TCRAP_Public/031008.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, October 08, 2003, Vol. 6, No. 199

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Nov 4 EGM Scheduled
AUSTAR UNITED: Seeking Approval for Staff Investment
AUSTRALIAN GAS: Interactive Website Saves Money, Environment
DRAGON MINING: Svartliden Gold Project to Proceed
MAYNE GROUP: US Federal Court Ruling Favors NaPro

STRATHFIELD GROUP: Dispatches Pro-rata Rights Issue Info
STRATHFIELD GROUP: Lodges 4 for 3 Rights Issue Prospectus
TRANZ RAIL: Posts Outstanding Share Options
TRANZ RAIL: Signs Final Agreement for Wellington Railway Station


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Changes Registered Office Details
401 HOLDINGS: S&P Agreements Completion Extended to Oct 22
JOINT PROSPER: Winding Up Petition Pending
KIN CHOI: Winding Up Hearing Scheduled on Oct 22
LIFETEC GROUP: 2003 Net Loss Narrows to HK$10.382M

SKY TALENT: Winding Up Sought by Profit Rich
STARPAGING AIR: Winding Up Petition Slated for Hearing
TECHCAP HOLDINGS: Proposed Strategic Investment Underway
TOMORROW INT'L: Post Agreements, Open Offer Revised Timetable


I N D O N E S I A

PANIN SEKURITAS: Pefindo Assigns `idBBB-' Rating to Rp100B Bonds


J A P A N

FUJISAN CO.: Files for Civil Rehabilitation Proceedings
FUJITSU LIMITED: Enters Partnership With Siemens
HITACHI LIMITED: Issues Restructuring Update
TAKEFU COUNTRY: Golf Course Enters Rehabilitation
NIPPON TELEGRAPH: Units Win Nod to Launch Cut-Rate Services

* Moody's Downgrades 16 Corporate Ratings in Third Quarter


K O R E A

DOOSAN HEAVY: Firing 1,000 Employees in Early Retirement Scheme
HANARO TELECOM: Transfer of Business With Major Shareholders
HANARO TELECOM: Unveils Serious Liquidity Problems This Year
HYUNDAI MOTOR: KFTC Imposes W175M Fine
KOOKMIN BANK: Set to Transfer Call Center to China

SK GLOBAL: Major Shareholder Wont Buy Back Stocks

* KFTC Fines Cement Manufacturing Firms W25.5B


M A L A Y S I A

AKTIF LIFESTYLE: KLSE Rejects RA Time Extension
AVENUE ASSETS: Unit Placed Under Member's Voluntary Winding Up
C.I. HOLDINGS: August Defaulted Payment Hits RM6.619M
DENKO INDUSTRIAL: Units Faces Summons Over Defaulted Payment
GENERAL SOIL: Winding Up Petition Hearing Adjourned to Nov 20

GEORGE KENT: KLSE Granting Shares Listing, Quotation Today
IDRIS HYDRAULIC: SC Grants Exemption II Approval
IDRIS HYDRAULIC: Scheme of Arrangement Duly Sanctioned
JOHAN HOLDINGS: ICULS, Capitalization Granted Listing, Quotation
KELANAMAS INDUSTRIES: SC Grants Investigative Audit Extension

MANGIUM INDUSTRIES: Sells Unit to Maximize Idle Assets Value
PICA (M) CORP.: Releases Credit Facility Status Update
PILECON ENGINEERING: Unit's Default Status Remains Unchanged
RENONG BERHAD: Suspending Trading to Facilitate Privatization
SOUTH PENINSULAR: Disposes Shares to Rationalize Operations

TAI WAH: Obtains KLSE's Time Extension Approval
TAJO BERHAD: Inks Debt Settlement Agreement W/ Scheme Creditors
TONGKAH HOLDINGS: Disposes Quoted Securities
UCP RESOURCES: Seeks Four-Month Extension Compliance Extension
WOO HING: SC Extends Investigative Audit Time Completion


P H I L I P P I N E S

GLASGOW CREDIT: SEC Presses Firm to Pay P10M Fine
MANILA ELECTRIC: May Hike 2003 Capex to Php6B
NATIONAL POWER: Bulk Power Users Support SPEED Program
UNIOIL RESOURCES: Sets Reorganization to Wipe Out Deficiency


S I N G A P O R E

ALPHAMEGA SOLUTION: Petition to Wind Up Pending
CHON HWA: Releases Winding Up Order Notice
EXTROPIA.COM PTE: Issues Notice of Preferential Dividend
FLEXTRONICS INTERNATIONAL: Describes Existing Indebtedness
MEDIASTREAM LIMITED: Completes Acquisition Agreement

O.R. COMPUTER: Issues Notice of First Interim Dividend
P R STORM: Releases Winding Up Order Notice
SEMBAWANG REEFER: Creditors Must Submit Claims by November 3
SEMBAWANG REEFER: Unveils Appointment of Liquidators
SINGAPORE PRESS: Dissolves Subsidiary


T H A I L A N D

ADVANCE PAINT: Issues Warrants Exercise Results
SIAM SYNTECH: Notifies BOD Meeting No. 2/2003 Resolutions
TCJ ASIA: Creditors' Meeting Set on Nov 4
THAI WAH: Submits Sale Shares Report to SET

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Nov 4 EGM Scheduled
----------------------------------
Austar United Communications Limited notifies that its
Extraordinary General Meeting will be held at 35 Robina Town
Centre Drive, Robina, Queensland on 4 November 2003 at 11:30am.

Go to http://bankrupt.com/misc/TCRAP_Austar1008.pdfto see copy
of the Notice of Meeting and Explanatory Memorandum.


AUSTAR UNITED: Seeking Approval for Staff Investment
----------------------------------------------------
Austar United Communications Limited lodged on Friday a Notice
of Meeting and Explanatory Memorandum regarding shareholder
approvals required to wind up its current executive share option
plan and introduce share-based staff incentive plans that
require cash investment from all participants. Approval is also
sought in regard to changes to director remuneration.

AUSTAR Chairman Mr Bill Ferris said "The Board considers that a
share plan in which participants make cash contributions up
front is the best way to align the interests of employees and
executives with those of all shareholders. Accordingly, as
foreshadowed in the recent Rights Issue Prospectus, we are
seeking approval for a new approach, which will see a
significant inflow of cash from employees. Each of the proposed
plans will require participating employees to invest their own
money to acquire AUSTAR shares.

We believe that this is in line with best practice for staff
incentive arrangements".

Three new plans are proposed.

1. A salary-sacrifice plan open to approximately 800 staff
allowing the purchase of up to $1,000 worth of shares per
employee, per annum, at market price.

2. A plan for up to 70 managers who are invited to make a one-
off investment of up to $10,000 each to purchase shares at 16
cents, the price at which shareholders were able to acquire new
shares during the recent rights issue.

3. The 13 member senior management team will be given a one-off
opportunity to invest between $20,000 and $200,000 each to
acquire A class shares also at 16 cents. Participants will be
entitled to acquire at market rate two additional A class shares
for each share purchased. A pool of additional shares, which
will be non-voting B class shares, will also be issued but will
only vest if the management team delivers a significant increase
in shareholder value from the Rights Issue price. The shares
will return increasing value to participants in accordance with
the value they return to all shareholders. Both types of
additional shares will be funded by limited recourse non-cash
loans from the company.

Mr Ferris stated that "When Castle Harlan Australian Mezzanine
Partners (CHAMP) agreed to invest in AUSTAR we saw a company
with significant promise and a strong management team. Results
delivered to date support that judgment. CHAMP, UGC and
the Austar Board believe that the best way to grow shareholder
value is for the current management team to be committed to the
company as equity holders. We examined a number of options,
sought expert advice and decided that the plans being proposed
are in accordance with the most advanced thinking on achieving
alignment between staff and shareholders.

"The proposed plans will see the senior team making a
substantial cash commitment in order to acquire shares at the
same price at which CHAMP entered the business and at which
other shareholders recently had a chance to increase their
stake. The plans will put the team in a position to benefit from
their own hard work if they generate additional growth in
shareholder value," said Mr Ferris.

Mr Ferris emphasized that there would be a net cash inflow as a
result of the proposed plans. He noted, "If all members of the
senior management team take up their full entitlement an
additional $2.6m cash will be injected into the company, 25% of
which will be used to repay bank debt. Contributions from the
general employees and the broader management team would add to
this amount."

At the same time as introducing new share plans, AUSTAR is also
proposing to wind up the current share option scheme. Mr Ferris
said, "AUSTAR's directors do not believe that the current option
plan is an appropriate or effective means of aligning the
interests of employees with those of shareholders. Following an
independent valuation, we propose to make offers to 51 option
holders." Assuming that all offers were accepted, the maximum
payable by the company to cancel in excess of 37 million
outstanding options would be approximately $570,000.

In addition to the wind up of the option scheme and the
introduction of new share plans, AUSTAR is also seeking
permission to make changes to the remuneration of its directors.
Currently, only the two independent directors are paid directors
fees. The Board considers that in light of the experience and
skills of the other directors, and their responsibilities as
directors, it is appropriate to pay such fees to all directors.
This requires an increase in the aggregate per annum amount
payable to non-executive directors from $300,000 to $576,000.

The final matter for shareholder approval relates to the
proposed issue of 132,986 Ordinary Shares to each of AUSTAR's
independent Directors, Tim Downing and Justin Gardener. The
company will not receive any payment from Mr Gardener or Mr
Downing in regard to this share issue, which is designed to
recognize the additional responsibilities of the Independent
Directors. These include their membership of the Audit and
Remuneration Committees, and the prospect that they may need to
assess transactions in which AUSTAR's majority shareholders and
other directors may have a significant interest. Transfer and
other dealing in these Shares will be restricted, with the
shares vesting over a five-year period.


AUSTRALIAN GAS: Interactive Website Saves Money, Environment
------------------------------------------------------------
Householders can now visit a new virtual home online to see how
simple energy housekeeping techniques will reduce energy bills
and help save the environment.

The interactive energy advice tool, launched on Australian Gas
Light Company's website on Monday, provides a new service for
people seeking information about household energy consumption
and ways to improve energy efficiency.

The site takes users on a room-by-room tour of an average home.
By clicking on the appliances in each room - ovens, air
conditioners, washing machines etc - users can calculate the
indicative costs of running different appliances, and discover
running cost savings for particular appliances.

The site also provides advice on a broad range of environmental
issues and offers energy saving tips and advice on energy star
ratings for different appliances.

AGL Group General Manager, Energy Sales & Marketing, Mr Michael
Fraser, said the company's new virtual online home provided
realistic and helpful information for all households.

"Experience has shown us that customers can often be surprised
by the total cost of their energy bill. With this new tool,
people can now investigate the indicative sources of their total
energy consumption item by item," Mr Fraser said.

"The website enables people to break down total costs to
individual appliances, so that they can identify where
significant savings might be gained and understand the impact on
the environment of excessive energy use."

The site compares the costs of energy usage under current
consumption patterns in a home with the savings that could be
made if the suggested energy efficiency tips were adopted.

"We think everyone will find this site very useful and
informative. Parents, for example, will now have hard evidence
to show their kids how much it costs to leave the computer, all
the lights and television on when there is no one in the room
for an hour or so," Mr Fraser added.

"By raising the awareness of the whole household about the
benefits of energy conservation, everyone can begin to make
small changes to their energy consumption that, when added up,
make a big difference to the environment and the household
energy bill.

Some of the tips that appear on the site include:

   * Setting the temperature of your refrigerator just one
degree lower can increase the appliance's consumption by up to
5%.

   * Switch the television off at the wall to avoid using power
on standby mode.

   * Using cold water in the clothes washing machine uses about
80 - 90 per cent less energy than a warm cycle.

With average Australian households producing 15 tonnes of
greenhouse gas emissions per year, or about 20 per cent of the
nation's total emissions, raising environmental awareness is an
important driver behind AGL's launch of the new interactive
site.

"As Australia's largest energy company, AGL realizes its
responsibility to provide energy consumers with a variety of
energy products and services that enable them to make smart
choices about their energy use and actively contribute to
environmental protection."

The site was created by cutting edge interactive web designers,
Volume New Media.

The AGL interactive energy advice site can be found on the AGL
website at www.agl.com.au.

CONTACT INFORMATIONL: Fiona Duncan
        Phone: 03 9926 5579
        Mobile: 0402 060 715


DRAGON MINING: Svartliden Gold Project to Proceed
-------------------------------------------------
Dragon Mining Limited's 80% owned Svartliden Gold Project in
northern Sweden is set to proceed.

The project has been granted authority to proceed by the
Environment Court. An appeal lodged by the Swedish Environmental
Protection Agency (EPA) on 18 September 2003, seeks only to
modify the conditions for the eventual decommissioning of the
project, not the ability of the project to proceed into
production.

Legal advice has also been received that objections to the
project submitted to the Court by the Vapsten Sami (Reindeer
herders) have previously been considered and rejected by the
Swedish Government previously, and do not present a barrier to
the project proceeding.

The Company has accepted a project financing offer from
Macquarie Bank for 100% project funding in respect of Svartliden
development and has also awarded the plant construction contract
and issued a letter of intent in respect of the mining contract.
Documentation is now being finalized. It is anticipated that it
should be possible to commence construction activities this
month. The construction period will take approximately nine
months and will see Svartliden in production by July 2004.

Svartliden will provide the Company with a robust cash flow,
which can be grown through to rapid development of advanced
projects being acquired from Outokumpu Oy in Finland, and from
further exploration potential within Dragon's projects in
Sweden. Dragon aims to develop a major and sustainable European
focused gold mining business.

According to Wrights Investors' Service, during the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.13 per share. The company has paid no dividends during the
last 12 months as well.


MAYNE GROUP: US Federal Court Ruling Favors NaPro
-------------------------------------------------
NaPro Biotherapeutics, Inc. (NaPro) has announced that the
Federal District Court in the Western District of Pennsylvania
made a number of rulings in favor of NaPro in its patent
infringement lawsuit against Mylan Laboratories Inc. (Mylan)
regarding paclitaxel. On 26 August 2003, Mayne Group Limited
(Mayne) announced that it had entered into a definitive
agreement (the Agreement) to acquire NaPro's worldwide generic
injectable paclitaxel business. In accordance with the
Agreement, Mayne, has agreed to share any cash recovery in the
Mylan litigation with NaPro, whether through a settlement or as
a result of trial. The Agreement is subject to the approval of
NaPro's stockholders.

In a statement released in the US on Monday, NaPro announced
that "the court ruled that Mylan infringes NaPro patents related
to both stabilized formulations of paclitaxel and methods for
making stable formulations. The court also ruled that the
inventors listed on the NaPro patents were the first to invent
the compositions and methods claimed in such patents.NaPro
expects the trial on the remaining issues in the case
to begin in the fourth quarter of 2003 or in the first quarter
of 2004. The remaining issues will be focused on Mylan's claims
that NaPro's patents are invalid and unenforceable."

