/raid1/www/Hosts/bankrupt/TCRAP_Public/031014.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, October 14, 2003, Vol. 6, No. 203

                         Headlines

A U S T R A L I A

AMP LIMITED: Allots 21,199 Ordinary Shares at A$6.63/Share
AMP LIMITED: Lodges RPS Statement With ASX
ANACONDA NICKEL: Releases Quarterly Report
ASHBURTON MINERALS: Loyalty Options Prospectus Lodged
AUSTRALIAN MAGNESIUM: Issues Shares to Fluor Australia

BEACONSFIELD GOLD: Restructuring Timetable Workout Underway
DRAGON MINING: Precious Metals Acquisition Agreement Concluded
TRANZ RAIL: Confirms Changes in Board of Directors
TRANZ RAIL: Toll Group Waives 90% Condition
VILLAGE ROADSHOW: Scheme Booklet Dispatched


C H I N A   &   H O N G  K O N G

COUNTRY FAIR: Winding Up Petition Pending
GREAT WEAL: Oct 22 Winding Up Hearing Scheduled
HANGZHOU HSDP: Hearing of Winding Up Petition Set
LAND REGENT: Winding Up Sought by Bank of China
MANSION HOUSE: Proposes Domain Registration Business JV

ONWARD TRAVEL: Petition to Wind Up Pending
SEAPOWER RESOURCES: Circular Dispatched Further Delayed


I N D O N E S I A

INDOCEMENT TUNGGAL: Govt Appoints JP Morgan as Agent

* IBRA Receives 40% Payment From Investors


J A P A N

FURUKAWA CO.: JCR Lowers Bonds/CP to #BB+/#J-3
HITACHI LIMITED: Ups Production of In-demand DRAM Products
KOJIMA CO.: R&I Downgrades LT Debt Rating to BBB-
NIPPON TELEGRAPH: To Issue US$9.2 Billion Notes in Two Years
RESONA HOLDINGS: Shocks Market with Red First-half Figures

SUMITOMO MITSUI: Forms New Subsidiary to Take Care of Bad Debts
SUMITOMO MITSUI: Expects Bigger Net Profit on Tax, Stock Gains


K O R E A

DAEWOO SHIPBUILDING: Wins Shipbuilding Project Worth US$326M
HANARO TELECOM: AIG Rescue Offer Risks Getting Foiled by LG
HYUNDAI ENGINEERING: Needs to Cut Capital, Extend Loan Due Dates
HYUNDAI HEAVY: Signs US$317M Shipbuilding Deal with Yangming
KOREA EXCHANGE: Postpones Listing of US$125 Billion Sub-notes


M A L A Y S I A

ACTACORP HOLDINGS: Seeks Proposed Restructuring Scheme Amendment
ASIAN PAC: Issues Memorandum of Understanding Update
BERJAYA GROUP: TSVT Agrees Profit Guarantee Period Extension
CHASE PERDANA: Conversion Listing Granted Today
EKRAN BERHAD: Proposed Capitalization Completion Extended

ENGTEX GROUP: Corporate Exercise Preparation Underway
FACB RESORTS: Continues Sinking Fund Deposits Rescheduling Talks
HO HUP: Obtains SC's Nod on Proposed Disposal
KEMAYAN CORPORATION: Discloses Foreign Shareholdings Level Info
KEMAYAN CORPORATION: Mazly Realty Withdraws Writ of Summon

KIARA EMAS: MTHB Supplementary Prospectus Registered With SC
KSU HOLDINGS: Files Notice of Appeal Over Court's Decision
LAND & GENERAL: Shareholders Disposal Approval Not Obliged
MBF HOLDINGS: Proposes Debt Restructuring Scheme
MWE HOLDINGS: Undertakes Shareholding Structure Reorganization

SCK GROUP: KLSE De-listing Securities Trading on Oct 27
SIN HENG: Disposes of Dormant, Losing Subsidiaries
SISTEM TELEVISYEN: SC Grants Proposed Disposal Waiver
TECHNO ASIA: Submits Report, Statutory Declaration to KLSE


P H I L I P P I N E S

MANILA ELECTRIC: Seeks 13-centravo Tariff Hike


S I N G A P O R E

XPRESS HOLDINGS: Posts Changes in Shareholder's Interest


T H A I L A N D

JASMINE INTERNATIONAL: Unit Disposes Shares to Repay Debts
RAIMON LAND: Clarifies Saladaeng Land Purchase
TPI POLENE: Discloses Q303 Operational Performance

* BOND PRICING: For the week of October 13 - October 17, 2003

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 21,199 Ordinary Shares at A$6.63/Share
----------------------------------------------------------
AMP Limited advised the allotment of 21,199 ordinary shares at
A$6.63 per share.

Purpose of the issue:

   - 6,199 shares were issued pursuant to the AMP International
Employee Share Ownership Plan;

   - 15,000 shares were issued pursuant to the Performance Share
and Option Plan.

Number of shares now on Issue: 1,523,455,275


AMP LIMITED: Lodges RPS Statement With ASX
------------------------------------------
AMP Henderson Global Investors Limited, as Responsible Entity of
the AMP Reset Preferred Securities Trust (RPS), draws the
attention of RPS Holders to comment in the Australian Stock
Exchange statement lodged by AMP Limited on Monday.

In particular, RPS Holders should note the statement under the
heading Undertaking of A$1.2 billion AMP Rights Offer to redeem
the RPS:

"As previously flagged, AMP's RPS need to be refinanced as the
demerger will trigger a regulatory event related to Tier 1
capital eligibility. Subject to the demerger proceeding and
completion of the AMP non-renounceable rights offer, the RPS
will be redeemed for cash in January 2004. They will be redeemed
for face value plus the value of accrued distributions.

The AMP rights offer will raise approximately A$1.2 billion to
facilitate redemption of the RPS. The structure to be used is
innovative, in that the rights offer will close before the
demerger occurs. The rights offer is conditional upon the
demerger proceeding and will be priced via an institutional
bookbuild.

In addition there will be a cash payment to shareholders who
choose not to take up their rights in the offer, to compensate
them for the value of their rights not taken up."

AMP Henderson Global Investors also draws the attention of RPS
Holders to the media release No. 03.71, also dated Monday,
published by APRA, which also refers to the redemption of the
RPS.


ANACONDA NICKEL: Releases Quarterly Report
------------------------------------------
Anaconda Nickel Limited released its quarterly report for the
period ended 30 September 2003. Below is the results summary:

Health & Safety

   *  Safety performance trend improving
   *  Lost Time Injury Frequency Rate (LTIFR) decreased from
      6.28 in June to 4.11 in September.
   *  No Lost Time Injuries (LTI) in the September quarter.

Production

   *  Nickel packaged of 7,740 tonnes from production - nickel
      reduced of 8,007 tonnes (balance in stock at quarter end)
   *  Cobalt packaged of 615 tonnes from production - cobalt
      reduced of 621 tonnes
   *  Autoclave uptime set a new benchmark for the circuit.
   *  Successful commissioning of the screening plant and
      commissioning of the new ore preparation paste thickener
      ahead of schedule
   *  Product quality improvement projects were progressed
   *  Major electrical integrity work completed during the May
      shutdown underpinned a significant improvement in power
      supply and stability.

Financials

   *  Murrin Murrin net sales revenue: A$124.9 million, up 64%
      on previous quarter (ANL share 60%).
   *  Capital program to complete Murrin Murrin remains on
      budget and on schedule.
   *  Murrin Murrin operating cash flow surplus $21 million.

Corporate

   *  Phase 2 Fluor arbitration claim (approximately A$350
      million) progressing with outcome expected in April 2004.
   *  Share consolidation of 15 to 1 announced, subject to
      shareholder approval
   *  Change of Company name to Minara Resources Limited
      proposed

Market Conditions

   *  Nickel prices increased US83c/lb to close at US$4.64/lb
      and continue to strengthen.
   *  Cobalt prices have increased from US$8.10/lb to
      US$8.65/lb.

To see full complete copy of the quarterly report, go to
http://bankrupt.com/misc/TCRAP_ANL1014.pdf.


ASHBURTON MINERALS: Loyalty Options Prospectus Lodged
-----------------------------------------------------
Ashburton Minerals Ltd wishes to announce that it has lodged on
Wednesday a prospectus for the offer of up to 6,000,000 options
at an offer price of 1 cent each on the basis of one option for
every two shares held on the Record Date, being 12 September
2003, with each option having an exercise price of 12 cents and
expiring on 30 June 2006.

If fully taken up, the offer will raise $60,000 to be applied to
general working capital and the ongoing development of the
Drummond Basin assets.

The offer is available to Loyal Shareholders, being those
shareholders that participated in the Company's Share Purchase
Plan in January 2003 and whose shareholding on the Record Date
of 12 September 2003 has not fallen below their shareholding on
10 January 2003.

The offer of options under the prospectus was approved by
shareholders for the purpose of listing rules 7.1 and 10.11 and
for all other purposes at a general meeting held on 18 August
2003. The Record Date was announced on 12 September 2003.
The offer is non-renounceable, and will close at 5:00pm WST on
10 November 2003.

East Kimberley Nickel Prospects

The company notes with significant interest Wednesday's
announcement by Thundelarra Exploration Ltd (ASX: THX) detailing
a proposed investment of $3.5 million in Thundelarra by LionOre
Mining International Limited, and an associated East Kimberley
Nickel Joint Venture whereby LionOre will sole fund the first $5
million of exploration expenditure. The Thundelarra deal means
that a major international nickel player will be investing some
$8.5 million in the East Kimberley, which is a firm vote of
confidence in the nickel potential of this prospective yet under
explored region.

Ashburton owns, in a 50:50 partnership with Ripplesea Pty Ltd,
ten Exploration Licenses in the East Kimberley region,
encompassing approximately 2,000 km2. The attached plan shows
the location of these in relation to the main Thundelarra nickel
prospects, the Sally Malay nickel project and the Panton Sill
PGE deposit.

Three of the Company's tenements are granted, a further is
pending, while the remaining six are awaiting administrative and
native title adjudication.

The Company has commissioned Orbital Research Exploration Pty
Ltd (ORE), a company associated with geologist Harry Mason, to
prepare a comprehensive geophysical and geological report on the
tenements. This report is due in the next few weeks.

The Ashburton tenements cover three conceptual target areas
deemed prospective for nickel and platinum group metals. The
targeting stems from research conducted by ORE and is based on
detailed interpretation of aeromagnetic, gravity and digital
elevation modelling data. The tenement area contains targets
with equivalent geophysical signatures to the Sally Malay nickel
deposit and the Panton Sill ultramafic intrusive as well as
additional targets interpreted to be feeder zones to such
intrusions - a setting potentially similar to that of the giant
Voisey Bay deposit in Canada.

Following receipt of the ORE report, the company will initiate
ground-based exploration programmers aimed at verifying the
geophysical targets.

To see complete copy of the Prospectus, go to
http://bankrupt.com/misc/TCRAP_ASH1014.pdf.


