TCRAP_Public/030922.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

            Monday, September 22, 2003, Vol. 6, No. 187

                         Headlines



A U S T R A L I A

ANACONDA NICKEL: Mining Restatement Boosts Nickel, Cobalt Grades
ANACONDA NICKEL: November 26 AGM Scheduled
ANACONDA NICKEL: Proposing Share Consolidation, Name Change
COLES MYER: Underlying Full Year Profit Up 29%
UNION CAPITAL: Issues Mehdiabad Base Metal Project Update

UNION CAPITAL: Receives More Convertible Note Holder Application


C H I N A   &   H O N G  K O N G

BORNEO INTERNATIONAL: Petition to Wind Up Pending
DYNAMIC GLOBAL: 2003 Net Loss Narrows to HK$
CARDUN COMPUTER: Winding Up Hearing Scheduled in October
HOUSING CLEANING: Petition to Wind Up Scheduled
JINHUI HOLDINGS: Widens Operations Loss to HK$7.745M

TOMORROW INT'L: Releases H103 Consolidated Report
YEN FOODS: Winding Up Sought by Chow Mei


I N D O N E S I A

TEXMACO PERKASA: IBRA Considers Utara Capital's Second Bid


J A P A N

ASAHI MUTUAL: Moody's Downgrades Rating to Caa2
INTEC INC.: JCR Affirms BBB- Rating
MITSUI MUTUAL: Moody's Confirms Ba3 Rating; Negative Outlook
NIPPON STEEL: Restarts Blast Furnaces After Explosion
NISSAN DIESEL: Selects IBM Over HP to Speed Employee Payroll


K O R E A

HYNIX SEMICON: Submits SDRAM Samples to Intel For Evaluation
KOOKMIN BANK: Posts Biggest Overdue Loans Rise
SK GLOBAL: Officially Changes Name to SK Networks
SK NETWORKS: Arab Banks Refuse to Sell Loans at a Discount
SK NETWORKS: May End Workout if it Meets Cash-Flow Target


M A L A Y S I A

ASSOCIATED KAOLIN: KLSE Removes Outstanding Warrants 1996/2005
HIAP AIK: KLSE Grants Regularization Plan Time Extension
KSU HOLDINGS: Replies KLSE's Winding Up Petition Query
MYCOM BERHAD: Enters S&P Extension Agreements
OLYMPIA INDUSTRIES: S&P Agreements Extended Until Dec 12

PARIT PERAK: Ferrier Hodgson Reviews Proposed Workout Proposal
RENONG BERHAD: SC OKs Revised Global Bond Certificate
TIMBERMASTER INDUSTRIES: Danaharta OKs Modified Workout Proposal
TAJO BERHAD: Proposed Restructuring Exercise Inter-Conditional
WOO HING: Administrators Ink Revised Kamdar Proposals Agreement


P H I L I P P I N E S

MANILA ELECTRIC: Clarifies Sales Report
MANILA ELECTRIC: Sees P44B Savings From Changes in IPP Deals
MUSIC CORP.: Meets Court Condition on Bankruptcy Case Dismissal
PRIMETOWN PROPERTY: Court Appoints Rehabilitation Receiver


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Mentor Graphics Enters Alliance
HERMES ENGINEERING: Issues Debt Claim Notice to Creditors
HETRACO PTE: Winding Up Hearing Slated For September 26
L&M GROUP: Issues Debt Equity Restructuring Proposal
MICHAELIS PTE: Creditors to Submit Claims by October 17

SOREX TECHNOLOGY: Issues Notice of First & Final Dividend
TAN POH: Petition to Wind Up Pending
WEE POH: Forms Audit Committee


T H A I L A N D

ADVANCE PAINT: Reports Warrants Certificate No.1 Allotment
JASMINE INT'L: Planner Reports Warrant Conversion Results
NATURAL PARK: Transfers Leasehold Right Agreement to BoA
PICNIC GAS: Court Orders Business organization Termination
PICNIC GAS: Posts BOD Meeting No. 1/2003 Resolutions

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Mining Restatement Boosts Nickel, Cobalt Grades
----------------------------------------------------------------
As a consequence of a review of ore reserves utilizing Whittle
mine optimization software, Anaconda Nickel Limited has restated
its annual mining reserves and resources statement. The mineral
resource model remains unchanged from previous years, except for
depletion by production.

Highlights of the restatement include:

   *  Nickel grade increased from 0.99% to 1.07%
   *  Cobalt grade increased from 0.064% to 0.085%
   *  Mining reserves sufficient for 30+ years operational life
   *  Mining grade for the next 5 years is 1.3% Ni, gradually
declining to 1.15% over the following 10 years.
   *  Total ore reserves decreased from 296 million tonnes to
145 million tonnes
   *  Any third party material processed will enhance the
throughput grade.

Go to http://bankrupt.com/misc/TCRAP_ANL0922.pdfto see the
comparative statements.


ANACONDA NICKEL: November 26 AGM Scheduled
------------------------------------------
Notice is hereby given that the tenth Annual General Meeting of
shareholders of Anaconda Nickel Limited will be held at the
Parmelia Hilton, Terrace Room, Mill Street, Perth on Wednesday
26 November 2003 at 10:30 in the morning.

AGENDA

ORDINARY BUSINESS

1. Accounts and Reports

The tabling and consideration of the Financial Statements and
Directors' Declaration and Report for the year ended 30 June
2003, together with the Auditor's Report to the members of the
Company.

2. Directors

To elect directors, each as a separate resolution:

   (a) Mr G Deru, who was appointed to fill a casual vacancy
retires in accordance with the Company's Constitution and being
eligible, offers himself for re-election; and

   (b) Mr W Strothotte, who retires in accordance with the
Company's Constitution and being eligible, offers himself for
re-election.

SPECIAL BUSINESS

1. EXECUTIVE OPTIONS

To consider and, if thought fit, to pass, with or without
amendment, the following special resolution:

"That the Company hereby authorizes the Board of Directors to
grant 20,000,000 Options to subscribe for ordinary shares to
Peter Brendan Johnston, the CEO and Managing Director of the
Company on the following terms:

   * exercise price of $0.06 per share.
   * not exercisable before 6 June 2004.
   * expiry date of 6 June 2005."

Voting exclusion statement

The Company will disregard any votes cast by Peter Brendan
Johnston on special resolution 1 or any associate of him.
678564.1

However the Company need not disregard a vote if:

   (a) it is cast by such person as proxy for a person who is
entitled to vote, in accordance with the directions on the proxy
form; or

   (b) it is cast by such person chairing the meeting as proxy
for a person who is entitled to vote, in accordance with a
direction on the proxy form to vote as the proxy decides.

2. NON-EXECUTIVE DIRECTORS REMUNERATION

To consider and, if thought fit, pass, as an ordinary resolution
of the Company, the following resolution:

"That, in accordance with Article 12.13 of the Company's
Constitution and ASX Listing Rule 10.17, the maximum amount of
fees payable to non-executive Directors be increased by
$300,000, from $500,000 to $800,000 in total, for each twelve
month period commencing 1 July in any year until varied by
members in general meeting."

Voting exclusion statement

The Company will disregard any votes cast by any of the
directors of the Company on resolution 2 or any associate of
those persons.

However the Company need not disregard a vote if:

   (a) it is cast by such person as proxy for a person who is
entitled to vote, in accordance with the directions on the proxy
form; or

   (b) it is cast by such person chairing the meeting as proxy
for a person who is entitled to vote, in accordance with a
direction on the proxy form to vote as the proxy decides.

3. CHANGE OF COMPANY NAME

To consider and, if thought fit, to pass, with or without
amendment, the following special resolution:

"That, subject to the consent of the Australian Securities and
Investments Commission, the name of the Company be changed to
Minara Resources Limited."

4. CONSOLIDATION OF SHARE CAPITAL

To consider and, if thought fit, to pass, with or without
amendment, the following special resolution:

"That, in accordance with section 254H of the Corporations Law
and Article 9.1 of the Company's Constitution:

   (a) every fifteen (15) fully paid ordinary shares of the
Company are to be consolidated into one (1) fully paid ordinary
share;

   (b) every fifteen (15) unexercised Options granted by the
Company are to be consolidated into one (1) Option; and

   (c) the exercise price for each unexercised Option granted by
the Company is to be multiplied by fifteen (15),

with effect from the date this Resolution is passed."

5. AMENDMENT TO THE COMPANY'S CONSTITUTION: To amend the
Constitution to provide for the sale of non-marketable parcels
of shares of the Company.

To consider and, if thought fit, to pass, with or without
amendment, the following special resolution:

"That the constitution of Anaconda Nickel Limited is amended in
the manner set out in Annexure A to the Explanatory Notes to the
notice convening this meeting".

The Explanatory Memorandum can be found at
http://bankrupt.com/misc/TCRAP_ANL0922B.pdf.


ANACONDA NICKEL: Proposing Share Consolidation, Name Change
-----------------------------------------------------------
Anaconda Nickel Limited intends to propose a consolidation of
the number of ordinary shares on issue, from 6,922,533,645 to
461,502,243, with a 15:1 share consolidation. The Company also
announced its resolve to change the Company's official name to
Minara Resources Ltd.

Both resolutions will be put to a shareholder vote at the Annual
General Meeting to be held on 26 November 2003.

The Company released on Wednesday The Notice of Meeting for the
AGM, and the full Financial and Directors' Reports, for the
fiscal year ended 30 June 2003. Also released was a restatement
of reserves following a eroticisation of the mine plan that has
significantly increased both nickel and cobalt reserve grades at
the Murrin Murrin project. The Director's Report includes the
Company's Corporate Governance Statement, which is a précis of
its Board Charter.

The Notice of Meeting will be mailed to shareholders with a copy
of the Annual Report on or about 17 October 2003.


COLES MYER: Underlying Full Year Profit Up 29%
----------------------------------------------
Coles Myer Ltd announced on Friday an underlying net profit
after tax of $455.6 million for the full year ended 27 July
2003, up 28.8% on the prior year. Sales rose by 6.1%1 to $27
billion. "This result is a major step forward in Coles Myer's
five year turnaround program," CML CEO John Fletcher said. "With
the right team and the right strategy we are beginning to
deliver on our promise to be Australia's number one retailer in
all our brands, providing the best offer for our customers and
acceptable and sustainable returns for our shareholders," Mr
Fletcher said.

Highlights of the result include:

   - margin expansion across all businesses;
   - Food and Liquor earnings growing faster than sales;
   - substantial earnings growth at Kmart and Target;
   - return to profitability at Myer Grace Bros;
   - further strengthening of the balance sheet;
   - underlying return on investment up from 12.7% to 17.9%;
   - another strong rise in cash flow

"This result positions us well for the next phase of our
rebuild, in which we will increase the emphasis on the third
plank of our strategy, to leverage the scale of the CML Group
while continuing to pursue growth of our Food and Liquor
business and restoring operational excellence to our non-food
businesses. "In the last two years, our critical priority has
been to improve the performance of our non-food brands and to
close the sales gap between our Food and Liquor business and its
major competitor. We have been focused on developing and
implementing brand positioning and marketing strategies for each
of our individual businesses. "Now that our performance has
begun to improve, we are in a position to reinvest in our
business to capture our full potential through maximizing the
unique competitive advantages of our scale for our customers and
shareholders.

"This will move us from step change to comprehensive whole of
business change, leveraging Groupwide initiatives such as supply
chain, systems transformation, organizational change and our
customer loyalty program to bring significant customer and
financial benefits to our brands. "We look forward to detailing
our plans in these areas on 25 September," Mr Fletcher said. CML
is committed to the highest standards of international financial
reporting. As disclosed at the interim result, the Company has
adopted new US guidance for the accounting of supplier
promotional rebates. As a result of this policy change, a one-
time, non-cash adjustment of $79.3 million before tax was made
to the full year result. Although not compulsory in Australia,
we have introduced this policy because it represents global best
practice. After one-off accounting policy changes, profit from
the sale of Sydney Central Plaza and a credit adjustment from
the Kmart NZ onerous lease provision, net profit after tax for
the year was $429.5 million.