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in pharmaceuticals (the manufacture of
injectable and oral pharmaceuticals for distribution to more
than 50 countries), health services (pathology, diagnostic
imaging, medical centers, pharmacy services), hospitals and
health-related consumer products.

CONTACT INFORMATION: Rob Tassie
        Public Affairs Manager
        Phone: 03 9868 0886
        Mob: 0407 335 907


STRATHFIELD GROUP: Dispatches Pro-rata Rights Issue Info
--------------------------------------------------------
Strathfield Group Limited sent this letter below to
shareholders, providing further information on Strathfield's
Pro-rata Renounceable Rights Issue, which was announced to the
market on 17th September 2003.

Dear Shareholders,

Information concerning Strathfield's Pro-rata rights issue

Strathfield has announced a four for three pro-rata renounceable
rights issue of shares to its ordinary shareholders. The class
of shares to be issued under the rights issue is fully paid
ordinary shares. The maximum number, which may be issued under
the offer, is 96,209,119. These shares will rank equally in all
respects from the date of allotment with existing ordinary
shares of the company and will have the same dividend policy.
The issue price of the shares under the rights issue will be 10
per share to raise up to $9,600,000 which will be used to reduce
debt and add to working capital.

The number and class of securities that will be quoted on ASX
after the issue are 168,365,958 ordinary shares and
18,666,667 convertible notes. This excludes a placement of
126,000,000 ordinary shares announced on 17 September
2003. The total number and class of all securities in the
company not quoted on ASX is 1,090,000 options.

The pro-rata issue does not require shareholder approval.
The record date to determine entitlements is 14 October 2003.
The date on which the entitlement and acceptance form and the
prospectus will be sent to shareholders is 17 October 2003.
Rights trading will commence on 8 October 2003 and cease on 6
November 2003. The closing date for receipt of acceptances or
renunciations is 13 November 2003.

The date on which securities will be entered into uncertificated
holdings is 27 November 2003.

The offer has been partially underwritten by Kelly Group
Holdings Pty Limited. There is no underwriting fee in respect of
this underwriting. A fee of 5% will be paid to Hudson Securities
Pty Limited except in relation to shares taken up by Kelly Group
Holdings Pty Ltd. Hudson Securities Pty Limited are the brokers
to the issue.

The offer documents will be issued to shareholders whose
registered addresses are in Australia and New Zealand only.
Security holders will be able to sell their entitlements in part
or in full through a broker by using the entitlement and
acceptance form which will be contained with the prospectus.
Security holders will be entitled to dispose of their
entitlements (except by sale through a broker) through using the
standard renunciation form which will be available from
Computershare Investor Services Pty Limited.

Yours sincerely,
Trevor Hannah
Company Secretary
3rd October 2003


STRATHFIELD GROUP: Lodges 4 for 3 Rights Issue Prospectus
---------------------------------------------------------
Strathfield Group Limited lodged, with the Australian Stock
Exchange  the Prospectus for a Renounceable Rights Issue of 4
new shares for every 3 shares held in the Group. For complete
copy of the Prospectus, go to
http://bankrupt.com/misc/TCRAP_Strathfield1008.pdf.

ABOUT STRATHFIELD

Strathfield Group Limited is one of the largest independent
retailers of mobile communications products in Australia, with
over 90 outlets nationwide. Strathfield offers a large range of
products including Car, Home and Mobile entertainment and
communication tools. Strathfield is the leader of in-car
entertainment, and provides quality "on the spot" installation
services through its outlets. Strathfield is listed on the
Australian Stock Exchange (ASX:SRA) and trades as Strathfield
Car Radios, Strathfield Connect, Brisbane Car Sound and Hi-Fi
Corporation Australia.

CONTACT INFORMATION: Mr. Trevor Hannah
        Company Secretary
        Strathfield Group Limited
        Ph: (02) 9747 7777


TRANZ RAIL: Posts Outstanding Share Options
-------------------------------------------
On 18 September 2003 Tranz Rail Holdings Limited gave notice
that the total number of options outstanding at that date was
2,610,861. Since that date the following options have lapsed,
bringing the total as at 6 October 2003 to 2,605,304.

   2,776 options ($3.50) lapsed on 2 October 2003
   2,781 options ($3.50) lapsed on 4 October 2003


TRANZ RAIL: Signs Final Agreement for Wellington Railway Station
----------------------------------------------------------------
Tranz Rail Holdings Limited has signed on Tuesday a final
agreement with the Crown and New Zealand Railways Corporation
for the sale of the Wellington Railway Station for $8 million.

Tranz Rail retains the platforms and the concourse under its
Core Lease and will enter into long term lease arrangements for
a large part of the building. Victoria University of Wellington
also signed on Tuesday an agreement to lease 6000 square feet of
6the railway station.

An agreement in principle was reached with the University in
early August, and Managing Director Michael Beard said he is
pleased at the final outcome.

The operational side of the historic building, including the
Tranz Metro passenger services will continue to be utilized by
Tranz Rail. Aside from Tranz Metro the building also houses the
Interisland Line, Rail Services staff, and the Train Network
Control center.


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


401 HOLDINGS: Changes Registered Office Details
-----------------------------------------------
The board of directors of 401 Holdings Limited announces that
with effect from 1st October, 2003, the registered office of the
Company was changed to:

   Canon's Court
   22 Victoria Street
   Hamilton HM 12
   Bermuda

Trading in the shares of the Company was suspended at the
request of the Company with effect from 9:30 a.m. on 28th March,
2003 and remains suspended until further notice.


401 HOLDINGS: S&P Agreements Completion Extended to Oct 22
----------------------------------------------------------
401 Holdings Limited refers to the announcement dated 9th
September, 2003 issued by the board of directors of the Company
in relation to the Major Transactions.

EXTENSION OF COMPLETION OF MAJOR TRANSACTIONS

Further to the Announcement, the directors of the Company wish
to advise notwithstanding that the S&P Agreements stipulate
completion to take place on or before 30th September, 2003 and
do not provide for an extension of completion, it has been
agreed between the relevant parties for the date of completion
of the S&P Agreements to be extended to 22nd October, 2003
without payment of penalties by either party.

The S&P Agreements constitute major transactions of the Company
and are subject to the approval of the shareholders at a special
general meeting of the Company to be convened on 21st October,
2003. A circular of the Company, containing details relating to
the disposal of the Properties and information of the Company,
and a notice convening a special general meeting of the Company,
will be dispatched to the shareholders of the Company on 3rd
October, 2003.

The Company confirms that it is not aware of the existence of
any shareholder who has a material interest in the transactions
contemplated under the S&P Agreements. Accordingly, none of its
shareholders is required to abstain from voting at the special
general meeting of the Company to be convened for the purpose of
considering and approving such transactions.


JOINT PROSPER: Winding Up Petition Pending
------------------------------------------
Joint Prosper Investments Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 29, 2003 at 10:00 in the morning.

The petition was filed on September 5, 2003 by Ho Fong Kam of
Room 408, Siu Wah House, Siu Hong Court, Tuen Mun, New
Territories, Hong Kong.


KIN CHOI: 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 Kin
Choi Engineering Limited.

Cheng Yuk Fong whose registered office is at 97-B1, Chuk Yuen
Tsuen, Yuen Long, New Territories, Hong Kong filed the petition
on August 27, 2003.  Tam Lee Po Lin, Nina represents the
petitioner.

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


LIFETEC GROUP: 2003 Net Loss Narrows to HK$10.382M
--------------------------------------------------
LifeTec Group Limited posted a summary of its results
announcement for the year ending December 31, 2003:

Year-end date: 31/12/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2003      from 1/1/2002
                              to 30/6/2003       to 30/6/2002
                              Note  ('000)       ('000)
Turnover                           : 15,537             13,338
Profit/(Loss) from Operations      : (8,129)            (8,169)
Finance cost                       : (393)              (1,272)
Share of Profit/(Loss) of
  Associates                       : (575)              (677)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (10,382)           (11,835)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.006)            (0.008)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (10,382)           (11,835)
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)  Taxation

No provision for taxation has been made for the six months ended
30 June 2003 and for the six months ended 30 June 2002 as the
Group incurred a loss in both periods.

No provision for deferred tax has been made as the Group did not
have any significant deferred tax liabilities as at 30 June
2003. No deferred tax asset has been recognized in respect of
tax losses as the recoverability of these potential deferred tax
assets is uncertain.

(2) Loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders for the six months ended 30 June
2003 of HK$10,382,000 (2002: loss of HK$11,835,000) and the
weighted average number of 1,717,745,946 shares (2002:
1,478,686,277 shares) in issue during the period.

The computation of diluted loss per share does not assume the
conversion of the company's outstanding share options since
their exercise would result in a decrease in loss per share.


SKY TALENT: Winding Up Sought by Profit Rich
--------------------------------------------
Profit Rich Enterprises Limited is seeking the winding up of Sky
Talent Properties Limited.. The petition was filed on August 14,
2003, and will be heard before the High Court of Hong Kong on
October 15, 2003.

Profit Rich holds its registered office at Flat A, 10th Floor,
Malahon Center, 10-12 Stanley Street, Central, Hong Kong .


STARPAGING AIR: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Starpaging Air Express Limited is set
for hearing before the High Court of Hong Kong on October 22,
2003 at 10:00 in the morning.

The petition was filed with the court on September 1, 2003 by
Wong Yiu Keung of 2/F., 59 Prince Edward Road West, Mongkok,
Kowloon, Hong Kong.


TECHCAP HOLDINGS: Proposed Strategic Investment Underway
--------------------------------------------------------
The board of directors of TechCap Holdings Limited has noted the
recent increase in trading volume of shares of the Company and
wishes to state that they are not aware of any reasons for such
movement, save as disclosed in this announcement.

The Board confirms that it has resumed the negotiation with Guo
Kang regarding its interest in taking a strategic equity
interest in the Company.

Save as disclosed above, the Board confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

The shareholders and potential investors of the Company should
be aware that the Strategic Investment may or may not be
materialized. Accordingly, they should exercise caution when
dealing in the shares of the Company.

Wrights Investors' Service reports that at the end of 2002,
Techcap Holdings had negative working capital, as current
liabilities were HK$115.65 million while total current assets
were only HK$107.83 million. It also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


TOMORROW INT'L: Post Agreements, Open Offer Revised Timetable
-------------------------------------------------------------
Reference is made to the joint announcement of Tomorrow
International Holdings Limited and Swank International
Manufacturing Company Limited dated 9th September, 2003. (the
Previous Announcement).

A circular of Tomorrow (the Tomorrow Circular) containing, inter
alia, details of the Share Sale Agreement and the Loan
Settlement Agreement, a letter from the independent board
committee of Tomorrow, a letter from the independent financial
advisers and a notice of the special general meeting of Tomorrow
(the SGM), together with a form of proxy was dispatched to the
shareholders of Tomorrow on 30th September, 2003.

The Swank Circular containing, inter alia, details of the Share
Sale Agreement, the Loan Settlement Agreement, the Open Offer, a
letter from the independent board committee of Swank, a letter
from the independent financial adviser and a notice of the
extraordinary general meeting of Swank (the EGM), together with
a form of proxy was also dispatched to the shareholders of Swank
on 30th September, 2003.

Your attention is drawn to the letters of advice from the
independent board committees of Tomorrow and Swank respectively
and the letters of advice from the independent financial
advisers to the independent board committees of Tomorrow and
Swank respectively.

You should read the above respective letters carefully before
deciding to vote in favor of or against the resolutions to be
proposed at the SGM and EGM respectively.

REVISED TIMETABLE

As disclosed in the Previous Announcement, the SGM and EGM were
originally set on 16th October, 2003. However, due to the
unavailability of certain directors of Swank on that date, the
date of the SGM and EGM has now been rescheduled to 17th
October, 2003. Set out below is the revised timetable for the
Open Offer of Swank, capitalized terms used therein are referred
to Swank only:

                                                      2003
Dispatch of circular to Shareholders   Tuesday, 30th September
Last day of dealing in the Shares on
a cum-entitlement basis                Wednesday, 8th October
First day of dealing in the Shares on
an ex-entitlement basis                Thursday, 9th October
Latest time for lodging transfers of
the Shares accompanied by the relevant
title documents in order to qualify
for the Open Offer                     4:00 p.m. on 13th October
Book closure period to determine
eligibility for the Open Offer
(both days inclusive)                   14th to 17th October
Latest time for return of proxy form
for EGM                               10:00 a.m. on 15th October
Record Date                           Friday, 17th October
EGM                                   10:00 a.m. on 17th October
Prospectus and application forms
expected to be dispatched             Friday, 17th October
Latest time for application and
payment for the Offer Shares          4:00 p.m. on 31st October
Underwriting Agreement becoming
unconditional                         Tuesday, 4th November
Announcement of results of the Open
Offer to be published on or before    Wednesday, 5th November
Share certificates for the Offer
Shares to be posted on or before      Thursday, 6th November
Commencement of trading in the Offer
Shares on the Stock Exchange          Monday, 10th November

The EGM of Swank will be held at Unit 3301, Level 33,
Metroplaza, Tower I, 223 Hing Fong Road, Kwai Fong, New
Territories, Hong Kong at 10:00 a.m. on 17th October, 2003 to
consider, among other matters, the Share Sale Agreement, the
Loan Settlement Agreement and the Open Offer.

The SGM of Tomorrow will be held at Unit 3301, Level 33,
Metroplaza, Tower I, 223 Hing Fong Road, Kwai Fong, New
Territories, Hong Kong at 11:00 a.m. on 17th October, 2003 to
consider, among other matters, the Share Sale Agreement and the
Loan Settlement Agreement.


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


PANIN SEKURITAS: Pefindo Assigns `idBBB-' Rating to Rp100B Bonds
----------------------------------------------------------------
Pt Pemeringkat Efek Indonesia (PEFINDO) assigned `idBBB-'
ratings for general obligation and proposed Rp100 billion bonds
of PT Panin Sekuritas Tbk. (PANS). The ratings reflect PANS'
favorable liquidity and leverage position. Notwithstanding these
factors, PANS' ratings are constrained by its unfavorable market
position and less diversified revenue sources. PANS has licenses
to carry out full-service investment bank, including trading and
brokerage, underwriting, financial advisory, fund management and
margin trading. PANS has held a license to sell mutual fund
products since 1997. PANS was established in 1989 under the name
of PT Panin Sekuritasindo and subsequently changed its name to
PT Panin Sekuritas. It went public in 2000 by offering 80
million shares at the Jakarta Stock Exchange. As of March 2003
(unaudited), PANS's total assets stood at Rp110.7 billion with
total equity of Rp94.0 billion. As to date, PANS branches
network consists of 2 offices in Jakarta (1 corporate head
office plus 1 branch) and 1 branch office in Medan. PANS is
majority owned by PT Pan Indonesia Bank (a idBBB+ rated company)
with share ownership of 45.02% as of May 2003.

