TCRAP_Public/031001.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, October 01, 2003, Vol. 6, No. 194

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Issues Update on Settlement Deed Payment
AUSTAR UNITED: Telstra to Bundle TV Service in Regional Areas
JACOBSEN ENTERTAINMENT: Seeks Voluntary Administration
PAN PHARMACEUTICALS: Discloses Creditors Meeting Results
POWERLAN LIMITED: Foresees Negative Cash Flows Despite Gains

POWERTEL LIMITED: Offers Ordinary Share Rights Issue to TVG
QANTAS AIRWAYS: Appeals to Australian Competition Tribunal
STRATHFIELD GROUP: Incurs H103 Liabilities of $56.937M
TOWER AUSTRALIA: Sharpens Focus on Core Business


C H I N A   &   H O N G  K O N G

ARTISTIC DESIGN: Oct 22 Winding Up Hearing Scheduled
BEAUTIFUL CORP: Joint, Several Provisional Liquidators Appointed
FOUNDER HOLDINGS: Cuts 2003 Net Loss to HK$10.993M
NEW CITY: Operations Loss Swells to HK$44.077M
PORTION WIDE: Faces Winding Up Petition

TARGET GENERAL: Winding Up Sought by Chen Tzu Tuan

* Structured Finance Market `Stressed But Surviving', Says Fitch


I N D O N E S I A

BPD SUMATERA: Pefindo Rates "idBBB-" to Rp200B Bond I/2003

* IBRA Launches Property Asset Sales Program Phase IV


J A P A N

ALL NIPPON: Enters Alliance With Air China, Shanghai Airlines
JAPAN AIRLINES: DBJ Gives Y70B in Emergency Aid
JAPAN TOBACCO: Pulls Out of Hotel Business
MATSUYADENKI CO.: Shinsei Bank Bids for Failed Retailer
NEC TOKIN: R&I Downgrades Rating to BBB-

TOSHIBA CORPORATION: Issues Specialist Securities Notice


K O R E A

CHOHUNG BANK: Projects Return to Profit Next Year
SK GLOBAL: Debtor's Motion to Extend Lease Decision Period
SK GROUP: Narrows Number of Units to 10
SK NETWORKS: Set to Sign MoU on Restructuring Plan


M A L A Y S I A

ASIAN PAC: All Resolutions Passed at 85th AGM
BERJAYA SPORTS: AGM to be Held on October 22
BERJAYA SPORTS: KLSE Grants Conversion Listing Today
EKRAN BERHAD: Discloses Credit Facilities Status Report
FEDERAL FURNITURE: Unit Gets MFI Products Distributorship

KEMAYAN CORPORATION: Auditors Qualify F/S Report
KIAN JOO: Registrar of Companies Strikes Off Unit
MALAYSIA MINING: Voluntarily Winds Up Dormant Units
MYCOM BERHAD: EGM Fixed on October 30
MYCOM BERHAD: Oct 30 Court Convened Meeting Scheduled

PARK MAY: KKMB Assets Injection Rumor Untrue
POLYMATE HOLDINGS: Proposes Group Corp Structure Rationalization
SITT TATT: Clarifies Proposed Moratorium Revision
SRI HARTAMAS: Unit's Special Administrators Ink S&P Agreement
TA ENTERPRISE: Debt Conversion Date Remains Nov 30

TIME ENGINEERING: ICULS Conversion Granted Listing
TONGKAH HOLDINGS: Disposes Quoted Securities
UNITED ENGINEERS: SOA Effective Date Set on Oct 15
WOO HING: Appoints Ong Sew Hoon as Audit Committee Chairman
YCS CORPORATION: Receivers, Managers Appointed to Unit


P H I L I P P I N E S

CEBU PLAZA: Waterfront Offers to Manage Hotel
MANILA ELECTRIC: Fenosa in No Hurry to Sell 9.2% Stake
PHILIPPINE LONG: Clarifies Davao Franchise Payment Report


S I N G A P O R E

ASIA PULP: APP China to Conduct Debt-Equity Swap
BEST MOBILE: Winding Up Hearing Set For October 10
CHARTERHOUSE SHIPPING: Issues First & Final Dividend Notice
FERTIVA ASIA: Creditors to Submit Claims by October 28
HOTEL MALAYSIA: SGX-ST Lifts Trading Suspension to October 8

HOTEL MALAYSIA: Unveils September 29 EGM Result
JOENCON BUILDERS: Releases Notice of Winding Up Order
NEWCALL COMMUNICATIONS: Issues Notice of Preferential Dividend
PILOT PLANTS: Petition to Wind Up Pending
SEATOWN FOUNDATION: Creditor's First Meeting Set October 8


T H A I L A N D

PICNIC GAS: Posts Audit Committee Members Scope of Duties
UNION MOSAIC: BOD Meeting Approves Refinancing Loan

     -  -  -  -  -  -  -  -

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


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       Change since
                        (to 26 Sept   Announcement      Last
                           2003)      (to 19 Sept   Announcement
                                          2003)

(1) Current LME nickel      US$4.604/lb    US$4.586/lb   $0.018
    price - 26th September
    2003 higher

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

(3) 12 month average LME    US$3.753/lb   US$3.719/lb    $0.034
    nickel price to 26th                                  higher
    September 2003

(4) Shortfall/Gap between   US$0.341/lb   US$0.375/lb    $0.034
    LME nickel Trigger Price                             less
    And 12 month Average
    LME nickel price

(5) Current 5 day average   US$4.652/lb   US$4.502/lb    $0.15
    LME nickel price - 19th                              higher
    to 26th September 2003

(6) Estimated date when     19 Dec 2003   5 Jan 2004    17 days
    Trigger Price is attained                            earlier
    (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 184.6

The above table is based upon calculations made by Central
Exchange and Queste consistent with the terms of the Settlement
Deed. The projected date when the Trigger Date is attained in
(6) assumes that the LME nickel price in the 5 days prior to the
date of this announcement is sustained and the latest published
US CPI remains unchanged.

For further information, please contact Victor Ho on telephone
(08) 9214 9797.


AUSTAR UNITED: Telstra to Bundle TV Service in Regional Areas
-------------------------------------------------------------
Telstra will be able to bundle Austar United Communication's pay
TV service with Telstra's telecommunications services, the
Australian Competition and Consumer Commission announced
Tuesday.

"The decision means the Telstra Corporation-owned Telstra Pay TV
can provide Austar pay TV services at a discount to retail
residential customers who also get telecommunications services
from Telstra Corporation", ACCC Chairman, Mr Graeme Samuel,
said.

"The conduct is limited to the areas that Austar currently
supplies - rural and regional Australia, Hobart and Darwin.

"The ACCC found the public benefits of allowing Telstra to
bundle the services were likely to outweigh the public
detriment.

"The decision is consistent with the ACCC's November 2002
decision to allow Telstra to bundle Foxtel's pay TV services in
the areas that Foxtel supplies.

"The ACCC expects the proposed bundling will enhance competition
by providing consumers with an alternative supplier of Austar's
pay TV service and by facilitating price competition.

"The public is also served as the increased competition from
Telstra bundling should increase the penetration rates of pay TV
and thus improve the long-term viability of the industry".

Mr Samuel said the majority of market participants consulted
about the proposal did not believe the public benefits
outweighed the detriment. In particular, it was argued that the
conduct would stifle the development of alternative
telecommunications infrastructure in rural and regional areas.

"The ACCC gave these comments serious consideration. It
undertook further analysis by talking to infrastructure
providers and merchant banks to determine the extent investment
in new networks may be directly harmed by the bundling. However,
the ACCC did not believe it was sufficiently clear that the
conduct would have such an impact such that it should be
stopped".

CONTACT INFORMATION: Mr Joe Dimasi
        Executive General Manager
        Regulatory Affairs
        (03) 9290 1814 or 0408 486 847

BACKGROUND

The notified conduct

On 20 May 2003, Telstra Corporation Limited and Telstra Pay TV
Pty Ltd notified the ACCC of conduct that constitutes a third
line force. The conduct involves Telstra Pay TV proposing to
offer and supply Austar's subscription television services at a
discount to retail customers who also acquire fixed line
telephony services from Telstra Corporation Limited.

The Austar pay TV service will be offered to Telstra's retail
customers through Telstra's Rewards packages.

As a result of the proposed conduct, a five per cent discount
will be available to Telstra's Rewards customers who acquire a
fixed-line telephony service that is pre-selected to Telstra on
a single bill with one of the following services:

   - mobile telephony service;
   - Internet services; or
   - Austar's subscription television service.

If a customer acquires a fixed-line telephony services, which is
pre-selected to Telstra and any two (or more) of the additional
services on a single bill, the customer will receive a 10 per
cent discount.

The discount is off Telstra's standard retail price for the
service. Telstra Pay TV's basic retail prices for Austar's
subscription television services will be slightly different to
Austar's current, published, standard retail prices for
subscription television services.

Third line forcing

Third line forcing is a specific form of exclusive dealing and
prohibited no matter what its effect on competition.

In this particular case the third line force arises under
sections 47(6) and (7) of the Trade Practices Act 1974. This is
because Telstra Pay TV intends supplying the Austar pay TV
services on condition that the purchaser acquire other goods or
services (fixed line telecommunications services) from Telstra
Corporation, which is a separate entity, or because a discount
is being provided on the condition that the services are
acquired together.

Although third line forcing is prohibited, suppliers engaging in
it may seek immunity from court action under the notification
and authorization process in the Act.

Under the notification process, immunity from court action for
third line forcing conduct is obtained automatically 14 days
after lodgment, and continues unless and until the ACCC issues a
notice removing the immunity.

The ACCC may issue a notice removing the immunity provided by
notification of proposed conduct if it is satisfied that the
likely benefit to the public from the proposed conduct would not
outweigh the likely detriment to the public resulting from the
conduct.

Under this test the ACCC considers whether public benefit is
likely to result from the conduct and whether such benefit would
outweigh the public detriment, particularly the anti-competitive
detriment generated by any lessening of competition in relevant
markets.


JACOBSEN ENTERTAINMENT: Seeks Voluntary Administration
------------------------------------------------------
Jacobsen Entertainment Limited seeks has called in
Administrators KordaMentha as a precautionary measure to assist
the company to work through the current period, while protecting
the Company's value as restructure options are developed.

KordaMentha's appointment follows a strategy employed by the
board this year to cut costs, sell surplus assets, and
strengthen the company's balance sheet with a $3 million cash
injection from the Jacobsen Group.

Executive director, company secretary and spokesman, Michael
Jacobsen, said the past year's difficulty were unprecedented in
the Jacobsen's history in presenting attractions with JEL losing
$8.5 million in two shows within a short period.

"The decision to seek administration is considered by JEL's
directors to be the best action at this time. We are hopeful the
company can work through the period with the ultimate benefit of
shareholders, creditors, employees and business associates," Mr
Jacobsen said.

"Most operators in the entertainment business have been hit hard
by the macro economic and political factors. In our case, JEL
suffered an uncanny mix of adverse circumstances and uncanny
timing that could not have been anticipated. Voluntary
administration gives JEL the opportunity to protect the value of
the business and plan for the future of the Company to attract
working capital and co-productions," said Mr. Jacobsen.


PAN PHARMACEUTICALS: Discloses Creditors Meeting Results
--------------------------------------------------------
Pan Pharmaceuticals Limited posted the voting by poll on the
resolution/(s) at the second meeting of the creditors held at
The Masonic Centre, 279 Castlereagh Street, Sydney NSW 2000 at
11:00 last month:

Resolution 1 - To adjourn the Second Creditors' Meeting of Pan
Pharmaceuticals Limited.

Results provided by   Date       Number    Value $      Value %
Computershare

Votes cast `FOR'    23 September   327   39,336.847.09    41.55%
the resolution      24 September   332   40,397,830.19    42.20%

Difference                          5     1,060,983.10

Votes cast `AGAINST'
the resolution      23 September   386    55,336,467.22   58.45%
                    24 September   390    55,336,467.22   57.80%
Difference                          4          0

Difference in number of creditors voting FOR the resolution -
additional 5

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, understated the
number of creditors voting FOR the resolution by 5.

