---

       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

            Wednesday, September 24, 2003, Vol. 6, No. 189

                         Headlines

A U S T R A L I A

AMP LIMITED: Allots 2,053 Ordinary Shares at A$6.68/Share
ANACONDA NICKEL: Issues Update on Settlement Deed Payment
ARISTOCRAT LEISURE: Sells Balmoral Property for A$4.4M
AUSTRALIAN GAS: Coopers Plant's Engineering Prowess Awarded
AUSTRALIAN GAS: Issues US$150M Bond for Debt Repayment

PAN PHARMACEUTICALS: Administrators' Observations on Walker DoCA
PAN PHARMACEUTICALS: Walker Proposes Alternative DOCA


C H I N A   &   H O N G  K O N G

HARMONY ASSET: 2003 Net Loss Lowers to HK$2.049M
HK CONSTRUCTION: Issues H103 Unaudited Consolidated Results
MELCO INT'L: Widens 2003 Operations Loss to HK$20.405M
NEW DIAMOND: Winding Up Sought by Pelham Technology
REGAL HOTELS: Releases H103 Financial Statement

SAGACIO INVESTMENTS: Winding Up Hearing Scheduled in October
SKYNET (INT'L): Court Further Adjourns Petition Hearing
SKYNET (INTERNATIONAL): Extending Agreements Long Stop Date
SKYNET (INTERNATIONAL): Seeks Circular Dispatch Time Extension
WO KEE: Rights Issue Becomes Unconditional


I N D O N E S I A

KIMIA FARMA: PwC Advises Production Facility Spin-off


J A P A N

NISSAN DIESEL: Wants Y106B Rescue From Creditors
RESONA BANK: S&P Raises Rating to "BBB-/A-3"
TOSHIBA CORP.: Integrates Optical Disk Business With Samsung


K O R E A

SK GROUP: Court Releases Chairman Chey Tae-won on Bail
SK GLOBAL: Schedules Filing Deadline Hearing on Thursday
SK NETWORKS: 98% of Foreign Creditors OK Debt Buyout
SK NETWORKS: Shareholders OK Bond, Share Write-Down Plans


M A L A Y S I A

ASSOCIATED KAOLIN: Posts Entitlements Book Closure Notice
BERJAYA GROUP: Modifies Proposed Disposal's SSSA Terms
EUROPLUS BERHAD: CCM Strikes Off Unit
FW INDUSTRIES: Receives KLSE's De-Listing Procedures Notice
JASATERA BERHAD: Inks MOU Construction Project With XCECCL

JUTAJAYA HOLDING: Unit Receives Tax-Related Writ of Summon
KIARA EMAS: MTHB Mandatory Offer Closed Friday
KL INDUSTRIES: Releases Rights Issue Important Relevant Dates
METROPLEX BERHAD: Restructuring Talks With Creditors Ongoing
MYCOM BERHAD: Proposes Shareholders' Mandate Renewal

NAM FATT: Answers KLSE's Query on RM500M Johor Ciq Contract
PAN MALAYSIA: Appoints Proposed Settlement Adviser
PENAS CORPORATION: Evaluating Investigative Audit Findings
TONGKAH HOLDINGS: Disposes of Quoted Securities
UNITED ENGINEERS: Agreeable to Nomination Letter Variation

WOO HING: Declares RM5.1M Interim Distribution to Creditors


P H I L I P P I N E S

MANILA ELECTRIC: Revises Power Contracts With IPPs


S I N G A P O R E

APR COAL: Winding Up Hearing Slated For October 3
BIZGRO MARKETING: Petition to Wind Up Pending
CHARTERED SEMICONDUCTOR: Enters Deal With Virage Logic
CHARTERED SEMICONDUCTOR: Post Changes in Director's Interests
CHUAN & CO.: Issues Dividend Notice

HONG LAI: Creditor's First Meeting Set For October 6
IQ FINANCIAL: Creditors to Submit Claims by October 20
KAKI BUKIT: Issues Notice of Creditors Meeting
SKY TECHNOLOGY: Issues Notice of Winding Up Order
SUPERSYMMETRY SERVICES: Releases Notice of Winding Up Order

THAKRAL CORPORATION: Issues Notice of Director's Interests


T H A I L A N D

ADVANCE PAINT: Reports Warrants Certificate No. 2 Allotment
CHRISTIANI & NIELSEN: H103 F/S Statement Amendment Not Necessary
EASTERN WIRE: Reports Business Reorganization Plan Progress
SIAM UNITED: Requests Trading Suspension
TANAYONG PUBLIC: Creditor Files Petition for Rehabilitation

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 2,053 Ordinary Shares at A$6.68/Share
---------------------------------------------------------
AMP Limited advised the allotment of 2,053 ordinary shares at
A$6.68 per share.

Purpose of the issue: the shares were issued pursuant to the AMP
        International Employee Share Ownership Plan. Date of
Issue: 22/09/2003.
Number of shares on issue: 1,523,434,076.

AMP also provided a Change of Director's Interest Notice in
respect of Roger Philip Yates.

Number of securities held after change: 700,537 Ordinary Shares


ANACONDA NICKEL: Issues Update on Settlement Deed Payment
---------------------------------------------------------
Queste Communications Ltd (Queste) and its 48.817% controlled
entity Central Exchange Ltd (Central Exchange) are pleased to
provide this weekly update on the status of the possible payment
by Anaconda Nickel Ltd (Anaconda) to Central Exchange of the sum
of $19,009,823 (as indexed by United States Consumer Price Index
(US CPI))- pursuant to a settlement deed (the "Settlement Deed")
between Anaconda and Central Exchange.

Settlement Deed Payment Calculations     Current        Last
                                                    Announcement

(1) Current LME nickel price -
19th September 2003                  US$4.586/lb     US$4.541/lb

(2) Current US CPI indexed LME
nickel Trigger Price                 US$4.094/lb     US$4.079/lb

(3) 12 month average LME nickel
price to 19th September 2003         US$3.719/lb     US$3.693/lb

(4) Shortfall/Gap between LME nickel
Trigger Price and 12 month Average
LME nickel price                     US$0.375/lb     US$0.386/lb

(5) Current 5 day average LME nickel
price - 12th to 19th September 2003  US$4.502/lb     US$4.454/lb

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

The above table is based upon calculations made by Central
Exchange and Queste consistent with the terms of the Settlement
Deed. The projected date of payment is forecast assuming that
the previous 5 days' LME nickel price prior to the date of this
announcement is sustained and based upon the latest published US
CPI. Under the terms of the Settlement Deed, Anaconda is
required to review every month on the "Review Date" whether
payment has been triggered and advise Central Exchange in
writing accordingly. Anaconda has provided its calculations for
the August 2003 Review Date, being the indexed settlement amount
(A$18,937,738), the Trigger Price (US$4.08) and the 12 month
average LME Settlement Price (US$3.63) which are all basically
consistent with the calculations made by the Companies for the
same date in August 2003.

The Companies are currently seeking clarification from Anaconda
on some aspects of their calculations including the timing of
the Review Dates and are seeking from Anaconda greater accuracy
in the reporting of the results of their calculations.

With regard to earlier announcements by the Companies where the
Companies refer to increases in the attributed Net Tangible
Asset (NTA) values per share for the Companies resulting from
the potential Anaconda payment, the Companies note that these
increases were calculated exclusive of tax (if any) on the
payment and (in the case of Queste) the payment up of any partly
paid shares. Queste currently has 20,000,000 unlisted partly
paid shares on issue (issued at 20 cents and partly paid to 1
cent with 19 cents outstanding).

For further information, please contact William Johnson
on telephone (08) 9214 9797.


ARISTOCRAT LEISURE: Sells Balmoral Property for A$4.4M
------------------------------------------------------
Aristocrat Leisure Limited announces that contracts have been
exchanged for the sale of a property at 5 Esther Road,
Balmoral, NSW. Contract price is A$4.4m. Settlement is due on 5
December 2003.

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


AUSTRALIAN GAS: Coopers Plant's Engineering Prowess Awarded
-----------------------------------------------------------
The Australian Gas Light Company's Coopers Brewery cogeneration
project has been recognized for its innovative design after
winning an Engineering Excellence Award in the Environmental
category of the Engineers Australia, South Australian division's
annual awards.

The award recognizes engineering excellence in the areas of
assessing and reducing environmental impact, improving quality
of life, protecting the natural environment and demonstrating
innovation and sustainable engineering principles.

A creative engineering approach by AGL and SDA Engineering
resulted in the development of a highly efficient 4.4 megawatt
(MW) cogeneration power plant at the Coopers Brewery in South
Australia. The $6.2 million natural gas fired plant is owned and
operated by AGL and provides all electricity and steam necessary
for the brewery's production process.

AGL Group General Manager, Energy Sales & Marketing Mr Michael
Fraser, said the award recognized AGL's commitment to providing
energy efficient solutions to customers.

"Natural gas cogeneration is an energy efficient technology
which allows energy consumers to meet their business needs
without compromising the environment," Mr Fraser said.

"This cogeneration plant's environmental performance is well
under emission standards required by the Environment Protection
Authority (EPA) and sets a new world benchmark. In addition to
environmental benefits, the cogeneration plant reduces energy
costs and significantly improves the quality and reliability of
electricity supply."

