TCRAP_Public/031007.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

         Tuesday, October 07, 2003, Vol. 6, No. 198

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Latest Update on Central Exchange Settlement
ERG GROUP: U.K. Unit Corners 'Smart Card' Project of Yorcard
MAYNE GROUP: Plans to Buyback as much as 75 Million Shares


C H I N A  & H O N G K O N G

COUNTRY FAIR: Bank of China Files Winding Up Petition
GREAT WEAL: High Court to Hear Winding up Petition October 22
LAND REGENT: Winding up Hearing Set for October 29
NEW NONGKAI: Receivers Continue to Peddle Shanghai Land Stake


I N D O N E S I A

INDONESIAN SATELLITE: Finds Financier for Restructuring Plan

* Jambi Plywood Makers in Serious Danger of Bankruptcy


J A P A N

AEL CORP.: S&P Monitors Corporate Reorganization Filing
AOZORA BANK: S&P Assigns 'BBB-' Rating
FOOTWORK EXPRESS: Sells Management Rights to Orix
KENWOOD CORP.: Sees 10% Profit Margin in 2005/2006
MITSUBISHI MOTORS: MMC Recalls More Than 30,000 Vehicles

MYCAL CORPORATION: R&I Downgrades Rating to C
RESONA HOLDINGS: Settles Tax Lawsuit With TMG
TOSHIBA CORP.: Launches Methanol Fuel Cell For Portable Devices


K O R E A

HANARO TELECOM: Unveil Changes to ESM Agenda
HANARO TELECOM: Unveils Shareholder Proxy Materials
JINRO LTD.: Lotte Mulling Bid
KOOKMIN BANK: Hires Morgan Stanley to Sell Stake
KOOKMIN BANK: Clarifies Indonesian Bank Bid Report

SK GLOBAL: Rejects Stanford, Newport Leases
SK GROUP: Likely to Prosecute Chairman
SK NETWORKS: Sells Stake in Refiner to Sister Units


M A L A Y S I A

BERJAYA LAND: Proposes to Amend Articles of Association
KAMUNTING CORPORATION: Striking Off Dormant Units
KILANG PAPAN: Extends Final Investigative Audit Report
PANCARAN IKRAB: Files Civil Suit to Recover RM37M
PICA CORPORATION: KLSE Defers Delisting of Securities

PWE INDUSTRIES: Unveils Restructuring Exercise Update
RNC CORPORATION: SC OKs Restructuring Proposal
SALCON BERHAD: SC Extends Investigative Audit to October 25
TECHNO ASIA: Appoints Ernst & Young as Special Administrators
TIMBERMASTER INDUSTRIES: Releases Restructuring Scheme Update


P H I L I P P I N E S

ASB GROUP: Creditors Demand Removal of Receiver
BALABAC RESOURCES: PSE Suspends Trading From October 6-8
MANILA ELECTRIC: Reaches Accord With QPL
RAMCAR INC.: Creditor Seeks Replacement of Receiver
UNION CEMENT: Approves Plan For 2 Loans Worth P2.65B


S I N G A P O R E

ACASE ELECTRONICS: Releases First & Final Dividend Notice
ALDGATE PTE: Appoint Liquidators Tong & Hutchison
AMRAE BENCHUAN: Issues Winding Up Order Notice
CENTRAL PROPERTIES: Results of September 29 EGM
FLEXTRONICS INT'L: Releases Second Quarter Results October 22

MMI SINGAPORE: Issues Debt Claim Notice to Creditors
NEW WAVE: Issues Profit Warning
STRENGTH ELECTRIC: Issues Dividend Notice
VITRAUX PTE: Creditors to Submit Claims by November 3


T H A I L A N D

EASTERN STAR: Completes Repayment of Outstanding Debt
THAI MILITARY: Planning to Retire THB19 Billion Notes Early
THAI MILITARY: Details Latest Conversion of Preferred Shares
THAI PETROCHEMICAL: Creditors Agree to Unlock Working Capital
THAI PETROCHEMICAL: Clarifies Premature Release of Q3 Results

* BOND PRICING: For the week of September 29 - October 3, 2003


     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Latest Update on Central Exchange Settlement
-------------------------------------------------------------
Queste Communications Ltd. released Monday the latest update on
the status of the possible payment by Anaconda Nickel Ltd. to
Central Exchange Ltd. of the sum of AU$19,009,823 pursuant to a
settlement deed between Anaconda and Central Exchange.

The full copy of this update may be viewed through this link
http://bankrupt.com/misc/anaconda.pdf


ERG GROUP: U.K. Unit Corners 'Smart Card' Project of Yorcard
------------------------------------------------------------
After an 11-month tender evaluation process, the Yorcard
consortium comprising Metro (West Yorkshire PTE), South
Yorkshire PTE and representatives of all the bus and train
companies operating in their areas, has selected the Prepayment
Cards Limited (PCL) bid and will now move forward to the
contract negotiation state.

Prepayment Cards Limited is an affiliate of ERG Group.  In a
statement to the Australian Stock Exchange, ERG CEO Peter
Fogarty said: "Th[is] project is an important win for the ERG
Group in the U.K. as it grows our portfolio of long-term
operating contracts.  With the addition of the Yorcard project
we expect to build our total U.K. card base to more than 2
million."

The full copy of this disclosure may be viewed through this link
http://bankrupt.com/misc/erg_group.pdf


MAYNE GROUP: Plans to Buyback as much as 75 Million Shares
----------------------------------------------------------
Healthcare company, Mayne Group, will likely widen its share
buyback program, said Dow Jones citing the company's annual
report.

As of end-August, the company has already purchased 48 million
shares; this could be extended to 75 million, according to the
report.

"The board will continue to consider a range of options for
returning any surplus funds to shareholders, which may include
an extension of the buyback," Mayne's annual report reads.

Meanwhile, the company said it is not in a hurry to sell its
hospitals business.  "The company is under no pressure to sell
and any decision will take into account the long-term value the
division can offer," it said.

Mayne recently wrote down the value of its hospital business
after reporting a net loss of AU$456 million in fiscal 2002-03
ended June 30.  The plunge from last year's net profit of
AU$173.6 million came after Mayne booked AU$513 million in
charges and writedowns, mostly on its hospital business, which
is battling slowing admissions, higher nursing costs and a
blowout in medical insurance, the report said.


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


COUNTRY FAIR: Bank of China Files Winding Up Petition
-----------------------------------------------------
The High Court of Hong Kong will hear on October 29, 2003 at
9:30 a.m. the petition seeking the winding up of Country Fair
Industrial Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
August 28, 2003.  Koo and Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21st Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


GREAT WEAL: High Court to Hear Winding up Petition October 22
-------------------------------------------------------------
A petition seeking the winding up of Great Weal Holdings Limited
will be heard by the High Court of Hong Kong on October 22, 2003
at 9:30 a.m.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
August 27, 2003.  Koo and Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partner, which holds office on the 21st Floor, Bank of China
Tower No. 1 Garden Road, Central Hong Kong.


LAND REGENT: Winding up Hearing Set for October 29
--------------------------------------------------
Land Regent Limited faces a winding up petition filed before the
High Court of Hong Kong on August 28, 2003.  The petition will
be heard on October 29, 2003 at 9:30 a.m.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition.
Koo and Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21st Floor, Bank of China
Tower No. 1 Garden Road, Central Hong Kong.