Difference in value of creditors voting FOR the resolution -
additional $1,060,983.10

After reviewing the manual figures on the number of creditors
voting, it was discovered that the votes of the employees in the
subsidiary companies (Pan Laboratories (Australia) Pty Limited,
Pan Pharmaceuticals Services Pty Limited, Pan Pharmaceuticals
Export Pty Limited and Pan Pharmaceuticals Technologies Pty
Limited) held by the union representatives; Howes and Shorten,
had been included in the poll in number, but not in value.

Although none of the subsidiary companies' voting papers were
submitted by either Howes or Shorten, KPMG and Blake Dawson
Waldron confirmed that as the Chairman had announced at the
meeting that all employees of the subsidiary companies were
entitled to vote in the resolutions put to the creditors of Pan
Pharmaceuticals Limited, and that their claims would be marked
as `objected to', clearly the intention of the union
representatives was to cast all votes held by them, including
those of the employees of the subsidiary companies. Accordingly,
the value of the claims of the employees in the subsidiary
companies that were represented by Howes and Shorten at the
meeting being $1,060,983.10 has since been added to the total
claims voting FOR the resolution.

The value of the claims voting FOR the resolution as provided at
the meeting on 23 September 2003, were understated by
$1,060,944.10, being the sum of the total claims represented by
the voting papers held by Howes and Shorten in the subsidiary
companies. They are (Howes) 1028, 2028, 3028 & 4028 and
(Shorten) 2037, 3037 & 4037.

Difference in number of creditors voting AGAINST the resolution
- additional 4

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, understated the
number of creditors voting AGAINST the resolution by 4.

Resolution 2 - For Pan Pharmaceuticals Limited to enter into a
Deed of Company Arrangement

Results provided by    Date     Number      Value $    Value %
Computershare

Votes cast `FOR'   23 September   225    23,937,253.96   25.56%
the resolution     24 September   224    24,998,198.06   26.40%

Difference                        (1)     1,060,944.10

Votes cast `AGAINST' 23 September 416    69,700,370.94   74.44%
the resolution       24 September 416    69,700,354.94   73.60%
Difference                         0      (16.00)

Difference in number of creditors voting FOR the resolution -
reduction of 1

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, overstated the
number of creditors voting FOR the resolution by 1.

Difference in value of creditors voting FOR the resolution -
additional $1,060,944.10

After reviewing the manual figures on the number of creditors
voting, it was discovered that the votes of the employees in the
subsidiary companies (Pan Laboratories (Australia) Pty Limited,
Pan Pharmaceuticals Services Pty Limited, Pan Pharmaceuticals
Export Pty Limited and Pan Pharmaceuticals Technologies Pty
Limited) held by the union representatives; Howes and Shorten,
had been included in the poll in number, but not in value.

Although none of the subsidiary companies' voting papers were
submitted by either Howes or Shorten, KPMG and Blake Dawson
Waldron confirmed that as the Chairman had announced at the
meeting that all employees of the subsidiary companies were
entitled to vote in the resolutions put to the creditors of Pan
Pharmaceuticals Limited, and that their claims would be marked
as `objected to', clearly the intention of the union
representatives was to cast all votes held by them, including
those of the employees of the subsidiary companies. Accordingly,
the value of the claims of the employees in the subsidiary
companies that were represented by Howes and Shorten at the
meeting being $1,060,983.10 has since been added to the total
claims voting FOR the resolution.

The value of the claims voting FOR the resolution as provided at
the meeting on 23 September 2003, were understated by
$1,060,944.10, being:

   1. An understatement of $1,060,944.10 in respect of the sum
of the total claims represented by the voting papers held by
Howes and Shorten in the subsidiary companies. They are (Howes)
1028, 2028, 3028 & 4028 and (Shorten) 2037, 3037 & 4037; and

   2.  An overstatement of $39, being a calculation error.

Difference in value of creditors voting AGAINST the resolution -
reduction of $16.00

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, overstated the
number of creditors voting AGAINST the resolution by $16.00.

Resolution 3 - For liquidation of Pan Pharmaceuticals Limited

Results provided by   Date    Number      Value $     Value %
Computershare

Votes cast `FOR'
the resolution    23 September   108    72,214,748.63  79.07%
                  24 September    84    72,214,748.63  78.17%

Difference                       (24)      0

Votes cast `AGAINST'
the resolution     23 September   586    19,111,094.08   20.93%
                   24 September   609    20,172,077.18   21.83%
Difference                        23     1,060,983.10

Difference in number of creditors voting FOR the resolution -
reduction of 24

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, overstated the
number of creditors voting FOR the resolution by 24.

Difference in number of creditors voting AGAINST the resolution
- additional 23

Due to a calculation error, the poll results provided by
Computershare at the meeting on 23 September, understated the
number of creditors voting AGAINST the resolution by 23.

Difference in value of creditors voting AGAINST the resolution -
additional $1,060,983.10

After reviewing the manual figures on the number of creditors
voting, it was discovered that the votes of the employees in the
subsidiary companies (Pan Laboratories (Australia) Pty Limited,
Pan Pharmaceuticals Services Pty Limited, Pan Pharmaceuticals
Export Pty Limited and Pan Pharmaceuticals Technologies Pty
Limited) held by the union representatives; Howes and Shorten,
had been included in the poll in number, but not in value.

Although none of the subsidiary companies' voting papers were
submitted by either Howes or Shorten, KPMG and Blake Dawson
Waldron confirmed that as the Chairman had announced at the
meeting that all employees of the subsidiary companies were
entitled to vote in the resolutions put to the creditors of Pan
Pharmaceuticals Limited, and that their claims would be marked
as `objected to', clearly the intention of the union
representatives was to cast all votes held by them, including
those of the employees of the subsidiary companies. Accordingly,
the value of the claims of the employees in the subsidiary
companies that were represented by Howes and Shorten at the
meeting being $1,060,983.10 has since been added to the total
claims voting AGAINST the resolution.

The value of the claims voting AGAINST the resolution as
provided at the meeting on 23 September 2003, were understated
by $1,060,944.10, being:

   1. An understatement of $1,060,944.10 in respect of the sum
of the total claims represented by the voting papers held by
Howes and Shorten in the subsidiary companies. They are (Howes)
1028, 2028, 3028 & 4028 and (Shorten) 2037, 3037 & 4037].

Resolution 4 - For liquidation of Pan Laboratories (Australia)
Pty Limited

Results provided    Date      Number     Value $      Value %
by Computershare

Votes cast `FOR'   23 September   7      24,036,795.72    98.82%
the resolution     24 September   7      24,036,795.72    98.82%
Difference                        0          0

Votes cast `AGAINST'
the resolution     23 September   6      286,320.48       1.18%
                   24 September   6      286,320.48       1.18%
Difference                        0          0

The results in respect of resolution 4 have not changed.


POWERLAN LIMITED: Foresees Negative Cash Flows Despite Gains
------------------------------------------------------------
Software developer and vendor Powerlan Limited announced its
monthly cash-flow statement for the month of August. In summary,
receipts were $3.6 million and net operating cash flow was $0.25
million for the month.

Despite the positive cash flow in August, Powerlan still
predicts it will face negative cash flows from time-to-time as
the Company continues to address legacy issues relating to its
revenue model and debt payments.

Go to http://bankrupt.com/misc/TCRAP_PWR1001.pdfto see full
cash-flow statement.


POWERTEL LIMITED: Offers Ordinary Share Rights Issue to TVG
-----------------------------------------------------------
As disclosed in Section 9.4 of the Prospectus, TVG Consolidation
Holdings SPRL (TVG) accepted on Monday the PowerTel Limited
offer of 2.3 ordinary shares at $0.02 for each share held as at
the record date.

Accordingly PowerTel has allocated to TVG, and requested
official quotation of, 1,205,549,211 fully paid ordinary shares.

For further information, please contact Simon McEgan at PowerTel
on 02 8264 4638.

The Troubled Company Reporter - Asia Pacific reported early last
month that PowerTel Limited's latest half year revenues
increased by 34.3% to $59.2 million from $ 44.1 million in the
previous corresponding period and net losses were cut in half
($16.0 million compared with $32.4 million the previous
corresponding half).


QANTAS AIRWAYS: Appeals to Australian Competition Tribunal
----------------------------------------------------------
Qantas Airways Limited and Air New Zealand Limited have filed
with the Australian Competition Tribunal an application for
review of the determination of the Australian Competition and
Consumer Commission made on 9 September 2003.

The Troubled Company Reporter - Asia Pacific reported on
September 10 that the Australian Competition and Consumer
Commission issued a final decision denying approval to a
proposed alliance between Qantas Airways Limited and Air New
Zealand Limited (ANZ).


STRATHFIELD GROUP: Incurs H103 Liabilities of $56.937M
------------------------------------------------------
The Strathfield Group Limited has operated at a loss for
the 52-week period ended 29 June 2003 and at that date the
Group's total liabilities of $56,937,000 exceeded total assets
of $50,778,000 and the Group's current liabilities of
$47,548,000 exceeded current assets of $28,857,000.

The Company is in breach of its bank covenants; the Group's
bankers have not waived those breaches and have required the
company to repay the remaining bank debt by 30 September 2003,
which the company intends to do.

The Directors and management have during the 29 June 2003
financial year and subsequently, identified and implemented
strategies to return the Group to profitability and to provide
working capital to enable the Group to trade as a going
concern and to meet its debts as and when they fall due. The
working capital strategies, announced on 17 September 2003
and as referred to at Note 27 - Subsequent Events, involve the
raising of capital by way of the placement of $12,600,000 of
ordinary shares (dependent on shareholder approval) and a Rights
Issue to ordinary shareholders to raise up to approximately
$9,600,000, to be underwritten as to $8,000,000 by Kelly Group
Holdings.

The company's ability to remain as a going concern is dependent
upon the continued support of the Group's financiers until
the successful completion of the capital raisings.
The financial report does not include any adjustments relating
to the recoverability or classification of recorded asset
amounts or classification of liabilities that might be necessary
should the consolidated entity not be able to continue as a
going concern.

For complete copy of the Annual Financial Results for the 52
weeks ended 29 June 2003, go to
http://bankrupt.com/misc/TCRAP_Strathfield1001.pdf.


TOWER AUSTRALIA: Sharpens Focus on Core Business
------------------------------------------------
TOWER Australia Limited further sharpened its focus on core
business with the announcements that it is closing its annuity
portfolio to new business and that it has appointed AMP
Henderson Global Investors to manage its Australian Ethical
Funds. TOWER Australia Limited CEO Jim Minto said that these two
decisions were further steps taken in the complete refocus of
the business.

"TOWER Australia's objective is to consistently deliver on our
commitments by doing fewer things and doing them better within
our core businesses of life insurance and related investments,"
Mr Minto said.

In making the decision to close TOWER's annuities to new
business Mr Minto said that over the years TOWER has built a
significant, fully capitalized annuity portfolio and had won an
Industry Award for Annuities in 2002.

"However, while we recognize the role this type of income-stream
product plays in personal financial planning, its manufacturing
requirements are significantly different to that of our core
business lines," Mr Minto said.

"With our refocus, the manufacturing of annuities now lies
outside our scope but we may consider in time distributing other
companies annuity products. We are retaining management of our
enforce annuity portfolio will be considering our options going
forward."

The appointment of AMP Henderson to manage its Australian
Ethical Funds is in line with TOWER's recent move to a multi-
manager approach for its Australian Equities Portfolio.

"We retained leading asset consultant, Mercer Investment
Consulting, to assist with the manager search and to provide
feedback on the final selection of AMP Henderson. This
supplemented our extensive in-house research and consideration
of the investment manager's standing with leading Research
Houses."

TOWER considered AMP Henderson the 'standout' active ethical/SRI
manager with a solid investment approach and commitment to the
SRI sector. AMP Henderson draws on experienced teams in
Australia and the UK in its management of SRI portfolios. These
teams managed more than $3 billion in SRI funds as at June 2003,
and their processes have been recognized as world's best
practice by Swedish based foundation Mistra. The Australian SRI
team has also been singled out for independent recognition with
AMP Henderson being highly commended in the 2002 Australian
Ethical Fund Awards, and ranked as a finalist in the Banksia
Environmental Awards of 2003.