AUSTRALIAN MAGNESIUM: Issues Shares to Fluor Australia
------------------------------------------------------
Australian Magnesium Corporation Limited has issued 8,036,724
fully paid ordinary shares to Fluor Australia Pty Ltd (Fluor
Australia) at an average share price of 9.4 cents per share.

The shares have been issued to Fluor Australia in satisfaction
$754,750.44 in fees payable for the provision of personnel and
services to the Stanwell Magnesium Project from 15 May to the
termination of these arrangements on 31 July 2003.

Fluor Australia is restricted from dealing in the shares for 12
months under the secondary trading provisions of the
Corporations Act. The issue of 8,036,724 ordinary shares to
Fluor Australia will take its shareholding in the Company from
3.0% to 3.7%.


BEACONSFIELD GOLD: Restructuring Timetable Workout Underway
-----------------------------------------------------------
Beaconsfield Gold NL (Receiver And Manager Appointed) reported
on the Activities for the Quarter ended 30 June 2003. The
highlights are as follows:

   * BMJV gold production for the June 2003 quarter was a record
31,656 ounces (126,972 ounces per year rate). The 2003 financial
year result of 105,736 ounces was 15,267 ounces or 17% greater
than for the 2002 financial year (90,469 ounces).

   * Head grade for the June 2003 quarter was a record 18.6 g/t
gold. Reserve grade at 30 June 2003 was 17.9 g/t gold compared
with reserve grade at 30 June 2002 of 16.7 g/t gold.

   * BMJV cash operating costs were A$315 per ounce for the June
2003 quarter and A$341 per ounce for the 2002/2003 year.
Beaconsfield Gold received average gold prices of A$551 per
ounce for the June 2003 quarter and A$560 per ounce for the
2002/2003 year, giving cash operating margins of A$236 per ounce
and A$219 per ounce respectively.

   * Net secured debt for Beaconsfield Gold (BankWest secured
debt plus accrued interest less cash held by the Receiver and
Manager) had been reduced to $28.6 million at 30 June 2003. Net
secured debt was $32.8 million on 25 June 2001, when the
Receiver and Manager was appointed, and peaked at around $35.0
million in October 2002.

   * Jeff Williams was elected as a director of Beaconsfield
Gold at a general meeting of shareholders on 19 June 2003.

   * In mid July 2003, Beaconsfield Gold and Tolhurst Noall
Limited signed a Subscription Agreement under which $5.5 million
of equity funding is to be provided to Beaconsfield Gold by
sophisticated and institutional investors, subject to the
retirement of the Receiver and Manager.

Beaconsfield Gold is currently progressing a timetable for the
restructuring of the company's finances and the retirement of
the Receiver and Manager.  


DRAGON MINING: Precious Metals Acquisition Agreement Concluded
--------------------------------------------------------------
Dragon Mining NL has signed the final Sale & Purchase Agreement
with Outokumpu for the acquisition of Outokumpu's precious
metals mining assets located mainly in Finland. The acquisition
will be subject to Dragon Mining shareholder approval and a
meeting will be held on 5 November 2003 for this purpose.

The total consideration including conditional performance based
payments will be some EUR 11 million, comprising EUR 5.5 million
in cash and the balance in Dragon Mining shares or cash.

The assets being acquired include the Pampalo Gold Project, the
Jokisivu Gold Project, the Vammala Plant and the nearby Orivesi
Gold Mine and 13 other advanced to grass roots gold, platinum,
and nickel exploration projects.

The Pampalo advanced gold project is in the Archaean Karelian
Domain of the Fennoscandian Shield, has indicated and inferred
resources of 0.9 million tonnes at 6.8g/t Au containing 205,000
ounces. The lode systems have been accessed by a production
capable decline to a depth of 272 meters below surface, and the
liberalization has not been closed out at depth and other lode
positions along strike remain to be tested. Environmental
Permits are in place for development of the project.

The Jokisivu Gold Project is located in southern Finland in the
Proterozoic Svecofennian Domain of the Fennoscandian Shield. It
is also located 40 kilometers south of the Vammala Mill. Recent
drilling on the property has been aimed at defining a resource
of 200,000 to 300,000 ounces down to around 200 meters. The
latest drilling program concluded at the end of August and final
results have yet to be received and collated. A small high grade
open cut resource of 150,000 tonnes at 7.8g/t Au containing
37,700 ounces down to depth of 60 meters has been previously
calculated on one of the mineralized lenses. Environmental
permits have been applied for development of the existing open
cut resource. The scale and distribution of deeper high-grade
intercepts in multiple lodes indicates the Jokisivu system has
excellent potential to host a substantial gold resource.

The Vammala Plant consists of a 3 stage crushing circuit, a rod
and ball mill and flotation circuit, with a nominal capacity of
600,000 tonnes per annum. Vammala is currently operational,
processing the last ore from the main lode system in the Orivesi
Mine. Positive cash flows from the sale of concentrates will
continue for several months after the transaction date and will
accrue to Dragon. The Orivesi Mine has been in production since
1994 and produced 375,000 ounces. Mining is nearing completion
on the main lode system after which it will be placed on care
and maintenance pending further underground exploration on a
second high-grade lode system potentially accessible from the
existing decline.

The other 13 projects are mainly located in highly prospective
portions of the Fennoscandian Shield and most have identified
liberalization and in some cases potentially ore grade drill
hole intercepts.

Dragon sees considerable synergy between the Polar acquisition
and the Svartliden Gold Mine that it is developing in Sweden and
scheduled to commence production in mid 2004 at an initial rate
of 70,000 ounces per annum. The company sees the potential to
become a significant European based gold mining company with 2
to 3 operating mines within 18 months and other projects
advancing rapidly.


TRANZ RAIL: Confirms Changes in Board of Directors
--------------------------------------------------
Following the Toll Group (NZ) Limited's Offer going
unconditional on Friday afternoon, Mark Rowsthorn was appointed
Chairman of Tranz Rail Holdings Limited and was joined on the
board by two additional Toll appointees, David Jackson and
Austen Perrin.

Roger Armstrong and John Loughlin remain on the newly
constituted board. Wayne Walden (Chairman), Jon Cimino, Leigh
Davis and Thomas Rissman all resigned as non-executive directors
and Michael Beard stepped down as Managing Director and Chief
Executive.

David Jackson assumes the role of Managing Director and Austen
Perrin is the company's new Chief Financial Officer.


TRANZ RAIL: Toll Group Waives 90% Condition
-------------------------------------------
Toll Holdings has announced Monday that it has waived its
condition of 90% acceptance in its bid for Tranz Rail after
closing just short of its target. Tranz Rail shareholders had
until 6.00 pm (Auckland time) this evening to accept the Toll
offer of NZD$1.10 per share. Managing Director Paul Little
confirmed the offer has now been extended to 6.00pm (Auckland
time) Friday 7 November 2003 for all shareholders who haven't
yet accepted.

"While it's not ideal that we haven't at this point reached 90%
acceptance, we're confident of achieving our goal and are giving
shareholders one last chance to sell, and realize the NZD$1.10
cash per share". All major institutional shareholders have sold
to Toll. They include Infratil Limited, Tower Asset Management,
AMP Henderson, Brook Asset Management and Alliance Capital
Management. "We're committed to closing this deal and work
towards improving New Zealand's rail services, and developing
long term relationships with customers and capital markets."

At a Tranz Rail Board meeting held this afternoon, Mr Mark
Rowsthorn was appointed Chairman of the company, with a majority
of Toll nominated Directors having been appointed to the Board.
Little said once the takeover bid is successful Toll would be
seeking a dual listing on the New Zealand Stock Exchange.


VILLAGE ROADSHOW: Scheme Booklet Dispatched
-------------------------------------------
Village Roadshow Limited dispatched the Scheme Booklet to all
Ordinary and Preference shareholders in respect of the proposed
Scheme of Arrangement to Buy Back all of the Company's A Class
Preference Shares.

The Independent Expert, Grant Samuel, has concluded that the
Scheme is in the best interests of Preference shareholders
because they are likely to be better off if the Scheme proceeds
than if it does not.

The Directors have unanimously recommended that:

   * Ordinary shareholders vote in favor of the Buy-Back and
Constitution Modifications; and

   * Preference shareholders vote in favor of the Scheme.
The General Meeting is scheduled to be held on 3 November 2003
in the Presidential Room, Second Floor, Carlton Crest Hotel,
King George Square, Brisbane at 2 p.m. Brisbane time and is
expected to run for approximately 30 minutes.

The Scheme Meeting will commence promptly following the
conclusion of the General Meeting and will also be held in the
Presidential Room, Second Floor, Carlton Crest Hotel, King
George Square, Brisbane.

Shareholders should contact the shareholder information line on
1300 300 279 if they have any questions in relation to the
Scheme Booklet, or do not receive a copy of the Scheme Booklet.

Go to http://bankrupt.com/misc/TCRAP_VRL1014.pdfto see the  
Scheme Booklet, including the following documents:

   1. Chairman's covering letter to shareholders;
   2. Ordinary and/or Preference Proxy form (as appropriate);
   3. New Zealand Investment Statement (as appropriate).


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


COUNTRY FAIR: Winding Up Petition Pending
-----------------------------------------
Country Fair Industrial 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 9:30 in the morning,

The petition was filed on August 28, 2003 by Bank of China (Hong
Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


GREAT WEAL: Oct 22 Winding Up Hearing Scheduled
-----------------------------------------------
The High Court of Hong Kong will hear on at October 22, 2003
9:30 in the morning the petition seeking the winding up of Great
Weal Holdings Limited.

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

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


HANGZHOU HSDP: Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Hangzhou Hsdp Silk Corporation (H.K.)
Limited is scheduled for hearing before the High Court of Hong
Kong on October 22, 2003 at 9:30 in the morning.

The petition was filed with the court on August 27, 2003 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


LAND REGENT: Winding Up Sought by Bank of China
-----------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Land Regent Limited. The petition was filed on August 28, 2003,
and will be heard before the High Court of Hong Kong on October
29, 2003 at 9:30 in the morning.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


MANSION HOUSE: Proposes Domain Registration Business JV
-------------------------------------------------------
The directors (the Directors) of Mansion House Group Limited
(the Company, together with its subsidiaries, the Group) wish to
announce that the Company has been approached around the middle
of this year by an independent third party (the "Joint Venture
Partner"), who is not connected with the directors, chief
executive or substantial shareholders of the Company or its
subsidiaries or their respective associates (as defined in the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited (the "Listing Rules")), in relation to a
possible joint venture with the Joint Venture Partner for the
pursuit of a domain name registration business (the Business) in
the People's Republic of China (PRC). It is proposed that a
joint venture company (the Proposed Joint Venture Vehicle) is to
be set up to pursue the Business, whether directly or through
special purpose vehicle. The Proposed Joint Venture Vehicle is
proposed to be held as to 75% by the Joint Venture Partner and
as to the remaining 25% by the Company. It is intended that the
Joint Venture Partner is to provide the technological know-how
required for the Business while the Company is to assist in
raising funds for the pursuit of the Business. The investment
size of the Business has not yet been determined.

