TCRAP_Public/031003.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, October 03, 2003, Vol. 6, No. 196

                         Headlines

A U S T R A L I A

CORRPRO COMPANIES: ASIC Charges Former Accountants With Fraud
MAYNE GROUP: Buy Back Program Extended
MAYNE GROUP: Completes Abbott's Paclitaxel Business Acquisition
TRANZ RAIL: Forms MetroBox Joint Venture With Port of Tauranga
WATTLE GROUP: Former Adelaide Investment Adviser Sentenced


C H I N A   &   H O N G  K O N G

CITY FAITH: Winding Up Petition Pending
GOLD RING: Winding Up Hearing Scheduled on Oct 22
KEEN YIELD: Hearing of Winding Up Petition Set
PALIBURG HOLDINGS: Trims Operations Loss to HK$94.1M
ROSEDALE HOTEL: 2003 Net Loss Widens to HK$163.516M

TAI WAH: Petition to Wind Up Scheduled


I N D O N E S I A

BANK TABUNGAN: Pefindo Assigns `idBBB' to Rp750B Bond IX
CHANDRA ASRI: IBRA Continues Selling Assets at Low Price


J A P A N

ALL NIPPON: ANA Orders More Regional Jets for Domestic Use
FUJISAN SHOKAI: Ice Cream Wholesaler Goes Bust
FUKUSUKE CORP.: Aozora, DBJ Lends Y11B to Failed Sock Maker
HAZAMA CORPORATION: Rating Unaffected by Reshuffle, S&P
KUMAGAI GUMI: Wins Contract to Build Tunnel in Hong Kong

MATSUSHITA ELECTRIC: Launches Network Protocol Technology
MORIMOTO CORPORATION: Files for Bankruptcy
MYCAL CORPORATION: Creditors OK Reorganization Plan
MYCAL CORPORATION: JCR Withdraws D Ratings
NISSHO IWAI: Dissolves Unit in Guatemala


K O R E A

HANARO TELECOM: LG Won't Surrender Management Control
SK GLOBAL: Debtor's Motion to Approve KEB & Chohung Stipulations
SK NETWORKS: Bailout Hit by Court Action
SK NETWORKS: Shares Resume Trade on Thursday


M A L A Y S I A

AKTIF LIFESTYLE: In Vigorous Negotiations With Lenders
AOKAM PERDANA: Proposed Revised Scheme Finalization Underway
AYER HITAM: Summons Full Trial Adjourned to March Next Year
BERJAYA LAND: Seeks Proposed Shareholders' Mandate Approval
BUKIT KATIL: Provides Loan Facilities Status Update

GENERAL SOIL: Seeks Oct 14 Requisite Announcement Extension
IDRIS HYDRAULIC: Finalizing Settlement Agreement Terms
JUTAJAYA HOLDING: Revised Debt Scheme Approvals Pending
KELANAMAS INDUSTRIES: Oct 16 Court Convened Meeting Set
KEMAYAN CORPORATION: SC's Scheme Waiver Approval Pending

LII HEN: Shuts Down US Units Due to Continuous Loss
NALURI BERHAD: Changes Share Registrar's Contact Details
NCK CORPORATION: Sept Defaulted Payment Widens to RM173.355M
NCK CORPORATION: White Knights Request Workout Scheme Extension
PENAS CORPORATION: KLSE De-listing Securities on Nov 6

SASHIP HOLDINGS: Administrators Assessing Business Viability
SCK GROUP: Awaits KLSE's Securities De-listing Decision
SIN HENG: Financial Regularization Status Remains Unchanged
SOUTH MALAYSIA: Sells Land to Improve Cash Flow Position
TAJO BERHAD: Updates Defaulted Facilities Status

UCP RESOURCES: Issues Default in Payment Status Update


P H I L I P P I N E S

MANILA ELECTRIC: Plans to Pay Debt Due This Month


S I N G A P O R E

BOON FONG: Petition to Wind Up Pending
CASHMORE ADVERTISING: Issues Dividend Notice
CHARTERED SEMICONDUCTOR: Appoints Philip Tan to Board
CHIP HUAT: Issues Judicial Management Order Notice
HUA KOK: Widens Net Loss This Year

KIAM GUAN: Releases Winding Up Order Notice
KIMMERIDGE ENTERPRISE: Creditors Must Submit Claims by Oct. 27
NEWTON ENGINEERING: Winding Up Hearing Set October 10
NEPTUNE ORIENT: Appoints Additional Director
NEPTUNE ORIENT: Unveils European Court Judgment

UNITED FIBER: Units Enter Liquidation


T H A I L A N D

CHISTIANI & NIELSEN: Increases Paid-up Capital
JASMINE INT'L: Allocates Shares, Changes Symbol
MILLENNIUM STEEL: Undergoes Private Placement
THAI CANE: Posts 2nd Warrants Exercise Results
THAI HEAT: Creditors Approve Revised Rehabilitation Plan

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  -

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


CORRPRO COMPANIES: ASIC Charges Former Accountants With Fraud
-------------------------------------------------------------
Mr Craig Leigh Treloar and Mr Gregory John Wilson, two former
accountants with Corrpro Companies Australia Pty Ltd (Corrpro
Australia), have been charged following an investigation by the
Australian Securities and Investments Commission (ASIC).

Mr Treloar, of Wyndham Vale, Victoria, faces 20 charges under
the Crimes Act and three charges under the Corporations Act. Mr
Wilson, of Hillside, Victoria, was charged with one count each
under the Crimes Act and Corporations Act.

ASIC alleges that Messrs Treloar and Wilson falsified the
accounts of Corrpro Australia, a subsidiary of the United States
based Corrpro Companies Inc, a company listed on the American
Stock Exchange (AMEX). Following detection of accounting
irregularities, Corrpro Companies Inc placed the Australian
company into administration and re-stated its 2001 accounts,
reducing net income by $US3.6 million.

ASIC further alleges that Mr Treloar, who was the Chief
Financial Officer of the company, provided false information to
Corrpro Australia's auditors, obtained financial advantage for
Corrpro Australia by deception, by using the falsified accounts
to obtain a line of credit from the Bank of Melbourne, and
improperly used his position as an employee of the company.

ASIC also alleges that Mr Wilson, who was the Management
Accountant, dishonestly used his position as an employee of the
company.

The charges were adjourned on Thursday in the Melbourne
Magistrates Court to a Committal Mention hearing on 27 November
2003.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

ASIC acknowledges the assistance of the United States Securities
and Exchange Commission during its investigation.

ASIC's investigation is continuing.


MAYNE GROUP: Buy Back Program Extended
--------------------------------------
Mayne Group Limited advises that it intends to extend the period
for its on-market buy back, announced to the market on 28 August
2002, which expired on September 30, 2003. Although there is no
requirement under the ASX Listing Rules to give notice of this
extension, under the Corporations Act 2001, Mayne is required to
give the Australian Securities & Investments Commission
14 days notice before continuing its buy back program. As a
result, Mayne will suspend its buy back program from October 1,
2003, until the expiry of this 14-day notice period, expected to
be 15 October 2003.

At the expiry of this notice period, Mayne intends to continue
with the buy back of up to a maximum of 75,000,000 shares, as
previously announced to the market. As at the close of business
on 30 September 2003, Mayne has bought back 55,933,244 shares
under its buy back program.


MAYNE GROUP: Completes Abbott's Paclitaxel Business Acquisition
---------------------------------------------------------------
Mayne Group Limited has completed its acquisition of Abbott
Laboratories (Abbott) rights to market and sell paclitaxel in
North America (30 September 2003 US time). Mayne will commence
marketing paclitaxel in North America from 1 October 2003.

The Troubled Company Reporter - Asia Pacific reported on
February 4 that Mayne Group announced the sale of six loss-
making hospitals to Healthscope Limited for AU$27.5 million. The
six hospitals are Hobart Private, St Helen's Private, Mersey
Community Hospital, National Capital Private, Geelong Private
and Mosman Private. The sale will result in a net write-down of
AU$90 million, which will drag down first half results into the
red.


TRANZ RAIL: Forms MetroBox Joint Venture With Port of Tauranga
--------------------------------------------------------------
The Port of Tauranga Limited and Tranz Rail Holdings Limited
have formed a 50/50 joint venture, MetroBox Auckland Limited,
which will purchase and operate the container storage and repair
business owned by Tranz Rail, formerly known as Auckland Box.

This joint venture expands the concept of a "freight village" on
the South Auckland site, which gives customers the ability to
select from a range of container handling services.

Chief Executive of the Port of Tauranga, Jon Mayson, said that
under the new ownership the MetroBox operation would be moved to
an adjacent site to allow the release of land for the expansion
of METROPORT.

Tranz Rail's Group General Manager Rail Services Group, Noel
Coom said MetroBox was an exciting new joint venture with the
Port of Tauranga that would enable development of 8ha of new
storage yard. This in turn will enable MetroBox to grow market
share.

"At Southdown we are already partners with Port of Tauranga with
the highly successful inland port operation, METROPORT and now
we have an additional joint venture with MetroBox. We will be
delighted if this venture achieves the same growth and success
as METROPORT," Mr Coom said.

Mr Mayson said the 10-year extension of the METROPORT operating
agreement with Tranz Rail announced in May had provided a secure
platform for the Port to make further investment in METROPORT
and the latest joint venture, MetroBox with Tranz Rail was an
important step in that process.

MetroBox's operations would be complementary to those of
METROPORT and the new partnership venture with Tranz Rail would
allow for that company's land bank at Southdown to be utilized
more effectively.

Mr Mayson said the additional land area available would enable
the company to separate the truck and rail interfaces at the
inland port. This would improve loading and turnaround times for
both road and rail operators.

It would also allow management to reduce stacking heights for
containers, making individual containers more accessible for
loading. The changes would also see Tranz Rail introduce two new
hoists as replacements that would refresh the fleet and play a
further part in lifting operating efficiencies.

MetroBox would be spending $3 million to develop the southern
side of the present METROPORT site and this commitment had been
factored into the agreement reached between the Port and Tranz
Rail. MetroBox would have a long-term lease from Tranz Rail over
the area that it used for its operations.

"This investment represents a further step in the strategic
process of diversifying our activities," said Mr Mayson.

"It highlights our partnership approach to business and builds
on the concept of using rail links to provide an environmentally
acceptable, seamless, and cost-efficient point to point service
for our customers.

"These changes are all about developing METROPORT to its
strategic potential as a gateway that gives our customers
efficient access to the Auckland market.

"On a standalone basis METROPORT is already New Zealand's fifth
biggest container terminal. These changes will enable us to take
it to its next stage of development."

He said MetroBox would have its own management that would be
charged with building the company's activities in the storage,
handling, cleaning, washing and repairing of empty shipping
containers. Tranz Rail's Manager, Container Services, Sean
McElroy had been seconded to lead the new business.


WATTLE GROUP: Former Adelaide Investment Adviser Sentenced
----------------------------------------------------------
Mr Ian William Snook, a former Adelaide investment adviser and
principal of Golconda Resources, was sentenced on Thursday in
the District Court in Adelaide on 62 charges brought by the
Australian Securities and Investments Commission (ASIC).

Mr Snook was sentenced to two years imprisonment but was
immediately released on entering into a bond in the sum of
$1,000 to be of good behavior for a period of two years.

ASIC laid charges against Mr Snook following an investigation
into his activities in promoting investments directly into the
failed Queensland investment scheme known as the Wattle Group or
via Golconda Resources.

ASIC alleged that between October 1995 and April 1998, Mr Snook
arranged for clients to directly deposit $1,012,775 into the
Wattle Group.

ASIC also alleged that during this time Mr Snook, who was a
partner in Golconda Resources, pooled over $2.5 million of
investors' funds, which were then paid into the Wattle Group. Mr
Snook earned commissions of approximately $240,000 from the
funds paid to the Wattle Group.

"These investments promised unrealistically high returns of up
to 50 per cent. These kinds of promised returns almost
inevitably result in losses. Investors should remember if it
sounds too good to be true, it probably isn't true. For tips on
what to look out for when investing, we recommend you visit our
consumer website at www.fido.asic.gov.au," ASIC's Director of
Enforcement, Mr Mark Steward said.

ASIC also previously laid charges against Mr Snook's former
partner, Mr Mark Alan Taylor, in relation to the same matter.

Mr Taylor was committed for trial on 27 July 2001. A bench
warrant has been issued by the District Court for Mr Taylor's
arrest.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


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


CITY FAITH: Winding Up Petition Pending
---------------------------------------
City Faith Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on October 5, 2003 at 9:30 in the morning.

The petition was filed on September 9, 2003 by Bank of China
(Hong Kong) Limited whose registered office is at 14th Floor,
Bank of China Tower No.1 Garden Road Hong Kong.


GOLD RING: Winding Up Hearing Scheduled on Oct 22
-------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2003 at
9:30 in the morning the petition seeking the winding up of Gold
Ring Machinery Company Limited.