Mr Minto said that these two measures, together with other
initiatives already completed this financial year, further
strengthen TOWER Australia Limited's position.


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


ARTISTIC DESIGN: Oct 22 Winding Up Hearing Scheduled
----------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2003 at
10:00 in the morning the petition seeking the winding up of
Artistic Design Workshop Limited.

Wu Kam of Room 1108, Ming Shun Lau, Jat Min Chuen, Shatin, New
Territories filed the petition on September 1, 2003. Tam Lee Po
Lin, Nina represents the petitioner.

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


BEAUTIFUL CORP: Joint, Several Provisional Liquidators Appointed
----------------------------------------------------------------
Official Receiver E T O' Connell posted this Notice of
Appointment of Provincial Liquidator in the High Court of the
Hong Kong Special Administration Region Court of First Instance:

Name of Company: Beautiful Corporation Limited
Registered Office: Room 1501-4 15th Floor
                   CC Wu Building
                   Nos 303-308 Hennessy Road
                   Wanchai, HK
Joint & Several Provisional Liquidators': Chan Wai Hing
Provisional Liquidators' Address: Suite 1701 Central Plaza
                   18 Harbor Road
                   Wanchai, Hong Kong
Date of Appointment: 1st September 2003


FOUNDER HOLDINGS: Cuts 2003 Net Loss to HK$10.993M
--------------------------------------------------
Founder Holdings Limited disclosed a summary of its results
announcement 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                           : 620,918            658,990
Profit/(Loss) from Operations      : (10,993)           (40,053)
Finance cost                       : (437)              (3,695)
Share of Profit/(Loss) of
  Associates                       : 220                (12,618)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (271)              668
Profit/(Loss) after Tax & MI       : (5,242)            (54,527)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.005)            (0.049)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,242)            (54,527)
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 calculation of basic loss per share for the six months ended
30 June 2003 is based on the unaudited net loss attributable to
shareholders for the period of approximately HK$5,242,000 (2002:
approximately HK$54,527,000) and weighted average of
approximately 1,123,800,000 (2002: approximately 1,123,800,000)
ordinary shares in issue during the period.

Diluted loss per share for the six months ended 30 June 2003 and
2002 have not been calculated as the impact of the outstanding
share options was anti-dilutive.


NEW CITY: Operations Loss Swells to HK$44.077M
----------------------------------------------
New City (Beijing) Development Limited posted its financial
statement 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 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ($)          ($)
Turnover                       : 872,000            1,188,000
Profit/(Loss) from Operations  : (32,532,000)       (13,866,000)
Finance cost                   : (11,545,000)       (3,435,000)
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   : (44,077,000)       (17,271,000)
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.1622)           (0.0636)
         -Diluted (in dollars) : N/A                N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items  : (44,077,000)       (17,271,000)
Interim Dividend               : NIL                NIL
  per Share
(Specify if with other         : N/A                N/A
  options)
B/C Dates for
  Interim Dividend             : N/A
Payable Date                   : N/A
B/C Dates for (-)
  General Meeting              : N/A
Other Distribution for         : N/A
  Current Period
B/C Dates for Other
  Distribution                 : N/A

Remarks:

1. Turnover

Turnover represents the aggregate of sales of property, net of
applicable business tax and land appreciation tax, and rental
income.

2. Profit (Loss) from Operations

These amounts reflect the loss from operation before finance
cost.

3. LPS - Basic

The calculation of basic loss per share for the six months ended
30 June 2003 is based on the net loss attributable to
shareholders of HK$44,077,000 (six months ended 30 June 2002 :
HK$17,271,000) and the weighted average number of 271,758,000
ordinary shares in issue during the six months ended 30 June
2003 (30 June 2002 : 271,758,000 ordinary shares).

The diluted loss per share figure for the six months ended 30
June 2003 and 2002 has not been presented as the exercise of the
outstanding options would result in a decrease in loss per share


PORTION WIDE: Faces Winding Up Petition
---------------------------------------
The petition to wind up Portion Wide Shipping Company Limited is
set for hearing before the High Court of Hong Kong on October
29, 2003 at 10:00 in the morning.

The petition was filed with the court on September 4, 2003 by
Hong Kong Motor Launches Oil Company whose registered office is
situated at 3rd Floor, 46 & 48 Man Cheing Building, Ferry Point,
Kowloon, Hong Kong.


TARGET GENERAL: Winding Up Sought by Chen Tzu Tuan
--------------------------------------------------
Chen Tzu Tuan is seeking the winding up of Target General
Limited. The petition was filed on August 25, 2003, and will be
heard before the High Court of Hong Kong on October 15, 2003 at
10:00 in the morning.

Chen Tzu Tuan holds its registered office at Room 1201, Lee Fung
House, Lee On Estate, Ma On Shan, Shatin, New Territories.


* Structured Finance Market `Stressed But Surviving', Says Fitch
----------------------------------------------------------------
Severe Acute Respiratory Syndrome (SARS) and a liquidity crisis
in Korean bonds have bitten deep into the market for
internationally rated structured finance transactions in non-
Japan Asia, causing Fitch Ratings, the international rating
agency, to drop its forecast for issuance this year to USD3.0
billion from US$4.5 billion.

In a report entitled Stressed but Surviving - 2003 Asia Pacific
Structured Finance Update Fitch comments on the major credit
events in Asia during 2003 and their impact on the asset-backed
securities (ABS) market. The report specifically concentrates on
the impact on the Asian ABS market of SARS in March and the
liquidity crisis in the Korean bond market that occurred around
the same time.

Ben McCarthy, Senior Director and Head of Asia-Pacific
Structured Finance for Fitch said: "The first half of 2003 saw
the non-Japan Asia region buffeted by a string of adverse
events. Key among these were the war on terror, the conflict in
Iraq, the peak of the outbreak of SARS, increasing tensions on
the Korean peninsula and the liquidity crisis in Korea's bond
market. Together, these provided the most significant stress
since the Asia Crisis of 1997/98. Despite this, no rated ABS
deal has yet defaulted and only one has entered early
amortization as a result of these events".

The impact of SARS on ABS has been felt most keenly in the
tourism industry, where it provides a new benchmark for worst-
case short-term stress environments.

As for the Korean market, Fitch believes that Korean consumer
ABS has moved into a consolidation phase and that we will see
issuance slow in the coming 12 months as entities consolidate
market positions, tighten credit requirements and look to
diversify funding away from the capital markets.

Korean consumer ABS structures are robust, Fitch said, and it
does not expect to increase the stresses used to test deals when
rating future transactions as a result of the recent crisis.
Rather it takes the view that it provided a positive test case
for that market.

Fitch believes local currency markets in Asia will continue to
develop and will be the most high profile positive development
for ABS in 2003/2004.


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


BPD SUMATERA: Pefindo Rates "idBBB-" to Rp200B Bond I/2003
----------------------------------------------------------
PT Pefindo, Credit Rating Indonesia, assigned "idBBB-" ratings
to PT Bank Pemerintah Daerah Sumatera Selatan (BPSS) and its
Rp200 billion bond I/2003. The ratings reflect the bank's
favorable cost structure, manageable asset quality and adequate
capital. However, the ratings are mitigated by the bank's assets
and liabilities maturity mismatch and limited coverage area
although it currently has a strong franchise at its home base
reflected by its relatively significant market share.

BPSS booked total assets of Rp1.6 trillion in FY02, representing
about 12% of banking assets in South Sumatera during the year.
At the same time, total loans and deposits amounted to Rp0.9
trillion and Rp1.1 trillion, representing about 14 percent and 9
percent market shares of regional banking, respectively.

Presently, BPSS provides its services through 27 offices and 32
ATMs, spread over in South Sumatera area.


* IBRA Launches Property Asset Sales Program Phase IV
-----------------------------------------------------
Following the success of the Property Asset Sales Program 3
(PPAP3), the Indonesian Bank Restructuring Agency (IBRA) on 29
September 2003 launched PPAP4, which offers 1588 property assets
under the individual category and 51 property assets under bulk
category. Due to 'cleansing' process for many of the assets
PPAP4 is conducted in 5 Batches and is expected to be completed
by December 2003. The interval between every two batches will be
two weeks except for batch 4 and batch 5 due to Idul Ftri
holiday.

As in PPAP 3, PPAP4 offers assets in form of land units, houses,
buildings, factories, shop-houses, and apartments under legal
ownership of IBRA and are "transfer-worthy". Also similar to the
previous program, the assets in PPAP4 are offered on "as is"
basis and are divided into two Groups i.e. the individual and
the bulk assets.

Under the Individual asset group, assets are offered by unit
consisting of 6 (six) categories i.e.: A, B, C, D, E and F.
Meanwhile under the bulk assets, assets are offered by package,
each package consists of several individual assets under 3
(three) categories, i.e.: P, Q and R.

The type of asset category indicates the amount of security
deposit to be paid by prospective investors. Under the
individual asset group, the security deposit ranges from Rp10
million for the F category to Rp2 billion for A category.
Security deposit payment is prerequisite for getting a
Participant Index Number (NIP). There is no limit specified for
the number of NIPs for each prospective investor. However, every
NIP can only be used for bidding 1 (one) asset. In case a NIP is
not yet used in one batch, it can be used for bidding in the
next batch as long as it is used for the same and lower type of
asset with prior re-registration.

Buyers are required to submit bids at the minimum of above the
floor price set by IBRA. Any bid price lower than the floor
price will not be processed and the security deposit will be
under ownership of IBRA. The Floor Price policy is set by IBRA
to ensure that the assets on offer can achieve optimal
recovery/sales revenues.


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


ALL NIPPON: Enters Alliance With Air China, Shanghai Airlines
-------------------------------------------------------------
All Nippon Airways (ANA), in collaboration with Air China and
Shanghai Airlines, has developed a convenient connecting service
linking its daily flights to Beijing and Shanghai to domestic
services to eight cities in China, a Company statement said.

From October 1, ANA flights to Beijing will connect with Air
China flights to the cities Chengdu, Chongqing, Hangzhou,
Nanjing, and Changchun.

In addition, from the start of the 2003 winter schedule on
October 26, ANA passengers will be able to connect to Shanghai
Airlines flights to Shenzhen and Guangzhou. This brings the
total of domestic connections from Shanghai to three, including
the Xiangfan connecting service that began on May 9.

ANA currently operates service to seven cities in China from
Tokyo (Narita Airport) and Osaka (Kansai Airport). The new
connecting flights will facilitate business travel to the eight
additional cities, where Japanese manufacturers and other
companies have established operations.

Earlier this month ANA announced the increase of its
international services to China, beginning with the winter
schedule, when flights from Tokyo and Osaka will increase by 13
to 102 per week. Shanghai will be served three times daily from
Tokyo (Narita), with additional increases in frequency on routes
to Dalian, Qingdao and Xiamen. ANA is a member of the Star
Alliance.

All Nippon Airways Co. (ANA) expects to pay its first dividend
payment in seven years after passenger traffic recovered at home
and abroad, TCR-AP reports, citing ANA President Yoji Ohashi.
The airline, which made a loss for the eighth year, says it's
now focusing on returning to profit, rather than sales volume
and has reduced discounts on fares.


JAPAN AIRLINES: DBJ Gives Y70B in Emergency Aid
-----------------------------------------------
The state-run Development Bank of Japan (DBJ) has loaned 70
billion yen to Japan Airlines System Corporation (JAL group) in
view of revenue losses by the airlines stemming from the severe
acute respiratory syndrome (SARS), Kyodo News said on Tuesday.
The scare over severe acute respiratory syndrome (SARS) has
caused a decline in international passengers on the airline,
particularly on flights to China.


JAPAN TOBACCO: Pulls Out of Hotel Business
------------------------------------------
Japan Tobacco Inc. (JT) will give up its hotel business by
selling its trade rights over Tokushima Prince Hotel to Prince
Hotels Co., Kyodo News said on Tuesday. JT will sell the hotel
facilities, including the land lot, in the city of Tokushima on
the southwestern Japan island of Shikoku at the end of next
March. It will simultaneously liquidate its wholly owned hotel
management subsidiary, JT Tokushima Prince Hotel Inc.