Directors have declared a fully franked final dividend of 12.5
cents per share, bringing the full year dividend to 26 cents per
share, an increase of 0.5 cents per share on last year. The
outlook for the Group remains positive, despite intense
competition across all of the markets in which we operate. In
the first seven weeks of FY2004, sales across the Group
increased by 10.8% including the Coles Express fuel business. To
date, Coles Express fuel volumes have exceeded our expectations,
and as a result, Food & Liquor sales in Victoria have risen in
the order of 1.5-2.0% above that in other States during the same
period. As anticipated, the combined non-food brands are
achieving mid single digit sales growth on last year's high
base, consistent with our strategic plan. While industry
statistics indicate that growth in the food and liquor sector is
slowing, we expect our Food & Liquor business sales growth to
continue to show progressive improvement during FY2004, as our
fuel offer is rolled out over the year and other customer
initiatives gain traction. We anticipate combined sales growth
for Kmart, Officeworks, Myer Grace Bros and Target to continue
at mid single digit for the full year. We will provide earnings
guidance for Y2004 at the Annual General Meeting on 26 November
2003.

On June 27, the Troubled Company Reporter - Asia Pacific
reported that the Standard & Poor's Ratings Services downgraded
its long-term corporate credit rating on Coles Myer Ltd. (CML),
and its guaranteed issues and programs, to 'BBB' from 'BBB+',
and the rating on its reset preference shares to 'BB+' from
'BBB-'.


UNION CAPITAL: Issues Mehdiabad Base Metal Project Update
---------------------------------------------------------
Union Capital Limited (UCL) advises that steady progress
continues to be made with respect to advancing the Mehdiabad
Base Metal Project, towards ultimate development.

The optimized open cut mining pit design has been completed,
recommending a three staged development. The design recommends
developing an initial capacity of the acid leach and zinc plant
to produce 160,000 tonnes of zinc metal per annum for the first
five years of operations, thence expanding to 320,000 tonnes of
zinc metal per annum for the next five years, with third stage
producing 500,000 tonnes of metal per annum from year 10
onwards, placing Mehdiabad amongst the world's largest zinc
producers.

The ultimate pit size will measure 2 kilometers in length,
average 1.3 kames in width and reach depths of 400 meters. The
life of the pit is estimated to be 26 years and the total zinc
metal production expected to be 10.9 million tones and the lead
concentrate production 2.3 million tonnes over that period. The
pit design shows that after completion, significant zinc
resources will remain at depth and to the north of the pit,
which may be accessed by underground mining techniques,
extending the life of the mine to around 40 years.

The optimized pit design suggests the "in pit" cut off grade for
zinc oxide liberalization will be 1.25% Zn and for zinc
sapphires 3% Zn. The average resource expected to be extracted
from the pit is 273 million tonnes @ 5.3 % Zn.

The operating company Mehdiabad Zinc Company (MZC) has now been
registered in Iran and will commence operations on 22nd
September, under Managing Director Mr Massoud Fanian. Mr Fanian
has degrees in Geology and Industrial Management and has been
involved in the management of numerous mines in Iran. He is
regarded as one of Iran's leading Mining Project Managers and is
highly respected within Yazd Province. Technical experts
provided by UCL will support Mr Fanian in his role.

It is expected that the Exploration License previously held in
trust for the unincorporated joint venture by the Ministry of
Mines and Industry will be transferred to MZC shortly after this
time.

A Final Exploration Report has been completed for submission to
the Ministry immediately upon receipt of the Exploration
License, to enable a new Discovery Certificate reflecting the
present resource, to be formally recognized. Once the new
Discovery Certificate is issued, then MZC can obtain the
Exploitation License required for mining, upon submission of the
final mine plan.

From the time the Exploration License is issued to MZC, all
further licensing procedures set out above are in total accord
with the mining laws of Iran.

Final "in fill" drilling to achieve mining reserve status for
the proposed first 5-7 year mining pit is expected to commence
in the next few months.

Meanwhile UCL has commenced discussions with a number of
interested Middle Eastern based investment companies regarding
the further funding of the project.

The bankable feasibility study is expected to be completed
around the middle of 2004. Commencement of development of the
First Stage will commence shortly thereafter, subject to
funding. The development of the First Stage may include two sub
stages, the first sub stage "fast tracked" to around 30,000
tonnes per annum production to cater for urgently required
domestic Iranian zinc demand, and to "fine tune" the technical
operations for the larger development.


UNION CAPITAL: Receives More Convertible Note Holder Application
----------------------------------------------------------------
Union Capital Limited (Union) announces it has received a
further application from a Convertible Note Holder, to convert
150,000 one dollar face value notes (plus accumulated interest),
into new ordinary shares in Union Capital Limited.

The effect of this notice is to issue 7,878,151 new ordinary
shares, as conversion of 150,000 $1 notes and additional 172,672
ordinary shares as interest payable on the notes being
converted. The issue price of the shares is $0.01904 per share,
being a 20% discount to the weighted average price of Union's
shares traded over the previous ten (10) trading days.

According to Wrights Investors' Service, at the end of 2002,
Union Capital Limited had negative working capital, as current
liabilities were A$1.52 million while total current assets were
only A$1.14 million. It also reported losses during the previous
12 months and has not paid any dividends during the previous 4
fiscal years.


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


BORNEO INTERNATIONAL: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up Borneo International Education
Organization Limited is scheduled for hearing before the High
Court of Hong Kong on October 8, 2003 at 9:30 in the morning.

The petition was filed with the court on August 13, 2003 by
Kwong Ka Yu of Room 329, Wang Fai House, Wang Tau Hom Estate,
Kowloon, Hong Kong.


DYNAMIC GLOBAL: 2003 Net Loss Narrows to HK$
--------------------------------------------------------
Dynamic Global Holdings Limited disclosed its financial
statement summary:

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  ($)          ($)
Turnover                        : 65,546,000         3,563,000
Profit/(Loss) from Operations   : (16,153,000)
(21,611,000)
Finance cost                    : (1,727,000)        (5,028,000)
Share of Profit/(Loss) of
  Associates                    : N/A                (441,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (14,181,000)
(26,996,000)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.00532)          (0.01151)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (14,181,000)
(26,996,000)
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. SEGMENT INFORMATION

(a) Business segments

                                        Continuing operations
                          --------------------------------------
                        Property        Investment
                        development     holdings        Other
                    2003    2002    2003    2002    2003    2002
                  HK$000  HK$000  HK$000  HK$000  HK$000  HK$000
                          --------------------------------------
Segment revenue:
Sales external
customers            64,677  598     -       8       55      -

Segment results       7,230   (1,643) (19,657)(13,830)(217)   -

                          --------------------------------------
              Continuing operations      Discontinued operations
                          --------------------------------------
Sub-total       Toll Bridge     General trading
                   2003    2002    2003    2002    2003    2002
                  HK$000  HK$000  HK$000  HK$000  HK$000  HK$000
                            ------------------------------------
Segment revenue:
Sales external
customers         64,732  606     434     1,653   380     1,304

Segment results   (12,644)(15,473)(43)    (673)   8       (105)
                            ------------------------------------
                     Discontinued operations        Consolidated
                        Skiing resort   Sub-total
                   2003    2002    2003    2002    2003    2002
                  HK$000  HK$000  HK$000  HK$000  HK$000  HK$000
                            ------------------------------------
Segment revenue:
Sales external
customers         -       -       814     2,957   65,546  3,563

Segment results  (3,474)(3,474)  (3,509) (4,252)(16,153)(19,725)

Unallocated expenses                             -       (1,886)
                                               -----------------
Loss from operating activities                 (16,153)(21,611)
                                               =================

(b)     Geographical segments

                        Hong Kong               Mainland China
                        2003    2002            2003    2002
                        HK$000  HK$000          HK$000  HK$000
Segment revenue:
Sales to external
customers              -       8               65,546  3,555

Segment results         (19,657)(13,833)        3,504   (5,701)

                        Other                   Consolidated
                        2003    2002            2003    2002
                        HK$000  HK$000          HK$000  HK$000
Segment revenue:
Sales to external
customers              -       -               65,546  3,563

Segment results         -       (191)           (16,153)(19,725)

Unallocated expenses                            -       (1,886)
                                                ----------------
Loss from operating activities                  (16,153)(21,611)
                                                ================


2. Loss from operating activities

Loss from operating activities has been arrived at after
charging/(crediting):

                                        Six months ended
                                      30.6.2003       30.6.2002
                                       HK$'000         HK$'000

Amortization of goodwill arising on
  acquisition of associates               1,775           1,886
Depreciation of fixed assets              4,166           5,251
Provision against a legal claim           8,491           -
Provision for inventories                 2,400           -
Provision for doubtful debts written back (1,387)         -
                                           =======       ======

3. Taxation

                                                Six months ended
                                      30.6.2003       30.6.2002
                                       HK$'000         HK$'000

Group:
  Mainland China                         1,859           -
Associates:
  Mainland China                          -               -
                                      -------------------------
                                         1,859           -
                                         ======          =======

No provision for Hong Kong Profits tax has been made for the
period as the Group did not generate any assessable profits
arising in Hong Kong during the period (30.6.2002: Nil).  Taxes
on profits assessable elsewhere have been calculated at the
rates of tax prevailing in the respective jurisdictions in which
the Group operates, based on existing legislation,
interpretations and practices in respect thereof.

At the balance sheet date, the Group has unused tax losses of
approximately HK$200 million (2002: HK$190 million) available
for offset future profits.  No deferred tax asset has been
recognized as it is not certain that the tax losses will be
utilized in the foreseeable future.  Tax losses may be carried
forward indefinitely.

No provision for tax is required for the Group's jointly-
controlled entity and associates as no assessable profits were
earned by the jointly-controlled entity and associates during
the period (30.6.2002: Nil).

4. Loss per share

The calculation of the basic loss per share is based on the net
loss attributable to shareholders of HK$14,181,000 (30.6.2002:
HK$26,996,000) and on the weighted average of 2,667,813,819
(30.6.2002: 2,345,421,553) ordinary shares in issue during the
period.


CARDUN COMPUTER: Winding Up Hearing Scheduled in October
--------------------------------------------------------
The High Court of Hong Kong will hear on October 8, 2003 at 9:30
in the morning the petition seeking the winding up of Cardun
Computer Systems Limited.

Kung Yiu Wing of Flat C, 3/F., Tsuen Yiu House, 21 Chung On
Street, Tsuen Wan, New Territories, Hong Kong filed the petition
on August 13, 2003. Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


HOUSING CLEANING: Petition to Wind Up Scheduled
-----------------------------------------------
The petition to wind up Housing Cleaning 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.


JINHUI HOLDINGS: Widens Operations Loss to HK$7.745M
----------------------------------------------------
Jinhui Holdings Company Limited issued a summary of its results
announcement for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Auditors
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2003      from 1/1/2002
                              to 30/6/2003       to 30/6/2002
                              Note  ('000)       ('000)
Turnover                           : 473,017            374,116
Profit/(Loss) from Operations      : 9,605              (48,490)
Finance income (cost) [net]        : (7,745)            (6,789)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (1,524)            (30,464)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.029)            (0.5789)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (1,524)            (30,464)
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:

Basic loss per share is calculated on the net loss for the
period of HK$1,524,000 (six months ended 30 June 2002:
HK$30,464,000) and on the weighted average number of 52,624,248
(six months ended 30 June 2002: 52,624,248) ordinary shares in
issue during the period.  The weighted average number of
ordinary shares outstanding for both periods presented have been
adjusted for the consolidation of shares effective on 2 June
2003.

Diluted loss per share is not presented as there is no dilution
effect in both periods.


TOMORROW INT'L: Releases H103 Consolidated Report
-------------------------------------------------
Tomorrow International Holdings Limited released its unaudited
consolidated results of the Company and its subsidiaries (the
Group) for the six months ended 30 June 2003 with comparative
figures. Below is an excerpt of the report:

On 4 March 2003, the Company, Probest Holdings Inc. (Probest),
an indirect wholly-owned subsidiary of the Company and Swank
International Manufacturing Company Limited (Swank), a listed
subsidiary of the Company, entered into a conditional asset
disposal agreement (the Asset Disposal Agreement) and a
conditional loan restructuring agreement (the Loan Restructuring
Agreement) to restructure the principal loan of HK$250 million
and the accrued loan interest due to Probest. Further details of
the Asset Disposal Agreement and the Loan Restructuring
Agreement are set out in a circular to shareholders dated 7
April 2003. Subsequently, the above two mentioned agreements
were terminated on 27 August 2003.