Supporting factors for the rating is:

* Favorable liquidity and leverage position. PANS's total assets
composition mostly comprised of liquid assets, which can be
liquidated in less than a month. At the end of May'03 and FY02,
liquid assets, consisted of securities portfolio (mostly in
mutual fund), customer accounts, cash and receivables accounted
for about 98% of total assets. Hefty proportion of liquid assets
comprised of mutual fund investment, which at the end of May'03
and FY02 totaled to Rp52.5 billion and Rp48.7 billion or about
35.2% and 37.2% of total assets respectively. As of 1Q03, PANS
has virtually no interest bearing debts either in the form of
bank loan or bonds. In order to finance its operation,
especially margin trading activities, PANS has utilized its
internal capital, which at end of May'03 amounted to Rp97
billion. To further improve its business activities, PANS will
issue bond to particularly finance its margin trading activities
and mutual fund business.

The ratings are constrained by:

* Unfavorable market position. With total trading value of
approximately Rp1.5 trillion and Rp125.7 billion at end of FY02
and May'03, PANS trading and brokerage activities are relatively
small, as it only represented about 0.61% and 0.67% of JSX's
total trading market value during the period. In equity and bond
underwriting, PANS position is also relatively small as it only
seized around 0.8% and 2.3% of total IPO proceeds in FY02 and
FY01 respectively. To some extend, PANS's ability to underwrite
sizable securities issuance is also limited by its capital size
and its brand name in capital market. However, with Rp10.2
trillion (April'03) and Rp11.5 trillion (FY02) assets under
management, PANS is the second largest investment management
company in the country.

* Less diversified revenue sources. Considerable amount of
PANS's revenues are mainly originated from trading & brokerage
fees, investment management fees, and margin trading activities.
Revenues from these business segments accounted for about 98%
and 90% of total adjusted revenues as of May'03 and FY02
respectively. While securities trading & brokerage revenues are
somewhat swinging in line with market condition, the other two
segments can be considered as more stable sources of revenues.
At the end of May'03 and FY02, revenues contribution from
investment management and margin trading totaled to 53.1% and
47.9% of total adjusted revenue respectively. Particularly for
margin trading, PANS has so far been benefited from excellent
margin since it uses its internal funds. However, in order to
expand its margin trading activities as buffer against revenues
volatility, PANS will need to generate more expensive external
funding. This being the case, PANS will have to cope with
increasing pressure on its margins.

OUTLOOK

A `stable' outlook is assigned to the above ratings. The ratings
have acknowledged the ongoing vulnerability in the country'
economic condition in general and capital market in particular.
Going forward, a key challenge of PANS is to broaden its revenue
scope without significantly altering its risk profiles.


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


FUJISAN CO.: Files for Civil Rehabilitation Proceedings
-------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Fujisan Co.,
Ltd., which is a customer of its banking subsidiary, Resona
Bank, Ltd. (Resona Bank, President: Masaaki Nomura), filed an
application for commencement of civil rehabilitation proceedings
with the Osaka District Court. As a result of this development,
there arose a concern that the claims to the Company may become
irrecoverable or its collection may be delayed. Details were
announced as follows:

1. Outline of the Company

(1) Corporate name: Fujisan Co., Ltd.
(2) Address 50 Sumiyoshi-cho, Hanaya-cho agaru,
Nishinakasujidori, Shimogyo-ku, Kyoto-shi, Kyoto-fu
(3) Representative Masaya Fujimoto
(4) Amount of capital 600 million yen
(5) Line of business Wholesale of Icecream and Frozen Foods

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
October 2, 2003.

3. Amount of Claims to the Company

Exposure of Resona Bank Loans: 3.4 billion yen
Other banking subsidiaries of Resona HD, Saitama Resona Bank,
Kinki Osaka Bank and Nara Bank have no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Resona HD

The expected amount of loss arising from this development is
estimated to be approximately 2.7 billion yen. With respect to
the previously announced earnings forecasts, we will announce a
revision immediately after it becomes possible to estimate the
possible impact of the due diligence etc., which is being
implemented at the moment.


FUJITSU LIMITED: Enters Partnership With Siemens
------------------------------------------------
Fujitsu Limited and Siemens Business Services, a 100 percent
subsidiary of Siemens AG, today announced an agreement that will
further enhance the two companies' strong regional presence in
the field of IT services. The agreement will enable Fujitsu to
offer its multinational Japanese customers enhanced coverage in
global services in areas of Europe and North America where it
does not operate directly. Siemens Business Services now will be
able to enhance its service for global customers by drawing on
Fujitsu's resources in the Asia Pacific region.

The two companies have entered a non-exclusive, preferential
agreement that covers a wide range of services, from consulting
to systems integration, right through to the management and
outsourcing of complex IT-infrastructures. The agreement will
thus allow the firms to provide even stronger support in the
regions of Asia Pacific and Europe and meet the expanding needs
for IT-services of their multinational clients. The agreement
will enable Fujitsu to offer its multinational Japanese
customers enhanced coverage in global services in areas of
Europe and North America where it does not operate directly. In
these areas Siemens Business Services will support Fujitsu's
global Japanese customers - for example in such areas as
infrastructure services. By the end of 2002 Siemens Business
Services had already announced that it was looking for a
vigorous partner in Asia Pacific - where Fujitsu's leadership is
widely acknowledged. The Siemens group now will be able to
enhance its service for global customers by drawing on Fujitsu's
resources in the Asia Pacific region.

Fujitsu Limited's Corporate Senior Vice President Kazuo Murano
commented, "We are excited about this new partnership with
Siemens Business Services. It enables us to extend our services
network to further support the globalization of our customers,
thereby expanding our global services business."

Siemens Business Services is among the top ten IT-service
providers worldwide and holds a strong number five position in
Europe. "The agreement will considerably enhance our capability
to care for our multi-national customers. Thus it is a major
step in the strategic alignment of our global business" said
Paul A. Stodden, Group President of Siemens Business Services.
This agreement builds on the outstanding relationship between
Fujitsu and Siemens and the success of the joint venture Fujitsu
Siemens Computers. "Having collaborated with Fujitsu for years
in many projects, we have built a trustworthy relationship with
each other."

About Siemens Business Services

Siemens Business Services is an internationally leading IT
service provider. This Siemens Group offers services all along
the IT service chain from a single source - from consulting to
systems integration, right through to the management of IT
infrastructures. Thanks to comprehensive know-how and sector-
specific expertise, the Company provides measurable added value
for its customers. With regard to outsourcing and IT
maintenance, Siemens Business Services is among the top ten
providers worldwide. Sales in fiscal year 2002 (ending 30
September 2002) came to around EUR 5.8 billion, 73 percent of
which was achieved outside the Siemens organization. The Company
currently has approx. 34,500 employees worldwide.
For further information, please visit the Siemens Business
Services home page at: www.siemens.com/sbs

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Standard & Poor's Ratings Services recently lowered its rating
on Fujitsu Limited to 'BB+pi' from 'BBB-pi', reflecting the
Company's weak financial profile and the relatively slow
recovery of its earnings and cash flow despite several years of
business reforms.

Like other electronics companies, Fujitsu continues to face
difficulty in securing profits in the platform business-which
includes computer hardware and communication equipment-amid
strong pricing pressures. The business environment is expected
to remain difficult, especially in the North American
telecommunications market, on which the Company still has a
relatively high dependence compared with its domestic peers. In
the electronic devices business, Fujitsu lacks competitive
products to ensure an improvement in earnings. Although the
Company's software business has offset weakness in its platform
and electronic devices segments; it is uncertain whether Fujitsu
can improve earnings from this business as planned, as
intensifying competition pressures its operating performance.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


HITACHI LIMITED: Issues Restructuring Update
--------------------------------------------
Hitachi Limited will continue to restructure its business to
improve management efficiency and strengthen competitiveness by
closing unprofitable operations, divesting its subsidiaries and
affiliated companies, reorganizing production bases and sales
network and reducing its workforce, a Company statement said. In
connection with these actions, there may occur costs that
adversely affect Hitachi's financial results and condition.
Restructuring measures may be constrained or intended plans
cannot be implemented in a timely manner due to governmental
regulations, employment issues and underdevelopment of Japanese
M&A market. Moreover, Hitachi may not achieve all of the goals
that it aims for through these actions.

MEASURES TAKEN UNDER THE MEDIUM-TERM MANAGEMENT PLAN IN JANUARY
2003.

Hitachi announced a new medium-term management plan through the
fiscal year ending March 31, 2006. Hitachi plans to realign its
business portfolio by exiting certain businesses and increasing
focus on targeted businesses under the management plan. A
variety of exit strategies may be employed to exit the selected
businesses, including divestiture and closure. Significant costs
may arise in connection with these actions, including costs
related to the restructuring of businesses and losses related to
the sale of securities. While increasing focus on targeted
businesses may require a significant commitment to investment
and research and development, there can be no assurance that
Hitachi's investment and research and development efforts will
be successful. In addition, there can be no assurance that the
strategic realignment of businesses under the plan will be
beneficial to Hitachi's business or financial condition. Even
assuming the strategic realignment would be beneficial, Hitachi
may fail to properly implement the measures under the plan,
which might adversely affect Hitachi's financial condition and
results of operations.

INTELLECTUAL PROPERTY

Hitachi depends in part on intellectual property rights covering
its products, product design and manufacturing processes.
Hitachi owns or licenses a large number of intellectual property
rights and, when Hitachi believes it is necessary or desirable,
obtains additional licenses for the use of other parties'
intellectual property rights. If Hitachi fails to protect,
maintain or obtain such rights, its performance and ability to
compete may be adversely affected. In addition, since
intellectual property litigation is costly and unpredictable,
Hitachi's efforts to protect its intellectual property rights or
to defend itself against claims relating to intellectual
property rights made by others could impose considerable
expenses on Hitachi.

PRODUCT QUALITY AND LIABILITY

Hitachi increasingly provides products and services utilizing
sophisticated and complicated technologies. Reliance on external
suppliers reduces Hitachi's control over quality assurance.
There is a risk that defects may occur in Hitachi's products and
services. The occurrence of such defects could make Hitachi
liable for damages caused by the defects and could negatively
impact Hitachi's reputation for quality products and thereby
adversely affect Hitachi's business results.

Risks of natural disasters and similar events Portions of
Hitachi's facilities, including its research and development
facilities, manufacturing facilities and the Company's
headquarters, are located in Japan, where seismic activity is
frequent. Large earthquakes or other significant natural
disasters could have a negative impact on Hitachi's operating
activities, results of operations and financial condition. In
addition, with the increased importance of information systems
in Hitachi's operating activities, disruptions in such
information systems due to computer viruses and other factors
could have a negative impact on Hitachi's operating activities,
results of operations and financial condition.

GOVERNMENTAL REGULATIONS

Hitachi's business activities are subject to various
governmental regulations in countries where it operates, which
include investment approvals, export regulations, tariffs,
antitrust, intellectual property, consumer and business
taxation, exchange controls, and environmental and recycling
requirements. Significant changes in such regulations may limit
Hitachi's business activities or increase operating costs.

FINANCIAL RISKS

Hitachi owns marketable securities that are exposed to stock
market risks. Declines in stock market prices may have an
adverse effect on Hitachi's financial condition and results of
operations. Hitachi is dependent on the capital market for long-
term financing secured through the issue of debentures and long-
term borrowing from financial institutions, which exposes
Hitachi to interest rate and credit risks.

RETIREMENT BENEFITS

Hitachi has significant employee retirement benefit costs, which
are derived from actuarial valuations based on a number of
assumptions. Assumptions may differ from actual results and may
adversely and materially affect Hitachi's financial condition
and results of operations. For example, difference between
expected return assumptions and actual return on plan assets
could result in a material understatement of Hitachi's funding
obligations, which may adversely affect Hitachi's financial
condition and results of operations. In addition, changes in
valuation assumptions, such as the discount rate or the expected
return on plan assets, may have a material effect on Hitachi's
financial condition and results of operations.


TAKEFU COUNTRY: Golf Course Enters Rehabilitation
-------------------------------------------------
Takefu Country Club K.K., which has total liabilities of 11.5
billion yen against a capital of 30 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located in Takefu-shi,  Kukui,
Japan.


NIPPON TELEGRAPH: Units Win Nod to Launch Cut-Rate Services
-----------------------------------------------------------
The Public Management, Home Affairs, Posts and
Telecommunications Ministry has approved plans by two regional
phone operators of Nippon Telegraph and Telephone Corporation
(NTT) to launch cut-rate Internet Protocol (IP) telephony
services, Dow Jones reports.

The ministry accepted NTT East Corp. and NTT West Corp.'s
applications to provide IP telephony services to corporate
customers on the condition that they ensure fairness and
transparency in selecting network providers. NTT East and NTT
West plan to begin the new services by the end of this month at
the earliest after the companies' prices for the services are
approved.


* Moody's Downgrades 16 Corporate Ratings in Third Quarter
----------------------------------------------------------
Moody's third quarter rating revisions indicate some weakness in
the corporate sector and the financial sectors in Japan despite
the overall improvement in the macroeconomic conditions since
the second half of 2002.

With market-oriented reform and deregulation underway, it
remains to be seen how Japanese companies will reinvent
themselves in light of fiercer competition. Third quarter
results show that a few companies have been able to manage their
risks, recapitalize, and implement conservative budgeting to
emerge stronger, but many continue to struggle.

Moody's downgrades of Japanese corporate credit ratings during
third quarter continued to outnumber upgrades. During the
quarter, there were 16 downgrades and 3 upgrades. The 5.3-
downgrade/upgrade ratio during the quarter was higher than
during the previous quarter, which saw 6 downgrades and 3
upgrades.

Moreover, the total of 19 rating actions in third quarter 2003
came in well below the 29 rating actions, 26 downgrades and 3
upgrades, in the same quarter of the previous year. This general
improvement from last year indicates that the Japanese economy
has gradually recovered from the downturn that occurred during
the second half of 2001 and the first half of 2002.

Of the 16 downgrades in the third quarter, nine were from the
electric power sector, affecting $137.6 billion in debt
outstanding. The nine downgrades (all either to Aa3 from Aa2 or
to A1 from Aa3) reflected growing competition in the Japanese
electricity market in light of ongoing regulatory reform, and
the expectation of a soft demand for electricity, which may
restrain the pace of improvements in the companies' balance
sheet structures.

Other downgrades during the third quarter included downgrades to
Baa3 from Baa2 of the preferred stock and securities issued by
the financing subsidiaries of three banks -- SB Treasury
Company, Sanwa International Finance, and Mizhuo JGB Investment.
The downgrades reflected the banks' weak fundamentals (with low
financial strength ratings of E), the uncertainty related to
accounting methods, and the lack of progress in creating a
regulatory support mechanism such as a pre-emptive capital
injection scheme for banks.