NEW NONGKAI: Receivers Continue to Peddle Shanghai Land Stake
-------------------------------------------------------------
Talks that receivers of New Nongkai Global Investments Limited
are still bent on selling a 75% stake in Shanghai Land Holdings
Limited raised the shares of BOC Hong Kong.

According to AFX-Asia, BOC Hong Kong was up HKD0.70 or 5.88% at
12.55 on volume of 30.53 million Monday.  The Shanghai Land
stake was pledged as collateral for a BOC Hong Kong loan to
businessman Zhou Zhengyi, who is currently under investigation
for fraud and corruption.

"It's good news.  But, more than that the company is a good
play, considering that it is aggressively positioning to become
a major participant in yuan trading," Fulbright Securities
general manager Francis Lun told AFX-Asia in an interview.


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


INDONESIAN SATELLITE: Finds Financier for Restructuring Plan
------------------------------------------------------------
Five local banks agreed to partially fund PT Indonesia Satellite
Corp.'s corporate restructuring, pooling last week a total of
IDR3.165 trillion (US$378.1 million) in loans, Reuters said.

The company has said it needs IDR5.5 trillion to finance the
restructuring plan.  Under the plan, the company will issue
IDR1.75 trillion worth of bonds to pay the debts of its main
mobile unit, PT Satelit Palapa Indonesia.  The bond will start
trading on the Surabaya Stock Exchange, Indonesia's main bond
exchange, on October 22.

The five banks that agreed to provide the syndicated loan are PT
Bank Central Asia, PT Bank Negara Indonesia, PT Bank Mandiri, PT
Bank Danamon Indonesia and PT Bank Bukopin, Reuters said.

"The loan facility is aimed to repay the debts of Indosat and/or
its subsidiaries including PT Indosat Multi Media Mobile,"
Indosat said Saturday.

Indosat shares fell 1% to IDR9,500 each Friday.


* Jambi Plywood Makers in Serious Danger of Bankruptcy
------------------------------------------------------
A shortage of raw materials is threatening to send plywood and
pulp manufacturers in the Indonesian province of Jambi into
bankruptcy, Asia Pulse said Monday.

In press conference over the weekend, Indonesian Forestry
Society Chairman Helmi Jalil said a slump in global plywood
prices is also responsible for the industry's precarious
situation.

"We are having difficulties to market our products.  Meanwhile,
significant demand for plywood now comes only from Japan where
the plywood must meet certain quality standards," an unnamed
spokesman for plywood manufacturer PT Nansari/Barito Pacific,
Pitono also added.

According to him, plywood is priced an average of US$230 per cu
meter on the export market, well below the production cost of
US$287 per cubic meter.  Meanwhile, to meet the need for raw
materials, a number of plywood manufacturers in Jambi currently
buy wood from Kalimantan and Riau.

Jambi provincial forestry office head, H. Gatot Moeryanto MM,
said the threat of bankruptcy was very real.

"Overall, wood-processing industries in Jambi now have an
installed capacity of 4.1 million cubic meters while the wood
supply from local forests stand at less than 1 million cubic
meters," Asia Pulse said.


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J A P A N
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AEL CORP.: S&P Monitors Corporate Reorganization Filing
-------------------------------------------------------
Standard & Poor's Ratings Services said Friday that its ratings
on notes issued under the HABS Corp. Series 2002-1 and Major
Asset Finance (Cayman) Ltd. transactions remain on Credit Watch
with negative implications, where they were placed on September
17, 2003. The originators of the transactions, AEL Corporation
and Nice Co. Ltd., filed for corporate reorganization in Tokyo
District Court on September 30, 2003.

The filing for corporate reorganization has triggered certain
events, including early amortization and servicer replacement
events.

The note trustee has begun the process of notifying the
transactions' note holders of the servicer replacement triggers.
As the replacement process may be subject to note holder
approval, Standard & Poor's will continue to monitor the
progress of the replacement decision procedures.

The originators/servicers may seek to retain the ability to
service the transactions. Under this scenario, Standard & Poor's
will evaluate the ability of the servicer, in light of its
current circumstances, to maintain a level of operations and
financial flexibility consistent with the current ratings on the
transactions.

According to the documents for each transaction, early
amortization will commence on Oct. 28, 2003 for HABS Corp.
Series 2002-1 and Oct. 29, 2003 for Major Asset Finance (Cayman)
Ltd. These are the next payment dates for the deals.

Based on Standard & Poor's analysis, the level of
overcollateralization and cash reserves of the underlying pools
are still within the stressed ranges that were incorporated upon
the initial assignment of ratings, despite a recent
deterioration in the asset pools as defaults and delinquencies
have begun to rise over the past few months. The immediate
commencement of the amortization period should help mitigate the
impact of further deterioration in the underlying pool of
receivables.

Standard & Poor's will continue to monitor the progress of the
filing for corporate reorganization by the servicers/originators
and its impact on the rated transactions. Of particular
importance is the continued, timely receipt of cash collections
from the originators and the manner in which the bankruptcy
trustee will oversee the process. The next cash collections will
be deposited into the accounts controlled by the trustee on
October 3.

To resolve the Credit Watch placement, Standard & Poor's will
remain in discussions with the relevant parties and monitor the
impact of developments on the two transactions.

HABS Corp. Series 2002-1
Originator  Issue  Current Rating  Amount      Final Maturity
AEL Corp.  Senior  AA/WatchNeg     9,395,833,331   March 2009

Major Asset Finance (Cayman) Ltd.
Originator     Issue   Current Rating  Amount   Final Maturity
Nice Co. Ltd.  Senior  AA-/WatchNeg   8,500,000,000  May 2010


AOZORA BANK: S&P Assigns 'BBB-' Rating
--------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
and 'A-3' short-term counterparty credit ratings to Aozora Bank
Ltd. The outlook on the long-term rating is stable. At the same
time, Standard & Poor's withdrew its 'BBBpi' rating based on
public information on the bank.

Standard & Poor's credit analyst Yuri Yoshida said: "Aozora's
capital quality compares favorably with that of other Japanese
banks both in size and quality."

In recent years, Aozora has reduced its non-performing loans by
utilizing a secondary loss protection arrangement with the
Japanese government and collecting loans. As a result, the ratio
of Aozora's risk-managed loans to total assets net of reserves
dropped to 0.02 percent at the end of March 2003, which is one
of the lowest among the major Japanese banks.

The bank's Tier 1 capital ratio stood at a high 12.5 percent in
March 2003. Although preferred securities accounted for about 60
percent of its capital, net deferred tax assets were low, as the
Company set aside an adequate level of reserves. Asset
deterioration risk from a slide in the stock market is also
limited, given Aozora's relatively small stock holdings.

At the same time, the bank's profitability remains low compared
with that of other major banks. Due to its high overhead ratio
and low fee income, Aozora's core profit is low, standing at
only 0.85 percent of risk assets. The bank intends to focus on
corporate restructuring business and investment banking for
midsize companies. However, a significant contribution to
earnings from these businesses is unlikely in the short term,
given the fierce competition and unknown size of these markets.
The bank's dependence on banking business, which has relatively
low profitability, is expected to remain high.

A key-rating factor for Aozora is its ability to reduce the risk
of further erosion of its asset quality. The ratio of watch-list
loans to total lending and the concentration of its lending on
large borrowers remain high. Following the expiry of the
secondary loss protection arrangement with the government at the
end of September 2003, the bank will bear all future credits
costs.

In addition, Aozora faces the challenge of diversifying its
funding sources. Although its liquidity is improving, it is less
stable than that of the other major banks, which have solid
deposit bases from retail customers.