On 3 September 2003, the Company, Probest and Swank entered into
a conditional share sale agreement pursuant to which Probest
would acquire a 30% equity interest in a wholly-owned subsidiary
of Swank and 30% of loan owing by that subsidiary of Swank for a
consideration of HK$3 million (the Share Sale Agreement).
In addition, Swank and Probest entered into a conditional loan
settlement agreement pursuant to which Probest agreed to waive
the repayment of the outstanding principal loan of HK$47 million
due by Swank and the accrued loan interest thereon since 1 March
2002 up to the effective date of the loan settlement agreement
(the Loan Settlement Agreement).

Moreover, Swank also proposes to raise not less than HK$37.7
million before expenses by way of the open offer on the basis of
13 offer shares at HK$0.013 each for every existing share of
HK$0.01 each in the issued share capital of Swank held by the
shareholders, who have addresses in Hong Kong on the register of
members of Swank, as at 16 October 2003, being the date to which
entitlements under the open offer will be determined (the Open
Offer). Net proceeds from the Open Offer of approximately
HK$37.0 million will be used to repay partly the loan due to
Probest. On 3 September 2003, the Company, Probest and Swank
also entered into an underwriting agreement in relation to the
underwriting of the Open Offer.

The outstanding principal loan of HK$163 million due to Probest
by Swank shall be repaid by three instalments in accordance with
the terms of the promissory note with maturity date on 1 June
2006. The promissory note is unsecured and bears interest at a
rate per annum equivalent to 1% over Hong Kong prime rate.

The Share Sale Agreement and the Loan Settlement Agreement are
subject to the approval by the shareholders of the Company at a
special general meeting and Swank's independent shareholders at
Swank's extraordinary general meeting.  The Open Offer is
subject to the approval by the independent shareholders of Swank
at the extraordinary general meeting of Swank. Further details
are also set out in the announcement dated 9 September 2003.

To see full copy of the financial statement, go to
http://bankrupt.com/misc/TCRAP_TOM0922,pdf.


YEN FOODS: Winding Up Sought by Chow Mei
----------------------------------------
Chow Mei Kuen is seeking the winding up of Yen Foods Investments
Company Limited. The petition was filed on August 15, 2003, and
will be heard before the High Court of Hong Kong on October 8,
2003 at 10:00 in the morning.

Chow Mei holds its registered office at Room 604, Tung On House,
Lei Tung Estate, Ap Lei Chau, Hong Kong.


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


TEXMACO PERKASA: IBRA Considers Utara Capital's Second Bid
---------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) will consider PT
Texmaco Perkasa Engineering's second bid from Utara Capital,
DebtTraders reports. The agency rejected and considered the
first bid of Utara Capital.

Utara Capital, led by the eldest son of Mahathir and China
National Bluestar Corporation, needs to submit a price bid.

Texmaco Company failed to pay a Rp139 billion ($16 million),
which was payment on August 18, this payment was supposed to be
the first repayment of a Rp29 trillion ($3.4 billion) debt pact.

COMPANY PROFILE

Established in 1983, PT Texmaco Perkasa Engineering is a
vertically integrated engineering company from castings to
machine tools and from machinery manufacturing to heavy
fabrication. It is also the sole producer of textile machinery
in Indonesia for the spinning, weaving, processing and finishing
sectors of the textile industry. The company arrived at an
agreement with IBRA to restructure its $2.7 billion debt in
October 2000. PT Texmaco Perkas Engineering plans to issue bonds
to the agency convertible into a 70% stake in the group. The
company can regain control if it eventually buys back the bonds
from IBRA.


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


ASAHI MUTUAL: Moody's Downgrades Rating to Caa2
-----------------------------------------------
Moody's Investors Service has downgraded Asahi Mutual Life
Insurance Company's (Asahi Life) insurance financial strength
rating to Caa2 from Caa1. The rating outlook remains negative.
This completes the rating review initiated on May 16, 2003.

The rating action reflects the continued deterioration in the
Company's performance and franchise value. In Moody's view, this
deterioration may exacerbate in view of Asahi Life's recent
announcement that it will defer interest on its foundation funds
- permitted under the Insurance Business Law - and its decision
to not make this year any dividend payments to policyholders.

Moody's believes that Asahi Life's decisions regarding the
foundation funds and dividends reflect the ongoing deterioration
in both its profitability and cashflow. At end-FYE 3/2003, the
Company reported declining underwriting profits, in force
business, new business and economic capital. Furthermore, its
negative spread remains a lingering problem.

So far, since their announcement, the decisions do not appear to
have significantly affected the Company's surrender rates or
relationships with the foundation fund providers. However, there
are uncertainties as to the Company's ability to halt the
deterioration in its franchise in the near future even after
taking into consideration their plans to restructure their
operations, given the difficult operating environment and
increasing policyholder concerns over the credit quality of life
insurers. Moody's also notes that the regulatory environment
appears to be shifting towards one which may be more conducive
to permitting policyholder losses for the sector at large, which
may have a greater impact on financially weaker companies like
Asahi.

Asahi Mutual Life Insurance Company, headquartered in Tokyo, is
Japan's 7th largest life insurance Company in asset terms. It
had total assets of Yen 6,596.9 billion as of March 31, 2003.


INTEC INC.: JCR Affirms BBB- Rating
-----------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- ratings
on the bonds of Intec Inc.

Issues/Amount (bn)/Issue Date/Due Date/Coupon
Bonds no.5
Y10/Oct. 6, 1999/Oct. 6, 2003/2.40 percent
Bonds no.6
Y10/Oct. 6, 2000/Oct. 6, 2005/2.20 percent
Callable convertible bonds no.2
Y8 / Sept. 6, 2000 / Sept. 30, 2004 / 0.4 percent

RATIONALE:

Intec, an independent information services firm, provides full-
line service. Needs for system configuration through network and
outsourcing are increasing in the market. It will be able to
maintain the current earnings level, given the stable revenue
base due to the full-line service operation.

Although the financial structure has been improving due to
cutback in interest-bearing debt and an increase in net assets,
it remains weak. Intec will reduce the interest-bearing debt
continually in the future. However, given the burden of support
to the affiliated companies, the financials will not improve
soon. JCR will pay attention to the reductions in the interest-
bearing debt.


MITSUI MUTUAL: Moody's Confirms Ba3 Rating; Negative Outlook
------------------------------------------------------------
Moody's Investors Service has confirmed Mitsui Mutual Life
Insurance Company's (Mitsui Life) Ba3 insurance financial
strength rating with a negative outlook. This confirmation
concludes Moody's rating review that began on June 18, 2003.

The confirmation reflects Mitsui's stabilizing financial
profile, its strategic initiatives being undertaken to diversify
distribution and products, its cost cutting efforts, its plans
to demutualize, as well as ongoing support anticipated from its
key affiliates.

Nonetheless, Moody's maintains a negative outlook in light of
the Company's continuing vulnerability to the difficult external
environment, which has resulted in declining business in force,
a negative interest spread and investment losses. Moody's also
notes that Mitsui's success in restructuring itself and its
efforts to demutualize remain uncertain.

Moody's believes that the deterioration in Mitsui's financial
fundamentals is beginning to stabilize as reflected by a
reduction in risk assets, improving surrender rates and good
sales through new distribution channels. Mitsui Life is planning
to demutualize in April 2004. Moody's understands that the
process will involve the Company repaying its foundation funds,
and then raising equity capital. As a stock Company, Moody's
also expects Mitsui Life to improve its corporate governance
standards through the introduction of external board members,
execution officers and shareholder oversight.

Moody's further notes that other aspects of Mitsui Life's
business plan are positive and are part of the Company's
attempts to rebuild its franchise. The Company is introducing a
new sales model that involves a more advanced sales team and
targets sales to its affiliated companies and small and medium
sized companies. The Company has also been one of the most
successful domestic companies in the sales of variable annuities
through banks. However, Moody's expects that new business in
aggregate will continue to decline in the short term. Moody's
also notes that a reduction in headcount is helping Mitsui bring
down its high operating costs.

Though the Company's key affiliates continue to face their own
financial pressures, support from these affiliates is expected
to be maintained in the light of their historical relationships
and the interconnectedness in terms of cross investments between
the companies.

Nonetheless, Mitsui Life's financial fundamentals remain weak,
albeit stabilizing, as of end-FYE 3/2003, as indicated by the
reductions in its underwriting profits, policies in force,
premium income and economic capital. Mitsui's negative spread
remains a lingering problem. However, investment losses reported
at that time have since improved as a result of the rise in the
Japanese stock market which has more than offset the declines in
Mitsui's bond portfolio. Moody's believes the Company's weak
financial fundamentals magnify its vulnerability to the
prevailing harsh business climate, while its ability to restore
its franchise and financial strength will be a major challenge.

In the light of recent changes to the Insurance Business Law in
Japan that allow life insurance companies to cut the guaranteed
interest rates on in force policies, Moody's will continue to
monitor the behavior of policyholders towards the weaker life
companies.

Mitsui Mutual Life Insurance Company, headquartered in Tokyo, is
Japan's 6th largest life insurance Company in asset terms. It
had total assets of Yen 7,669.2 billion as of March 31, 2003.


NIPPON STEEL: Restarts Blast Furnaces After Explosion
-----------------------------------------------------
The state of the recovery from the above accident of Nippon
Steel Corporation as of September 18 is as follows:

Regarding the blast furnace operation, Nippon Steel Corporation
obtained the confirmation of the authorities concerned on
September 13 that the proposed use of BOF (converter) gasholder
for blast furnace gas satisfied the technical standards under
the Gas Industry Law. Accordingly, the Company resumed the two-
blast-furnace operation on September 17 paying close attention
to the assurance of safety and accident prevention.

Nippon Steel are endeavoring to restore the normal blast furnace
operation, carefully adjusting the gas balance in Nagoya Works
and always giving top priority to safety and accident
prevention. Although further confirmation is needed, the
production of pig iron, about which we previously said that 90
percent would be restored by the end of September, is likely to
be moved up considerably. As a result, pig iron production
losses up to December are also expected to be much smaller than
initially thought.

The rolling processes are also being operated with careful
attention to the maintenance of gas balance. By now, all lines
are more or less smoothly functioning.

As for products delivery, the entire Company will devote effort
to minimize the effects of the accident to our customers. To our
regret, however, the low pig iron output during the several days
following the accident is making the matter challenging. Each
line is increasing production to the extent possible under the
current feed supply. Despite emergency measures so far taken
such as diverting production to our other steelworks while
taking inventory conditions into account, the Company is still
compelled to request adjustments in lead-time to our customers
on a case-by-case basis. We deeply regret the great
inconvenience caused them by this situation.

Contact about this matter:

Public Relations Center
General Administration Division
Nippon Steel Corporation
Phone: +81-3-3275-5021 and -5023


NISSAN DIESEL: Selects IBM Over HP to Speed Employee Payroll
------------------------------------------------------------
IBM announced on Tuesday that Nissan Diesel Motors Company Ltd.
has selected scalable IBM eServer systems to power the Company's
personnel accounting and payroll system. Nissan will use IBM
eServer x440 systems, which can scale to 16 Intel Xeon
Processors, to replace PA-RISC based servers from HP.

The IBM Intel-based servers offer 10 times the performance of
the existing HP servers, while reducing Nissan's costs by up to
70 percent.

"We are migrating to IBM Intel based eServer systems with DB2 to
help reduce IT costs by up to 70 percent annually," said Takashi
Sasaki, assistant director of the information system planning
division at Nissan Diesel. "With this migration, Nissan Diesel's
new system has produced epic-making results, showing about 10
times performance. The IBM eServer systems can process the
payroll in only 50 minutes, verses eight hours for the old
system."

The eServer x440 systems provide capacity that can be expanded
to meet Nissan's future needs. Utilizing open standards, the IBM
eServer x440 and DB2 allow for a seamless migration in the
Nissan data center from HP to IBM.

"Nissan is a perfect example of the demand we are experiencing
from customers for scalable Intel Xeon-based servers, a
technology where IBM provides a clear advantage over HP and
Dell," said Leo Suarez, vice President, IBM eServer xSeries.
"The scalability of the IBM eServer x440 enables customers to
add capacity in building blocks of four processors as their
business expands."