Bank of China (Hong Kong) Limited (the successor of all
undertakings of Sin Hua Bank Limited, Hong Kong Branch) by
virtual of the Bank of China (Hong Kong) Limited (Merger)
Ordinance, whose registered office is at 14th Floor, Bank of
China Tower No.1 Garden Road Hong Kong, on September 9, 2003.
Messers Wat & Co, represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messers Wat &
Co, which holds office on the 12th Floor, Chuang's Tower, 30&32
Connaught Road, Central, Hong Kong.


KEEN YIELD: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Keen Yield Overseas Limited is scheduled
for hearing before the High Court of Hong Kong on October 22,
2003 at 9:30 in the morning.

The petition was filed with the court on August 27, 2003 by Bank
of China (Hong Kong) Limited ( the successor of all undertakings
of Sin Hua Bank Limited, Hong Kong Branch ) by virtual of the
Bank of China (Hong Kong) Limited (Merger) Ordinance,  whose
registered office is at 14th Floor, Bank of China Tower No.1
Garden Road Hong Kong .


PALIBURG HOLDINGS: Trims Operations Loss to HK$94.1M
----------------------------------------------------
Paliburg Holdings Limited released a summary of its results
announcement for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2003      from 1/1/2002
                              to 30/6/2003       to 30/6/2002
                              Note  ('Million)   ('Million)

(Restated)
Turnover                           : 395.9              696.4
Profit/(Loss) from Operations      : 23.4               44.7
Finance cost                       : (94.1)             (283.6)
Share of Profit/(Loss) of
  Associates                       : (1.7)              2.4
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (0.1)              N/A
Profit/(Loss) after Tax & MI       : 15.8               (220.9)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.006              (0.095)
         -Diluted (in dollars)     : (0.006)            N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : 15.8               (220.9)
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. ADOPTION OF A REVISED STATEMENT OF STANDARD ACCOUNTING
PRACTICE (SSAP)

SSAP 12 (Revised) `Income taxes' has been adopted for the first
time in the preparation of the current period's condensed
consolidated financial statements. The SSAP prescribes the basis
for accounting for income taxes payable or recoverable, arising
from the taxable profit or loss for the current period (current
tax); and income taxes payable or recoverable in future periods,
principally arising from taxable and deductible temporary
differences and the carry forward of unused tax losses (deferred
tax).

The principal impact of the revision of this SSAP is that
deferred tax assets and liabilities relating to the differences
between capital allowances for tax purposes and depreciation for
financial reporting purposes and other taxable and deductible
temporary differences are generally fully provided for, whereas
previously the deferred tax was recognized for timing
differences only to the extent that it was probable that the
deferred tax asset or liability would crystallize in the
foreseeable future. In addition, deferred tax assets have been
recognized for the unused tax losses, to the extent that it is
probable that taxable profit will be available against which the
unused losses can be utilized.

The change in accounting policy has been applied
retrospectively. Thus comparative amounts for 2002 have been
restated accordingly.  The opening accumulated losses at 1st
January, 2002 and 2003 have been increased by approximately
HK$131.4 million and HK$48.9 million respectively, which
represented the cumulative effect of the change in accounting
policy.  Tax expense for the six months ended 30th June, 2002
was decreased by approximately HK$4.1 million.

2. DISCONTINUED OPERATION

The turnover, expenses and results from the discontinued
operation in respect of the Regal group's hotel operation in
Canada for the six months ended 30th June, 2003 and 2002 are as
follows:

                        Six months ended        Six months ended
                        30th June, 2003         30th June, 2002
                          (Unaudited)             (Unaudited)

                                HK$'M                   HK$'M

TURNOVER                        32.2                    48.0
Cost of sales                   (37.3)                  (46.0)
Gross profit/(loss)             ---------               --------
                                (5.1)                   2.0
Administrative expenses         (1.9)                   (1.9)
Other operating expenses        (1.1)                   (1.3)
                                ---------               --------
LOSS FROM OPERATING ACTIVITIES  (8.1)                   (1.2)
Finance costs                   (4.2)                   (3.0)
                                ---------               --------
NET LOSS FROM ORDINARY ACTIVITIES ATTRIBUTABLE TO SHAREHOLDERS
                                (12.3)                  (4.2)
                                ========                ========

3.      Profit/(Loss) from Operations is stated after the
following:

(a) Other revenue includes the following major item:

                       Six months ended        Six months ended
                       30th June, 2003         30th June, 2002
                         (Unaudited)             (Unaudited)
                                HK$'M                   HK$'M

Interest income                 3.4                     9.1
                                -------                 --------

(b)  Other operating expenses, net, include the following major
items:

                        Six months ended        Six months ended


                       30th June, 2003         30th June, 2002
                         (Unaudited)             (Unaudited
                                                  and restated)
                                HK$'M                   HK$'M
Depreciation                    21.5                    28.0
Amortization of goodwill        7.2                     -
Loss on disposal of long term
  listed investments            -                       1.1
Loss on disposal of long term
  unlisted investments          -                       1.6
Loss on disposal of ordinary shares
  in the listed subsidiary company -                    53.7
Loss on deemed disposal of the Group's interest in the listed
subsidiary
company                         4.6                     -
Loss on disposal of investment property
                                -                       30.6
Write back of provision against
        other loan receivable   -                       (14.2)
Write back of provision for impairment against properties
                                (39.6)                  -
                                ------------            -------

4. The calculation of basic earnings/(loss) per ordinary share
is based on the net profit from ordinary activities attributable
to ordinary shareholders for the period of HK$15.8 million (2002
- net loss of HK$220.9 million, as restated) and on the weighted
average of 2,792.8 million (2002 - 2,318.5 million) ordinary
shares of the Company in issue during the period.

The calculation of diluted loss per ordinary share is based on
the adjusted net loss from ordinary activities attributable to
ordinary shareholders for the period of HK$33.4 million and on
the adjusted weighted average of 5,768.5 million ordinary shares
of the Company that would have been in issue during the period
assuming (i) all outstanding convertible preference shares and
convertible bonds (including optional convertible bonds) of
Regal Hotels International Holdings Limited ("RHIHL") were
converted into ordinary shares of RHIHL at the beginning of
the period; and (ii) all the 3,450 million convertible reference
shares of the Company were converted into the same number of
ordinary shares of the Company at the beginning of the period.

The exercise of share options of the Company and RHIHL are anti-
dilutive.


ROSEDALE HOTEL: 2003 Net Loss Widens to HK$163.516M
---------------------------------------------------
Rosedale Hotel Group Limited issued its financial statement
summary for the year ending December 31, 2003:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2003    from 01/01/2002
                              to 30/06/2003      to 30/06/2002
                              Note  ('000)       ('000)
Turnover                           : 57,240             58,416
Profit/(Loss) from Operations      : (158,458)          (92,323)
Finance cost                       : (19,877)           (18,909)
Share of Profit/(Loss) of
  Associates                       : 0                  (151)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0
Profit/(Loss) after Tax & MI       : (163,516)          (73,611)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0589)           (0.054)
         -Diluted (in dollars)     : (0.0589)           N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (163,516)          (73,611)
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. ADOPTION OF REVISED STATEMENTS OF STANDARD ACCOUNTING POLICES

In the current period, the Group has adopted SSAP 12 (Revised)
"Income Taxes". The principal effect of the implementation of
SSAP 12 (Revised) is in relation to deferred tax.  In previous
years, partial provision was made for deferred tax using the
income statement liability method, i.e. a liability was
recognized in respect of timing differences arising, except
where those timing differences were not expected to reverse in
the foreseeable future, SSAP 12 (Revised) requires the adoption
of a balance sheet liability method, whereby deferred tax is
recognized in respect of all temporary differences between the
carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the
computation of taxable profit, with limited exemptions.  In
the absence of any specific transitional requirements in SSAP 12
(Revised), the new accounting policy has been applied
retrospectively.  The adoption of this SSAP has had no material
effects on the results for the current or prior accounting
periods.  Comparative figures for the prior periods have been
restated.

2. LOSS FROM OPERATIONS
                                     Six months ended 30th June,
                                        2003            2002
                                        HK$'000         HK$'000
Loss from operations has been
arrived at after charging (crediting):
Depreciation and amortization
  Owned assets                          11,115          18,439
Assets held under finance leases        343             -
Unrealized loss (gain) on investments
  in securities                         137             (1,114)
Release of negative goodwill, included
  in other operating income             (422)           -
                                        ========================

3. IMPAIRMENT LOSS AND REVALUATION DECREASE

                                     Six months ended 30th June,
                                        2003            2002
                                        HK$'000         HK$'000
Impairment loss and revaluation
decrease recognized in respect of :
- toll highway                          -               82,559
- investment properties                 1,317           -
- properties under/held for development 4,400           -
- properties under construction         527             -
- hotel properties                      110,259         -
- payment for investments               18,000          -
                                        ------------------------
                                        134,503         82,559
                                        ========================
4. TAXATION

The taxation for the period represents deferred taxation credit.
No provision for Hong Kong Profits Tax or taxation in other
jurisdictions has been made in the condensed consolidated
financial statements as the Group had no assessable profit for
both periods.

5. LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the period of approximately HK$163,516,000
(HK$73,611,000 for the six months ended 30th June, 2002) and on
the 2,774,085,961 ordinary shares (1,362,419,295 ordinary shares
for the six months ended 30th June, 2002) in issue during the
period.

The computation of diluted loss per share for the period ended
30th June, 2003 does not assume the conversion of the
convertible notes since their conversion would result in a
decrease in the loss per share for the period.

No diluted loss per share has been calculated for the period
ended 30th June, 2002 as there were no dilutive ordinary shares
in issue.


TAI WAH: Petition to Wind Up Scheduled
--------------------------------------
The petition to wind up Tai Wah Securities Limited is set for
hearing before the High Court of Hong Kong on October 8, 2003 at
9:30 in the morning.

The petition was filed with the court on August 12, 2003 by Hong
Kong Securities Clearing Company Limited whose registered office
is at 12th Floor, One International Finance Center, 1 Harbor
View Street, Central, Hong Kong.


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


BANK TABUNGAN: Pefindo Assigns `idBBB' to Rp750B Bond IX
--------------------------------------------------------
Credit Ratings Indonesia PT Pefindo assigned `idBBB' ratings for
PT Bank Tabungan Negara (BTNG) and its Bonds IX amounting to
Rp750 billion mature in 2008. The ratings reflect the bank's
strong franchise in housing loans (Kredit Pemilikan Rumah, KPR),
manageable asset quality, and adequate capitalization, but
mitigated by the bank's weak profitability and maturity mismatch
in its assets and liabilities. Along with the government's
program in housing development, especially housing for low-
income segment, in 1974 BTNG was appointed as the housing loan
financing institution.

Furthermore, in 1989, the bank's status was changed into a
commercial bank and became Persero in 1992. The bank has been
included in the government recapitalization program, which was
completed in October 2000 with total cost of Rp13.8 trillion. As
part of the requirements from the International Monetary Fund
(IMF)'s letter of intent (LoI), BTNG is recommended to remain
focus on mortgage businesses and improve its funding structure
by reducing its dependency on institutional funds. After
recapitalization program completion in FY00, BTNG's total assets
had reached Rp26.5 trillion in FY02, growing from RpR9.0
trillion in FY99, while total loans stood at Rp9.5 trillion in
FY02 from Rp7.0 trillion in FY99. The bank also has long
standing presence in the bond market, since it had issued and
paid off all of its Bonds I-VIII during FY89-97.

To support its operation, as to date, BTNG has 43 branches, 42
sub-branches, 97 cash offices and 93 fully owned ATMs in
addition to around 4,000 units of ATM HIMBARA. In addition, to
cover its customers in remote areas, BTNG has cooperated with
4,000 post offices in Indonesia to accommodate the payments of
its customers' housing loan installments. BTNG plans to open 21
additional branches throughout FY03 and 85 ATMs. As to date, the
Government of Indonesia (GoI) still holds 100% ownership at
BTNG.


CHANDRA ASRI: IBRA Continues Selling Assets at Low Price
--------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) insists on selling PT
Chandra Asri Petrochemical's strategic assets at the low price,
despite the Oversight Committee's warning not to sell.

According to Bisnis Indonesia, IBRA disposed of its assets in
Chandra Asri at Rp602 billion, only 5.96% of the book value
(Rp10.098 trillion), to Thailand-based investor Glazers & Putnam
Investment Ltd.

"The basic pricing of assets that IBRA disposes actually shows
the market expectation. The basic price is determined by several
internal parties in IBRA," Deputy Chairman of IBRA for
Administrative and Working Support, Junianto T. Prijono, said.

The sales price of Chandra Asri was lower than IBRA's average
credit assets recovery of 18%. IBRA assumes that Chanda Asri's
asset value is low because of its bad performance. However, data
by IBRA disclosed that in 2004-2005 period, the company's margin
and operation level would improve.

As to 31 December, Chandra Asri had US$1.02 billion in assets
with the net equity of US$216 million. Last year, it noted
US$370.45 million in sales value with the net loss of US$11.09
million.


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


ALL NIPPON: ANA Orders More Regional Jets for Domestic Use
----------------------------------------------------------
All Nippon Airways (ANA) has placed a firm order for two further
Bombardier DHC8-400 turboprop aircraft. This is in addition to
the four aircraft ordered in October last year, bringing ANA's
DHC8-400 total firm orders to six.

