OYL Shares
(700,586 OYL Shares held by HIMB and 41,580 OYL Shares held by
HPlastics) representing 0.57 percent of the issued and paid-up
capital of OYL, were disposed of at RM22.98 per OYL Share (after
deduction of brokerage and stamp duty charges) and 59,000 OYL
Shares (held by HIMB) representing 0.04 percent of the issued
and paid-up capital of OYL, were disposed of at RM25.97 per OYL
Share (after deduction of brokerage and stamp duty charges)
(collectively referred to as "said Disposals). The said
Disposals were direct business transactions through a
stockbroker. The relevant percentage ratio of the said Disposals
as determined in accordance with paragraph 10.02(h) of the
Listing Requirements of Kuala Lumpur Stock Exchange (Listing
Requirements) is 4.99 percent. After the said Disposals, HIMB
holds a balance of 941,000 OYL Shares, representing 0.72 percent
of the issued and paid-up share capital of OYL.

The Company proposes to further dispose of up to 941,000 OYL
Shares via the open market/ placement through stockbroker(s).
The Proposed Disposal shall be at prices which shall not be more
than ten percent (10 percent) discount to the 5-day weighted
average market price of OYL Shares preceding the relevant dates
of the transactions, provided that the minimum selling price
shall be above the original cost of investment of the said
941,000 OYL Shares. The actual quantum of OYL Shares that can be
disposed of pursuant to the stockholders' mandate for the
Proposed Disposal shall depend on the selling price(s) such that
the aggregate consideration for the disposal of the said 941,000
OYL Shares (including the said Disposals as announced on 7 April
2003 and 11 July 2003) shall not in any 12-month period be equal
to or exceed 25 percent of the relevant percentage ratio as set
out in paragraph 10.02 (h) of the Listing Requirements.

Upon the disposal of said 941,000 OYL Shares, the HIMB Group
will not hold any shares in OYL.

The Share Disposal Mandate shall be valid for a period of one
(1) year from the date of the stockholders' approval at the
forthcoming Extraordinary General Meeting (EGM).

The original cost of investment for the said 941,000 OYL Shares
made during the period from 1989 to 1997 was RM7,189,468 or
RM7.64 per OYL Share.

The OYL Shares shall be disposed of free from all liens, charges
and other encumbrances and with all rights attaching thereto
including, without limitation, all rights, bonuses and dividends
declared or paid after the relevant dates of the transactions.

INFORMATION ON OYL

OYL was incorporated on 4 February 1974 and is listed on the
Main Board of the KLSE on 5 June 1986. The authorized share
capital of OYL is RM200,000,000 divided into 200,000,000
ordinary shares of RM1.00 each and the present adjusted issued
and paid-up capital (after adjusting for the 6,125,800 OYL
treasury shares) as at 5 September 2003 is RM131,657,745
comprising 131,657,745 ordinary shares of RM1.00 each. The
audited NTA as at 30 June 2002 and profit after tax of OYL for
the financial year ended 30 June 2002 are RM643.78 million and
RM262.84 million respectively. The unaudited net tangible assets
(NTA) of OYL as at 30 June 2003 and profit after tax of OYL for
the financial year ended 30 June 2003 are RM795.98 million and
RM276.34 million respectively.

OYL is principally an investment holding Company and is also
engaged in the manufacture and sale of air-conditioning
equipment. The principal activities of OYL's subsidiaries
include the design, manufacture, marketing, distribution,
installation and servicing of heating, ventilation and air
conditioning systems and products, air filtration systems and
products, refrigeration and freezing systems and products and
electronic products.

RATIONALE FOR THE SHARE DISPOSAL MANDATE

The said 941,000 OYL Shares, together with the 801,166 OYL
Shares disposed of earlier, represent the rump OYL Shares held
after the recent completion of the demerger of OYL Shares to
stockholders of HIMB.

The Share Disposal Mandate will provide HIMB the flexibility to
effect the Proposed Disposal at the opportune time to realize
potential gains from the said OYL Shares.