The Directors expect to finalize the terms of the possible joint
venture shortly. No binding agreement on the terms of the
possible joint venture has been reached between the parties. The
proposed transaction may or may not materialize.

If the proposed transaction materializes, the Company will
strictly comply with the relevant provisions of the Listing
Rules. The Company will make further announcement if and when
the terms are finalized and a binding agreement is signed.

The Business would pave the way and serve as the stepping-stone
for the diversification of the Group's business into the media
and telecommunications sectors of the PRC should suitable
opportunities arise as stated in the Company's 2002 interim
report and the chairman statement contained in the Company's
2002 annual report.

GENERAL

The Directors confirm that save as disclosed above, there are no
negotiations or agreements for any intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither are the Directors aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be price-sensitive
information.

The principal businesses of the Group are securities, futures,
bullion and share trading, underwriting, fund management
and property development.

In the meantime, shareholders of the Company and public  
investors are advised to exercise caution when dealing in the  
shares of the Company.

This announcement is made by the order of the board of Directors
of the Company, which individually and jointly accept the
responsibility for the accuracy of this announcement.


ONWARD TRAVEL: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Onward Travel (Holdings) Limited is set
for hearing before the High Court of Hong Kong on October 22,
2003 at 9:30 in the morning.

The petition was filed with the court on August 18, 2003 by
China National Aviation Corporation (Hong Kong) Limited whose
registered office is situated at 5th Floor, CNAC House, 12, Tung
Fai Road, Hong Kong International Airport, Lantau, Hong Kong.


SEAPOWER RESOURCES: Circular Dispatched Further Delayed
-------------------------------------------------------
Reference is made to the announcements jointly issued by
Seapower Resources International Limited (Provisional
Liquidators Appointed) and Many Returns Limited (the Investor)
dated 2 September 2003 and 3 October 2003 in relation to the
delay in dispatch of the circular (Circular) regarding the
Restructuring Proposal (Announcements).

As stated in the joint announcement dated 3 October 2003, the
Company and the Investor applied to the Executive for a further
extension of the time for the dispatch of the Circular from 3
October 2003 to on or before 10 October 2003. As additional time
is needed to finalize certain information including, (a) details
of the remaining businesses/assets of the Group post Completion,
(b) pro forma consolidated balance sheet of the Group upon
Completion, and (c) comfort letters for the 12 months
immediately after Completion relating to the cash flow
projections of the Group for inclusion into the Circular, an
application has been made to the Executive for a further
extension of the time for the dispatch of the Circular from 10
October 2003 to on or before 15 October 2003.

The Stock Exchange informed the Company on 7 March 2003 that the
Company had been placed into the second stage of the delisting
procedures in accordance with Practice Note 17 of the Listing
Rules.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Agreement may not be fulfilled or otherwise waived. Trading in
the Shares of the Company has been suspended since 2:30 p.m. on
28 December 2001 and will remain suspended until Completion and
a sufficient public float has been restored. Further
announcements will be issued as and when appropriate.


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


INDOCEMENT TUNGGAL: Govt Appoints JP Morgan as Agent
----------------------------------------------------
The government appointed JP Morgan Securities Indonesia as the
selling agent of 12.87% shares of PT Indocement Tunggal
Perkarsa, Bisnis Indonesia reported Monday.

According to a reliable Bisnis source, "from five bidders, the
government short-listed three securities and finally appointed
JP Morgan."

Mahmuddin Yasin, a deputy minister of State Owned Enterprise,
failed to disclose anything about this, claiming that he knew
nothing.

Jos Perengkuan, a director of Danareksa Sekuritas, five foreign
securities had been eyeing on the project. In this regard they
would do the job in cooperation with the state owned PT
Danareksa.  

"We invited 11 companies to submit their bid in selling the
shares of the government. But only five companies who submitted
their bids," Perengkuan said, concluding that the sale of the
shares would be on schedule of the end of the year.


* IBRA Receives 40% Payment From Investors
------------------------------------------
IBRA has received 40% payment for assets offered at the
Strategic Asset Sales Program II (PPAS II), i.e. Rajawali III
Sugar Factory and PT Chandra Asri.

Of the four prospective investors offering bids for the Rajawali
III Sugar factory assets, the Bapindo Consortium succeeded to
fulfill all requirements so as to be nominated as the winner for
the assets in form of equity worth Rp400 billion and Term Loan
Rp230.9 billion.

Bidding on the assets of PT Chandra Asri among other in form of
Sustainable Debt US$100 million, Equity USD 417.4 million and
Convertible Bonds Rp5,453 billion was won by Glazers & Putnam
Investment Ltd of Thailand.

Meanwhile two other assets (Texmaco Group and Bakrie Nirwana
Resort) are declared to be not for sales through the next asset
disposal programs, since IBRA has sought to dispose them in two
events of sales program.

PPAS II is continued from PPAS I offering 4 strategic assets
consisting of Rajawali III Sugar Factory, Texmaco Group, PT
Chandra Asri, and PT Bakrie Nirwana Resort. Total values of the
strategic assets on offer are US$2.5 billion and Rp18.6
trillion.


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


FURUKAWA CO.: JCR Lowers Bonds/CP to #BB+/#J-3
----------------------------------------------
Japan Credit Rating Agency (JCR) has on Monday downgraded the
ratings on the bonds and CP program of Furukawa Co., Ltd.
(securities code no.: 5715) from #BBB- and #J-2 to #BB+ and #J-
3, respectively.

Issue      :  Convertible Bonds No.1
Amount(bn) :  Y25
Issue Date :  Dec. 11, 1996
Due Date   :  Mar. 31, 2006
Coupon     :  0.90%

CP:

Maximum    : Y10 billion
Backup Line: 0%

RATIONALE

Loss from discontinued operation of its Australian copper
smelting subsidiary, Port Kembla Copper Pty. Ltd. (PKC),
resulted in larger than first estimated, increasing to 39.3
billion yen. Additional loss to be incurred in case of failure
to sell off the unit will be limited. However, it is unlikely
that the loss would be reduced sharply, even if the sell-off
goes well. Although Furukawa acquired fully the consolidated
real estate subsidiary and sold the hydroelectric power business
after spinning off this business to boost the amount of owners'
equity, the shareholders' equity is estimated to have dropped to
20 billion yen as of the end of September 2003 due to the loss
with respect to PKC. JCR downgraded the rating for Furukawa,
given the more-than-expected large impact of the loss on the
financials. JCR will pay attention to the future developments as
to the going of the measures to enhance the equity capital,
placing the rating under Credit Monitor continually.


HITACHI LIMITED: Ups Production of In-demand DRAM Products
----------------------------------------------------------
Anticipating a surge in demand for dynamic random access memory
chips, Elpida Memory Inc. will increase its production capacity
roughly five-fold by year's end, Dow Jones Newswires said
Friday.

A joint venture of Hitachi Limited and NEC Corp., Elpida is
targeting a monthly capacity of 21,000 wafers by the April-June
quarter next year.  At present, the company is upping production
to 16,000 wafers a month at the Hiroshima manufacturing plant.

"With the Yen strengthening this much and the demand for DRAM
products steadily increasing, we decided it would be best to
boost our capacity further," Elpida President and CEO Yukio
Sakamoto told Dow Jones.

Elpida, the report said, will start volume shipments early next
year of one-gigabit DRAM memory chips to be used in high-
performance servers.  The company's 0.1-micron, one-gigabit DRAM
chips, dubbed DDR2, have a datatransfer speed of 533 megabits
per second, the fastest in the industry.  The company expects
this new chip to catapult it within striking distance of rival
Samsung Electronics Co.


KOJIMA CO.: R&I Downgrades LT Debt Rating to BBB-
-------------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded on
Wednesday the following ratings:

ISSUER: Kojima Co., Ltd. (Sec. Code: 7513)
Senior Long-term Credit Rating, Long-term Bonds (1 series)
R&I RATING: BBB- (Downgraded from BBB)

RATIONALE:

Based in the northern Kanto area, Kojima Co., Ltd. is a major
mass retailer of home electronics with stores throughout Japan.
A notable characteristic of the company is its ability to
maintain low prices through strategically planned large volume
orders. With a slump in consumption, however, demand for
computers continues to be flat and there are no comparable
products in the home electronics retail market to replace them
in generating volume sales. As a result, competition between
major mass home electronics retailers is heating up. In this
austere operational environment, Kojima's sales are not
increasing and a rise in fixed costs is putting pressure on
profits. Since the company is continuing aggressive investment
in retail outlets, interest bearing debt is increasing and
financial composition is deteriorating. In view of these
factors, R&I has downgraded the rating from BBB to BBB-.` To
counter the fall in results, Kojima is undertaking various
measures including a reduction in personnel costs through a
review of human resource management and the introduction of a
new warehouse management system. R&I is now focusing its
attention on the company's ability to put a halt to the
deterioration in its profit and loss account and financial
composition through these measures and whether it can set the
business on the path to recovery.

R&I RATINGS:

ISSUER: Kojima Co., Ltd. (Sec. Code: 7513)
Senior Long-term Credit Rating: BBB- (Downgraded from BBB)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Dec 20, 2000 Mar 31, 2005 Yen 10,000
R&I RATING: BBB- (Downgraded from BBB)


NIPPON TELEGRAPH: To Issue US$9.2 Billion Notes in Two Years
------------------------------------------------------------
Nippon Telegraph and Telephone Corporation has asked the finance
ministry to approve a plan to raise US$9.2 billion in fresh
funds via a bond issue, the Financial Times said citing
Bloomberg Tokyo.  The company will sell the bonds between
October 14 this year and October 13, 2005.  Aside from this the
company, which targets a total of JPY100 billion in fresh funds,
will also borrow from banks.


RESONA HOLDINGS: Shocks Market with Red First-half Figures
----------------------------------------------------------
Resona Holdings Inc., which earlier this year received a big
boost from the Japanese government, surprised analysts recently
when it announced a JPY1.76 billion loss for the six months
ended September 30.  According to Dow Jones, the disclosure
means almost 90% of the public funds injected into the bank just
three months ago had been wiped out.

"The magnitude of the loss [is surprising], even though Resona
executives had been warning in recent weeks of potential losses
resulting from dumping problem loans.  The company's previous
forecast for the period, made after the bailout, was for a
profit of US$202 billion," Dow Jones said.

The government took a controlling stake in Resona in July after
handing over JPY1.96 trillion in fresh capital.  At the time,
the bank was coming off a similar 180-degree reversal on its
earnings forecast for the year-ended March.

Some analysts believe, however, Resona is just using the
opportunity to clean up its books more than any bank normally
would. "Resona's new management has an incentive to be stricter"
than other banks, Hironari Nozaki, a banking analyst at HSBC
Securities in Tokyo, told Dow Jones.

"By setting aside huge sums of money against potential loan
losses, Resona stands to profit if more of those debts are
repaid than expected," Dow Jones said.