About Nissan Diesel Motor Co., Ltd

Nissan Diesel Motor Co., Ltd., established in 1935, is one of
the world's leading manufacturers of trucks and buses. Nissan
Diesel has developed and marketed a wide range of light, medium,
and heavy-duty vehicles as well as buses and bus chassis,
engines, vehicle components, and special-purpose vehicles.
Nissan Diesel has steadily expanded and reinforced its worldwide
sales as well as its parts supply, service, and communication
networks. Today, the Company has ties with distributors in
nearly 70 countries around the world with 3,166 employees.

For further information, please visit the Nissan Diesel Motor
website at: http://www.nissandiesel.co.jp/

About IBM

IBM is the world's largest information technology Company, with
80 years of leadership in helping businesses innovate. Drawing
on resources from across IBM and key IBM Business Partners, IBM
offers a wide range of services, solutions and technologies that
enable customers, large and small, to take full advantage of the
new era of e-business. For more information about IBM eServer is
available at http://www.ibm.com/eserver.For additional
information, see: http://www.ibm.com.

*IBM, the IBM logo, the e logo, e-business on demand, eServer,
pSeries, xSeries, and Tivoli are trademarks of International
Business Machines Corporation in the United States, other
countries or both. UNIX is a registered trademark of The Open
Group in the United States and other countries. Other Company,
product or service names may be trademarks or service marks of
others.

Nissan Diesel Motor Co. is in talks with Mizuho Corporate Bank,
Nissan Motor Co. and other creditors on a bailout plan, TCR-AP
reported recently. 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.

Contact:
Christopher Rubsamen
IBM
1-914-766-4728
rubsamen@us.ibm.com


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


HYNIX SEMICON: Submits SDRAM Samples to Intel For Evaluation
------------------------------------------------------------
In preparation for IDF Fall 2003, Hynix Semiconductor, Inc.
(www.hynix.com) has submitted 512Mb DDR2 SDRAM devices to Intel
Corporation for evaluation and its samples are successfully
booting with Intel's next generation dual processor server
chipset code named 'Lindenhurst.' The Hynix 512Mb DDR2 SDRAM is
currently available in sample quantities with mass production
scheduled for early 2004.

"Hynix's DDR2 technology is geared for Intel's next generation
server, workstation, desktop, and mobile platforms starting in
2004," said Pete MacWilliams, Senior Fellow Intel Corporation.
"DDR2 memory technology is especially beneficial in rack mount
server systems as it provides better performance while reducing
power consumption."

The Hynix 512Mb DDR2 SDRAM devices will serve as the basis for
its DDR2 DIMMs and will enable OEMs and system developers to
deliver stable and high-performance DDR2 platforms for server,
workstation and personal computing. The Hynix 512Mb DDR2 SDRAM
evaluation for validation by Intel follows its 512Mb DDR400
validation in June of 2003 and further demonstrates the Hynix
leadership position in the high-speed DDR memory market.

According to Farhad Tabrizi, Vice President of Worldwide
Marketing, Hynix projects a surge in demand for DDR2 memory
products throughout 2004 as the server and PC industry adopt
various Intel chipsets supporting DDR2 memory architecture.

The Hynix 512Mb DDR2 SDRAM devices are designed and manufactured
on the company's advanced .11-micron Golden Chip process
technology. The devices being developed can operate at a data
transfer rate of up to 667 (Mbps) per pin at 1.8 V and are
offered in 128M x 4 bits, 64M x 8 bits, and 32M x 16 bits
configurations in a FBGA package and fully comply with JEDEC
DDR2 specifications and standards.

About Hynix Semiconductor Inc.

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

Contacts:

Hynix Semiconductor
MR Oh, +822-3459-3904 (Korea)
minrok.oh@hynix.com
http://www.hynix.com
DongHoon Kang, 408-232-8084 (U.S.)
dhkang@us.hynix.com
http://www.us.hynix.com


KOOKMIN BANK: Posts Biggest Overdue Loans Rise
----------------------------------------------
Kookmin Bank reported the biggest increase in overdue commercial
and household loans among all South Korean domestic banks in
August, the Korea Herald reported on Friday, citing the
Financial Supervisory Service (FSS). The bank reported a
combined rise in overdue loans of 3.5 percent, higher than the
average rise of 2.5 percent seen among other domestic lenders.

Its rise in overdue loans during August was also higher than the
2.5 percent increase the lender saw last year, or the 2.9
percent rise in the first six months of 2003. In terms of
household lending, the Company experienced a 3 percent rise.

Kookmin Bank's shares fell for the second consecutive day after
continuing problems with overdue payments at its affiliated
credit card-issuer Kookmin Card, TCR-AP reported recently.
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.


SK GLOBAL: Officially Changes Name to SK Networks
-------------------------------------------------
SK Global Co Ltd. has officially changed its name to SK Networks
Co Ltd., a move seen as a bid to shake off its tarnished image
after a US$1.2 billion accounting scandal broke in March,
according to Reuters. The Company said the new name takes effect
from Friday.

The trading arm SK Group averted bankruptcy after foreign
lenders agreed in July to a bailout program proposed by the
Company and its domestic creditors. Company shares have been
suspended from trading due to its financial troubles and no date
has been set for resumption.


SK NETWORKS: Arab Banks Refuse to Sell Loans at a Discount
----------------------------------------------------------
Young-Sam Cho of Bloomberg News reports that Arab Banking Corp.
and other Middle East-based lenders snubbed the proposal to sell
SK Networks Co.'s (formerly known as SK Global Co.) overseas
loans at a discount.  As a result, Standard Chartered Plc's bid
to secure an extra 3 cents for every dollar owed now seems
uncertain.

Hana Bank spokesman Kang Young Jin told Bloomberg that Arab
Banking and other lenders are appealing to the South Korean
government to help them recover more money.

In a letter sent through South Korea's Ministry of Foreign
Affairs and Trade, the Financial Supervisory Commission informed
the Arab banks and lenders that it would not intervene in a
dispute solely between SK Global and the Company's creditors.

The Commission also denied Arab Banking's request for a higher
priority in recovering its loans, which are in the form of trade
bills. (SK Global Bankruptcy News, Issues Number 4; September 5,
2003)


SK NETWORKS: May End Workout if it Meets Cash-Flow Target
---------------------------------------------------------
Creditors of SK Networks Co., the troubled trading unit of SK
Group that was formerly known as SK Global Co., plan to allow
the Company to "graduate" from a debt-rescheduling program if it
meets a predetermined cash-flow target for two consecutive
years, reports the Korea Herald. Main creditor Hana Bank plans
to insert this condition into a memorandum of understanding for
the normalization of the ailing firm.

According to an unnamed creditor bank official, if SK Networks
meets a predetermined EBITDA target for two straight years,
creditors would allow the company to end the debt-workout scheme
before 2007, the deadline for the trading unit's normalization.
In a self-rescue plan submitted in June to its lenders, SK
Networks set an annual EBITDA target of 435.8 billion won
($371.5 million).

Meanwhile the labor union at SK Corporation, warned Friday that
they would go on strike if SK Corporation converts 850 billion
won ($725.9 million) of domestic receivables owed by SK Networks
into equity without the fulfillment of preconditions set by the
refiner's board.


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


ASSOCIATED KAOLIN: KLSE Removes Outstanding Warrants 1996/2005
--------------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements dated 8 August 2003 and
19 August 2003, referring to:

     i. Proposed Capital Reduction;
    ii. Proposed Termination of Aki's Outstanding Warrants
        1996/2005;
   iii. Proposed Share Exchange;
    iv. Proposed Rights Issue;
     v. Proposed SBI;
    vi. Proposed GPSB Acquisition;
   vii. Proposed Success Profile Acquisition;
  viii. Proposed Debt Restructuring of AKI;
    ix. Proposed Waiver; and
     x. Proposed Transfer Listing.

On behalf of AKI, Commerce International Merchant Bankers Berhad
wishes to announce that as at the Termination Date (after 5:00
p.m. on 18 September 2003 wherein the subscription rights of the
holders of AKI's Outstanding Warrants 1996/2005 shall lapse), no
AKI's Outstanding Warrants 1996/2005 have been exercised.

Pursuant to the Notice to the holders of AKI's Outstanding
Warrants 1996/2005 dated 8 August 2003, AKI's Outstanding
Warrants 1996/2005 are now terminated without any further notice
and/or approval by the holders of the AKI's Outstanding Warrants
1996/2005.

As announced on 19 August 2003, the Kuala Lumpur Stock Exchange
had confirmed via its letter dated 18 August 2003, that the
AKI's Outstanding Warrants 1996/2005 will be removed from the
Official List with effect from 9:00 a.m., Friday, 19 September
2003.


HIAP AIK: KLSE Grants Regularization Plan Time Extension
--------------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed)
refers to the announcement made by AmMerchant Bank Berhad
(AmMerchant Bank) on 22 August 2003 with regards to the
application to the Kuala Lumpur Stock Exchange (KLSE) for a
further extension of time to 31 October 2003 to obtain the
necessary approval from the regulatory authorities for the
implementation of the Proposed Restructuring Scheme.

AmMerchant Bank, on behalf of the Company, wishes to inform that
the KLSE has, vide its letter dated 16 September 2003, informed
the Company that the Company must proceed to implement its plan
to regularize its financial condition expeditiously within the
time frame stipulated by the Securities Commission (SC), which
is by 6 February 2004 (Prescribed Timeframe).

The Company must also take expeditious steps to obtain the SC's
approval for the proposed exemption from the obligation to
extend and unconditional mandatory general offer for the
remaining shares in Lebar Daun Berhad not held by Dato' Noor
Azman @ Noor Hizam bin Mohd Nurdin (Dato Noor Azman) and Datin
Norhayati Bt Abd Malik and persons acting in concert with them
(Proposed Exemption) in order to complete the implementation of
its regularization plan within the Prescribed Timeframe.


KSU HOLDINGS: Replies KLSE's Winding Up Petition Query
------------------------------------------------------
KSU Holdings Berhad, in Reply to KLSE's Query Letter reference
ID: HS-030917-36481 on Winding-up Petition on Kumpulan Sepang
Utama Sdn Bhd (KSUSB), a wholly owned subsidiary of KSU
Holdings, provides the following information:

Petitioner: 1. Ng Wai Sang
            2. Lee Choy Chin

1. Re: Queries 1, 2 & 3

   1.1 The Company is not aware of the date on which the
petition was served or if it was served at all on KSUSB.

   1.2 The Company is also not aware of the date of presentation
of the petition except from the Advertisement, it appears to be
18 July 2003.

   1.3 The Company will inform the KLSE immediately once the
Company receives further details from the Petitioner's
Solicitors.

2. Re: Query 4

In the group accounts as at 31 March 2003, the Company's total
cost of investment in KSUSB and Kembangan Alan Berhad (KAB) is
RM27.240 million and RM1.783 million respectively.

3. Re: Queries 5 & 6

   3.1 The filing of the petition triggers an event of default
under KSUSB's agreements with Malaysia Building Society Berhad
(MBSB) for a term loan and 2 bridging loans. The impact of the
petition on the group will depend on the action (if any) taken
by MBSB as the land on which KSUSB's mixed development Taman
Kenanga Project is situated has been charged by Lengkap Lengenda
Sdn Bhd (LLSB), another of the Company's subsidiaries, to MBSB
as security for KSUSB's loans.

   3.2 In the event that KSUSB is put into liquidation or
receivership, the total loss to the group will be the cost of
the investment in KSUSB and KAB. LLSB is a subsidiary of KAB.
Potentially, Earnest Equity Development Berhad (EEDB) is exposed
to a guarantee to MBSB of RM26,000,000 for KSUSB's bridging
loan.

   3.3 In addition to those described in paragraph 3.2 above,
legal costs for KSUSB's defense, if appropriate, of the winding-
up petition can be expected.

4. Re: Query 7

The Company has informed the directors of KSUSB of the winding-
up petition. In any event, a winding-up order against KSUSB has
already been made by the High Court on 23 July 2003 vide D8-28-
146-2003.

5. Re: Query 8

The Company understands from the Advertisement that the next
hearing date for the winding-up petition is 10 October 2003.