The stable outlook reflects the expectation that Aozora's
relatively favorable asset quality and sound capitalization will
support the bank's financial profile. Further upgrades will
hinge on improvements in asset quality through a reduction in
watch-list loans and the elimination of concentration risk,
stronger profitability, and the establishment of a sound and
competitive business franchise. If Aozora's asset quality or
liquidity deteriorates more than expected, the ratings on the
bank could be lowered.



FOOTWORK EXPRESS: Sells Management Rights to Orix
-------------------------------------------------
Failed trucking firm Footwork Express Co. will sell its
management rights to a subsidiary of major leasing Company Orix
Corporation as the core of its court-mandated rehabilitation
plan, Kyodo News reports. The Orix subsidiary, OSL, is expected
to purchase the management rights for about 3.6 billion yen,
though it will change depending on Footwork's business
performance.


KENWOOD CORP.: Sees 10% Profit Margin in 2005/2006
--------------------------------------------------
Kenwood Corporation aims to double its operating profit margin
to 10 percent in 2005/06, as part of its spectacular turnaround,
according to Reuters. The car electronics maker also expects to
be debt free and start paying a dividend in the business year
ending March 31, 2006, the Company's chief executive, Haruo
Kawahara, told reporters at the Foreign Correspondents Club of
Japan.

In 2002, Kenwood had a negative net worth of 17 billion yen
(US$153 million) and said it planned to raise 27 billion yen in
capital through debt-to-equity swaps and the issue of new shares
to investment firm Sparx Asset Management Co., its largest
shareholder and an affiliate of Merrill Lynch & Co Inc. The
Company rebounded with a net profit of 4.2 billion yen on sales
of 225.6 billion yen in the year ended March 31, compared to a
loss of 26.7 billion yen a year earlier.


MITSUBISHI MOTORS: MMC Recalls More Than 30,000 Vehicles
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) recalled a total of more
than 30,000 Colt, Minicab and Town Box vehicles for free repairs
of defective steering equipment, according to Kyodo News. The
Company said it would recall 7,929 Colt compact passenger cars
made between February and March of this year, and 22,909 Minicab
and Town Box minivehicles made between December 1998 and
February 2002.

Mitsubishi Motors Corporation will borrow 181.3 billion yen
(US$1.6 billion) from the Bank of Tokyo-Mitsubishi Ltd. and
almost 60 other lenders to finance capital spending and bond
redemptions, TCR-AP reported recently. The auto maker aims
to reduce its 1 trillion yen of debt after taking charges on
loans to car buyers in the U.S. and is rated non-investment
grade by Moody's Investors Service, may be opting to borrow from
banks because it's cheaper than selling bonds to raise long-term
finance.


MYCAL CORPORATION: R&I Downgrades Rating to C
---------------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded the
ratings of Mycal Corporation as follows:

R&I RATING: C (Downgraded from CC); Long-term Bonds (9 series)

R&I RATING: CC (Affirmed)
ISSUE: Domestic Commercial Paper Programme
Issue Limit: Yen 50,000 million
R&I RATING: c (Affirmed)

Bonds Rated:

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 13 Apr 15, 1998 Apr 15, 2003 Yen 6,000
Unsec. Str. Bonds No. 14 Apr 15, 1998 Apr 15, 2004 Yen 5,000
Unsec. Str. Bonds No. 15 May 11, 1998 May 11, 2005 Yen 5,000
Unsec. Str. Bonds No. 16 May 11, 1998 May 11, 2006 Yen 15,000
Unsec. Str. Bonds No. 17 May 14, 1998 May 14, 2008 Yen 3,000
Unsec. Str. Bonds No. 18 May 15, 1998 May 15, 2008 Yen 3,000
Unsec. Str. Bonds No. 19 May 15, 1998 May 15, 2008 Yen 3,000
Unsec. Str. Bonds No. 20 May 22, 1998 May 22, 2003 Yen 7,000
Unsec. Str. Bonds No. 21 May 25, 1998 May 23, 2003 Yen 3,000

R&I RATING DEFINITIONS FOR LONG-TERM DEBT CC AND LOWER
CC The debt is in default, or the probability of default is
extremely high For debt that has fallen into default, recovery
may be limited at a low level C The debt is in default, and
there is practically no possibility of recovery

R&I RATING DEFINITIONS FOR SHORT-TERM DEBT c

c The lowest rating. The debt is in default, or the probability
of default is extremely high.

RATIONALE:

Mycal's revival plan was approved in the Tokyo District Court on
September 30, and it established the redemption rate for bonds
that are in default. With regard to the Company's debt rated by
R&I, it previously assigned a CC rating to Mycal's long-term
debt and asset-backed securities and a c rating to the
commercial paper programme. However, R&I has downgraded some of
its ratings based on the redemption rate.

The redemption rate for the No. 5 and No. 9 unsecured
convertible bonds is about 30 percent, but the rate for the No.
13 through No. 21 unsecured bonds and the asset-backed
securities is extremely low. Therefore, R&I has downgraded the
rating of the No. 13 through No. 21 unsecured bonds and the
asset-backed securities from the previous CC to C. As the
announcement of ratings in the future will have little
significance, R&I will cancel all ratings on October 31, 2003.


RESONA HOLDINGS: Settles Tax Lawsuit With TMG
---------------------------------------------
Resona Holdings, Inc. announced that Resona Bank, Ltd.
(Resona Bank, President: Masaaki Nomura), one of the banking
subsidiaries of Resona HD, reached a basic agreement with the
Tokyo Metropolitan Government (TMG) and the Tokyo Governor to
make settlement-at-court (soshoujou-no-wakai) at the Supreme
Court regarding the Tokyo Metropolitan Government's tax on large
banks.

The settlement is subject to the enactment and implementation of
the related draft ordinance revision being tabled at this year's
third regular meeting of the Tokyo Metropolitan Assembly.

The amount of refund tax and interest on refund is estimated to
be 13.1 billion yen.

For a copy of the press release, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/031002_1a.pdf


TOSHIBA CORP.: Launches Methanol Fuel Cell For Portable Devices
---------------------------------------------------------------
Toshiba Corporation, the world leader in bringing fuel-cell
technology to portable products, announced a prototype of highly
compact, direct methanol fuel cell (DMFC) that opens the way to
the use of DMFC as an alternative power source to recharge
batteries for personal devices as small as cell phones, digital
still cameras, PDAs and mobile TVs. The new DMFC will provide a
greater freedom for users of those handheld equipments to easily
recharge the batteries in a mobile environment, whether they are
away from home on business travel or out on a beach. The new
DMFC is small enough to fit in a carry-on bag or even in a jeans
pocket as a portable power source.

Toshiba led the industry in announcing the first DMFC for
portable PCs in March this year. The latest announcement
confirms that the Company remains a step ahead of its
competitors in developing the potential of fuel cells. Toshiba
expects to commercialize DMFC for both portable PCs and handheld
products within 2005.

Toshiba's new DMFC for portable devices realizes an average
output of 1 watt per hour for approximately twenty hours of
operation as total on a single 25cc fuel cartridge of high
concentration methanol.

Drawing on know-how gained in its work on DMFC for portable PCs,
Toshiba achieved the miniaturization necessary for a fuel cell
for use with handheld products by minimizing the size of
auxiliary parts, such as the fuel tank, the liquid and air
transmission pumps, the interface and electric circuits and the
DC-DC converter. The methanol fuel is also stored at a high
concentration, allowing the fuel cartridge to be reduced to a
volume of only 25cc. The fruit of these development efforts is a
DMFC with a volume off only 140cc; a DMFC that fits snugly into
the palm of the hand.