Moody's also downgraded two airlines, Japan Airlines (to Ba3
from Ba1) and All Nippon Airways (to Ba3 from Ba1), on the back
of the impact of the Iraq war and the SARS virus. The downgrades
were also based on the economic downturn in Japan and greater
competition in the domestic aviation market.

Other downgrades include one oil refinery Company (Nippon Oil
Corporation (NOC)), and one manufacturer of metal products and
construction and mining machinery (Furukawa Co., Ltd). The
downgrade of NOC to Baa1 from A3 reflected weak market share and
higher debt in light of the difficult operating environment for
the Japanese oil industry. These challenges include
deregulation, continuing low returns on assets, pricing pressure
on gasoline, and limited success in upstream activities.

The downgrade of Furukawa to B1 from Ba3 reflected continuous
deterioration of its financial profile despite ongoing
restructuring efforts. Furukawa's operating performance has
weakened over the last several years, mainly due to ongoing
operational problems at Port Kembla Copper, Pty. Ltd. (PKC), its
Australian copper smelting and refining facility.

The three corporate upgrades were Furukawa Corporation (to Aaa
from Aa1), Hankyu Department Stores (to Baa3 from Ba1), and
Nissho Iwai Corporation (to B1 from B2).

The upgrade of Toyota Motor reflected the Company's conservative
financial management strategy, strong operating performance,
outstanding capital structure, and the spread of its operations
across regions, which may help mitigate the impact of
cyclicality on earnings and cash flow.

The upgrade of Nissho Iwai Corporation reflected the recently
completed large re-capitalization of the holding Company, which
comes mainly from Japanese core banks. The ratings also factored
in the weak capitalization of the combined group, the continued
pressures on profitability and balance sheet, and the
deteriorating operating environment. Meanwhile, the upgrades of
Hankyu Department Stores reflected improvement in its credit
profile despite the weak state of consumer spending and the
intensified competition in Japan's retail industry.


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


DOOSAN HEAVY: Firing 1,000 Employees in Early Retirement Scheme
---------------------------------------------------------------
Doosan Heavy Industries will lay off about 1,000 employees,
including hundreds of blue-collar workers with less than five
years at the firm, as part of its early retirement scheme,
Digital Chosun reported on Monday. Company payments for the
early retirement plan included the equivalent of two year's
salary and full schooling expenses for the children of retiring
workers, adding that the children of retirees would be favored
for hiring at the firm.

According to Wright Investor's Service, at the end of 2001,
Doosan Heavy Industries & Construction C had negative working
capital, as current liabilities were 1.84 trillion Korean Won
while total current assets were only 1.76 trillion Korean Won.


HANARO TELECOM: Transfer of Business With Major Shareholders
------------------------------------------------------------
Hanaro Telecom Inc. announced its execution of a contract with
Dreamline Corporation to acquire Dreamline's broadband business
for Won 2,500,000,000 (subject to change), the closing for which
is scheduled for November 1, 2003, filed with the Korea
Securities Dealers Association Automated Quotation Market
(KOSDAQ) and the Financial Supervisory Commission (FSC) on
September 27, 2003.

1. Company name: Dreamline Corporation

- Relationship: Affiliated Company

a. Date of Transfer: November 1, 2003

- Broadband Internet access infrastructure in the 'Transfer
Area' except for HFC lines

2. Details of Transfer of Business

b. Subject of Transfer

- Service contracts signed between Dreamline and the
Transfer of Dreamline subscribers in the 'Transfer Area'
Business

- Service contracts signed between Dreamline and broadcasting
companies in the 'Transfer Area'

c. Purchase Price (KRW): 2,500,000,000

3. Purpose of Transfer

To strengthen Hanaro's broadband business

4. Impact of Transfer

Increase in the number of broadband subscribers and revenues

5. Shareholders' Meeting

6. Matters regarding Stock Options

7. Date of Board Resolution: September 26, 2003

- Attendance of Independent Directors

Attendance: -                        Absence: -

- Attendance of Auditor                 No

8. Subject to the Fair Trade Act:       No

9. Others

The Purchase Price is subject to change up to the date
immediately prior to the Date of Transfer depending on the
subscribers' agreement to such transfer.

The date of board resolution is the date of signing.

The transfer of business hereto does not require a Shareholders'
Meeting since it is not subject to Article 374 of Commercial
Law, Article 190-2-2 of Securities and Exchange Act, and Article
84-8-1 of Directives.

Date of relevant local filing: September 8, 2003


HANARO TELECOM: Unveils Serious Liquidity Problems This Year
------------------------------------------------------------
Hanaro Telecom Inc.'s liquidity concern and need for financial
structure improvement are as follows:

Despite maintaining a stable business framework with operating
income of KRW 6.1 billion in 2002 and KRW 11.6 billion in the
first half of 2003, the current ratio (current assets/current
liabilities) which shows the Company's ability to meet short-
term financial obligations was a mere 0.46 as of June 30, 2003
(current liabilities of KRW 952.3 billion compared to current
assets of KRW 441.7 billion). This represents a serious
liquidity problem. It is imperative that capital in the form of
shareholders' equity and long-term borrowings is raised in order
to overcome this liquidity problem and improve the Company's
financial structure heavily burdened with short-term borrowings.

ENHANCEMENT OF ENTERPRISE VALUE AND SHAREHOLDER VALUE

The Company tried to address the weakness in its capital
structure several times through plans to raise capital but
failed each time due to the LG Group's objection, which drove
the Company to the edge of bankruptcy at one point. For
instance, the Company faced a serious liquidity problem with
maturing BWs of US$ 100 million in early September, 2003 and
requested assistance from its 3 major shareholders including the
largest shareholder LG Group, but was forced to the brink of
bankruptcy due to LG Group's aversion and only survived the
situation thanks to SK Telecom, the third largest shareholder,
who provided us with KRW 120 billion through the undertaking of
Commercial Papers (HOWEVER, if this foreign capital injection
fails, the Company will be obligated to early repayment of the
krw 120 billion at three-day notice by SK telecom, and may as a
result immediately face another serious liquidity situation).

In a situation like this where it is difficult to expect any
further material support from the major shareholders in spite of
a serious lack of funds, the only practical way for the Company
to satisfactorily raise capital and protect the interests of
individual shareholders who account for 60 percent of the total
shares is to attract foreign capital through foreign equity
funds such as Newbridge-AIG Consortium. On successful completion
of this foreign capital injection, Newbridge-AIG Consortium will
become the undisputed major shareholder with 39.6 percent of the
shares, and unlike the current situation where three chaebols
have been maintaining a tense relationship while holding each
other in check with only around 10 percent of the shares, it is
expected


HYUNDAI MOTOR: KFTC Imposes W175M Fine
--------------------------------------
The Korea Fair Trade Commission (KFTC) announced corrective
measures on Hyundai Motor Ltd. for the violation of prohibition
on debt guarantee to its subsidiaries.

On September 6, 2003, KFTC announced that it had imposed an
administrative fine of 175 million won on Hyundai Motor Ltd.
(Hyundai Motor) for providing a debt guarantee of 1.7 billion
won to Kia Motor Ltd, a subsidiary of Hyundai Motor.  Article
10-2 of the Korea Fair Trade Act (the Act) prohibits debt
guarantees among affiliated companies of Type A chaebols.

*According to Article 10-2 (Prohibitions on Debt Guarantees for
Affiliated Corporations) of the Act, no corporation (excluding
those engaged in financial or insurance businesses) belonging to
a Large Business Group whose total assets amount to more than
2,000 billion won ("Large Business Groups Subject to Limitations
on Debt Guarantees") shall provide debt guarantees for its
domestic affiliated corporations. However, debt guarantees such
as those undertaken in accordance with rationalization plans or
rationalization criteria under the Industrial Development Act or
the Tax Exemption and Reduction Control Act are exempt from the
above prohibition.

*Large Business Groups Subject to Limitations on Debt Guarantees
will be hereinafter referred to as 'Type A Chaebols' in this
bulletin for convenience.

For a copy of the press release, go to
http://ftc.go.kr/data/hwp/news09.doc


KOOKMIN BANK: Set to Transfer Call Center to China
--------------------------------------------------
Kookmin Bank aims to relocate its call center for customer
services to China as part of its cost-cutting measures, Asia
Pulse reported on Monday. The bank plans to hire about 1,000
consultants, mostly ethnic Koreans, for its help center in China
to be established by 2005 or 2006. Candidate sites include
Shenyang and two other cities in China's northeastern provinces.

Labor cost in China is about one 10th of that in South Korea.
Chinese workers will likely be assigned to simple services such
as collecting back loans or card payments. While pushing the new
project, Kookmin will freeze the number for its workers at the
current call center.


SK GLOBAL: Major Shareholder Wont Buy Back Stocks
-------------------------------------------------
SK Corporation, which is SK Global Co.'s biggest shareholder,
changed its mind.  According to Bloomberg, SK Corp. won't buy
back its own stocks because it wants to keep its "financial
status stable".

Earlier this year, SK Corporation was planning to buy back its
shares to stop the decrease in its stock prices.  A seven-month
study apparently showed that this strategy is not advisable. (SK
GLOBAL BANKRUPTCY NEWS, Issues Number 5, September 19, 2003)


* KFTC Fines Cement Manufacturing Firms W25.5B
----------------------------------------------
On September 9, 2003, the Korea Fair Trade Commission (KFTC)
announced that it had imposed cease and desist orders and
administrative fines of 25.5 billion won on seven cement
manufacturing companies for their conspiracy and participation
in group boycotts and price fixing.

Seven cement companies, Ssangyong, Dongyang, Sungsin, Lapaz,
Hyundai, Hanil and Asia, were alleged to have agreed twice in
2002 to refuse to supply portland cement to Aju Industry Co.
(Aju) and Yoojin Remicon Co. (Yoojin).  There are two main types
of cements: portland cement and slag cement.

Aju and Yoojin, manufacturers of concrete mix, purchased
portland cement from those seven cement manufactures as a raw
material for producing concrete mix.  It was alleged that Aju
and Yoojin tried to newly enter into the business of
manufacturing slag powder, which is the main raw material in the
production of slag cement, and that the seven cement companies
tried to discourage the production or selling of slag powder by
Aju or Yoojin. It was also alleged that since March 2003, three
cement companies, SSangyong, Dongyang and Lapaz, had agreed to
increase transportation subsidies to purchasers of their slag
cement in order to induce their competitors' customers.

KFTC also imposed a cease and desist order and an administrative
fine of 500 million won on Korea Cement Manufacturing
Association (KOCMA) for its participation in the group boycotts
by seven cement manufacturers.  KFTC also filed complaints for
criminal sentences with the Prosecutor General against those
seven cement companies and KOCMA.

Sales of cement in Korea amounted to 3 trillion won in 2002, and
those seven companies controlled about 90% of the market.

For a copy of the disclosure, go to
http://ftc.go.kr/data/hwp/news09.doc


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


AKTIF LIFESTYLE: KLSE Rejects RA Time Extension
-----------------------------------------------
Aktif Lifestyle Corporation Berhad refers to the announcement
made to Kuala Lumpur Stock Exchange (KLSE) on 1st October 2003.

The Board of Directors of Aktif Lifestyle wishes to announce
that the Company has on Monday received a letter dated 3 October
2003 from KLSE rejecting the application for an extension of
time to 31 January 2004 for Aktif to make its Requisite
Announcement (RA).

KLSE also advised that the trading in the securities of the
Company will be suspended with effect from 9:00 a.m, Monday, 13
October 2003 until further notice.

In view of certain impending corporate developments, the Company
will appeal against this suspension and keep its shareholders
updated of any pertinent development.


AVENUE ASSETS: Unit Placed Under Member's Voluntary Winding Up
--------------------------------------------------------------
Avenue Assets Berhad wishes to announce that Banjaran Untung
Sdn. Bhd. (BUSB), a wholly owned sub-subsidiary of Avenue,
commenced a member's voluntary winding up on 3 October 2003.

BUSB was principally involved in investment holding. It is
presently dormant and has no intention to continue its business
at the future date.

The Board of Directors of Avenue is of the opinion that the
winding up of BUSB, which is in line with the Group's divestment
of property related businesses, will not have any material
impact on the Group's earnings for the year ending 31 January
2004.


C.I. HOLDINGS: August Defaulted Payment Hits RM6.619M
-----------------------------------------------------
In compliance with Kuala Lumpur Stock Exchange Practice Note No.
1/2001, C.I. Holdings Berhad wishes to announce the following
with regards to the status of the default in servicing the
interest payment on the RM198 million term loan facility granted
by Alliance Bank Malaysia Berhad (ABMB-TLF) to C.I. Enterprise
Sdn Bhd (CIE), a wholly-owned subsidiary of the Company.

CIE had defaulted in servicing interest payments which stood at
RM6,619,269.87 as at 31st August 2003 compared to RM5,148,339.10
as at 31st July 2003 an increase of RM1,470,930.77 attributable
to interest accrued for the month of August 2003.

On 20th December 2002 the Company had announced its Proposed
Reorganization Scheme (PRS) which inter-alia include the
disposal of 300,000 ordinary shares of RM1.00 each representing
the entire equity interest in CIE to QSR Brands Sdn Bhd
(formerly known as Good Platform Sdn Bhd) for a cash
consideration of RM1.00 and the assumption of the corporate
guarantee for the ABMB - TLF given by the Company to Alliance
Bank Malaysia Berhad (ABMB).

The Company is currently implementing the PRS. Upon completion
of the PRS, the ABMB-TLF will be fully settled.


DENKO INDUSTRIAL: Units Faces Summons Over Defaulted Payment
------------------------------------------------------------
Denko Industrial Corporation Berhad wishes to announce that on
30 September 2003, Giantmate Industries Sdn Bhd (GI), a 80%-
owned subsidiary company of Denko, had been served a writ of
summons and statement of claim, both dated 9 September 2003,
filed by Affin Bank Berhad in the Kuala Lumpur High Court, suit
No. S5-22-1394-2003 for a sum of RM6,052,815.89 and continuing
interest, allegedly due from default in payment for banking
facilities extended to GI. The expected losses are as follows:

The plaintiff's claimed the following:

   a) the total sum of RM6,052,815.89 with interest rate ranging
from 1% to 2.5% + BLR per annum calculated from 1 July 2003
until the date of full settlement;

   b) solicitors costs; and

   c) such other relief as the Honorable Court deemed fit.

Denko and GI do not expect any material financial and
operational impact arising from the above suit as the amount has
been provided for in the accounts of GI.

GI has instructed its solicitors to defend the suit and
negotiations would be carried on with the plaintiff to resolve
the matter.

The cost of investment of Denko in GI was RM1,121,370 in 1997.


GENERAL SOIL: Winding Up Petition Hearing Adjourned to Nov 20
-------------------------------------------------------------
General Soil Engineering Holdings Berhad refers to the
announcement on 25 June 2003 in respect of winding up petition
by OCBC Berhad on General Soil Engineering Holdings Berhad.