KLSE's Query Letter content:

We refer to the advertisement on winding-up petition against
Kumpulan Sepang Utama Sdn Bhd (KSUSB), a wholly-owned subsidiary
of your Company which appeared in The Star, Classifieds, page 8,
on Wednesday, 17 September 2003, a copy of which is enclosed for
your reference.
In this connection, kindly furnish the Exchange with an
immediate announcement on the following:

   (1) The date of the winding-up petition was served on KSUSB;
   (2) The particulars of the claim including the amount claimed
for under the petition and the interest rate;
   (3) The details of the default or circumstances leading to
the filing of the winding-up petition against KSUSB;
   (4) The total cost of investment of your Company in KSUSB;
   (5) The financial and operational impact of the aforesaid
petition on the Group;
   (6) The expected losses, if any, arising from the aforesaid
petition;
   (7) The steps taken and proposed to be taken by your Company
in respect of the winding-up proceeding; and
   (8) The date of hearing of the winding-up petition.

Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing
CKM/WSW/HSN
c.c. Securities Commission (via fax)


MYCOM BERHAD: Enters S&P Extension Agreements
---------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad (Alliance) on 14 August 2000, 12 December 2000, 12 June
2001, 12 December 2001, 11 July 2002, 12 December 2002, 30
January 2003 and 14 February 2003 on the Proposed Acquisitions
of land, companies and assets, Alliance wishes to announce on
behalf of the Board of Directors of Mycom Berhad that Mycom had,
on 18 September 2003, entered into two (2) agreements for the
extension of time for fulfillment of conditions precedent on the
following conditional sale and purchase (S&P) agreements
(Extension Agreements):

   (a) a conditional assets acquisition agreement dated 14
August 2000 and the subsequent extensions dated 12 December
2000, 12 June 2001, 12 December 2001 and 30 January 2002, and
the supplemental agreement dated 14 February 2003, between
Mycom, Olympia Industries Berhad (OIB) and its subsidiaries,
namely United Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and
Regal Unity Sdn Bhd, for the proposed acquisition by Mycom of
100% equity interest in Olympia Land Berhad, 100% equity
interest in City Properties Development Sdn Bhd, 100% equity
interest in Olympia Plaza Sdn Bhd, 100% equity interest in
Rambai Realty Sdn Bhd, 70% equity interest in Maswarna Colour
Coatings Sdn Bhd, 100% equity interest in Salhalfa Sdn Bhd, 100%
equity interest in Mascon Construction Sdn Bhd together with
four (4) story shop office situated at Taman Shamelin Perkasa,
Kuala Lumpur and a factory unit situated at Beranang Industrial
Estate, Selangor and five (5)-acre land situated at District of
Kota Kinabalu, Sabah for an aggregate purchase consideration of
RM56,377,660; and

   (b) a conditional land acquisition agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002 and 30 January 2003,
and the supplemental agreement dated 14 February 2003, between
Mycom and Kenny Height Developments Sdn Bhd for the proposed
acquisition by Mycom of approximately 41.14 acres of land
situated at Mukim Batu, Wilayah Persekutuan for a purchase
consideration of RM261,000,000.

The date for fulfillment of the conditions precedent to the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12 June
2003 to 12 December 2003 or to such later date as the parties
may agree.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at Mycom's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.


OLYMPIA INDUSTRIES: S&P Agreements Extended Until Dec 12
--------------------------------------------------------
Olympia Industries Berhad refers to the announcements made by
Alliance Merchant Bank Berhad (Alliance) on 14 August 2000, 12
December 2000, 12 June 2001, 12 December 2001, 11 July 2002, 12
December 2002, 30 January 2003 and 14 February 2003 on the
Proposals, comprising:

   * Proposed acquisition of land
   * Proposed disposal of companies and assets.

Alliance wishes to announce on behalf of the Board of Directors
of OIB that OIB had, on 18 September 2003, entered into two (2)
agreements for the extension of time for fulfillment of
conditions precedent on the following conditional sale and
purchase (S&P) agreements (Extension Agreements):

   (a) a conditional land acquisition agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002 and 30 January 2003,
and the supplemental agreement dated 14 February 2003, between
OIB and Kenny Height Developments Sdn Bhd for the proposed
acquisition by OIB of approximately 32.3 acres of land situated
at Mukim Batu, Wilayah Persekutuan for a purchase consideration
of RM189,000,000; and

   (b) a conditional assets disposal agreement dated 14 August
2000 and the subsequent extensions dated 12 December 2000, 12
June 2001, 12 December 2001, 11 July 2002 and 30 January 2003,
and the supplemental agreement dated 14 February 2003, between
OIB and its subsidiaries, namely United Malaysian Properties Sdn
Bhd, Mascon Sdn Bhd and Regal Unity Sdn Bhd and Mycom Berhad
(Mycom), for the proposed disposal to Mycom of 100% equity
interest in Olympia Land Berhad, 100% equity interest in City
Properties Development Sdn Bhd, 100% equity interest in Olympia
Plaza Sdn Bhd, 100% equity interest in Rambai Realty Sdn Bhd,
70% equity interest in Maswarna Colour Coatings Sdn Bhd, 100%
equity interest in Salhalfa Sdn Bhd, 100% equity interest in
Mascon Construction Sdn Bhd together with four (4) story shop
office situated at Taman Shamelin Perkasa, Kuala Lumpur and a
factory unit situated at Beranang Industrial Estate, Selangor
and five (5)-acre land situated at District of Kota Kinabalu,
Sabah for an aggregate sale consideration of RM56,377,660.

The date for fulfillment of the conditions precedent of the
above two (2) conditional S&P agreements has been further
extended for a further period of six (6) months from 12 June
2003 to 12 December 2003 or to such later date as the parties
may agree.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.


PARIT PERAK: Ferrier Hodgson Reviews Proposed Workout Proposal
--------------------------------------------------------------
Parit Perak Holdings Berhad (Special Administrators Appointed)
refers to Alliance Merchant Bank Berhad's announcement dated 11
September 2003, wherein among others, the following matters were
announced:

   (i) 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; and

   (ii) That the creditors' agent for PPHB and the Promoters had
entered into a put and call agreement dated 11 September 2003
wherein the salient terms, among others, provides for the
following:

     (a) 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); and

     (b) 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.

The Company's Proposals involves:

   *  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.

The above terms are variations to the original workout proposal
for PPHB approved by Pengurusan Danaharta Nasional Berhad on 14
April 2003 whereby the option referred to in (a) above was to
commence on the date of listing of LHCB on the Main Board of the
KLSE and the security referred to in (b) above was for the
Promoters to procure a bank guarantee for the amount of
RM13,860,000 within twenty-one (21) days of the date of listing
of LHCB on the Main Board of the KLSE.

Further, the Special Administrators and/or the creditors' agent
of PPHB are accorded the sole discretion to distribute the
6,000,000 LHCB Shares and 1,200,000 Warrants to the creditors
proportionately, as the Special Administrators and/or the
creditors' agent may deem fit, for the benefit of the creditors,
instead of the above being undertaken by the creditors' agent
only as per the original workout proposal.

On behalf of the Special Administrators of PPHB, Alliance now
wishes to announce that the independent adviser to PPHB's
creditors, Ferrier Hodgson MH, had vide its letter dated 16
September 2003 stated that the modifications do not affect the
quantum of payment to the creditors of PPHB as projected under
the workout proposal nor the protection previously provided
under the workout proposal to counter any shortfall in the
realization of the LHCB Shares and Warrants proposed to be
issued and allotted to the creditors' agent.

Further, Ferrier Hodgson MH stated that they had reviewed the
proposed modifications to the workout proposal pursuant to
Section 48(2) of the Pengurusan Danaharta Nasional Berhad Act
and are of the opinion that the modifications to PPHB's workout
proposal encompassing the above items are reasonable and that it
is not necessary to convene a meeting of the secured creditors
to approve the modifications to the workout proposal.


RENONG BERHAD: SC OKs Revised Global Bond Certificate
-----------------------------------------------------
Renong Berhad refers to the announcement in relation to the
Proposals:

   *  Proposed Scheme of Arrangement under Section 176 of the
Companies Act, 1965 (Proposed SOA) involving the following:

     (i) Proposed Restructuring Of The Spv Bond;
     (ii) Proposed Privatization Of Renong; And
     (iii) Proposed Acquisition Of Core Businesses And
Designated Investments

   *  Cancellation of all the Issued and Paid-Up Share Capital
of Renong pursuant to Article 52 of the Company's Articles of
Association and Issuance by Renong of 3,123,729,124 New Shares
to Newco (Proposed Shares Issuance to Newco)

   *  Capital Reduction and Consolidation of the Issued and
Paid-Up Share Capital of the Company (Proposed Capital
Reduction).

On behalf of Renong, Commerce International Merchant Bankers
Berhad (CIMB) wishes to announce that Newco, the investment
holding company which will take-over the listing status of
Renong upon completion of the Proposals, had changed its name
from Global Converge Sdn Bhd to UEM World Sdn Bhd on 8 September
2003. The company was subsequently converted into a public
limited company and assumed the name of UEM World Berhad on 12
September 2003.

On behalf of Renong, CIMB also wishes to announce, with
reference to the announcement dated 1 August 2003, that the
revised terms and conditions in relation to the Third
Supplemental Agreement for the Amendments to the Global Bond
Certificate and the Conditions entered into between Renong Debt
Management Sdn Bhd (a subsidiary of Renong) and United Engineers
(Malaysia) Berhad on 1 August 2003 has been approved by the
Securities Commission, vide its letter dated 16 September 2003.


TIMBERMASTER INDUSTRIES: Danaharta OKs Modified Workout Proposal
----------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcements dated 20 September 2002,
21 October 2002, 10 December 2002 and 26 March 2003 in
connection with the Proposed Restructuring Scheme.

On behalf of TMIB, Aseambankers Malaysia Berhad (Aseambankers)
wishes to announce that Pengurusan Danaharta Nasional Berhad
(Danaharta) has vide its letter dated 12 September 2003 approved
TMIB's modified workout proposal dated 22 August 2003 prepared
by the Special Administrators of TMIB (SA) pursuant to Section
48 of the Pengurusan Danaharta Nasional Berhad Act 1998
(Modified Workout Proposal). The Modified Workout Proposal sets
out the proposed modifications to the underwriting arrangement
for the Proposed Offer for Sale and/or Placement and the
Proposed Debt Restructuring which form part and parcel of the
Proposed Restructuring Scheme.

The Modified Workout Proposal arose as a result of a request by
the Promoters to the SA to vary certain terms and conditions of
the workout proposal of TMIB dated 27 September 2002 (Workout
Proposal).

The Offeror, Encik Abd Aziz bin Jantan has confirmed that the
Proposed Offer for Sale and/or Placement will be a Proposed
Offer for Sale and Placement. The modifications are that in the
event that the LRB Shares to be offered under the Proposed Offer
for Sale and Placement are under subscribed (LRB Option Shares)
and the amount of subscription proceeds received is less than
RM13,366,286, the shortfall in the cash portion payable to the
creditors of TMIB from the Proposed Offer for Sale and Placement
will be settled via a transfer of such LRB Option Shares to the
Creditors' Agent with put and call options attached.

Arising from the proposed modifications, the Proposed Offer for
Sale and Placement will thus involve put and call options, the
engagement of a Creditors' Agent as well as the incurrence of
other additional essential expenses. Consequently, the claims of
the Essential Creditors have increased and the estimated
recovery rate to the creditors of TMIB will decrease from
approximately 7.8% to approximately 7.6%. However, the total
amount of the estimated recovery from TMIB will remain unchanged
at RM33,706,000.

In accordance with the Modified Workout Proposal, the Proposed
Debt Restructuring will hereinafter be referred to as the
Proposed Debt Settlement.

Save as disclosed above, the other principal terms of the
Proposed Restructuring Scheme remain unchanged. The aforesaid
proposed modifications are still pending approval by the SC.


TAJO BERHAD: Proposed Restructuring Exercise Inter-Conditional
--------------------------------------------------------------
Reference is made to Tajo Berhad's announcements dated 10 June
2002, 31 December 2002, 26 March 2003, 29 July 2003 and 28
August 2003. In the announcement dated 31 December 2002, it was
announced that the Securities Commission (SC) had approved the
Proposed Restructuring Exercise of Tajo subject to certain
conditions being fulfilled.