Toshiba will present the DMFC for portable devices at CEATEC
JAPAN 2003 in Makuhari Messe to be held in Chiba prefecture,
Japan from October 7 to 11.

Some key technologies

Methanol in a fuel cell delivers power most efficiently when
mixed with water in a 3 to 6 percent methanol concentration-a
concentration requiring a fuel tank that is much too large for
use with portable equipment. Toshiba overcame this by developing
a system that allows a higher concentration of methanol to be
diluted by the water produced as a by-product of the power
generation process. This technology allows methanol to be stored
at a much higher concentration, and achieves a fuel tank less
than 1/10 the size of that required for storing the same volume
of methanol in a 3 to 6 percent concentration. The current
prototype can operate for approximately twenty hours on 25cc of
high concentration methanol.

Toshiba will continue development of DFMC technology, with the
aim of product commercialization for portable PCs and cellular
phones within 2005.

Main Specifications

Product: Methanol fuel cell directly connected to portable
devices
Output: Average 1 watt
Size: 100 x 60 x 30mm (140cc)
Total Weight: 130 g (with fuel cartridge)
Operating hours: Approximately twenty hours with 25cc of high
concentration methanol fuel
Cartridge weight: 30 g (with 25cc of methanol fuel)
Cartridge size: 30 x 60 x 20mm
Fuel: Methanol

About Toshiba Corporation

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The Company's integration of these
wide-ranging capabilities assures its position as a leading
Company in semiconductors, LCDs and other electronic devices.
Toshiba has 176,000 employees worldwide and annual sales of over
US$40 billion. For further information, please visit the Toshiba
Corporation home page at: www.toshiba.co.jp/index.htm

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


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K O R E A
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HANARO TELECOM: Unveil Changes to ESM Agenda
--------------------------------------------
Hanaro Telecom Inc. announced changes to the agenda to be
presented at the Extraordinary Shareholders' Meeting (ESM)
scheduled for October 21, 2003, filed with the Korea Securities
Dealers Association Automated Quotation Market and the Financial
Supervisory Commission on September 27, 2003;

1. Disclosure subject to correction: the Resolution of Board of
Directors ("BOD") Meeting on the calling of an Extraordinary
Shareholders' Meeting

2. Date of previous disclosure: August 29, 2003

3. Reason for correction: changes in the agenda to be presented
at the Extraordinary Shareholders' Meeting ("EGM") (Date of BOD
meeting for such change: September 26, 2003)

4. Details of correction:

Before Amendment

Type of Issue

Item 1. Approval of new rights issue
Item 2. Approval of per share price of rights issue below par
value
Item 3. Approval of amendment of the Articles of Incorporation
Item 4. Appointment of directors

After Amendment

Type of Issue
Item 1. Approval of per share price of issuance of new shares
below par value
Item 2. Approval of issuance of new shares
Item 3. Approval of amendment of the Articles of Incorporation
Item 4. Appointment of non-standing directors
Item 5. Appointment of outside directors

Others: The date and agenda for the EGM are subject to change.
The BOD shall confirm the details in a timely manner.


HANARO TELECOM: Unveils Shareholder Proxy Materials
---------------------------------------------------
Hanaro Telecom Inc. announced its shareholder proxy materials
for the Extraordinary Shareholders' Meeting scheduled for
October 21, 2003, filed with the KOSDAQ and the Financial
Supervisory Commission on September 27, 2003.

I. SOLICITOR, PROXY AND THE SOLICITED

1. SOLICITOR
1) Name: Hanaro Telecom, Inc.
2) Relationship with the Company: The principal
3) No. of shares held: None

2. PROXY


Name        No. of shares held     Relationship with the Company

Kan Chae Jung         -                Employee
Se-Hoon Gum           2,000            Employee
Kyu June Hwang        -                Employee

3. THE SOLICITED Every and each shareholder on the Shareholder
Register as of September 16, 2003. (Samsung Electronics and
139,373 shareholders; 279,322,680 shares of common stock).

* A copy of the Shareholder Register was submitted to the
Financial Supervisory Commission of Korea (Date of submission:
September 27, 2003)

4. OTHERS

1) Date and Venue of EGM - Date: Tuesday, 21st October, 2003,
10:00 a.m. - Venue: 10th Floor, Hanaro Telecom Building, 726
Janghang 2-dong, Ilsan-ku, Koyang-shi, Kyunggi-do, Korea

2) Object and Methods of Solicitation - Object: To secure quorum
and voting rights for approval of EGM agenda - Methods: To send
Power of Attorney and Proxy Reference materials, and if
necessary,

(1) Newspaper Advertisement
(2) Phone call solicitation
(3) Visits
(4) Solicitation via Internet or methods of similar kind

3) Schedule for sending proxy and reference materials: From
September 30, 2003 until the commencement of EGM

4) Contact (mailing address): Ki Hyoen Kim, General Manager
7th Floor, Hanaro Telecom Building, 726 Janghang 2-dong, Ilsan-
ku, Koyang-shi, Kyunggi-do, Korea Telephone: 080-800-5000, 1566-
5000 Fax : 82-2-6266-5269


JINRO LTD.: Lotte Mulling Bid
-----------------------------
Lotte Group, one of South Korea's biggest retail and consumer
product companies, is considering a bid for bankrupt distiller
Jinro Ltd., according to the Financial Times. Lotte already
operates in the drinks sector - both alcoholic and non-alcoholic
- via its Chilsung Beverages unit, and the addition of Jinro
would certainly give it a boost.

According to the report, there have been no formal offers for
Jinro - which makes the Korean national drink soju among others
- as yet, but Lotte is said to be among the potential bidders
for the company. Jinro posted losses of 222 billion won last
year with sales at 915 billion won.


KOOKMIN BANK: Hires Morgan Stanley to Sell Stake
------------------------------------------------
Morgan Stanley and two local brokers were hired to arrange the
sale of the South Korean government's 9.3 percent stake in
Kookmin Bank worth 1.2 trillion won (US$1.1 billion), Bloomberg
reports, citing Finance and Economy Ministry. The local firms
are South Korea's top brokerages namely Samsung Securities Co.
and LG Investment & Securities Company.

The sale is part of the government's attempt to recoup an
estimated 161 trillion won used to bail out lenders during the
1997-1998 Asian financial crisis. Timing for the sale will be
decided later in consultation with the arrangers.


KOOKMIN BANK: Clarifies Indonesian Bank Bid Report
--------------------------------------------------
On September 26, 2003, the Korea Stock Exchange (KSE) requested
Kookmin Bank to confirm the rumors on Kookmin Bank Bid for PT
Bank Internasional Indonesia.

Upon this request, Kookmin Bank officially announced as follows:

On September 26, 2003, Kookmin Bank submitted a preliminary non-
binding bid to Indonesian Bank Restructuring Agency jointly with
a leading investment firm in the region to acquire 51% stake of
PT Bank Internasional Indonesia.

Kookmin Bank will disclose further information, when it is
available.


SK GLOBAL: Rejects Stanford, Newport Leases
-------------------------------------------
Judge Blackshear will permit SK Global America, a unit of South
Korea's SK Networks Co., to reject its Stanford and Newport
Leases.  Accordingly, the landlords under the Leases and the
licensees under the License Agreements are directed to file a
proof of claim for any claims arising from the rejection of
their Leases or License Agreements.

