TCRAP_Public/030919.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

            Friday, September 19, 2003, Vol. 6, No. 186

                         Headlines

A U S T R A L I A

AUSTRALIAN GAS: Seeks Determination on Loy Yang Purchase
AUSTRALIAN GAS: Settles Dingo Blue Claim
AUSTRALIAN GAS: Shuts Down Dingo Blue by Month End
ARISTOCRAT LEISURE: Clarifies CEO Appointment Market Speculation
GINDALBIE GOLD: Inks HoA With Newmont to Develop Gossan Hill

LIQUID ENGINEERING: PwC Issues Case Profile
POWERTEL LIMITED: Discloses EGM Results
TRANZ RAIL: Posts Outstanding Share Options


C H I N A   &   H O N G  K O N G

DVN (HOLDINGS): Operations Loss Narrows to HK$17.186
FUJIAN GROUP: Listing Committee OKs Proposes Restructuring
HMA SECURITY: Petition to Wind Up Scheduled
HOUSING MANAGEMENT: Winding Up Petition Pending
HOUSING MECHANICAL: Winding Up Sought by Standard Chartered

INNOMAXX BIOTECHNOLOGY: Cuts 2003 Net Loss to HK$12.982M
PCCW LIMITED: Inks Service Agreements With Telecoms
PPG INVESTMENTS: Sept 24 Winding Up Hearing Scheduled


J A P A N

CHIBA HOUSING: Unable to Pay Y91.1B Debt
DAIEI INC.: Colony Places Y60B Bid for Hotel
DAIEI INC.: Ripplewood, Lehman in Joint Bid for Assets
NISSAN DIESEL: In Talks With Creditors Over Bailout
RESONA HOLDINGS: General Electric Aims to Buy Lease Units


K O R E A

HYUNDAI CORPORATION: Signs MoU With Creditors
KOOKMIN BANK: Shares Fall on Word of Overdue Payments
SK NETWORKS: Fines Auditor Young Wha For Misstatements
SK GLOBAL: U.S. Trustee Unable To Appoint Creditors' Committee
SK NETWORKS: Court Deliberating on Tax Case

SK NETWORKS: Expects Creditors to Raise Credit Limit


M A L A Y S I A

GADANG HOLDINGS: Posts Entitlements Book Closure Notice
LAND & GENERAL: Court Grants Winding Up Order Against Unit
KL INDUSTRIES: Unit Faces Tax-Related Writ of Summon From Govt
KRETAM HOLDINGS: Restructuring Scheme, Offer for Sale Extended
MENTIGA CORP.: Proposed Debt Settlement Application Submitted

MENTIGA CORP.: PSA Terminated; Proposed Acquisition Aborted
METACORP BERHAD: Acquisition, Lease Agreement Executed
NAM FATT: ICULS-A Conversion Listing Granted Listing
NCK CORPORATION: Messrs Horwath Completes Investigative Audit
PAN MALAYSIA: Oct 15 Pre-trial Case Management Scheduled

SIME DARBY: MITI, FIC OK Proposed Put and Call Option Agreement
TONGKAH HOLDINGS: Quoted Securities Disposed


P H I L I P P I N E S

MANILA ELECTRIC: Expect to Sign P44.0B Savings Deal With IPPs
MANILA ELECTRIC: Weighing Options on P1.2B Loan Due in October
NATIONAL POWER: Napocor Assets Attract 25 Firms


S I N G A P O R E

CAPITALAND LTD.: Court Grants Winding Up of Unit
CHARTERED SEMICONDUCTOR: Responds to Media Query
HANNA INSTRUMENTS: Creditors to Submit Claims by October 13
HOCK LEONG: Issues Notice of Winding Up Order
HUA KOK: Winding Up Australian Subsidiary

MEDIASTREAM LIMITED: Unit Appoints Chee Yoh Chuang as Liquidator
TEROTEC SINGAPORE: Petition to Wind Up Pending
WESTPLAN MARKETING: Issues Notice of First & Final Dividend
YEW HUAT: Petition to Wind Up Pending


T H A I L A N D

ADVANCE PAINT: EGM Adjourned to Sept 26
BANGKOK RUBBER: SET Grants Listed Securities
ITALIAN-THAI: Inks Construction Contract With Nawarat
MODERN HOME: SET Suspends Securities Trading

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Seeks Determination on Loy Yang Purchase
--------------------------------------------------------
The Australian Gas Light Company (AGL) announced Monday that it
intends to seek a declaration from the Federal Court that its
purchase of a 35 per cent interest in the Great Energy Alliance
Corporation's (GEAC) acquisition of Loy Yang power station, is
not in breach of the Trade Practices Act.

This action follows the decision by the Australian Competition
and Consumer Commission (ACCC) to continue to oppose the
acquisition of Loy Yang and earlier unsuccessful discussions
that were held in an effort to resolve the ACCC's concerns.

Managing Director Greg Martin said, "AGL has negotiated with the
ACCC in good faith for over seven months and has exhausted all
options through the informal clearance process to reach a
commercially acceptable outcome for AGL in relation to its
proposed minority investment in Loy Yang Power.

"Legal proceedings are being commenced in accordance with
avenues identified in the ACCC's Merger Guidelines to expedite
resolution of the outstanding trade practices issues. AGL
remains committed to the transaction and believes this course of
action will deliver certainty for all parties involved," Mr
Martin concluded.

GEAC entered an exclusive agreement for the purchase of Loy Yang
on 3 July 2003. Further to Monday's developments, GEAC and the
Loy Yang Power vendors have agreed to extend the Sale Agreement
on exclusive terms to 19 December 2003.

AGL, the Tokyo Electric Power Company Incorporated (TEPCO) and a
group of financial investors led by the Commonwealth Bank formed
GEAC earlier this year.

CONTACT INFORMATION: Jane Counsel
        Media Relations Manager
        Direct: (02) 9922 8352
        Mobile: 0416 275 273


AUSTRALIAN GAS: Settles Dingo Blue Claim
----------------------------------------
The Australian Gas Light Company (AGL) is now able to confirm
that it has received a payment of $23 million from Optus in
settlement of AGL's claim against Optus and Optus' cross claim
against AGL. This follows AGL's earlier announcement that it is
to close dingo blue mobile services on 31 October 2003.

CONTACT INFORMATION: Jane McAloon
        Group Manager External Affairs
        Direct: (02) 9922 8349
        Mobile: 0419 447 384


AUSTRALIAN GAS: Shuts Down Dingo Blue by Month End
--------------------------------------------------
The Australian Gas Light Company (AGL) is to close dingo blue
mobile services on 31 October 2003.

In April 2002, AGL announced that dingo blue would stop
providing local area and long distance services. The
continuation of mobile phone services was subject to the
resolution of matters arising out of the acquisition of dingo
blue with Optus. Those matters have now been resolved.

Existing dingo blue customers will be given six weeks notice of
the closure of their service and alternative service provision
arrangements are being made. For further information dingo blue
customers should call 1300 551 455.


ARISTOCRAT LEISURE: Clarifies CEO Appointment Market Speculation
----------------------------------------------------------------
The Board of Aristocrat Leisure Limited on Thursday responded to
media speculation that an appointment of a new Chief Executive
Officer was imminent.

At its board meeting in Las Vegas, Nevada, the Board considered
a number of candidates and said that the search for a permanent
CEO was well advanced, however, no final decision has been made
at this time.

An announcement will be made to the market as soon as a
candidate has been selected.

The Troubled Company Reporter - Asia Pacific reported on May
that the Standard & Poor's Ratings Services had lowered its
corporate credit ratings on Aristocrat Leisure Ltd.  to 'BB'
from 'BBB-' following the Company's announcement that the
performance of its Australian operations is being impacted  by a
tough operating environment, and that the Company will incur
further charges as it restructures its U.S. operations.