The co-generation facility consists of a low emissions gas
turbine/generator set and waste heat recovery boiler. Steam is
generated by using the exhaust heat of the gas turbine, which
significantly increases fuel efficiency.

Energy utilization in the cogeneration plant is close to 80 per
cent, which is 2.5 times more efficient than a conventional
power station, resulting in a reduction of carbon dioxide
emissions by up to 15,000 tonnes per annum. This is equivalent
to taking 3,200 standard vehicles off the road.

The state-of-the-art turbine combustion system has resulted in
measured nitrogen oxide (NOx) emissions of seven parts per
million, just one seventeenth the emissions from a conventional
turbine.

The community benefits directly from the improved environment
due to the significant reductions in greenhouse gas emissions
and harmful NOx emissions.

"The cogeneration plant has been designed and constructed with
due consideration to reliability, the latest technology and
environmental management. This demonstrates that AGL can
confidently benchmark plant design and engineering against world
best practice," Mr Fraser added.

Approximately 6,000 megawatt hours (MWh) of generated
electricity is used annually in the brewing process at Coopers,
while the remaining 18,000 MWh is exported into South
Australia's electricity grid. The exported electricity is enough
to supply about 3,000 average households annually.

CONTACT INFORMATION: Jane Counsel
        Media Relations Manager
        Telephone: (02) 9921 2352
        Mobile: 0416 275 273


AUSTRALIAN GAS: Issues US$150M Bond for Debt Repayment
------------------------------------------------------
The Australian Gas Light Company on Tuesday priced US$150
million of 12 year fixed rate bonds. Issue proceeds will be used
to repay the Company's short-term borrowings.

The bonds have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended. The bonds may not be
offered or sold in the United States unless registered under the
Act or an exemption from registration is available.

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


PAN PHARMACEUTICALS: Administrators' Observations on Walker DoCA
----------------------------------------------------------------
The Voluntary Administrators of Pan Pharmaceuticals Group,
Messrs Tony McGrath and Chris Honey of KPMG, provide their
observations on the Deed of Company Arrangement (DoCA) proposed
by Mr John Walker, representing a group of creditors of the Pan
Pharmaceuticals Group.

A copy of the Administrators' observations can be viewed at
http://bankrupt.com/misc/TCRAP_Pan0924.pdf.


PAN PHARMACEUTICALS: Walker Proposes Alternative DOCA
-----------------------------------------------------
Mr John Walker, representing a group of creditors of the Pan
Pharmaceuticals Group (Administrators Appointed), has proposed
an alternative Deed Of Company Arrangement (DoCA) to be
considered by Creditors if the DoCA proposed by Messrs Bart and
Selim is unsuccessful.

To see full text of the Walker DOCA, go to
http://bankrupt.com/misc/TCRAP_PanWalkerDOCA.pdf.


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


HARMONY ASSET: 2003 Net Loss Lowers to HK$2.049M
------------------------------------------------
Harmony Asset Limited disclosed a summary of its financial
statement for they year ending December 31, 2003:

(stock code: 00428)
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 1/1/2003      from 1/1/2002  
                              to 30/6/2003       to 30/6/2002  
                              Note  ($)         ($)
Turnover                        : 4,859,053       1,002,500         
Profit/(Loss) from Operations   : 1,272,001     (11,434,684)      
Finance cost                    : (1,335,929)    (1,335,929)       
Share of Profit/(Loss) of
  Associates                    : (2,410,530)     (355,339)         
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A               
Profit/(Loss) after Tax & MI    : (2,049,900)    (13,125,952)      
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.0182)        (0.2783)          
         -Diluted (in dollars)  : N/A                N/A               
Extraordinary (ETD) Gain/(Loss) : N/A                N/A               
Profit/(Loss) after ETD Items   : (2,049,900)    (13,125,952)      
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:
                                
Loss per share

The calculations of basic and fully diluted loss per share are
based on the Group's loss attributable to shareholders of
HK$2,049,900 (2002: HK$13,125,952). The loss per share is based
on the weighted average of 112,734,707 (2002: 47,171,687)
ordinary shares in issue during the period which have been
adjusted for the rights issue and the 20-for-1 share
consolidation which took place on 23rd January 2003 and 24th
January 2003 respectively in accordance with the requirements of
SSAP 5, Earnings per share. The diluted loss per share for the
period ended 30th June has not been presented for 2003 and 2002
as the effects arising from the exercise of outstanding warrants
in both periods would not result in any dilutive effect.


HK CONSTRUCTION: Issues H103 Unaudited Consolidated Results
-----------------------------------------------------------
The Board of Directors of Hong Kong Construction (Holdings) Ltd
announced the unaudited consolidated results of the Company and
its subsidiaries (the Group) for the six months ended 30 June
2003. Below is its review on debt restructuring:

At the end of 2000, the Group faced liquidity problems and
failed to repay its loans when they were due. This included an
aggregate indebtedness of $1.9 billion to its bank creditors
(the Banks) in Hong Kong and floating rate notes (FRNs) of US$37
million due for repayment on 13 December 2000. The Group
immediately appointed KPMG Financial Advisory Services as
financial adviser for its debt-restructuring scheme.

The Company and its wholly-owned subsidiaries entered into a
restructuring agreement on 27 August 2002 (the Restructuring
Agreement) with the Banks. The Restructuring Agreement sets
out the general terms and principles and provided that formal
documentation (Formal Documentation) to implement the same will
be entered into between the Company and the Banks in due course.
The Restructuring Agreement was subject to a long stop date (the
Long Stop Date) for entry into the Formal Documentation by 31
December 2002 or such date as may be agreed by a simple majority
of the Banks' steering committee. Similar terms, as those agreed
with the Banks, have been offered to the holders of the FRNs due
2000 issued by a subsidiary of the Company and guaranteed by the
Company.

The Formal Documentation is currently still being drafted. Due
to the complexity involved, both the Company and the Banks are
of the view that more time is needed for the finalization of the
Formal Documentation. On 31 March 2003, a majority of the Banks'
steering committee has agreed to extend the Long Stop Date from
31 March 2003 to 30 June 2003. The Long Stop Date is currently
being extended on a weekly basis. At the date of this report,
the Long Stop Date has been extended to 29 September 2003.

For complete copy of the consolidated results, go to
http://bankrupt.com/misc/TCRAP_HKCOnst0924.pdf.


MELCO INT'L: Widens 2003 Operations Loss to HK$20.405M
------------------------------------------------------
Melco International Development Limited posted its results
announcement summary for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (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                           : 58,377             44,325            
Profit/(Loss) from Operations      : (20,405)           (8,117)           
Finance cost                       : (344)              N/A               
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       : (14,883)           (7,288)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1024)           (0.0602)          
         -Diluted (in dollars)     : (0.1023)           N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (14,883)           (7,288)           
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:

The calculations of basic and diluted loss per share are based
on the Group's net loss attributable to shareholders of
HK$14,883,000 (2002: HK$7,288,000).

The basic loss per share is based on the 145,287,134 (2002:
121,087,134) ordinary shares in issue during the period.  The
diluted loss per share is based on 145,287,134 ordinary shares
in issue during the period plus the weighted average number of
257,961 ordinary shares deemed to be issued at no consideration
if all outstanding options with dilutive effect on the basic
loss per share had been exercised.

A diluted loss per share amount for the period ended 30th June
2002 has not been disclosed as the share options outstanding
during such period had an anti-dilutive effect on the basic loss
per share for such period.


NEW DIAMOND: Winding Up Sought by Pelham Technology
---------------------------------------------------
Pelham Technology Limited is seeking the winding up of New
Diamond Worldwide Limited. The petition was filed on September
10, 2003, and will be heard before the High Court of Hong Kong
on November 5, 2003.

Pelham Technology holds its registered office at P.O. Box 957,
Offshore Incorporation Centre, Road Town, Tortola, British
Virgin Islands and having a contact address at Flat F, 29th
Floor, Block 3, Jubilee Garden, Lok King Street, Shatin, New
Territories, Hong Kong.


REGAL HOTELS: Releases H103 Financial Statement
-----------------------------------------------
Regal Hotels International Holdings Limited released results
announcement for the six months ended 30th June, 2003. Below is
an excerpt from the said report:

   *  For the six months ended 30th June, 2003, the Group
reported an unaudited consolidated net loss attributable to
shareholders of HK$69.1 million, as compared with the net loss
of HK$32.4 million (as restated) recorded for the same period in
2002.

   *  The period under review witnessed the dramatic devastating
effect caused by the outbreak of the Severe Acute Respiratory
Syndrome, which seriously affected most facets of the economy in
all infected regions. In particular, the tourism business in
Hong Kong and Mainland China was drastically hit during the
outbreak period.

   *  In Hong Kong, the encouraging growth gained in the number
of visitor arrivals in the first two months was wholly wiped out
by the swift downturn in the subsequent months and resulted in a
negative growth of some 20% for the first half of 2003, compared
on a year on year basis. Likewise, the average hotel room
occupancy rate for all hotels in Hong Kong during this half year
period sharply declined to a level of about 55%, with an all
time low average of 17% having been recorded in the month of
May. As compared with the same period in 2002, this represented
a drop of some 33%, though the reduction in the average achieved
hotel room rate of about 6% was relatively milder.