Claims must be filed with the Clerk of Court and a copy of the
claim must be served so that it is received on or before
November 4, 2003, to:

Togut, Segal & Segal LLP
One Penn Plaza, Suite 3335
New York, New York, 10119
Attn: Scott E. Ratner, Esq.

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


SK GROUP: Likely to Prosecute Chairman
--------------------------------------
Sohn Kil-seung, head of the SK Group, will likely be prosecuted
for illegally using corporate funds to bribe politicians, the
Maeil Business Newspaper reports. Prosecutors said on Saturday
that Sohn was charged with offering bribes amounting to 10
billion won to local politicians. Sohn was called in last week
as a part of the inspections, and is said to have admitted to
bribing local politicians.


SK NETWORKS: Sells Stake in Refiner to Sister Units
---------------------------------------------------
SK Networks Co. Ltd. plans to sell its 10 million shares, or 7.8
percent stake in oil refiner affiliate SK Corporation to sister
companies and founding family members of parent SK Group, which
is valued at 166 billion won (US$144.7 million) based on the
current market price, according to Reuters.

The sale is aimed at blocking Monaco-based Sovereign Asset
Management Ltd., the top shareholder in SK Corp., the biggest
shareholder in SK Networks, from involvement in a rescue plan
for the scandal-hit oil-trading firm. SK Networks, formerly SK
Global, is at the heart of a $1.2 billion accounting fraud
unearthed in March and Sovereign has stepped up its opposition
to SK Corporation's plan to provide 850 billion won (US$729
million) in aid to the trading firm in a debt-into-equity swap.


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


BERJAYA LAND: Proposes to Amend Articles of Association
--------------------------------------------------------
The Board of Directors of Berjaya Land Berhad proposed to amend
its Articles of Association to allow Directors meetings via
telephone conferencing and/or video-conferencing or any other
interactive means of audio or audio-visual communications
(Proposed Amendment).

The shareholders' approval on the Proposed Amendment will be
sought under the Special Business at the Company's forthcoming
Thirteenth Annual General Meeting (AGM) to be held at Dewan
Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan Bukit
Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on Tuesday, 28
October 2003.

The details of the Proposed Amendment will be dispatched
together with the Notice of AGM.


KAMUNTING CORPORATION: Striking Off Dormant Units
-------------------------------------------------
The Board of Directors of Kamunting Corporation Berhad (KCB)
announced that the following dormant subsidiaries have been
struck off from the Register of Companies of the Hong Kong
Companies Registry pursuant to Section 291 of the Companies
Ordinance:

1. Kamunting Investments (HK) Limited
2. Kamunting Projects (HK) Limited
3. Kamunting M&E (HK) Limited

Following the striking off of the above captioned companies,
they have ceased to be subsidiaries of KCB.


KILANG PAPAN: Extends Final Investigative Audit Report
------------------------------------------------------
Further to our announcement dated 1 October 2003, AmMerchant
Bank Berhad, on behalf of Kilang Papan Seribu Daya Berhad (KPSD)
(Special Administrators Appointed) announced to the Kuala Lumpur
Stock that the Securities Commission had via its letter dated 27
September 2003, which was received on 1 October 2003, approved
for an extension of time of up to 31 October 2003 for KPSD's
appointed independent investigative audit firm to complete and
submit its final investigative audit report.


PANCARAN IKRAB: Files Civil Suit to Recover RM37M
-------------------------------------------------
Pancaran Ikrab Bhd. and its wholly owned subsidiary Pancaran
Properties Sdn Bhd has commenced a civil suit against Ngu Tieng
Ung, Tiong Kwing Hee and 9 other individuals and companies to
seek to recover a sum of RM37 million purportedly paid out in
respect of an alleged Joint Venture Agreement entered between
Pancaran Properties Sdn Bhd and Famebeach Sdn Bhd dated 17th
December 1997.

The Statement of Claim was filed at the Kuala Lumpur High Court
Registry in Wisma Denmark, Jalan Ampang, Kuala Lumpur on 3rd
October 2003 by M/S CK Tan & Co. as solicitors of Pancaran Ikrab
and Pancaran Properties.


PICA CORPORATION: KLSE Defers Delisting of Securities
-----------------------------------------------------
Pica (M) Corporation Berhad (PICA) was notified on 19 September
2003 that its securities will be removed from the Official List
of the KLSE at 9.00 a.m. on Monday, 6 October 2003. The Company
had up to seven (7) days from the date of notification of the
decision to de-list to submit an appeal to the KLSE in relation
to the decision of the Exchange to de-list its securities from
the Official List of the KLSE.

The above Company has submitted an appeal against the decision
of the Exchange to de-list its securities from the Official List
of the KLSE within the 7-day period (the Appeal). In view of the
Appeal, please be informed that the KLSE Committee shall defer
the removal of the securities of PICA from the Official List of
the KLSE on 6 October 2003 pending the decision on the Appeal.

The Company is currently in the preparation of the explanatory
statement (ES) to its scheme creditors. The ES shall be
forwarded to all its Scheme Creditors in due course.


PWE INDUSTRIES: Unveils Restructuring Exercise Update
-----------------------------------------------------
Further to the announcement dated 15 September 2003, on behalf
of PWE Industries Berhad (PWE), PM Securities Sdn Bhd announced
that the Kuala Lumpur Stock Exchange had vide its letter dated 2
October 2003, approved the extension of time of 1 month from 16
September 2003 to 15 October 2003 for the Company to comply with
paragraph 6.1 (b) of Practice Note 10/2001 and submit the
application in respect of the Proposed Corporate Restructuring
Exercise of PWE to the Securities Commission and the other
relevant authorities.


RNC CORPORATION: SC OKs Restructuring Proposal
----------------------------------------------
RNC Corporation refers to the earlier announcements dated 18
April 2003, 16 May 2003, 22 May 2003, 13 June 2003, 7 July 2003,
11 July 2003, 4 August 2003 and 10 September 2003 in relation to
the proposed modifications to the Proposed Scheme.

On behalf of the Special Administrators of RNC Corporation
Berhad (RNC), announced that the Securities Commission had vide
its letter dated 3 October 2003, approved the Company's proposal
to fix the conversion price for the redeemable convertible
unsecured loan stocks (RCULS) to be issued pursuant to the
Proposed Scheme, at RM1.00.


SALCON BERHAD: SC Extends Investigative Audit to October 25
-----------------------------------------------------------
This announcement is made for Seng Hup Corporation Berhad
(Special Administrators Appointed) (SHCB) in relation to SHCB's
announcement dated 25 August 2003. For information, SHCB has
been de-listed from the Official List of the Second Board of the
Kuala Lumpur Stock Exchange. The Company refers to the
announcement made on 25 August 2003 by AmMerchant Bank Berhad
(AmMerchant Bank), on behalf of SHCB, with regards to an
application to the Securities Commission (SC) for an extension
of time of two(2) months to 25 October 2003 to complete the
investigative audit of SHCB.

AmMerchant Bank, on behalf of SHCB, informed that the SC has
approved the extension of time to 25 October 2003 to complete
the investigative audit of SHCB.