MATSUYADENKI CO.: Shinsei Bank Bids for Failed Retailer
-------------------------------------------------------
Shinsei Bank Ltd. is among bidders vying to acquire electronics
retailer Matsuyadenki Co., Bloomberg reported Monday. Shinsei is
owned by a group of overseas investors led by Ripplewood
Holdings LLC, a New York-based fund. Matsuyadenki filed for
protection from creditors Thursday with 66.2 billion yen (US$595
million) of debt. The Industrial Revitalization Corporation of
Japan, a state-owned revival fund, will invest in the retailer
and help find investors to turn the Company around.


NEC TOKIN: R&I Downgrades Rating to BBB-
----------------------------------------
Rating and Information Investment, Inc. (R&I) has downgraded the
senior long-term credit rating of NEC Tokin Corporation to BBB-
from BBB.

RATIONALE:

NEC Tokin Corporation is an electronic components manufacturer
that is 66.6 percent owned by NEC Corporation (including
indirect holdings). In April 2002, NEC transferred its
capacitor, lithium ion rechargeable battery, and relay
businesses to NEC Tokin. Optical devices, which NEC Tokin was
involved in before the business merger, have been sluggish due
to the impact of the telecommunications slump that has continued
since fiscal 2001. The relay business that was transferred from
NEC has become higher cost because of depressed
telecommunications infrastructure-related demand, and while in
the battery business the improvement of profitability and an
overseas production system are also being pursued, progress is
less than anticipated.

Restructuring was undertaken in fiscal 2002, including staff
cuts centered on the network devices business and the disposal
of unprofitable businesses, and profit improvements due to a
reduction in fixed costs are expected this fiscal year. However,
in addition to consecutive operating losses over the last two
terms, net worth has been damaged by the emergence of
extraordinary losses such as business restructuring costs. A
heavy burden of interest-bearing debt was inherited from NEC in
the business transfer, and the financial structure has
deteriorated sharply. Reforms and investment are still needed in
order to strengthen the competitiveness of businesses NEC Tokin
is focusing on such as capacitors and batteries, and R&I has
determined that time will be needed in order to improve the
financial structure.


TOSHIBA CORPORATION: Issues Specialist Securities Notice
--------------------------------------------------------
Toshiba Corporation issued a notice of formal notice for
specialist securities as follows:

Application has been made to the U.K. Listing Authority for the
following securities to be admitted to the Official List.

DETAILS OF ISSUE:  U.S. $1,300,000,000 Euro Medium Term Note
                   Programmed

ISSUER:            1) Toshiba Corporation
                   2) Toshiba International Finance
(Netherland) B.V,

INCORPORATED IN:   1) Japan and
                   2) Netherlands

GUARANTOR:         Toshiba Corporation

INCORPORATED IN:   Japan

Particulars relating to the issue may be obtained during usual
business hours for fourteen days from the date of this formal
notice from:

Merrill Lynch International      Toshiba Int'l Finance (UK) PLC
Merrill Lynch Financial Centre   Audrey House
2 King Edward Street             Ely Place
London EC1A 1HQ                  London EC1N 6SN


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


CHOHUNG BANK: Projects Return to Profit Next Year
-------------------------------------------------
Chohung Bank Chief Executive Choi Dong-soo expects the bank to
return to profit next year and make a considerable profit in
2005 as provisioning costs dwindled, according to Reuters. The
bank is set to merge with Shinhan Financial Group, after a 3.4
trillion-won deal signed in June. Choi noted the bank would not
take drastic measures to cut jobs or shut down branches, but
added unprofitable branches would be closed.


SK GLOBAL: Debtor's Motion to Extend Lease Decision Period
----------------------------------------------------------
SK Global America, Inc., a unit of South Korea's SK Networks
Co., is currently a party to four un-expired non-residential
real property leases that have neither been assumed nor
rejected.  Some of these Leases may be valuable assets of the
Debtor's Chapter 11 estate or may be integral to the continued
operation of its business.

By this motion, the Debtor asks Judge Blackshear to extend its
deadline to assume or reject the Leases to December 22, 2003,
without prejudice to the rights of each of the lessors under the
Leases to seek, for cause shown, an earlier date upon which the
Debtor must assume or reject a specific Lease.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
explains that additional time is needed for the Debtor to
analyze the Leases to avoid what would be either a premature
assumption or rejection of them.  If the Debtor were to assume
the Leases prematurely, Mr. Ratner points out that the Debtor,
its estate and creditors would incur unnecessary administrative
costs for the Leases, which ultimately may not be important as
the Debtor continues to work on a business plan that may include
relocation or consolidation of its operations.  In addition, any
post-assumption breach by the Debtor under an assumed Lease
would give rise to an administrative expense claim.

As an international trading Company with several offices located
throughout the U.S., annual sales exceeding $2,600,000 and
numerous trading partners located in the country and abroad, the
Debtor's financial affairs and contractual relationships are
complex and extensive.  Mr. Ratner notes that the Debtor's case
is still in its early stages.  During the first 60 days of its
case, the Debtor expended significant time and resources on
issues relating to its orderly transition to operating in a
Chapter 11 context.

Mr. Ratner explains that it's simply not possible for the Debtor
to make a reasoned decision as to the assumption or rejection of
the Leases prior to the current deadline.  The Debtor does not
want to inadvertently forfeit any Lease as a result of the
"deemed rejected" provision of Section 365(d)(4) of the
Bankruptcy Code.

Mr. Ratner assures the Court that granting the Debtor a 90-day
extension will not prejudice the Lessors because:

    (a) the Debtor is current on its post petition rent
        obligations under the Leases;

    (b) the Debtor has the financial wherewithal and intent to
        continue to timely perform all of its post petition
        obligations under the Leases as required by Section
        365(d)(3) of the Bankruptcy Code; and

    (c) in all instances, individual Lessors may ask, for cause
        shown, that the Court fix an earlier date by which the
        Debtor must assume or reject a Lease. (SK GLOBAL
        BANKRUPTCY NEWS, Issue Number 5; September 19, 2003)


SK GROUP: Narrows Number of Units to 10
---------------------------------------
The current 59 subsidiaries of the SK group are likely to be
slashed to about 10, the Maeil Business Newspaper reports. The
Company, which recently sealed a memorandum of understanding
(MOU) with major creditor Hana Bank, will focus on its core
business units including energy, chemical and information
communications businesses which include SK Corp., SK Telecom,
SKC, SK C&C and SK Networks, and gradually dispose of other
business units in the near future.


SK NETWORKS: Set to Sign MoU on Restructuring Plan
--------------------------------------------------
Creditors of SK Networks, formerly SK Global, plan to sign a
memorandum of understanding (MoU) on Tuesday with the firm and
its parent group to kick start a creditor-led restructuring
plan, according to Reuters. The trading arm of South Korea's
fourth-biggest conglomerate, the SK Group, averted bankruptcy
after foreign lenders agreed in July to a bailout program
proposed by domestic lenders.

SK Networks, which markets oil products for SK Corporation and
mobile phones for SK Telecom, partially resumed its oil trading
activities in September after a five-month halt in the wake of
the US$1.2 billion accounting fraud in March. Shares of SK
Networks have been suspended from trading, but they are likely
to resume trading again soon after the signing.


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


ASIAN PAC: All Resolutions Passed at 85th AGM
--------------------------------------------
Asian Pac Holdings Berhad informed that all resolutions put to
the 85th Annual General Meeting of the Company held on Monday,
29 September 2003 were carried including the Ordinary Resolution
under Special Business namely the authorization in accordance to
Section 132E of the Companies Act, 1965.

Early this year, Rating Agency Malaysia Berhad (RAM) downgraded
the rating for Asian Pac Holdings Berhad's RM298,252,110
Redeemable Convertible Secured Loan Stocks (RCSLS) from B1 to
B2. The downgrade is premised on the anticipated reduction in
Asian Pac's operational cash flow following the delay in the
implementation of several property launches coupled with lower
profit margins expected from the property division, in line with
higher construction cost.


BERJAYA SPORTS: AGM to be Held on October 22
--------------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Berjaya Sports Toto Berhad will be held at Dewan Berjaya, Bukit
Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur on Wednesday, 22 October 2003 at
10:30 in the morning.

The full text of the Notice of AGM can be seen at
http://bankrupt.com/misc/TCRAP_Berjaya1001.doc.


BERJAYA SPORTS: KLSE Grants Conversion Listing Today
----------------------------------------------------
Kindly be advised that Berjaya Sports Toto Berhad's additional
2,186,900 new ordinary shares of RM1.00 each arising from the
Conversion of RM2,186,900 Nominal Amount of 8% Irredeemable
Convertible Unsecured Loan Stock 2002/2012 into 2,186,900 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, 1 October 2003.

COMPANY PROFILE

The Company's core business has evolved from the manufacture of
light fittings in the 70s to trading in construction materials
and property development in the 80s. Today, the Company is one
of the key players in the gaming business, operating Toto
betting through its principal subsidiary, Sports Toto Malaysia
Sdn Bhd.

On the international scene, the Group supplies and maintains a
computerized on-line lottery system in the Luzon Region,
Philippines. It is also the consultant cum project manager to
restructure and improve the operation and administration of the
Department of National Lotteries in Ghana. The Company's
Philippines operation is held through its 51.5% owned
subsidiary, Berjaya Lottery Management (HK) Ltd (BLHK). BLHK
holds 71.4% in International Lottery and Totalistic Systems,
Inc, and 68.5% in Prime Gaming Philippines, Inc, a company
listed on the Philippine Stock Exchange.

In December 2000, the Company proposed a special cash dividend
of 170%, rights issue of ICULS and increase in authorized share
capital to RM2b. The ICULS issue forms part of a repayment
scheme between the Company and its immediate holding company,
Berjaya Land Bhd (B-Land), to settle inter-company advances of
the latter via liquidation of the ICULS in the open market or
redemption of the ICULS. B-Land has committed to resolve the
inter-company advances within three years from the ICULS issue
date. The proposals are still pending shareholders' approval.

CONTACT INFORMATION: 11th Floor
        Menara Berjaya, KL Plaza,
        179 Jalan Bukit Bintang,
        55100 Kuala Lumpur
        Tel : 03-2935888
        Fax : 03-2935 8043


EKRAN BERHAD: Discloses Credit Facilities Status Report
-------------------------------------------------------
Pursuant to the Practice Note 1/2002 of the Listing
Requirements, Ekran Berhad disclosed the status report in
respect of the default in payment of the credit facilities.
Details can be viewed at
http://bankrupt.com/misc/TCRAP_Ekran1001.doc.

COMPANY PROFILE

The company was set up principally to carry out the business of
an investment holding company for Group companies involved in
activities such as timber extraction and trading, property
development and oil palm plantation.

In 2001, Ekran was awarded the turnkey contract for the
construction of civil buildings in Teluk Sapangar, Sabah valued
at RM168.3m and the contract for the upgrading of Miri Airport,
Sarawak at RM200m.

The company also proposed to acquire Mashyur Mutiara Sdn Bhd,
Accruvest Hotel Management Sdn Bhd, Home and Hotel Holding Sdn
Bhd and Vital Orient Sdn Bhd. Mashyur Mutiara and Accruvest are
the owners of Sheraton Langkawi Resort and Delima Beach Resort
(now leased to Kolej Lagenda) respectively, which are situated
in Langkawi. Home and Hotel Holding and Vital Orient are owners
of Santubong Kuching Resort and Manikar Beach Resort
respectively which are situated in Kuching and Labuan
respectively.

The acquisition of 60% equity interest in Langkasuka Marina
Development Sdn Bhd (LMD) was approved by the FIC on 17.9.2001.
LMD is a JVC in which the Langkawi Development Authority (LADA)
holds the other 40% equity interest. The principal activity of
LMD is to develop the Port Langkasuka Marina Project in
Langkawi.