In this regard, Public Merchant Bank Berhad, on behalf of Tajo,
wishes to clarify the following:

The SC had via its letter dated 24 December 2002, approved the
application from MAA Holdings Berhad, Malaysian Assurance
Alliance Berhad and MAA Credit Sdn Bhd (MAAH Group) for an
exemption from the obligation to undertake a mandatory offer for
the remaining voting shares in Mithril Berhad (Mithril) not
already held by MAAH Group upon completion of the Proposed
Restructuring Exercise under Practice Note 2.9.3 of the Malaysia
Code on Take-Overs and Merger 1998 (Code).

In addition, an application was also made by MAAH Group for an
exemption from the obligation to extend a mandatory offer for
the remaining voting shares in Mithril not already held by MAAH
Group, which may arise as a result of the exercise of the
Warrant B issued to MAAH Group as part of the Proposed
Restructuring Exercise.

In this regard, the SC had indicated that the SC will only
consider granting an exemption to MAAH Group, after MAAH Group
has obtained the approval of the shareholders of Tajo/Mithril
under the "white-wash" procedure pursuant to Paragraph 5(b)(i)-
(iv) of Practice Note 2.9.1 of the Code for the exercise of the
Warrant B held by MAAH Group (Proposed Exemption). The
shareholders approval, if obtained, is valid for the duration of
the Warrant B.

The Proposed Capital Reconstruction, the Proposed Cancellation
of Share Premium Account, the Proposed Scheme of Arrangement,
the Proposed Rights Issue, the Proposed RCSLS Issue, the
Proposed ICULS Issue, the Proposed Debt Settlement, the Proposed
MAAKK 1 Acquisition, the Proposed MAA Kuching Acquisition, the
Proposed Exemption and the Proposed Listing are inter-
conditional upon one another.


WOO HING: Administrators Ink Revised Kamdar Proposals Agreement
---------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refers to the announcements made on behalf of WHB
dated 6 September 2002, 9 January 2003, 7 May 2003, 25 June 2003
and 15 July 2003 in relation to the Kamdar Proposals,
comprising:

   (i)    Proposed Acquisitions;
   (ii)   Proposed Share Swap;
   (iii)  Proposed Restricted Offer for Sale
   (iv)   Proposed Cash And Securities Transfers;
   (v)    Proposed Placement;
   (vi)   Proposed Put Option;
   (vii)  Proposed Transfer of Listing Status; and
   (viii) Proposed Transfer to Main Board

On behalf of the Special Administrators of WHB, Commerce
International Merchant Bankers Berhad wishes to announce that
the Special Administrators of WHB had, on behalf of WHB,
executed a Second Supplementary Principal Agreement with
Harsukhlal A/L Maganlal Kamdar, Rajnikant A/L B.M. Kamdar and
Bipinchandra A/L Balvantrai (hereinafter referred to as the
"Kamdar Promoters") on 17 September 2003 to revise certain terms
and conditions to the Principal Agreement dated 9 May 2002 and
as supplemented on 6 August 2002 (Proposed Revisions).

PROPOSED REVISIONS TO THE KAMDAR PROPOSALS

The Proposed Revisions involves changes to the following parts
of the Kamdar Proposals:

   (i) the Proposed Restricted Offer for Sale;
   (ii) the Proposed Cash and Securities Transfer;
   (iii) the Proposed Placement;
   (iv) the Proposed Put Option;
   (v) the exchange ratio of the irredeemable convertible
unsecured loan stocks (ICULS) to be issued by Kamdar Group (M)
Berhad (previously known as Positive Noble Sdn Bhd) (KGB) (KGB
ICULS); and

   (vi) the exercise price of the warrants to be issued by KGB
(KGB Warrants).

Please refer to Table 1 enclosed herein for the details of the
Proposed Revisions.

Save for the abovementioned Proposed Revisions, the other
principal terms and conditions of the Kamdar Proposals remain
unchanged.

RATIONALE FOR THE PROPOSED REVISIONS

The Proposed Revisions have been proposed by the vendors of the
Kamdar group of companies (Vendors) after taking into
consideration of the uncertainties in the equity market
conditions.

APPROVALS REQUIRED

The Proposed Revisions are subject to approvals being obtained
from the following:

   (a) Pengurusan Danaharta Nasional Berhad;
   (b) the secured creditors of WHB, if required;
   (c) the Securities Commission (SC);
   (d) the Foreign Investment Committee, if required; and
   (e) any other approvals, if required.

EFFECTS OF THE PROPOSED REVISIONS

Share Capital

The effects of the Proposed Revisions on the share capital of
KGB are set out in Table 2.

Net Tangible Assets (NTA)

The effects of the Proposed Revisions on the proforma
consolidated NTA of KGB based on the audited consolidated
accounts of KGB as at 31 December 2002 are set out in Table 3.

Earnings

The revised Kamdar Proposals are not expected to have any
material effect on the consolidated earnings of KGB for the
current financial year ending 31 December 2003.

Substantial Shareholders
The effects of the Proposed Revisions on the shareholding of the
substantial shareholders of KGB (holding at least 5% interest of
the issued and paid-up share capital) are set out in Table 4.

Gearing

The effects of the Proposed Revisions on the consolidated
gearing of KGB are set out in Table 5.

Go to http://bankrupt.com/misc/TCRAP_WHB0922,docfor tables 1 to
5.

APPLICATION TO THE RELEVANT AUTHORITIES

An application to the SC in respect of the Proposed Revisions
will be made within three (3) months from the date of this
announcement. In view of the Proposed Revisions, barring any
unforeseen circumstances and subject to all required approvals
being obtained, the revised Kamdar Proposals are expected to be
completed by mid of year 2004.

DOCUMENTS FOR INSPECTION

The Second Supplementary Principal Agreement dated 17 September
2003 can be inspected at the Special Administrator's office at
22-M, Jalan Tun Sambanthan 3, 50470, Kuala Lumpur from Monday to
Friday (except public holidays) during business hours for a
period of three (3) months from the date of this announcement.


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


MANILA ELECTRIC: Clarifies Sales Report
---------------------------------------
Manila Electric Company (Meralco) clarifies the following news
articles:

1. "Meralco's power sales up 5.7%" published in the September
18, 2003 issue of the Malaya, which reported that: "Manila
Electric Co. said Thursday its electricity sales for January to
August rose 5.7 percent year-on-year, Ivanna de la Pena, head of
utility economics at Meralco, said the company is confident its
full-year electricity sales will expand by about four to five
percent given the latest revenue figure."

2. "Meralco weighing options on PhP1.2-B loan due in Oct."
published in the September 18, 2003 issue of the BusinessWorld
(Internet Edition), which reported that "Lopez-owned Manila
Electric Co. is looking at either rolling over or spreading out
payments for a longer period of its Php1.2-billion loan that
will fall due in October. `We're looking at our options for
October. We still have not decided on that,' Meralco senior vice
president and finance head Daniel D. Tagaza told reporters
Thursday. Mr. Tagaza said the firm is in constant talks with its
creditors to convince them to allow Meralco 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. He
also said the firm has not abandoned its plan to issue $200
million worth of debt papers. `That is still an option,' he
said."

Manila Electric Company (Meralco), in its letter dated September
18, 2003, stated that:

"On the first article, the Company confirms the statement of Ms.
Ivanna de la Pena in respect to the January to August 2003 sales
reflecting an increase of 5.7% year-on-year. On the second
article, the options mentioned on that article are part of those
being considered under Meralco's Comprehensive Liability
Management Program. The Company has not made any final
determination as to which particular option will be pursued and
shall make appropriate disclosures when such decision has been
made."

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3012_MER.pdf


MANILA ELECTRIC: Sees P44B Savings From Changes in IPP Deals
-----------------------------------------------------------
Manila Electric Co. (Meralco) expects savings of about 44
billion pesos from changes in its power supply contracts with
independent power producers (IPPs), the Philippine Star said on
Friday.

In a disclosure to the Philippine Stock Exchange, Meralco had
renegotiated its power supply contracts with private firms First
Gas Power Corporation, FGP Corporation and Quezon Power
Philippines Limited. Meralco and the firms "had already
commenced the drafting of the renegotiated terms and conditions
into formal amendments to the power supply contracts."

Meralco hopes that the amendments to the contracts could be
signed and presented to the Energy Regulatory Commission for
approval not later than the end of the year.


MUSIC CORP.: Meets Court Condition on Bankruptcy Case Dismissal
---------------------------------------------------------------
Music Corporation said its U.S. unit Music Semiconductors Inc.
has satisfied the conditions of a California bankruptcy court
for the dismissal of an involuntary Chapter 11 bankruptcy
petition filed against it. The company, in a disclosure to the
Philippine Stock Exchange (PSE), said the court confirmed that
creditors have voted in favor of the US unit's reorganization
plan, which meets the requirements of the Bankruptcy Code. Music
earlier said Tality Corp filed the bankruptcy petition due to
its concerns that Music would transfer its semiconductor assets
to the Philippines.


PRIMETOWN PROPERTY: Court Appoints Rehabilitation Receiver
----------------------------------------------------------
Primetown Property Group Inc. received on Friday a copy of the
order of the Regional Trial Court of Makati City Branch 138
appointing Atty. Jose Absalom L. Jocom, Jr. as the Company's
rehabilitation receiver vice Atty. Ariel Salvador H. Magno who
declined the appointment. To date, Atty. Jocom has not yet
manifested his acceptance or non-acceptance of his appointment.

For a copy of the disclosure, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_PMT_3017.pdf


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


CHARTERED SEMICONDUCTOR: Mentor Graphics Enters Alliance
--------------------------------------------------------
Mentor Graphics Corporation and Chartered Semiconductor
Manufacturing announced Thursday that Mentor has joined the
Chartered Nano Access Alliance. Mentor Graphics and Chartered
are collaborating to provide extensive design support for 90-
nanometer (nm) system-on-chip (SoC) manufacturing technologies
from Chartered, one of the world's top three  dedicated
semiconductor foundries. The companies are jointly developing
90nm technology files and models for Calibre DRC, Calibre LVS
and Calibre xRC that exploit the most advanced physical
verification, parasitic extraction and resolution enhancement
capabilities of the Calibre design-to-silicon platform, which is
Chartered's golden internal standard for design rule checking
(DRC). The Calibre design-to-silicon platform has a long track
record of silicon success, and is well integrated with a wide
variety of design creation environments, said Kevin Meyer, Vice
President of worldwide marketing and services at Chartered.
Mentor's Calibre is already an important part of the leading-
edge design ecosystem for many companies today, and our joint
efforts ensure that they have access to the proven design and
manufacturing technologies needed for first-pass silicon success
at 90nm."

"We're expanding the Calibre design-to-silicon platform to
answer the trends spurred by new design flows and manufacturing
requirements at 90nm," said Joe Sawicki, vice president and
general manager, Design-to-Silicon Division, Mentor Graphics.
"For example, the latest addition to the Calibre design-to-
silicon platform, Calibre xRC, addresses the need for rapid,
high-capacity, transistor-level parasitic extraction to enable
more accurate post-layout analysis and ensure first-pass silicon
success. Our work with Chartered enables companies to apply
these capabilities to their leading-edge designs with
Chartered's 90nm process." With the announcement, Mentor
Graphics becomes an inaugural member of Chartered's NanoAccess
Alliance and joins the extensive system of industry-leading
library, electronic design automation, intellectual property,
and outsourced design and manufacturing services companies. The
Nano Access Alliance brings together critical SoC technologies
and services with Chartered's NanoAccess semiconductor
manufacturing processes for 90nm and beyond. Chartered and the
Nano Access Alliance companies promote access to open design
solutions that allow foundry customers more control over their
leading-edge design and manufacturing options.

(See September 18, 2003 press release, "Chartered Launches Nano
Access Alliance to Enable Chip Design on Foundry-Proven 90nm
Process Platform")

The Calibre Design-to-Silicon Platform In nanometer design, the
handoff between IC layout and manufacturing has changed. In
previous technologies, the handoff was a simple DRC/LVS check at
tapeout. Now it is a multi-step process where the layout
database is modified so the design can be manufactured. This
presents a host of challenges. Issues arise concerning process
effects, photolithography, data volumes and acceptable yield.