TECHNO ASIA: Appoints Ernst & Young as Special Administrators
-------------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators (SAs) over Techno
Asia Holdings Berhad (TECASIA) and a subsidiary Company, Prima
Moulds Manufacturing Sdn. Bhd. (PMMSB) on 2 February, 2001. The
Special Administrators were subsequently appointed over the
following subsidiary companies of TECASIA on 30 April 2001:

1. Mount Austin Properties Sdn. Bhd.;
2. Cempaka Sepakat Sdn. Bhd.;
3. Ganda Edible Oils Sdn. Bhd.;
4. Litang Plantations Sdn. Bhd.;
5. Wisma Dindings Sdn. Bhd.;
6. Ganda Plantations (Perak) Sdn. Bhd.; and
7. Techno Asia Venture Capital Sdn. Bhd. (collectively known as
the "Affected Subsidiary Companies)

Further to the announcement dated 05 September, 2003 in respect
of Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 31 August
2003 were as follows:-

                 Loan & Hire Purchase
               Principal (RM)  Interest (RM)     Total RM

The Company   390,388,365      270,192,427       660,580,792
The Group     486,560,299      323,857,042       810,417,341

Interest shown include interest from 1 July 2001 to 31 August
2003 for loans pending implementation of the restructuring
scheme which was approved by the Securities Commission as
announced on 20 December 2002 and 26 December 2002. For those
loans for which a set-off or other forms of settlement has
occurred pursuant to the terms of the relevant Workout
Proposals, the amount of the loan has been reduced by the
settlement amount and interest has been adjusted to accrue until
30 June 2001 as provided in the Workout Proposals. No further
interest on the balance outstanding loan amount has been accrued
subsequent to a settlement.

2. Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 05 September
2003, there have been no major changes to the status of
TECASIA's plan to regularise its financial position.

3. Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 28 April 2003 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2004. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.


TIMBERMASTER INDUSTRIES: Releases Restructuring Scheme Update
-------------------------------------------------------------
Further to the announcement on 2 October 2003, Timbermaster
Industries Berhad (Special Administrators Appointed) (TMIB)
informed that the Special Administrators and all other parties
concerned are still in the midst of implementing TMIB's proposed
restructuring scheme as approved by the Securities Commission on
2 December 2002.


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


ASB GROUP: Creditors Demand Removal of Receiver
-----------------------------------------------
Some of the 700 unsecured creditors of cash-strapped ASB Group
of Companies are demanding the ouster of Fortunato B. Cruz, the
appointed receiver to manage the Company's rehabilitation, the
Manila Times reported on Monday. The creditors, who are mostly
private individuals, have thrown their support to the Securities
and Exchange Commission (SEC) on plans to terminate the services
of Cruz.

The creditors claimed Cruz had received more than P15 million in
advances from ASB and is still claiming another P15 million as
commission for some works. The ASB group, which is owned by
property developer Luke Roxas, filed a loan suspension payments
petition with the SEC in July 2000 due to tight liquidity
problems resulting from the sudden pre-termination of
investments of its clients.

In 2002, ASB's total liabilities amounted to P12.7 billion and
its assets stood at P13.8 billion. Apart from more than 700
unsecured creditors, the group also owes hefty amount with 14
banks. ASB's creditors include DBS, International Exchange Bank,
Allied Banking Corp., United Coconut Planters Bank, and Standard
& Chartered Bank.


BALABAC RESOURCES: PSE Suspends Trading From October 6-8
--------------------------------------------------------
The Philippine Stock Exchange (PSE) will suspend trading on
Balabac Resources Holdings Co. Inc. (BAL) shares from October 6-
8 to facilitate the reduction in the number of its listed
shares, BPI Securities reports.

Balabac has filed a capital-restructuring plan with the
Securities and Exchange Commission (SEC). As part of its capital
restructuring, the Company wrote off subscription receivables
amounting to 55.46 million pesos. The write-off will result in
the cancellation of some of its listed shares and, consequently,
a decrease in the authorized and subscribed capital by the same
amount.

BAL earlier sought SEC approval for a planned quasi-
reorganization in order to utilize its appraisal surplus against
its capital deficit. The Company also asked for approval to
lower its authorized capital stock to 73.79 million pesos from
P1bln to reduce its deficit.


MANILA ELECTRIC: Reaches Accord With QPL
----------------------------------------
The Manila Electric Co. (Meralco) has finalized its negotiations
with Quezon Power Ltd. (QPL) but negotiations with First Gas
Power Corporation (FGPC) is seen headed into a deadlock over
penalty rates, the Philippine Star said on Monday, citing the
Independent Review Committee headed by Landbank President
Margarito Teves.

Teves said that in the agreement with QPL, the Company has
agreed to pay rebates of about US$44 million over a period of
six years as well as to increase the discount on excess energy.
He said the Company also agreed to shoulder local business and
community taxes while paying larger penalty on energy shortfall.


RAMCAR INC.: Creditor Seeks Replacement of Receiver
---------------------------------------------------
Globeline Shipping Agencies, a creditor of Ramcar Inc., has
filed a court case calling for the replacement of Ramcar Inc.'s
receiver Fortuna Cruz for alleged unprofessionalism and
incompetence, the Philippine Star reports. Fortunato Cruz, who
is engaged in "corporate recovery services," was former
President of both the Financial Executives Institute and the
Philippine Institute of Certified Public Accountants.

Globeline claimed that Cruz was remiss in the performance of his
duties when he failed to furnish the creditors with his
evaluation report on Ramcar's rehabilitation plan. Ramcar was
placed under rehabilitation by the regional trial court in
Quezon City in April last year. Globeline charged that Cruz
neglected his duties despite receiving a huge salary of P350,000
a month, which is way above the P50,000 previously fixed by the
Securities and Exchange Commission (SEC).


UNION CEMENT: Approves Plan For 2 Loans Worth P2.65B
----------------------------------------------------
Union Cement Corporation said its executive committee has
approved the Company's plan to take two loans totaling 2.65
billion pesos, according to AFX Asia on Friday. One is a 1.65
billion pesos loan under a syndicated agreement jointly arranged
by ING Bank NV and SB Capital Investment Corp, and the other 1.0
billion pesos loan from Metropolitan Bank and Trust Co and First
Metro Investment Corporation.

In a disclosure to the stock exchange, the Company did not say
the purpose for taking the loans. The Troubled Company Reporter-
Asia Pacific reported that Union Cement is aiming to settle 1.5
billion pesos in total debt in 2002 to bring down its total debt
load to 1.7 billion pesos.


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


ACASE ELECTRONICS: Releases First & Final Dividend Notice
---------------------------------------------------------
Acase Electronics (Singapore) Pte Ltd. issued a notice of first
and final dividend as follows:

Address of Registered Office: Formerly of 39 Sea Breeze Rd
Singapore 487470.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 3 of 2000.

Amount Per Centum: 64.30 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 16th day of September 2003.

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

KAREN LOH PEI HSIEN
Assistant Official Receiver.


ALDGATE PTE: Appoint Liquidators Tong & Hutchison
-------------------------------------------------
At an Extraordinary General Meeting of Aldgate Pte Ltd (Members'
Voluntary Winding Up) was deemed to be held on 24th September
2003 at 9.30 a.m, the following resolutions were duly passed:

SPECIAL RESOLUTION

a) RESOLVED that the Company be wound up voluntarily pursuant to
section 290 (1) (b) of The Companies Act (Chapter 50).

ORDINARY RESOLUTIONS RESOLVED:

(b) That Mr Kon Yin Tong and Mr William Caven Hutchison be and
are hereby appointed liquidators, jointly and severally, for the
purpose of the winding up.

(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.

SPECIAL RESOLUTION

(d) RESOLVED that the liquidators be empowered to exercise any
of the powers given by sub-sections (1) and (2) of section 272
of the Companies Act (Chapter 50) and to distribute to members
in specie any part of the assets of the Company.