   *  As reported before, business at the five Regal Hotels in
Hong Kong also had a very good start in 2003 during the first
two months of January and February, with gross operating profits
significantly surpassing those recorded for the comparative
period in 2002. However, due to the outbreak of the SARS,
business in the ensuing months to June plummeted. Overall, for
the first six months of 2003, the combined average occupancy for
the Group's five hotels in Hong Kong was down by about 34%,
but the combined average room rate was managed to be maintained
at a level marginally above that of the same period last year.
These had translated into a drastic reduction of about 54% in
the total gross operating profits for these five hotels and,
consequently, the results for the period under review were
adversely affected.

   *  The luxury residential development project located at
Rural Building Lot No. 1138, Wong Ma Kok Road, Stanley, which is
now 70% owned by the Group, has been formally named as the  
Regalia Bay". The occupation permit for Phase I of the
development, comprising 84 houses and the clubhouse facilities,
was issued in March 2003. The construction works for Phase II,
comprising the remaining 55 residential houses are advancing to
the final stage and expected to be completed towards the end of
this year. The presale programmed for the Phase I houses is
planned to be launched very shortly.

   *  During the year to the date of this report, the Group has
focused much of its efforts on achieving a consensual
restructuring of its bank loans and the planned disposal of its
non-core assets as part of the implementation process for such
financial restructuring.

   *  Following a series of continuing discussions with the
Group's bank lenders, a financial restructuring proposal was
finally formulated and presented to the Group's bank lenders for
their consideration in August this year. The proposal primarily
aims to replace the present standstill arrangement with a
consensual restructuring of the outstanding bank loans, with the
final repayment dates being extended and the interim debt
reduction milestones set with due reference to the assets
realization plan and available cash flows of the Group. As of
3rd September, 2003, over 90% by value of the Group's bank
lenders have in principle agreed to the proposal and the Group
expects that unanimous approval will be obtained shortly.

   *  As contemplated under the financial restructuring
proposal, the Group has successfully concluded on 29th August,
2003 an agreement with an independent third party purchaser for
the sale of the interests in the Regal Oriental Hotel for a
consideration of HK$350.0 million, subject to adjustments.

   *  As was also disclosed earlier, the Group has instituted
legal proceedings against the purchaser under a securities
purchase agreement entered into in 1999 relating to the disposal
of the Group's hotel interests in the USA to recover the
deferred consideration (together with accrued interest) which
should be payable by the purchaser to the Group. In June 2003, a
decision was issued by the District Court Judge in New York that
granted the Group's motion for summary judgment with respect
to a principal sum of approximately US$39.3 million. A further
hearing has been held on 4th September, 2003 to determine the
amount of interest that may also be due. Most lately, the terms
of a full and final settlement of the legal proceedings
involving the payment to the Group by the purchaser of a gross
settlement amount of US$48.8 million and the total resolution
and release of all claims by and between the Group and the
purchaser under or in connection with the securities purchase
agreement have been agreed between the Group and the purchaser.
All relevant parties are executing the formal settlement
agreement and completion is expected very shortly.

   *  Since the announcement of the Closer Economic Partnership
Arrangement and the staged relaxation of individual traveling by
PRC nationals to Hong Kong, there has been a clear recovery in
the local tourist and hotel markets. Hotel room occupancies at
the five Regal Hotels in Hong Kong during the months of July and
August have rebounded to normal levels and, with the leaner and
more compact operating structure now in place, the combined
operating results of these five hotels in these two months have
managed to surpass those of the comparative period last year.
Meanwhile, the sentiments over the property market in Hong Kong
are also improving gradually and it is anticipated that
substantial cash proceeds will be generated from the units sale
of the luxury residential development at Regalia Bay in Stanley.

   *  The endorsement of the financial restructuring proposal is
an indication of confidence by the Group's bank lenders and
represents a major positive step in the Group's financial
restructuring process. On due implementation of the proposal, it
will provide the Group with overall financial stability and a
solid platform for its business recovery going forward.

   *  Moreover, the various measures on traveling relaxation
recently introduced by the PRC government, the scheduled opening
of the Disney World as well as the overall revival of the local
economy will be expected to give a substantial boost to the
hotel industry in Hong Kong. These positive developments will be
conducive to the Group's achievement of improved operating
performance in the coming years.

Go to http://bankrupt.com/misc/TCRAP_Regal0924.pdfto see copy  
of the financial result.


SAGACIO INVESTMENTS: Winding Up Hearing Scheduled in October
------------------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2003 at
10:30 in the morning the petition seeking the winding up of
Sagacio Investments Limited.

Leung Tsan Fai of Flat 11, 30/F., Block A, Siu Lung Court, Tuen
Mun, New Territories, Hong Kong.  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.


SKYNET (INT'L): Court Further Adjourns Petition Hearing
-------------------------------------------------------
Reference is made to the announcements of Skynet (International
Group) Holdings Limited dated 31 October 2002, 13 December 2002,
27 December 2002, 15 January 2003, 12 February 2003, 17 February
2003, 24 March 2003 and 9 June 2003 in relation to, among
others, the Petition filed by Lombard against the Company on 30
October 2002 alleging the failure of the Company, in its
capacity as guarantor under a subscription agreement dated
28 June 2000 entered into by Skynet HK, the Company and Lombard,
to cause Skynet HK to pay the redemption amount of HK$93,600,000
for the convertible cumulative redeemable participative
preferred shares of Skynet HK held by Lombard and the orders of
the High Court of the Hong Kong Special Administrative Region
(Hong Kong Court) for the adjournment of the hearing of the
Petition made on 15 January 2003, 12 February 2003, 17 February
2003, 17 March 2003 and 9 June 2003.

On 22 September 2003, the Hong Kong Court ordered a further
adjournment of the hearing of the Petition from 22 September
2003 until 29 December 2003 at the application of the solicitors
for the Company to allow more time for the Company to effect its
restructuring proposal. An announcement will be made by the
Company in respect of the order made by the Hong Kong Court
after the hearing on 29 December 2003.


SKYNET (INTERNATIONAL): Extending Agreements Long Stop Date
-----------------------------------------------------------
Skynet (International Group) Holdings Limited has entered into
four supplemental agreements,

   (a) a third supplemental agreement to the Subscription
Agreement;

   (b) a second supplemental agreement to the Lombard
Restructuring Agreement;

   (c) a second supplemental agreement to the Hidden
Restructuring Agreement and;

   (d) a second supplemental agreement to the Disposal Agreement
with parties involved in the Agreements.

The Company is asking to extend the long stop date for
satisfaction of the conditions of the Agreements from 22
September 2003 to 31 December 2003 to allow extra time for
satisfaction of the conditions of the Agreements.


SKYNET (INTERNATIONAL): Seeks Circular Dispatch Time Extension
--------------------------------------------------------------
Reference is made to the joint announcements dated 27 May 2003,
9 June 2003, 30 June 2003, 22 July 2003, 11 August 2003 and 3
September 2003 issued by Skynet (International Group) Holdings
Limited and Monetary Success Investments Limited (the
Subscriber) in respect of delay in dispatch of the circular to
be issued jointly by the Company and the Subscriber in relation
to the Proposal.

WAIVER TO EXTEND THE DATE OF DESPATCH OF THE CIRCULAR

The joint announcement dated 9 June 2003 made by the Company and
the Subscriber in respect of, among others, delay in dispatch of
the Circular, sets out an expected timetable regarding the
hearing of summons in chambers before the Court, the dispatch of
the Circular, the Court Meeting and the Special General Meeting.

As disclosed in the joint announcement dated 3 September 2003
made by the Company and the Subscriber, the Company has applied
to the Stock Exchange for a waiver from strict compliance with
Rule 14.13(2) of the Listing Rules to dispatch the Circular. The
Stock Exchange has granted a waiver from strict compliance with
Rule 14.13(2) of the Listing Rules and granted an extension of
the deadline for the dispatch of the Circular to be on or before
25 September 2003. Since the Company is in the process of
finalizing the information as required under the Listing Rules,
the Circular cannot be dispatched in time on or before 25
September 2003. It is uncertain whether Newco will obtain the
approval of listing from the Stock Exchange. Unless Newco
obtains the approval of listing from the Listing Committee, the
date of the directions hearing in respect of the Scheme before
the Court cannot be determined and the dispatch of the Circular
is expected to be within one week after the directions hearing
if it takes place. In light of the foregoing, the timetable in
respect of the above events cannot be determined as at the date
hereof. Further announcement will be made by the Company when
the timetable in respect of the above events can be ascertained.

The Company has applied to the Stock Exchange for a waiver from
strict compliance with Rule 14.13(2) of the Listing Rules to
dispatch the Circular on or before 14 October 2003.


WO KEE: Rights Issue Becomes Unconditional
------------------------------------------
The Directors of Wo Kee Hong (Holdings) Ltd announced that as at
4:00 p.m. on Wednesday, 17 September 2003, the Company has
received 155 valid acceptances for 320,622,377 Rights Shares
provisionally allotted under the Rights Issue (representing
approximately 94.03% of the total number of Rights Shares
available for subscription under the Rights Issue) and 141 valid
excess applications for 521,171,807 Rights Shares (representing
approximately 152.86% of the total number of Rights Shares
available for subscription under the Rights Issue), amounting to
841,794,184 Rights Shares in aggregate (representing
approximately 246.89% of the total number of Rights Shares
available for subscription under the Rights Issue).