The 74-seat aircraft will be powered by Pratt and Whitney PW150A
engines, and operated by Air Nippon Network Co Ltd, a regional
subsidiary of the ANA Group. ANA has already taken delivery of
the first of its DHC8-400s, which will go into service on the
Osaka (Itami) - Kochi route from November 1st this year. As they
are delivered, the turboprop aircraft will be used to replace
jet-operated services and double the number of flights offered
per day on the route.

" The expansion of turboprop operations allows ANA to take
advantage of propeller slots at Itami, thus offering greater
frequency of service, and greater convenience, to our
passengers. Compared with jet aircraft covering the same
distance, the flight time of the DHC8-400 is approximately the
same; the DHC8-400 also incorporates the most up to date
technology and collision avoidance systems, so our passengers
can rest assured that they will be traveling with the latest in
safety and comfort, " said Yoji Ohashi, ANA's President and CEO.


DHC8-400 CHARACTERISTICS

Length: 32.8 m
Width: 28.4 m
Height: 8.3 m
Engine: PW150A (x2)
Number of Seats: 74 seats
Number of Crew: 2 Cockpit Crew, 2 Cabin Attendants
Maximum Take-off Weight: 63,930 lb (29,000 kg)
Cruise Speed: 350 kt (650 km/h)
Maximum Cruising Height: 25,000 ft (7,500 m)

Meanwhile, Kyodo News reported that All Nippon Airways Co. (ANA)
plans to reduce the salaries of all employees next spring by
about 5 percent. This would mark the first time in the Japanese
airline industry that base salaries for regular employees have
been cut.

Contact: Rob Henderson, ANA Public Relations:
r.henderson@ana.co.jp


FUJISAN SHOKAI: Ice Cream Wholesaler Goes Bust
----------------------------------------------
Fujisan Shokai, Japan's largest ice cream wholesaler, has given
up efforts to restructure its ailing business on its own and
plans to apply for court protection from creditors, according to
Kyodo News. The Company has roughly 60 billion yen in
liabilities, plans to take the legal action on Thursday under
the civil rehabilitation law.


FUKUSUKE CORP.: Aozora, DBJ Lends Y11B to Failed Sock Maker
-----------------------------------------------------------
Aozora Bank and the governmental Development Bank of Japan (DBJ)
will jointly lend a total of 11 billion yen to struggling sock
maker Fukusuke Corporation, according to Kyodo News on Thursday.
Fukusuke has good chances of revival in light of its attractive
product lineup, the two banks said, explaining their decision to
extend the syndicated loan.


HAZAMA CORPORATION: Rating Unaffected by Reshuffle, S&P
-------------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday that its
'CCpi' rating on Hazama Corporation would not be immediately
affected by reorganization within the Hazama Group. As part of a
three-year revitalization plan announced in May 2003, the Hazama
Group split Hazama Corp. into two entities as of Wednesday.

The new Hazama Corporation retained the Company name and the
construction side of the business, while Aoyama Kanzai Co. Ltd.
took most of the real estate assets within the group. The
revitalization plan also includes a debt-for-equity swap by
major creditor banks and a capital injection by Ando Corp. If
the debt-for-equity swap is implemented in the near future, the
rating on Hazama will be lowered to 'SDpi' (Selective Default).


KUMAGAI GUMI: Wins Contract to Build Tunnel in Hong Kong
--------------------------------------------------------
Ailing construction firm Kumagai Gumi Co. has won a contract
from the authorities in Hong Kong to build a tunnel on the
motorway connecting Hong Kong's international airport and
northern Kowloon, according to Kyodo News. The building of the
2.1-kilometer tunnel will be done jointly by Kumagai Gumi and
Australia's Leighton Contractors (Asia) Limited. The contract is
worth 28 billion yen overall.

Kumagai Gumi meanwhile said it has completed the issuance of new
shares totaling 30 billion yen and has received payments. The
shares were issued mainly to its creditor banks.


MATSUSHITA ELECTRIC: Launches Network Protocol Technology
---------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic brand consumer electronics, announced the development
of a network protocol technology that allows users to operate
consumer electronics connected to the Internet in real time from
remote locations using mobile devices such as mobile phones or
personal computers. The protocol technology has already been
incorporated in previously released products such as the DIGA
series of Panasonic's DVD/HDD video recorders and the "KURASHI
NET" networked home appliances/housekeeping system. The protocol
technology will be included as a standard feature in all of
Matsushita's future networked consumer electronics.

With this technology, networked consumer electronics (which
incorporate client functionality) and servers communicate using
a newly developed protocol that eliminates the need for users to
make settings on individual network-capable home appliances.
Once Internet connection is inserted to a device, such as
DVD/HDD video recorder, the client program automatically
contacts the control server and mutual information exchange take
place, sending its global IP address and device information to
the system server. This data is used as the basis for
communication between the home appliance and the control server.
If the global IP address of the appliance changes or is powered
off and then back on again, the above negotiation is performed
again, reestablishing communication. As a result, there is no
need for the user to input any complicated settings normally
needed to enable port forwarding and global IP checking.

The protocol technology also allows real-time control of
consumer electronics such as AV equipment, security systems, and
climate control equipment to take place from remote locations.
When an operation command reaches the application server from
mobile devices such as a mobile phone or personal computer, the
server immediately sends the client program a command
instructing it to retrieve operation data from the application
server. To ensure safe usage, individual devices have their own
IDs to provide security against unauthorized usage and
protection against spoofing and unauthorized access.

In order to implement remote control of network-capable devices
in the home, the protocol technology needed to have the ability
to exchange data with devices behind routers employing network
address translation (NAT). Home networking products also needed
to be assigned a global address. Conventional technology
requires the user to assign the appropriate settings to the
networking equipment used, such as the router, in order to get
around current limitations. Alternately, the capability to
operate the networked consumer electronics in real time had to
be sacrificed. The protocol technology overcomes the issues
mentioned above while providing extremely simple setup: the user
simply needs to connect the cable.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd. (6752), best known for
its Panasonic, National, Technics, and Quasar brands, is a
worldwide leader in the development and manufacture of
electronics products for a wide range of consumer, business, and
industrial needs. Based in Osaka, Japan, the Company recorded
consolidated sales of US$51.7 billion for the fiscal year ended
March 31, 2002. In addition to stock exchanges in Tokyo (TSE:
6752) and elsewhere in Japan, Matsushita's shares are listed on
the Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC),
Pacific, and Paris stock exchanges. For further information,
please visit the Matsushita Electric Industrial Co., Ltd. home
page at: www.panasonic.co.jp/global/top.html

Owner of the Panasonic brand, Matsushita is currently in a
restructuring mode, but due to the global economic slump the
company does not expect its businesses to fully recover soon,
TCR-AP reported recently.

Contact:
Matsushita Electric Industrial Co., Ltd.
Akira Kadota, International PR, Tokyo
kadota@hqs.mei.co.jp
Tel: 03-3578-1237 Fax: 03-3437-2776


MORIMOTO CORPORATION: Files for Bankruptcy
------------------------------------------
Osaka-based contractor Morimoto Corporation has filed for court
protection from creditors with 215.3 billion yen (US$1.9
billion) of debt, making it the biggest bankruptcy among
publicly traded companies in Japan this year, Bloomberg reports.
The Company said the rising competition and bankruptcies of its
subcontractors made it increasingly difficult to generate
profit.

President Yoshihide Morimoto said the Company's debt probably
exceeded its assets by September 30. It had 117.9 billion yen in
current assets as of March 31, according to Bloomberg data.


MYCAL CORPORATION: Creditors OK Reorganization Plan
---------------------------------------------------
Mizuho Financial Group, Inc. has announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd., Mizuho Global, Ltd.,
Mizuho Corporate, Ltd., Mizuho Bank (Switzerland) Ltd., and
Mizuho Bank, Ltd. (Mizuho Group) have decided to release Mycal
Corporation and its affiliated companies (Heart Realestate Co.,
Ltd., Mycal Kyoyu Co., Ltd., Mycal General Development Co.,
Ltd., Seibu General Development Co., Ltd., Cosmo21 Co., Ltd.,
Amenity Tank Co., Ltd., Vivre Kyoyu Co., Ltd., and Mycal
Higashikanto Corporation, collectively the "Companies) from
certain of their debts in response to the reorganization plan
which was approved in the creditors' meeting on September 30.
This decision is subject to the approval of the reorganization
plan by Tokyo District Court.

As all the claims to be waived had already been covered by
reserves in previous years, this development will have no effect
on Mizuho's previously announced projections for this fiscal
year.

1.Outline of Mycal Corporation and the Companies

(1) Mycal Corporation

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 74,024 million

(2) Heart Realestate Co., Ltd.

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 20 million

(3) Mycal Kyoyu Co., Ltd.

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 1,150 million

(4) Mycal General Development Co., Ltd.

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 2,000 million

(5) Seibu General Development Co., Ltd.

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 10 million

(6) Cosmo21 Co., Ltd.

Address 3-1-30, Kyutaro-machi, Chuo-ku, OSAKA
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 6,000 million

(7) Amenity Tank Co., Ltd.

Address 8-5-30, Akasaka, Minato-ku, TOKYO
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 430 million

(8) Vivre Kyoyu Co., Ltd.
Address 1-3-1, Chuo, Aoba-ku, Sendai, MIYAGI
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 82 million

(9) Mycal Higashikanto Corporation

Address 122, Sakai-machi, Sasimagun, IBARAKI
Assignee Mr. Motoya Okada, Mr. Hideo Seto
Capital JPY 100 million

2. Details of Relevant Developments

September 14, 2001 Mycal Corporation filed for court protection
with the Tokyo District Court.

September 18, 2001 Commencement of the rehabilitation procedure
of Mycal Corporation was decided.

November 22, 2001 Mycal Corporation filed for commencement of
corporate reorganization procedure with the Tokyo District
Court.

November 26, 2001 Heart Realestate Co., Ltd., Mycal Kyoyu Co.,
Ltd., Seibu General Development Co., Ltd., Mycal General
Development Co., Ltd., and Vivre Kyoyu Co., Ltd. filed for
commencement of corporate reorganization procedures with the
Tokyo District Court.

December 4, 2001 Cosmo21 Co., Ltd. and Amenity Tank Co., Ltd.
filed for commencement of corporate reorganization procedures
with the Tokyo District Court.

December 31, 2001 Commencement of corporate reorganization
procedures of the above 8 companies was decided.

May 28, 2002 Mycal Higashikanto Corporation filed for
commencement of corporate reorganization procedure with the
Tokyo District Court.

May 28, 2002 Commencement of corporate reorganization procedure
of Mycal Higashikanto Corporation was decided.

September 30, 2003 - The reorganization plan was approved in the
creditors' meeting.

3.Amount of Claims to be waived by Mizuho Group

Subject to the approval by Tokyo District Court, Mizuho Group
will release Mycal Corporation and the Companies from their
debts in the amount below:

Mizuho Corporate Bank, Ltd. JPY 859 million
Mizuho Global, Ltd. JPY 270,897 million
Mizuho Corporate, Ltd. JPY 2,702 million
Mizuho Bank (Switzerland) Ltd. JPY 1,019 million
Mizuho Bank, Ltd. JPY 482 million
Total JPY 275,957 million

4.Effect of this Development on Profit/Loss of Mizuho Financial
Group, Inc.

As the above claims had already been covered by reserves in
previous years, this development will have no effect on Mizuho's
previously announced projections for this fiscal year.


MYCAL CORPORATION: JCR Withdraws D Ratings
------------------------------------------
Japan Credit Rating Agency (JCR) has withdrawn the D ratings on
the bonds of Mycal Corporation.

Issues / Amount (billion) / Issue Date / Due Date / Coupon
Bonds no.3 / Y10 / Oct. 12, 1995 / Oct. 12, 2005 / 3.10 percent

Reverse dual currency yen/A$ bonds no.4
Y30 / Oct. 25, 1995 / Oct. 25, 2005 / 4.00 percent

Bonds no.5 / Y30 / Dec. 27, 1995 / Dec. 27, 2002 / 2.75  %
Bonds no.6 / Y10 / Dec. 27, 1995 / Dec. 27, 2001 / 2.40  %
Bonds no.7 / Y10 / Jan. 30, 1996 / Mar. 28, 2002 / 2.65  %
Bonds no.8 / Y10 / Jan. 30, 1996 / Jan. 30, 2003 / 2.95  %
Bonds no.9 / Y20 / Jan. 30, 1996 / Jan. 30, 2004 / 3.15  %
Bonds no.10 / Y10 / Jan. 30, 1996 / Jan. 30, 2006 / 3.40  %
Bonds no.11 / Y10 / Feb. 20, 1996 / Feb. 20, 2002 / 2.70  %
Bonds no.12 / Y10 / Feb. 20, 1996 / Feb. 20, 2006 / 3.40  %
Bonds no.22 / Y10 / Nov. 10, 1999 / Nov. 10, 2004 / 2.04  %
Bonds no.23 / Y10 / Nov. 10, 1999 / Nov. 10, 2005 / 2.45  %
Bonds no.24 / Y5 / Nov. 19, 1999 / Nov. 19, 2007 / 3.00  %
Bonds no.25 / Y5 / Dec. 17, 1999 / Dec. 17, 2004 / 2.16  %
Bonds no.26 / Y40 / Jan. 28, 2000 / Jan. 28, 2004 / 2.00  %
Bonds no.27 / Y50 / Oct. 12, 2000 / Oct. 12, 2004 / 3.25  %
Bonds no.4 (p.p.)* / Y5 / Sep. 29, 1999 / Sep. 30, 2002 /1.65  %
Bonds no.5 (p.p.)* / Y2 / Set. 29, 1999 / Sep. 29, 2004 /2.45  %

*Taken over by Mycal from Mycal Finance due to merger on
February 26, 2001.