The sale proceeds arising from the Proposed Disposal would be
used for working capital purposes.

EFFECTS OF THE SHARE DISPOSAL MANDATE

5.1 Share capital and major stockholders' stockholding

The Share Disposal Mandate will not have any effect on the share
capital and major stockholders' stockholdings in HIMB.

Earnings and NTA

As the prevailing market price of the OYL shares is higher than
the original investment cost of the said OYL Shares, the HIMB
Group is expected to realize a gain from the Proposed Disposal.
The extent of the increase in earnings and NTA per share will be
dependent on the actual selling prices and the quantum of the
OYL Shares disposed of pursuant to the Share Disposal Mandate.

DIRECTORS' AND MAJOR STOCKHOLDERS' INTERESTS

Hong Leong Company (Malaysia) Berhad is a major
stockholder/shareholder of HIMB and OYL. Y Bhg Tan Sri Quek Leng
Chan is a Director and major stockholder/shareholder of HIMB and
OYL. Mr Kwek Leng San is a Director of HIMB and OYL and a
brother of Y Bhg Tan Sri Quek Leng Chan.

Save as disclosed, none of the other Directors, major
stockholders and persons connected with them have any interest,
direct or indirect, in the Share Disposal Mandate.

CONDITION FOR THE SHARE DISPOSAL MANDATE

The Share Disposal Mandate is subject to the approval of the
stockholders of HIMB at the forthcoming EGM to be convened.

INDEPENDENT ADVICE

The Directors of HIMB have appointed Deloitte & Touche Corporate
Advisory Services Sdn Bhd as the independent adviser to advise
the independent Directors and minority stockholders of HIMB on
the Share Disposal Mandate.

DIRECTOR'S OPINION

The Board of Directors of the Company is of the opinion that the
Share Disposal Mandate is in the best interest of the HIMB
Group.


KUALA LUMPUR INDUSTRIES: Proposes Debt Restructuring Scheme
-----------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (KLIH) refers to its
announcement on 26 August 2003.

On behalf of KLIH, Commerce International Merchant Bankers
Berhad announced that the RM30,000,000 nominal value redeemable
convertible secured loan stocks A and RM18,500,000 nominal value
redeemable convertible secured loan stocks B of Equine Capital
Berhad (ECB) have been issued on 11 September 2003.

The proposed corporate and debt restructuring within the
framework of Pengurusan Danaharta Nasional Berhad Act, 1998
(Proposals) are still pending the completion of the following:

(i) Rights issue of up to 27,338,319 new ordinary shares of
RM1.00 each in ECB (ECB Shares) to the shareholders of KLIH
whose names appear on the record of depositors of KLIH as at 30
July 2003, at an issue price of RM1.00 per ECB Share on the
basis of nine (9) ECB Shares for every one (1) ECB Share held
after the share swap;

(ii) Offer for sale of up to 24,962,409 ECB Shares by the
unsecured creditors of KLIH to public investors on a best effort
basis at an offer price of RM1.00 per ECB Share;

(iii) Repayment to the creditors of KLIH from the rights issue
proceeds; and

(iv) Transfer of the listing status of KLIH to ECB.


LONG HUAT: Appoints Ernst & Young as Investigative Auditor
----------------------------------------------------------
As announced on 22 July 2003, one of the conditions imposed by
the Securities Commission (SC) on its approval on the Proposed
Restructuring Scheme of Long Huat Group Berhad (LHUAT) was that
the Company is required to, inter-alia, appoint an independent
audit firm to conduct an investigative audit on the past losses
of LHUAT Group.

Accordingly, the Company announced that the Company, had, on 10
September 2003, appointed Messrs Ernst & Young to carry out the
said investigative audit.