GINDALBIE GOLD: Inks HoA With Newmont to Develop Gossan Hill
------------------------------------------------------------
Gindalbie Gold NL (GBG) is pleased to announce that it has
entered into a Heads of Agreement with Newmont Golden Grove
Operations Pty Ltd to jointly develop Newmont's Gossan Hill gold
deposit, subject to the completion of feasibility study. The
Gossan Hill ore will be processed through Gindalbie's nearby
Minjar treatment plant.

The Gossan Hill gold deposit is situated 8 kilometers from the
Minjar treatment plant and is estimated to contain a resource
(all categories) of 1.25 million tones at 2.8g/t gold and 90g/t
silver. The deposit outcrops and has already been extensively
drilled.

The respective interests in the joint venture will be Newmont
80% and Gindalbie 20%. Each party will contribute their share of
the capital and operating costs and will receive an equivalent
share of the output.

Newmont will be appointed agent for the sale of Gindalbie's
share of the gold and silver produced, which will be sold into
the spot market, benefiting Gindalbie's cash flow from the
project in the current rising gold price environment.

According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.


LIQUID ENGINEERING: PwC Issues Case Profile
-------------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:

Territory   :  Australia
Company Name:  Liquid Engineering Limited
Lead Partner:  Geoff Totterdell
Case Manager:  Ian Richardson
Date of Appointment:  5 February 2003
Normal Contact     :  Ian Richardson
Contact Phone No   :  (08) 9238 3320

PricewaterhouseCoopers Office

Location:  Perth
PO Box  :  GPO Box D198
Street Address:  Level 19, QV1 250 St George's Terrace
City    :  PERTH
State   :  WA
Postcode:  6000
DX      :  DX 77 Perth
Phone   :  (08) 9238 3000
Fax     :  (08) 9238 5299
Registered Office of company:  28 Century Road, Malaga, WA 6090
Company No / ACN   :  074 772 697
Type of Appointment:  Receiver and Manager
Lead Partner - Full Name    :  Geoffrey Frank Totterdell

Case Information (Last Updated 25/08/2003)

Report as to Affairs received from directors:  the directors
have not received A Report as to Affairs at this point in time.

Dates of trading by insolvency practitioner:  5 February 2003 to
date.

Ongoing supplies

Any goods ordered during the period of the receivership will be
paid for provided that the order is in writing and signed by the
Receiver and Manager, or one of the Receiver and Manager's
authorized representatives, specimens of whose signatures appear
in the circular to creditors.

Suppliers of goods and services should meet such orders to
enable the business of the company to continue with as little
disruption as possible.

Suppliers are requested to observe the following accounting
procedures:

   1. Close the accounts against the company in respect of goods
supplied and services rendered up to and including the date of
my appointment.

   2. Open new accounts of the company styled Liquid Engineering
Limited (Receiver and Manager Appointed) for all goods supplied
and services rendered to the company.

   3. Include the receiver's purchase order number on all
invoices for goods and services supplied during the
receivership.

Liabilities created after the company in accordance with your
usual trade terms will pay the Receiver and Manager's
appointment unless the Receiver and Manager has agreed
otherwise.
If any orders placed with you by the company prior to my
appointment have not yet been completed, they should not be
completed unless you receive written confirmation from the
Receiver and Manager or the Receiver and Manager's authorized
representative that the goods or services are still required by
the company.

Debts owed to the company

By operation of law, upon the Receiver and Manager's
appointment, beneficial ownership of the debts owed to the
company passed to the Receiver and Manager's appointer. The
Receiver and Manager is not in a position to discharge debts due
from the company to ordinary unsecured creditors prior to their
appointment. Any sums becoming due to the company after his
appointment must be paid in full and no "set-offs" can be
allowed.

No adoption of contracts or liabilities

The Receiver and Manager expressly refrains from adopting any
contracts or liabilities of the company in existence at the date
of his appointment unless you are formally notified to that
effect by him. All contracts are currently the subject of review
and advice as to the position of them will be forthcoming in the
near future. In the meantime, no implication of the adoption of
any contract or liability by the Receiver and Manager should be
drawn if payments are made for any current use of goods or
services.

Business sold/ceased trading:  An advert for the sale of the
business has been placed in the West Australian. Interested
parties should refer to the Businesses for Sale area of this
website. Expressions of interest should be submitted through the
Businesses for Sale area by no later than 28 February 2003.

Background Information

Geoff Totterdell was appointed Receiver and Manager of Liquid
Engineering (the Company) on 5 February 2003.

Current status of assignment and actions required by creditors

The Receiver and Manager has taken control of the business and
assets of the company. At this stage the business is being
continued under the supervision of the Receiver and Manager as
an investigation is conducted into the viability of the
Company's business.

Likely outcome for creditors and timetable

Amounts due to creditors at the date of receivership

A statement of your account showing the amount that you consider
due at the date of appointment should be sent to the company at
GPO Box D198 Perth WA 6840. This will help ensure that your
claim is reflected in the report as to affairs of the company,
which the directors of the Company are required by provisions of
the Corporations Act prepare. When the report has been furnished
to the Receiver and Manager, a copy will be lodged for
inspection at the Australian Securities and Investments
Commission.

Suppliers who may have a valid and legal claim to assets of the
company by way of any security, lien or retention of title
clauses are requested to notify the Receiver and Manager of the
details of their claim within seven days.

It is too early to give any indication of the prospects of a
return to unsecured creditors. Please note that a Receiver and
Manager does not have the power to agree or pay unsecured debts
of the company as these powers belong to a liquidator. We shall
pass details of your claim to a liquidator should one be
appointed. (www.pwcrecovery.com)


POWERTEL LIMITED: Discloses EGM Results
---------------------------------------
For the purposes of section 251AA of the Corporations Law, the
General Meeting of PowerTel Limited resulted as follows:

1. In relation to Resolution 1, the appointment specified the
following voting directions:

   a) For 45,031,912
   b) Against 55,484,452
   c) Abstain 47,400
The required majority did not carry the resolution.

2. In relation to Resolution 2, the appointment specified the
following voting directors:

   a) For 45,012,660
   b) Against 55,478,010
   c) Abstain 55,219
The required majority did not carry the resolution.

As both resolutions were defeated PowerTel will now proceed with
a rights issue of ordinary shares of 2.3 shares for each share
held at a price of 2 cents per share.

The prospectus lodged with ASIC on Wednesday and the related
Appendix 3B, will follow as separate announcements. Click
http://www.powertel.com.au/SS_Content/InvestorPresentation/inv_p
res_files/Prospectus%20-%202003.pdf to see a copy of the
Prospectus.


TRANZ RAIL: Posts Outstanding Share Options
-------------------------------------------
On 12 August 2003 Tranz Rail Holdings Limited gave notice that
the total number of options outstanding at 12 August 2003 was
2,832,313. Since that date the following options have lapsed,
bringing the total as at 18 September 2003 to 2,610,861.

   40,000 options ($5.97) lapsed on 14 August 2003
   40,000 options ($6.90) lapsed on 14 August 2003
   40,000 options ($7.95) lapsed on 14 August 2003
   40,000 options ($9.19) lapsed on 14 August 2003
   40,000 options ($10.61) lapsed on 14 August 2003
   2,688 options ($3.50) lapsed on 31 August 2003
   11,322 options ($5.78) lapsed on 31 August 2003
   2,000 options ($3.50) lapsed on 2 September2003
  5,442 options ($3.50) lapsed on 12 September 2003

The Troubled Company Reporter - Asia Pacific reported that the
Standard & Poor's Ratings Services on July 10, 2003 placed Tranz
Rail Holdings Ltd.'s (Tranz Rail) 'CC' corporate credit rating
and guaranteed debt issue ratings on CreditWatch with positive
implications.