CONTACT INFORMATION: 2nd Floor, Wisma Ekran
            Jalan Parlimen
            50480 Kuala Lumpur
            Tel : 03-2693 6111;
            Fax : 03-2694 6096


FEDERAL FURNITURE: Unit Gets MFI Products Distributorship
---------------------------------------------------------
Federal Furniture Industries Sdn Bhd (FFI), a wholly-owned
subsidiary of Federal Furniture Holdings (M) Berhad (FFHB) on 26
September 2003 signed a Heads of Terms for Exclusive
Distribution (Exclusive Distribution) with MFI UK Limited (MFI)
The key commercial terms provide for the appointment of FFI as
the exclusive distributor to sell MFI's products in Malaysia and
Singapore (the Territories) to property developers, property
owners via direct sales methods.

The principal activities of FFI are the undertaking of
renovation and furniture and interior fit-outs and the
manufacture of case goods for multi-chain retail outlets. MFI,
with five manufacturing plants in the UK covering in excess of
250,000 sq. meters and 700 outlets worldwide, is Europe's
largest vertically integrated manufacturer and retailer of
kitchen and bedroom products. In the United Kingdom, MFI is a
market leader commanding more than 30% of the market share with
such well-known brands as Hygena and Schreiber.

The Exclusive Distribution is for an initial period of four
years with an automatic renewal for one year thereafter unless
and until thereafter terminated by either party. Additionally,
if MFI opens or intends to open a retail operation in the
Territories, FFI shall have the rights of first refusal to
participate in such retail operations and the parties will use
their reasonable endeavors to enter into a retail joint venture
agreement on the expiry of the exclusive distributorship.

COMPANY PROFILE

The Group's involvement in the furniture industry began as a
small family concern. The Group now has three principal
operating business units consisting of manufacturing and export
of furniture, trading and retailing of furniture and renovations
and interior fit-outs.

The manufacturing and export division manufactures wooden dining
sets and case goods for the export markets. The plant, located
in Banting, has a capacity to produce about 40, 40-foot
containers a month. The export markets are the US, Korea, Japan,
UK, Ireland, Singapore, Greece, Russia, Germany and Turkey.

The trading operations source furniture products consisting
mainly of dining sets, bedroom sets, antique reproductions and
outdoor furniture for customers in the US and Europe. These are
sourced from manufacturers in Malaysia, China and Indonesia.

Retailing operations have a showroom in the Klang Valley that
specializes in home interior design and renovations and
retailing of high-end furniture, light fittings and fabric for
home furnishings.

The renovation and interior fit-out operations carry out
renovations and interior fit-outs of hotels and corporate
offices in the private and government sectors. The main market
is in Malaysia although it has recently secured projects
overseas. The operations also import high-end Italian office and
home furniture for the local market.

On 11 October 2000, the Company entered into a conditional debt
restructuring agreement with certain of its lenders to
restructure part of its borrowings and to undertake the
following proposals : (i) a proposed renounceable rights issue
of up to 41.4m new ordinary shares together with 24.8m
detachable new warrants on the basis of five rights shares
together with three warrants for every five ordinary shares
held. (ii) A debt restructuring arrangement between the Company
and certain subsidiaries and their respective scheme lenders to
restructure an estimated debt of RM58,700,457 (inclusive of
interest capitalized up to 31 May 2001).

Barring unforeseen circumstances, submission papers to the SC
and the relevant authorities to seek approval for the proposals
are expected to be completed within three months from 12 July
2001. The Company is currently awaiting written approval from
some of the creditor banks who are parties to the debt
restructuring agreement signed on 11 October 2000, to extend the
stipulated period for the fulfillment of the conditions
precedent, before the submissions can be made.

CONTACT INFORMATION: Suite 1501B Menara Choy Fook On
       1B Jalan Yong Shook Lin, Section 7
       46050 Petaling Jaya
       Tel : 03-7955 9937;
       Fax : 03-7956 2812


KEMAYAN CORPORATION: Auditors Qualify F/S Report
------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad advised
that the Auditors have qualified the Report of the Auditors
stating that the financial statements of the Group and the
Company for the financial year ended 31 May 2003 have been
prepared on the going concern basis on the assumption that the
Proposed Restructuring Scheme (PRS) will be successfully
implemented after obtaining approvals from shareholders,
creditors and other relevant authorities.

However, in view of the significant uncertainties in the future
operations and projections of cash flows and the PRS, the
Auditors are unable to satisfy themselves that the going concern
basis used in the preparation of financial statements of the
Group and the Company is appropriate and have therefore issue a
qualified disclaimer opinion for the financial statements for
the year ended 31 May 2003.


KIAN JOO: Registrar of Companies Strikes Off Unit
-------------------------------------------------
Kian Joo Can Factory Berhad wishes to announce that the Board of
Kian Joo Services Sdn. Bhd. (KJSSB), a wholly owned subsidiary,
has in an Extraordinary General Meeting held on 29 September
2003 resolved that an application be made to the Registrar of
Companies, Companies Commission of Malaysia for the striking off
of KJSSB from the Register pursuant to Section 308 of the
Companies Act 1965.

KJSSB was set up as a registrar to the Kian Joo Group. The
duties of the registrar were outsourced in early 2003. KJSSB has
since stopped carrying on any business or operations.

The striking off of KJSSB will not have any significant effect
on the earnings or net tangible assets per share of the Company
for the financial year ending 31 December 2003.


MALAYSIA MINING: Voluntarily Winds Up Dormant Units
---------------------------------------------------
Malaysia Mining Corporation Berhad (MMCB) wishes to announce
that members of London Tin (Malaysia) Berhad (LT) and D.V.
Research Sdn Bhd (DVR) had at their respective Extraordinary
General Meeting on 29 September 2003 passed a Special Resolution
to voluntarily wind up the respective company and appoint Mr.
Sathiea Seelean a/l Manickam (I.C. No: 641019-10-6869) of
Messrs. Anuarul Azizan Chew & Co. as the Liquidator of LT and
DVR respectively.

Details of Companies:

   (a) London Tin (Malaysia) Berhad

The company was incorporated on 25 May 1976 and is 100% owned by
MMCB.

  (b) D.V. Research Sdn Bhd

The company was incorporated on 17 January 1989 and is 100%
owned by Dana Vision Sdn Bhd, a wholly owned subsidiary of MMCB.

Both companies have issued and paid up capital of RM2 each and
have not commenced operations since incorporation.

Effect of the Members' Voluntary Winding-up

There is no material impact on the net tangible assets and
earnings of MMCB Group for the current financial year arising
from the Voluntary Winding-up.

Rationale

The Members' Voluntary Winding-up is part of MMCB Group's
rationalization efforts as there are no future plans to activate
these companies.

Directors' And Substantial Shareholders' Interest

None of the Directors or substantial shareholders of MMCB or
persons connected to them have any interest in the Voluntary
Winding-up.


MYCOM BERHAD: EGM Fixed on October 30
-------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Mycom Berhad will be held at Mahkota II, Ballroom Floor, Hotel
Istana, 73 Jalan Raja Chulan, 50200 Kuala Lumpur on Thursday, 30
October 2003 at 10:00 a.m. for the purpose of considering, and
if thought fit, passing with or without modifications the
following resolutions:

SPECIAL RESOLUTION

- Proposed Mycom Scheme Of Arrangement

ORDINARY RESOLUTION

   - Proposed Rights Issue With Warrants (Resolution 1)
   - Proposed Special Issue With Warrants (Resolution 2)
   - Proposed Debt Novation (Resolution 3)
   - Proposed Debt Restructuring (Resolution 4)
   - Proposed Put And Call Option With The Secured Local
     Financial Institutions And Floating Rate Note Holders
     (Resolution 5)
   - Proposed Acquisition Of Shares And Properties From Olympia
     Industries Berhad (Resolution 6)
   - Proposed Acquisition Of Six (6) Parcels Of Freehold Land
     Measuring Approximately 41.14 Acres Situated At Lots No.
     21763-21768, Mukim Batu, District Of Kuala Lumpur, State Of
     Wilayah Persekutuan From Kenny Height Developments Sdn Bhd
     (Resolution 7)
   - Proposed Inter-Company Settlement (Resolution 8)
   - Proposed Settlement With The Trade And Other Creditors Of
     Duta Grand Hotels Sdn Bhd, Unp Plywood Sdn Bhd And Pacific
     Forest Industries Sdn Bhd (Resolution 9)
   - Proposed Transfer Of Entitlement (Resolution 10)
   - Proposed Transfer Of Balance Entitlement (Resolution 11)
   - Proposed Placement (Resolution 12)
   - Proposed Khd Joint Venture (Resolution 13)
   - Utilization Of Proceeds From The Proposed Rights Issue With
     Warrants And Proposed Special Issue With Warrants
     (Resolution 14)
  - Proposed Dgh Consultants Settlement (Resolution 15)
  - Proposed Dgh Project Financing (Resolution 16)
  - Proposed Olb Tax Settlement (Resolution 17)
  - Proposed Salhafa Sdn Berhad (Salhafa) Tax Settlement
    (Resolution 18)
  - Proposed Increase In Authorized Share Capital (Resolution
    19)

For a copy of the EGM Notice, go to
http://bankrupt.com/misc/TCRAP_Mycom1001.pdf.


MYCOM BERHAD: Oct 30 Court Convened Meeting Scheduled
------------------------------------------------------
Mycom Berhad notified that by Orders of the Court dated 19 May
2003 and 26 August 2003, the Court has ordered a Meeting of the
members of Mycom Berhad (hereinafter referred to as the Members)
for the purpose of considering and if thought fit approving
(with or without any modification) a scheme of arrangement
(hereinafter referred to as the "Proposed Mycom Scheme of
Arrangement) proposed to be made between Mycom and its Members,
under Section 176 of the Companies Act 1965 (Court-Convened
Meeting).

The Court-Convened Meeting will be held at Mahkota II, Ballroom
Floor, Hotel Istana, 73 Jalan Raja Chulan,50200 Kuala Lumpur on
Thursday, 30 October 2003 at 12:00 p.m. (or if the Extraordinary
General Meeting of Mycom to be held on the same date at 10.00
a.m. (EGM) has not been concluded or adjourned at that time,
immediately following the conclusion or adjournment of the EGM),
which place and respective time the Members are requested to
attend.

In accordance with the Orders of the Court, Tan Sri Dato' Jaffar
bin Abdul or Dato' Yap Yong Seong will act as Chairman of the
Court-Convened Meeting. The Chairman has been directed by the
Court to report the results thereof to the Court.

The Proposed Mycom Scheme of Arrangement will be subject to the
subsequent approval of the Court.


PARK MAY: KKMB Assets Injection Rumor Untrue
--------------------------------------------
Park May Berhad, in Reply to Kuala Lumpur Stock Exchange's Query
Letter reference ID: ZO-030922-65373 on the article entitled
"Park May To Get Transport Assets" that appeared on page 27 of
the MailMoney Section in the Malay Mail on 26 September 2003,
informed that it is not aware of any plans by KKMB to inject its
public transport assets into the Company.

Query Letter content:

"We refer to the above news article appearing in The Malay Mail,
MailMoney section, page 27, on Friday, 26 September 2003, a copy
of which is enclosed for your reference.

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

"KUMPULAN Kenderaan Malaysia (KKM) Bhd ... may inject its public
transport assets into Park May 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 sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to support the same.

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

Yours faithfully,
KOAY LEAN LEE
Senior Manager, Listing
KLL/WSW/ZOOS
c.c. Securities Commission (via fax)


POLYMATE HOLDINGS: Proposes Group Corp Structure Rationalization
----------------------------------------------------------------
The Board of Directors of Polymate Holdings Berhad [PHB] wishes
to announce that PHB proposes to undertake an internal corporate
reorganization involving the proposed transfer of its entire
interest of 65% comprising of 195,000 ordinary shares of o1.00
each in Batec Limited (Batec) to its wholly-owned subsidiary,
ABI Malaysia Sdn Bhd (ABI).

The consideration for the proposed transfer of shares from PHB
to ABI in Batec is fixed at unaudited book value of RM4.267
million as at 30 September 2003. In settlement of the said
consideration, ABI would issue 4,266,600 new ordinary shares of
RM1.00 each to PHB.