PARIT PERAK: SC Okays Restructuring Proposal
--------------------------------------------
Parit Perak Holdings Berhad (Special Administrators Appointed)
(PPHB) announced the following proposals:

Proposed PPHB Acquisition;
Proposed Liqua Acquisition;
Proposed Buyback;
Proposed Put and Call;
Proposed Restricted Offer for Sale;
Proposed Debt Settlement;
Proposed Disposal;
Proposed Placement;
Proposed Transfer of Listing Status; and
Proposed Waiver

Contents:

1. INTRODUCTION

Reference is made to the above Proposals which have received the
approval of the Securities Commission (SC) vide its letters
dated 10 March 2003, 14 April 2003 and 22 April 2003 and the
approval of the Foreign Investment Committee (FIC) vide its
letter dated 30 December 2002.

2. EXCHANGE OF LETTERS

Alliance Merchant Bank Berhad (Alliance), on behalf of the
Company wishes to announce that by the exchange of letters dated
11 September 2003 between PPHB and the promoters of Liqua Health
Corporation Berhad (formerly known as Joycity Holdings Sdn Bhd)
(LHCB), namely, Align Matrix Sdn Bhd and Liqua Health (M) Sdn
Bhd (collectively, the Promoters), the parties to the
restructuring agreement underlying the Proposals, have agreed to
extend the deadline for the Promoters to procure a bank
guarantee for the amount of RM13,860,000 as security for the
Promoters to perform the obligations under the Proposed Buyback
(as defined in our announcement dated 12 March 2003) (Bank
Guarantee A) from 26 April 2003 (being forty-five (45) days from
the date of the SC's approval for the Proposals, which was
received on 10 March 2003), until the end of three (3) market
days from the date of completion of the Proposed PPHB
Acquisition (as defined in our announcement dated 12 March
2003), or such other date as the Special Administrators of PPHB
(SA) may at their sole discretion determine.

3. EXECUTION OF AGREEMENTS

Further, Alliance also wishes to announce that on 11 September
2003, the creditors' agent of PPHB (Creditors' Agent) and the
Promoters have executed two agreements, namely the Sale of
Shares and Warrants Agreement and the Put and Call Agreement
both of even date, to formalize the Proposed Buyback and
Proposed Put and Call.

4. SALIENT TERMS OF THE SALE OF SHARES AND WARRANTS AGREEMENT

The salient terms of the Sale of Shares and Warrants Agreement
are as follows:

(i) The Creditors' Agent agrees to sell and the Promoters agree
to purchase 18,000,000 ordinary shares of RM0.50 each in LHCB
(LHCB Shares) and 3,600,000 5-year free detachable warrants
2003/2008 (Warrants) attached, for the purchase consideration of
RM13,860,000, free from all charges, liens or any other
encumbrances whatsoever and howsoever arising and with all
rights, benefits and advantages now or hereinafter attaching to
the said LHCB Shares and Warrants including without limitation
all dividends and other distributions which may be declared,
made or paid in respect thereof after the completion of the Sale
of Shares and Warrants Agreement;

(ii) As security for the Promoters' obligations under the Sale
of Shares and Warrants Agreement, the Promoters are required to
procure Bank Guarantee A within three (3) market days from the
date of completion of the Proposed PPHB Acquisition or such
other date as the SA may at their sole discretion determine; and

(iii) Unless otherwise agreed by the parties in writing and
subject to the fulfillment of the conditions precedent, the
completion of the Sale of Shares and Warrants Agreement shall
take place seven (7) days after the Sale of Shares and Warrants
Agreement becomes unconditional or such other date as the SA may
determine.