Issuer: Orion Asset Funding (Mycal's Securitization Program)

Amount (billion) Interest Rate

Trust Certificates for Tenants' Term Deposit (1) Y5.7 2.030 %
Trust Certificates for Tenants' Term Deposit (2) Y1.0 6.2644 %

Date of Sale: February 18, 1997

Maturity: February 18, 2002

Credit Enhancement & Liquidity Facility: guaranteed & loan
commitment by Mycal

RATIONALE:

JCR put the rating for Mycal as D, following Mycal's filing for
Civil Rehabilitation Law on September 14, 2001. Creditors agreed
on Mycal's reorganization plan and Tokyo District Court approved
it on September 30, 2003. The investors' rights in the Bonds
rated by JCR are expected to change following approval of the
reorganization plan. JCR withdrew the ratings on the outstanding
Bonds of the issuer, accordingly. It also withdrew the ratings
for Mycal's securitization program.


NISSHO IWAI: Dissolves Unit in Guatemala
----------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) announced that
Nissho Iwai Corporation, a wholly owned subsidiary of NNH,
determined to dissolve the subsidiary Company described below.

NISSHO IWAI DE CENTROAMERICA Y EL CARIBE, S. A.

(1) Corporate Profile

(2) Reason for dissolution

As part of post-integration reorganization of overseas network.

(3) Forecast Liquidation proceedings will be completed by March
2004. Though this dissolution will be accompanied by a slight
loss, no effect is anticipated on NNH's earnings forecast for
the fiscal year ending March 2004. The existing business
operations will be taken over by Nissho Iwai American
Corporation, which will continue to strive actively towards
expansion of business.

Headquarters: Calle 1-04, Zona 10, Edificio Centrica Plaza 7o.
Nivel Oficinas 701-703 Ciudad Guatemala, GUATEMALA, C.A.

Representative: Hidemi Momota

Business: Administration of Nissho Iwai's Central American
offices, Liaison with Nissho Iwai Tokyo Hdqrs., and provision of
marketing and consulting services to customers

Established: April 23, 1998

Capital: GTQ 4,000,000

Major Shareholders:
Nissho Iwai Corporation (49%)
Nissho Iwai American Corporation (51%)


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


HANARO TELECOM: LG Won't Surrender Management Control
-----------------------------------------------------
LG Telecom Vice President Kang Moon-seok said on Wednesday that
his firm's parent, the LG Group, wouldn't hand over management
control of Hanaro Telecom to foreign investors, Asia Times said
on Thursday. "From LG's point of view, losing control of Hanaro
means pulling out of its telecommunication businesses," Kang
said in a meeting with reporters.


SK GLOBAL: Debtor's Motion to Approve KEB & Chohung Stipulations
-------------------------------------------------------------
Cosimo Borrelli and David John Kenney, the Court-appointed
Provisional Liquidators of SK Global Hong Kong Limited, noted
that the debtor seeks broad authority to use cash collateral,
all without any information that would allow creditors and the
Court to evaluate whether the contemplated transactions are
desirable or appropriate.

According to Robert M. Hirsh, Esq., at Duane Morris, LLP, in New
York, the Debtor's request for approval of the stipulations
contain no information regarding the most basic and fundamental
matters, like:

    -- the amount of cash collateral the Debtor intends to use;
    -- the expenses the Debtor intends to use the cash to pay;
    -- whether the contemplated operations are even profitable;
    -- the extent of projected income and expenses;
    -- the amount of the alleged prepetition claims;
    -- the alleged collateral securing those claims;
    -- the basis for the alleged prepetition claims and
liens;
    -- the value of the prepetition collateral.

In fact, the Debtor's creditors and the Court cannot even review
the Debtor's schedules of assets and liabilities and statement
of affairs for actual and projected balance sheets, operating
statements, cash flow budgets and actual and projected profit
and loss statements, as the Debtor has not filed these documents
yet. The Debtor has sought an additional extension of time to
file its schedules and statement.

In addition, Mr. Hirsch contends that even if the Debtor
supplies all of the missing information, the Cash Collateral
Stipulations should not be approved until, at a minimum, these
issues are addressed and resolved:

    (a) The Debtor must provide adequate information regarding
the amount, extent, priority and validity of the Banks'
        prepetition claims and liens;

    (b) The Debtor must provide adequate information regarding
the value of the collateral securing the Banks'
prepetition liens, so that creditors and the Court can
evaluate whether and to what extent other means exist,
like an equity cushion, to provide adequate protection
to the Banks instead of a broad replacement lien;

    (c) The extent of the replacement liens provided to the
Banks, if appropriate at all, should be limited to the
extent the Debtor's use of the Purported Cash Collateral
results in a diminution in value in the Banks' interest
in the estate's interest in the collateral.  As written,
the Cash Collateral Stipulations provide a lien to the
extent the Debtor uses the Purported Cash Collateral
even if that use does not result in any diminution in
value.  The Banks are only entitled to adequate
protection against erosion in value resulting from the
Debtor's use of Cash Collateral.

Moreover, the replacement lien should be limited,
pursuant to Section 506(a) of the Bankruptcy Code, only
to the extent of the estate's interest in the property
that serves as collateral, and not directly in the
property itself; and

    (d) The Carve-out is much too low for a case of this
        magnitude, and it should be clear that fees incurred by
        the SK Global Hong Kong Liquidators in taking positions
        adverse to the Banks are not exempt from the Carve-out.
        If the Banks want the many benefits of the bankruptcy
        system, like court-ordered liens and super priorities,
it
        must live within that system, which presupposes that
        estate fiduciaries will be able to discharge the duties
        imposed upon them by law.

It is obvious, Mr. Hirsch remarks, that the proposed
transactions are problematic.  The Stipulations contain many
provisions that don't appear to be in the best interests of the
Debtor's creditors.  In light of these deficiencies, the Debtor
cannot possibly demonstrate that the Cash Collateral
Stipulations will accomplish their intended purposes, let alone
the minimum showing the Debtor must prove under the Bankruptcy
Code.  In particular, the Cash Collateral arrangements do not
meet the Debtor's stated intentions of providing vital working
capital, permitting it to meet its necessary operating expenses
and preserving the status quo.

For these reasons, Mr. Borrelli and Mr. Kenney ask the Court to
deny the Debtor's request to enter into the stipulations.

                      Korean Creditors Join In

The Korean Financial Institutions Creditors join in and support
Mr. Borrelli and Mr. Kenney's objection to the approval of the
Stipulations with Korea Exchange Bank and Cho Hung Bank.   The
Korean Creditors include:

    -- Hana Bank,
    -- The Export-Import Bank of Korea,
    -- Kookmin Bank,
    -- The Korea Development Bank,
    -- Shinhan Bank,
    -- Woori Bank, and
    -- Koram Bank.

(SK GLOBAL BANKRUPCY NEWS, Issue Number 5; September 19, 2003)


SK NETWORKS: Bailout Hit by Court Action
----------------------------------------
Paris-based Union de Banques Arabes et Fran‡aises (UBAF) has
launched a legal move to retrieve its US$30 million of loans
from SK Networks Co. (SKN), in a move that could jeopardize a
proposed bail-out of the fraud-ridden Company, the Financial
Times said on Wednesday. UBAF has taken court action to prevent
SKN's shares in SK Telecom, an affiliate, being used as
collateral to secure the US$2.5 billion rescue package agreed by
other creditors.

The legal action, which has been approved by a Seoul court and
takes effect on Thursday, will throw the future of SKN, formerly
known as SK Global, into fresh doubt, six months after it was
found to have disguised US$5.6 billion of losses. Most foreign
creditors, such as Standard Chartered, HSBC and Bank of New
York, support the bailout by writing off more than half their
US$850 million of loans to SKN.

However, UBAF has broken from its foreign counterparts to demand
full repayment of its loans, threatening to push SKN into
liquidation if it does not repay the money.


SK NETWORKS: Shares Resume Trade on Thursday
--------------------------------------------
Shares in SK Networks Co. resumed trade on the Korea Stock
Exchange (KSE) on Thursday as creditors decided to drop a plan
to put the ailing firm under a court receivership, according to
Reuters.

The Company averted bankruptcy after foreign lenders agreed in
July to a bailout program proposed by domestic lenders. KSE has
halted trade in the Company's shares since July 25 after
creditors said they would put the troubled firm under the court
protection.


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


AKTIF LIFESTYLE: In Vigorous Negotiations With Lenders
------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month.

The Board of Directors of Aktif wishes to inform that Aktif is
still in active negotiations with the lenders to incorporate
some of the requests made and to address certain critical issues
raised by the lenders. In relation to this, negotiations are
still in progress between Aktif and the lenders in order to
reach mutual agreements.

On 2 September 2003, the Company announced that it had submitted
an application to the KLSE for an extension of time to 31
January 2004 for Aktif to make its Requisite Announcement. The
said application is pending KLSE's approval.

The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.


AOKAM PERDANA: Proposed Revised Scheme Finalization Underway
------------------------------------------------------------
Further to the announcement dated 1 September 2003 made pursuant
to Paragraph 4.1(b) of PN 4, Aokam Perdana Berhad wishes to
announce that it had, on 19 September 2003, entered into a
Supplemental Agreement with the Vendors of Key Heights Sdn Bhd
for the purpose of revising some of the terms of the Proposed
Rescue Scheme after taking into consideration, inter-alia, the
approved valuation of the Securities Commission (SC) on the
contractual timber rights to be injected into Aokam. The revised
Proposed Rescue Scheme is hereinafter referred to as the
`Proposed Revised Scheme'.

The Company is in the midst of finalizing the Proposed Revised
Scheme for submission to the SC and other regulatory
authorities.


AYER HITAM: Summons Full Trial Adjourned to March Next Year
-----------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad refers to the
announcement on 23 April 2003 on the Kuala Lumpur Sessions Court
Summons No.2-52-13178-98: KIY Design & Interior (M) Sdn Bhd -vs-
Motif Harta Sdn Bhd, which was fixed for full trial on 29
September 2003.

Ayer Hitam informed that the full trial is adjourned to 8 March
2004 as the Learned Judge has to hear another full trial.

Motif Harta Sdn Bhd is a 100% owned subsidiary of Ayer Hitam Tin
Dredging Malaysia Berhad.


BERJAYA LAND: Seeks Proposed Shareholders' Mandate Approval
-----------------------------------------------------------
The Board of Directors of Berjaya Land Berhad wishes to announce
that pursuant to paragraph 10.09 of the Kuala Lumpur Stock
Exchange Listing Requirements (Listing Requirements), the
Company intends to seek the approval of its shareholders for a
proposed shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (Proposed Mandate)
at the forthcoming 13th Annual General Meeting (AGM) of the
Company.

At the Extraordinary General Meeting (EGM) held on 23 October
2002, the shareholders of the Company had granted a mandate for
the Company and its subsidiaries to enter into recurrent related
party transactions. In accordance with paragraph 4.1.4 of
Practice Note 12/2001 of the Listing Requirements, the said
mandate will lapse at the forthcoming AGM. Pursuant thereto, the
Proposed Mandate being sought from shareholders at the
forthcoming AGM will also include the renewal of the
shareholders' mandate obtained at the EGM held on 23 October
2002.

A circular setting out the details of the Proposed Mandate will
be dispatched to the shareholders of the Company in due course.


BUKIT KATIL: Provides Loan Facilities Status Update
---------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad
wishes to update on the following loan facilities:

Bumiputra-Commerce Bank Berhad

The company is presently making attempts to obtain refinancing
from other financial institutions for the repayment of the
defaulted sums.

OCBC Bank (Malaysia) Berhad

The legal proceedings have been fixed for case management on 7
October 2003 for the purpose of fixing trial date.

The company's efforts to procure alternative financing to fully
settle the outstanding facilities are still pending a successful
outcome.

The Board of Directors of BKATIL would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

Borrowings in default as at 31 August 2003 with Bumiputra-
Commerce Bank Berhad and OCBC Bank (Malaysia) Berhad are shown
at http://bankrupt.com/misc/TCRAP_Bkatil1003.pdf.

Bukit Katil also informed that with effect from 1 October 2003,
the telephone number (General Line) of the Registered Office and
the Share Registrar (office at which the register of securities
of BKATIL is kept) of BKATIL i.e. Securities Services (Holdings)
Sdn Bhd, will be changed to 603-2084 9000. The facsimile numbers
will remain unchanged i.e. 603-20949940/603-20950292.