SUMITOMO MITSUI: Forms New Subsidiary to Take Care of Bad Debts
---------------------------------------------------------------
Another Japanese bank has partnered with a Wall Street firm in
order to carve out its bad loans.  According to the Asian Wall
Street Journal, the partnership of Sumitomo Mitsui Financial
Group and Goldman Sachs Group Inc. follows that of UFJ Holdings
Inc. and Mizuho Financial Group Inc., each of whom has formed
alliances with foreign investment banks to help reschedule and
retrieve debt from troubled borrowers.

Under the deal, which has yet to be finalized, Sumitomo, Goldman
Sachs and Daiwa Securities SMBC Co. -- a Japanese brokerage that
is a joint venture between Daiwa Securities and Sumitomo -- will
form a new subsidiary to resolve Sumitomo's bad loans.  This
unit will be controlled by Sumitomo, with Goldman and Daiwa each
holding minority stakes.  Another subsidiary controlled by
Goldman Sachs will also be formed to purchase bad loans, but it
is not clear if it will purchase debt from other banks or only
from Sumitomo, the report said.

"By setting up, and keeping a large stake in, a separate company
to work out the loans, banks can tap foreign expertise on
dealing with problem borrowers while making sure they retain
some of the money collected in the process.  Foreign companies
such as London's Lone Star Funds and several Wall Street
investment banks have made large profits by buying Japanese bad
loans at a sharp discount, and then collecting what they can
from the borrowers," the Asian Wall Street Journal said.

Japanese banks are under pressure to reduce bad loans by March
2005, the report added.  Earlier this year, Goldman Sachs
invested about US$1.27 billion into Sumitomo, promising to help
the Japanese partner dispose of its non-performing assets.


SUMITOMO MITSUI: Expects Bigger Net Profit on Tax, Stock Gains
--------------------------------------------------------------
Citing stock valuation gains and returned tax payments, Sumitomo
Mitsui Financial Group, Inc. upped its earnings forecast for the
year, Dow Jones said last week.

The company now expects JPY130 billion in net profit for the
latest six months, up sharply from its JPY80 billion forecast in
May.  About JPY40.3 billion of the profit represents tax money
returned by Tokyo.


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


DAEWOO SHIPBUILDING: Wins Shipbuilding Project Worth US$326M
------------------------------------------------------------
Two European companies have commissioned Daewoo Shipbuilding &
Marine Engineering Co. to build three container ships and two
automobile-container ships, Dow Jones reported Monday.

These projects have a combined value of US$326 million.  The
ships will be delivered to Norddeutsche Vermogens Anlage and AP
Moller-Maersk AS by the end of 2006.  According to Dow Jones,
the company has now receive a total of US$2.89 billion in orders
from overseas customers, including US$2.05 billion of
shipbuilding orders.


HANARO TELECOM: AIG Rescue Offer Risks Getting Foiled by LG
-----------------------------------------------------------
A power struggle between the major shareholders of Hanaro
Telecom could botch a rescue package to be voted on October 21,
Dow Jones said last week.

LG Group, which currently holds 18% of the company, has vowed to
reject the US$1.1 billion financing package offered by American
International Group Inc. and Newbridge Capital Inc., believing
the group's KRW3,200-a-share offer to be "too cheap."  In
addition, LG Group believes the deal will give the foreign
investors 39.6% of the company, a scenario that endangers its
ambition to compete with domestic rivals KT Corp. and SK Telecom
Co.

"LG wants to combine its telecommunications affiliates, such as
Dacom Corp., LG Telecom Co. and Powercomm Co., with Hanaro and
securing management rights is crucial for LG Group to reach that
objective," Dow Jones said.

In recent days, LG Group has launched a campaign to solicit
proxies via telephone calls and visiting individual
shareholders.  Hanaro, on the other hand, has also begun
soliciting proxies in support of the deal via newspaper ads.  It
has also set up a Web site so that shareholders can download
proxy statements via the Internet.

Last week, a group of minority shareholders sought the
injunction of two LG affiliates -- LG Investment & Securities
Co. and LG Insurance Co. -- claiming the two violated securities
transaction regulations on their recent purchase of Hanaro
shares.  If the court accepts the petition, LG Group's current
voting rights could be reduced to 13%, increasing the chances
for the foreign group to emerge as winner.

"For the foreign investment deal to be approved, two conditions
have to be met: shareholders representing one-third of total
Hanaro shares outstanding must approve it, and two-thirds
present at the meeting must also back it.  Hanaro has 279.3
million outstanding shares as of September 16," Dow Jones said.


HYUNDAI ENGINEERING: Needs to Cut Capital, Extend Loan Due Dates
----------------------------------------------------------------
The outlook of Hyundai Engineering and Construction Co. may have
improved significantly, but it still needs to reduce its capital
and extend maturities on debts, main creditor Korea Exchange
Bank told Dow Jones recently.

The a recent audit on the company, which is being managed by
local creditors, shows its "going concern" value stands at
KRW5.377 trillion, exceeding its liquidating value of KRW2.366
trillion, the report said.  In Korea, companies under creditor
management need to be audited by an outside auditor every two
years to evaluate their financial status.

The latest audit done in August indicated the company doesn't
need an additional debt-for-equity swap or lower interest on
debts to survive.  However, it needs to lower its capital to
avoid being placed under the supervision of the Korea Stock
Exchange, the report said.

Creditors, which started managing the firm in 2001 after pooling
together a multi-trillion-won bailout package, which included a
debt-for-equity swap of KRW2.9 trillion, will finalize the size
of the capital reduction by the end of this year, Korea Exchange
told Dow Jones.


HYUNDAI HEAVY: Signs US$317M Shipbuilding Deal with Yangming
------------------------------------------------------------
Hyundai Heavy Industries Co. informed Korea's Financial
Supervisory Service recently that it had cornered a US$317.6
million shipbuilding contract from Taiwan's Yangming marine
Transport Corp., Dow Jones said.  Under the deal, the country's
largest shipbuilder will build four 8,200 twenty-feet-unit
container ships for the Taiwanese firm.  Delivery is set for
February 2007.


KOREA EXCHANGE: Postpones Listing of US$125 Billion Sub-notes
-------------------------------------------------------------
Korea Exchange Bank Credit Service Co. has postponed the sale of
its US$125 million subordinated fixed-rate notes for unknown
reasons, the Asian Wall Street Journal said late last week.

Originally scheduled for October 6, the subsidiary of Korea
Exchange Bank did not push through with the listing of the notes
on the London Stock Exchange last week.  It is uncertain when
the notes will be issued, an unnamed company official said.

Last month, Moody's assigned a B3 rating on the subordinated
notes due 2008, citing the unit's limited capability to service
its debts.  "This issue is rated two notches below the KEBCS
senior obligations because of the correspondingly higher
expected loss in the event of liquidation that is typical of
subordinated debt at this rating level," Moody's said.

Moody's said the company's credit risks include: its poor asset
quality, negative profitability and tight liquidity situation.
Although delinquency ratios have improved and are showing signs
of stabilizing, they remain high with potential for additional
losses near term.

Established as a subsidiary of Korea Exchange Bank (KEB) in
1988, the company was merged with KEB Finance in 1999.  It
started trading on the Korea Stock Exchange in December 2001.  
As of June 2003, KEB held 44 percent of the card company,
Olympus Capital 30.8 percent and Employee Stock Ownership
Association 4.5 percent.  It is now the fifth largest credit
card issuer in Korea, in terms of 2002 transaction volume, with
5 percent market share.


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


ACTACORP HOLDINGS: Seeks Proposed Restructuring Scheme Amendment
----------------------------------------------------------------
Further to the announcement dated 1 October 2003, PM Securities
Sdn Bhd, on behalf of the Board of Directors of Actacorp
Holdings Berhad, wishes to announce that the Company has on 10
October 2003 submitted the relevant applications in relation to
the Proposed Acquisition of Shipyard to be included in the
Proposed Restructuring Scheme of AHB (as announced on 26
September 2003) to the Securities Commission and other relevant
authorities.

COMPANY PROFILE

The Actacorp Group is a construction concern. Flagship company
V-Pile Sistem Sdn Bhd undertakes construction and engineering
activities.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.

As of 3 March 2003, the Company is awaiting decision from the
relevant authorities on the proposed restructuring scheme.

CONTACT INFORMATION: 3rd Floor, Bangunan Ming
        Jalan Bukit Nenas
        50250 Kuala Lumpur
        Tel : 03-20707316
        Fax : 03-20784911


ASIAN PAC: Issues Memorandum of Understanding Update
----------------------------------------------------
Further to the announcement made by Asian Pac Holdings Berhad on
26 June 2003 in relation to the Memorandum of Understanding
entered into by its subsidiary company, BH Realty Sdn Bhd (BH)
with Magnificient Diagraph Sdn Bhd (Company No. 242659-T)
(MDSB), a subsidiary of Carrefour Nederland B.V.(Carrefour), the
Board of Directors of APHB wishes to announce that BH is still
in negotiation with MDSB for the sale or lease of the Lot by BH
to MDSB or such other parties as may be mutually agreed upon for
the purpose of the operation of a hypermarket upon the said Lot
by MDSB.

The said Lot refers to a portion of land measuring approximately
37,398 square meters on all that piece of land held under PN
14242 Lot 46349 Mukim Batu, Daerah Kuala Lumpur, Wilayah
Persekutuan.

At the same time, the parties are in the midst of conducting
impact studies and are finalizing the drawings for submission to
the relevant authorities.


BERJAYA GROUP: TSVT Agrees Profit Guarantee Period Extension
------------------------------------------------------------
Berjaya Group Berhad refer to the announcements dated 28 June
2002 and 26 August 2003 in relation to the Proposed
Restructuring Exercise of BGroup involving:

   (i)   Proposed Bgroup Scheme;
   (ii)  Proposed Renounceable Rights Issue;
   (iii) Proposed Repayment of Bank Borrowings ;
   (iv)  Proposed Inter-Company Settlement;
   (v)   Proposed Acquisition of Bukit Tinggi Resort Berhad    
         (BTR); and
   (vi)  Proposed Listing Transfer.

In relation to the Proposed Acquisition of BTR, Tan Sri Dato'
Seri Vincent Tan Chee Yioun (TSVT), one of the vendors of BTR,
agreed to provide a profit guarantee that the cumulative audited
consolidated profit after taxation of BTR for the two (2)
financial years ending 31 December 2003 will not be less than
RM100 million (Profit Guarantee Quantum).

Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors (Board) of BGroup wishes to announce
that BGroup had on 10 October 2003 received a letter from TSVT
stating that in view of the expected completion of the Proposed
Acquisition of BTR will be in 2004, he has agreed to revise the
profit guarantee period from 31 December 2002 and 2003 to 31
December 2003 and 2004 with no change in the Profit Guarantee
Quantum.


CHASE PERDANA: Conversion Listing Granted Today
-----------------------------------------------
Kindly be advised that Chase Perdana Berhad's additional
1,945,264 new ordinary shares of RM1.00 each issued pursuant to
the Conversion Of Rm1,945,264 Redeemable Convertible Unsecured
Loan Stocks Into 1,945,264 New Ordinary Shares will be granted
listing and quotation with effect from 9:00 a.m., Tuesday, 14
October 2003.