The restructuring is to rationalize the business activities of
the Group.

The proposed rationalization is not expected to have any
financial effect on PHB Group other than the financial position
of ABI being further strengthened in terms of increased
shareholders' funds and debt equity ratio.

None of the Directors and Substantial Shareholders of PHB and
persons connected to the Directors and substantial shareholders
has any interest, direct or indirect, in the above corporate
restructuring.

The Board of Directors of PHB is of the opinion that the
proposed corporate restructuring is in the best interest of PHB.

The Proposed corporate restructuring is not subject to the
approval of the shareholders of PHB and other relevant
authorities.


SITT TATT: Clarifies Proposed Moratorium Revision
-------------------------------------------------
Sitt Tatt Berhad provided a clarification on the application to
the Securities Commission (SC) dated 22 August 2003 for the
proposed revision to the moratorium requirement (Proposed
Moratorium Revision) pursuant to the Agreements.

The SC had on 29 October 2002 approved, among others, Sitt
Tatt's proposed acquisition of the following:

   (i) the entire issued and paid-up share capital of Pyramid
Manufacturing Industries Pte Ltd, Singapore comprising 1,000,000
ordinary shares of Singapore Dollars (SGD) 1.00 each;

   (ii) the entire issued and paid-up share capital of CEM
Machinery Pte Ltd, Singapore comprising 1,000,000 ordinary
shares of SGD1.00 each; and

   (iii) the entire issued and paid-up share capital of PMI
Plating Services Pte Ltd, Singapore comprising 5,103,410
ordinary shares of SGD1.00 each,

for a total purchase consideration of RM184,288,000 to be
satisfied by the issuance of 125,125,000 new ordinary shares of
RM1.00 each in Sitt Tatt (Sitt Tatt Shares) at an issue price of
RM1.20 each and 34,138,000 new irredeemable convertible
preference shares of RM1.00 each (ICPS) at an issue price of
RM1.00 each.

The above SC approval is conditional on, inter alia, the
following moratorium conditions:

"In accordance with Paragraph 18.09(5) of the SC's Policies and
Guidelines on Issue/Offer of Securities (SC Guidelines), a
moratorium will be imposed on the 62,562,500 new Sitt Tatt
Shares representing 50% of the 125,125,000 new Sitt Tatt Shares
to be issued and 17,069,000 representing 50% of the 34,138,000
ICPS to be issued to the vendor, MISL.

Under the moratorium, MISL is not allowed to sell, transfer or
assign their shareholdings of the new Sitt Tatt Shares and ICPS
for a period of one (1) year from the listing of the new Sitt
Tatt Shares and ICPS on the KLSE. Thereafter, they will be
allowed to sell, transfer or assign up to one third (1/3)
annually of the shareholdings of their new Sitt Tatt Shares and
ICPS.

In connection with the above, each individual shareholder of
MISL must provide the SC with an undertaking that they will not
sell, transfer or assign their equity interests in MISL over the
moratorium period as stated above. However, MISL is allowed to
avail itself to the new SC Guidelines in line with the
implementation of the final phase of the disclosure based
regulation regime."

On 31 July 2003, the Purchasers entered into the SPA with MISL,
the Vendors and Bintang Ketara Sdn Bhd to acquire the entire
equity interest in MISL comprising 1,002 ordinary shares of
RM1.00 each (MISL Shares) (MISL Sale Shares) (Proposed MISL
Acquisition) for a total purchase consideration of RM1,002.
MISL is the legal and beneficial owner of the following shares:

   a) 43,459,500 Sitt Tatt Shares free from moratorium (Cross
Shares);

   b) 34,138,000 ICPS in Sitt Tatt, of which 50% is held under
moratorium; and

   c) 62,562,500 Sitt Tatt Shares held under moratorium.

The Purchasers had also on even date, executed the Deed with the
Vendors and MISL for the Purchasers to acquire the Cross Shares
for the sum of RM52,151,400 or at RM1.20 per Sitt Tatt Share
(Proposed Cross Shares Acquisition).

The Proposed MISL Acquisition and Proposed Cross Shares
Acquisition are hereinafter collectively referred to as the
Proposed Acquisitions.

Accordingly, on behalf of the Purchasers, SIBB had sought the
approval from the SC for the Proposed Moratorium Revision as set
out below:

   (i) the waiver of the undertakings given by the Vendors to
the SC that they will not sell, transfer or assign their equity
interest in MISL over the moratorium period, to facilitate the
implementation and completion of the Proposed MISL Acquisition;

   (ii) MISL to be allowed to adopt the revised moratorium
requirement under the new SC Guidelines; and

   (iii) The Purchasers to undertake to the SC that, upon the
completion of the Proposed MISL Acquisition and effective from
such date, the Purchasers will not sell, transfer or assign
their equity interest in MISL over the remainder of the revised
moratorium period imposed on MISL under the revised moratorium
requirement, i.e. the period of one (1) year commencing from 3
June 2003 and expiring on 2 June 2004.

The SC had vide its letter dated 16 September 2003 granted its
approval.

Clarification on the revised moratorium requirement under the
new SC Guidelines

Under the previous SC Guidelines, MISL is not allowed to sell,
transfer or assign the 62,562,500 Sitt Tatt Shares and
17,069,000 ICPS in Sitt Tatt held under moratorium for a period
of at least one (1) year from the date of listing of the new
Sitt Tatt Shares and ICPS on KLSE. Thereafter, MISL is allowed
to sell, transfer or assign only up to a maximum of one-third
(1/3) per annum (on a straight line basis) of its shareholdings
of the new Sit Tatt Shares and ICPS under moratorium. However,
pursuant to the SC approval obtained on 29 October 2002 as set
out above, MISL is allowed to adopt the new SC Guidelines.

Accordingly, pursuant to the SC approval sought, and obtained on
16 September 2003, MISL can adopt the revised moratorium
requirement under the new SC Guidelines. MISL is not allowed to
sell transfer or assign the aforementioned Sitt Tatt Shares and
ICPS for a period of one (1) year from the date of listing of
the new Sitt Tatt Shares and ICPS on KLSE. Thereafter, it is
allowed to sell, transfer or assign its respective shareholdings
of the new Sitt Tatt Shares and ICPS under moratorium.


SRI HARTAMAS: Unit's Special Administrators Ink S&P Agreement
-------------------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB) wish to
announce that the Liquidators of its wholly-owned subsidiary,
Puncak Permata Sdn Bhd - In Liquidation (Vendor) had on 29
September 2003 entered into a Sale and Purchase Agreement (S&P)
with Triple-H Auto Parts Sdn Bhd (Purchaser), for the sale of
one (1) parcel of freehold land for a total cash consideration
of RM3,000,000.00.

DETAILS OF THE DISPOSAL OF THE LAND

The Vendor had carried out an open tender exercise for the sale
of its assets from 26 June 2003 to 18 July 2003. Pursuant to the
said tender exercise, the Vendor acting through its Liquidators
had on 29 September 2003, entered into a S&P with the Purchaser,
for the sale of one (1) parcel of freehold land held under HS(D)
49065 Lot No. PT 48657 in Mukim of Kuala Lumpur, Daerah Wilayah
Persekutuan (Land) measuring a provisional land title area of
approximately 2,256.8197 square meters for a total cash
consideration of RM3,000,000.00.

The Land is being disposed free from all lien, charges and other
encumbrances with vacant possession and the Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to all existing conditions of title and
category of land use in respect of the Land) to the Purchaser.

The purchase consideration will be paid in the following manner:

   a) Prior to the execution of the S&P, the Purchaser had paid
to the Vendor the earnest money amounting to RM50,000.00;

   b) Upon the execution of the S&P, the Purchaser had paid the
balance deposit amounting to RM250,000.00 to the Vendor;

   c) The balance of the purchase price amounting to
RM2,700,000.00 shall be payable to the Vendor within three (3)
months from the date of the S&P or fourteen (14) days from the
date of notification to the Purchaser's solicitor by the Vendor
that the S&P has become unconditional, whichever is the later.

CONDITION PRECEDENT

Based on the terms of the S&P, the sale of the Land is
conditional upon and subject to compliance with guidelines,
regulations and/or rules issued by regulatory and/or statutory
authorities or bodies (the "Guidelines") in respect of the
disposal of the Land by the Vendor in view that the Vendor is a
subsidiary of SHB or otherwise waived or deemed unnecessary in
the sole and absolute discretion of the Vendor within a period
of not later than 3 months from the date of the S&P.

If the above condition precedent is not fulfilled within 3
months from the date of the S&P, the period will be extended for
another 3 months. In the event the Vendor does not issue such
confirmation by the expiry of the extended period, the S&P shall
terminate and cease to be of any effect and neither party shall
have any claims against the other save for any antecedent breach
provided always that the parties may mutually agree to extend
the extended period for such further period.

BASIS OF ARRIVING AT THE CONSIDERATION

The latest valuation by M/S Jones Lang Wootton dated 4 July 2003
values the Land at RM850,000 and RM680,000 based on open market
value and forced sale value respectively using the comparison
method.

DESCRIPTION OF THE LAND

The Vendor is the registered owner of the Land. The Land was
acquired by the Vendor on 6 December 1993. The Vendor had
purchased a few pieces of land including the said Land for a
lump sum cost. As the land was zoned for car parking use, the
management of SHB does not consider the Land with the potential
to contribute to the financial performance of the SHB Group.
Hence the cost of investment in the books of the Vendor and the
net book value of the Land as at 30 June 2002 was nil.

The Land is presently free from all lien, charges and
encumbrances.

The Land is a vacant land, which is pending future development
and designated for car parking use.

INFORMATION ON THE VENDOR

The Vendor was incorporated in Malaysia under the Companies Act,
1965 on 9 July 1993.

The Vendor's present authorized share capital is RM500,000
divided into 500,000 ordinary shares of RM1.00 each of which
250,000 ordinary shares of RM1.00 each have been issued and
fully-paid.

The principal activity of the Vendor is in property development
(including dealing in land).

Liquidators have been appointed over the Vendor on 17 April 2003
pursuant to the Extraordinary General Meeting and creditors'
meeting held on the same date.

INFORMATION ON THE PURCHASER

The Purchaser was incorporated in Malaysia under the Companies
Act, 1965 as a private limited company on 25 September 2002.

The Purchaser's present authorized share capital is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 4
ordinary shares of RM1.00 each have been issued and fully-paid.

RATIONALE OF THE DISPOSAL OF THE LAND

The Vendor has been placed under creditors' voluntary winding-up
on 17 April 2003 in accordance with the Vendor's Workout
Proposal dated 26 December 2001.

In the course of liquidation, the Liquidators of the Vendors
shall utilize the net sales proceed of the disposal of the Land
to settle the creditors of the Vendor in accordance with the
Companies Act, 1965.

FINANCIAL EFFECTS OF THE DISPOSAL OF THE LAND

There are no financial effects of the disposal of the Land on
the share capital, substantial shareholder's shareholding,
earnings per share, net tangible assets per share of the SHB
Group as the Vendor's financial statements were deconsolidated
from the SHB Group as at 30 June 2003.

LIQUIDATORS OF THE VENDOR, SPECIAL ADMINISTRATORS OF SHB,
DIRECTORS OF SHB AND SUBSTANTIAL SHAREHOLDERS OF SHB'S INTERESTS

The Board of Directors of SHB as at 31 August 2003 is as
follows:

   (i) Tan Sri Dato' Elyas Bin Omar;
   (ii) Dato' Abdul Rahman Bin Dato' Mohammed Hashim;
   (iii) Gopala Krishnan s/o Sanguni Nair; and
   (iv) Nirmaljit Singh a/l Surjit Singh.

None of the Directors held any share in SHB as at 31 August
2003.

None of the shareholders of SHB as at 31 August 2003 held more
than 5% of the paid-up capital of SHB.

Neither the Liquidators of the Vendor, the Special
Administrators of SHB, Board of Directors of SHB, Major
Shareholders of SHB (if any) and/or persons connected with them
have any interest, direct or indirect, in the disposal of the
Land.