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


DVN (HOLDINGS): Operations Loss Narrows to HK$17.186
----------------------------------------------------
DVN (Holdings) Limited released a summary of its financial
statement for they year ending December 31, 2003:

(stock code: 00500 )
Year end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (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                           : 40,677             37,906
Profit/(Loss) from Operations      : (17,186)           (26,035)
Finance cost                       : (596)              (991)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (661)              (212)
Profit/(Loss) after Tax & MI       : (18,269)           (26,422)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.06)             (0.08)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (18,269)           (26,422)
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. Operating loss

Operating loss is stated after crediting and charging the
following:
                                        6 months ended 30th June
                                        2003            2002
                                        HK$'000         HK$'000
Crediting
Gain on disposal of fixed assets        -               33
                                        ------------------------
Charging
Cost of inventories sold                24,084          19,641
Staff costs (note 2)                    10,881          14,896
Depreciation:
        Owned fixed assets              8,387           6,676
        Leased fixed assets             -               61
Amortization of deferred development
costs and film rights                  1,513           3,907

                                        ------------------------
2. Staff costs
                                        6 months ended 30th June
                                        2003            2002
                                        HK$'000         HK$'000
Wages and salaries                      17,568          21,614
Termination benefits                    327             -
Contributions to the defined
contribution schemes                   994             1,555
Less: Costs capitalized                 (8,008)         (8,273)
                                        ------------------------
                                        10,881          14,896
                                        ========================

3. Taxation

No profits tax has been provided as the Group did not generate
any assessable profits in Hong Kong or overseas during the six
months ended 30th June 2003 (2002: Nil).

No deferred tax asset has been recognized relating to tax losses
as the recoverability of this potential deferred tax assets is
uncertain.

4. Preference dividends
                                        6 months ended 30th June
                                        2003            2002
                                        HK$'000         HK$'000
The Company
Dividends on 5% redeemable,
  convertible preference shares         -               276

DVN (Group) Limited
Dividends on 5% exchangeable
  preference shares                     2,906           2,906
                                        ------------------------
                                        2,906           3,182

5. Loss per share

The calculation of basic loss per share is based on the Group's
loss attributable to ordinary shareholders of HK$21,175,000
(2002: HK$29,604,000) and on the weighted average of 376,734,826
(2002: 360,539,115) ordinary shares in issue during the period.
No diluted loss per share is shown for the two six months ended
30th June 2003 and 2002 because the share options and
exchangeable preference shares outstanding had an anti-dilutive
effect on the basic loss per share for both periods.

6. Interim dividend

No interim dividend has been declared during the period ended
30th June 2003 (2002: Nil)

7. Comparative figures

Due to the adoption of revised Statements of Standard Accounting
Practice, certain comparative figures have been reclassified to
conform to current period's presentation.


FUJIAN GROUP: Listing Committee OKs Proposes Restructuring
----------------------------------------------------------
The Restructuring Agreement was entered into on 25 April 2003
between, amongst others, Fujian Group Limited (Provisional
Liquidators Appointed) and HC Technology Capital Company Limited
(Investor). Under the Proposed Restructuring:

   (i) The Company's share capital will be restructured by way
of the Capital Reduction and the Unissued Share Subdivision;

   (ii) The Investor has agreed to inject not more than HK$40.79
million of cash into the Company in exchange for about 60.7% of
the enlarged issued share capital of the Company upon
Completion;

   (iii) All creditors of the Company (except the Investor) will
discharge and waive their claims against the Company in
accordance with the terms of the Restructuring Agreement and the
Scheme.

Accordingly, the indebtedness of the Company (except the
indebtedness owed to the Investor for the purpose of the
Proposed Restructuring) will be extinguished upon Completion.
The indebtedness of the Group is estimated to be about HK$58.5
million upon Completion; and (iv) Subject to the Investor's
consent, the Non-core Subsidiaries will be deregistered,
transferred to the Provisional Liquidators (or their nominees)
or wound up.

Upon Completion, the Investor will become the controlling
shareholder of the Company. It is the intention of the Investor
that all existing Directors will resign and new Directors will
be appointed upon Completion.

WHITEWASH WAIVER

The Investor will apply to the Executive for the Whitewash
Waiver, which, if granted, will be subject to the approval of
the Independent Shareholders by way of a poll at the EGM.

SUSPENSION AND RESUMPTION OF TRADING OF THE SHARES

The Listing Committee has conditionally approved the Proposed
Restructuring, subject to fulfillment of the conditions (set out
in Section X below) prior to the resumption of trading of the
Shares on the Stock Exchange.

Trading in the Shares was suspended at the request of the
Company with effect from 10:00 a.m. on 16 February 2001 and will
remain suspended until the Company can satisfy the Stock
Exchange that all conditions imposed by the Listing Committee
are fulfilled.

The Company is required to implement the Restructuring
Agreement including fulfillment of the conditions imposed by the
Listing Committee and resumption of trading in the Shares within
six months from 25 July 2003.

GENERAL

A circular setting out the details of the Proposed
Restructuring, the advice from an independent financial adviser
to the Independent Shareholders in relation to the Restructuring
Agreement and the Whitewash Waiver and a notice of the EGM will
be dispatched to the Shareholders within 21 days of the date of
this announcement unless extended with the consent of the
Executive.

The release of this announcement does not necessarily mean that
the Proposed Restructuring will be successfully implemented and
completed as the Restructuring Agreement is subject to a number
of conditions, which may or may not be fulfilled or otherwise
waived. If the transactions contemplated under the Restructuring
Agreement cannot be completed, the Company will be wound up.

To see complete disclosure, go to
http://bankrupt.com/misc/TCRAP_Fujian0919.pdf.


HMA SECURITY: Petition to Wind Up Scheduled
-------------------------------------------
The petition to wind up HMA Security Limited is set for hearing
before the High Court of Hong Kong on October 8, 2003 at 10:00
in the morning.

The petition was filed with the court on August 13, 2003 by
Standard Chartered Bank a banking corporation duly incorporated
by Royal Charter in the United Kingdom whose head office is at
No. 1 Aldermanbury Square, London EC2V, 7SB, England, and having
a branch office in Hong Kong carrying on business at 4-4A Des
Voeux Road Central, Hong Kong.


HOUSING MANAGEMENT: Winding Up Petition Pending
-----------------------------------------------
Housing Management (Hong Kong) Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 8, 2003 at 10:00 in the morning.

The petition was filed on August 13, 2003 by Standard Chartered
Bank a banking corporation duly incorporated by Royal Charter in
the United Kingdom whose head office is at No. 1 Aldermanbury
Square, London EC2V, 7SB, England, and having a branch office in
Hong Kong carrying on business at 4-4A Des Voeux Road Central,
Hong Kong.


HOUSING MECHANICAL: Winding Up Sought by Standard Chartered
-----------------------------------------------------------
Standard Chartered Bank is seeking the winding up of Housing
Mechanical Limited. The petition was filed on August 13, 2003,
and will be heard before the High Court of Hong Kong on October
8, 2003 at 10:00 in the morning.

Standard Chartered Bank a banking corporation duly incorporated
by Royal Charter in the United Kingdom holds its registered
office at No. 1 Aldermanbury Square, London EC2V, 7SB, England,
and having a branch office in Hong Kong carrying on business at
4-4A Des Voeux Road Central, Hong Kong.