GENERAL SOIL: Seeks Oct 14 Requisite Announcement Extension
-----------------------------------------------------------
General Soil Engineering Holdings Berhad is in the advanced
stages of finalizing the revised terms and conditions of the
Proposed Restructuring Scheme. The Requisite Announcement will
be made upon the execution of the necessary legal documentation
with the relevant parties for the Proposed Restructuring Scheme.

Accordingly, Avenue Securities Sdn Bhd (Avenue), on behalf of
the Company wishes to announce that Avenue, had on 30 September
2003 submitted an application to the KLSE on behalf of the
Company for a further time extension of two (2) weeks from 30
September 2003 to 14 October 2003 to release the Company's
Requisite Announcement to the public.

The Company further announced that it is in advance stages of
finalizing the revised terms and conditions of the Proposed
Restructuring Scheme.


IDRIS HYDRAULIC: Finalizing Settlement Agreement Terms
------------------------------------------------------
Idris Hydraulic (Malaysia) Bhd had on 15 November 1996 entered
into three (3) separate put option agreements (Put Option
Agreements) with Magnitude Network Sdn Bhd (MNSB), Proselesa Sdn
Bhd (PSB) and Apexicon Sdn Bhd (ASB) respectively whereby IHMB
has irrevocably granted to the respective parties the options to
sell the following shares to IHMB subject to the terms and
conditions of the said Put Option Agreements:

   (i) the 39,914,000 ordinary shares of RM1.00 each in Perak-
Hanjoong Simen Sdn Bhd (Perak-Hanjoong)(Perak-Hanjoong Shares)
held by MNSB;

   (ii) the 39,830,000 Perak-Hanjoong Shares held by PSB; and

   (iii) the 29,914,000 Perak-Hanjoong Shares held by ASB.

The assignment of the respective MNSB, PSB and ASB rights, title
and interests under the Put Option Agreements were security(ies)
for the three (3) separate facility agreements entered into
between MNSB, PSB and ASB and MP Capital Advisory Sdn. Bhd.,
United Malayan Banking Corporation Berhad and UMBC International
Bank (L) Ltd (as the institutions were then known) on 18
November 1996 to obtain standby letter of credit facilities from
UMBC International Bank (L) Ltd.

All the respective rights, title and interests of MNSB, PSB and
ASB in and to inter-alia the Put Option Agreements were
subsequently vested in Danaharta Managers Sdn Bhd as trustee for
and on behalf of Danaharta Managers (Labuan) Ltd (the DMLL). The
said assignment was consented by IHMB via its letter dated 26
November 1996.

IHMB wishes to announce that Danaharta had on 25 September 2003
given IHMB three (3) separate notices (Notices) to exercise
their rights pursuant to the Put Option Agreements to require
IHMB, within three (3) business days (being a day (other than
Saturday, Sunday or public holiday) on which commercial banks
are open for business in the Federal Territory of Labuan, New
York, Kuala Lumpur and Singapore) after the date of service of
the said Notices, to purchase from Danaharta the following:

   (i) the 39,914,000 Perak-Hanjoong Shares for the sum of
US$27,497,883.37 or RM104,491,956.80 being the outstanding sum
due and owing by MNSB as at 31 August 2003 to the Lender under
the Facility Agreement dated 18 November 1996;

   (ii) the 39,830,000 Perak-Hanjoong Shares for the sum of
US$36,619,697.24 or RM139,154,849.53 being the outstanding sum
due and owing by PSB as at 31 August 2003 to the Lender under
the Facility Agreement dated 18 November 1996; and

   (iii) the 29,914,000 Perak-Hanjoong Shares for the sum of
US$27,514,454.49 or RM104,554,927.06 being the outstanding sum
due and owing by ASB as at 31 August 2003 to the Lender under
the Facility Agreement dated 18 November 1996.

However, as IHMB is currently undertaking a debt restructuring
scheme and is therefore not in a position to fulfill its
obligations under the Put Option Agreements. IHMB has proposed
to Danaharta to absolve IHMB from its obligations under the Put
Option Agreement by agreeing to procure Idaman Unggul Berhad
(formerly known as Idaman Unggul Sdn Bhd) (Idaman Unggul) to
issue RM15,000,000 nominal value of Irredeemable Convertible
Unsecured Loan Stocks-A (ICULS-A) together with 750,000 ordinary
shares of RM1.00 each (Yield Shares) in Idaman Unggul to DMLL.
Danaharta had on 26 September 2003 agreed to the said proposal
from IHMB.

IHMB, Danaharta and Idaman Unggul are in the midst of finalizing
the terms of the agreement for the Settlement.

INFORMATION ON MNSB, PSB AND ASB

Information on MNSB

MNSB was incorporated under the Companies Act, 1965 on 8 April
1991 as a private limited company under its present name. MNSB
has an authorized share capital of RM10,000,000 comprising
10,000,000 ordinary shares of RM1.00 each of which 5,000,010
ordinary shares of RM1.00 each have been issued and fully paid-
up.

The principal activity of MNSB is of an investment holding
company.

Information on PSB

PSB was incorporated under the Companies Act, 1965 on 27 January
1996 as a private limited company under its present name. PSB
has an authorized share capital of RM1,000,000 comprising
1,000,000 ordinary shares of RM1.00 each of which all have been
issued and fully paid-up.

The principal activity of PSB is of an investment holding
company.

Information on ASB

ASB was incorporated under the Companies Act, 1965 on 20 March
1996 as a private limited company under its present name. ASB
has an authorized share capital of RM1,000,000 comprising
1,000,000 ordinary shares of RM1.00 each of which all have been
issued and fully paid-up.

The principal activity of ASB is of an investment holding
company.

RATIONALE OF THE SETTLEMENT

The Settlement is to allow IHMB to proceed with its
restructuring exercise. The issuance of the RM15,000,000 nominal
value of ICULS-A and 750,000 Yield Shares has been provided for
in the restructuring exercise of IHM for settlement of
unrecorded or unforeseen liabilities.

EFFECTS OF THE EXERCISE OF PUT OPTIONS AND SETTLEMENT

Kindly refer to http://bankrupt.com/misc/TCRAP_Idris1003.docfor
effects of the Put Options and Settlement Exercise.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Save as disclosed below, none of the other Directors has any
interest, direct or indirect in the Exercise of Put Options and
Settlement:

Dato' Che Mohd Annuar bin Che Mohd Senawi, the Investor, who is
a Director of both Idaman Unggul and IHMB and a substantial
shareholder of Idaman Unggul, currently holding 99.97% of the
equity interest in Idaman Unggul comprising 9,997 ordinary
shares of RM1.00 each in Idaman Unggul is therefore deemed
interested in the Restructuring Exercise and in this regard, the
Settlement. Accordingly, Dato' Che Mohd Annuar bin Che Mohd
Senawi has and will continue to abstain from voting and any
deliberations on the Restructuring Exercise including the
Settlement at the Board meetings of IHMB. Dato' Che Mohd Annuar
Che bin Mohd Senawi, presently has no shareholding, direct or
indirect, in IHMB.

DIRECTORS' STATEMENT

The Board of Directors of IHMB is of the opinion that the
Settlement is in the best interest of IHMB.


JUTAJAYA HOLDING: Revised Debt Scheme Approvals Pending
-------------------------------------------------------
OSK Securities Berhad, on behalf of the Board of Directors of
JHB, wishes to announce that the decision of the relevant
regulatory authorities in relation to the revised proposed
corporate and debt-restructuring scheme is pending.

Apart from the above, there have been no other changes to the
status of JHB's plan to regularize its financial position.

For details of the Proposed Corporate and Debt Restructuring
Scheme, refer to the Troubled Company Reporter - Asia Pacific
Tuesday, January 21, 2003, Vol. 6, No. 14 issue.


KELANAMAS INDUSTRIES: Oct 16 Court Convened Meeting Set
-------------------------------------------------------
On 26 November 2001, Kelanamas Industries Berhad had entered
into a Memorandum of Understanding (MOU) with MP Technology
Resources Berhad (MPTR), Tai Seng Plastic Industries Sdn Bhd
(Tai Seng) and other companies, in relation to a proposed scheme
to regularize its financial condition.

Subsequently on 28 February 2002, KIB had entered into a
Restructuring Scheme Agreement (RSA) with MP Technology
Resources Berhad (MPTR), which involves the injection of the
following companies into MPTR.

   a) Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
   b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
   c)  Highlight Plastic Machinery Sdn Bhd (HL)
   d)  VCM Precision Sdn Bhd (VCM)
   e) Tralvest (M) Sdn Bhd (Tralvest)
   f) MP Plastic Industries Sdn Bhd (MPPI)

(Collectively referred to herein as `New Business')

The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme, which is subject to
approval from the authorities, and consist of the following
exercises:

   (a) Proposed Acquisition of KIB;
   (b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
   (c) Proposed Scheme of Arrangement;
   (d) Proposed Acquisition of New Business;
   (e) Proposed Special Issue;
   (f) Proposed Offer for Sale;
   (g) Proposed Acquisition of MPR;
   (h) Proposed Acquisition of Plastronic;
   (i) Proposed Transfer of Listing Status;
   (j) Proposed Disposal/Liquidation; and
   (k) Proposed General Offer Waiver (GO Waiver)

(Collectively referred to herein as `Proposed Restructuring')

The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.

On 3 May 2002, AmMerchant Bank Berhad (AmMerchant) announced on
behalf of the Board of Directors of KIB to seek the approval of
Kuala Lumpur Stock Exchange (KLSE) for an extension of time of
three (3) months, from 3 May 2002 to 3 August 2002 for KIB to
make the submission of its proposal to the authorities.

On 18 June 2002, AmMerchant has made announcement on behalf of
the Board of Directors of KIB that KLSE,  via its letter dated
17 June 2002, approved the Company's application for an
extension of time to make the required submission to the
authorities. The extension of time is effective from 3 May 2002
to 3 August 2002.

On 30 August 2002, KIB has submitted the Proposed Restructuring
to the Securities Commission. For further details, kindly refer
to the announcements made by AmMerchant on behalf of KIB on 2
August 2002 and 30 August 2002.

Kuala Lumpur Stock Exchange, via its letter dated 9 September
2002, approved the Company's application for an extension of
time from 3 August 2002 to 30 August 2002 to make the required
submission to the authorities. As previously announced, the
submission had been made to the relevant authorities on 30
August 2002.

The Foreign Investment Committee (FIC) via its letter dated 21
November 2002, approved the Proposed Restructuring Scheme
subject to MPTR, the vehicle to assume the listing status of
KIB, maintaining at least 30% bumiputra equity interest at the
point of listing. For further details, kindly refer to the
announcement made by AmMerchant on behalf of KIB dated 2
December 2002.

The Securities Commission has via its letter dated 31 December
2002, approved the Proposed Restructuring Scheme subject to
conditions as stated in the said letter. For further details,
kindly refer to the announcement made by AmMerchant on behalf of
KIB dated 2 January 2003.

On 14 January 2003, AmMerchant announced on behalf of the Board
of Directors of KIB that via a letter dated 14 January 2003, an
appeal was made against the FIC's condition such that MPTR, the
company to assume the listing status of KIB, be granted a period
of three (3) years from the date of quotation of MPTR's shares
on the Main Board of the KLSE to achieve the 30% bumiputra
equity interest instead of upon listing of MPTR's shares as
contained in FIC's approval letter dated 21 November 2002.

On 20 January 2003, AmMerchant had announced on behalf of the
Board of Directors of KIB that the Ministry of International
Trade and Industry (MITI) has via a letter dated 15 January 2003
approved the Proposed Restructuring Scheme subject to
conditions. For further details, kindly refer to the
announcement dated 20 January 2003.

Further to the announcement dated 14 January 2003, AmMerchant
has on behalf of the Board of Directors of KIB announced on 12
March 2003, that the FIC has via a letter dated 6 March 2003,
granted MPTR a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the KLSE) to
increase its bumiputra shareholding interest to 30%.

On 22 April 2003, KIB has obtained a Court Order in term of the
Application under Section 176(1) of the Companies Act, 1965.

On behalf of the Board of Directors of the Company, AmMerchant
Bank Berhad has announce that MPTR, the vehicle to assume the
listing status of the Company, has on 29 July 2003 entered into
the Supplemental Agreement with the vendors. For further
details, refer to announcement made by AmMerchant on 31 July
2003.

Court Convened Creditors Meeting will be held on 16 October 2003
and Court Convened Shareholders' Meeting and Extraordinary
General Meeting will be held on 17 October 2003 pursuant to
Proposed Restructuring Scheme of the Company. Presently, the
Explanatory Statement and Circular to Shareholders' has been
circulated to the Scheme Creditors and Shareholders' of KIB.


KEMAYAN CORPORATION: SC's Scheme Waiver Approval Pending
--------------------------------------------------------
Further to the announcement on 2 September 2003 by Public
Merchant Bank Berhad, on behalf of Kemayan Corporation Berhad,
PMBB announced that the Board of Directors of the Company is
still awaiting the decision from the Securities Commission (SC)
on the appeal for a waiver on certain conditions imposed by the
SC in respect of the Proposed Restructuring Scheme.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
February 25, 2002, Vol. 5, No. 39 issue for details of the
Proposed Restructuring Scheme.