The Company wishes to inform that, upon confirmation from the
solicitors, the above matter, which is subjected for hearing in
Kuala Lumpur High Court, has been adjourned to 20 November 2003.

Refer to the Troubled Company Reporter - Asia Pacific Friday,
September 06, 2002, Vol. 5, No. 177 issue for details of the
Winding Up Petition.


GEORGE KENT: KLSE Granting Shares Listing, Quotation Today
----------------------------------------------------------
Debt restructuring of George Kent (Malaysia) Berhad
amounting to approximately RM141,265,288 and the restructuring
of the guaranteed sum amounting to RM4.9 million which was given
by GKENT to the lenders of its wholly-owned subsidiary, namely
GK-Hardie Sdn Bhd, into the following:

   * Syndicated term loan facility amounting to RM38,954,690;
Multi-option working capital facility amounting to RM38,954,690;
Capitalization of RM36,843,522 by the issuance of 73,687,043 new
ordinary shares of RM0.50 each in GKENT at an issue price of
RM0.50 per share (Capitalization);

   * Waiver of debt amounts to RM2,141,836; and

   * Conversion of RM29,270,550 into RM33,382,000 10-year zero
coupon irredeemable unsecured loan stocks 2003/2013 (ICULS) to
be issued at 100% of the nominal value, which comprise
RM29,270,550 as the principal, sum and RM4,111,450 as interest
(Debt Restructuring)

Please be advised that GKENT's additional 73,687,043 new
ordinary shares issued pursuant to the Capitalization will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, 8 October 2003.

Please also be advised that GKENT's RM33,382,000 nominal value
of ICULS comprising 66,764,000 units of RM0.50 nominal value
each issued pursuant to the Debt Restructuring will be admitted
to the Official List of the Exchange and the listing and
quotation of the ICULS on the Main Board under the `Loan'
sector, on a `Ready' basis pursuant to the Rules of the Exchange
will be granted with effect from 9:00 a.m., Wednesday, 8 October
2003.

The Stock Short Name, Stock Number and ISIN Code of the ICULS
are `GKENT-LA', `3204LA' and `YL3204LAN94' respectively.

The holders of the ICULS will have the right to convert the
ICULS at the conversion price of RM0.50 into new ordinary shares
of RM0.50 each in GKENT on the fifth (5th) anniversary of the
date of issue of the ICULS i.e. 30 September 2008 and thereafter
on 31st October and 30th April of each ensuing year. The
conversion price of the ICULS shall be satisfied solely by the
tender of one ICULS of RM0.50 nominal value for cancellation for
every one (1) new ordinary share in GKENT.

The tenure of the ICULS is 10 years from the date of issuance of
30 September 2003. The expiry date of the ICULS will be on 29
September 2013 at 5:00p.m.

Kindly also be advised that the ICULS are prescribed securities.
Dealings in the ICULS should be carried out in accordance with
the Securities Industry (Central Depositories) Act, 1991 and the
Rules of Malaysian Central Depository Sdn Bhd.

Kindly also be advised that only `free securities' can be
utilized for settlement of trades involving the ICULS.


IDRIS HYDRAULIC: SC Grants Exemption II Approval
------------------------------------------------
On 1 October 2002, Commerce International Merchant Bankers
Berhad (CIMB) announced on behalf of Idris Hydraulic (Malaysia)
Bhd that the Securities Commission (SC) would only consider the
application made by the Company to the SC for the exemption to
extend the mandatory offer for the remaining ordinary shares of
RM1.00 each in Idaman Unggul Berhad (formerly known as Idaman
Unggul Sdn Bhd) (Newco), Irredeemable Convertible Unsecured Loan
Stock-A (ICULS-A) and Irredeemable Convertible Unsecured Loan
Stock-B (ICULS-B) that are not already owned by Dato' Che Mohd
Annuar Bin Che Mohd Senawi (the Investor) or Fahitah bte. Md.
Senawi (Party Acting in Concert) that will arise upon the
conversion of any of the ICULS-B held by the Investor and Party
Acting in Concert (Exemption II) after certain conditions have
been fulfilled.

CIMB, on behalf of the Board of Directors of IHMB, wishes to
announce that the SC has approved the Exemption II via its
letter dated 3 October 2003.


IDRIS HYDRAULIC: Scheme of Arrangement Duly Sanctioned
------------------------------------------------------
Further to Idris Hydraulic (Malaysia) Bhd's announcements made
on 30 June 2003 and 30 September 2003 in relation to the
Proposed Restructuring Exercise, which involves the following:

   - Proposed Capital Reconstruction
   - Proposed Corporate Restructuring
   - Proposed Debt Reconstruction.

The Company is pleased to announce that the Petition commenced
via Kuala Lumpur High Court Originating Petition No. D4-26-45-
2003 was heard Monday morning and amongst others, the following
Orders were made:

   (1) IHMB's schemes of arrangement with specific members and
Scheme C(2) Unsecured Creditors under Section 176 of the
Companies Act, 1965 were duly sanctioned; and

   (2) IHMB's capital reduction (including its share premium
account) under Sections 60, 64 and 176 of the Companies Act,
1965 were duly confirmed.


JOHAN HOLDINGS: ICULS, Capitalization Granted Listing, Quotation
----------------------------------------------------------------
Johan Holdings Berhad refers to its debt restructuring amounting
to approximately RM205,184,639.62 and the restructuring of the
of the debt to be novated from its wholly-owned subsidiary,
namely Prestige Ceramics Sdn Bhd to JOHAN amounting to
RM39,051,109.31 (Novation) into the following:

   * Syndicated term loan facility amounting to RM64,000,000;

   * Capitalization of RM99,764,558.50 by the issuance of
199,529,117 new ordinary shares of RM0.50 each in JOHAN at an
issue price of RM0.50 per share pursuant to the outstanding sum
of JOHAN and the Novation (Capitalization);

   * Waiver of debt amounts to RM30,471,190.43; and

   *Conversion of RM50,000,000 into RM57,023,582 10-year zero
coupon irredeemable unsecured loan stocks 2003/2013 (ICULS) to
be issued at 100% of the nominal value which comprise
RM50,000,000 as the principal sum and RM7,023,582 as interest.
(Debt Restructuring)

Please be advised that JOHAN's additional 199,529,117 new
ordinary shares issued pursuant to the Capitalization will be
granted listing and quotation with effect from 9.00 a.m.,
Wednesday, 8 October 2003.

Please also be advised that JOHAN's RM57,023,582 nominal value
of ICULS comprising 114,047,164 units of RM0.50 nominal value
each issued pursuant to the Debt Restructuring will be admitted
to the Official List of the Exchange and the listing and
quotation of the ICULS on the Main Board under the `Loan'
sector, on a `Ready' basis pursuant to the Rules of the Exchange
will be granted with effect from 9:00 a.m., Wednesday, 8 October
2003.

The Stock Short Name, Stock Number and ISIN Code of the ICULS
are `JOHAN-LA', `3441LA' and `MYL3441LAN97' respectively.

The holders of the ICULS will have the right to convert the
ICULS at the conversion price of RM0.50 into new ordinary shares
of RM0.50 each in JOHAN on the fifth (5th) anniversary of the
date of issue of the ICULS i.e. 30 September 2008 and thereafter
on 31st October and 30th April of each ensuing year. The
conversion price of the ICULS shall be satisfied solely by the
tender of one ICULS of RM0.50 nominal value for cancellation for
every one (1) new ordinary share in JOHAN.

The tenure of the ICULS is 10 years from the date of issuance of
30 September 2003. The expiry date of the ICULS will be on 29
September 2013 at 5:00p.m.

Kindly also be advised that the ICULS are prescribed securities.
Dealings in the ICULS should be carried out in accordance with
the Securities Industry (Central Depositories) Act, 1991 and the
Rules of Malaysian Central Depository Sdn Bhd.

Kindly also be advised that only `free securities' can be
utilized for settlement of trades involving the ICULS.


KELANAMAS INDUSTRIES: SC Grants Investigative Audit Extension
-------------------------------------------------------------
Kelanamas Industries Berhad refers to the 2 January 2003
announcement on behalf of KIB on the Securities Commission's
(SC) approval for the Proposed Restructuring Scheme, which
requires, amongst others, that KIB appoint an independent audit
firm that is experienced in the investigative audit (not being
the current/past auditors of the KIB Group) within two (2)
months from 31 December 2002, being the date of the SC's
approval given, to conduct an investigative audit on the past
losses of KIB Group. It is further required that the
investigative audit to be completed within six (6) months from
the date of appointment of the independent auditor and an
appropriate announcement be made on the findings on the
investigative audit.

On behalf of the Board of Directors of KIB, KIB announced that
the SC via its letter dated 29 September 2003, allowed for an
extension in time for the completion of the abovementioned
investigative audit by Mustapha Raj Sdn Bhd, the appointed
independent auditor, to 31 October 2003.


MANGIUM INDUSTRIES: Sells Unit to Maximize Idle Assets Value
------------------------------------------------------------
Mangium Industries Bhd. (formerly known as Serisar Industries
Bhd) is pleased to announce that Kilang Papan Dasatu Sdn. Bhd.
(KPD), a wholly-owned subsidiary of the Company had on 02
October 2003 entered into a Sale and Purchase Agreement (S&P
Agreement) with Malaysian Assurance Alliance Berhad (the
Purchaser) to dispose off a piece of vacant industrial leasehold
land known as Lot 11 (Part), General Industrial Zone Package 1
(also known as Industrial Zone 13) Kota Kinabalu Industrial
Park, KM 25, Jalan Tuaran, Master Title No. CL015580104,
District of Kota Kinabalu, Sabah measuring approximately 6.66
acres (the Land), for a total cash consideration of Ringgit
Malaysia Three Million and Three Hundred Thousand (RM3,300,000-
00) only (Proposed Land Disposal).

Information On The Purchaser

The Purchaser was incorporated in Malaysia on 2 September 1968
under the Companies Act, 1965 and having its registered address
at Suite 20.03, 20th Floor, Menara MAA, 12 Jalan Dewan Bahasa,
50460 Kuala Lumpur. The principal activities of the Purchaser
consist of underwriting of life insurance business, including
investment-linked and annuity business, and all classes of
general insurance business.

The Purchaser has an authorized share capital of RM500,000,000-
00 divided into 500,000,000 ordinary shares of RM1-00 each and
issued and paid-up share capital of RM150,000,000-00 divided
into 150,000,000 ordinary shares of RM1-00 each.

Information On The Consideration

The Purchaser will satisfy the consideration of the Proposed
Land Disposal in the following manner:

   a) the sum of Ringgit Malaysia Six Hundred and Sixty Thousand
(RM660,000-00) only, being 20% of the consideration (Deposits)
will be paid by the Purchaser upon the execution of the S&P
Agreement.

   b) the sum of Ringgit Malaysia Two Million Six Hundred and
Forty Thousand (RM2,640,000-00) only, being the balance of the
consideration will be paid by the Purchaser to its solicitors as
stakeholders on or before the date falling seven (7) working
days from the date on which the last conditions precedent is
fulfilled.

Information On The Proposed Land Disposal

The consideration of Ringgit Malaysia Three Million and Three
Hundred Thousand (RM3,300,000-00) only for the Land was
determined on a willing buyer-willing seller basis after taking
into consideration the market value of the Land of Ringgit
Malaysia Three Million Seven Hundred and Seventy Thousand
(RM3,770,000-00) only based on a valuation being carried out by
Messrs. CH Williams Talhar & Wong (Sabah) Sdn Bhd (Valuer), an
independent firm of professional valuers.

KPD had on 30 April 1997 purchased the Land at the price of
Ringgit Malaysia Three Million Nine Thousand Five Hundred and
Forty Four (RM3,009,544-00) only. The Proposed Land Disposal is
expected to generate a gain of Ringgit Malaysia Two Hundred
Ninety Thousand Four Hundred and Fifty Six (RM290,456-00) only
for KPD. The sale proceeds from the Proposed Land Disposal will
be used to fund the operational requirements of the Group.

Financial Effect

Share Capital and Substantial Shareholders

The Proposed Land Disposal will not have any impact on the
issued and paid-up share capital and shareholding structure of
the Company.

Net Tangible Assets (NTA)

The Proposed Land Disposal is not expected to have any material
impact on the NTA of the Group.

Earnings

The Proposed Land Disposal is expected to be completed in the
second quarter of 2004. Accordingly, it is not expected to have
any material impact on the consolidated profit after tax ("PAT")
for the financial year ended 31 December 2002.

Net Profits attributable to the Assets and NTA or Net Book Value
(NBV) of the Assets

The Proposed Land Disposal is not expected to have any material
impact on the net profits attributable to the assets and NTA or
NBV of the assets.

Approvals Required

The Proposed Land Disposal is subject to the approval of
K.K.I.P. Sdn Bhd, the Developer of the Land and the shareholders
of KPD.

Directors' And Substantial Shareholders' Interest

None of the Directors and/or Substantial Shareholders of the
Company and/or persons connected with such Directors or
Substantial Shareholders have any interest, direct or indirect,
in the Proposed Land Disposal.

Rationale

The Proposed Land Disposal is in line with the Group's objective
to consolidate and maximize the value of its existing pool of
idle assets, either by way of internal utilization or by
disposal which will result in a gain to the Group.

Salient Features of the S&P Agreement

The salient features of the S&P Agreement are as follow:

(i) Vacant possession

KPD shall deliver vacant possession of the Land to the Purchaser
upon completion of the sale and KPD shall deliver or cause to
deliver to the Purchaser's solicitors as stakeholders copies of
the approvals and the Purchaser shall deliver or cause to be
delivered to the Purchaser's solicitors as stakeholders a cheque
for the amount of the balance of consideration together with
late payment interest, if any.

(ii) Material Condition

If there is any material condition imposed, KPD and the
Purchaser shall have the option, within fourteen (14) days from
the date of receipt of notification in writing of the condition,
either to reject, accept or appeal against such condition.
Material Condition is a condition, the performance or
fulfillment of which will:

   a) involve extra expenses or costs in excess of Ringgit
Malaysia One Hundred Thousand (RM100,000-00); or

   b) involve or is likely to involve obligations or liabilities
which by their nature or magnitude is unusual; or

   c) be onerous or of a long-term nature.

(iii) Termination of the S&P Agreement

If the conditions precedent cannot be fulfilled on or before six
(6) months from the date of the S&P Agreement or such extended
period through no fault or neglect of either parties hereto then
KPD shall within thirty (30) days from a demand made by the
Purchaser, refund to the Purchaser the Deposit and all moneys
paid to KPD pursuant to the S&P Agreement free of interest
whereupon the S&P Agreement shall automatically terminate and be
of no further force and effect save and except in respect of any
antecedent breaches thereof.