INNOMAXX BIOTECHNOLOGY: Cuts 2003 Net Loss to HK$12.982M
--------------------------------------------------------
INNOMAXX Biotechnology Group Limited posted its results
announcement summary 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                           : 8,627              27,610
Profit/(Loss) from Operations      : (10,020)           (17,953)
Finance cost                       : (2,504)            (1,229)
Share of Profit/(Loss) of
  Associates                       : (273)              N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (12,982)           (19,604)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0093)           (0.021)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (12,982)           (19,604)
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


PCCW LIMITED: Inks Service Agreements With Telecoms
---------------------------------------------------
PCCW Limited wishes to announce the connected transactions
described below involving Unihub China Information Technology
Company Limited (Unihub), an indirect non wholly-owned
subsidiary of the Company.

BACKGROUND

Unihub is a 50%:50% equity joint venture established in the
People's Republic of China (China) by Unihub Global Network
Technology (China) Limited, an indirect non wholly-owned
subsidiary of the Company, and China Huaxin Post and
Telecommunications Economy Development Centre (China Huaxin), a
wholly-owned subsidiary of China Telecommunications Corporation
(CTC). Unihub is an indirect non wholly-owned subsidiary of the
Company.

Jiangsu Telecom Company Limited (JTCL) is a wholly-owned
subsidiary of China Telecom Corporation Limited (China Telecom),
in which CTC has an approximately 77.78% equity interest. China
Telecom Group Beijing Corporation (CTB) is a wholly-owned
subsidiary of CTC.

CONNECTED TRANSACTIONS

A. Connected transaction with China Telecom Group Beijing
Corporation

CTB is a wholly-owned subsidiary of CTC. Unihub, CTB and Beijing
International Switching System Corporation Limited (an
independent third party which, based on information known to the
Company, is not connected with the directors, chief executive or
substantial shareholders of the Company or its subsidiaries or
their respective associates) entered into the following
agreement on September 11, 2003:

Agreement

Date of Agreement: September 11, 2003
Supplier: Unihub
Customer: CTB
Technical Supporter: Beijing International Switching System
Corporation Limited
Services: Provision of equipment, equipment installation
services and related technical documentation (together the CTB
Deliverables) to CTB up to April 2004 (and maintenance services
to be provided until April 2006)
Consideration:  RMB22,549,519 (approximately HK$21,273,131)
negotiated on an arm's length basis with reference to market
price, payable in four separate installments of approximately
10% on the signing of the agreement, 50% on delivery of the CTB
Deliverables, 30% on initial trial of the CTB Deliverables and
10% on final trial of the CTB Deliverables

B. Connected transaction with Jiangsu Telecom Company Limited

JTCL is a wholly-owned subsidiary of China Telecom in which CTC
has an approximately 77.78% equity interest. Unihub and JTCL
entered into the following agreement on September 12, 2003:

Agreement

Date of Agreement: September 12, 2003
Supplier: Unihub
Customer: JTCL
Services: Provision of system integration, project management
and advisory and training services, and related equipment
installation services (together the JTCL Deliverables) to JTCL
up to May 2004 (and maintenance services to be provided until
September 2006) in order to facilitate the expansion of its
provincial backbone network to provide Multi Protocol Label
Switching Virtual Private Network Services (MPLS VPN services)
Consideration:  RMB8,500,366 (approximately HK$8,019,213)
negotiated on an arm's length basis with reference to market
price, payable in three separate installments of approximately
77% on delivery of the JTCL Deliverables, 13% on initial trial
of the JTCL Deliverables and 10% on final trial of the JTCL
Deliverables

RELATIONSHIP BETWEEN THE PARTIES

CTC is regarded as a connected person of the Company as China
Huaxin is a substantial shareholder of Unihub, a non wholly-
owned subsidiary of the Company. Each of CTB and JTCL is
regarded as a connected person of the Company as it is an
associate of CTC. The transactions described above constitute
connected transactions under Rule 14.25(1) of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited as modified by the Modified Calculation
Concession (as described in the Company's announcement dated
September 3, 2003). Details of the transactions will be
published in the next annual report of the Company.

REASONS FOR ENTERING INTO THE TRANSACTIONS

The Company is one of Asia's leading integrated communications
companies and provides key services in the areas of: integrated
telecommunications; broadband solutions; connectivity;
narrowband and interactive broadband (Internet services);
business e-solutions; data centers and related infrastructure.
Unihub was established primarily to provide solutions and
services in relation to the management of information systems
and application solutions in China. A major part of Unihub's
business plan is the development, production and sale of
information technology, systems and products that support the
provision of a variety of telecommunications services within
China and the transactions described above are consistent with
this objective. In addition, the transactions will provide
revenue sources for Unihub. It is anticipated that the
transactions will also strengthen Unihub's position as a
provider of the relevant services in China.

CTB's business involves the provision of integrated
telecommunications services within the Beijing area. JTCL is a
provincial telecommunications services provider in the Jiangsu
Province of China and it intends to upgrade its provincial
network to provide MPLS VPN services.

The directors of the Company (including the independent non-
executive directors) believe that it is in the interests of the
Company for Unihub to provide the abovementioned services and it
is therefore beneficial for the parties to enter into the
agreements described above. The terms of the above transactions
(including the consideration) have been negotiated on an arm's
length basis and on terms no less favorable than those available
to or from independent third parties. The directors of the
Company (including the independent non-executive directors)
believe that such terms are fair and reasonable so far as the
shareholders of the Company are concerned.


PPG INVESTMENTS: Sept 24 Winding Up Hearing Scheduled
-----------------------------------------------------
The High Court of Hong Kong will hear on September 24, 2003 at
9:30 in the morning the petition seeking the winding up of PPG
Investments Limited.

Pearl Link International Limited of 2502-3, Skyline Commercial
Centre, 71-77 Wing Lok Street, Sheung Wan, Hong Kong filed the
petition on August 4, 2003. S.K. Lam, Alfred Chan & Co.
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing S.K. Lam,
Alfred Chan & Co., which holds office at 202, 2nd Floor, Dina
House Ruttonje Centre, 11 Duddell Street, Central, Hong Kong.


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


CHIBA HOUSING: Unable to Pay Y91.1B Debt
----------------------------------------
Chiba Prefecture Municipal Housing Corporation has effectively
become insolvent it failed to pay back about 91.1 billion yen of
its debts, the Yomiuri Shimbun reported on Wednesday. Hokkaido
Housing Management Corporation became insolvent, with its
liabilities exceeding its assets by about 66 billion yen.

According to Deloitte Touche Tohmatsu's audit report compiled
late October, the housing corporation had net assets totaling
2.63 billion yen on its balance sheet. However, it also had
unrealized losses totaling 34.3 billion yen in its real estate
for sale, leaving the corporation with a negative net worth of
10.82 billion yen, even when reserve funds are broken down.


DAIEI INC.: Colony Places Y60B Bid for Hotel
--------------------------------------------
U.S. investment firm Colony Capital LLC placed a 60 billion yen
bid (US$516.3 million) for a hotel and baseball stadium owned by
retailer Daiei Inc., Reuters said on Wednesday. The bid
presented by Colony exceeded those presented by other candidates
like U.S. fund Ripplewood Holdings LLC and Lehman Brothers.

The ailing retailer wants to sell the hotel and stadium by next
February to reduce its debts, is expected to make a decision
next month. Daiwa Securities SMBC acts as financial adviser for
Daiei.


DAIEI INC.: Ripplewood, Lehman in Joint Bid for Assets
------------------------------------------------------
Ripplewood Holdings LLC and Lehman Brothers Holdings Inc. have
made a joint bid for Daiei Inc.'s properties in Fukuoka, the
Japan Times said on Thursday.