The Troubled Company Reporter - Asia Pacific reported on July
that Chase Perdana provided an update on the status of its
default in the repayment of both the principal and interest
of all credit facilities granted by Financial Institutions.
Details can be found at
http://bankrupt.com/misc/TCRAP_Chase0707.xls.


EKRAN BERHAD: Proposed Capitalization Completion Extended
---------------------------------------------------------
Ekran Berhad announced that the completion of the Proposed
Capitalization and issuance of 4,999,998 new ordinary shares of
RM1.00 each in Langkawi Airport Hotel Sdn Bhd (Proposed
Capitalization) has been extended from 30 September 2003 to 31
March 2004 pursuant to the third Supplemental Letter dated 30
September 2003.

COMPANY PROFILE

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

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

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

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

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


ENGTEX GROUP: Corporate Exercise Preparation Underway
-----------------------------------------------------
Engtex Group Berhad, in reply to KLSE's Query Letter reference
ID : MB/TS/11 on the application for an extension of time of 6
months to comply with the public shareholding spread requirement
pursuant to paragraph 8.15(1) of the Listing Requirements,
announced the following:

   i) the Exchange has granted the Company an extension of time
for compliance with the public shareholding spread requirement;
ii) the extension of time has been granted for six (6) months
from the date of the Company's application to the Exchange which
was on 11 September 2003; and

   iii) the extension of time shall expire on 10 March 2004.

In order to comply with the Paragraph 8.15 of the Listing
Requirements, the Company vide announcement to the Exchange on
11 September 2003 had proposed to implement a corporate exercise
on Bonus Issue and Employees' Share Option Scheme. The proposed
corporate exercise would adjust the Company's share price, thus
making the shares more affordable to a wider pool of investors.
The Company hopes  this eventually would lead to meeting the
public shareholding spread requirement.

The Company is currently in the midst of preparing for the
corporate exercise to take place and had appointed an advisor
for the said exercise. It is working closely with the advisor
for the proposal to be submitted to the relevant authority for
approval. The said corporate exercise is targeted to take place
by the 1st quarter of 2004.

The Company is diligently monitoring the public shareholding
spread requirement and where additionally required, would
propose other corporate exercise towards the compliance of the
public shareholding spread requirement as required by the
Exchange.


FACB RESORTS: Continues Sinking Fund Deposits Rescheduling Talks
----------------------------------------------------------------
FACB Resorts Berhad refers to the rescheduling of sinking fund
deposits in respect of RM420.0 Million nominal value of Zero
Coupon 4-Year Redeemable Secured Bonds 2001/2005 (Bonds
2001/2005).  

FACB Resorts Berhad wishes to announce that it is currently in
discussion with Abrar Discounts Berhad, the sole bondholder of
Bonds 2001/2005, to reschedule the RM70.0 Million, which was due
on 12 October 2003, and RM40.0 Million, which will due this
December 31, 2003, required deposits into the Sinking Fund
Account.

The Company expects to make an announcement on the outcome of
the discussion shortly.


HO HUP: Obtains SC's Nod on Proposed Disposal
---------------------------------------------
Further to the announcement dated 9 July 2003 in relation to the
Proposed disposal of two parcels of development land with
interest in perpetuity approved for residential and commercial
use totaling approximately 92.172 hectares held under master
titles H.S.(D) 257249 PTD No. 71047 and H.S.(D) 258295 PTD No.
71065 located at Mukim of Pulai, District of Johor Bahru, Johor
Darul Takzim by Ho Hup Jaya Sdn Bhd, a wholly-owned subsidiary
of Ho Hup, to Khoo Soon Lee Realty Sdn Bhd, a wholly-owned
subsidiary of KSL Holdings Berhad for a cash consideration of
RM97,000,000 (Proposed Disposal)

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Ho Hup Construction Company Berhad, is pleased to
announce that the Securities Commission (SC) had, vide its
letter dated 8 October 2003, approved the following as proposed:

   (i) Proposed Disposal; and
   (ii) the proposed utilization of proceeds arising from the
Proposed Disposal of RM97,000,000 are detailed at
http://bankrupt.com/misc/TCRAP_Hhup1014.gif.

Notes:

^ RM29 million and RM66.943 million from the proceeds of the
Proposed Disposal were originally proposed to be utilized for
repayment of borrowing and working capital of the Ho Hup Group
respectively.

* In the event there is a variation in the proceeds to be
utilized for the aforesaid repayment of borrowings and estimated
expenses for the Proposed Disposal, the utilization of proceeds
for working capital of the Ho Hup Group will be adjusted
accordingly.

CONDITIONS OF THE SC's APPROVAL

The SC's approval as disclosed in Section 1 above is subject to
the following conditions:

   (i) appropriate disclosure on the status of the utilization
of proceeds is required to be made in the Quarterly Reports and
the Annual Reports of Ho Hup until the proceeds have been fully
utilized; and

   (ii) the SC must be informed of any revisions to the proposed
utilization of proceeds, which was approved by the SC, and an
appropriate announcement in respect of the revision must be
made.


HUME INDUSTRIES: Proposed Disposal Completed
--------------------------------------------
Hume Industries (Malaysia) Berhad refers to the Proposed
Disposal of 11,880,000 Ordinary Shares of RM1.00 each
representing 90% equity interest in Hume Furniture Industries
Sdn Bhd to Hume Cemboard Berhad for a total cash consideration
of RM53.28 Million (Proposed Disposal).

The Company wishes to inform that the Proposed Disposal has been
completed on 9 October 2003.


KEMAYAN CORPORATION: Discloses Foreign Shareholdings Level Info
---------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad wishes to
announce the following information on the level of foreign
shareholdings as at 30 September 2003:

   1) The percentage shareholdings of entitled foreigners as at
30 September 2003 is 49%; and

   2) The percentage shareholdings of non-entitled foreigners as
at 30 September 2003 is 7.20%

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.


KEMAYAN CORPORATION: Mazly Realty Withdraws Writ of Summon
----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that Mazly Realty Sdn Bhd has filed and served a Notice of
Discontinuance for the withdrawal of the full action of the Writ
of Summon No.: 22-1443-2002 on the subsidiary of the Company,
Kemayan Resources Sdn Bhd.

Refer to the Troubled Company Reporter - Asia Pacific Wednesday,
March 05, 2003, Vol. 6, No. 45 issue for details of the Writ of
Summon No. 22-1443-2002 filed by Mazly Realty.


KIARA EMAS: MTHB Supplementary Prospectus Registered With SC
------------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad (AmMerchant Bank) wishes to announce that a Supplementary
Prospectus issued by Major Team Holdings Berhad (MTHB) and dated
10 October 2003 (Supplementary Prospectus) has been registered
with the Securities Commission. The Supplementary Prospectus is
intended to be read together with the Prospectus dated 28 August
2003 in relation to the Restricted Issue and the Special Issue.
The Supplementary Prospectus will be deemed to be received by
all shareholders of MTHB who are entitled to the Restricted
Issue (Entitled Shareholders), all renouncees of the Restricted
Issue (Renouncees) and all applicants for the Special Issue,
three (3) market days after 10 October 2003 i.e. on 15 October
2003. All Entitled Shareholders, Renouncees and applicants for
the Special Issue will have up to 31 October 2003, being the
extended closing date of the Restricted Issue and Special Issue,
to decide whether they wish to continue with their applications,
withdraw their applications completely, or change their
applications.

Copies of the Supplementary Prospectus together with the
Withdrawal Form - Restricted Issue and Provisional Allotment
Letter A for the Restricted Issue can be obtained from the
registered office of MTHB at 2nd Floor, Union Commercial Centre,
433 Jalan Temiang, 70200 Seremban, Negeri Sembilan or from the
Registrar of MTHB, Securities Services (Holdings) Sdn. Bhd.,
Level 7 Menara Milenium, Jalan Damanlela, Pusat Bandar
Damansara, 50490 Kuala Lumpur. Copies of the Supplementary
Prospectus together with the Withdrawal Form - Special Issue and
Special Issue Application Form A for the Special Issue can be
obtained from the placement agent, AmMerchant Bank, Corporate
Finance Department, 21st Floor, Bangunan AmBank Group, 55 Jalan
Raja Chulan, 50200 Kuala Lumpur.

All Entitled Shareholders, Renouncees and applicants for the
Special Issue should carefully read and consider the contents of
the Prospectus and the Supplementary Prospectus prior to making
a decision on the course of action to be taken.


KSU HOLDINGS: Files Notice of Appeal Over Court's Decision
----------------------------------------------------------
KSU Holdings Berhad refers to the announcement dated 7th October
2003 on the Litigation against the vendors of shares in Earnest
Equity Development Berhad and the vendors of shares in Kembangan
Alam Berhad Pursuant to the various Share Sale Agreements
entered into as part of the Scheme for the Restructuring of May
Plastics Industries Berhad.

The Company has on 8th October and 10th October 2003 filed:

   1. Notice of Appeal against the entire decision of the High
Court delivered on 6th October 2003;

   2. Application for an Erinford injunction to restrain the
Defendants against dealing with the shares and/or restrain the
exercise of voting rights attached to those shares on any
resolution to remove the present board of directors at any
general meeting and an Application for a Stay of Execution of
such part of the decision declaring the voting on resolutions
No.1 to 15 at the Extraordinary General Meeting on 7th March
2003 null and void and the Order for a new Extraordinary General
Meeting to be convened within 21 days.


LAND & GENERAL: Shareholders Disposal Approval Not Obliged
----------------------------------------------------------
Further to the announcement released by Land & General Berhad
(L&G) on 7 October 2003 in relation to the Disposal of
16,493,757 Ordinary Shares of RM1.00 each representing 51%
equity interest in Lojing Highland Resort Development Sdn Bhd.

Land & General informed that the disposal of 16,493,757 ordinary
shares of RM1.00 each in Lojing Highland Resort Development Sdn
Bhd does not require the approval of the shareholders of Land &
General Berhad or any relevant authorities.

For details of the Disposal, refer to the Troubled Company
Reporter - Asia Pacific Thursday, October 09, 2003, Vol. 6, No.
200 issue.


MBF HOLDINGS: Proposes Debt Restructuring Scheme
------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors (Board) of MBf Holdings Berhad, wishes to announce
that MBf-H had entered into the following agreements to
restructure the indebtedness owing by MBf-H as guarantor:

   (i) on 21 July 2003, MBf-H had executed the deed of
settlement (Deed-A) with:

     * MBf Trading Sdn Bhd (MTM);
     * MBf Trading (S) Pte Ltd (MTS); and
     * the unsecured creditors of MTM and MTS which are
guaranteed by MBf-H namely HSBC Bank Berhad, AmBank Berhad,
Danaharta Managers Sdn Bhd and Moscow Narodny Bank Limited,
Singapore Branch (MNB) (Lenders),

for the settlement of amount owing by MBf-H to the Lenders of
RM48,181,245 (PDRS A); and

   (ii) on 9 October 2003, MBf-H had executed the deed of
settlement with NBF Asset Management Bank (NBF) (Deed-B) for the
settlement of amount owing by MBf-H to NBF of F$6,973,183.60
(equivalent to RM12,704,443 based on the agreed exchange rate of
Fiji Dollar 1 = RM1.8219) (PDRS B).