To meet these challenges, design teams rely on the integrated
Calibre design-to-silicon platform, which includes physical
verification, full-chip, transistor-level parasitic extraction,
design for manufacturability (DFM), mask data preparation (MDP),
optical proximity correction (OPC) and resolution enhancement
technologies (RET).

The Calibre design-to-silicon platform of integrated tools is
recognized as an industry leading solution that addresses the
complexities of advanced IC design. Availability Calibre DRC and
Calibre LVS (layout vs. schematic) technology files for
Chartered's 90-nm process are available now from Chartered.
Calibre xRC (parasitic extraction) files will be available in Q4
2003.

About Mentor Graphics

Mentor Graphics Corporation is a world leader in electronic
hardware and software design solutions, providing products,
consulting services and award-winning support for the world's
most successful electronics and semiconductor companies.
Established in 1981, the company reported revenues over the last
12 months of about $650 million and employs approximately 3,500
people worldwide. Corporate headquarters are located at 8005
S.W. Boeckman Road, Wilsonville, Oregon 97070-7777; Silicon
Valley headquarters are located at 1001 Ridder Park Drive, San
Jose, California 95131-2314. World Wide Web site:
www.mentor.com.

About Chartered Semiconductor Manufacturing, one of the world's
top three dedicated semiconductor foundries is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility. A company with
both global presence and perspective, Chartered is traded on
both the Nasdaq Stock Market and on the Singapore Exchange.
Chartered's 3,500 employees are based at 11 locations around the
world. Information about Chartered can be found at
www.charteredsemi.com.

For more information, please contact:
Nan Devlin
Mentor Graphics
503.685.1809
nan_devlin@mentor.com

For Chartered:
Laurie Stanley, Wired Island, Ltd.
510.656.0999
laurie@wiredislandpr.com


HERMES ENGINEERING: Issues Debt Claim Notice to Creditors
---------------------------------------------------------
Creditors of Hermes Engineering Far East Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 17th 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 Liquidators of the said Company and if
so required by notice in writing from the said Liquidators are
by their solicitors or personally to come in and prove the 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.

TAN CHOON CHYE
Mrs LOW nee TAN LENG FONG
TAN SHOU CHIEH
Liquidators.
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road #12-01 & #12-11
Golden Mile Tower,
Singapore 199589.


HETRACO PTE: Winding Up Hearing Slated For September 26
-------------------------------------------------------
The petition to wind up Hetraco 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. Ursula Eckhoff, a
creditor, whose address is situated at Hasseler Weg 107, 21266
Jesteburg, Germany, filed the petition with the court on
September 2, 2003.

The petitioners' solicitors are Messrs CH Partners of 230
Orchard Road, #07-232A Faber House, Singapore 238854. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs CH Partners 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).


L&M GROUP: Issues Debt Equity Restructuring Proposal
----------------------------------------------------
Further to the 3rd paragraph of Note 10 of the announcement made
on 30 August 2003, L&M Group Investments Ltd announced that the
Securities Industry Council has waived the requirement for (i)
the Soeryadjaya Family and its concert parties, and (ii) the
Bank and its concert parties to make a general offer for the
Company following the acquisition by each of 30% or more of the
Company's voting rights as a result of the loan restructuring
exercise subject to the following conditions:

(a) a majority of the independent holders of voting rights of
the Company present and voting at a general meeting(s), held
before the issue of the new Company shares pursuant to the loan
restructuring exercise, approve by way of a poll, two separate
resolutions (the "Whitewash Resolutions") to waive their rights
to receive a general offer from (i) the Soeryadjaya Family (i.e.
Mr William Soeryadjaya; Mr Edward Seky Soeryadjaya and Mr Edwin
Soeryadjaya) and its concert parties, and (ii) the Bank and its
concert parties, respectively;

(b) The Whitewash Resolutions are separate from other
resolutions;

(c) The Soeryadjaya Family, the Bank, parties acting in concert
with them and parties not independent of them abstain from
voting on both the Whitewash Resolutions;

(d) The Soeryadjaya Family, the Bank and parties acting in
concert with them did not purchase and are not to purchase, as
the case may be, any shares in the Company or instruments
convertible into, rights to subscribe for and options in respect
of shares in the Company:

(i) During the period between the announcement of the loan
restructuring exercise and the date shareholders' approval is
obtained for the Whitewash Resolutions; and

(ii) In the 6 months prior to the announcement of the loan
restructuring exercise, but subsequent to negotiations,
discussions or the reaching of understandings or agreements with
the directors of the Company in relation to the loan
restructuring exercise;

(e) The Company appoints an independent financial adviser to
advise its independent shareholders on the Whitewash
Resolutions;

(f) The Company sets out clearly in its circular(s) to
shareholders:

(i) Details of the loan restructuring exercise;

(ii) The dilution effect to existing holders of voting rights
upon the completion of loan restructuring exercise;

(iii) The number and percentage of voting rights in the Company
as well as the number of instruments convertible into, rights to
subscribe for and options in respect of shares in the Company
held by the Soeryadjaya Family, the Bank and parties acting in
concert with them as at the latest practicable date;

(iv) The number and percentage of voting rights to be issued to
the Soeryadjaya Family, the Bank and parties acting in concert
with them as a result of the loan restructuring exercise; and

(v) That shareholders, by voting for the Whitewash Resolutions,
are waiving their rights to a general offer each from the
Soeryadjaya Family and the Bank at the highest price paid by
each of (ia) the Soeryadjaya Family and its concert parties and
(ib) the Bank and its concert parties in the past 6 months
preceding the commencement of the offer;

(g) The circular(s) by the Company to its shareholders states
that the waivers granted by the Council to the Soeryadjaya
Family and the Bank from the requirement to make a general offer
under Rule 14 is subject to the conditions stated at paragraphs
(a) to (f) above;

(h) The Company obtains the Council's approval in advance for
those parts of the circular that refer to the Whitewash
Resolution;

(i) The acquisition of the new Company shares pursuant to the
loan restructuring exercise by the Soeryadjaya Family and the
Bank must be completed within 3 months of the approval of the
respective Whitewash Resolutions.

The Company will be appointing SBI E2-Capital Pte Ltd as the
Independent Financial Adviser to prepare the advice to its
independent shareholders on the Whitewash Resolutions.


MICHAELIS PTE: Creditors to Submit Claims by October 17
-------------------------------------------------------
Notice is hereby given that the creditors of Michaelis Pte,
which is being wound up voluntarily, are required on or before
the 17th 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 Liquidators of the said Company and if so required by notice
in writing from the said Liquidators are by their solicitors or
personally to come in and prove the 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.

TAN CHOON CHYE
Mrs LOW nee TAN LENG FONG
TAN SHOU CHIEH
Liquidators.
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road #12-01 & #12-11
Golden Mile Tower,
Singapore 199589.


SOREX TECHNOLOGY: Issues Notice of First & Final Dividend
---------------------------------------------------------
Sorex Technology Pte Ltd. issued a notice of first and final
dividend as follows:

Address of Registered Office: Formerly of 4012 Ang Mo Kio Avenue
10
#07-08 Tech Place 1
Singapore 569628.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 151 of 1996.

Amount Per Centum: 50 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 21st June 2001.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

KAREN LOH PEI HSIEN
Assistant Official Receiver.


TAN POH: Petition to Wind Up Pending
------------------------------------
The petition to wind up Tan Poh Kwang Mfg & Engrg 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.
United Overseas Bank Limited, a creditor, whose address is
situated at 80 Raffles Place, UOB Plaza, Singapore 048624, filed
the petition with the court on September 4, 2003.

The petitioners' solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs RAJAH & TANN a notice in
writing not later than twelve o'clock noon of the 25th day of
September 2003 (the day before the day appointed for the hearing
of the Petition).


WEE POH: Forms Audit Committee
------------------------------
The Board of Directors of Wee Poh Holdings Limited announced the
formation of the various committees pursuant to the Code of
Corporate Governance. The members of these committees are as
follows:

1. Audit Committee

Chairman: Mr Tan Kee Seng (Independent director)
Members: Mr Tan Song Koon (Independent director)
Mr Victor Chew (Independent director)

2. Nomination Committee

Chairman: Mr Tan Song Koon (Independent director)
Members: Mr Victor Chew (Independent director)
Mr Wong Teck Kui (Non-executive director)

3. Remuneration Committee

Chairman: Mr Victor Chew (Independent director)
Mr Tan Kee Seng (Independent director)
Mr Wong Teck Kui (Non-executive director)


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


ADVANCE PAINT: Reports Warrants Certificate No.1 Allotment
----------------------------------------------------------
Advance Paint and Chemical (Thailand) Public Company Limited
reported on the allotment of Warrants Certificate No. 1 (APC-W1)
held on September 18, 2003:

1. Information regarding the warrants offering

Type of warrants offered : Warrants Certificate - No. 1 (APC-W1)
Name : Warrants Certificate - No.1 of Advance Paint and Chemical
       (Thailand) Public Company Limited (APC-W1)
Number of warrants (APC-W1) offered :  83,740,004 units
Offered to : Rights offering to the shareholders whose name
   appeared on the Company's shareholder registration book dated
   December 27, 2002 at the ratio of 2 existing shares for 1
   unit of warrants at Bt0 per unit (no value) according to the
   resolution of the Extraordinary Shareholders Meeting
   No.1/2545 On 9 December 20
The closing date of the shareholder registration book for rights
to receive the warrants :  As of December 27, 2002
Subscription and payment period : As of  September 5, 2003
Offered price per unit  : Bath 0 per units

2. of the warrants allocated

[ ] Totally allocated
[/] Partly allocated, the Warrants total 83,726,504 units were
allocated to the shareholders that have rights to receive and
the balance of 13,500 units or 0.016% of the offered warrants
could not be allocated to the shareholders whose information of
their nationality, as at the registration book closing date were
not compliant to requirements of their registrar, Thailand
Securities Depository Co., Ltd..

The Company will cancel unallocated warrants upon Shareholder's
Meeting considerations.

3. Details of the Warrants offered to the existing shareholders
as of September 5, 2003.

             Thai Investors      Foreign Investors     Total
          Juristic    Natural   Juristic    Natural
No persons  17        1,107      2           8        1,134
Number of warrants subscribed
       3,860,741   56,054,738  20,003,125  3,807,900 83,726,504
Percentage of total warrants
          4.61        66.94       23.89      4.55     99.99
Offered for allocation

4. Proceeds received from the warrants offering

The Company received Bt0 proceeds from offering of the warrants.
Since the warrants were rights offering to the Company's
shareholder at the ratio of 2 existing shares for 1 warrant at
price Bt0 per unit (no value). However, when the warrantholders
exercise their rights to purchase the Company ordinary share at
Bt1.00 exercise price in the future, the company may receive
fund at total amount of Bt83,726,504 fund (in case all of the
warrants are exercised). The Company expects to use the fund
received for its working capital, purchase of additional
equipments, and expand its business in the future.


JASMINE INT'L: Planner Reports Warrant Conversion Results
---------------------------------------------------------
As Jasmine International Public Company Limited has issued and
offered warrants to purchase new shares to the existing
shareholders and the directors or employees of the company and
its subsidiaries, Chaengwatana Planner Co., Ltd., the Company's
Plan Administrator, report the results of warrant conversion to
common shares as follows:

1) Warrants offered to the existing shareholders

Refer to the resolution of the Annual General Meeting No 1/1999
held on 27 April 1999, approving the capital increase of the
company by issuing 333.6 million units of warrant to the
existing shareholders, the warrant holders can exercise right on
the date 15th of March, June, September and December of each
year through the maturity date.  JASMIN has set the date for
converting the company's warrants at the ratio of 1 right
warrant into 1 common share at Bt5 per share.  Date to notify
the intention to exercise is 1-14 September 2003.  The exercise
date is on 15 September 2003.  The results of the conversion are
as follows:

No. of warrant holders    No. of warrants   No. of common shares

1. 53 Thai nationals      30,188,500 Units   30,188,500 Shares
2. 3 nationals            12,320,700 Units   12,320,700 Shares
Total                     42,509,200 Units   42,509,200 Shares

After this conversion, there are 214,730,237 remaining warrants.