SPECIAL ADMINISTRATORS OF SHB'S OPINION

The Special Administrators of SHB upon the advice of the
Liquidators of the Vendor are of the view that the disposal is
in the interest of the stakeholders of the Vendor and the terms
and conditions thereof are fair and reasonable in the
circumstances.

DOCUMENTS AVAILABLE FOR INSPECTION

The S&P and the valuation report are available for inspection at
Suite 33.01, Level 33, Bangunan AmFinance, 8 Jalan Yap Kwan
Seng, 50450 Kuala Lumpur on Monday to Friday (except public
holidays) between 9:00 a.m. to 5:00 p.m. up to 13 October 2003.


TA ENTERPRISE: Debt Conversion Date Remains Nov 30
--------------------------------------------------
Reference is made to the Supplemental Debt Restructuring
Agreement signed with Idris Hydraulic (Malaysia) Berhad (Idris).
TA Enterprise Berhad announced that TA First Credit Sdn Bhd
(TAFC), a wholly owned subsidiary of the Company, has agreed to
dispense with the condition that the cash amount due to TAFC
from the Proposed Share Subscription by Dato' Che Mohd Annuar
bin Che Mohd Senawi, amounting to RM37.7 million be paid on or
before 30 September 2003.

Meanwhile, the date the scheme liabilities are expected to be
fully addressed shall remain on 30 November 2003 (Extended Debt
Conversion Date). The balance of RM4.3 million cash proceeds due
to TAFC shall also be paid on or before the Extended Debt
Conversion Date


TIME ENGINEERING: ICULS Conversion Granted Listing
--------------------------------------------------
Kindly be advised that Time Engineering Berhad's additional
3,263,198 new ordinary shares of RM1.00 each arising from the
Conversion of RM9,756,964 Irredeemable Convertible Unsecured
Loan Stocks 2000/2005 into 3,263,198 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, 1 October 2003.

COMPANY PROFILE

The TIME Group's activities are classified into four strategic
business units: telecommunications, IT, power, engineering and
manufacturing.

The Group operates Malaysia's biggest fiber optic cable network
that runs 4,000 km along the length of the North-South
Expressway and a 1,600 km submarine festoon, fiber optic line
along the coast. TIME is also a full service telecommunications
provider, one of two in the country, and is licensed to provide
Internet services. It is a leading public payphone provider and
operator of ADAM cellular services.

The Group's IT business includes developing, managing and
marketing inter-organization business solutions based on the
application of electronic data interchange and electronic
commerce concepts. It also undertakes software development,
consultancy services and sale of computer hardware. Some of the
projects include the Port Klang Community system and KLIA's Free
Zone Declaration system.

The companies under the power division manufacture, supply and
maintain electrical switchgears, switchboards, and distribution
transformers, and undertake design, engineering and construction
of power transmission and distribution infrastructure. The
division also operates an open cycle gas-fired power station in
Sabah. The Group is currently one of the largest medium voltage
switchgear manufacturers in the country.

Part of the Renong Berhad (RB) Group, TIME and nine of its
subsidiaries are currently undergoing a proposed Scheme of
Arrangement pursuant to Section 176 of the Companies Act 1965,
with the assistance of the Corporate Debt Restructuring
Committee (CDRC). The restructuring proposal entails the
restructure of the Group's external debts amounting to RM4.792b
as at 31 December 1999 via conversion of debts owing to secured
creditors into redeemable secured bonds with warrants,
conversion of debts owing to unsecured creditors into ICULS and
conversion of debts owing to all the creditors of TIME telcos
into 1.25b shares of then subsidiary, TIME dotCom Bhd (TdB).

On 25 April 2000, TIME announced the proposed listing of TdB
involving the grouping of TIME's telco business under TdB. The
proposal entailed the issue of 923,706m TdB shares to acquire
these telcos and a composite scheme of arrangement including an
issue of approx. RM3,990.28m nominal value of TIME redeemable
promissory notes pursuant to the assumption of RM4,336.84m debt
owed by TdB and the telcos. In return, TdB would issue 1,445.61m
shares to TIME on the basis 1 TdB share for every RM3.00 of
debt. TIME also proposed a rights issue, issue of replacement
warrants to partly redeem the outstanding bonds issue and issue
of 30m free warrants to TIME's US$ bondholders.

Subsequently, on 8 July 2000, TIME and Khazanah Nasional Bhd
entered into negotiations for the proposed acquisition by
Khazanah of 30% in TdB.

In conjunction with the issue of free warrants to its secured
creditors, and US$ bondholders, TIME had on 15 August 2000
agreed to restructure the scheme amounts by reducing the US$250m
principal outstanding of redeemable secured zero-coupon bonds
via disposing of 29.89m RB warrants; extending the tenure of the
bonds up to 5 December 2001; varying the bond's existing terms
and conditions; and giving 20m RB warrants, free of charge to
the bondholders.

The corporate restructuring proposals announced in January and
April, and the proposed Khazanah transactions were approved by
shareholders on 13 September 2000.

On 18 October 2000, TIME received a conditional offer from Tan
Sri Halim Saad, to acquire TIME's entire 21.56% interest in RB
for approx. RM875m cash. The Company's disposal is part of the
TIME Group's contingency plan to partially redeem the US$250m
bonds under its scheme of arrangement.

On 8 March 2001, the Company announced that the share sale
agreement entered into between the Company and Khazanah in
connection with the Khazanah Transactions was completed. With
the completion, TIME dotCom ceased to be a subsidiary of the
Company and became an associate company. Subsequently,
TIMEdotCom was listed on the Main Board of KLSE on 12 March
2001.

TIME has in August 2001, failed to redeem the second tranche of
the US$ Bonds of US$82.275m (RM312.645m) due on 5 August 2001.
Nevertheless, the Company made a partial redemption of US$5.0m
of the second tranche on 10 August 2001 and paid interest
totaling US$4.1m on 5 December 2001. Subsequently, the Company
restructured the outstanding amount of bonds, which included a
revocation of the event of default declared earlier by the
bondholders on 11 December 2001. The bondholders, BNM and the SC
approved the bonds' restructuring on 18 June 2002, 26 September
2002 and 20 September 2002 respectively.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 26 September 2003 and 29
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 22 September 2003 and 23 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. Go to http://bankrupt.com/misc/TCRAP_Tongkah1001.doc
for information on the securities disposed.


UNITED ENGINEERS: SOA Effective Date Set on Oct 15
--------------------------------------------------
Reference is made to the Scheme of Arrangement (SOA) between
United Engineers (Malaysia) Berhad, Projek Penyelenggaraan
Lebuhraya Berhad (PROPEL), the other shareholders of Propel and
Intria Berhad Under Section 176 of the Companies Act, 1965 to
take Propel Private.

The Board of Directors of PROPEL is pleased to announce that the
Order of Court sanctioning the SOA has been obtained on
September 27, 2003. The Effective Date of the SOA will fall on
Wednesday, 15 October 2003.

To facilitate the settlement of the consideration to the
shareholders of PROPEL as set out in paragraph 4 of the SOA set
out in Appendix VI of the Explanatory Statement and Circular to
Shareholders of PROPEL dated 2 June 2003 ("the Explanatory
Statement and Circular"), the trading of PROPEL Shares will be
suspended commencing three (3) clear Market Day prior to the
Effective Date, i.e. from 9.00 a.m. Thursday, 9 October 2003.
The suspension will continue until the date of completion of the
SOA.

Further in accordance with the implementation procedures set out
and contained in the Explanatory Statement and Circular NOTICE
IS HEREBY GIVEN THAT the Books will be closed from 5:00 p.m. on
Wednesday, 15 October 2003, the Effective Date of the SOA for
purposes of ascertaining shareholders of PROPEL holding PROPEL
Shares entitled for the benefits under Settlement Option 1 (i.e.
UEM to pay a cash sum of RM0.70 and transfer one(1) PLUS
Expressways Share for every one (1) existing PROPEL Share held)
or, as the case may be, Settlement Option 2 (i.e. cash payment
from Intria of RM1.00 and two (2) new Intria Shares for every
one(1) existing PROPEL Share held) pursuant to the SOA.

NOTICE IS ALSO HEREBY GIVEN THAT the names of shareholders of
PROPEL whose names appear in the Record of Depositors of PROPEL
at the close of business at 5:00p.m. on Wednesday, 15 October
2003 would be entitled to the benefits under Settlement Option 1
or Settlement Option 2 (as the case may be) pursuant to the SOA
in respect of:

   (a) PROPEL Shares transferred to the respective securities
account of the shareholders of PROPEL before 4:00 p.m. on
Wednesday, 15 October 2003 in respect of ordinary transfers; and

   (b) PROPEL Shares bought on Kuala Lumpur Stock Exchange on or
before 5:00 p.m. Wednesday, 8 October 2003.

PROPEL shall no later than the close of the fifth (5th) Market
Day from the Effective Date send to the Other PROPEL
Shareholders a notice of offer to elect (Election Offer Notice)
the benefits in Settlement Option 2 together with a copy of the
prescribed form of the election notice (Election Notice). Any
Other PROPEL Shareholders who fail to address and serve on
PROPEL the Election Notice within the Election Period shall be
deemed to have elected to receive the benefits under Settlement
Option 1 in consideration, inter-alia, for the cancellation of
their PROPEL Shares.


WOO HING: Appoints Ong Sew Hoon as Audit Committee Chairman
-----------------------------------------------------------
Further to the Announcement dated 25 September 2002 on the
Change of Audit Committee, the Special Administrators wish to
advise that Ms Ong Sew Hoon @ Ong Lee Hoon was appointed as the
Chairman of Woo Hing Brothers (Malaya) Berhad's Audit Committee
on 25 September 2003.

Last week, the Troubled Company Reporter - Asia Pacific reported
that Special Administrators of WHB had, on behalf of WHB,
executed a Second Supplementary Principal Agreement with
Harsukhlal A/L Maganlal Kamdar, Rajnikant A/L B.M. Kamdar and
Bipinchandra A/L Balvantrai on 17 September 2003 to revise
certain terms and conditions to the Principal Agreement dated 9
May 2002 and as supplemented on 6 August 2002 (Proposed
Revisions).


YCS CORPORATION: Receivers, Managers Appointed to Unit
------------------------------------------------------
YCS Corporation Berhad announces that Abdul Rahim Hamid (NRIC
500607-01-5171) and Chew Hoy Ping (NRIC 570704-06-5369), both of
PricewaterhouseCoopers Advisory Services Sdn Bhd, have been
appointed Receivers and Managers (Receivers) of the property and
undertakings of a subsidiary company, Sanjung Utama Sdn Bhd, by
AmFinance Berhad as per their letter dated September 18, 2003.

The Receivers are appointed by AmFinance Berhad under the powers
contained in a debenture dated February 10, 1999.


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


CEBU PLAZA: Waterfront Offers to Manage Hotel
---------------------------------------------
Waterfront Philippines Inc. has offered to manage the closed
Cebu Plaza Hotel (CPH), the BusinessWorld newspaper reported,
quoting Waterfront Chairman Renato Magadia. Metropolitan Bank &
Trust Co. (Metrobank), which foreclosed the property, has yet to
decide on the offer because it prefers to sell the asset rather
than enter into a management or leasing arrangement. Metrobank
aims to sell the hotel for 1.2 billion Philippine pesos
(US$22.12 million).

CPH officially closed on March 15, months after its former
owner, Pathfinder Holdings Philippines Inc. (PHPI), turned over
CPH to Metrobank in payment for PHPI's P900-million debt to the
bank, TCR-AP reported recently. PHPI had used CPH as collateral
for its dollar-denominated loan, which was then equivalent to
P300 million. The value of the dollar when the debt was incurred
was P27. But the peso's devaluation more than doubled PHPI's
debt to P700 million and the interest to P200 million.


MANILA ELECTRIC: Fenosa in No Hurry to Sell 9.2% Stake
------------------------------------------------------
Spanish utility firm Union Fenosa SA is working closely with
Manila Electric Co. (Meralco) to improve the value of its equity
before exploring opportunities to divest, BPI Securities
reports. Fenosa said it is in "no Hurry" to sell its 9.2 stake
in Meralco. Fenosa is reportedly committed to finding the right
value for its Meralco shares and is not bent on selling of "just
any price."