LII HEN: Shuts Down US Units Due to Continuous Loss
---------------------------------------------------
On 25 August 2003, Lii Hen Industries Bhd had via its latest
announcement of 2nd quarterly results, announced that the Group
has resolved to cease operations of continuous loss subsidiaries
in US with the objective of protecting the interest of the
Company and its shareholders.

In this connection, the Board of Directors of Lii Hen wishes to
announce that the US subsidiaries, i.e. Mega Creations, Inc. and
its subsidiary Home Creations, Inc. shall cease its entire
operations on 1 October 2003.


NALURI BERHAD: Changes Share Registrar's Contact Details
--------------------------------------------------------
Naluri Berhad (Special Administrators Appointed) announced that
with effect from 1 October 2003, the telephone number for the
Company's Share Registrar, Securities Services (Holdings) Sdn
Bhd, will be changed to 603-2084 9000.

The facsimile numbers of the Share Registrar of 603-2094 9940
and 603-2095 0292 remain unchanged.

The Troubled Company Reporter - Asia Pacific reported on June
that the Company accepted the mandatory offer from Commerce
International Merchant Bankers Berhad (CIMB) to acquire the
remaining 1,280,136,722 ordinary shares of RM1.00 each in Celcom
(Malaysia) Berhad (Celcom) for a cash payment of RM2.75 per
Celcom Share, in respect of the 69,072,000 Celcom Shares owned
by Naluri (Offer). The proceeds of the shares disposal is for
the funding of a capital repayment exercise1 and/or proposal to
ensure an adequate level of operations for Naluri2.


NCK CORPORATION: Sept Defaulted Payment Widens to RM173.355M
------------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 2 September 2003:

As at 30 September 2003, total borrowings on which the NCK Group
has defaulted in payment stood at RM173,355,908/- compared to
RM171,923,413 as at 31 August 2003, representing an increase of
RM1,432,495 due to interest accrued for the month of September,
2003.


NCK CORPORATION: White Knights Request Workout Scheme Extension
---------------------------------------------------------------
Further to the announcements made by Alliance Merchant Bank
Berhad on 1 November 2002 and 20 November 2002, NCK Corporation
Berhad (Special Administrators Appointed) wishes to announce
that following the approvals received from the Securities
Commission (SC), the Foreign Investment Committee and the
Ministry of International Trade and Industry for its Proposed
Restructuring Scheme, the Restructuring Scheme is currently
being implemented by the Company.

As announced on 17 September 2003, Merssrs Horwath has completed
the investigative audit and the reports thereof had been
submitted to the SC on 15 September, 2003. The audit findings of
the report would be announced in due course.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the SC had also on 22 May 2003 approved an
extension of six (6) months to 15 November 2003 for the Company
to implement the Proposed Restructuring Scheme. However, the
`White Knights', Amalgamated Metal Corporation (M) Sdn Bhd
(AMC), had on 26 September 2003 requested for a further
extension of time to 31 March 2004 for completion of the
Restructuring Scheme. The Special Administrators is in the midst
of considering the said request.

Any further developments to the Proposed Restructuring Scheme
will be announced in due course.


PENAS CORPORATION: KLSE De-listing Securities on Nov 6
------------------------------------------------------
Further to the announcement dated 2 September 2003, on behalf of
Penas Corporation Berhad, AmMerchant Bank Berhad (AmMerchant
Bank) wishes to announce the status of Pencorp's plan to
regularize its financial position (Proposals).

VTI Vintage Berhad (VVB) has issued the Prospectus on 30
September 2003 in relation to the:

   i) Public issue of 10,000,000 new ordinary shares of RM1.00
each (Shares) in VVB; and

   ii) Offer for sale of 10,000,000 Shares in VVB by way of
placement;

at an issue/offer price of RM1.00 Share payable in full on
application; and

   iii) Placement of RM100,000 nominal value of 4% Irredeemable
Convertible Unsecured Loan Stocks (ICULS) in VVB at nominal
value of ICULS payable in full on application;

In conjunction with the listing of VVB on the Second Board of
the KLSE.

Thereafter, upon the listing of VVB on the Second Board of the
KLSE, Pencorp will be delisted from the Official List of the
KLSE. The tentative listing date of VVB is on 6 November 2003.


SASHIP HOLDINGS: Administrators Assessing Business Viability
-------------------------------------------------------------
The Special Administrators of Saship Holdings Berhad (Special
Administrators Appointed) wish to announce that there is no
further development since the last announcement on 2 September
2003 and the Special Administrators are currently in the process
of carrying out an assessment on, inter alia the viability of
the operations and businesses of Saship and will thereafter
prepare a workout proposal as soon as reasonably practical to be
reviewed by the Independent Advisor in relation to the
reasonableness of the proposal taking into consideration the
interest of all stakeholders.


SCK GROUP: Awaits KLSE's Securities De-listing Decision
-------------------------------------------------------
Further to the First Announcement made on 26 February 2001 and
the last Monthly Announcement made on 2 September 2003 in
relation to Plan to Regularize the Company's Financial Condition
in accordance with Practice Note No. 4/2001 and Obligations
pursuant to Paragraph 8.14 of the Listing Requirements of the
Kuala Lumpur Stock Exchange, SCK Group Berhad wishes to announce
the status for the month ended 30 September 2003, as follows:

MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION

Following the Kuala Lumpur Stock Exchange (the Exchange)
decision to de-list the securities of the Company from the
Official List of the Exchange with effect from 11 August 2003
and the subsequent appeal of the Company on 1 August 2003
against the Exchange's aforesaid decision, the Exchange has
deferred the aforesaid de-listing pending the decision of the
Company's appeal by the KLSE Committee.

The Company now awaits the decision of the Exchange on its
appeal.

Hitherto, the Company had received formal approval from six (6)
of the seven (7) Lenders, representing about 79% of the total
debts to be restructured and the Company is progressing in its
preparation to submit its regularization plan to the authorities
for their consideration and approval.

FURTHER ANNOUNCEMENTS

Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required


SIN HENG: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
Sin Heng Chan (Malaya) Berhad wishes to announce that there is
no change in the status of the Company's plan to regularize its
financial condition since it's last announcement on 30th August
2002. All the relevant authorities namely the Securities
Commission (SC), Foreign Investment Committee (FIC) and Ministry
of International Trade and Industry (MITI) have granted
conditional approval to the Proposal.

On behalf of the Company, Southern Investment Bank Berhad had on
27 January 2003 submitted an appeal to SC for the waiver of
certain conditions imposed. Subsequently, SC has reverted with
their comments and the same have been announced on 11 March 2003
and 24 April 2003 respectively. The SC had also approved the
Company's application for an extension of time of six (6) months
up to 31 December 2003 to complete the Proposal.

Meanwhile, the moratorium under section 41 of the Pengurusan
Danaharta Nasional Berhad Act 1998 (the Act), which took effect
from the date of the appointment of Special Administrators has
been extended to 10 August 2004. The extension is pursuant to
section 41(3) of the Act. The Company had advertised the
extension on 8 August 2003. Any further developments to the
Restructuring Scheme will be announced in due course.


SOUTH MALAYSIA: Sells Land to Improve Cash Flow Position
--------------------------------------------------------
The Board of Directors of South Malaysia Industries Bhd is
pleased to announce that the Company had on 1 October 2003,
entered into a Sale and Purchase Agreement (SPA) with Akisama
Sdn Bhd (538276 M), formerly known as Duta Seleksi Sdn Bhd
(AKISAMA) for the proposed disposal of one parcel of SMI's
leasehold land held under Title No. H.S. (D) 101244 P.T. No.
7620, Mukim Petaling, Wilayah Persekutuan measuring
approximately 20,238 square meters for a total cash
consideration of RM11,600,000 (Proposed Disposal).

DETAILS OF THE PROPOSED DISPOSAL

Brief Information on the Land

The Land is held under Title No. H.S. (D) 101244 P.T. No. 7620,
Mukim Petaling, Wilayah Persekutuan measuring approximately
20,328 square meters. It is leasehold in nature with an
unexpired term of 97 years expiring on 7 January, 2100.

It is located at Kuchai Lama within the vicinity of Kuchai
Entrepreneurs' Park `KEP'. KEP located at the southern fringe of
Kuala Lumpur beside Salak South and Sungai Besi and enjoys
access to major road network such as Besraya Highway and KL
Seremban Highway.

The Land is unencumbered and hence no liabilities shall be
assumed by AKISAMA.

The Company acquired the Land on 27 May 1992 at the cost of
RM10,664,000 and its net book value as at 31 December 2002
amounted to RM11,309,000 after having incurred development cost
of RM645,000. No valuation was carried out on the Land.

Brief Details of AKISAMA

AKISAMA was incorporated in Malaysia on 5 February, 2001 under
the Companies Act, 1965 as a private limited company. The
present authorized share capital of AKISAMA is RM100,000
comprising 100,000 ordinary shares of RM1.00 each of which 2
ordinary shares of RM1.00 each have been issued and fully paid.
AKISAMA's principal activity is property development.

Basis of Arriving at the Consideration for the Proposed Disposal

The consideration was arrived at on a willing buyer and willing
seller basis on `as is where is' after taking into consideration
the approval for the development for residential apartments and
the net book value of the Land.

Salient Terms and Condition of the SPA

(a) The Consideration for the Proposed Disposal of RM11,600,000
shall be satisfied by AKISAMA in the following manner:

   i) A 10% Deposit amounting to RM1,160,000 upon the execution
of the SPA;

   ii) the balance of RM10,440,000 (the Balance Sum") shall be
paid on or before the date of completion of the Proposed
Disposal as provided in section 3 of the SPA.

Section 3 (a): Completion of the Proposed Disposal shall take
place on or before the expiration of 60 days from the date of
the SPA (Completion date) or on such extended date as provided
for pursuant to the terms of the SPA (Extended date) wherein
AKISAMA shall pay to SMI's solicitors the Balance Sum.

Section 3 (b): In the event the Balance Sum is not paid on or
before the Completion Date, AKISAMA shall be granted an
extension of up to 60 days from the Completion Date (First
Extension Period) to pay the Balance Sum provided that AKISAMA
during the First Extension Period shall pay interest at rate of
5% per annum calculated on a daily basis on the Balance Sum or
such sum as shall remain outstanding for the actual number of
days elapsed in the First Extension Period, prior to the full
payment of the Balance Sum (Extension Interest) and such
interest to be payable immediately upon full payment of the
Balance Sum.

Section 3 (c): In the event the Consent to Transfer has not been
obtained at the end of the First Extension Period, AKISAMA shall
be granted a further extension of 60 days from the end of the
First Extension Period (the Second Extension Period) to pay the
Balance Sum and no Extension Interest shall be payable during
the Second Extension Period.

(b) The Proposed Disposal is conditional upon SMI obtaining from
Jawatankuasa Kerja Tanah Wilayah Persekutuan Kuala Lumpur
consent to the transfer (Consent to Transfer).

Utilization of Proceeds

The entire proceeds arising from the Proposed Disposal net of
ancillary expenses will be utilized principally for SMI's
working capital for its manufacturing and property development
activities.

The Proposed Disposal is not a Related Party Transaction

None of the directors and substantial shareholders of neither
SMI nor persons connected to them has any direct or indirect
interest in the Proposed Disposal.

RATIONALE FOR THE PROPOSED DISPOSAL

The Proposed Disposal is in line with the Company's objectives
to improve its cash flow position following the abortion of the
rights issue. The proceeds arising from the Proposed Disposal
would enable SMI to raise the necessary funding.

EFFECTS OF THE PROPOSED DISPOSAL

The financial effects of the Proposed Disposal on the share
capital, NTA, earnings and substantial shareholdings structure
of SMI are as follows:

Share Capital

The Proposed Disposal will not have any effect on the issued and
paid-up capital of the Company.

Earnings and Net Tangible Assets (NTA)

The Proposed Disposal is expected to improve the earnings of SMI
Group by approximately RM191,000 and NTA of 0.12 sen per share,
after netting off ancillary expenses.

Substantial Shareholding Structure

The Proposed Disposal will not have any effect on the
substantial shareholding structure of the Company.

APPROVALS REQUIRED

The Proposed Disposal is not subject to any authorities
approval.

DIRECTORS' STATEMENT

Having considered all aspect of the Proposed Disposal, the Board
of Directors of SMI is of the opinion that the Proposed Disposal
is in the best interest of the Company.

DEPARTURE FROM THE SECURITIES COMMISSION'S POLICIES AND
GUIDELINES ON ISSUE/OFFER OF SECURITIES (SC Guidelines)

The Proposed Disposal does not depart from the SC Guidelines.

DOCUMENTS FOR INSPECTION

The SPA is available for inspection at Registered Office of SMI
at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor
Bahru, Johor from Mondays to Fridays (except public holidays)
during business hours within one (1) month from the date of this
Announcement.