PASCAL DEMIERRE
Director.


AMRAE BENCHUAN: Issues Winding Up Order Notice
----------------------------------------------
Amrae Benchuan Trading Pte Ltd. issued a notice of winding up
order made on the 19th day of September 2003.

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

Messrs P. SUPPIAH & CO.
Solicitors for the Petitioner.


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


FLEXTRONICS INT'L: Releases Second Quarter Results October 22
-------------------------------------------------------------
Flextronics International announced Friday that it will report
second quarter results on October 22, 2003. The conference call,
hosted by Flextronics' senior management, will be held at 1:30
p.m. PDT to discuss the financial results of the Company and its
future outlook. This call will be broadcast via the Internet and
may be accessed by logging on to the Company's Web site at
http://www.flextronics.com.A replay of the broadcast will
remain available on the Company's Web site after the call.

Headquartered in Singapore, Flextronics (S&P, BB+ Corporate
Credit Rating, Stable) is the leading Electronics Manufacturing
Services provider focused on delivering supply chain services to
technology companies. Flextronics provides design, engineering,
manufacturing, and logistics operations in 29 countries and five
continents. This global presence allows for supply chain
excellence through a network of facilities situated in key
markets and geographies that provide customers with the
resources, technology, and capacity to optimize their
operations. Flextronics' ability to provide end-to-end services
that include innovative product design, test solutions,
manufacturing, IT expertise, network services, and logistics has
established the Company as the leading EMS provider with
revenues of $13.4 billion in its fiscal year ended March 31,
2003. For more information, visit http://www.flextronics.com



MMI SINGAPORE: Issues Debt Claim Notice to Creditors
----------------------------------------------------
The creditors of MMI SINGAPORE PTE LTD (In Members' Voluntary
Liquidation) are required within thirty days thereof 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 Liquidators of the said Company c/o 2 Mistri Road, #12-01
HMC Building, Singapore 079624, and if so required by notice in
writing from the said Liquidator, are by their solicitors or
personally to come in and prove the said debts or claims at such
time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

TEH KWANG HWEE
Liquidator.
c/o 2 Mistri Road
#12-01 HMC Building
Singapore 079624.


NEW WAVE: Issues Profit Warning
-------------------------------
In anticipation of the announcement of the results for the first
half of the financial year ending 31 March 2004 (FY2004) in
November 2003, the Board of Directors of New Wave Technologies
Ltd deems it appropriate to issue a profit warning. In view of
the competitive conditions of the industry stated in Paragraph
10 of the Company's full-year financial statement and dividend
announcement for the financial year ended 31 March 2003 (FY2003)
made on 21 May 2003, the Directors expect the Group to report a
significant net loss in the first half of FY2004 due to the
following factors:

(1) Some of the targeted customers for the Value Added Products
Division of the Group have deferred their capital investment
with no significant expenditures expected in the short term.
This has pushed back the commercial rollout date of some of our
value added products and systems. As a matter of prudence, the
Directors are considering making an accelerated amortization
charge against the capitalized research and development
expenditures for these value added products and systems.

(2) Continuing weakness in the regional economies resulting in
revenues of the Value Added Products Division being
significantly affected. As highlighted in (1) above, some of the
customers have deferred their capital expenditures in the short
term. Projected revenues from the China market also failed to
materialize as a result of the severe acute respiratory syndrome
(SARS) outbreak while revenues from Indonesia were affected by
the social unrest in certain provinces of the country. The Group
is expecting overall revenue in the first half of FY2004 to
record a significant decrease from that of the corresponding
period in FY2003.

(3) As part of the Group's efforts to further consolidate the
operations and product offerings of the Components Distribution
Division, the Directors undertook and completed a review of the
business model and product mix of the said Division in the first
half of FY2004. The Group foresees that the market for
telecommunication applications will be geared increasingly
towards China and Vietnam and the industry will be characterized
by rapid changes in technology with the introduction of new
chips, components and parts. The Directors are therefore
considering a provision for stock obsolescence is made on the
costs of the chips, components and parts carried for
telecommunication applications as a prudent measure.

The Group will implement a variable wage structure for staff in
the second half of FY2004 in addition to the cuts in CPF
contribution rates to better align the cost structure of the
Group to its performance. The Group will continue to monitor
business developments and trends in the second half of FY2004,
explore new areas of business and implement any further measures
if necessary to enhance revenue and control costs.


STRENGTH ELECTRIC: Issues Dividend Notice
-----------------------------------------
STRENGTH ELECTRICAL ENGINEERING PTE LTD. issued a notice of
first and final dividend as follows:

Address of Registered Office: Formerly of 33 Senang Crescent
Singapore 416604.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 340 of 2000.

Amount Per Centum: 0.0175 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 19th September 2003.

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

KAREN LOH PEI HSIEN
Assistant Official Receiver.


VITRAUX PTE: Creditors to Submit Claims by November 3
-----------------------------------------------------
Notice is hereby given that the creditors of VITRAUX PTE LTD
(Members' Voluntary Winding Up), which are being wound up
voluntarily, are required on or before 3rd November 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 liquidators, c/o 47 Hill Street, #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365, 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 benefits of any distribution made before such
proof.

KON YIN TONG
WILLIAM CAVEN HUTCHISON
Joint Liquidators.
3rd October 2003.


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


EASTERN STAR: Completes Repayment of Outstanding Debt
-----------------------------------------------------
Subject : Completion of Loan Repayments
To      : The Director and Manager of the Stock Exchange of
          Thailand

We, Eastern Star Real Estate Public Company Limited wish to
report the completion of loan repayment to 2 last remaining
creditors as follows:

(1) On 24 September 2003, the company settled debts of THB68.09
million dividing into principle of THB53.21 million and accrued
interest of THB14.88 million to Siam Commercial Bank Public
Company Limited with cash of THB59.50 million. The company
booked a gain of THB8.59 million from this transaction.

(2) On 29 September 2003, the company settled debts to the
Thanachart Bank Public Company Limited as per the Debt
Restructuring Agreement.  Total debt was THB206.32 million
dividing into principal of THB174.97 million and accrued
interest of THB31.35 million.  The company settled all debts
with cash of THB174.97 million.  The company was refunded the
advanced payment interests of THB55.59 million and booked a gain
of THB31.35 million from hair cut of the accrued interest.

From the both transactions, the company has total book gain of
THB39.95 million which will be recognized as profit in the 3rd
quarter of 2003 financial statements.  In addition, the company
will also show debt free for that fiscal period.

Sincerely Yours,

Mr. William Cheng
Managing Director


THAI MILITARY: Planning to Retire THB19 Billion Notes Early
-----------------------------------------------------------
State-owned Thailand Military Bank PCL plans to advance the
redemption of some THB19.28 billion (US$487.2 million) of bonds,
according to Reuters.

The bank did not explain the move in a statement to the Stock
Exchange of Thailand, but stated that it intends to redeem THB6
billion of subordinated bonds on November 7 and THB13.28 billion
of hybrid securities on December 8.  The subordinated debt is
not due until November 2004, while the maturity of the hybrid
debt is still three years away.  The bank said it would use the
THB22.47 billion raised from existing shareholders last month to
finance the redemption.

According to Reuters, in 1999 the bank, together with market
leader Bangkok Bank PCL, Kasikornbank PCL, Bank of Ayudhya PCL
and DBS Thai Danu Bank PCL, sold a combined THB132 billion of
hybrid of debt to raise money for bad loan provisions after
thousands of debtors defaulted.