The struggling retailer had been holding separate talks with the
two U.S. firms and with another U.S. investment firm, Colony
Capital LLC, over the Company's plan to sell the Fukuoka Dome
baseball stadium and the adjacent Sea Hawk Hotel and Resort by
February 29, the end of Daiei's business year.

The retailer has sought assistance from the governmental
corporation for the rehabilitation of its Fukuoka business,
which includes the management of the Fukuoka Daiei Hawks
baseball team.

Daiei reportedly requested that the IRCJ purchase loans held by
non-primary lenders against Daiei's Fukuoka business.


NISSAN DIESEL: In Talks With Creditors Over Bailout
---------------------------------------------------
Nissan Diesel Motor Co. is in talks with Mizuho Corporate Bank,
Nissan Motor Co. and other creditors on a bailout plan,
according to Japan Times on Thursday. The bailout package is
expected to center around debt-for-equity swaps, in which
financial institutions would forgive debts worth about 100
billion yen in exchange for Nissan Diesel shares equivalent to
the obligations.

Nissan Diesel, a unit of Nissan Motor, had interest-bearing
debts of about 390 billion yen as of March 31. An earlier
restructuring program was designed to cut the amount to 250
billion yen by March 2006 through the Company's own efforts.


RESONA HOLDINGS: General Electric Aims to Buy Lease Units
---------------------------------------------------------
General Electric Co. is among the bidders for Resona Holdings
Inc.'s 340 billion yen (US$2.9 billion) leasing business,
Bloomberg reported on Thursday. Hitachi Capital Corp., Mitsui
Leasing & Development Ltd., Orix Corp., Shinsei Bank Ltd. and
Sumisho Lease Co. also submitted bids.

Resona, which received a US$17 billion public bailout this year,
is selling three leasing units to help raise capital. Eiji
Hosoya, the bank's Chairman, said he plans to shed three
quarters of its 46 affiliates by March.

The Osaka-based bank plans to sell Asahigin Leasing Co., Daiwa
Factor and Leasing Co. and Kinki Osaka Leasing Co. Asahigin,
which was founded in 1976, had 60 billion yen in revenue in the
year ended March 31. The Company, which employs 150 people,
leases automobiles, real estate and medical appliances to small-
and medium-sized companies.


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


HYUNDAI CORPORATION: Signs MoU With Creditors
---------------------------------------------
Hyundai Corporation signed a memorandum of understanding (MoU)
with its creditors on its 152.4 billion won (US$130.2 million)
self-rescue plan on Tuesday, reports the Korea Herald. The debt-
ridden trading Company is currently under joint management by
creditors including Korea Exchange Bank.

The Company aims to sell non-core assets such as securities and
real estate and a major reorganization of its 37 foreign
operations. In late July, Hyundai Corporation's shareholders
passed a major capital reduction scheme as part of efforts to
put the firm back on track.


KOOKMIN BANK: Shares Fall on Word of Overdue Payments
-----------------------------------------------------
Kookmin Bank's shares fell for the second consecutive day after
continuing problems with overdue payments at its affiliated
credit card-issuer, the Korea Herald said on Wednesday.
According to analysts, allowances for bad debt would have to be
increased at Kookmin Bank, which plans to merge with Kookmin
Card at the end of this month, and they added that it would hurt
the earnings performance of the bank.

The overdue payment rate at Kookmin Card rose by 2.56 percentage
points to 13.96 percent in August, resulting in a fall in the
share price of its banking affiliate.


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

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 Networks.

Consequently, SK Networks (formerly known as SK Global),
overseas creditors approved of the panel's decisions. (SK Global
Bankruptcy News, Issue Number 4; September 5, 2003)


SK GLOBAL: U.S. Trustee Unable To Appoint Creditors' Committee
--------------------------------------------------------------
In spite of the U.S. Trustee's attempt to appoint an official
committee of unsecured creditors by contacting SK Global
America's 20 largest creditors, an insufficient number of
creditors indicated their willingness to serve as Committee
members.  Accordingly, U.S. Trustee Carolyn Schwartz informs the
Court that no Creditors' Committee is appointed in the Debtor's
bankruptcy case at this time. (SK Global Bankruptcy News, Issue
Number 4; September 5, 2003)


SK NETWORKS: Court Deliberating on Tax Case
-------------------------------------------
The National Tax Tribunal said on Wednesday that it was
deliberating on the request by SK Networks, formerly known as SK
Global Co., that the tax authority return 46.6 billion won
(US$39.8 million) that the Company claims it overpaid in taxes,
the Korea Herald said on Thursday.

The taxes in question were collected in the years 1997-2001,
during which the Company falsified its books. The tribunal under
the Ministry of Finance and Economy said a decision would be
made in about a month's time on refunding the overpaid taxes.

The tax tribunal said that court rulings generally back up SK
Global claims that despite incorrect bookkeeping, the Company
was eligible for a refund since no profits occurred at the time.


SK NETWORKS: Expects Creditors to Raise Credit Limit
----------------------------------------------------
SK Networks Co. expect creditors to raise its credit limit to
US$50 million by mid-October when they may complete debt workout
plans, DebtTraders reports. SK Corporation has not traded oil
products through SK Global since March after local banks
tightened their credit lines to the Company. Local creditors
agreed to reorganize the 6.7 trillion won ($583 million) owed by
SK Global. SK Corporation imported about 10 percent of its oil
products through the Company last year.


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


GADANG HOLDINGS: Posts Entitlements Book Closure Notice
-------------------------------------------------------
Gadang Holdings Bhd posted this notice:

EX-date          :03/10/2003
Entitlement date :07/10/2003
Entitlement time :04:00:00 PM
Entitlement subject :Loan Stock Interest
Entitlement description:  First Interest Payment for
     RM14,502,000 nominal value of 3% Irredeemable Convertible
    Unsecured Loan Stocks 2002/2007 (ICULS)
Period of interest payment :22/10/2002 to 21/10/2003
For year ending/Period ending/ended : Share transfer book &
register of members will be closed from (both dates inclusive)
for the purpose of determining the entitlements

Registrar's name ,address, telephone no:
   Tenaga Koperat Sdn Bhd
   20th Floor, Plaza Permata
   Jalan Kampar
   Off Jalan Tun Razak
   50400 Kuala Lumpur
   Tel: 03-40412188

Payment date  :21/10/2003

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers :07/10/2003

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit

c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable) :
Entitlement indicator :Percentage
Entitlement in percentage (%) :3

Remarks: The ICULS bear a coupon rate of 3% per annum payable
annually in arrears.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous three fiscal years.


LAND & GENERAL: Court Grants Winding Up Order Against Unit
----------------------------------------------------------
The Directors of Land & General Berhad informed that pursuant to
the announcement made by L&G on 7 July 2003, the Court has
granted an order in terms for the winding up of L&G Resort Sdn
Bhd, a wholly owned subsidiary of the Company, on 10 September
2003.

Refer to the Troubled Company Reporter - Asia Pacific Thursday,
July 10 2003, Vol. 6, No. 135 issue for details of the Winding
Up Petition.


KL INDUSTRIES: Unit Faces Tax-Related Writ of Summon From Govt
--------------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad announced that its
wholly-owned subsidiary Pinwang Sdn Bhd (PWSB) has on 15
September 2003 received a Writ of Summon dated 22 August 2003
from the Government of Malaysia.

The Writ of Summon was served on PWSB for a claim of
RM837,527.17 in respect of the outstanding income tax for the
years of assessment 1993 and 1999 due from PWSB to the Inland
Revenue Board.