5. SALIENT TERMS OF THE PUT AND CALL AGREEMENT

The salient terms of the Put and Call Agreement are as follows:

(i) The Creditors' Agent grants to the Promoters the option to
purchase from the Creditors' Agent 18,000,000 LHCB Shares with
3,600,000 Warrants, at the exercise price of RM0.75 per LHCB
Share and RM0.10 per Warrant. On the exercise of the option
during the period commencing seven (7) market days immediately
prior to the date of listing of LHCB on the Main Board of the
Kuala Lumpur Stock Exchange (KLSE) and ending six (6) months
after the date of listing of LHCB (Call Option Period), the
Creditors' Agent shall become bound to sell and the Promoters
shall become bound to complete the purchase of all but not part
of the said LHCB Shares with Warrants stipulated in the option
notice given by the Promoters to the Creditors' Agent (Call
Option);

(ii) The Promoters grant the Creditors' Agent the option to sell
to the Promoters 18,000,000 LHCB Shares with 3,600,000 Warrants
attached, at the exercise price of RM0.75 per LHCB Share and
RM0.10 per Warrant. On the exercise of the option during the
period of twenty (20) market days commencing on the day
immediately after the day of expiry of the Call Option Period
(Put Option Period), the Promoters shall become bound to
purchase and the Creditors' Agent shall become bound to complete
the sale of all but not part of the said LHCB Shares and
Warrants stipulated in the option notice given by the Creditors'
Agent to the Promoters (Put Option);

(iii) As security for the Promoters' obligations under the Put
and Call Agreement, the Promoters agree to procure the release
of a deposit sum amounting to RM13,860,000 by Alliance acting as
placement agent for the Proposed Placement to the Creditors'
Agent upon the issuance of the notices of allotment of such LHCB
Shares;

(iv) the Promoters may exercise the Call Option at any time
during the Call Option Period and the Creditors' Agent may
exercise the Put Option on behalf of the Creditors of PPHB
during the Put Option Period in respect of either some or all of
the remaining 18,000,000 LHCB Shares and the 3,600,000 Warrants
not called on by the Promoters at the end of the Call Option
Period; and

(v) Upon the occurrence of an event of default, including, inter
alia, the Promoters' default in performing any of their
obligations under the Put and Call Agreement, the Creditors'
Agent shall be entitled to the following:


(a) At its sole discretion by notice in writing to the Promoters
to immediately purchase all of the remaining 18,000,000 LHCB
Shares and 3,600,000 Warrants held by the Creditors' Agent
whereupon the aggregate option price shall immediately become
payable.



(b) At its sole discretion to dispose all the 18,000,000 LHCB
Shares and 3,600,000 Warrants to such party as the Creditors'
Agent may deem fit, and after deducting such costs arising from
such sale, claim the difference between the amount due from the
Promoters and the amount realized by the Creditors' Agent from
such disposal to any third party; or

(c) Save for a default whereby the Promoters are unable to
procure the release of the deposit sum of RM13,860,000 referred
to in 5(iii) above, Creditors' Agent shall forfeit the amount of
RM13,860,000 placed with them as security for the Promoters to
perform their obligations under the Put and Call Agreement, and
the Creditors' Agent shall forthwith comply with its obligations
to complete the Put and Call Agreement.


SJA BERHAD: Enters Winding Up Petition
--------------------------------------
Further to our announcement dated 30th October 2002 in respect
of the winding-up petition by Bank Utama (Malaysia) Berhad, this
is to inform the Kuala Lumpur Stock Exchange that at a hearing
ordered by the High Court of Penang on 10th September 2003, the
Honorable Judge had granted to the petitioner the order for the
Company to be wound-up and appointed the Official Assignee for
implementation.


SPORTMA CORP.: Appoints Tan Kim Leong as Provisional Liquidator
---------------------------------------------------------------
The Board of Directors of Harn Len announced that pursuant to
the implementation of the workout proposal of Sportma
Corporation Bhd (Sportma) under the Pengurusan Danaharta
Nasional Berhad Act, which amongst others, include the transfer
of the listing status of Sportma to HARN LEN and the liquidation
of Sportma thereafter, the Board of Directors of Sportma had on
9 September 2003 placed Sportma into provisional liquidation by
way of creditors' voluntary liquidation.