TAJO BERHAD: Updates Defaulted Facilities Status
------------------------------------------------
Pursuant to the previous announcements regarding Practice Note
1/2001, Tajo Berhad (Tajo) is pleased to provide an update on
the details of all the facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details are
as per Table 1 at http://bankrupt.com/misc/TCRAP_Tajo1003.pdf.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to the announcements dated 29 August 2003, 30
July 2003, 26 June 2003, 30 May 2003, 29 April 2003, 28 March
2003, 28 February 2003, 30 January 2003, 31 December 2002, 29
November 2002, 29 October 2002, 1 October 2002, 30 August 2002,
30 July 2002, 26 June 2002, 31 May 2002, 26 April 2002, 29 March
2002, 26 February 2002, 31 January 2002, 28 December 2001, 21
November 2001, 22 October 2001, 12 September 2001, 16 August
2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE via its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   * 1st progress report by 15 November 2001;
   * 2nd progress report by 15 December 2001;
   * 3rd progress report by 15 January 2002; and
   * 4th progress report by 15 February 2002.

On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.

On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential `white knights', which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.

On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.

On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.

The KLSE, via its letter dated 26 September 2002, granted its
approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.

On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry (MITI), via its
letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.

On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC), via its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.

The Securities Commission via their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.

On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission via their letter dated 3
March 2003 had rejected the appeal.

The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.

However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the said properties into Tajo as part of
the proposed restructuring exercise.

The properties that will not be injected into Tajo are as
follows:

1. Property held under MAA

Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 story retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as `Menara MAA' located in Penang

2. Property held by Tokojaya

Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as `Menara MAA' located in Kota
Kinabalu.

PMBB on behalf of the Board of Directors of Tajo informed the SC
on 21 April 2003 of exclusion of properties (1) and (2) above.

On 28 August 2003, PMBB on behalf of Tajo announced that they
had also sought the approval of the SC for the following:

   (i) To issue a total of RM119,700,000 comprising RM59,000,000
of RCSLS and RM60,700,000 of ICULS instead of the proposed
issuance of RM105,300,000 of RCSLS and RM60,700,000 of ICULS
totaling RM166,000,000; and

   (ii) The approval for the utilization of an additional
RM9,100,000 the Company proposes to raise from the Proposed
RCSLS Issue as working capital for Tajo/Mithril.

Further, on 25 July 2003, PMBB, on behalf of the Board of
Directors of Tajo, submitted an application to seek an extension
of time from the SC to procure the release of the guarantors on
the credit facility amounting to RM6,555,000 offered to Saferay
(Saferay Guarantors) only upon the admission and quotation of
the Mithril Shares on the Second Board of the Kuala Lumpur Stock
Exchange (KLSE).

In this regard, PMBB, on behalf of the Board of Directors of
Tajo, is pleased to announced that the SC via its letter dated
25 August 2003, approved the following:

   (i) The exclusion of the Proposed MAAKK 2 Acquisition and
Proposed MAA Penang Acquisition from the Proposed Restructuring
Exercise;

   (ii) The issuance of RM59,000,000 of RCSLS as compared to
RM105,300,000 of RCSLS;

   (iii) The revised utilization of the proceeds raised from the
issuance of the RCSLS and ICULS;

   (iv) The listing and quotation for RM59,000,000 of RCSLS as
compared to the original proposal of RM105,300,000 of RCSLS on
the Second Board of the KLSE;

   (v) The release of the Saferay Guarantors only upon the
admission and quotation of the Mithril Shares on the Second
Board of the KLSE.

The SC's approval for (v) above is subject to Mithril providing
the SC with a written undertaking to procure the release of the
Saferay Guarantors within a period of one (1) month from the
date of the admission and quotation of the Mithril Shares on the
Second Board of the KLSE.

Other than the above, PMBB/Tajo/Mithril have been informed by
the SC that all other conditions previously imposed by the SC
are still effective.

In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group, which
is to be completed within 6 months from the date of appointment.
PMBB, had on behalf of Tajo, made an application for the
extension of time on 15 August 2003 to the SC, seeking its
approval for an extension until 31 October 2003 for AAC to
complete the investigative audit on Tajo. The SC via its letter
dated 29 August 2003, approved the extension of time to 31
October 2003.

As part of the SC's approval for the Proposed Restructuring
Exercise, the SC had approved the application from MAA Holdings
Berhad, Malaysian Assurance Alliance Berhad and MAA Credit Sdn
Bhd (MAAH Group) for an exemption from the obligation to
undertake a mandatory offer for the remaining voting shares in
Mithril Berhad (Mithril) not already held by them upon
completion of the Proposed Restructuring Exercise under Practice
Note 2.9.3 of the Malaysia Code on Take-Overs and Merger 1998
(Code), subject, inter-alia to the following condition imposed
by SC being met:

   (i) MAAH Group is required to obtain the approval from the
shareholders of Tajo / Mithril under the `white-wash' procedure
as stated under Paragraph 5(b)(i)-(iv), Practice Note 2.9.1 of
the Code pursuant to the exercise of the warrants held by them
(Proposed Exemption). The shareholders approvals, if obtained,
are valid for the duration of the warrants.

In this regard and as announced on 29 July 2003, the independent
directors of Tajo had appointed Southern Investment Bank Berhad
as the Independent Adviser for the Proposed Exemption.

On 26 June 2003, a court order was obtained for Tajo to hold
Court Convened Members' Meetings for its Shareholders and
Warrantholders within 3 months from the date of the court order.
On 24 September 2003, the court order was further extended to an
additional 3 months. As such, Tajo has until 25 December 2003 to
hold Court Convened Members' Meetings for its Shareholders and
Warrantholders.

The company is currently in its implementation stage of the
Proposed Restructuring Exercise.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 August 2003, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM201,488,072.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Restructuring
Exercise `have not been serviced' (interest and principal) since
December 1998. As such they are all technically in default.

The creditors who are part the recent Proposed Restructuring
Exercise have however refrained from serious legal action other
than those, which have been disclosed in the Annual Report and
Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.

Pursuant to the above, the Company had on 18 June 2003 announced
that it has received a Notice pursuant to Section 218 of the
Companies Act 1965 (the Notice) dated 9 June 2003 which was
issued and served on a subsidiary of the Company namely, Alpha
Glow Sdn Bhd (the Defendant) by Messrs N. K. Tan & Rahim on
behalf of their client, AFFIN-ACF Finance Berhad (the
Plaintiff).

In the announcement, it was also stated that there is no
material impact on the operational and financial position of the
Company arising from the Notice in view that the Defendant has
ceased operations and the creditor has no recourse against the
Company or any of its subsidiaries other than the Defendant.


UCP RESOURCES: Issues Default in Payment Status Update
------------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad provided an update on
its default in payment as follows:

   (i) UCP Manufacturing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 September 2003, defaulted in repayment
of Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM49,155,713 made up of a principal sum of
RM40,508,072 and interest of RM8,647,641;

  (ii) UCP Marketing (M) Sdn. Bhd., a subsidiary of UCP
Resources Bhd, as at 30 September 2003, defaulted in repayment
of Bankers Acceptance and Term Loan amounting to RM8,702,151
made up of a principal sum of RM7,936,500 and interest of
RM765,651; and

   (iii) Universal Concrete Products Sdn. Bhd., a subsidiary of
UCP Resources Bhd, as at 30 September 2003, defaulted in
repayment of Bankers Acceptance amounting to RM3,217,421 made up
of a principal sum of RM3,000,000 and interest of RM217,421.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied. Details of the default can be seen at
http://bankrupt.com/misc/TCRAP_UCP1003.xls.

In accordance with the Paragraph 4.1(b) of the Practice note No.
4/2001 - Criteria and Obligation pursuant to Paragraph 8.14 of
the Listing Requirements of the Kuala Lumpur Stock Exchange, the
Company also announced that there is no change in the status of
its plan to regularize its financial condition since the
announcement made on 26 September 2003.


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


MANILA ELECTRIC: Plans to Pay Debt Due This Month
-------------------------------------------------
Manila Electric Co. (Meralco) will likely use internal funds to
pay 1.2 billion pesos in debts maturing this month, Business
World newspaper reported, citing Company President Jesus
Francisco as saying.

"It looks like we will be able to pay it. It will likely be
through internally generated funds, because I have not heard
about us getting new loans," Francisco was quoted as saying.


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


BOON FONG: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Boon Fong Manufacturing & Trading Pte
Ltd. is set for hearing before the High Court of the Republic of
Singapore on October 10 at 10 o'clock in the morning. SNP Retail
Pte Ltd., a creditor, whose address is situated at 1 Kim Seng
Promenade, #18-01 Great World City, Singapore 237994, filed the
petition with the court on September 12, 2003.

The petitioners' solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Harry Elias Partnership 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).


CASHMORE ADVERTISING: Issues Dividend Notice
--------------------------------------------
Cashmore Advertising Pte Ltd. issued this dividend notice:

Address of Registered Office: Formerly of 5001 Beach Road #03-
98H Golden Mile Complex Singapore 199588.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 11 of 1996.

Amount Per Centum: 0.33 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 9th September 2003.

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

Dated: 19th September 2003.
KAREN LOH PEI HSIEN
Assistant Official Receiver.


CHARTERED SEMICONDUCTOR: Appoints Philip Tan to Board
-----------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. announced the
appointment of Mr. Philip Tan Yuen Fah as an independent
Director of the Company and as the Chairman of its Audit
Committee, effective October 1, 2003.

Mr. Tan holds a Bachelor of Accountancy from the University of
Singapore and a Bachelor of Laws from the University of
Wolverhampton, UK. He is a Certified Public Accountant and a
member of the Accounting Standards Committee of the Institute of
Certified Public Accountants of Singapore. He is also a
Chartered Management Accountant of the Chartered Institute of
Management Accountants of UK and a Fellow of CPA (Australia).

Mr. Tan is a veteran in the banking and financial industry. He
retired in 2002 from Overseas Union Bank Ltd after a
distinguished career, spanning over two decades. The Board of
Directors of Chartered welcomes Mr. Philip Tan onboard.
Chartered is committed to the highest level of corporate
governance and transparency and believes Mr. Tan's contributions
will further strengthen its efforts in this area. He will also
bring significant accounting, finance and banking experience to
Chartered.

Mr. Tan replaces Mr. Koh Beng Seng, as Director and Audit
Committee Chairman. Mr. Koh will be stepping down after serving
a distinguished five-year term as a member of the Board of
Directors. The Board of Directors of Chartered would like to
thank Mr. Koh for his many contributions to the Board and the
Audit Committee during his tenure.

Meanwhile, Kelieve believes that Chartered Semiconductor is
still expected to incur losses this year and next year. Kelieve
maintains its sell recommendation on the stock.


CHIP HUAT: Issues Judicial Management Order Notice
--------------------------------------------------
Notice is hereby given that on the 26th day of September 2003,
an order for placing Chip Huat Construction Co. Pte Ltd (Under
Judicial Management) was made and the relevant particulars of
the matter are given as follows:

1. Number of matter: Originating Petition No. 16 of 2003/C.

2. Date of presentation of petition: 12th August 2003.

3. Petitioner's solicitors: Messrs Tan Kok Quan Partnership.

4. Date of Order: 26th September 2003.

5. Registered office of the abovenamed Company: 101 Upper Cross
Street, #05-24 People's Park Centre Singapore 058357.

Dated this 1st day of October 2003.
Messrs TAN KOK QUAN PARTNERSHIP
Solicitors for the Petitioner.


HUA KOK: Widens Net Loss This Year
----------------------------------
Hua Kok International Limited posted a net loss of S$12.97 in
the year ending June 30, versus a loss of S$12.51 a year
earlier, according to Reuters.

Net profit/(loss)            (12.97)   vs    (12.51)
Group shr (cents)             (4.42)   vs     (4.79)
Turnover                     120.30    vs     94.85
Exceptional items              3.42    vs      nil
Dividend (pct)                 nil     vs      nil

Hua Kok International Limited is a manufacturer of precast
concrete components, shower screens, spa pools and accessories.
The exceptional item relates to a gain on disposal of
subsidiaries offset by a loss on liquidation of discontinued
operation.


KIAM GUAN: Releases Winding Up Order Notice
-------------------------------------------
Kiam Guan Metals issued a winding up order made on the 19th day
of September 2003.

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

Messrs RAJAH & TANN
Solicitors for the Petitioners.


KIMMERIDGE ENTERPRISE: Creditors Must Submit Claims by Oct. 27
--------------------------------------------------------------
The creditors of Kimmeridge Enterprise Pte Ltd (Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before 27th 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
under mentioned liquidator at c/o 10 Collyer Quay, Ocean
Building #21-01, Singapore 049315 and if so required are to come
in and prove their debts or claims as shall be specified or in
default will be excluded from the benefit of any distribution
made before such proof.

Dated this 26th day of September 2003.
BRADLEY REGINALD TAYLOR
Liquidator.


NEWTON ENGINEERING: Winding Up Hearing Set October 10
-----------------------------------------------------
The petition to wind up Boon Newton Engineering & Manufacturing
(Pte) Ltd. is set for hearing before the High Court of the
Republic of Singapore on October 10 at 10 o'clock in the
morning. United Overseas Bank Limited, a creditor, whose address
is situated at 80 Raffles Place UOB Plaza Singapore 048624,
filed the petition with the court on September 15, 2003.