KRETAM HOLDINGS: Restructuring Scheme, Offer for Sale Extended
--------------------------------------------------------------
Kretam Holdings Berhad refers to the earlier announcement dated
26 August 2003 with regard to the Restructuring Scheme and Offer
for Sale, comprising:

    Share capital reduction and consolidation and reduction in
share premium account (Capital Reconstruction)

    Restructuring of debts of KHB and two of its subsidiaries
amounting to RM397,644,304 as at 30 September 2001 (Debt
Restructuring Exercise); and

    Renounceable rights issue of 26,313,375 new KHB shares with
26,313,375 free detachable warrants (Rights Issue)

(collectively referred to as the "Restructuring Scheme")

    Renounceable offer for sale by certain lenders of KHB of:

      * up to RM33,541,000 nominal value of 7-year 1%
Irredeemable Convertible Unsecured Loan Stocks 2003/2010 (ICULS)
to existing shareholders of KHB

     * up to 31,305,000 warrants to existing shareholders of KHB

(referred to as "Offer for Sale").

Further to the announcement, on behalf of the Board of Directors
of KHB, Alliance Merchant Bank Berhad announced that the
Securities Commission (SC) had via its letter dated 15 September
2003 approved the extension of time from 11 September 2003 to 31
December 2003 for KHB to complete the Restructuring Scheme and
Offer for Sale.


MENTIGA CORP.: Proposed Debt Settlement Application Submitted
-------------------------------------------------------------
Mentiga Corporation Berhad refers to the announcement dated 15
September 2003 for the Proposals, referring to:

   (i) Proposed Debt Settlement via the Issuance of New Ordinary
Shares of RM1.00 Each in Mentiga (Mentiga Shares) as Settlement
of an Amount Owing by Mentiga to its Shareholder, Amanah Saham
Pahang Berhad (ASPA) (Proposed Debt Settlement);

   (ii) Proposed Restricted Issue Of 20,000,000 Redeemable
Convertible Preference Shares of Rm1.00 Each in Mentiga (RCPS)
to ASPA (Proposed Restricted Issue)

   (iii) Proposed Partial Waiver of the Outstanding Principal
and Interest Amounts of Certain Borrowings of Mentiga and its
Subsidiaries (Mentiga Group) due to Certain Financial
Institution Creditors (Proposed Debt Waiver);

   (iv) Proposed Increase in the Authorized Share Capital of
Mentiga (Proposed Increase in Authorized Share Capital); and

   (v) Proposed Amendments to the Memorandum and Articles of
Association of Mentiga (Proposed Amendments).

On behalf of the Board of Directors of Mentiga, Commerce
International Merchant Bankers Berhad wishes to announce that
the application in relation to the Proposed Debt Settlement and
Proposed Restricted Issue has been submitted to the Securities
Commission for its approval on 16 September 2003.


MENTIGA CORP.: PSA Terminated; Proposed Acquisition Aborted
-----------------------------------------------------------
Mentiga Corporation Berhad refers the announcement dated 31
December 2002 whereby the Company had entered into a conditional
Property Sale Agreement (PSA) on 30 December 2002 with the Board
of Trustees of Yayasan Pahang, a foundation established under
the Pahang Foundation Enactment 1982, for the Proposed
Acquisition of an Oil Palm Estate Located in the District of
Rompin, Pahang Darul Makmur from the Board of Trustees of
Yayasan Pahang for a Total Consideration of RM95,000,000
(Proposed Acquisition).

On behalf of Mentiga, Commerce International Merchant Bankers
Berhad wishes to announce that the Company and the Board of
Trustees of Yayasan Pahang have mutually terminated the PSA on
15 September 2003. Therefore, Mentiga proposes to abort the
Proposed Acquisition and retract the application to the
Securities Commission dated 31 December 2002 in relation
thereto.


METACORP BERHAD: Acquisition, Lease Agreement Executed
------------------------------------------------------
Reference is made to the announcements dated 18 April 2003, 24
June 2003 and 11 July 2003 in relation to the Acquisition by
Exclusive Skycity Sdn Bhd (ESSB), a wholly-owned subsidiary of
Metacorp Berhad, from Bukit Naga Development Sdn Bhd (BNDSB), of
a property known as Bangunan Shell Malaysia Held Under Geran
17768/M1/B1 & 1-12 (Menara B)/1, Mukim Kuala Lumpur, Daerah
Wilayah Persekutuan (Property), for a total cash consideration
of RM79 million (Acquisition).

On behalf of the Board of Directors of Metacorp, Commerce
International Merchant Bankers Berhad wishes to announce that on
11 September 2003 and 15 September 2003, the sums of RM100,000
and RM71.0 million respectively, representing the balance
purchase price of RM71.1 million, have been paid to the
solicitors of BNDSB as stakeholders in accordance with the terms
and conditions of the sale and purchase agreement dated 18 April
2003 entered into between ESSB and BNDSB for the Acquisition.
Accordingly, the Acquisition is deemed completed on 15 September
2003.

Further, the lease agreement for the Property entered into
between ESSB and Shell Malaysia Trading Sdn Bhd in respect of
the Property, which was earlier executed in escrow, is forthwith
dated 16 September 2003.

Early this month, the Troubled Company Reporter - Asia Pacific
reported that Metacorp disposed of 5,700,000 ordinary shares of
Trenergy (Malaysia) Berhad (Trenergy) at an average RM3.211 per
share via open market. The proceeds from the Disposals is
expected to be utilized to reduce borrowings and for working
capital purposes.


NAM FATT: ICULS-A Conversion Listing Granted Listing
----------------------------------------------------
Kindly be advised that Nam Fatt Corporation Berhad's additional
91,000 new ordinary shares of RM1.00 each issued pursuant to the
Conversion of RM91,000 Irredeemable Convertible Unsecured Loan
Stocks-A into 91,000 New Ordinary Shares (Conversion) was
granted listing and quotation with effect from 9:00 a.m.,
Thursday, 18 September 2003.

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


NCK CORPORATION: Messrs Horwath Completes Investigative Audit
-------------------------------------------------------------
The Securities Commission (SC) had via its approval letter dated
15 November 2002, imposed certain conditions, inter alia, the
requirement to appoint an independent audit firm to carry out an
investigative audit on the losses incurred from the previous
businesses of NCK group of companies.

On 14 January 2003, NCK Corporation Berhad (Special
Administrators Appointed) appointed Messrs Horwath as the
independent investigative audit firm to conduct the
investigative audit on the losses incurred from the previous
businesses of NCK group of companies.

On behalf of NCK, Alliance Merchant Bank Berhad wishes to
announce that Messrs. Horwath has completed the abovementioned
investigative audit and two (2) sets of the investigative audit
report in respect of NCK were submitted to the SC on 15
September 2003. The audit findings of the report will be
announced in due course.


PAN MALAYSIA: Oct 15 Pre-trial Case Management Scheduled
--------------------------------------------------------
Pan Malaysia Capital Berhad refer to the announcement on 24
April 2003 pertaining to the Kuala Lumpur High Court, Suit No.
S5-22-832-2001 between Mr Leong Kok Wah and PM Securities Sdn
Bhd, a 99.99%-owned subsidiary of the Company.

Pan Malaysia informed that the Pre-trial Case Management has
been fixed to be heard on 15 October 2003.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
October 19 2001, Vol. 4, No. 205 issue, for more information on
the above-mentioned material litigation.