If the Purchaser fails to refund the Deposit or any part thereof
within thirty (30) days, interest shall accrue on and be payable
on part of the Deposit remaining unrefunded at the rate of eight
per cent (8%) per annum calculated on a day to day basis.

(iv) Balance of Consideration

The balance of consideration shall be paid or caused to be paid
in cash by the Purchaser on or before seven (7) working days
from the date on which the last of conditions precedent is
fulfilled.

If the Purchaser is unable to comply with the condition in the
S&P Agreement, KPD shall automatically grant to the Purchaser an
extension of one (1) month from the completion date with an
interest of eight per cent (8%) per annum on the sum remaining
unpaid calculated on a day to day basis.

Directors' Statement

The Board of Directors of the Company is of the opinion that the
terms of the S&P Agreement is in the best interest of the Group.

Estimated Time Frame

The completion date of the Proposed Land Disposal shall be
within six (6) months from the date of the S&P Agreement or such
later date up to two (2) months or such other period as mutually
agreed upon between KPD and the Purchaser in writing to fulfill
the conditions precedent.

Departure from the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities

To the best knowledge of the Board, the Proposed Land Disposal
has not departed from the Securities Commission's Polices and
Guidelines on Issue/Offer of Securities.

Documents for Inspection

The S&P Agreement dated 02 October 2003 between KPD and the
Purchaser and the valuation report on the Land by Messrs. CH
Williams Talhar & Wong (Sabah) Sdn Bhd are available for
inspection at the registered office of the Company at 2nd Floor,
Menara MAA, No. 6, Lorong Api-Api 1, 88000 Kota Kinabalu, Sabah
during normal business hours from Monday to Friday (except
public holidays) from 8:30 a.m. to 5:30 p.m. for a period of two
(2) weeks from the date of this announcement.


PICA (M) CORP.: Releases Credit Facility Status Update
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad wishes to
make the following announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 16 December 2003 for further mention
in relation to the Defendant's striking out application. Apart
from the above, the legal proceeding is still pending in court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been postponed to 8 October 2003. Apart from the above, the
legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 9 December 2003 for mention. Apart from the above,
the legal proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wish to
inform that the Plaintiff's summary judgment application has
been further fixed for mention on 9 December 2003. Apart from
the above, the legal proceeding is still pending in court.

5. Approx RM3 million Credit Facility Claimed by Arab-Malaysian
Bank

Further to the Company's announcement, the Company wish to
inform that the Company has filed in its Statement of Defense
and the Plaintiff's summary judgment application has been
further fixed for hearing on 6 November 2003. Apart from the
above, the legal proceeding is still pending in court.

Further to the Company's announcement on Practice Note 4, the
Company also informed that it is through its Merchant Bank CIMB
has made the requisite announcement on 25 September 2003. 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.


PILECON ENGINEERING: Unit's Default Status Remains Unchanged
------------------------------------------------------------
Further to the announcements made by Pilecon Engineering Berhad
on 5 September 2003 and 4 August 2003 with regards to the status
of default in payment pursuant to Practice Note 1/2001 by its
subsidiary, Transbay Ventures Sdn Bhd (TVSB) and the expiry of
the restraining order granted pursuant to Section 176(10) of the
Companies Act, 1965 (the Restraining Order) respectively, the
Company wishes to hereby announce that there have not been any
changes to the status of default since then and that TVSB is
still in the midst of applying to the Kuala Lumpur High Court
for an extension of time to the Restraining Order in order for
TVSB to finalize the Proposed Debt Restructuring Scheme.

The proposed steps undertaken by TVSB to rectify the default are
comprised in the Proposed Debt Restructuring Scheme pursuant to
Section 176 of the Companies Act, 1965.

Refer to the Troubled Company Reporter - Asia Pacific Thursday,
May 08 2003, Vol. 6, No. 90 issue for more details of the
Proposed Debt Restructuring Scheme of TVSB.


RENONG BERHAD: Suspending Trading to Facilitate Privatization
-------------------------------------------------------------
Renong Berhad refers to the announcement dated 8 September 2003
in relation to the Proposed Scheme of Arrangement Under Section
176 of the Companies Act, 1965 (Proposed SOA).

On behalf of Renong, Commerce International Merchant Bankers
Berhad (CIMB) is pleased to announce that the Order of the High
Court of Malaya sanctioning the Proposed SOA was obtained on
Monday.

Accordingly, on behalf of Renong, CIMB wishes to announce the
following Notice to the shareholders of Renong:

NOTICE TO THE SHAREHOLDERS OF RENONG BERHAD (RENONG) IN RELATION
TO THE SUSPENSION OF TRADING OF ORDINARY SHARES OF RM0.50 EACH
IN RENONG (RENONG SHARES) AND THE BOOK CLOSURE DATE FOR THE
CANCELLATION AND EXCHANGE BY THE EXISTING SHAREHOLDERS OF RENONG
OF THEIR RESPECTIVE RENONG SHARES WITH NEW ORDINARY SHARES OF
RM1.00 EACH IN UEM WORLD BERHAD (UEM WORLD SHARES), ON THE BASIS
OF ONE (1) UEM WORLD SHARE FOR EVERY FOUR (4) EXISTING RENONG
SHARES HELD IN RELATION TO THE PROPOSED PRIVATISATION OF RENONG
AS PART OF RENONG'S PROPOSED SCHEME OF ARRANGEMENT UNDER SECTION
176 OF THE COMPANIES ACT, 1965 (PROPOSED PRIVATISATION OF
RENONG)

NOTICE IS HEREBY GIVEN THAT in order to facilitate the Proposed
Privatization of Renong, the trading of ordinary shares of
RM0.50 each in Renong (Renong Shares) on the Main Board of Kuala
Lumpur Stock Exchange will be suspended with effect from 9.00
a.m. on Friday, 17 October 2003. The suspension will continue
until the completion of the Proposed SOA. Shareholders of
Renong, whose names appear in the Register of Members and/or
Record of Depositors of Renong at the close of business at 5.00
p.m. on Thursday, 23 October 2003, will be entitled to the share
exchange pursuant to the Proposed Privatization of Renong in
respect of:

   (i) Renong Shares deposited in the securities accounts of the
Renong shareholders before 12:30 p.m. on Tuesday, 21 October
2003 in respect of Renong Shares exempted from mandatory
deposit;

   (ii) Renong Shares transferred to the CDS Accounts of the
Renong shareholders before 4:00 p.m. on Thursday, 23 October
2003 in respect of ordinary transfers; and

   (iii) Renong Shares bought on the KLSE according to the Rules
of KLSE on or before 5:00 p.m. on Thursday, 16 October 2003.


SOUTH PENINSULAR: Disposes Shares to Rationalize Operations
-----------------------------------------------------------
The Board of Directors of South Peninsular Industries Berhad
(288682-P) [SPI or the Company] wishes to announce that on 2
October 2003, the Company has entered into a Share Sale
Agreement (Agreement) with Temasek Berkat Sdn Bhd (627128-V)
[TBSB] to dispose of its 500,000 ordinary shares of RM1.00 each
(representing 100% equity interest) in Metal Perforators
(Malaysia) Sdn Bhd (12583-P) [MPM] to TBSB for a total cash
consideration of RM4,500,000 [the Disposal].

DETAILS OF THE AGREEMENT

The details of the Disposal are summarized as follows:

Name of Purchaser : Temasek Berkat Sdn Bhd
Shares Disposed : 500,000 ordinary shares
Consideration : RM4,500,000
Basis for arriving at consideration : Willing seller willing
buyer basis
Payment terms : RM450,000 (10%) upon the
execution of the Agreement and
the balance of RM4,050,000 (90%)
shall be paid on the completion
date.

INFORMATION ON MPM

MPM is a private limited company incorporated in Malaysia and
having its registered office at 1st Floor, Lot 271, Jalan Dua,
Off Jalan Chan Sow Lin, 55200 Kuala Lumpur and is principally
involved in manufacturing and marketing of perforated screen
plates, perforated materials, G-Loc splices and industrial
chains.

The present authorized share capital of MPM is RM1,500,000
divided into 1,500,000 ordinary shares of RM1.00 each of which
500,000 ordinary shares have been issued and are fully paid-up.

INFORMATION ON TBSB

TBSB is a private limited company incorporated in Malaysia and
having its registered office at 23M, Jalan Thamby Abdullah Satu,
Off Jalan Tun Sambathan, 50470 Kuala Lumpur and is principally
involved in general trading.

The present authorized share capital of TBSB is RM100,000
divided into 100,000 ordinary shares of RM1.00 each of which 2
ordinary shares have been issued and are fully paid-up.

RATIONALE FOR THE DISPOSAL

The Disposal is in line with the Company's plans to rationalize
and dispose of its investment in low-yielding businesses that
are not synergistic to the Group. For the financial year ended
31 March 2003, the MPM Group recorded a Profit Before Tax of
only RM90,178.

FINANCIAL EFFECTS OF THE DISPOSAL

Share Capital and substantial shareholders' shareholdings
The Disposal does not have any impact on the share capital and
substantial shareholders' shareholding of SPI.

Earnings

The Disposal is expected to realize a gain of approximately RM2
Million to the Group for the financial year ending 31 March
2004.

Net Tangible Assets (NTA)

The Disposal will not have any material effect on the NTA of the
Group.

DIRECTORS AND MAJOR SHAREHOLDERS INTERESTS

None of the directors and/or major shareholders of the Company
or its subsidiaries or persons connected with them, have any
interest, direct or indirect, in the Disposal.

DIRECTORS' RECOMMENDATION

Having considered all aspects of the disposal, the Board of SPI
is of the opinion that the Disposal is in the best interests of
the Group.

APPROVALS REQUIRED

The Disposal is subjected to approvals of the relevant
authorities. Approval from the shareholders is not required.

DOCUMENTS FOR INSPECTION

The Agreement is available for inspection at the registered
office of the Company at 1st Floor, Lot 271, Jalan Dua, Off
Jalan Chan Sow Lin, 55200 Kuala Lumpur from Monday to Friday
(except) public holidays, during normal business hours from 9:00
a.m. to 5:00 p.m. for a period of three (3) months from the date
of this announcement.


TAI WAH: Obtains KLSE's Time Extension Approval
-----------------------------------------------
Further to the earlier announcements made on behalf of the Board
of Directors of Tai Wah Garments Manufacturing Berhad in
relation to the Restructuring Exercise, Alliance Merchant Bank
Berhad (Alliance) wishes to announce on behalf of the Board of
Directors of TWGB, that the Company had on 2 October 2003
obtained approval from the Kuala Lumpur Stock Exchange (KLSE)
for the following:

   1) Extension of time of up to six (6) months from the date of
listing of the entire issued and paid-up capital of Versatile
Creative Berhad (VCB) on the Main Board of the KLSE to comply
with Paragraph 8.15(1) of the Listing Requirements (LR)
(Extension of Time);

   2) Shortening of notice of book closure (BCD) for the offer
for sale and recall of TWGB shares, from not less than twelve
(12) market days as required under Paragraph 9.19 of the LR to
five (5) market days;

   3) Non-trading of rights to the offer for sale as stipulated
in Appendix 6E of Chapter 6 of the LR; and

   4) Shortening of the acceptance period for the rights to the
offer for sale from twenty two (22) market days to fourteen (14)
market days as required under Paragraph 6.20 of the LR.

The approval for the Extension of Time is subject to the
following conditions:

   (a) TWGB must make an immediate announcement upon the grant
of such extension of time disclosing:

     (i) That an extension of time for compliance has been
granted;

     (ii) The duration of the extension (including when it will
begin and when it will lapse);

     (iii) Its plans to comply with the 25% public shareholding
spread requirement within 6 months from the date of re-
quotation;

     (iv) Tentative timeline in respect of the steps taken to
achieve compliance;

     (v) The status of implementation, in particular but not
limited to:

      * an explanation of the approvals required (if any) and
whether such approvals have been obtained;

      * if the approvals have not been obtained, an explanation
of the tentative timeline for obtaining the approvals; and
     (vi) Any conditions that have been imposed by the KLSE vis-
-vis the grant of re-quotation and the extension of time.

   (b) TWGB/VCB must make follow-up announcements on a bi-
monthly basis and no later than fourteen (14) from the expiry of
the two (2) months period. The announcement must state:

     (i) The status of its plan to meet the 25% public spread.
In this respect, TWGB/VCB must explain the progress it has made
within the last two (2) months in relation to its plan to comply
with the 25% public spread;

     (ii) If no progress has been made, an explanation of the
reason as to the lack of progress; and

     (iii) An explanation of any steps TWGB/VCB has taken in
respect of its lack of progress.

The vendors of Versatile Paper Boxes Sdn Bhd (the Vendors) have
collectively undertaken, by way of an agreement which will be
entered into between the Vendors and VCB, to place up to
2,600,000 million VCB shares to investors to be identified over
a period of six (6) months from the listing date of VCB.

VCB will also undertake a private placement of up to 10,058,000
new VCB shares within six (6) months from the date of its
listing.

Upon the issuance and distribution of the prospectus for the
offer for sale of 10,600,000 VCB shares by certain creditors of
TWGB and the Vendors, the VCB group will actively organize
meetings with licensed fund managers and investment analysts,
including site visits to the group's factories, to introduce and
promote the group to the investment community. The VCB group
will also have roundtable discussions with the fund managers and
investment analysts to enhance the flow of publicly available
information to the investment community. The group expects these
efforts to result in a better understanding of the group and
generate greater interest and visibility of VCB shares, which
will help to facilitate the placement of up to 2,600,000 VCB
shares and the private placement of up to 10,058,000 new VCB
shares as described above, both of which form part of the
Restructuring Exercise of TWGB. However, in the event VCB
complies with the 25% public shareholding spread requirement
upon the implementation of the private placement of up to
10,058,000 new VCB shares, the placement of up to 2,600,000 VCB
shares will not be carried out.

All approvals for the Restructuring Exercise of TWGB have been
obtained and the Restructuring Exercise is pending
implementation.


TAJO BERHAD: Inks Debt Settlement Agreement W/ Scheme Creditors
---------------------------------------------------------------
Reference is made to Tajo Berhad's announcements dated 10 June
2002 and 9 August 2002, whereby details of the Proposed
Restructuring Exercise of Tajo were announced. As part of the
Proposed Restructuring Exercise of Tajo, brief details on the
Proposed Debt Settlement to restructure the debts of Tajo and
its subsidiary companies (Tajo Group) as at 30 September 2001
owing to the Scheme Creditors were announced on 10 June 2002 and
9 August 2002.

Public Merchant Bank Berhad (PMBB), on behalf of Tajo, is
pleased to announce that on 30 September 2003, a Debt Settlement
and Restructuring Agreement had been entered into between Tajo,
Mithril Berhad (Mithril) and the Scheme Creditors following the
confirmation of the Scheme Creditors' choice of settlement
pursuant to the Proposed Debt Settlement.