PDRS A and PDRS B are hereinafter collectively referred to as
the PDRS.

DETAILS OF THE PDRS/SALIENT FEATURES OF DEED A AND DEED B

PDRS A

The PDRS A involves the compromise of amounts owing by MTM and
MTS (collectively, hereinafter, referred to as "Trading
Companies") to the Lenders amounting to RM48,181,245 (Scheme
Liabilities) as at 31 December 2001 as follows:

   (a) Interest on debt owing to the Lenders will accrue up to
31 December 2001 and any interest accrued thereafter shall be
waived;

   (b) The amounts outstanding to the Lenders amounting to
RM48,181,245 as at 31 December 2001 shall be novated to MBf-H
pursuant to the novation agreement to be executed between MBf-H,
the Trading Companies and the Lenders to novate the debt of the
Scheme Liabilities from the Trading Companies to MBf-H (Novation
Agreement);

   (c) Proposed partial settlement of the amounts outstanding to
the Lenders in cash amounting to RM16,627,619 in the following
form:

     - a sum of RM2,000,000 shall be payable to the Lenders
immediately upon execution of Deed-A by MBf-H and the Trading
Companies; and

     - the balance sum of RM14,627,619 shall be paid to the
Lenders with interest at the rate of 8% per annum (calculated on
quarterly rests basis) on a quarterly basis over a tenure of six
(6) years at a pre-agreed repayment schedule. The balance sum of
RM14,627,619 will be made to the Lenders as and when the same
are due regardless of the repayment of the Narong Debt (details
of which are set out below) to MBf-H pursuant to the assignment
agreement to be executed between MBf-H and the Trading Companies
for the absolute assignment of the Narong Debt from the Trading
Companies to MBf-H (Assignment Agreement).

The partial cash settlement shall be paid to the Lenders on a
pro-rata basis in RM save for the payment to MNB, which shall be
made in USD at the agreed exchange rate of USD1.00:RM3.80.
(d) Proposed conversion into new MBf-H Shares for the remaining
outstanding balance amounting to RM31,553,626 after (c) above at
the conversion rate of one (1) new MBf-H Share for every RM2.00
of the remaining outstanding balance. Pursuant to the
conversion, MBf-H will be issuing 15,776,813 new MBf-H Shares to
settle the remaining outstanding balance within seven (7) days
after the fulfillment of all conditions precedent. The past five
(5)-day weighted average market price of MBf-H shares up to 8
October 2003, being the latest practicable date prior to the
date of this announcement is RM0.36.

Background of the debt to be settled under PDRS A

The debt to be settled under the PDRS A had arisen as a result
of the arrangement between the Trading Companies and Narong
Seafood Company Limited (NSC) and Narong Canning Company Limited
(NCC), both of which are companies incorporated in Thailand. The
arrangement principally required NSC and NCC to process and can
raw materials purchased by the Trading Companies and
subsequently delivering the canned products directly to
customers of the Trading Companies. MTS also had an arrangement
with MTM where MTM acquired on behalf of MTS raw materials to be
processed by NSC and canned by NCC for the customers of MTS. MTS
had provided advances to MTM for the purchase of these raw
materials and the amounts owing on the advances were to be
progressively reduced with the delivery of the canned products
to customers of MTS.

NSC and NCC, however, failed to deliver to the respective
customers of the Trading Companies. NSC and NCC had also failed
to account for the raw materials and had been unable to
compensate the Trading Companies for the purchases thus
resulting in amount owing by NSC and NCC to Trading Companies of
RM45.9 million (Narong Debt) which have been restructured
pursuant to the Bankruptcy Court of Thailand wherein the said
debt will be fully paid over a period of 11 years free of
interest charges.

As the recovery of the Narong Debt is over a lengthy period of
time and since the Trading Companies have ceased operations,
there are insufficient resources to service the existing debt
obligations of the Lenders. As a result of the Trading
Companies' inability to honor their obligations, the Lenders had
commenced legal actions against the Trading Companies as
principal debtors and MBf-H as guarantor. In view of the
unlikely possibility that the Trading Companies will be able to
service their existing debt obligations to the Lenders, MBf-H as
guarantor, has formulated PDRS A as described herein in an
effort to compromise its guarantees to the Lenders.

Proposed Novation

The Proposed Novation principally involves the novation of the
amounts outstanding to the Lenders amounting to RM48,181,245 as
at 31 December 2001 by the Trading Companies to MBf-H. The
agreement for the Proposed Novation will be executed in due
course. In consideration for the debt novation, the Trading
Companies will recognize a claim by MBf-H for the debts novated.
The claim by MBf-H shall be unsecured obligations of the Trading
Companies.

The novated Scheme Liabilities shall rank as unsecured
obligations of MBf-H on a pari passu basis with all other
existing unsecured creditors of MBf-H. All debts owing by MBf-H
to its affiliated companies and/or other creditors shall be
subordinated to the novated Scheme Liabilities for as long as
the Scheme Liabilities remain undischarged in accordance with
the provisions of the Deed-A.

Conditions Precedent

Deed-A is conditional and shall be subject to the following
conditions precedent being fulfilled:

   (a) the approval of the Securities Commission (SC) for the
PDRS A;

   (b) the approval of the Foreign Investment Committee for the
PDRS A;

   (c) the approval-in-principle of the Kuala Lumpur Stock
Exchange (KLSE) for the listing of and quotation for the new
MBf-H Shares to be issued pursuant to the PDRS A;

   (d) the approval of shareholders and directors of MBf-H and
the Trading Companies respectively (if required) for the
transaction contemplated by PDRS A;

   (e) the due execution and stamping of the Novation Agreement
and the Assignment Agreement; and

   (f) any other relevant authority.

Ranking of the new MBf-H Shares

The new MBf-H Shares to be issued pursuant to the PDRS A shall
rank pari passu in all respects with the existing MBf-H Shares
except that the new MBf-H Shares shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which precedes the date on which the balance
of the Scheme Liabilities are fully converted into the new MBf-H
Shares. The new MBf-H Shares shall not be subject to any
moratorium.

PDRS B

The PDRS B involves the compromise of amounts outstanding to NBF
of F$6,973,183.60 (equivalent to RM12,704,443 based on the
agreed exchange rate of Fiji Dollar 1 = RM1.8219) as at 31
December 2001 via conversion of the outstanding amount into MBf-
H Shares at a conversion rate of one (1) new MBf-H Share for
every RM2.00 of the outstanding debt. Upon full conversion of
the abovesaid outstanding sum into 6,352,221 new MBf-H Shares,
which are to be issued to NBF, NBF shall unconditionally and
irrevocably release and discharge MBf-H of the corporate
guarantees granted by MBf-H to NBF.

Background of the debt to be settled under PDRS B

MBf-H and NBF had entered into a joint-venture agreement dated
28 March 1991, wherein MBf-H and NBF agreed to establish a joint
venture to carry on the business of financial and financial
consultancy services and to regulate the relationship between
parties as shareholders in the joint-venture company (JVA).
Pursuant to the JVA, NBF granted credit facilities (Facilities)
to National MBf Finance (Fiji) Limited and MBf-H agreed to give
NBF a limited guarantee against the default by the joint-venture
company in repaying NBF on the terms set out in the JVA. On 1
April 1992, MBf-H and NBF had entered into a guarantee
agreement, wherein MBf-H agreed to guarantee all monies advanced
by NBF to National MBf Finance (Fiji) Limited (Guarantee).

Pursuant to the operation of the JVA and the Guarantee, MBf-H
owes NBF a certain sum with interest accruing thereon. NBF has
agreed to fix the sum due and owing at F$6,973,183.60
(Outstanding Sum) comprising 49% of F$14,230,986.94 (the total
sum due from the joint venture company to NBF) and freeze any
further accrual of interest on the Outstanding Sum.

As a result, MBf-H and NBF had on 9 October 2003 entered into
Deed-B to settle and/or repay the Outstanding Sum by formulating
an informal debt restructuring scheme to settle the Outstanding
Sum.

Conditions Precedent

Deed-B is conditional and shall be subject to the following
conditions precedent being fulfilled (Unconditional Date) on or
before ten (10) Business Days after the Unconditional Date:

   (a) the approval of the SC for the PDRS B;
   (b) the approval-in-principle of the KLSE for the listing of
and quotation for the new MBf-H Shares to be issued pursuant to
the PDRS B;
   (c) the approvals of shareholders of MBf-H (if required) and
directors of MBf-H for the transaction contemplated by PDRS B;
and
   (d) any other relevant authority.

Ranking of the new MBf-H Shares

The new MBf-H Shares issued shall rank pari passu in all
respects with the existing ordinary shares of MBf-H. The new
MBf-H Shares shall not be entitled to any dividends, rights,
allotments and/or other distributions declared on any date,
which precedes the date on which the Outstanding Sum is fully
converted into the new MBf-H Shares.

RATIONALE FOR THE PDRS

The objective of the PDRS is to honor MBf-H's financial
obligations as guarantor in view of the inabilities of the
Trading Companies and NBF to settle their debts. In implementing
the PDRS, MBf-H will be able to crystallize, consolidate and
restructure the Group's debts to a more manageable level. It
would enable MBf-H to turnaround its operations with minimal
distractions from managing contingent liabilities that may arise
from the corporate guarantees extended to the Lenders of the
Trading Companies and NBF. The PDRS is also expected to improve
the NTA of MBf-H from RM0.35 to RM0.39 as set out in Section 4.3
herein.

Earnings

The PDRS is not expected to have any material effect on the
earnings of the MBf-H Group for the financial year ending 31
December 2003 as they are only expected to be completed in mid
2004. However, the PDRS is expected to enhance the earnings of
the MBf-H Group through interest savings and waiver of debts in
the future.

DEPARTURE FROM THE SC'S POLICIES AND GUIDELINES ON ISSUE/OFFER
OF SECURITIES

To the best of knowledge of the Board of MBf-H, the PDRS does
not depart from the SC's Policies and Guidelines on Issue /
Offer of Securities.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors and/or substantial shareholders of MBf-H
or persons connected to the directors and/or substantial
shareholders of MBf-H have any interest, direct or indirect, in
the PDRS.

DIRECTORS' OPINION

The Directors of MBf-H, having considered all the relevant
factors, are of the opinion that the PDRS is in the best
interests of MBf-H.

ADVISER

Alliance has been appointed as the Financial Adviser to MBf-H
for the PDRS on 7 October 2003.

APPLICATION TO THE RELEVANT AUTHORITIES AND TIMEFRAME FOR
COMPLETION

The application to the relevant authorities pertaining to the
PDRS will be made within four (4) months from the date of this
announcement. The PDRS is expected to be completed in mid 2004.