SIME DARBY: MITI, FIC OK Proposed Put and Call Option Agreement
---------------------------------------------------------------
Reference is made to Sime Darby's announcement dated 26 February
2003 pertaining to, inter-alia, the execution of a subscription
agreement between Sime Darby, SDC Tyre and Continental for the
proposed subscription by Continental for 117,300,000 new
ordinary Class "B" shares of RM1.00 each in SDC Tyre (SDC Tyre B
Shares) at par, representing 30% of the proposed enlarged share
capital of SDC Tyre.

Alliance Merchant Bank Berhad, on behalf of Sime Darby Berhad,
wishes to announce that the Ministry of International Trade and
Industry (MITI) and Foreign Investment Committee (FIC) had, via
their letters dated 10 September 2003 and 12 September 2003
respectively, approved the following:

   (a) Proposed acquisition of 81,500,000 ordinary shares of
RM1.00 each in Sime Tyres International (M) Sdn Bhd (STI),
representing the entire issued and paid-up share capital of STI,
by SDC Tyre Sdn Bhd (SDC Tyre) from Sime Malaysia Region Berhad
for a purchase consideration of RM184 million to be satisfied
via a cash payment of RM13 million and the balance through the
issuance of 171,000,000 SDC Tyre B Shares at par;

   (b) Proposed acquisition of 8,333,333 ordinary shares of
RM1.00 each in Sime Darby Technology Centre Sdn Bhd (SDTC)
representing approximately 33.33% of the issued and paid-up
share capital of SDTC by SD Holdings Berhad from STI for a total
cash consideration of RM7.8 million;

   (c) Proposed subscription by Sime Darby of 102,699,998 new
ordinary shares in SDC Tyre, comprising the following:

     * 82,110,000 new ordinary Class "A" Shares of RM1.00 each
in SDC Tyre (SDC Tyre A Shares) at par; and

     * 20,589,998 new SDC Tyre B Shares at par;

   (d) Proposed subscription of 117,300,000 new SDC Tyre B
Shares at par by Continental Aktiengesellschaft AG
(Continental);

   (e) The right to be granted to Sime Darby to require
Continental to purchase the entire 82,110,000 SDC Tyre A Shares
from Sime Darby and the right to be granted to Continental to
require Sime Darby to sell the same to Continental under the
Proposed put and call option agreement dated 26 February 2003
between Sime Darby and Continental

The approval from FIC is subject to SDC Tyre maintaining at
least 30% Bumiputera equity interest at all times.


TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad had on 16 September 2003 and 17
September 2003 been notified by PB Trustee Services Berhad (the
trustee in respect of the Company's RM186,558,296 Nominal Value
of 5 year 1%-2% Redeemable Secured Convertible Bonds A 1999/2004
and RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable
Secured Convertible Bonds B 1999/2004 (collectively "Bonds"))
that they have on 10 September 2003 and 11 September 2003,
disposed of some of the Company's securities held in public
listed companies, which are pledged with them in relation to the
Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Please refer to
http://bankrupt.com/misc/TCRAP_Tongkah0919.docfor information
on the securities disposed.


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


MANILA ELECTRIC: Expect to Sign P44.0B Savings Deal With IPPs
-------------------------------------------------------------
Manila Electric Co. (Meralco) expects to sign revisions within
this year to its power supply contracts with independent power
producers to bring about savings of 44 billion pesos for the
duration of the deals, AFX Asia said on Thursday. The estimated
savings will be passed on to Meralco's more than 3.0 million
customers in metropolitan Manila and nearby provinces on the
main island of Luzon.


MANILA ELECTRIC: Weighing Options on P1.2B Loan Due in October
--------------------------------------------------------------
Manila Electric Co. (Meralco) is looking at either rolling over
or spreading out payments for a longer period of its 1.2 billion
pesos loan that will fall due in October, Business World said on
Thursday, citing Meralco senior Vice President and finance head
Daniel D. Tagaza. Meralco is in constant talks with its
creditors to convince them to allow the Company to roll over the
loan or to term it out. If Meralco gets either of the two
options, it will be able to extend its payment for the loan.

Tagaza said Meralco has not abandoned its plan to issue US$200
million worth of debt papers. "That is still an option," he
said. The firm may be able to cover the maturing loan with
internal funds. Meralco has been able to service a loan of over
1 billion pesos set to fall due this month through internal
funds.

The Supreme Court had ordered Meralco to pay a refund of its
clients for passing on power users income tax as part its
operational costs. The refund, which is estimated to total PhP30
billion, has put constraints on the firm's cash flow position.


NATIONAL POWER: Napocor Assets Attract 25 Firms
-----------------------------------------------
Power Sector Assets and Liabilities Management Co. (PSALM) Vice
President Froilan Tampinco said as of Tuesday, 25 local and
foreign companies have expressed interest in acquiring the
electricity generating assets of the state-owned National Power
Corporation, according to AFX Asia.

PSALM was formed to handle the privatization of Napocor's power
generating and transmission assets. Among the interested groups
are Mirant Corporation, Chubu Electric Power Co, Mitsubishi
Corp, First Gas Power Corp and Marubeni Corporation. The final
list of assets to be sold would be released in October.


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


CAPITALAND LTD.: Court Grants Winding Up of Unit
------------------------------------------------
The Board of Directors of Capitaland Limited announced that its
60 percent indirect subsidiary, PREMAS Environ Pte Ltd (PEPL)
(In Liquidation), has applied for and been granted a winding up
order by the Court under Part 10 of the Companies Act, Cap. 50,
on 15 August 2003. The Court has appointed Ms. Low Sok Lee Mona
and Mr. Cheng Soon Keong as liquidators. Individuals unrelated
to the CapitaLand Group own the remaining 40 percent of the
shareholdings in PEPL.

The winding up of PEPL is not expected to have any material
impact on the net tangible assets or earnings per share of the
Capitaland Group for the current financial year ending 31
December 2003.


CHARTERED SEMICONDUCTOR: Responds to Media Query
------------------------------------------------
This is in reference to the media article published by Reuters
on September 17, 2003 titled "Chartered shares soar on stake
sale talk".

The article reported that shares of Chartered surged Wednesday
on talk that Singapore Technologies might be selling part of its
stake. It also includes a quote that there is a vague rumor that
Singapore Technologies could trim part of its stake in Chartered
and sell it to a U.S. chipmaker.

The Company clarified that the Company is unaware of any such
sale and based on our enquiries to Singapore Technologies, we
believe it is not accurate.


HANNA INSTRUMENTS: Creditors to Submit Claims by October 13
-----------------------------------------------------------
The creditors of Hanna Instruments (Asia Pacific) Pte Ltd. (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 and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company and, if so required by notice in writing by the
said liquidator are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

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


HOCK LEONG: Issues Notice of Winding Up Order
---------------------------------------------
Hock Leong Huat Enterprises Pte Ltd. issued a notice of winding
up order made the 22nd day of August 2003.

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

Messrs BIH LI & LEE
Solicitors for the Petitioner.


HUA KOK: Winding Up Australian Subsidiary
-----------------------------------------
The Board of Directors of Hua Kok International Ltd. announced
that an application has been made in the Supreme Court of
Victoria for the winding-up of Monarch Spas (Australia) Pty Ltd
(MSA), a subsidiary of the Company.

Information on MSA

MSA was incorporated on 13 March 2001 in Australia. Its issued
and paid up capital is A$100 divided into 100 ordinary share of
A$1.00 each. MSA is a wholly owned unit of Giga Holdings Pty Ltd
through its wholly owned subsidiary, Noble Icon Pty Ltd. The
Company owns 60 percent of the share capital of World Spa
Industries Pte Ltd, which owns 85 percent of the share capital
of Giga Holdings Pty Ltd. The principal activities of MSA are
the manufacturing and marketing of bathtubs, spa baths, spa
pools & timber products and swimming pool equipment for the
export market and for the Australian dealer business.