The petitioners' solicitors are RAJAH & TANN of 4 Battery Road,
#15-00 Bank of China Building, Singapore 049908. Any person who
intends to appear on the hearing of the petition must serve on
or send by post to RAJAH & TANN 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).


NEPTUNE ORIENT: Appoints Additional Director
--------------------------------------------
Neptune Orient Lines (NOL) announced Wednesday the appointment
of finance accounting professional Mr Gan Chee Yen to the
Company's Board of Directors.

NOL Group Chairman Mr Cheng Wai Keung said Mr Gan would bring
significant financial skills and experience from both the public
and private sectors to the Board.

Mr Gan is Managing Director (Finance) at Temasek Holdings
(Private) Limited. Prior to joining Temasek Holdings, he was
Director, Finance at Singapore Technologies. Mr Gan has also
served on the boards of several prominent Singapore-based
companies, including ST Assembly Test Services Ltd and Vickers
Ballas Holdings Ltd.

"Mr Gan's extensive experience in the financial arena will be
valuable as we look to build on a positive set of first half
results for 2003," said Mr Cheng.

Media inquiries:
Sarah Lockie
+65-6371-5022
sarah_lockie@nol.com.sg


NEPTUNE ORIENT: Unveils European Court Judgment
-----------------------------------------------
The decision on Monday by the European Court to set aside fines
imposed on Neptune Orient Lines (NOL) and a number of other
carriers in connection with their membership in the Trans-
Atlantic Conference Agreement (TACA) between 1994 and 1995, has
little bottom line impact on the Company, or on its operations.

The media release from the TACA Secretariat, appended below,
refers.

Based on legal advice regarding the merit of the case, the
Company did not make specific provision for the fine of ?13.75
million, being its share of the total fine. However, the fine
was recognized as a contingent liability. This potential
liability was covered by a bank guarantee, which will be
released following the judgment.

Luxembourg -- The European Court of First Instance delivered its
long-awaited judgment in a landmark case involving liner-
shipping operators in the trans-Atlantic container trade. The
case concerns the appeal, by the 16 liner shipping companies
then members of the Trans-Atlantic Conference Agreement (the
TACA), against the European Commission decision of 1998 imposing
fines on them for two alleged findings of infringement of
Article 82 (formerly Article 86) of the EC Treaty. The Court
judgment annuls the Commission fines imposed on the Lines in
full and the findings of infringement of Article 82.

The fines imposed on the TACA lines totaled Eu273 million. At
that time, this was the highest fine ever imposed on a group of
companies for a collective infringement of the EC competition
rules. In their appeal to the Court, the TACA lines disputed
that they were collectively dominant during the relevant period
and that they had committed any infringement of Article 82. The
lines requested the Court to annul the Commission decision,
including the fines imposed.

In its judgment, the Court annuls the fines imposed on the TACA
lines and the findings of abuse on which the fines were based.
The lines welcome the Court's judgment which, in its words,
"brings to an end a series of cases brought before it concerning
the legality of the commercial practices of liner conferences in
the light of the detailed rules for the application of the
competition rules laid down in a 1986 Community regulation."

The judgment does not require the TACA lines to modify their
current agreement or practices in any way. In particular,
Monday's judgment does not affect the Commission's clearance, in
November 2002, of a revised version of the TACA.

Olav Rakkenes, the TACA Chairman, said "We are pleased by this
result. The lines now wish to work with the Commission in its
review of Regulation 4056 in establishing an appropriate
framework for the regulation of liner shipping for the future".

For further information, please contact the Lines' external
counsel, Matthew Levitt, of the law firm Lovells, on (+32) (0) 2
647 06 60.


UNITED FIBER: Units Enter Liquidation
-------------------------------------
The Directors of United Fiber System Limited (UFS) announced
that its subsidiary Company, Poh Lian (Thailand) Ltd (PLT) and
its associated Company, Poh Lian International (Thailand) Ltd
(PLIT) have on 30 September 2003 resolved to be liquidated by
way of dissolution.

PLT is an investment holding Company and PLIT is dormant.

The voluntary liquidation of PLT and PLIT will have no material
impact on the business or affairs of the Group nor have any
significant effect on the consolidated net asset value per share
and the consolidated earnings per share of UFS and its
subsidiaries for the year ending 31 December 2003.


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


CHISTIANI & NIELSEN: Increases Paid-up Capital
----------------------------------------------
CN Advisory Company Limited, as the Plan Administrator of
Chistiani & Nielsen (Thai) Public Company Limited, reported the
capital increase and allotment of ordinary shares of the
Company, in accordance with the Reorganization Plan approved by
the Central Bankruptcy court on 2nd May 2003.

The result of allotment of 31,060,374,480 shares on 16, 17, 18,
19 and 22 September 2003 was to increase the paid-up capital
from Bt1,411,835.20 to Bt312,015,580.  The registration has been
made with the Registrar on 30th September 2003.


JASMINE INT'L: Allocates Shares, Changes Symbol
-----------------------------------------------
Chaengwatana Planner Co., Ltd., as the Administrator of the
Business Rehabilitation Plan of Jasmine International Public
Company Limited, reported that following its filing of a request
petition with the Central Bankruptcy Court to reduce/increase
the amount of registered capital and to amend the contents of
the Memorandum of Association and the Articles of Association of
Jasmine pursuant to Section 90/64 of the Bankruptcy Act, on 29
September 2003, the Central Bankruptcy Court issued an order
approving such petition, and that the meeting of the Board of
Directors of the Plan Administrator No. 13/2003 held on 30
September 2003 adopted the following resolutions:

1. The meeting approved that Jasmine conduct an offering of 30
million ordinary shares having the par value of Bt10, at the
offering price of Bt10 per share in order to raise the capital.
Such shares are to be offered to the investors who have
expressed their intention to make a subscription to such shares
as follows:

     Name                     Subscription       Amount Paid
                              Amount in Shares     (Baht)

1. SHERRIFF Management Limited   7,000,000       70,000,000
   23rd Floor M Thai Tower
   All Season Place, No.87
   Wireless Rd., Pathumwan, Bangkok 10330

2. Miss Varinthorn  Bulakul     13,000,000      130,000,000
   No.168/2 Soi Sukhumvit 49 (Klang)
   Klongtonnua, Wattana District
   Bangkok 10110

3. Mr. Soraj  Asavaprapha        9,000,000       90,000,000
   No.407 Soi Arkarnsongkroh
   Thongwatdon, Sathorn
   District, Bangkok 10120

4. Miss Paipan  Poopat           1,000,000       10,000,000
   No.70 Soi On-Nuch 66
   Suanluang, Suanluang District
   Bangkok 10250
   Total                        30,000,000      300,000,000

The investors as mentioned above will make subscription payments
with the total value of Bt300 million to Jasmine on 30 September
2003.  The Plan Administrator will make an allotment of such 30
million ordinary shares to each investor after the registration
of capital increase is completed.  The subscription amount of
Bt300 million will be used to repay debts under the Discount
Debt Buyback Program.

The mentioned allocation of shares is not related transaction
since the four investors have no relationship with Jasmine.

2. The Meeting approved that, as a result of the allotment of 30
million ordinary shares to the new investors, the exercise price
and ratio of the JASMIN-W and ESOP shall be adjusted according
to the formulas and calculation method stipulated in the
prospectus.  The Board of Director of the Plan Administrator
resolved the adjustment of the Exercise Price and Ratio of
JASMIN-W and ESOP as follows:

JASMIN-W   New exercise price      =  Bt4.918 per Share
           New exercise ratio      =  1 Unit : 1.01672 Share

However, according to Clause 1.1.12.2 of JASMIN-W Prospectus,
which specified that "The Company shall not adjust the Exercise
Price if such adjustment causes the prevailing Exercise Price to
be less than Bt1.  The Company shall, therefore, bring forward
the adjustment to be included in the following adjustment of
rights.  The Company shall adjust the Exercise Price whenever
the adjusted Exercise Price, when added together, is more than
or equal to Bt1".

As a result Jasmine will not adjust the exercise price instantly
but will maintain the existing Exercise Price at Bt 5 per share
since such adjustment causes the prevailing Exercise Price to be
less than Bt1.  Jasmine shall, therefore, bring forward such
adjustment to be included in the next adjustment of right.
Whereas the new Exercise Ratio shall be 1:1.01672.  In cases
where the number of shares corresponding to the exercise of the
Certificates for each notification of intention to exercise is a
fraction of share, such fraction shall be deleted.

Furthermore, the Exercise Price and Ratio of ESOP will be
adjusted by the same calculation method of JASMIN-W and shall be
notified to the directors and employees through the internal
memorandum.

3. Approved the amendment of Symbol of `JASMIN', which uses for
selling and buying securities in the Stock Exchange of Thailand
from `JASMIN' to `JAS' and `JASMIN-W' to `JAS-W1'.


MILLENNIUM STEEL: Undergoes Private Placement
---------------------------------------------
Millennium Steel Public Company Limited has issued and offered
its securities to NTS securities holders for the second time by
swap of securities during August 18 until October 10, 2003.

Under the merger plan, the company has to issue and offer the
company securities as the agreement ratio to Cementhai Holding
Company Limited (CHC) McDonald Investment Inc. (McD) and M.C.L.
Management Services (MCL), if the company issued and offered the
company securities to NTS securities holders by swap of
securities.

The company, therefore would like to inform that on September
30, 2003, the Office of the Securities and Exchange Commission
(SEC) has already approved the company private placement to the
above juristic persons and it will be started from October 20,
2003 to October 21, 2003, during 9:00 a.m. and 3:00 p.m., at
Shinawatra Tower 3, 22nd Floor, 1010 Viphavadi Rangsit Road,
Ladyao, Chatuchak, Bangkok 10900, Telephone no. 0-2949-2883-5,
Fax no. 0-2949-2889.

The initiating a private placement in accordance with the merger
plan in this time will be depended on the results of the Second
Securities Swap between MS and NTS but will not exceed the
amount of securities as below:

   Subscriber                 Amount of Securities  (up to)

   CHC                  80,935,327       7,486,027    10,509,671
   MCD                       -             453,106       636,117
   MCL                       -             453,105       636,118
   Total                80,935,327       8,392,238    11,781,906


THAI CANE: Posts 2nd Warrants Exercise Results
----------------------------------------------
Thai Cane Paper Public Company Limited issued and offered
warrants to subscribe for new ordinary shares of the Company in
the amount of 9,999,999 units to the unsecured creditors of the
Company on March 31, 2003.  The warrant holders are entitled to
exercise their right to subscribe shares on a quarterly basis of
the accounting year of the Company, i.e., on March 31, June 30,
September 30 and December 31 of every year throughout the
terms of warrants.  If the exercise date is not a business day,
such date shall be the next following business day.

The Company would like to inform the SET that, for the second
exercise of warrants as of September 30, 2003, there were
warrant holders exercise their rights, as follows:

                Thai Nationality    Foreign Nationality   Total

Number of warrant    4                    -                4
holders exercising
their rights

Number of exercised  1,313,475            -            1,313,475
warrants

Number of allotted   1,313,475            -            1,313,475
ordinary shares

The number of the remaining warrants are 7,336,647 units,
representing 73.37 percentage of the total issued warrants.


THAI HEAT: Creditors Approve Revised Rehabilitation Plan
--------------------------------------------------------
Thai Heat Revival Company Limited, as the Reorganization Planner
of Thai Heat Exchange Public Company Limited, sent the
Rehabilitation Plan correction to the Central Bankruptcy Court
on August 15, 2003.  On September 30, 2003 the creditor meeting
resolved to accept the following corrections:

1. Set the grace period for loan payment to the financial
institutions until the year 2005 and start the first payment
from the prior plan June 30,2003 to the year 2006 and extended
the payment period from the year 2012 to the year 2014.

The interest rate for the year 2003 and 2004 calculated at the
rate 1.75 % per annum, MLR-2 % for the year 2005-2007 and for
MLR-1% for year after 2008, which changed from the prior plan
that the interest rate for the year 2003 calculate at the rate
3% per annum and MLR after the year 2004.

2. Extended the payment period for labor payables from the year
2007 to the year 2014 and calculating interest rate as same as
the financial institutions.

The Central Bankruptcy Court set the date to judge the
Rehabilitation process on October 13, 2003.

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

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

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


INDONESIA
---------

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


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.92)      45.11
Faber Group Bhd                 FBMS        (7.16)     504.98
Hotline Furniture Bhd           HOTF       (19.68)      11.80
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Kuala Lumpur Industries Bhd     KLIS      (107.69)     116.92
MBf Corp Bhd                    MBFS      (516.81)     189.99
Panglobal Bhd                   PGL0       (35.72)     191.12
Promet Bhd                      PMPT      (148.71)      65.25
Saship Holdings                 SASH      (128.06)     136.10
Sistem Televisyen Malaysia Bhd  STVM       (93.20)     128.16
Sri Hartamas Bhd                SRIH      (118.91)      99.76
Tongkah Holdings Bhd            TKHS       (78.01)     112.62
Uniphoenix Corporation Bhd      UNI       (145.25)      33.34


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

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

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


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


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
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                 *** End of Transmission ***