The Rights Issue has become unconditional at 5:00 p.m. on
Monday, 22 September 2003.

Share certificates in respect of the Rights Shares and refund
cheques in respect of wholly or partially unsuccessful
applications for excess Rights Shares was dispatched on Tuesday,
23 September 2003. Dealing in the fully paid Rights Shares will
commence on Thursday, 25 September 2003.

According to Wrights Investors' Service, at the end of 2001, Wo
Kee Hong (Holdings) Ltd had negative working capital, as current
liabilities were HK$381.44 million while total current assets
were only HK$256.66 million. It reported losses during the
previous 12 months and has not paid any dividends during the
previous six fiscal years.


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


KIMIA FARMA: PwC Advises Production Facility Spin-off
-----------------------------------------------------
PricewaterhouseCoopers (PwC) advises PT Kimia Farma to spin off
its production facility to improve the efficiency of its
production, Bisnis Indonesia reports, quoting Finance Director
Syamsul Arifin.

"Based on its study, PwC advises Kimia Farma to spin off its
production facility so that the company will be able to focus on
marketing business pharmaceutical goods," Arifi said.

The productivity of its production unit was low this year due to
slower pharmacy market growth. In normal condition, production
rate could reach 60% to 80% of its designed capacity.

"Today the utilization was lower than 60% of the capacity,"
Arifin said, adding that pharmacy business market growth would
also be low this year.

To deal with these market conditions, the company will establish
some more outlets and extend its trading business.

The Troubled Company Reporter - Asia Pacific reported early this
year that the Indonesian government has cancelled its plans to
divest stakes in state-owned PT Kimia Farma this year because
the Company still needs time to restructure.


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


NISSAN DIESEL: Wants Y106B Rescue From Creditors
------------------------------------------------
Nissan Diesel Motor will request 106 billion yen (US$930
million) in financial aid from Nissan Motor and other lenders,
the Nihon Keizai Shimbun daily said on Saturday. The troubled
truck maker is saddled with interest-bearing debt of 390 billion
yen.
  
Earlier this week, the truck maker said it was considering
various options to improve its balance sheet. Under the plan,
main lenders Mizuho Corporate Bank, Mizuho Trust & Banking Co --
both part of Mizuho Financial Group -- and Resona Bank would
also convert 90 billion yen in loans into stock. Nissan Diesel
owes Mizuho Corporate Bank about 95 billion yen, Mizuho Trust 25
billion yen and Resona 45 billion yen.


RESONA BANK: S&P Raises Rating to "BBB-/A-3"
-------------------------------------------
Standard & Poor's Ratings Services on Monday raised its ratings
on Resona Bank Ltd. to 'BBB-/A-3' from 'BB+/B', reflecting an
expected strengthening of the bank's governance system following
a capital injection from the Japanese government in June 2003
and the introduction of new management. At the same time, the
ratings were removed from Credit Watch, where they were placed
on May 19, 2003. The outlook on the long-term rating is stable.

"New management from outside Resona is expected to move to
accelerate the disposal of non-performing loans by utilizing the
government capital injection, liquidating major customers and
related entities with asset quality problems or weak
profitability, and seeking further business efficiency," said
Standard & Poor's credit analyst Yasushi Kimura. "These measures
should contribute to strengthening Resona's earnings profile
over the medium to longer term, although it will require strong
leadership to put them into practice and achieve the expected
results," he added.

Although the outline of the asset assessment Resona is currently
conducting has yet to be revealed, at least half of the public
fund injection of about Y2 trillion is expected to be consumed
in the disposal of non-performing assets. As a result, Resona
will be under increased pressure to clearly indicate its
assessment and reserve policy in order to restore investor
confidence while improving its asset quality.

The rating on Resona also incorporates the possibilities of
additional support from the government, given its importance to
the financial system. However, the influence of potential
government support on the rating has diminished as Resona's
financial profile improved following the capital injection.


TOSHIBA CORP.: Integrates Optical Disk Business With Samsung
------------------------------------------------------------
Toshiba Corporation and Samsung Electronics Co., Ltd. on Monday
signed a memorandum of terms covering integration of their
respective optical-disk-drive businesses in a joint venture. The
two companies will now finalize details of the agreement in
readiness for incorporation of the joint venture.

The new joint venture will bring together product and business
planning, product development, procurement and sales for optical
disk drives (ODD), including CD-ROM and DVD-ROM drives. The new
Company will be 51 percent owned by Toshiba and 49 percent owned
by Samsung Electronics and consolidated by Toshiba. The JV will
be headquartered in Japan, while its wholly owned subsidiary
established in Korea will control operations there.

The scale of the combined operation will position the joint
venture among the world leaders in the ODD business. With 2002
annual sales exceeding 200-billion yen, the collaboration is
expected to further enhance its global position.

The new joint venture will construct a competitive business
structure that can promote optimized use of management resources
and leadership in the global market.

Toshiba Corporation expected the restructuring of its personal
computer business to improve the division's operating earnings
by 26 billion yen (US$221 million) in the October-March second
half, TCR-AP reported recently. The chipmaker said the division
as expected to post an operating loss of 17 billion yen for the
first half. The restructuring would help it make an operating
profit of nine billion yen in the second half.

About Toshiba Corporation

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The Company's integration of these
wide-ranging capabilities assures its position as a leader in
semiconductors, optical disk drives, HDDs, PCs, mobile consumer
products, and other electronic devices. Toshiba has 166,000
employees' worldwide and annual sales of over US$47 billion.
Visit Toshiba's web site at: http://www.toshiba.co.jp/index.htm


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


SK GROUP: Court Releases Chairman Chey Tae-won on Bail
------------------------------------------------------
Chey Tae-won, Vice-Chairman of SK Group, was on Monday released
on bail less than three months into a three-year sentence for
his part in a multi-billion dollar accounting fraud at the
group's trading arm SK Networks Co., the Financial Times
reported on Tuesday.

Chey's release came as domestic creditors agreed with their
foreign counterparts to press ahead with a 2,900 billion won
(US$2.5 billion) bailout of SK Networks, formerly known as SK
Global.

Chey was sentenced to three years in prison in June on charges
of illicit stock dealings and bookkeeping irregularities
involving group trading arm SK Networks (SKN), formerly SK
Global. Both defense and prosecution appealed the lower court
decision and Chey was freed on bail by the appeals court pending
the outcome of the new hearing.

SK Networks has been on the brink of bankruptcy since it was
revealed in March to have fraudulently inflated its profits by
US$1.2 billion and covered up US$5.6 billion of losses.


SK GLOBAL: Schedules Filing Deadline Hearing on Thursday
--------------------------------------------------------
The U.S. Bankruptcy Court will convene a hearing on the SK
Global America Debtors' request to extend their deadline to file
Schedules of Assets and Liabilities, and Statement of Financial
Affairs, on September 25, 2003.

Accordingly, Judge Blackshear extends the Debtors' deadline to
file Schedules and Statement until the conclusion of that
hearing. (SK Global Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


SK NETWORKS: 98% of Foreign Creditors OK Debt Buyout
----------------------------------------------------
Up to 98 percent of the foreign creditors of SK Networks Co. has
agreed on a debt buyout for the troubled trading Company, Asia
Pulse said on Monday.

SK Networks owes about 830 billion won (US$719.61 million) to
foreign creditors, with total liabilities of 9.97 trillion won.
Around 80.2 percent of the foreign creditors have already
submitted written consents to the debt buyout of 43 cents per
dollar owed. An additional 16.9 percent, or the Islamic Trade
Facility (ITF) comprising Arab lenders, have conveyed verbal
agreements on the cash buyout plan.

The ITF will present formal written consents early next month,
the officials said, adding that UBAF, an Arab bank which is owed
2 percent of SK Networks' foreign debt, remains opposed to the
debt buyout program. Domestic creditors have proposed the debt
buyout plan as part of their efforts to keep the trading Company
afloat.


SK NETWORKS: Shareholders OK Bond, Share Write-Down Plans
---------------------------------------------------------
SK Networks Co. shareholders have approved the ailing Company's
plan to issue up to US$450 million worth of bonds with warrants
to its foreign creditors, Dow Jones reports. At a shareholder
meeting held earlier Tuesday, shareholders also approved a
creditor plan to write down the Company's capital.

The exact size of the bond issue will be determined after the
participation rate of foreign creditors in the debt buyout
program is completed. Foreign creditors who haven't yet
submitted their decision on participation are expected to do so
by next month.

The firm has previously said participating foreign creditors
will receive warrants to purchase common stock of SK Networks
starting January 1, 2005. The bond issue and share write-down
plans are part of the troubled Company's restructuring plans.