DOCUMENTS AVAILABLE FOR INSPECTION

Deed-A and Deed-B will be made available for inspection at the
registered office of the Company at Level 38, Bangunan
AmFinance, No. 8, Jalan Yap Kwan Seng, 50450 Kuala Lumpur,
Malaysia during normal working hours from Mondays to Fridays
(except public holidays) for a period of three (3) months from
the date of this announcement.


MWE HOLDINGS: Undertakes Shareholding Structure Reorganization
--------------------------------------------------------------
The Board of Directors of MWE Holdings Berhad wishes to announce
that the Company is in the process of streamlining its group
shareholding structure.

As at 30 September 2003, Alam Perdana Sdn Bhd (AP), a wholly-
owned subsidiary of the Company, owns 553,500 ordinary shares of
RM1.00 each representing 10.27% interest in Davex (Malaysia) Sdn
Bhd (DMSB). Davex Holdings Berhad (DHB), another 86% owned
subsidiary of the Company also holds 4,460,500 ordinary shares
of RM1.00 each representing 82.79% in DMSB.

Pursuant to this reorganization, DHB shall acquire from AP,
553,500 ordinary shares of RM1.00 each, representing 10.27%
shareholding interest in DMSB for a total cash consideration of
RM2,257,645.60 based on its book cost.

Upon completion of this reorganization, DHB shall hold directly
5,014,000 ordinary shares of RM1.00 each representing 93.06%
interest in DMSB.

RATIONALE OF THE REORGANISATION

The reorganization will enable the Company to streamline and to
have a better control of its shareholdings in operating
subsidiaries within the group.

FINANCIAL EFFECT OF THE REORGANISATION

The reorganization is not expected to have any material effect
to the Group's earnings and the net tangible assets for the
financial year ending 31 December 2003.

APPROVAL REQUIRED

The reorganization is not subject to the approval of
shareholders of neither MWE nor any relevant governmental
authorities.

INTEREST OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

Mr Tang King Hua, the Managing Director of the Company, is a
director and substantial shareholder of DMSB and DHB. He is also
a director of AP.

Tan Sri Datuk A. Samad bin Idris, the Chairman of the Company,
is a director of DHB.

Datuk Surin Upatkoon and Mr Lawrence Lim Swee Lin, directors of
the Company are also directors of DHB.

DHB is a substantial shareholder of DMSB.

Save as disclosed above, the Company is not aware of any of its
directors and substantial shareholders and/or persons connected
with them have any interest, direct or indirect, in the said
acquisition.

DIRECTORS' OPINION

The Board of Directors of the Company, having taking into
consideration all aspects of the reorganization, is of the
opinion that the reorganization is in the best interest of MWE
Group.


SCK GROUP: KLSE De-listing Securities Trading on Oct 27
-------------------------------------------------------
After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission, SCK
Group Berhad, has decided that the Company's appeal against the
KLSE's decision be disallowed and that the securities of the
Company be de-listed from the Official List of the Exchange as
the Company does not have an adequate level of financial
condition to warrant continued listing on the Official List of
the Exchange.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of the Exchange
at 9.00 am on Monday, 27 October 2003.

With respect to the securities of the Company which are
deposited with the Malaysian Central Depository Sdn Bhd (MCD),
please be informed that the securities of the Company will
continue to remain deposited with the MCD notwithstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It is not mandatory for the securities of
the Company to be withdrawn from MCD.

Shareholders of the Company who intend to hold their securities
in the form of physical certificates can withdraw these
securities from their Central Depository System accounts with
MCD, at anytime after the securities of the Company are de-
listed from the Official List of the Exchange by submitting the
application form for withdrawal in accordance with the
procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


SIN HENG: Disposes of Dormant, Losing Subsidiaries
--------------------------------------------------
On behalf of the Special Administrators (SA) of Sin Heng Chan
(Malaya) Berhad (Special Administrators Appointed), Southern
Investment Bank Berhad wishes to announce that on 9 October
2003, the SA and SHCM had entered into the following agreements:

   (a) a shares sale agreement with Ab Ghani bin Mahmood and
Salim bin Mohamed, to dispose 1,000,000 ordinary shares of
RM1.00 each (Shares) representing 100% equity interest in
Universal Goldquest (M) Sdn Bhd (UGSB) for a consideration of
RM1.00 (Proposed UGSB Disposal); and

   (b) a shares sale agreement with Ab Ghani bin Mahmood, to
dispose 153,000 Shares representing 51% equity interest in Excel
Food Sdn Bhd (EFSB) for a consideration of RM1.00 (Proposed EFSB
Disposal).

Proposed UGSB Disposal and Proposed EFSB Disposal are
collectively known as the Proposed Companies Disposals.

The amount owing to the financial institutions creditors by UGSB
and EFSB collectively of RM11,886,000 (excluding interest waiver
from 1 May 2000) has been secured by a corporate guarantee
issued by SHCM. Accordingly, the financial institutions
creditors with the said amount owed have been included as the
unsecured scheme creditors pursuant to the proposed
restructuring scheme of the Company. The tax liabilities due by
EFSB amounting to RM42,875 as at 30 September, 2003 will also be
assigned to SHCM, which SHCM will settle in cash.

PROPOSED COMPANIES DISPOSALS

PROPOSED UGSB DISPOSAL

The SA and SHCM propose to dispose 1,000,000 Shares representing
100% equity interest in UGSB for a consideration of RM1.00.

The amount owing to the financial institutions creditors, which
has been secured by a corporate guarantee, issued by SHCM
amounts to RM11,165,000 (excluding interest waiver from 1 May,
2000). The amount was proposed to be settled by SHCM under its
proposed restructuring scheme.

Ab Ghani bin Mahmood and Salim bin Mohamed will not assume any
liabilities from the Proposed UGSB Disposal other than those
incurred in the ordinary course of business.

PROPOSED EFSB DISPOSAL

The SA and SHCM propose to dispose 153,000,Shares representing
51% equity interest in EFSB for a consideration of RM1.00.

The amount owing to the financial institutions creditors, which
has been secured by a corporate guarantee, issued by SHCM
amounts to RM721,000 (excluding interest waiver from 1 May,
2000). The said amount was proposed to be settled by SHCM under
its proposed restructuring scheme.

The tax liabilities due by EFSB amounting to RM42,875 as at 30
September, 2003 will also be assigned to SHCM, which SHCM will
settle in cash.

Ab Ghani bin Mahmood will not assume any liabilities from the
Proposed EFSB Disposal other than those incurred in the ordinary
course of business.

SALIENT TERMS OF THE AGREEMENTS

UGSB SSA

The salient terms of the UGSB SSA are as follows:

   (a) Upon execution of the agreement, SHCM shall not have, and
shall not be entitled to, any entitlements or rights whatsoever
in respect of any matters in relation to the sale shares, UGSB
or anything in connection thereto including without limitation
the management of UGSB, or the participation in any equity or
shares sin UGSB, or the participation in or determination of the
composition of the board of directors of UGSB and to the extent
that such rights or entitlements may exist, SHCM shall be deemed
to have subrogated an/or waived the same in full or totality in
favor of the purchasers; and

   (b) SHCM agrees, declares, acknowledges and undertakes with
the purchasers that the liabilities of UGSB as at 30 September
2003, which represents the amount owing to the financial
institutions creditors, which has been secured by a corporate
guarantee issued by SHCM, amounting to RM11,165,000 shall be
assigned to and be assumed by SHCM.

EFSB SSA

The salient terms of the EFSB SSA are as follows:

   (a) Upon execution of the agreement, SHCM shall not have, and
shall not be entitled to, any entitlements or rights whatsoever
in respect of any matters in relation to the sale shares, EFSB
or anything in connection thereto including without limitation
the management of UGSB, or the participation in any equity or
shares sin EFSB, or the participation in or determination of the
composition of the board of directors of EFSB and to the extent
that such rights or entitlements may exist, SHCM shall be deemed
to have subrogated an/or waived the same in full or totality in
favor of the purchaser;

   (b) SHCM agrees, declares, acknowledges and undertakes:

     * the liabilities of EFSB as at 30 September 2003, which
represents the amount owing to the financial institutions
creditors which has been secured by a corporate guarantee issued
by SHCM , amounting to RM721,000 shall be assigned to and be
assumed by SHCM; and

     * the tax liabilities of EFSB as at 30 September 2003
amounting to RM42,875 shall be paid and settled by SHCM.

INFORMATION ON UGSB AND EFSB

UGSB

UGSB was incorporated in Malaysia under the Companies Act, 1965
(Act) on 25 October, 1983 as a private limited company under the
name of Puncak Mutiara Timur Sdn Bhd. It subsequently assumes
its present name on 17 February, 1996. The present authorized
share capital of UGSB is RM1,000,000 comprising 1,000,000
Shares, of which RM1,000,000 comprising 1,000,000 Shares have
been issued and fully paid-up. The principal activities of UGSB
was general trading.

Based on the latest audited financial statements of UGSB for the
financial year ended 31 December 2002, the net loss after tax
and net tangible liabilities (NTL) of UGSB was RM1,469,941 and
RM8,150,824 respectively.

The original cost of investment in UGSB by SHCM is RM1,000,000.
The investment was made in 1996 for RM100,000 and 1998 for
RM900,000.

EFSB

EFSB was incorporated in Malaysia under the Act on 24 March,
1986 as a private limited company under the name of La Poupee
Sdn Bhd. It subsequently assumes its present name on 23
September, 1988. The present authorized share capital of EFSB is
RM500,000 comprising 500,000 Shares, of which RM300,000
comprising 300,000 Shares have been issued and fully paid-up.
The principal activities of EFSB were the manufacturing and
retailing of cakes and confectioneries.

Based on the latest audited financial statements of EFSB for the
financial year ended 31 December 2002, the net profit after tax
and NTL of EFSB was RM87,582 (which includes gain from the sale
of a shoplot of RM185,750) and RM1,844,577 respectively.

The original cost of investment in EFSB by SHCM is RM330,000.
The investment was made on 29 October 1996.

RATIONALE FOR THE PROPOSED COMPANIES DISPOSALS

SHCM is currently a company classified under the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange. The Proposed
Companies Disposals are part of an effort by the Company to
enable it to focus its management strategy in subsidiary
companies which are profit generating and dispose of subsidiary
companies which are dormant and loss making.

EFFECTS OF THE PROPOSED COMPANIES DISPOSALS

Share capital

The Proposed Companies Disposals do not have any effect on the
issued and paid-up share capital of SHCM.

Net tangible assets (NTA)

The effects of the Proposed Companies Disposals on the
consolidated NTA of SHCM as at 31 December 2002 are set out in
Table 1 at http://bankrupt.com/misc/TCRAP_SHChan1014.gif.
  
Earnings

The Proposed Companies Disposals is expected to register a loss
on disposal of RM9.68 million and RM0.59 million at the Company
level and group level respectively for the financial year ending
31 December 2003.

Substantial shareholders' shareholding

The Proposed Companies Disposals do not have any effect on the
substantial shareholdings of SHCM.