2) Warrants offered to directors or employees of the company and
its subsidiaries

Refer to the resolution of the Extra-ordinary Shareholders
Meeting of JASMIN No. 1/2000 held on 4 September 2000, approving
the issuance and offering of warrants to purchase new shares to
directors or employees of the company and its subsidiaries at
total amount of the project 18,375,706 units, allocated in 3
classes as follows;

   - Warrant Class 1  11,749,574 units (divided into 3 grants)
   - Warrant Class 2   5,426,132 units (divided into 10 grants)
   - Warrant Class 3   1,200,000 units (divided into  2 grants)

And approved the allocation of 18,375,706 ordinary shares at par
value Bt10 each allocated to guarantee the use of rights
exercised under the warrant to purchase ordinary shares of the
company under the warrant issued to the directors or employees
of the company and its subsidiaries.

Warrant Class   Issue No.  Issued and Offered    Offered price
                per unit   Exercise price per unit
                (Units)       (Baht)            (Baht)

1        1    3,916,524          0                    10
         2    3,916,524          0                    10
         3    3,916,526          0                    10
2        1      622,415          0                    15
         2      462,811          0                    20
         3      622,415          0                    16.50
         4      462,811          0                    22
         5      622,415          0                    18.15
         6      462,811          0                    24.20
         7      622,415          0                    19.97
         8      462,811          0                    26.62
         9      622,415          0                    21.96
         10     462,813          0                    29.28
3        1      600,000          0                    15
         2      600,000          0                    15

The warrant holder can exercise on every 3 months on the date
15th of March, June, September and December of each year from
the first day of exercise date specified in the warrant until
the expiry date.  In this time, the exercise date is on 15
September 2003, date to notify the intention to exercise is 1-14
September 2003.  The ratio to exercise for every warrant class
is 1 warrant unit per 1 common share at the above mentioned
exercise prices.

The company would like to report the results of the conversion
as follows:

No. of warrant holders   No. of warrants    No. of common shares
1. 45 Thai nationals     4,792,749 Units     4,792,749 Shares
2. 0 Foreign national       - Units               - Shares
Total                    4,792,749 Units     4,792,749 Shares

After this conversion, there will be warrants remaining as
follows:

Warrant Class  Issue No. Remaining warrants after exercise date
                                        (Units)*
           1               1                          1,882,898
                           2                          2,412,131
                           3                          2,661,796
           2               1                            622,415
                           2                            462,811
                           3                            622,415
                           4                            462,811
                           5                            622,415
                           6                            462,811
                           7                            622,415
                           8                            462,811
                           9                            622,415
                           10                           462,813
           3               1                            600,000
                           2                            600,000

Remark *  Calculated from total amount of warrants of the
project subtract with exercised warrants.

The company will have a paid-up capital Bt5,219,704,770.


NATURAL PARK: Transfers Leasehold Right Agreement to BoA
--------------------------------------------------------
Natural Park Public Company Limited has transferred the
leasehold right on land and construction under a lease
agreement, including properties and service apartment business
operated thereon to the BoA Apartment Property Fund One
(Property Fund). Detailed are set below:

1.  Month, date and year of the transaction: September 17, 2003
2.  Related parties and relationship with the listed company:

    Seller    : The Company
    Purchaser : The Property Fund
    Relationship of the parties: The Company held investment
        units in the Property Fund at the rate of 27.06 percent
       of all investment units therein.

3.  Nature of the transaction

The Company transferred the leasehold right under a Land and
Construction Lease Agreement, together with service apartment
business operated thereon and service apartment related
properties, to the Property Fund in a total amount of
Bt765,000,000.  This transaction volume is at the rate of 15.07%
based on Asset basis.

4. Details of the disposed assets

Type of disposed assets : Leasehold right on land and 28-storey
   residential building which the Company leased from the Bureau
   of the Crown Property  with a lease period of 30 years
   commencing on 1 June 2003. Service apartment business
   operated on the leased land and construction and service
   apartment business related properties, under the leasehold
   right transferred.

Business Name  : Natural Ville Executive Residences
Location       : Land and construction, the service apartment
   business  and  the properties related thereto located on the
   plots of land nos. 4, 4Gor, 4Gor/1 and 4Kor, which are parts
   of the land title deed no. 2712, Lang Suan Road, Kwaeng
   Lumpini, Khet Patumwan, Bangkok

5. Total value of return and the payment conditions

Total value of transaction: Bt765,000,000
Payment : Payment shall be made in full after the Property Fund
has registered the leasehold right on land and construction
under the lease agreement at the relevant land office.

6. Value of disposed assets

The leasehold right on land and construction, service apartment
business and service apartment business related properties are
in a total amount of Bt765,000,000.


PICNIC GAS: Court Orders Business organization Termination
----------------------------------------------------------
Picnic Gas and Chemicals Public Company Limited submitted the
petition for the Business Rehabilitation to the Central
Bankruptcy Court, which issued an order approving the Business
Reorganization Plan on October 22, 2001.  During the
implementation process, the Plan Administrator has arranged for
the Company to implement all aspect in the Plan.

Ultimate Key Co.,Ltd, as the Plan Administrator has completed
the plan implementation as follows:

   - Bt55 million had been invested by the investor, accounted
for 75% of the company total shares.

   - Completed capital increase and Bt14.66 million of debt had
been converted to capital or approximately 20% of the company
total shares.

   - The first installment had been paid to debtors as indicated
in the plan with the total amount of Bt105 million.

   - Debt of the significant account payable relating to the
company operation had been repaid.

   - The collateral assets of the third party had been
transferred to secured debtors.

Therefore the court issued an order to terminate the Business
Rehabilitation of the Company on 18 September 2003.


PICNIC GAS: Posts BOD Meeting No. 1/2003 Resolutions
----------------------------------------------------
Picnic Gas and Chemicals Public Company Limited held its Board
of Directors' Meeting No. 1/2546 on September 18, 2003 at 2.00
p.m., at Conrad Hotel, All Season Place 87, Wireless Road,
Pathumwan Bangkok 10330 and passed the following resolutions:

1. Approved the resignation of three Directors, including Miss.
Orawan Kachanachusak, Mr. Chumratch Wiroochanapa and Mrs.
Sarunyakorn Budsayama and the appointment of two Directors, Mr.
Sompotch Indranukul and Mr. Prapard Pruekpibul.

2. Approved changing par value of the Company's ordinary shares
from Bt10 to be Bt5

3. Approved the amendment of Article 4 of the Memorandum of
Association to be consistent with the changing par value.

4. Approved the issuance of warrants for purchasing ordinary
shares of  the Company to the people whom subscribe the company
newly issued shares (PO) and to the company existing
shareholders.

5. Approved the increase of the registered capital of the
Company from Bt400,000,000 to Bt750,000,000 by issuing
70,000,000 newly issued ordinary shares at the par value of Bt5
each, totaling Bt350,000,000.

6. Approved the allotment of 40,000,000 (Forty million) newly
issued ordinary shares (par value Bt5 per share) to public
offering.  Also, details for price, the Board of Directors or
the Management shall consider including details of this matter.

7. Approved the allotment of 30,000,000 (Thirty million) newly
issued ordinary shares (par value Bt5 per share) to be reserved
for the exercising of warrants as approved in agenda 4.

8. Approved the amendment of Article 4 of the Memorandum of
Association to be consistent with the details of the increase of
the registered capital.

9. Approved the amendment of the Company's Article of
Association as follows:

Article 5.     The subscribers or the purchasers of shares of
the Company may not set-off the payment of shares with the
Company except for the case of debt restructuring by issuing new
shares for debt conversion to be capital. As such, this must be
approved from the meeting of the Company's shareholders of not
less than three-fourths of total votes of shareholders or proxy
holders (if any) who attend the meeting and have the right to
vote.

Article 10.  The company may not own its shares nor take them in
pledge, provide that the restrictions on owing the Company's
share shall not apply in the following circumstances:

   (1) the Company may repurchase shares from the shareholders
who consider that they are unfairly treated and vote against a
shareholders' resolution approving the amendment to the
Company's Articles of Association concerning voting rights and
dividend entitlement; or

   (2) the Company may purchase shares for its financial
management when the Company has accumulated profits and surplus
liquidity, provided that the share buy back will not lead the
Company into financial difficulties.

However, shares held by the Company will not be counted to form
a quorum for shareholders' meetings and will not have any voting
rights or any rights to receive dividends.

Article 15. During a period of not less than 21 days prior to
each meeting of the shareholders, the Company may refuse to
accept registration of any transfer of shares by an announcement
in advance of not less than 14 days to the shareholders prior to
the commencement date of such refusal to accept registration of
the transfer of shares.

Article 24. Director shall have the power to carry out the
business on behalf of the Company. The authorized signatories of
the Company shall be any Directors signing their names
together the Company's seal. The Board of Directors is entitled
to appoint the authorized signatories of the Company.

Article 35. In a shareholders' meeting, there must be at least
25 shareholders and holding not less than one-third of  total
shares issued present in persons or by proxies (if any)or
shareholders not less than half of total number of shareholders
and holding not less than one-third of the total shares issued
present in persons or by proxies (if any) in order to constitute
a quorum.

In case of the shareholder's meeting delays by 1 hour and number
of shareholders are not enough to constitute a quorum. If
shareholders do not require the shareholders' meeting, the board
of director will rearrange the meeting by sending the invitation
letter to shareholders not less than 7 days before the meeting
date. The later meeting, however, not necessary to cover the
quorum.

Article  37.   In every shareholders'' meeting, all shareholders
shall have one vote for each share they hold and  the resolution
is required the voting right as follows:

    (1) In general case is, the resolution of any shareholders''
meeting shall be passed by a majority votes of all shareholders
attending the meeting and having the rights to vote.   In case
of equality votes, the Chairman shall have a casting vote.

   (2) The following case is required a resolution of not less
than three-fourths of votes;

     (a) the sale or transfer of the whole or the substantial
part of the Company's business to any other person;

     (b) the purchase or acceptance of any transfer of the
business of other public or private companies;

     (c) the entering into, alteration or termination of any
agreement concerning the lease, in whole or in substantial part,
of the Company's business;

     (d) the assignment to any person for the management of the
Company's business;

     (e) the merger with any other person for the purpose of
profit and loss sharing;

     (f) The amendment of the Company's Memorandum and Article
of Association;

     (g) The increase or decrease of the Company's capital or
the issuance of debenture; and

     (h) The merger or liquidation of the Company.

Article 40. the Company shall provide for making and keeping the
books of account including an audit in accordance with all
related laws.   Also, the Company shall have the balance
sheet and profit & loss account made up at least once in every
twelve months, which is the Company's accounting period.

Article 47. In the case that the company or a subsidiary company
agrees to enter into a connected transaction or a transaction in
relation to acquisition or disposal of assets of the company or
of the subsidiary company, as described in the Stock Exchange of
Thailand regulations governing connected transactions of listed
companies or the acquisition or the disposal of assets of listed
companies as the case may be, then the company shall comply with
the criteria and procedures prescribed in the respective
aforementioned regulations."

10. Approved the appointing Seamico Securities Public Company
Limited as the financial advisor for agenda 4 to agenda 7.

11. Approved the convening of the Extraordinary General Meeting
of Shareholders No. 1/2003 on October 17, 2003 at 2:00 p.m. at
Conrad Hotel, All Season Place, 87 Wireless Road, Pathumwan
Bangkok 10330 to consider the following agenda:

      Agenda 1  To change the par value.
      Agenda 2  To approve the amendment of Article 4 of the
Memorandum of Association to be consistent with the details of
the changing par value. Company to the people whom subscribe the
company newly issued shares (PO).

      Agenda 4  To approve the increase of  registered capital.
      Agenda 5  To approve the allotment of new ordinary shares
to public offering.
      Agenda 6  To approve the allotment of newly ordinary
shares reserved for the exercising of  warrants.
      Agenda 7  To approve the amendment of Article 4 of the
Memorandum of Association to be consistent with the details of
the increasing of  the Company's registered capital.
      Agenda 8 To approve the amendment of  the Company's
Article of Association.
      Agenda9  To consider other matters (if any).

12. The closing date of the shareholders registration book for
the rights to attend the Extraordinary General Meeting of
Shareholders No.1/2003 shall be on October 2, 2003 at 12.00 p.m.
until the meeting is adjourned.

13. Approved to change the company's stock symbol from PICNIC to
PICNI.

14. Approved the report of Capital Increase.

15. Approved the report of Information Memorandum of the
acquisition of asset.


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

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