Following the provisional liquidation, meetings of the member
and creditors of Sportma have been summoned on 19 September 2003
for the purpose of, amongst others, seeking the resolution of
the shareholder of Sportma for the winding-up of the Company as
well as the creditors' resolution for the appointment of
Liquidator. Notice of the said meetings have been dispatched to
the member and creditors of Sportma on 9 September 2003 and
advertised in the New Straits Times and Berita Harian on 10
September 2003.

In the above regard, Mr Tan Kim Leong, JP has been appointed as
the Provisional Liquidator of Sportma by the Directors of
Sportma on 9 September 2003.

The liquidation of Sportma will not have any material financial
or operational impact on HARN LEN as the financial of Sportma
was not consolidated in the HARN LEN Group because HARN LEN's
investment in Sportma was only short term resulting from the
transfer of the listing status of Sportma to the Company. After
the said transfer of listing, Sportma shall be liquidated.


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


DIGITAL TELECOMMUNICATIONS: Seeks US$120M Loan for Cellular Unit
----------------------------------------------------------------
Digital Telecommunications Philippines Inc. is seeking US$120
million in financing over the next three years to fund civil
works to support wireless unit Sun Cellular, the Philippine
Daily Inquirer newspaper reported, quoting Philippine Export-
Import Credit Agency President Joel Valdes.

Philexim has been asked to provide a guarantee on the planned
borrowing. Digitel has started negotiations to borrow from the
Overseas Private Investment Corp of the United States, the
report said.


NATIONAL POWER: Posts H103 Php34B Net Loss
------------------------------------------
National Power Corporation (Napocor) posted a net loss of 34
billion pesos in the first half, narrower than the projected 38
billion pesos loss for the period due to better sales and lower
expenses, versus a loss of 7.4 billion pesos a year earlier, Dow
Jones reported on Monday.

Napocor sold 16.2 million megawatt-hours (mWh) in the first
half, up 6 percent from 15.3 million mWh a year ago. However,
Company officials said the first-half performance was hurt by
the deterioration of the peso.


RAMCAR INC.: Court Okays Amended Rehab Plan
-------------------------------------------
The Quezon City Regional Trial Court (RTC) approved recently the
second amended rehabilitation plan of leading car battery
manufacturer Ramcar, Incorporated, the Philippine Star reports.
Since the petition for rehabilitation was submitted on December
18, 2001, the rehab plan has undergone several changes and now
incorporates the major concerns of its creditor banks and
suppliers. Creditor banks representing around 88 percent of the
total obligations have agreed to a settlement under the terms of
the rehab plan. Other banks representing the balance are now in
the process of settling, also following the rehabilitation plan
terms.

The debt settlement plan in the second amended rehabilitation
plan calls for the restructuring of the secured debt of the
petitioners amounting to P1.468 billion, including unpaid
interest; the full settlement of the unsecured debt of the
petitioners amounting to P6.475 billion; and the immediate
payment of the balance of the payables to the suppliers of the
petitioners with the reinstatement of credit terms to levels not
worse than what were in effect immediately preceding the Dec.
18, 2001 filing of the petition for rehabilitation.

Under the second amended rehabilitation plan also, the
petitioners intend to pay their secured debt with the new money
in the total amount of 872 million pesos, which will come from
their shareholders over a period of six years from the approval
of the plan.


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


DANA ASIA: Releases Debt Claim Notice to Creditors
--------------------------------------------------
The creditors of Dana Asia (Singapore) Pte Ltd (In Members'
Voluntary Liquidation), whose debts or claims have not already
been admitted, are required on or before 12th October 2003 to
submit particulars of their debts or claims and any security
held by them to the liquidator.

Delivering or sending through the post at the liquidator's
address a formal proof of debt in accordance with Form 77
containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

LIM SAY WAN
Liquidator.
C/- 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809.


HAW PAR: Unit Appoints Liquidator
---------------------------------
Haw Par Corporation Limited has commenced members' voluntary
liquidation of its subsidiary, HP Health Holdings Private
Limited (HP Health) on 19 August 2003. Ms Yvonne Choo and Mr Tan
Cher Liang are appointed as liquidators of HP Health.