PROPOSED DEBT SETTLEMENT

Particulars

The Proposed Debt Settlement will be implemented pursuant to an
informal scheme of arrangement between Tajo, Mithril and the
Scheme Creditors of Tajo Group, whereby the existing debts owing
by Tajo Group to the Scheme Creditors as at the cut-off date
(i.e. 30 September 2001) will be treated in the following
manner:

(a) Secured Creditor

The debt that is due and owing to the secured creditor of
approximately RM37.202 million (inclusive interest of
approximately RM7.078 million) will be settled via the issuance
of 37,202,300 new ordinary shares of RM1.00 each in Mithril
(Mithril Shares) at an issue price of RM1.00 each together with
8,835,546 free warrants on the basis of nineteen (19) warrants
for every eighty (80) new Mithril Shares issued.

(b) Unsecured Creditors

The debt that is due and owing to the unsecured creditors of
approximately RM138.380 million (inclusive of interest of
RM42.780 million) will be settled in the following manner:

   (i) A cash payment of approximately RM12.482 million
representing approximately 9% of the total principal and accrued
interest outstanding as at 30 September 2001;

   (ii) the issuance of 24,163,207 new Mithril Shares at an
issue price of RM3.36 each together with 24,163,207 free Warrant
B on the basis of one (1) Warrant B for every one (1) new
Mithril Share issued; and

   (iii) the issuance of 13,306,270 4% 5-year irredeemable
convertible cumulative preference shares (ICCPS) at an issue
price of RM3.36 each.

For a summary of proposed settlement pursuant to the Proposed
Debt Settlement, please refer to
http://bankrupt.com/misc/TCRAP_Tajo1008.docfor details.

As part of the Debt Settlement and Restructuring Agreement,
Tajo/Mithril have obtained the Scheme Creditors' consent for a
waiver on all interest accrued after 30 September 2001, whereby
all interest accrued after 30 September 2001 will be written off
from the accounts of Tajo Group.

Basis of arriving at the issue price of the new Mithril
Shares/ICCPS

Secured Creditor

The issue price of the new Mithril Shares to the Secured
Creditor had been arrived at after taking into consideration of
the following:

   (i) the par value of the Mithril Shares which is RM1.00 each;
and

   (ii) the amount due to the Secured Creditor are fully secured
against the securities pledged against the debt.

Unsecured Creditor

The issue price of the new Mithril Shares/ICCPS to the Unsecured
Creditors had been arrived at after taking into consideration of
the following:

   (i) the par value of the Mithril Shares which is RM1.00 each;
and

   (ii) the agreed premium attributable to each new Mithril
Share/ICCPS between Tajo/Mithril and the Unsecured Creditors.

Ranking of the new Mithril Shares issued pursuant to the
Proposed Debt Settlement

The new Mithril Shares to be issued pursuant to the Proposed
Debt Settlement shall rank pari passu with the existing Mithril
Shares including rights to dividends, rights, allotments or
other distributions except that the new shares so allotted shall
not be entitled to any dividends, rights, allotments or other
distributions declared, made or paid to shareholders, the
entitlement date for which is before the date of allotment of
the new shares.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 2 October 2003 been notified by
PB Trustee Services Berhad (the trustee in respect of the
Company's RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable
Secured Convertible Bonds A 1999/2004 and RM275,980,363 Nominal
Value of 5 year 1%-2% Redeemable Secured Convertible Bonds B
1999/2004 (collectively "Bonds")) that they have on 26 September
2003, disposed of some of the Company's securities held in
public listed companies, which are pledged with them in relation
to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. For information on the securities disposed, go to
http://bankrupt.com/misc/TCRAP_Tongkah1008.doc.


UCP RESOURCES: Seeks Four-Month Extension Compliance Extension
--------------------------------------------------------------
Pursuant to the announcement made on 10 September 2003 where an
extension of up to 10 October 2003 was granted by the Kuala
Lumpur Stock Exchange, UCP Resources Berhad was still unable to
comply with the following:

   Paragraph 15.02(1) which requires at least 2 directors or
1/3rd of the Board of Directors, whichever is the higher, to be
independent directors
   Paragraph 15.10(1)(a) which requires that the Audit Committee
must be composed of no fewer than 3 members
   Paragraph 15.10(1)(b) which requires that the majority of the
Audit Committee must be Independent Directors

Reason for Non Compliance

The Company's efforts to appoint Independent Directors were
futile as the individuals approached by the Company had declined
the appointment due to the Company's current state of affairs.

Extension of Time

Based on the above the company again appealed to the KLSE for an
extension of time and on 3 October 2003 the Company was granted
a further 4-month extension from 10 October 2003 to comply with
the above Paragraphs 15.02(1), 15.10(1)(a) and (b).


WOO HING: SC Extends Investigative Audit Time Completion
--------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refers to the announcements dated 9 January 2003, 3
March 2003 and 30 September 2003 in relation to the following
matters:

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

On behalf of WHB, Commerce International Merchant Bankers is
pleased to announce that the Securities Commission, via its
letter dated 1 October 2003, has approved a further extension of
time from 3 September 2003 up to 30 November 2003 for the
investigative auditors to complete their investigative audit on
WHB.


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


GLASGOW CREDIT: SEC Presses Firm to Pay P10M Fine
-------------------------------------------------
The Philippines Securities and Exchange Commission (SEC) has
demanded Glasgow Credit and Collection Services Inc. pay the
assessed penalty of 10 million pesos for unauthorized sale of
securities to the public in violation of the Securities
Regulation Code, the Philippine Star reports. The Company was
issued a cease-and-desist order by the SEC for offering to the
public investment contracts without prior registration with the
corporate watchdog.

Among the Company's owners include Manuel Roldan Jr., Radiacion
Badias, Jenilyn Condes, Roldan Estacio, and Jonathan Condes. The
Pasig Prosecutor has elevated the case to the Pasig Regional
Trial Court. The bail recommended for each respondent is 40,000
pesos.


MANILA ELECTRIC: May Hike 2003 Capex to Php6B
---------------------------------------------
Manila Electric Co. (Meralco) may raise its capital expenditures
budget for 2003 to 6.0 billion pesos from 5.5 billion looking at
an annual 6.5 billion peso budget from next year, the Philippine
Star quoted Company President Jesus Francisco as saying. The
increase will depend on the number of Meralco customers that
will avail themselves of the Supreme Court-ordered refund of
overcharges dating back to 1994. Meralco earlier estimated the
refund to cost it 30.5 billion pesos.


NATIONAL POWER: Bulk Power Users Support SPEED Program
------------------------------------------------------
The Department of Energy (DOE), National Power Corporation
(Napocor), National Transmission Corporation (TransCo) and
Manila Electric Co. (Meralco) recently met with industry
stakeholders on the status of the pricing incentive being
offered to power intensive companies under the Special Program
to Enhance Electricity Demand (SPEED), according to the
Department of Energy.

Present during the meeting were the American Chamber of Commerce
of the Philippines (AmCham), Federation of Philippine Industries
(FPI), Japanese Chamber of Commerce, Inc. (JCCI), Philippine
Chamber of Commerce, Inc. (PCCI) and the Semiconductor and
Electronic Industries of the Philippines, Inc. (SEIPI).

Energy Secretary Vincent S. Perez said the groups expressed
strong support to the program as it gives the industries the
necessary relief in power costs.

"The industries were pleased and welcomed the implementation of
the SPEED program. Series of one-on-one information drive with
various industry organizations will be held to get more
companies be aware of this program," Secretary Perez said.

SPEED is a program initiated by Napocor and Meralco in response
to calls made by President Gloria Macapagal-Arroyo last year for
the two parties to work together to provide assistance to large
electricity consumers.

The SPEED program grants price incentives to large electricity
users, industrial and commercial, to encourage electricity
demand and increase the use of existing power plants in the
Luzon grid. The incentive is in the form of discounts on the
incremental consumption of the consumer.

Napocor reported that about 14 directly connected companies have
availed of the SPEED program since its implementation October
last year. Napocor's directly connected customers in Luzon were
given 50-centavos per kilowatt hour (kWh) reduction in rates.

The Energy Regulatory Commission (ERC) has also authorized the
TransCo to implement its Transmission Incentive Program (TIP)
giving a fixed discount rate of 10-centavo per kWh to its
customers that avail of the SPEED program.

For its part, Meralco gives another 12-centavo per kWh discount.
It reported that about 101 customers within its franchise area
have enjoyed lower power rates beginning August when it
implemented phase 1 of its pricing incentive program under
SPEED.

Phase 1 covers customers using 1,000 kilowatts every month. Most
of the companies were in the garments and textile industry, food
and beverage, tobacco, paper manufacturing, cement as well as
mining business.

Meralco said Phase II of the SPEED program will take effect
October this year with industrial and commercial customers using
500 kW expected to benefit. Meralco said some 1,000 customers in
garments and, fall within this range.

Combined the SPEED and TIP programs give bulk electricity users
in the Meralco franchise area a total of 72-centavos per kWh
reduction in rates on their incremental consumption.


UNIOIL RESOURCES: Sets Reorganization to Wipe Out Deficiency
------------------------------------------------------------
Unioil Resources & Holdings Co. Inc. will undertake a corporate
reorganization scheme to wipe out its negative capital
deficiency, the Philippine Star said on Tuesday. The Company
plans to transfer the firm's shares in Westmont Investment Corp.
to a yet-to-be-formed Company.

Unioil's registration of securities was cancelled by the
Securities and Exchange Commission as a result of the firm's
failure to file reportorial requirements on time and pay the
assessed penalty of P235,100.


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


ALPHAMEGA SOLUTION: Petition to Wind Up Pending
-----------------------------------------------
The petition to wind up Alphamega Solution Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
October 17, 2003 at 10 o'clock in the morning. Alphamega
Solution Pte Ltd., the presentor, whose address is situated at
Alphamega Solution Pte Ltd of 155 Kaki Bukit Avenue 1, #03-00
Shun Li Industrial Park, Singapore 416012, filed the petition
with the court on July 16, 2003.

The petitioners' solicitors are Messrs Tan Peng Chin LLC of 9
Battery Road, #18-08 Straits Trading Building, Singapore 049910.
Any person who intends to appear on the hearing of the petition
must serve on or send by post to Messrs David Siow Chua a notice
in writing not later than twelve o'clock noon of the 16th day of
October 2003 (the day before the day appointed for the hearing
of the Petition).


CHON HWA: Releases Winding Up Order Notice
------------------------------------------
Chon Hwa Construction Pte Ltd. issued a notice of winding up
order made on the 26th day of September 2003.

Name and Address of Liquidator: Don Ho Mun-Tuke of
Messrs Don Ho & Associates
20 Cecil Street
#12-02 Equity Plaza
Singapore 049705.

Messrs TOK
Solicitors for Petitioner.
No. 41 Temple Street #03-01
Singapore 058586.


EXTROPIA.COM PTE: Issues Notice of Preferential Dividend
--------------------------------------------------------
Extropia.com Pte Ltd. (In Creditors' Voluntary Liquidation)
issued a notice of intended preferential dividend under section
328 (1) (b) to (f) of the Singapore Companies Act (Chapter 50).

Address of former registered office: 2 Leng Kee Road
#06-04 Thye Hong Centre Singapore 159088.

Last day for receiving proofs: 11th October 2003.
Name of liquidators: CHEE YOH CHUANG and LIM LEE MENG.

Address of liquidators: c/o 18 Cross Street #08-01
Marsh & McLennan Centre Singapore 048423.

CHEE YOH CHUANG
LIM LEE MENG
Liquidators.


FLEXTRONICS INTERNATIONAL: Describes Existing Indebtedness
----------------------------------------------------------
Flextronics International Ltd. has $880.0 million Revolving
Credit Facility with a syndicate of domestic and foreign banks.
The credit facility consisted of two separate credit agreements,
one providing for up to $440.0 million principal amount of
revolving credit loans to us and one providing for up to $440.0
million principal amount of revolving credit loans to our U.S.
subsidiary, Flextronics International USA, Inc. of the total
amount of each agreement, $173.3 million relates to a 364-day
facility and $266.7 million expires in March 2005. Borrowings
under the credit facility bear interest at either, at our
option, (i) the base rate (as defined in the credit facility);
or (ii) the LIBOR rate (as defined in the credit facility) plus
the applicable margin for LIBOR loans ranging between 1.125
percent and 2.50 percent, based on our credit ratings and
facility usage. We are required to pay a quarterly commitment
fee ranging from 0.15 percent to 0.50 percent per annum, based
on our credit ratings of the unutilized portion of the credit
facility.

The credit facility is unsecured, and contains certain
restrictions on our ability to (i) incur certain debt, (ii) make
certain investments and (iii) make certain acquisitions of other
entities. The credit facility also requires that we maintain
certain financial covenants, including, among other things, a
maximum ratio of total indebtedness to EBITDA (earnings before
interest expense, taxes, depreciation, and amortization), a
minimum ratio of fixed charge coverage, and a minimum net worth,
as defined, during the term of the credit facility. The Company
and certain of its subsidiaries guarantee borrowings under the
credit facility. As of June 30, 2003, we were in compliance with
our covenants, and there were no borrowings outstanding under
the credit facility.

In addition, the Company maintains smaller credit facilities for
a number of our non-U.S. subsidiaries, typically on an
uncommitted basis. We have also entered into relationships with
financial institutions for leasing transactions.

9 7/8% and 9 3/4% Senior Subordinated Notes

General. On June 29, 2000, we issued an aggregate of $500.0
million of 9 7/8 percent Senior Subordinated Notes and an
aggregate of ? 150.0 million of 9 3/4 percent Senior
Subordinated Notes pursuant to two separate indentures between
Flextronics and J.P. Morgan Trust Company, National Association,
as trustee. The notes mature on July 1, 2010. Interest on the
dollar-denominated notes accrues at 9 7/8 percent per annum and
interest on the euro-denominated notes accrues at 9 3/4 percent
per annum, with such interest payable semi-annually in arrears
on January 1 and July 1 of each year.

Redemption. We may redeem the notes on or after July 1, 2005, at
specified redemption prices. We are not required to make
mandatory redemption or sinking fund payments with respect to
the notes.

Covenants. The indentures governing the notes restrict, among
other things, our ability to pay dividends, redeem capital stock
or prepay certain subordinated debt; incur additional debt or
issue preferred stock; grant liens; merge, consolidate or
transfer substantially all of our assets; enter into certain
transactions with affiliates; impose restrictions on any
subsidiary's ability to pay dividends or transfer assets to us;
enter into certain sale and leaseback transactions; and permit
subsidiaries to guarantee debt.

Tender Offer for 9 7/8 percent Senior Subordinated Notes.
Pursuant to our tender offer to purchase any and all of our
outstanding 9 7/8 percent Senior Subordinated Notes, which
expired at 12:00 midnight, New York City time, on September 3,
2003, we repurchased $492.3 million, or approximately 98.5
percent, in aggregate principal amount of the notes.