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


ASSOCIATED KAOLIN: Posts Entitlements Book Closure Notice
---------------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) posted this notice:

Stock Name       : AKI
Date Announced   : 22/09/2003
EX-date          : 25/09/2003  
Entitlement date :29/09/2003  
Entitlement time :05:00:00 PM  
Entitlement subject :Rights Issue

Entitlement description:

RENOUNCEABLE RIGHTS ISSUE OF UP TO 16,395,070 NEW ORDINARY SHARE
OF RM1.00 EACH IN GREATPAC HOLDINGS BERHAD (GHB) (GHB SHARES)
PAYABLE IN FULL UPON ACCEPTANCE ON THE BASIS OF THREE (3) NEW
GHB SHARES FOR EVERY ONE (1) EXISTING GHB SHARE HELD AFTER THE
SHARE EXCHANGE AT AN ISSUE PRICE OF RM1.00 PER GHB SHARE
Period of interest payment : to  
For year ending/Period ending/ended:
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements  : 29/09/2003 to 29/09/2003
Registrar's name, address, telephone no:

   Mega Corporate Services Sdn Bhd
   Level 11-2 Faber Imperial Court
   Jalan Sultan Ismail,
   50250 Kuala Lumpur
   Telephone No.: 03 26924271
   Fax No.: 03 27325399/27325388
   Payment date:

a) Securities transferred into the Depositor's Securities
Account before 4:00 pm in respect of transfers :29/09/2003

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from mandatory
deposit :25/09/2003

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

Number of new shares/securities issued (units) (If applicable):
16395070  
Entitlement indicator :Ratio
Ratio  : 3 : 1  
Rights Issues/Offer Price :1


BERJAYA GROUP: Modifies Proposed Disposal's SSSA Terms
------------------------------------------------------
On 30 May 2003, the Board of Directors of Berjaya Group Berhad
(B-Group or Company) announced the Proposed Disposal of
4,468,248 Ordinary Shares of RM1.00 Each Representing 41.82% of
the Issued and Paid-Up Capital in Finewood Forest Products Sdn
Bhd (FFP), a 100% Owned Subsidiary of Berjaya Group Berhad to
Foowood International Sdn Bhd (Purchaser) for a Cash
Consideration of Rm500,000 and the Subsequent Proposed
Subscription by the Purchaser of 2,000,000 New Ordinary Shares
of Rm1.00 Each in FFP for a Total Cash Subscription Sum of
Rm2,000,000 or at Par.

Subsequent to the Share Subscription and Sale Agreement (SSSA)
dated 30 May 2003, the Board wishes to announce that the Company
had on 19 September 2003 entered into a Supplemental Agreement
to vary some of the principal terms of the SSSA as follows:

a) Number of FFP Shares to be sold

Under the SSSA, B-Group agreed to sell a total of 4,468,248
ordinary shares of RM1.00 each (Sale Shares) representing
approximately 41.82% of the issued and paid-up capital of FFP to
the Purchaser for a cash consideration of RM500, 000.

Pursuant to the Supplemental Agreement, the Sale Shares will now
be varied to 2,504,852 ordinary shares of RM1.00 each
representing approximately 23.45% of the issued and paid-up
capital of FFP for a cash consideration of RM250,000.

b) Subscription of new ordinary shares in FFP

In the SSSA and as part of the purchase of the Sale Shares, the
Purchaser agreed to subscribe for a total of 2,000,000 new
ordinary shares in FFP at par.

Pursuant to the Supplemental Agreement, the above subscription
will now be varied to 1,000,000 new ordinary shares at par.

Save as disclosed above, there are no other changes or
amendments to the terms and conditions of the SSSA. The Proposed
Transaction is expected to be completed within 4 months from the
date of the SSSA.

With the variations mentioned therein and upon completion of the
Proposed Transaction, B-Group's equity interest in FFP will be
reduced from 100% to 70%.

In terms of cashflow, the Proposed Transaction after taking into
consideration of the variations in the Supplemental Agreement
will raise a gross proceeds of RM250,000 to B-Group and
RM1,000,000 to FFP via the subscription of new ordinary shares.

There will be no material financial effect arising from the
variations to the terms of the SSSA.

The Board of Directors of B-Group is of the opinion that the
variations to the terms of the SSSA are in the best interest of
B-Group.


EUROPLUS BERHAD: CCM Strikes Off Unit
-------------------------------------
Europlus Berhad announced that its subsidiary Insa-Nikmat Sdn
Bhd has been struck off from the register by the Companies
Commission of Malaysia (CCM) pursuant to powers conferred by
subsection 308(4) of the Companies Act, 1965 and accordingly
dissolved.

COMPANY PROFILE

Originally formed to undertake tin mining, the Company ceased
its mining operations in 1978 and diversified into property
development in 1981. It has subsequently expanded into
investment holding, contracting and provision of management
services.

Since 1994, the Company has acquired Europlus Corporation Sdn
Bhd, the developer of 5,528 acres of the Bukit Beruntung
township. The Company has also expanded its land bank into Ulu
Kelang, the Southern Growth Corridor, the Multimedia Super
Corridor, Jalan Puchong, Bandar Sunway and in the vicinity of
Puchong.

Currently, the Company is undertaking the development of approx.
8,300 acres of converted land in the Klang Valley and in Rawang.

Europlus and Talam Corporation Bhd on 15 June 2001 entered into
an agreement to rationalize the businesses of Europlus and Talam
including the merger of their property related businesses. The
proposal has been revised on 13 July 2001 and is pending
finalization.

CONTACT INFORMATION: 23rd Floor, Menara Maxisegar
        Jalan Pandan Indah 4/2, Pandan Indah
        55100 Kuala Lumpur
        Tel : 03-4295 6888;
        Fax : 03-4294 5072


FW INDUSTRIES: Receives KLSE's De-Listing Procedures Notice
-----------------------------------------------------------
The Board of FW Industries Bhd wishes to announce that the
Company has received from the Kuala Lumpur Stock Exchange an
extension of time of 14 days commenced from 19 September 2003
(Extended Time Frame) to submit its regularization plans to the
relevant authorities for approval. The extension is without
prejudice to the Exchange's right to proceed to de-list the
securities of the Company from the Official List of the KLSE in
the event the Company fails to submit its regularization plans
within the Extended Time Frame.

If the Company fails to submit its regularization plans within
the Extended Time Frame, the Company is required to make written
representation to the Exchange within 7 days from the expiry of
the Extended Time Frame on why the Exchange should not proceed
to de-list the securities of the Company from the Official List
of the KLSE.

In the event the Company submits its regularization plans for
approval within the Extended Time Frame, the Exchange will await
the outcome of the Company's application to the relevant
authorities. The Exchange 's decision is without prejudice to
the Exchange's right to proceed to de-list the securities of the
Company from the Official List of the KLSE in the event the
Company fails to obtain any of the relevant authorities'
approvals necessary for the implementation of its regularization
plans.

In the event the Company obtains all relevant authorities'
approvals necessary for the implementation of its regularization
plans, the Company must proceed to implement its regularization
plans expeditiously within the time frames stipulated by the
relevant authorities. The Exchange's decision is without
prejudice to the Exchange's right to proceed to de-list the
securities of FW from the Official List of the KLSE in the event
the Company fails to implement its regularization plans within
the time frame or extended time frames stipulated by the
relevant authorities.

Where any of the following occurs:

   (a) FW fails to obtain the relevant authorities' approval of
its regularization plans; or

   (b) FW has obtained the relevant authorities' approval but
fails to implement its regularization plans within the time
frames prescribed by the relevant authorities.

the Exchange will consider any written representations that are
filed by the Company (if any) provided that the same is made
within 7 days from the occurrence of any one of the events above
and then proceed to decide on whether the securities of the
Company should be de-listed from the Official List of the KLSE.


JASATERA BERHAD: Inks MOU Construction Project With XCECCL
----------------------------------------------------------
Jasatera Berhad is pleased to announced that it had on 15
September 2003 entered into a MOU with XCEGCL in Beijing, China
to established a formal collaborative relationship with the
intended purpose to jointly develop a mixed commercial area of
about 80 acres of land located at Tanjung Lumpur, Kuantan in the
state of Pahang Darul Makmur. The estimated development cost for
the project is about RM400 million for a duration of 5 years.
The signing event was witnessed by the Mentri Besar of Pahang,
YAB Dato' Seri Haji Adnan bin Haji Yaakob.

JB had earlier on in July 2003 awarded a contract to XCEGCL for
construction and completion of medium cost apartment main
building works at Kampung Kayu Ara, Selangor Darul Ehsan for Rm
13.8 million which had initiated the business relationship
between JB and XCEGCL.

The MOU shall remain in force for a period of two (2) years
unless terminated by either party by giving one (1) month
notice.

The Troubled Company Reporter - Asia Pacific reported on
September 9 that the Securities Commission (SC) had approved the
extension of time sought for an additional 9 months to 3 June
2004 to complete the implementation of the Revised Proposed
Recapitalisation Exercise (RPRE). Refer to the Troubled Company
Reporter - Asia Pacific Monday, April 15, 2002, Vol. 5, No. 73
issue for RPRE's details.


JUTAJAYA HOLDING: Unit Receives Tax-Related Writ of Summon
----------------------------------------------------------
Dataran Khas Sdn. Bhd. [Defendant], a subsidiary company of
Jutajaya Holding Berhad, had on 15 September 2003, received a
Writ of Summons together with a Statement of Claim dated 7 April
2003 filed by the Government of Malaysia [Plaintiff]. The
Plaintiff is claiming an amount of RM2,382,330.75 being the
amount payable by the Defendant to the Inland Revenue Board in
respect of the unpaid balance of the income tax assessed for the
Year of Assessment 1998 together with penalty increases of 10%,
10% and 5% under Sections 107B(3), 103(4) and 103(5A) of the
Income Tax Act, 1967. The Defendant is required to make a
defense within 8 days of the date of receipt of the writ,
failing which, the Plaintiff may proceed to obtain judgment.