The finance ministry owns 49.8% of the bank, while the son of
Prime Minister Thaksin Shinawatra is one of its major
shareholders.


THAI MILITARY: Details Latest Conversion of Preferred Shares
------------------------------------------------------------
Re:     Conversion of Class B Preferred Share into Ordinary
        Share on September 20, 2003

To:     President, The Stock Exchange of Thailand

Pursuant to Thai Military Bank PCL's issuance in May 2000 of
1,992,000,000 Class B Preferred Shares, and their subsequent
listing on May 26, 2000.  The preferential rights assigned to
these shares have a duration period of 10 years commencing May
19, 2000.  Holders of the preferred shares are entitled to
convert them into ordinary shares of the Bank at a ratio of 1:1
at every 3-month interval namely, March 20, June 20, September
20 and December 20 of each year.

For the September 20, 2003 exercise date, Class B Preferred
Shareholder converted the preferred share into ordinary share
with the amount of 100 shares resulting in changes in number of
Ordinary Shares and Class B Preferred Shares of the Bank as
follows:

  Class B Preferred Shares
  ------------------------
Initial number of preferred shares issued   1,992,000,000 shares

Number of preferred shares                              0 shares
already converted

Conversion per this exercise date                     100 shares
(September 20, 2003)

Class B Preferred Shares outstanding        1,991,999,900 shares


  Ordinary Shares
  ---------------
Number of ordinary shares outstanding       8,415,867,600 shares
prior to conversion

Previous conversion from preferred shares               0 shares

Conversion per this exercise date                     100 shares
(September 20, 2003)

Total ordinary shares outstanding           8,415,867,700 shares

Please be informed accordingly

Yours truly,

Thai Military Bank Public Company Limited
Sumitra Trisrisakdi
Advisor To The President
Tel: (02) 299-1406


THAI PETROCHEMICAL: Creditors Agree to Unlock Working Capital
-------------------------------------------------------------
Siri Jirapongphan, a member of the court-appointed
administrating team, told Dow Jones last week some of the firm's
creditor banks have agreed to release working capital of as much
as US$160 million in the coming weeks.

Earlier, Thai Petrochemical Industry PCL said it needs at least
US$80 million in working capital to fund operations.  Mr. Siri,
however, says both foreign and local banks are now willing to
provide working capital of between US$120 million and US$160
million.  In April, creditors froze the firm's working capital
after it stopped making interest payments.

Meanwhile, the company forecast third-quarter EBITDA to reach as
much as THB3 billion on higher refining production; up from
THB1.4 billion in the second-quarter.  Refining production
climbed to 155,000 barrels a day during the third quarter from
the second-quarter's 110,000 barrels a day, Dow Jones said.

The company also expects to maintain monthly EBITDA of THB800
million to THB1 billion during the second-half of 2004.  Mr.
Siri said the fresh working capital will allow TPI to make long-
term crude-purchase plans, which will help reduce its
operational costs and improve financial results.

"TPI's EBITDA would be close to our target once we get the
working capital," he told Dow Jones.  TPI targets an EBITDA of
15% of total sales.  At present, the level vacillates between
10% and 12%.


THAI PETROCHEMICAL: Clarifies Premature Release of Q3 Results
-------------------------------------------------------------
To :    The President
        The Stock Exchange of Thailand

Re:     Clarification on the Q3 2003 financial performance
        figures published in several  newspapers

Dear  Sir,

With reference to the article published in several newspapers on
October 3, 2003 reporting the Thai Petrochemical Industry Plc.'s
(TPI) press released concerning the third quarter financial
performance, the Plan Administrator would like to inform that
the purpose of the interview was to inform the public the
progress of the reorganization plan implementation and the
development of the discussion with the creditors.

Presently, TPI is seeking for additional credit lines from both
domestic and international financial institutions.  The Plan
Administrator expects that terms and conditions of the
additional credit lines will be parity to those of the prime
borrowers.  Information presented in the press released was
estimated for discussion only.  The actual third quarter
financial performance is currently under the review of the
auditor and will be submitted to the SET in due course.

Yours sincerely,
Suwit Nivartvong
For Plan Administrator
Thai Petrochemical Industry PCL


* BOND PRICING: For the week of September 29 - October 3, 2003
--------------------------------------------------------------

Issuer                                Coupon   Maturity  Price
------                                ------   --------  -----

AUSTRALIA
---------

Advantage Group Ltd                   10.000%     4/15/06     1
Amcor Ltd                              6.500%    10/29/49    11
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    64
Austrim National Radiators Ltd         9.500%    10/31/04    45
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07    13
BIL Finance Ltd                        8.190%    10/15/03    16
BIL Finance Ltd                        8.250%    10/15/04    12
BIL Finance Ltd.                       8.750%    10/15/04    12
BIL Finance Ltd.                       8.750%    10/15/05    13
BIL Finance Ltd.                       9.000%    10/15/04    16
BIL Finance Ltd.                       9.250%    10/15/03    16
BIL Finance Ltd.                       9.250%    10/15/06    12
BIL Finance Ltd.                      10.000%    10/15/04    12
Capital Properties NZ Ltd.             8.500%     4/15/05     8
Capital Properties NZ Ltd.             8.500%     4/15/07     9
Capital Properties NZ Ltd.             8.500%     4/15/09     9
Consolidated Minerals Ltd             11.250%     3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     8
Fletcher Building Ltd                 10.800%    11/30/03     8
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garrats Ltd                           12.000%    12/31/03     1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
JB Were Capital Markets Ltd            8.750%    12/31/03    30
Kiwi Income Property Trust             9.000%     9/30/03     1
Macquarie Bank Ltd                     1.800%     8/15/15    61
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    11
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     8
Queensland Treasury Corporation        0.500%     5/19/10    72
Richmond Ltd                          10.750%    12/15/04    11
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Tower Finance Ltd                      8.750%    10/15/07    11
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd.                        8.500%     9/15/12     9

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

Chinese Auto Co., Ltd                  0.750%       4/7/05   36
China Petrochemical Corp               1.000%       5/8/08   38
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   74

KOREA
-----

Kolon Industries Inc                   0.250%     12/31/04   52

MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Europlus Bhd                           7.000%      4/19/06    1
Gadang Holdings Bhd                    3.000%     10/21/07    2
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    2
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
Larut Consolidated Bhd                 7.000%      7/19/05    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Wah Seong Corporation Bhd              3.000%      5/21/12    3

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

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    42

SINGAPORE
---------

CSC Holdings Ltd.                        6.500%    4/27/05    1
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   69

THAILAND
--------

Asia Credit PCL                          3.750%   11/17/03   55
Bangkok Bank PCL                         4.589%     3/3/04   63
Bank of Asia PCL                         3.750%     2/9/04   61
MDX PCL                                  4.750%    9/17/03    8
Property Perfect PCL                     3.250%    3/28/49    8
Robinson Department Store PCL            4.250%     4/7/04   11
Siam Commercial Bank PCL                 3.250%    1/24/04   62
Tanayong PCL                             3.500%     3/1/04    7


Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a variety
of outside sources during the prior week we think are reliable.
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.

EDITORS' NOTE: Last week's bond pricing is reprinted in this
issue because of technical difficulties in obtaining the latest
figures.  Our technical team is now addressing this problem.


                         *********


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,
Mavy Nineza-Merlin, Ma. Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***