Background to the Issue

The application was made on 30 July 2003 by the Deputy
Commissioner of Taxation of the Commonwealth of Australia as
creditor, in respect of the failure to comply with a statutory
demand for A$455,575.11, being the amount due to the tax
authorities under the Income Tax Assessment Act 1997 and the
administrative penalties and the general interest charge
payable.

The Supreme Court of Victoria at Melbourne will hear the
application at 10.30 in the morning on 3 September 2003.

MSA is currently in discussions with the Deputy Commissioner of
Taxation of the Commonwealth of Australia to resolve this
incident and is optimistic that this issue would be amicably
resolved.

MSA continues to carry on its business normally.


MEDIASTREAM LIMITED: Unit Appoints Chee Yoh Chuang as Liquidator
----------------------------------------------------------------
With reference to Media Stream Ltd.'s announcement dated 24 July
2003, the Directors of the Company announced that an order of
winding up has been granted for ACPL on 15 August 2003 by the
High Court of the Republic of Singapore.

As announced previously in the Company's announcement dated 24
July 2003, ACPL's Order of Winding Up was a result of a winding
up petition filed by ACPL's Judicial Managers on 14 July 2003.
In connection with ACPL's winding-up, Mr. Chee Yoh Chuang and
Mr. Lim Lee Meng have been appointed as joint and several
liquidators of ACPL from the date of the Order of Winding Up.


TEROTEC SINGAPORE: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Terotec Singapore (Pte) Ltd. is set for
hearing before the High Court of the Republic of Singapore on
September 26, 2003 at 10 o'clock in the morning. Asin Sealand
Engineering Pte Ltd., a creditor, whose address is situated at
55 Shipyard Road, Singapore 628141, filed the petition with the
court on September 4, 2003.

The petitioners' solicitors are Messrs C S Lee of 11 Keng Cheow
Street, #02-11 Riverside Piazza, Singapore 059608. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs David Siow Chua a notice in writing
not later than twelve o'clock noon of the 25th day of September
2003 (the day before the day appointed for the hearing of the
Petition).


WESTPLAN MARKETING: Issues Notice of First & Final Dividend
-----------------------------------------------------------
Westplan Marketing Pte Ltd. issued a notice of first and final
dividend as follows:

Address of registered office: Office of the Liquidator.
Amount Per Centum: 10 percent.
First & Final or Otherwise: First & Final Dividend.
When Payable: 11th September 2003.

Where Payable: Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705.

Tel: 6532 0320 (8 lines).
Fax: 6532 0331.
Name of Liquidator: Mr Don M. Ho, CPA.
Dated this 11th September 2003.


YEW HUAT: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Yew Huat Trading Company Private Limited
is set for hearing before the High Court of the Republic of
Singapore on September 26, 2003 at 10 o'clock in the morning.
RHB Bank Berhad, a creditor, whose address is situated at 90
Cecil Street #03-00, Singapore 069531, filed the petition with
the court on August 29, 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 25th day of September
2003 (the day before the day appointed for the hearing of the
Petition).


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


ADVANCE PAINT: EGM Adjourned to Sept 26
---------------------------------------
The Board of Directors of Advance Paint & Chemical (Thailand)
Public Company Limited resolved to postpone the Extraordinary
General Meeting No.1/2003 dated 15 September, 2003 at 9:00 a.m.
due to the number of shares held by shareholders and their proxy
presented at the meeting not constitute the quorum as required
by the APC's Articles of Association.

The Board of Directors then resolved to arrange the new date,
time and place of Extraordinary General Meeting 1/2003 to be 26
September, 2003 at 9:00 a.m., Avenue at the Conference Room of
the Company, Bangpa-In Industrial Estate, 344 Moo 2, Klongjik,
Bangpa-In District, Ayuthaya with the following agenda:

Agenda 1. To approve the Minute of the 2003 General
shareholders' meeting

Agenda 2. To approve the appointment of one additional Director,
Mr. Sompakdi Vatevilai.

Agenda 3. To approve the appointment of new Audit committee

Agenda 4. To consider other businesses

The Company would inform that the closing date of shareholder's
register book used remain the same date as last information
which is 28 August 2003.


BANGKOK RUBBER: SET Grants Listed Securities
--------------------------------------------
Starting from 18 September 2003, the Stock Exchange of Thailand
(SET) allowed the securities of the Bangkok Rubber Public
Company Limited (BRC) to be traded on the SET after finishing
capital increase procedures.

    Name  : BRC
   Issued and Paid up Capital
     Old  : Bt1,107,349,270
     New  : Bt1,262,982,670
   Allocate to : Creditors under business rehabilitation plan
                 15,563,340 shares
   Par value: Bt10
   Price Per Share: Bt17
   Exercise/Payment Date: 28 August 2003


ITALIAN-THAI DEVT: Inks Construction Contract With Nawarat
----------------------------------------------------------
Italian-Thai Development Public Company Limited informed that on
16 September, 2003, the Joint Venture of Nawarat Patanakarn and
Italian-Thai Development, which comprised of Italian-Thai
Development PCL., and Nawarat Patanakarn PCL,  signed  the
contract with Villingili Investments Private Limited to proceed
with the building of Shangri-La  Maldives Resort (Phase I) at
Villingili Island, Addu Atoll, Republic of Maldives.

The details of the contract are as follows:

Description of work :
   1. Guest Facilities & Access Building     37  units
   2. Guest Accommodation                   163  units
   3. Staff Accommodation & Facilities       13  units
   4. Staff Facilities & Access              65  units
Total                                       278  units

Contract  value: US$15 million approximately Bt 600 million
   (ITD portion approximately Bt300 million)

The period of work: 365 days


MODERN HOME: SET Suspends Securities Trading
--------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign against the securities of Modern Home Development
Public Company Limited (M-HOME) on 14 May 2003 and 8 September
2003 because M-HOME had submitted the SET its audited annual
financial statements ending 31 December 2002, which its auditor
was unable to reach any conclusion. The SET was waiting for the
conclusion whether the company has to amend its financial
statements.

The Securities and Exchange Commission (SEC) informed the SET
that it is not necessary to amend M-HOME's financial statements
on the issue that the auditor stated. Therefore, "NR" (Notice
Received) sign is posted against M-HOME's securities effective
from the second trading of 16 September 2003 to announce that
the SET received the conclusion from the SEC.

However, the SET has still suspended trading all securities of
M-HOME until the causes of de-listing are eliminated.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total
                                        Shareholders   Total
                                        Equity         Assets
  Company                     Ticker    ($MM)          ($MM)
  -------                     ------    ------------   -------

CHINA & HONG KONG
-----------------

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingi Motorcyle
Co., Ltd.                      600698     (193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.               200057      (10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS       (3.62)       14.26
PT Mulia Industrindo Tbk        MLIA      118.23)      479.02
Smart Tbk                       SMAR      (37.38)      398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.92)      45.11
Faber Group Bhd                 FBMS        (7.16)     504.98
Hotline Furniture Bhd           HOTF       (19.68)      11.80
Kemayan Corp Bhd                KOPS      (289.67)     114.38
MBf Corp Bhd                    MBFS      (513.16)     210.27
Panglobal Bhd                   PGL0       (35.72)     191.12
Promet Bhd                      PMPT      (148.71)      65.25
Saship Holdings                 SASH      (128.06)     136.10
Sistem Televisyen Malaysia Bhd  STVM       (93.20)     128.16
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


PHILIPPINES
-----------

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


*********

Each Friday edition of the TCR- Asia Pacific contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Not so.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  More than a
balance sheet solvency test determines the prices at which
equity securities trade in public market.

*********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***