   1. The circumstances leading to the filing of the civil suit
arises from the failure by the Defendant to pay the outstanding
sums.

   2. The Plaintiff claims the following from the Defendant:

     (a) the outstanding sum of RM2,382,330.75
     (b) interest at the rate of 8% per annum on the sum of
RM2,382,330.75 from judgment date to realization date;
     (c) legal cost; and
     (d) any further relief that the Court deems fit.

The financial impact on the Group would be the total of 2(b) to
2(d) as the tax liability has been provided in the accounts of
the Defendant. The litigation is not expected to have an
operational impact on the Group.

The expected losses arising from the litigation will be the
total of 2(b) to 2(d) above.

The Defendant will seek legal advice and take appropriate action
in accordance with such advice.


KIARA EMAS: MTHB Mandatory Offer Closed Friday
----------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad (AmMerchant Bank) wishes to announce that the
Unconditional Mandatory Offer by Major Team Holdings Berhad to
acquire 5,021,541 ordinary shares of RM1.00 each (Offer Shares)
in Stone World Sdn Bhd, representing 9.09% of the issued and
paid-up capital of Stone World, at a price of RM0.9962 per Offer
Share (Offer) has closed at 5:00 p.m. on 19 September 2003
(Closing Date).

The level of acceptances of the Offer as at 5:00 p.m. on the
Closing Date is shown in Table 1 at
http://bankrupt.com/misc/TCRAP_Kiara0924.doc.

Notices of allotment for the new Shares to be issued by MTHB as
consideration for the Offer will be dispatched to the accepting
holders of the Offer Shares at their own risk within fourteen
(14) days from the date of the receipt of valid acceptances of
the Offer, and the said new MTHB Shares will be credited to the
Central Depository System accounts of the accepting holders of
the Offer Shares maintained with Malaysian Central Depository
Sdn. Bhd.


KL INDUSTRIES: Releases Rights Issue Important Relevant Dates
-------------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Special Administrators
Appointed) refers to the Renounceable Rights Issue of up to
27,338,319 new ordinary shares of RM1.00 each in Equine Capital
Berhad (ECB) at an issue price of RM1.00 per ordinary share to
the former shareholders of KLIH whose names appear on the record
of depositors as of 30 July 2003, on the basis of nine (9) new
ordinary shares for every one (1) existing ordinary share held
in ECB (Rights Issue).

On behalf of ECB, Commerce International Merchant Bankers Berhad
wishes to announce that the last date and time for:

   (i) sale and transfer of provisional allotment of rights will
be on 9 October 2003 at 5:00 p.m.;

   (ii) acceptance and payment will be on 9 October 2003 at 5:00
p.m.; and

   (iii) excess shares application and payment will be on 9
October 2003 at 5:00 p.m.

Copies of the Prospectus together with the accompanying
Provisional Allotment Letter relating to the Rights Issue will
be dispatched in due course to the former shareholders of KLIH
whose name appear on the Record of Depositors of KLIH as at 30
July 2003.

Entitled shareholders who would not receive the documents should
notify the Share Registrar of ECB, Signet Share Registration
Services Sdn Bhd at:

   11th Floor, Tower Block,
   Kompleks Antarabangsa,
   Jalan Sultan Ismail,
   50250 Kuala Lumpur.
   Tel: 2142 1341


METROPLEX BERHAD: Restructuring Talks With Creditors Ongoing
------------------------------------------------------------
Metroplex Berhad refers to the earlier announcement on 21 August
2003 in relation to the Restraining Order and Proposed Debt
Restructuring of the Group.

Metroplex Berhad advised that following the extension of the
restraining order granted by the High Court of Malaya, MB is
continuing to work out its debt restructuring with its
creditors.

An announcement would be made to the Kuala Lumpur Stock Exchange
once an agreement has been reached on this.


MYCOM BERHAD: Proposes Shareholders' Mandate Renewal
----------------------------------------------------
The Board of Directors of Mycom Berhad wishes to announce that
the Company intends to seek shareholders' approval for a
proposed renewal of shareholders' mandate for recurrent related
party transactions of a revenue or trading nature as well as a
general mandate for the provision of financial assistance at the
forthcoming annual general meeting of the Company.

A circular to shareholders in relation to the proposed renewal
of shareholders' mandate and general mandate will be sent
together with the notice of the annual general meeting to
shareholders in due course.


NAM FATT: Answers KLSE's Query on RM500M Johor Ciq Contract
-----------------------------------------------------------
Nam Fatt Corporation Berhad, in reply to the KLSE's Query Letter
reference ID: NE-030919-40018 on The Star article entitled, "Nam
Fatt Wins Johor Ciq Contract Worth Over RM500mil" dated 19
September 2003, clarified that Nam Fatt Construction Sdn. Bhd.,
its wholly-owned subsidiary is currently negotiating with
Gerbang Perdana Sdn. Bhd. on the terms of the contract to build
the new customs, immigration and quarantine complex.

The Company will make the appropriate announcement if a contract
is entered into in accordance with the Exchange's Corporate
Disclosure Policy, if necessary.

KLSE's Query Letter content:

We refer to the above news article appearing in Star Biz section
of The Star, Page 3, on Friday, 19 September 2003, a copy of
which is enclosed for your reference.

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

"NAM FATT Corp Bhd has won the contract to build the new
customs, immigration and quarantine (CIQ) complex..."
"The contract, worth more than RM500mil, was awarded last week
by Gerbang Perdana Sdn Bhd......"

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

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

Yours faithfully,
INDERJIT SINGH
Sector Head
Issues & Listing

CKM/WSW/HSN/ne
c.c. Securities Commission (via fax)


PAN MALAYSIA: Appoints Proposed Settlement Adviser
--------------------------------------------------
The Proposed Settlement of Pan Malaysia Corporation Berhad
entails:

  * Proposed Settlement of Amount Due from Holding Company,
Malayan United Industries Berhad, involving the Proposed
Issuance of Irredeemable Convertible Unsecured Loan Stocks
(ICULS) Comprising of the following :

   * Approximately up to Rm1,212 Million Nominal Value of Class
A1 and A2, 8 Year ICULS (With an Imputed Interest Rate of 5% Per
Annum); and

   * Approximately up to Rm159 Million Nominal Value of Class
A3, 3 Year ICULS.

On behalf of the Board of Directors of Pan Malaysia Corporation
Berhad, PM Securities Sdn Bhd (PM Securities) wishes to announce
the Proposed Settlement proposed by Malayan United Industries
Berhad (MUIB) involving the issuance in aggregate of
approximately up to RM1,372 million nominal value of 8 year and
3 year irredeemable convertible unsecured loan stocks (ICULS) on
the basis of RM1.00 nominal value of ICULS for every RM1.00 of
debt owing by MUIB, the holding company of PMC, and interest
payment relating thereto.

The Board of PMC was informed by MUIB that the latter intends to
settle the entire inter-company advances owing to PMC and
certain of its subsidiaries by the MUIB Group by the proposed
issuance by MUIB of approximately up to RM1,372 million nominal
value of 8 year and 3 year ICULS on the basis of RM1.00 nominal
value of ICULS for every RM1.00 of debts owing by MUIB Group and
interest payment relating thereto.

The proposed issuance of ICULS by MUIB is to facilitate the
settlement of its inter-company advances owing to PMC of
approximately RM1,006 million. Accordingly, PMC or its nominees
will receive approximately up to RM1,372 million nominal value
of ICULS in settlement of the inter-company advances and
interest payment relating thereto.

The Proposed Settlement are subject to the approvals being
obtained from the Kuala Lumpur Stock Exchange, the shareholders
of the Company and any other relevant authorities.

PM Securities, an approved Universal Broker, has been appointed
as Adviser of the Company for the Proposed Settlement.

Shareholders are requested to read the attachment of this
announcement for further details on the Proposed Settlement.


PENAS CORPORATION: Evaluating Investigative Audit Findings
----------------------------------------------------------
Penas Corporation Berhad refers to the Securities Commission's
(SC) letter dated 2 December 2002 approving the corporate and
debt restructuring scheme of Penas Corporation Berhad (Pencorp).
By the letter of approval, Pencorp was required as part of the
conditions of approval to commission an investigative audit on
the causes that led to the losses suffered by Pencorp and its
subsidiaries (Pencorp Group).

The preliminary investigation report has identified various
transactions and reasons that led to the losses suffered by the
Group. Amongst the reasons and transactions are the provision
for doubtful debts and write-offs of trade debts amounting to
RM242.8 million on various development projects in 2002. Also
included is the recognition of RM11.1 million in foreseeable
losses and write backs in respect of a 2002 project. Another
common issue highlighted was the relationship between the Group,
as contractors, and its clients, namely property development
companies that are controlled and owned by certain substantial
shareholders of Pencorp. Further highlighted is the fact that no
legal actions have been taken against the substantial
shareholders for the failure to deposit Security Shares and/or
cash and/or bank guarantee with the Stakeholders on or before
the expiry of the financial year ended 31 December 1998, as
required by a Stakeholders Agreement and to recover the RM25.5
million differential sum arising from the shortfall between the
actual profit before taxation for the year ended 31 December
1998 and the guarantee profit before taxation of the same year
pursuant to the Stakeholders Agreement.