6 1/2% Senior Subordinated Notes

General. On May 8, 2003, the Company issued an aggregate of
$400.0 million of 6 1/2 percent Senior Subordinated Notes
pursuant to an indenture between Flextronics and J.P. Morgan
Trust Company, National Association, as trustee. The notes
mature on May 15, 2013. Interest on the notes accrues at 6 1/2
percent per annum, with such interest payable semi-annually in
arrears on May 15 and November 15 of each year.


MEDIASTREAM LIMITED: Completes Acquisition Agreement
----------------------------------------------------
Mediastream Limited issued a claim against Desmond Poh and Cho
Wee Min in relation to the sale and purchase agreement entered
into by Mediastream Limited on 14 may 2002.

As previously announced, the Company had on 14 May 2002 entered
into a sale and purchase agreement (the Acquisition Agreement)
with Desmond Poh and Cho Wee Min (the Vendors) to acquire the
entire issued and paid-up capital of Allandes Corporation Pte
Ltd (ACPL) and by reason thereof its wholly-owned subsidiary,
Allandes Rent-A-Cabin Pte Ltd (together the Allandes Group) for
an aggregate purchase consideration of S$13.8 million to be
satisfied as follows:

i) As to S$12.6 million, by the allotment and issue by the
Company to the Vendors of 210,000,000 new ordinary shares of the
Company at an issue price of S$.06 each; and

ii) As to S$1.2 million, by the issue from the Company to the
Vendors of a non-interest bearing note of undertaking for the
same value which shall be payable by the Company on the date 24
months after the issue.

The Acquisition Agreement was subsequently completed on 23
September 2002.

On 10 March 2003, the Company announced a "profit warning",
announcing that there would be a likelihood of a shortfall in
respect of the profit warranty provided by the Vendors under the
Acquisition Agreement for the financial year ended 31 December
2002. Subsequently, the Company in connection with, amongst
others, ACPL's cashflow problems, judicial management and
liquidation made periodic announcements. The Company's board of
directors (Directors) refers the shareholders to the Company's
announcements dated 11 March 2003, 4 April 2003, 25 April 2003,
24 July 2003 and 18 August 2003.

As a result of ACPL's judicial management and subsequent
liquidation, the Directors wish to announce that the Company has
taken the following legal actions in an effort to resolve the
above matter:

i) The Company had in June 2003 initiated a suit against the
Vendors for the recovery of earnest money amounting to S$100,000
paid under the Acquisition Agreement and a sum of S$1.3 million,
being a debt due and owing by Springvalley Development Pte Ltd
to ACPL, which was guaranteed by the Vendors under the
Acquisition Agreement;

ii) The Company had also on 18 September 2003 commenced legal
action against Cho Wee Min for the declaration that the
Acquisition Agreement had been rescinded on 17 July 2003; and

iii) The Company had obtained an injunction on 19 September 2003
against Cho Wee Min to inter alia prevent her from dealing with
the shares issued to her under the Acquisition Agreement.

The Directors had commenced the above-mentioned legal actions
after consultation with its legal advisers and are of the
opinion that this approach is in the best interest of the
Company. The said legal actions are currently pending in the
High Court of the Republic of Singapore and further developments
in both matters shall be announced in due course.


O.R. COMPUTER: Issues Notice of First Interim Dividend
------------------------------------------------------
O.R. Computer System Pte Ltd. issued a notice of first interim
dividend to unsecured creditors as follows:

Address of Registered Office: Formerly of 514 Chai Chee Lane
#07-11/12 Singapore 469023.

Amount Per Centum: 3.30 per centum.

First Dividend: 3.30 per centum of all admitted proofs of
unsecured creditors.

When Payable: 15th October 2003.

Where Payable: KPMG
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.

NEO BAN CHUAN
Liquidator.


P R STORM: Releases Winding Up Order Notice
-------------------------------------------
P R Storm Pte. Ltd. issued a notice of winding up order made on
the 26th day of September 2003.

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

Dated this 3rd day of October 2003.
Messrs RAMDAS & WONG
Solicitors for the Petitioner.

Note:

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

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


SEMBAWANG REEFER: Creditors Must Submit Claims by November 3
------------------------------------------------------------
The creditors of Sembawang Reefer Lines (Manggis) Pte Ltd
(Members' Voluntary Winding Up), which is being wound up
voluntarily, are required on or before 3rd November 2003 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
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.


SEMBAWANG REEFER: Unveils Appointment of Liquidators
----------------------------------------------------
At an Extraordinary General Meeting of Sembawang Reefer Lines
(Manggis) Pte Ltd (Members' Voluntary Winding Up) duly convened
and held at 30 Hill Street #05-04, Singapore 179360 on 25th
September 2003 at 10.00 in the morning, 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, Mr Wong Kian Kok and Mr William Caven
Hutchison of Foo Kon Tan Grant Thornton 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) That the liquidators be empowered to exercise any of the
powers given by sub-sections of (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.

LINDA HOON SIEW KIN
Director.


SINGAPORE PRESS: Dissolves Subsidiary
-------------------------------------
The Directors of Singapore Press Holdings Ltd (SPH) announced
that Orchard 300 Ltd, a wholly owned subsidiary, was dissolved
on 4 October 2003, pursuant to members' voluntary liquidation
proceedings commenced earlier. The dissolution has no material
impact on the earnings per share or net tangible asset of SPH.


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


ADVANCE PAINT: Issues Warrants Exercise Results
-----------------------------------------------
Advance Paint & Chemical (Thailand) Public Co., Ltd., has issued
167,453,025 warrants for right offering to existing shareholders
whose names appeared in the Shareholders Registered Book as of
27th of December, 2002.  The warrants can be exercised every
quarter starting from September 30, 2003 at the exercise ratio 1
warrant : 1 common share.  Thus, the Company reported the
results of exercise of the warrant holders, as follows:

As of October 1, 2003

Beginning Balance of Warrants: 167,453,025 Units
Less Exercised Warrants to be common shares: 1,254,700 Units
Ending Balance of Warrants: 166,198,325  Units


SIAM SYNTECH: Notifies BOD Meeting No. 2/2003 Resolutions
---------------------------------------------------------
Siam Syntech Construction Public Company Limited notified the
resolutions of the Board of Directors Meeting No. 2 /2003,
held on 2 October 2003, as follows:

1.  Unanimous approval for submission to the Shareholders
meeting for consideration and approval of the Balance Sheet and
Profit and Loss Accounts of the Company for the fiscal year
ended 30 June 2003.

2. Unanimous approval for submission to the Shareholders meeting
for consideration and approval for the Company to increase the
registered capital from the existing amount of Bt400 million to
Bt1,600 million; namely, to increase the registered capital by
another Bt1,200 million by issuing 1,200 million new ordinary
shares, par value of Bt1 per share, and said whole newly issued
ordinary shares shall be allotted as follows:

   (1) 1,200 million ordinary shares, par value of Bt1 per
share, to be allotted and offered to the existing Shareholders
at the ratio of one existing share to 3 new share, priced at Bt1
per share.  And fixing the date of subscription and payment for
the capital increase ordinary shares on 17-21 November 2003,
during 9.00-15.30 hrs.

   (2) In case the existing Shareholders do not fully subscribe
for the said allotted ordinary shares or there are remaining
shares in any case whatsoever, the Board of Directors shall be
authorized to allot and offer, at its sole discretion, the said
remaining shares in entirety or in lots to be offered from time
to time, as it may deem appropriate, to investors in private
placement and/or institutional investors categorized under the
Notification of the Securities and Exchange Commission No.
Kor.Jor.12/2543; Re: the Application and Permission for Offering
Newly Issued Shares, priced at Bt1 per share.  As for other
details, e.g., the subscription and payment date, the Board of
Directors shall be authorized to consider as it may deem
appropriate.  And the Company shall, from time to time, effect
the registration to change its paid up capital to the Public
Companies Registrar, based on each payment of the subscribers.

3. Unanimous approval for submission to the Shareholders meeting
for consideration and approval of an amendment to Clause 4 of
the Memorandum of Association to be in line with the increase of
the registered capital as follows:

   "Clause  4. Registered capital is 1,600,000,000   Baht
               Divided into 1,600,000,000   Shares
               With a par value of 1 Baht each.
               Shares are classified into:
                 Ordinary Shares of 1,600,000,000   Shares
                 Preference Shares  --- Shares"

4. Unanimous approval for submission to the Shareholders meeting
for consideration and approval of an amendment to Articles 11
and 49 to read as follows:

   "Article 11. The Company may not own its shares or take them
in pledge except for in the case where the Company may buy-back
the shares under the provisions of the laws related to the
public limited companies.  In the case where the share
repurchase does not exceed 10% of the paid-up capital, the Board
of Directors of the Company has an authority to consider and
approve the repurchase of shares without seeking approval from
the Shareholders meeting.  In the case where the share
repurchase is more than 10% of the paid-up capital, it shall be
first approved by the Shareholders meeting.

   Article 49.  The accounting year of the Company shall
commence and end on the 1st of January and 31st of December
respectively."

5. Unanimous approval for submission to the Shareholders meeting
for consideration and approval of an amendment to the Articles
of Association of the Company to be in line with the
Notification of the Securities and Exchange Commission No.
Kor.Jor.12/2543; Re: Application and Permission for Offering
Newly Issued Shares, by adding Article 57 as follows:

   "Article 57. In case the Company or its subsidiary agrees to
enter into a connected transaction or a transaction related to
the acquisition or disposal of the important assets of the
Company or of its subsidiary as defined under the notifications
of the Stock Exchange of Thailand governing the entering into a
connected transaction of listed companies or acquisition or
disposal of the important assets of the listed companies, as the
case may be, the Company is required to comply with the said
respective rules and procedures as prescribed by the said
notification."

And unanimous approval for the case that the Company has a
subsidiary(ies), the Articles of Association of the said
subsidiary(ies) shall also be amended to contain the following
in the Articles of Association of the subsidiary(ies):

   "In case the Company agrees to enter into a connected
transaction or a transaction related to the acquisition or
disposal of the important assets of the Company as defined under
the notifications of the Stock Exchange of Thailand governing
the entering into a connected transaction of listed companies or
acquisition or disposal of the important assets of the listed
companies, as the case may be. If the said notifications require
the Company as a subsidiary of the listed company to comply with
any requirement, then the Company is required to comply with the
said respective rules and procedures as prescribed by the said
notification mutatis mutandis."

6. Unanimous approval for setting the date of the Ordinary
General Meeting of Shareholders No. 1/2003, to be held on 30
October 2003, at 9:00 at Shangri-la Hotel, No. 89 Soi Wat Suan
Plu, Charoenkrung Road, Kwaeng Bangrak, Khet Bangrak, Bangkok
and fixing the agenda for the Ordinary General Meeting of
Shareholders No. 1/2003 to be as follows:

   Agenda  1.  To acknowledge the performance results of the
       Board of Directors for the previous year and the Annual
       Report.
   Agenda  2.  To approve the balance sheet and the profit and
       loss accounts of the Company for the fiscal year ended 31
       December 2002.
   Agenda  3.  To acknowledge the non-payment of dividends for
       the performance results of the fiscal year ended of 30
       June 2003.
   Agenda  4.  To appoint the new directors and fix their
       remuneration.
   Agenda  5.  To consider the change of the names and number of
       directors  who can sign to bind the Company.
   Agenda  6.  To appoint auditor(s) for the fiscal 2003 and fix
       the remuneration.
   Agenda  7.  To consider for approval of the registered
       capital increase of the Company and the allotment of the
       capital increase ordinary shares.
   Agenda  8.  To consider for approval of an amendment to
       Clause 4 of the Memorandum of Association regarding the
       increase of the registered capital.
   Agenda  9.  To consider for approval of an amendment to
   Articles 11 and 49 and addition of Article 57 of the Articles
       of Association.
   Agenda  10.  Other businesses (if any).

7. Unanimous approval for fixing the closing date of share
registration from 16 October 2003, at 12.00 hrs. until the
Extraordinary General Meeting names appear in the Share Register
during the closing period will be entitled to attend the
Extraordinary General Meeting of Shareholders No. 1/2003 and to
subscribe for the capital increase ordinary shares.


TCJ ASIA: Creditors' Meeting Set on Nov 4
-----------------------------------------
TCJ Asia Public Company Limited (TCJ), in relation to its
Business Reorganization Plan that was scheduled to be submitted
on August 8, 2003, reported that the creditors had asked Ms.
Srivilai Chatjuthamard, the Planner, for a postponement of the
submission. However, Srivilai Chatjuthamard submitted the Plan
on September 30, 2003 and the Official Receiver has arranged the
creditors' meeting for voting rights on November 4, 2003.

The Company would report the result of the creditors' meeting in
due course.


THAI WAH: Submits Sale Shares Report to SET
-------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited, announced that
on 26th and 29th of September, it has converted the debt to
equity for Class 1 and Class 2 Creditors in accordance with the
Amended Business Reorganization Plan of the Company approved by
the Central Bankruptcy Court on 30 June 2003.

Therefore, the Company submits the Form of Report of the Results
of the Sale of Shares (by means of debt to equity conversion) to
the Stock Exchange of Thailand as attached below:

Form of Report to the Exchange of the Results of the Sale of
Shares (F53-5)

Name of Company : Thai Wah Public Company Limited
Date : 1 October 2003
Category of shares converted :  ordinary shares
Number of shares converted into equity :  22,576,244 shares
Allocated to : Class 1 and Class 2 Creditors under the amended
business reorganization plan of the Company
Price for debt to equity conversion per share : Bt7.62 per
share, at par value of Bt10 per share
Subscription and payment period :  debt to equity conversion
under the amended business reorganization plan of the Company

Results of the sale of shares:

[/] totally sold out
[ ] partly sold out, with shares remaining.

Note:  The Company has reserved 3,673,756 shares for debt to
equity conversion of Class 5 Creditors under the amended
business reorganization plan of the Company after such Class 5
Creditors are transferred to Class 1 Creditors or Class 2
Creditors as specified under the amended business reorganization
plan of the Company.

Details of the sale

            Thai investors             Foreign investors
           Juristic     Natural   Juristic      Natural  Total
Number of persons
             11           -         16            -           27
Number of shares allocated for debt to equity conversion
          6,391,283       -        16,184,961     -   22,576,244
Percentage of total shares allocated for
debt to equity conversion
           28.31%        -          71.69%        -   100%

4. Amount of money received from the sale of shares

Total amount - million Baht
Less expenses (specify)
            -  million Baht
Net amount received
            -  million Baht

Note:  This is because it is debt to equity conversion.

The Company by Thai Wah Group Planner Company Limited as the
Plan Administrator hereby certifies that the information
contained in this report is true and completed in all respects.

(Kuan Chiet)
Thai Wah Public Company Limited
By Thai Wah Group Planner Company Limited
as the Plan Administrator


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

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

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