The liquidation of HP Health is not expected to have any
material impact on the earnings per share and the net tangible
assets per share of the Group for the financial year ending 31
December 2003.


HOTEL MALAYSIA: Proposes Voluntary Liquidation
----------------------------------------------
Further to the announcement by Hotel Malaysia Limited on 20 June
2003 relating to the Company's proposed members' voluntary
liquidation pursuant to Section 290(1)(b) of the Companies Act
(Cap. 50) (HML Voluntary Liquidation), the Board of Directors of
the Company wishes to announce that the Circular dated 5
September 2003 in relation to the HML Voluntary Liquidation (the
"Circular) has been dispatched to stockholders of the Company
today.

A copy of the Circular is available on the website of the
Singapore Exchange Securities Trading Limited at www.sgx.com.


L&M GROUP: Sees Tough Business Conditions in the Next 12 Months
---------------------------------------------------------------
With the continuing weakness in the local construction sector,
L&M Group Investments Ltd expects to face tough business
conditions in the next 12 months, a Company statement said. The
Group will continue to stay focused on its core specialist
construction business, concentrate on securing projects with
multi-scope, which will have fewer competitors and continue to
contain overheads and rationalize operating costs.

The Group's order book as at 30 June 2003 was $209 million of
which $115 million from Structural Systems Division and $94
million from Geotechnic Division. The notable projects that will
contribute to the turnover for second half of 2003 will be MRT
Circle Line 825, MRT Circle Line C823 Stage II, Fusionpolis and
Visioncrest for Geotechnic Division and MRT Circle Line C821,
term contract for HDB Main Upgrading sites, Pasir Panjang Semi-
Expressway and Bartley Road for Structural Systems Division.

Further to the announcement made on 25th June 2003 in respect to
the restructuring of United Overseas Bank Limited (UOB) debts,
the Group has now completed its negotiations with UOB and is
presently in the process of obtaining the requisite regulatory
approvals and waivers to convert $58 million of the UOB debt
into equity. The balance $30 million UOB debt will be converted
into a $8 million one year loan facility and a $22 million three
year term loan facility. The successful completion of this
restructuring exercise will improve the cashflow and financial
position of the Group which will facilitate improvements in cash
flow.


NEPTUNE ORIENT: Post Changes in Director's Shareholding
-------------------------------------------------------
Following is a notice of changes in Director's Shareholding
filed by Neptune Orient Lines Ltd. with the Singapore Exchange:

Name of director: Timothy James Rhein
Date of notice to Company: 12 Sep 2003
Date of change of shareholding: 09 Sep 2003
Name of registered holder: Timothy James Rhein

Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Information relating to shares held in the name of the
registered holder:

No. of shares which are the subject of the transaction: (77,000)
% of issued share capital: 0.007
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$1.82
No. of shares held before the transaction: 77,343
% of issued share capital: 0.007
No. of shares held after the transaction: 343
% of issued share capital: 0
Holdings of Director including direct and deemed interest

                          Deemed   Direct
Shares held before:       -        77,343
% of issued share Capital:-         0.007
Shares held after:        -           343
% of issued share Capital:-             0
Total Shares:

Amount of consideration is denominated in Singapore dollars
unless otherwise noted.


SIN HENG: Creditors to Submit Claims by September 29
----------------------------------------------------
Notice is hereby given that the creditors of Sin Heng
Construction Co Pte Ltd (In Creditors' Voluntary Liquidation),
whose debts or claims have not already been admitted, are
required on or before 29th September 2003 to submit particulars
of their debts or claims and any security held by them to the
liquidator.

Delivering or sending through the post at the liquidator's
address a formal Proof of Debt in accordance with Form 77
containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

TAM CHEE CHONG
Liquidator.
Shenton Way, #32-00
DBS Building Tower Two
Singapore 068809.