The Board of Directors of Pencorp intends to examine in more
detail the nature and extent of the issues set out above and is
aware that many of the matters addressed by the investigation
report related to matters that have taken place are connected
with or culminated during the politically and financially
turbulent second half of 1990s. Allowance for such matters will
also be given due considerations when taking appropriate
measures (where necessary) to address the above issues.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad had on 19 September 2003 been notified
by PB Trustee Services Berhad (the trustee in respect of the
Company's RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable
Secured Convertible Bonds A 1999/2004 and RM275,980,363 Nominal
Value of 5 year 1%-2% Redeemable Secured Convertible Bonds B
1999/2004 (collectively "Bonds")) that they have on 15 September
2003, disposed of some of the Company's securities held in
public listed companies, which are pledged with them in relation
to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. For details on the securities disposed, go to
http://bankrupt.com/misc/TCRAP_Tongkah0924.doc.


UNITED ENGINEERS: Agreeable to Nomination Letter Variation
----------------------------------------------------------
Projek Penyelenggaraan Lebuhraya Bhd (PROPEL) refers to the
announcement on 16 May 2003 on the letter of nomination dated 9
May 2003 (Nomination Letter) from United Engineers (Malaysia)
Berhad (UEM) in respect of the nomination of PROPEL as UEM's
nominated contractor for routine maintenance works relating to
civil, mechanical & electrical (M&E) and electrical &
electronics (E&E), works orders and technical data collection
along the Projek Lebuhraya Utara Selatan Berhad's (PLUS)
expressways.

Further to the announcement and in particular in relation to
paragraph 2 thereof, the Board of Directors of PROPEL is pleased
to inform that PROPEL has, on 18 September 2003, received a
letter from UEM informing PROPEL that it is agreeable to
PROPEL's request for variation of certain clauses of the
Nomination Letter as follows:

   (i) The nomination period is for a period of six years unless
the same is revoked by UEM or sooner determined as a result of
events stipulated in the MMA (as supplemented) and the
Nomination Agreement.

   (ii) UEM reserves the right to revoke the nomination or
extend the period thereof at any point of time by giving six
months notice to PROPEL and PLUS.

Save for the above variations, the salient terms and conditions
as contained in the Nomination Letter as announced remain
intact.


WOO HING: Declares RM5.1M Interim Distribution to Creditors
-----------------------------------------------------------
Further to the Requisite Announcement dated 6 September 2002
made by Commerce International Merchant Bankers Bhd, the Special
Administrators wish to inform that Woo Hing Brothers (Malaya)
Berhad has declared a first interim distribution of 4.26%
totaling RM5.1 million to the unsecured creditors on Monday.

The first interim distribution will be paid from the RM5 million
received from the disposal of the Company's watch business and
RM100,000 from part of the cash balance.


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


MANILA ELECTRIC: Revises Power Contracts With IPPs
--------------------------------------------------
Manila Electric Co. (Meralco) said that revisions in its
electricity supply contracts with independent power producers
(IPPs) are being drafted into formal agreements, the Power
Engineering International reported on Thursday.

In a statement released to the Philippine Stock Exchange,
Meralco said, "We are hoping that the amendments to the
contracts could be signed and presented to the Energy Regulatory
Commission for approval no later than the end of the year so
that the savings on purchased power cost from Meralco's
forenamed IPPs namely First Gas Power Corporation and Quezon
Power Philippine Ltd, estimated at 44 billion pesos (US$798
million) over the duration of the contracts, could be enjoyed by
the customers,"

Manila Electric Co. (Meralco) is confident that it will be able
to pay a part of its long-term debt due at the end of this
month, TCR-AP reported recently. The report did not however say
how much of the Company's obligations will mature this month.

Recent reports had it that some P2.5 billion worth of long-term
debts from commercial banks led by Citibank are set to mature
end-October this year while some of the long-term debts are due
this month.


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


APR COAL: Winding Up Hearing Slated For October 3
-------------------------------------------------
The petition to wind up APR Coal & Energy Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
October 3, 2003 at 10 o'clock in the morning. Hitachi Credit
Singapore Pte Ltd., a creditor, whose address is situated at 268
Orchard Road #11-01, Singapore 238856, filed the petition with
the court on September 9, 2003.

The petitioners' solicitors are Ascentsia Law Corporation of 8
Shenton Way, #30-03 Temasek Tower, Singapore 068811. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Ascentsia Law Corporation a notice in
writing not later than twelve o'clock noon of the 2nd day of
October 2003 (the day before the day appointed for the hearing
of the Petition).


BIZGRO MARKETING: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Bizgro Marketing Pte Ltd. will be
scheduled 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 2, 2003.

The petitioners' solicitors are Messrs Tan Kok Quan Partnership
of No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs Tan Kok Quan Partnership
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).


CHARTERED SEMICONDUCTOR: Enters Deal With Virage Logic
------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, and Virage Logic Corp.,
a leading provider of best in-class semiconductor IP platforms,
recently announced they will make available Virage Logic's
Technology-Optimized Platform on Chartered's Nano Access 90-
nanometer (nm) system-on chip (SoC) manufacturing technologies.
Underscoring the strategic significance of their longstanding
relationship, Virage Logic has also joined Chartered's Nano
Access Alliance to reinforce their efforts on 90nm design
solutions. Virage Logic's complete range of standard cell
libraries, I/O components, and memory compilers for SRAM, ROM
and register files will be qualified for Chartered's 90 nm base
line logic process.

Design libraries will be available beginning in the fourth
quarter of 2003. Silicon qualification is in progress, and
release of fully silicon-validated libraries is expected by the
second quarter of 2004. Chartered was the first foundry to work
with Virage Logic beginning when 0.35 micron was the dominant
technology node. Joining Chartered's NanoAccess Alliance is a
natural extension of our strategic relationship, said Adam
Kablanian, President and CEO of Virage Logic. Together, we've
cultivated an expanding base of companies that rely on silicon-
proven IP and Chartered's silicon manufacturing services. We're
committed to ensuring that these customers have timely access to
our Technology-Optimized Platform for their 90nm chips. We
formed the Nano Access Alliance for one reason: to streamline
the design and manufacturing approach required to leverage
advanced processes at 90nm and beyond.

In order to do that, we need to work proactively with companies
all across the semiconductor supply chain, including suppliers
of critical design libraries and memory IP such as Virage Logic,
said Kevin Meyer, Vice President of worldwide marketing and
services at Chartered. We have been working with Virage Logic
for quite some time on its optimized memory compilers, and are
now collaborating on its extended semiconductor IP platform that
includes standard cell and I/O offerings for leading-edge 90nm
customers. Virage Logic is an inaugural member of Chartered's
Nano Access Alliance, and joins the extensive ecosystem of
industry-leading library, electronic design automation,
intellectual property, and outsourced design and manufacturing
services companies. The Nano Access Alliance brings together
critical system-on-chip technologies and services with
Chartered's Nano Access 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.  Virage Logic's Technology-Optimized
Platforms are based on its highly differentiated IP including:
the Self-Test and Repair (STAR) Memory SystemTM; the Area, Speed
and Power (ASAP) Memory product lineTM; the ASAP LogicTM product
line with its metal programmable and standard cell libraries;
and the recently introduced Base I/O libraries.

About Chartered

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 (Nasdaq: CHRT) and on the Singapore
Exchange (SGX-ST: CHARTERED). Chartered's 3,500 employees are
based at 11 locations around the world. Information about
Chartered can be found at www.charteredsemi.com.

About Virage Logic Virage Logic Corp. (Nasdaq:VIRL) is a leading
provider of best-in-class semiconductor IP platforms based on
memory, logic, I/Os, and IP development tools that are silicon
proven and production ready. Virage Logic meets market demands
for cost reduction, while improving performance and reliability
for fabless and integrated device manufacturer (IDM) companies
focused on the consumer, communications and networking, handheld
and portable, and computer and graphics markets. Virage Logic is
headquartered in Fremont, California and has sales and support
offices worldwide. For more information, visit
www.viragelogic.com or call (877) 360-6690 toll free or
(510) 360-8000.

Media Contacts:
Chartered Singapore:
Maggie Tan
+65.360.4705
tanmaggie@charteredsemi.com

For Chartered:
Laurie Stanley, Wired Island, Ltd.
+1.510.656.0999
laurie@wiredislandpr.com

For Virage Logic:
Sabina Burns
+1.510.743.8115
Sabina.burns@viragelogic.com


CHARTERED SEMICONDUCTOR: Post Changes in Director's Interests
-------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd posted a notice of
changes in Director Koh Beng Seng's interests:

Date of notice to Company: 18 Sep 2003
Date of change of interest: 17 Sep 2003
Name of registered holder: CDP: Koh Beng Seng
  
Circumstance(s) giving rise to the interest: Exercise of share
options/convertibles

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 44,074
% of issued share capital: 0.0018
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.80
No. of shares held before the transaction: 0
% of issued share capital: 0
No. of shares held after the transaction: 44,074
% of issued share capital: 0.0018

Holdings of Director including direct and deemed interest
                                           Deemed Direct
No. of shares held before the transaction: 0      0
% of issued share capital:                 0      0
No. of shares held after the transaction:  0      44,074
% of issued share capital:                 0      0.0018
Total shares:                              0      44,074


CHUAN & CO.: Issues Dividend Notice
-----------------------------------
Chuan & Co Hardware Pte Ltd. (In Compulsory Liquidation) issued
a notice to declare dividend as follows:

Address of Registered Office: c/o Deloitte & Touche 6 Shenton
Way #32-00 DBS Building Tower 2 Singapore 068809.