APPROVALS REQUIRED

The Proposed Companies Disposals are not subject to any
approvals from the regulatory authorities and shareholders of
SHCM. The Proposed Companies Disposal do not form part of the
restructuring scheme of the Company.

The Proposed UGSB Disposal and Proposed EFSB Disposal are not
inter-conditional.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors of SHCM nor any persons connected with
them has any interest, direct or indirect, in the Proposed
Companies Disposals.

As far as the Directors of SHCM are aware, none of the
substantial shareholders nor any persons connected to them has
any interest, direct or indirect, in the Proposed Companies
Disposals.

DIRECTORS' RECOMMENDATION

Having considered all the aspects of the Proposed Companies
Disposals, the Board is of the opinion that the Proposed
Companies Disposals are fair and reasonable and will be in the
best interest of the Company.

DOCUMENTS FOR INSPECTION

The following agreements are available for inspection at the
registered office of SHCM during office hours (9 a.m. to 5 p.m.)
from Mondays to Fridays (except public holidays) at Level 3,
Wisma E & C, 2, Lorong Dungun Kiri, Damansara Heights, 50490
Kuala Lumpur for a period of fourteen (14) days from the date of
this announcement:

   (a) UGSB SSA; and
   (b) EFSB SSA.


SISTEM TELEVISYEN: SC Grants Proposed Disposal Waiver
-----------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3), AmMerchant
Bank Berhad (AmMerchant Bank) is pleased to announce that the
Securities Commission (SC) has, via its letter dated 7 October
2003, approved AmMerchant Bank's application on behalf of TV3
for the waiver from having to seek the approval of the SC for
the Proposed Disposal Of 60% Equity Interest In Mercury
Entertainment (M) Sdn Bhd.

Refer to the Troubled Company Reporter - Asia Pacific Wednesday,
August 27 2003, Vol. 6, No. 169 issue.


TECHNO ASIA: Submits Report, Statutory Declaration to KLSE
----------------------------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the
Revamped Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE), Techno Asia Holdings Berhad (Special Administrators
Appointed), being an affected listed issuer wishes to announce
that in compliance with the obligation imposed under the said
practice note, the monthly report for the month of September
2003 accompanied by the statutory declaration duly executed by
the Special Administrators had been submitted to the KLSE on 9th
October, 2003.


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


MANILA ELECTRIC: Seeks 13-centravo Tariff Hike
----------------------------------------------
Manila Electric Co., which is reeling from a multi-billion-peso
ruling ordering it to refund consumers for overcharges, has
applied for a tariff increase.

According to AFX-Asia, the company is asking an average of
13.58-centavo hike per kilowatt-hour, an amount based on the
appraised value of company assets. "We are entitled to (get) a
rate adjustment when the value of the assets being used in the
utility business has... increased," Meralco Vice-president Gil
San Diego told AFX-Asia.

Meralco returned to profitability in the second quarter, booking
a net profit of PHP391 million, from a net loss of PHP325
million in the first quarter on the back of increased sales and
a 8.65 centavos per kWh increase in the distribution rate, which
boosted revenue, AFX-Asia said.

A copy of Meralco's disclosure related to this matter may be
viewed through this link
http://bankrupt.com/misc/manila_electric.pdf


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


XPRESS HOLDINGS: Posts Changes in Shareholder's Interest
--------------------------------------------------------
Name of substantial shareholder: Fong Kah Kuen @ Foong Kah Kuen

Date of notice to company: 11/10/2003

Date of change of interest: 10/10/2003

Name of registered holder: DBS Vickers Securities (S) Pte Ltd
(Held in trust for Lum Chang Securities Pte Ltd)

Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations

Information relating to shares held in the name of the
registered holder:  
  
No. of shares which are the subject of the transaction:
3,000,000
% of issued share capital: 0.49

Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.09333

No. of shares held before the transaction: 11,881,000
% of issued share capital: 1.94

No. of shares held after the transaction: 8,881,000
% of issued share capital: 1.45


Holdings of Substantial Shareholder including direct and deemed
interest

                                       Deemed        Direct
No. of shares held before
the transaction:                   91,378,000    31,081,000

% of issued share capital:              14.93          5.07

No. of shares held after the
transaction:                       91,378,000    28,081,000

% of issued share capital:              14.93          4.59

Total shares:                      91,378,000    28,081,000


                            *****

Xpress Holdings Ltd posted a net loss of SG$9.454 million in the
six months to December 2001, against a loss of S$31.48 million a
year earlier.


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


JASMINE INTERNATIONAL: Unit Disposes Shares to Repay Debts
----------------------------------------------------------      
Chaengwatana Planner Co., Ltd. as the Plan Administrator of
Jasmine International Public Company Limited (JASMIN), would
like to inform that on 8 October 2003 Jasmine Cyberworks Co.,
Ltd. (JCW) (a subsidiary in which JASMIN hold 100% of the
available shares), a company engages in the newly-created e-
commerce, sold total shares holding in GP Education Co., Ltd.,
Passion Net Co., Ltd. and J.S. Intellinet Co., Ltd. to Dr. Soraj
Asavaprapha at the average price Bt3.32 apiece, amounting to
Bt5.6 million.  

0JCW will use the proceeds received from the disposal of assets
for repaying debts to its creditors. The transaction size of the
above mentioned does not fall under the criteria, procedures and
disclosure concerning acquisition/disposition of listed company'
s assets and connected transaction according to the announcement
of the Stock Exchange of Thailand.


RAIMON LAND: Clarifies Saladaeng Land Purchase
----------------------------------------------
Reference is made to the letter of Raimon Land Public Company
Limited dated 6th October, 2003 in relation to the purchase of
two plots of land together with any construction on the land
under land title deed no. 2502 and 6095, land no. 130 and 129,
survey page no. 349 and 1346, Tambol Sathorn, Amphoe Bangrak,
Bangkok, having the approximate area of 1 Rai 1 Ngan 40 Square
wah, (Land) from Lam Wah Co., Ltd. with the purchase price of
Baht 205,000,000.  The Land would be developed as a residential
condominium for sale.

Raimon Land Planner Co., Ltd. as the Plan Administrator of
Raimon Land Public Company Limited, clarified about Value of
Acquired Assets and Pricing Methodology, as follows:     

* The appraised value of the Land (excluding existing
  infrastructure on the land), which appraised by Insignia
  Brooke (Thailand) Limited on 10th September, 2003 is
  Bt162,000,000.     

* The value of the existing infrastructure on the Land estimated
  by Gleeds (Thailand) Limited is Bt33,822,700.     

* Existing infrastructure will be utilized for the construction
of the project to be built enabling the project to be started
immediately saving the company 3-4 months interest payment.


TPI POLENE: Discloses Q303 Operational Performance
--------------------------------------------------
TPI Polene Public Company Limited (TPIPL), in reference to its
unreviewed consolidated financial statements for Q3/2003 ended
September 30, 2003, announced that the total consolidated sales
were at Bt4,838 million, compared to Bt4,040 million in Q3/2002.
A significant increase of 19.75% was primarily due to continued
expansion of cement, ready-mixed concrete and plastic resin
businesses, which are in line with the overall economic growth.
Total consolidated revenues were at Bt6,591 million compared to  
Bt4,348 million in Q3/2002, an increase of 51.59%.

In Q3/2003, TPIPL and its subsidiaries realized net profit of
Bt2,345 million (including gain on foreign exchange of Bt1,151
million and gain on reversal of loss on impairment of investment
of Bt166 million) or earning per share of Bt4.81, a significant
increase of 269.19% compared to net loss of Bt1,386 million or
net loss per share of Bt2.74 in Q3/2002.

For the first nine-month period of year 2003, TPIPL and its
subsidiaries reported net profit of Bt3,806 million (including
gain on foreign exchange of Bt1,375 million and gain on reversal
of loss on impairment of investment of Bt542 million) or earning
per share of Bt7.77 compared to net loss of Bt1,102 million or
net loss per share of Bt2.17 during the same period of the
previous year, a substantial increase of 445.37%. As of
September 30, 2003, TPIPL's book value per share was at
Bt43.99.


* BOND PRICING: For the week of October 13 - October 17, 2003
-------------------------------------------------------------

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

AUSTRALIA
---------

Advantage Group Ltd                   10.000%     4/15/06     1
Amcor Ltd                              6.500%    10/29/49    11
Amcom Telecommunications Ltd          10.000%    10/28/07     1
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    64
Austrim National Radiators Ltd         9.500%    10/31/04    44
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07    13
BIL Finance Ltd                        8.190%    10/15/03    16
BIL Finance Ltd                        8.250%    10/15/04    12
BIL Finance Ltd.                       8.750%    10/15/04    11
BIL Finance Ltd.                       8.750%    10/15/05    11
BIL Finance Ltd.                       9.000%    10/15/04    11
BIL Finance Ltd.                       9.250%    10/15/03    16
BIL Finance Ltd.                       9.250%    10/15/06    12
BIL Finance Ltd.                      10.000%    10/15/04    11
Capital Properties NZ Ltd.             8.500%     4/15/05     8
Capital Properties NZ Ltd.             8.500%     4/15/07     8
Capital Properties NZ Ltd.             8.500%     4/15/09     9
Consolidated Minerals Ltd             11.250%     3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.300%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     8
Fletcher Building Ltd                 10.800%    11/30/03     8
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garrats Ltd                           12.000%    12/31/03     1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08     7
JB Were Capital Markets Ltd            8.750%    12/31/03    31
Macquarie Bank Ltd                     1.800%     8/15/15    61
New South Wales Treasury Corporation   0.500%     2/16/10    74
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    11
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/10    73
Richmond Ltd                          10.750%    12/15/04    10
Salomon Smith Barney Australia         4.250%      2/1/09     9
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Tower Finance Ltd                      8.750%    10/15/07    11
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd.                        8.500%     9/15/12     9
   
CHINA & HONG KONG
-----------------

Chinese Auto Co., Ltd                  0.750%       4/7/05   35
China Petrochemical Corp               1.000%       5/8/08   42
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   74
   
KOREA
-----

Kolon Industries Inc                   0.250%     12/31/04   52
Korea Electric Power                   7.950%      4/01/96   63

MALAYSIA
--------

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

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

CSC Holdings Ltd                         6.500%    4/27/05    1
Sengkang Mall Ltd                        4.880%   11/20/12    1   
Tampines Assets Ltd                      5.625%    12/7/06    1
Tincel Ltd                               5.000%    6/13/11    1
Tincel Ltd                               7.400%    6/13/11    1
Rabobank Singapore                       1.000%    1/15/13   71
   
THAILAND
--------

Asia Credit PCL                          3.750%   11/17/03   55
Bangkok Bank PCL                         4.589%     3/3/04   64
Bank of Asia PCL                         3.750%     2/9/04   64
Kiatnakin Finance PCL                    4.000%   11.30.03   58
Loxley PCL                               7.500%   4/30/08    67
Robinson Department Store PCL            4.250%     4/7/04   11
Siam Commercial Bank PCL                 3.250%    1/24/04   64

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


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

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

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

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

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

                 *** End of Transmission ***