PHILIPPINE LONG: Clarifies Davao Franchise Payment Report
---------------------------------------------------------
This is in reference to the news article entitled "Davao City
gov't threatens to impose sanctions on PLDT" published in the
September 29, 2003 issue of the Business World (Internet
Edition). The article reported that "Davao City, southern
Mindanao- The city government has threatened to impose stiff
sanctions, including the revocation of business permit, against
the Philippine Long Distance Telephone Co. (PLDT) if it refuses
to settle its franchise tax balance of about P9.75 million."

Philippine Long Distance Telephone Company (TEL), in its letter
dated September 29, 2003 stated that:

PLDT has paid the City of Davao franchise taxes covering the
period from 1999 to 2003, including the P3.68 million required
by the Supreme Court decision. However, PLDT is seeking for
reconsideration of the surcharges and interests of approximately
P9.5 million imposed by the City of Davao.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3122_TEL.pdf


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


ASIA PULP: APP China to Conduct Debt-Equity Swap
------------------------------------------------
APP China proposed to its creditors on September 25 to swap all
claims for equity, include the $630 million APP China bonds,
DebtTraders reports. After the debt-equity swap, creditors will
own 99.9 percent of APP China. It seems that PRC banks control
APP China's cash flow. A substantial portion of the operational
assets of APP China has been pledged in favor of PRC bank
creditors who are direct creditors of the PRC operations.

The debt plan requires 75 percent in value of creditors to
approve. Creditors will vote on October 30. The Company believes
the proposal will also be in the best interests of the creditors
of Asia Pulp and Paper (APP) however, DebtTraders believe will
be very difficult for creditors to accept a 100 percent debt-to-
equity swap.


BEST MOBILE: Winding Up Hearing Set For October 10
--------------------------------------------------
The petition to wind up Best Mobile Technology Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on October 10, 2003 at 10 o'clock in the morning. Singapore
Telecommunications Limited, a creditor, whose address is
situated at 31 Exeter Road, Commenter, Singapore 239732, filed
the petition with the court on September 18, 2003.

The petitioners' solicitors are Messrs Allen & Gledhill of 36
Robinson Road, #18-01 City House, Singapore 068877. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Allen & Gledhill a notice in
writing not later than twelve o'clock noon of the 9th day of
October 2003 (the day before the day appointed for the hearing
of the Petition).


CHARTERHOUSE SHIPPING: Issues First & Final Dividend Notice
-----------------------------------------------------------
Charterehouse Shipping Pte Ltd. issued a notice of first and
final dividend as follows:

Address of Registered Office: Formerly of 10 Anson Road #44-11
International Plaza Singapore 079903.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 291 of 1997.

Amount Per Centum: 0.1880 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 5th September 2003.

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

Dated: 19th September 2003.

KAREN LOH PEI HSIEN
Assistant Official Receiver.


FERTIVA ASIA: Creditors to Submit Claims by October 28
------------------------------------------------------
Notice is hereby given that the Creditors of Fertiva Asia
Pacific Pte Ltd. (In Members' Voluntary Winding-Up), which is
being wound up voluntarily, are required on or before 28 October
2003 to send in their names and addresses and the particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, the Joint Liquidators
of the said Company, and if so required by notice in writing
from the said Joint Liquidators or by their Solicitors or
personally to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 24 September 2003.
STEVEN TAN CHEE CHUAN AND
DOUGLAS TAN KAY YEOW
Joint Liquidators.
138 Cecil Street
#15-00 Cecil Court
Singapore 069538.


HOTEL MALAYSIA: SGX-ST Lifts Trading Suspension to October 8
------------------------------------------------------------
As stated in Hotel Malaysia Ltd. (HML)'s circular to
Stockholders dated 5 September 2003 (Circular), the suspension
in trading of the Company's Stock Units will be lifted by the
Singapore Exchange Securities Trading Ltd (SGX-ST) for a period
of seven (7) Market Days after the EGM, namely, from 30
September 2003 to 8 October 2003 (both dates inclusive) (HML
Trading Period). This is to give Stockholders who wish to
dispose of their HML Stock Units in the market, the opportunity
to do so.

The HML Liquidators will sanction the transfer of HML Stock
Units made during the HML Trading Period. Investors who purchase
HML Stock Units during the HML Trading Period will be entitled
to participate in the Distributions under the HML Voluntary
Liquidation if they are Stockholders on the Books Closure
Date(s) for the purpose of determining Stockholders'
entitlements to the Distributions (as defined in the Circular).

The HML Voluntary Liquidation will lead to the de-listing and
withdrawal of the HML Stock Units from the Official List of the
SGX-ST. Investors who purchase HML Stock Units during the HML
Trading Period should note that after the HML Trading Period,
trading in HML Stock Units on the SGX-ST will be suspended up to
the date of de-listing of HML. The date of de-listing will be
announced in due course.

Notice of Books Closure Date

NOTICE IS HEREBY GIVEN that the Register of Members and Share
Transfer Books of HML (In Members' Voluntary Liquidation) will
be closed as at 5.00 p.m. on 14 October 2003 (Books Closure
Date) for the purposes of determining the Stockholders'
entitlements to the Distributions as set out in the Circular.

Settlement and Registration Procedures

Entitled Stockholders whose HML Stock Units are deposited with
The Central Depository (Pte) Ltd (CDP)

Entitlements to the Distributions will be determined on the
basis of (in the case of Stockholders who are Depositors) the
number of Stock Units standing to the credit of their Securities
Accounts of such Stockholders on the Books Closure Date.

Stockholders whose Securities Accounts are credited with their
HML Stock Units as at 5.00 p.m. on the Books Closure Date need
not take any action in respect of their holdings of their HML
Stock Units for the purposes of the Distributions.

Entitled Stockholders whose HML Stock Units are not deposited
with CDP.

Entitlements to the Distributions will be determined on the
basis of (in the case of Stockholders who are not Depositors)
the holdings of such Stockholders of HML Stock Units appearing
in the Register of Members of HML on the Books Closure Date.
Such Stockholders who have not already done so are requested to
take the necessary action to ensure that the HML Stock Units
owned by them are registered in their names as at the Books
Closure Date.

Stockholders whose physical stock certificates in respect of
their HML Stock Units are not in their names must lodge all duly
completed and stamped transfer forms, together with their
physical stock certificates in respect of their HML Stock Units
and registration fees, with the Share Registrar, Lim Associates
(Pte) Limited, situated at 10 Collyer Quay #19-08 Ocean
Building, Singapore 049315, before 5.00 p.m. on the Book Closure
Date.

Distributions

The Distributions are expected to commence as soon as reasonably
practicable either before or after the realization of HML's
assets which are not to be distributed in specie and subject to
the HML Liquidators being satisfied that adequate provision has
been made for HML's liabilities (including tax). The HML
Liquidators may, in their absolute discretion, make Interim
Distributions at various stages of the liquidation after setting
aside such amounts as they consider prudent to meet the
liabilities (including potential tax liabilities) of HML and
expenses of the HML Voluntary Liquidation.

Appropriate announcements will be made on the timing and amounts
of such Distributions as and when they are made.


HOTEL MALAYSIA: Unveils September 29 EGM Result
-----------------------------------------------
The Board of Directors of Hotel Malaysia Limited (HML) announced
that at the Extraordinary General Meeting (EGM) of the Company
held on 29 September 2003, all resolutions relating to the
matters set out in the Notice of EGM dated 5 September 2003 were
duly passed. In view of this, the voluntary liquidation of HML
pursuant to Section 290(1)(b) of the Companies Act, Chapter 50
of Singapore, is deemed to have commenced.


JOENCON BUILDERS: Releases Notice of Winding Up Order
-----------------------------------------------------
Joencon Builders Pte ltd. issued a winding up notice made on the
19th day of September 2003.

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

DREW & NAPIER LLC
Solicitors for the Petitioner.


NEWCALL COMMUNICATIONS: Issues Notice of Preferential Dividend
--------------------------------------------------------------
Newcall Communications Singapore Pte Ltd (In Creditors'
Voluntary Liquidation) issued a notice of preferential dividend
as follows:

Address of former registered address: 9 Temasek Boulevard #20-03
Suntec Tower Two Singapore 038989.

Amount per centum: 100 percentum of all admitted preferential
claims.

First and final or otherwise: First and Final.

When payable: 30th September 2003.

Where payable: Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.

Dated this 26th day of September 2003.
CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


PILOT PLANTS: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Pilot Plants & Engineering Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on October 10, 2003 at 10 o'clock in the morning. Tan
Ee Kheng, a creditor, whose address is situated at Block 117C,
Rivervale Drive #14-48, Singapore 543117, filed the petition
with the court on September 12, 2003.

The petitioners' solicitors are Messrs Joseph Tan Jude Benny of
5 Shenton Way, #35-01 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 Joseph Tan Jude Benny a notice in
writing not later than twelve o'clock noon of the 9th day of
October 2003 (the day before the day appointed for the hearing
of the Petition).


SEATOWN FOUNDATION: Creditor's First Meeting Set October 8
---------------------------------------------------------
Seatown Foundation Engineering Pte Ltd. (Under Judicial
Management) issued a notice of creditor's first meeting as
follows:

Company No.: 199104285W.

(Under the Order for judicial management of the Company dated
9th day of May 2003)

Notice is hereby given that the first meeting of creditors in
the above matter will be held at 141 Market Street, Level 5,
Room Queen 1 AEC Centre, International Factor Building,
Singapore 048944 on 8th October 2003 at 10.00 a.m. (Registration
time start at 9.00 a.m.).

To entitle you to vote thereat your proof of debt (Form 77) and
all completed proxy forms must be lodged with me not later than
48 hours prior to the time of appointed for the first meeting of
creditors.

Dated 23rd day of September 2003.
GOH NGIAP SUAN
Judicial Manager.
Address of Judicial Manager:
c/o Goh Ngiap Suan & Co
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336.


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


PICNIC GAS: Posts Audit Committee Members Scope of Duties
---------------------------------------------------------
Picnic Gas and Chemicals Public Company Limited's Board of
Directors' Meeting of No. 2/2546 held on September 26, 2003
passed the resolutions appointing Audit Committee
and also set up the scope of duties and terms of holding
position as follows:

Member of Audit Committee:

     1. Mr. Sompoch Intranukul   Chairman
     2. Mr. Prapas Rerkpibool    Member
     3. Mr. Vinai Laohaprasit    Member

Additionally, Members of the Audit Committee were appointed as
an independent director of the company.

Scope of duties and term of holding position:

1. To review the sufficiency, creditability and objectivity of
the financial reporting.

2. To review the adequacy and effectiveness of internal control
systems and internal audit functions.

3. To review compliance with the Securities and Exchange Act,
Regulations of the SET, and any other relevant laws.

4. To consider and advise the appointment of the external
auditors including the audit fee.

5. To consider the disclosures of all connected transaction or
the conflict of interests.

6. To report the activities of audit committee in the company's
report, which must be signed by the chairman of the audit
committee.

7. To take care of any other matters assigned by the Board of
Directors and approved by the audit committee.

Term of holding position will be 3 years, the company hereby
certified that the aforementioned members meet all the
qualifications prescribed by the Stock Exchange of Thailand.


UNION MOSAIC: BOD Meeting Approves Refinancing Loan
---------------------------------------------------
The Union Mosaic Industry Public Company Limited's Board of
Directors' Meeting held on September26, 2003 passed the
following resolutions:

1. To approve the borrowing of term loan from Krung Thai Bank
Public Company Limited amounting Bt900,000,000 and TISCO Finance
Public Company Limited Bt500,000,000.00.

2. To payback (refinance) to Thai Asset Management Corporation
(TAMC) and TISCO Finance Public Company Limited according to the
debt restructuring contract the date of August 1,2003.

3. To buy the machineries for the expansion of capacity another
1,000,000 square meter per month, which will be completed within
the year 2005.


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.

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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***