Court: High Court of Singapore.

Number of Matter: Winding Up No. 81 of 2003.

Last day for Receiving Proofs: 29th September 2003.

Names of Liquidators: Tam Chee Chong
Wee Aik Guan.

Addresses of Liquidator: c/o Deloitte & Touche
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809.
Dated this 15th day of September 2003.
TAM CHEE CHONG
Liquidator.


HONG LAI: Creditor's First Meeting Set For October 6
----------------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Hong Lai Huat Construction Pte Ltd. (Under Judicial
Management) will be held at Oasis Room, 3rd Floor, Le Meridien
Singapore, 100 Orchard Road, Singapore 238840 on Monday 6th of
October 2003 at 10 a.m. for the purpose to consider and approve
the Judicial Manager's proposal.

To entitle you to vote thereat your proof must be lodged with me
not later than 5 o'clock in the afternoon on the 3rd of October
2003.

BOB LOW SIEW SIE
Judicial Manager.
Address of Judicial Manager:
c/o Bob Low & Co.
10 Anson Road #39-15
International Plaza
Singapore 079903.


IQ FINANCIAL: Creditors to Submit Claims by October 20
------------------------------------------------------
The creditors of IQ Financial Systems (Singapore) Pte Ltd (In
Members' Voluntary Liquidation), whose debts or claims have not
already been admitted, are required on or before 20th October
2003 to submit particulars of their debts or claims and any
security held by them to the liquidator Lim Say Wan.

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

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


KAKI BUKIT: Issues Notice of Creditors Meeting
----------------------------------------------
Notice is hereby given that the creditor's meeting of Kakit
Bukit Industrial Park Pte Ltd. (In compulsory liquidation) will
be held at VIP Room, De Grandeur Restaurant, 1 Stadium Walk,
Kallang Theatre Building, Singapore 397688 on 30th September
2003 at 3.00 p.m.

AGENDA

(1) To give a brief account on the conduct of liquidation;

(2) To determine whether or not creditors require the
appointment of committee of inspection to act with liquidator,
and if so who are to be the members of the committee; and

(3) Any other business.

GOH BOON KOK
Liquidator.
1 Stadium Walk
Level 2 Kallang Theatre Building
Singapore 397688.

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged at the above
office not later than 4.00 p.m. on the 29th day of September
2003.


SKY TECHNOLOGY: Issues Notice of Winding Up Order
------------------------------------------------
Sky Technology Pte Ltd issued a notice of winding up order made
on the 5th day of September 2003.

Name and address of Liquidator: Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118.

DE SOUZA TAY & GOH
Solicitors for the Petitioning Creditor.


SUPERSYMMETRY SERVICES: Releases Notice of Winding Up Order
-----------------------------------------------------------
Supersymmetry Services Ltd issued a notice of winding up order
made on the 12th day of September 2003.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
Messrs GUOFU
Solicitors for the Petitioners.

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
Company.

(b) All debts due to the Company should be forwarded to the
liquidator.


THAKRAL CORPORATION: Issues Notice of Director's Interests
----------------------------------------------------------
Thakral Corporation Ltd issued a notice of changes in
substantial shareholder/Director Inderbethal Singh Thakral's
interests:

Name of Substantial Shareholder/Director: Inderbethal Singh
Thakral
Date of notice to Company: 19 Sep 2003
Date of change of interest: 18 Sep 2003
Name of registered holder: B. B. L. (Nominees) Pte Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by a financial
institution to meet obligation of a related Company.

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction:
5,970,500
% of issued share capital: 0.399
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.105
No. of shares held before the transaction: 5,970,500
% of issued share capital: 0.399
No. of shares held after the transaction: 0
% of issued share capital: 0

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                          Deemed       Direct
No. of shares held before the transaction: 315,292,877 5,927,000
% of issued share capital:                 21.076      0.396
No. of shares held after the transaction:  309,322,377 5,927,000
% of issued share capital:                 20.677      0.396
Total shares:                              309,322,377 5,927,000

No. of Warrants - Nil
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - Nil


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


ADVANCE PAINT: Reports Warrants Certificate No. 2 Allotment
-----------------------------------------------------------      
Advance Paint and Chemical (Thailand) Public Company Limited
reported the allotment of Warrants Certificate - No. 2 (APC-W2)
on September 18, 2003:

1. Information regarding the warrants offering

Type of warrants offered: Warrants Certificate - No. 2 (APC-W2)
Name: Warrants Certificate - No.2 of Advance Paint and Chemical
      (Thailand) Public Company Limited (APC-W2)
Number of warrants (APC-W2) offered: 167,480,025 units
Offered to: Rights offering to the shareholders whose name
      appeared on the Company's shareholder registration book
      dated December 27, 2002 by the ratio of 2 existing shares
      or 2 units of warrants at Bt0 per unit (no value)
      according to the resolution of the Extraordinary
      Shareholders Meeting No.1/2545 On 9 December 2002.

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: Bt0 per units

2. Results of the warrants allocated

[ ] Totally allocated
[/] Partly allocated, the Warrants total 167,453,025 units were
     allocated to the shareholders that have rights to receive
     and the balance of 27,000 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
Number of persons                          
           17          1,107        2          8       1,134
Number of warrants subscribed             
    7,721,487    112,,109,488  40,006,250  7,615,800 167,453,025
Percentage of total warrants offered for allocation
         4.61         66.94        23.89       4.55    99.99

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 2 warrants 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 Bt167,453,025 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.


CHRISTIANI & NIELSEN: H103 F/S Statement Amendment Not Necessary
----------------------------------------------------------------      
Pursuant to the "NP' (Notice Pending) sign posted against
securities of Christiani & Nielsen (Thai) Public Company Limited
(CNT) since August 18, 2003 because CNT's auditor was unable to
reach any conclusion on the second quarter financial statement
ending June 30, 2003 and the amendment of captioned financial
statements is still pending.

Presently, the Securities and Exchange Commission (SEC) has now
informed the SET that CNT does not need to amend its financial
statements on the issues that the auditor has stated. Therefore,
NR (Notice Received) sign is posted on CNT's securities on
September 23, 2003 to announce that the SET received the
aforementioned conclusion from the SEC.

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


EASTERN WIRE: Reports Business Reorganization Plan Progress
-----------------------------------------------------------   
Reference is made to the Business Reorganization Plan of Eastern
Wire Public Company Limited, which the Court approved and
appointed Mr. Phiraphan Phalusuk as the Plan Administrator on
June 21, 2001.  

The Plan Administrator now informed the progress of the Plan for
the ninth period as follows:

1. Release of mortgage machine

Mortgage machine is under the progress of release.

2. Principal repayment to the creditors

Cimic Finance and Securites Company Limited, the remaining
creditor, has not yet taken a payment because of liquidation.  


SIAM UNITED: Requests Trading Suspension
----------------------------------------
Siam United Services Public Company, the reporting
representative of Thai Asset Management Corporation (TAMC), has
announced the last exercise date of Derivative warrants to
purchase common shares of SUSCO issued by Thai Asset Management
Corporation (SUSCO-C1) is on October 3, 2003.    SUSCO has
therefore requested the Stock Exchange of Thailand (SET) to
suspend trading of these derivative warrants  (SUSCO-C1)
effective on October 3, 2003.

By virtue of Clause 5(6) of the SET's Rules, Conditions and
Procedures for the Temporary Prohibition of Trading of Listed
Securities, issued on February 9,1995,the SET will suspend
trading of SUSCO-C1 on 3 October 2003 as the company has
requested. Therefore, SUSCO-C1 will no longer be a listed
security on the SET effective from 4 October 2003 onwards.          
Hence, the warrants holder wishing to exercise the warrants
shall notify their broker of intention before the market opened
on 3 October 2003.
   

TANAYONG PUBLIC: Creditor Files Petition for Rehabilitation
-----------------------------------------------------------
Pursuant to the Central Bankruptcy Court's order dated August
15, 2003 to cancel the Rehabilitation of Tanayong Public Company
Limited. Subsequently on August 18, 2003, Yongsu Company
Limited, one of the Company's creditors, has filed a Petition
for Rehabilitation with the Central Bankruptcy Court. The
Company proposes to be the Planner itself.

The Court had accepted the Petition and set the date for hearing
to be on September 15, 2003. However, 3 days before the hearing
date, 5 creditors objected not to have the rehabilitation.
According to the proceeding of the Central Bankruptcy Court,
there must be the investigation of the witnesses of the person
who filed the petition and the persons raising the petition
against the Rehabilitation.

The consideration is expected to be completed about 3 months.
The Company will inform later after receiving the Court's order.


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

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

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

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

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

                 *** End of Transmission ***