STRIKE ENGINEERING: Posts FY03 S$26.6M Net Loss
----------------------------------------------
Mechanical and electrical engineering services provider Strike
Engineering has reported full-year net loss of S$26.6 million
versus a net loss of S$0.9 million a year earlier, Channel News
Asia reports. Strike Engineering blamed the hemorrhage on
provisions for project losses and reduced value of its
development properties.


ZURICH CAPITAL: Issues Notice to Creditors
------------------------------------------
The creditors of Zurich Capital Markets Singapore Pte Limited
(In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 13th day of October
2003 to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said Company, and, if so required by notice in writing by the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

LOKE POH KEUN
Liquidator.
c/o 8 Robinson Road
#08-00 ASO Building
Singapore 048544.


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


JASMINE INTERNATIONAL: Court OKs Fund Transfer to Offset Loss
-------------------------------------------------------------
Subject:  Approval for Transfer of Reserved Fund to Compensate
          Accumulated Loss and for Change of Par Value of Shares
          (Par Split) of Jasmine International Public Company
          Limited Ltd.

The Plan Administrator (the "Plan Administrator"), hereby
reports that the Central Bankruptcy Court (the "Court") has
approved the petition filed by the Plan Administrator on 12
September 2003 for transfer of reserved fund to compensate
accumulated loss and for change of the par value of the
Company's shares (par split) (the "Petition of 12 September
2003") in accordance with Section 90/64 of the Bankruptcy Act
with the details as follows:

(1) Transfer of Reserved Fund to Compensate Accumulated Loss.

Under the Business Rehabilitation Plan of the Company (the
"Plan"), the Plan Administrator may transfer the reserved fund
to compensate accumulated loss of the Company in order to
restructure the Company's debts and equity. In addition, such
transfer will help improving the Company's accounting status
whereby the Company may have an excess cash to repay debts to
its creditors and to pay dividends to the shareholders and those
making investment in securities of the Company in the future.
Upon the Court's deliberation of the Petition of 12 September
2003, the Court has issued the approval order.  In the Petition
of 12 September 2003, the Plan Administrator states that the
transfer of reserved fund to compensate accumulated loss will be
completed within 15 business days.  After such transfer is
completed, the Company's accumulated loss will be reduced from
Baht 8,674,641,000 to Baht 4,518,164,000 (which is the amount of
accumulated loss of the Company before the reduction of debts
under the Plan).

(2) Plan to Conduct Change of Par Value of Shares (Par Split.

In addition, in the Petition of 12 September 2003, the Plan
Administrator requested the Court to approve the change of the
par value of the Company's shares (par split) from Baht 10 per
share to Baht 1 per share. By doing so, trading of the Company's
securities on stock exchange will have higher liquidity, which
will be beneficial to all investors and creditors of the
Company. Upon the Court's deliberation of the Petition of 12
September 2003, the Court has issued the approval order.
In the Petition of 12 September 2003, the Plan Administrator
states that the change of the par value of the Company's shares
will be conducted and completed at such time the Plan
Administrator deems appropriate but after the commencement date
of the debt repayment programs under the Plan.

The Company, therefore, notify this letter to all investors
concerned. Please be informed, and should there be any progress,
the Company will promptly inform you accordingly.


Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd.
Plan Administrator
Jasmine International Public Company Limited


THAI PETROCHEMICAL: Explains Auditor's Opinion in Latest Books
--------------------------------------------------------------
To:       The President

Subject:  Further information regarding the auditor's opinion on
TPI Financial Statements

With reference to our previous letter dated 21 August 2003
regarding the clarification to the auditor's opinion on the
Interim Financial Statements for the second quarter ended
June 30, 2003 of Thai Petrochemical Industry Plc (TPI) and
Subsidiaries.  The further information on this matter is
presented as follows:

(1) As the auditor cannot assure himself of the success of TPI
Reorganization Plan due to the failure to meet the interest
payment schedule for 3 consecutive months possibly affecting the
going concern of the business, the failure to meet the interest
payment is one of the events of default under TPI reorganization
plan.  However, the Participating Scheme Creditor has not taken
voting for further action due to the event of default. As the
Central Bankruptcy appointed the Ministry of Finance for TPI
Plan Administrator on 11 July 2003, the Committee of Creditor
has postponed the Participating Scheme Creditor voting on the
event of default from 22 August 2003 to 22 September 2003.
However, the Plan Administrator is in the process of reviewing
TPI' s financial standing in order to come up with suitable
solution with the Committee of Creditors.  Additionally, the
Plan Administrator has already selected financial advisor to
conduct financial due diligence of TPI's assets and liabilities
and to prepare an amended Reorganization Plan. That would expect
to be completed in approximately 90 days after the signing of
the mandate.

(2) According to auditor's concern on the legal consulting fee
expenditure of approximately THB31.57 million which was invoiced
and incurred during the term of management of the former Plan
Administrator (Effective Planners Limited) but has not been
recorded yet. The Plan Administrator found that the expenditure
was incurred prior to the appointment of the Plan Administrator.
However, the expenditure is considered as TPI's commitment but
the amount of payment is considerably high, the Plan
Administrator has to verify the invoices before undertaking the
payment.

(3) According to the auditor's concern on the revision of
appraisal value of TPI and subsidiaries' land, buildings and
equipments, which has not been recorded yet, the Plan
Administrator is now reviewing the appraisal.

(4) The Company has offset transactions between related parties
in receivables with short-term loans, and payables with short-
term loans without arranging a formal contract or memorandum,
and therefore there is uncertainty as to their legal validity
and affect of these transactions on the valuation of assets and
liabilities.

The Plan Administrator found that these transactions were
occurred during the management of the interim Plan
Administrator. Currently, the Plan Administrator has been
reviewing these transactions for appropriate practice.

(5) The auditor conducted his review limited primarily to
inquiries of company personnel and analytical procedures applied
to financial data, thus provides less assurance than an audit in
accordance with generally accepted auditing standards.
Accordingly, that the auditor does not express his opinion on
the review of the Interim Financial Statements for the period
ended June 2003 is in accordance with auditing standard volume
910 applicable to review engagement.

Please kindly be informed.

Faithfully Yours,
Suwit Nivartvong
For Plan Administrator
Thai Petrochemical Industry PCL


TPI POLENE: Restates First Quarter Financial Statements
-------------------------------------------------------
To:             The President
                The Stock Exchange of Thailand

Subject:        An adjustment to the financial statements for

TPI Polene Public Company Limited ("TPIPL") would like to
provide the Stock Exchange of Thailand the Company's financial
statements for Q1/2003 (Restated Version) as reviewed by TPIPL's
statutory auditor.

The adjustment was made by deducting the purchase of 20 million
shares of TPIPL for the amount of THB333.25 million made by its
99.99% owned subsidiary company from its shareholder's equity
for Q1/2003 ended March 31, 2003 in order to comply with the
generally accepted accounting principles practiced in Thailand
and the regulations of the Securities and Exchange Commission.
The adjustment has substantial effects on TPIPL's financial
statements as the followings:

                                           (Unit: 000 Baht)

              The Company's Statements   Consolidated statements
                   Before      After        Before      After
Net Income (loss)  317,883     317,883      317,883     317,883

Net Earning (Loss)
Per share (Baht)   0.63        0.64         0.63        0.64

Current Assets     7,502,725   7,502,725    7,749,726  7,416,478

Current
Liabilities      51,876,695   52,209,943   53,244,372 53,244,372

Total
Shareholder's
Equity           12,556,418   12,223,170   12,556,419 12,223,171

Book Value
Per Share (Baht) 24.90        24.46        24.90      24.46

Weighted Average
Number of
Ordinary Shares
(Share)        504,232,857  499,752,426  504,232,857 499,752,426

Please be informed accordingly.

Yours faithfully,
Mrs. Orapin Leophairatana
Senior Executive Vice President


                         *********


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

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