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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, October 15, 2003, Vol. 6, No. 204

                         Headlines

A U S T R A L I A

AMCO COMPANIES: ASIC Obtains Winding Up Court Orders
AMP LIMITED: Clarifies Media Report on Proposed Writedowns
AMP LTD: Ratings Remain Despite Demerger Regulatory Approval
AUSTRALIAN MAGNESIUM: ASIC Investigation Finalized
GASNET AUSTRALIA: Ratings Unchanged After Telfer Pipeline

WATTLE GROUP: Sourcing Agents Sentenced
WESTERN METALS: CEO Wedlock Resigns, Remains Director
WESTERN METALS: Receiver Sells Zinc, Lead Mine to Teck Cominco


C H I N A   &   H O N G  K O N G

CHEONG FAT: Faces Winding Up Petition
CHEUNG CHAU: Winding Up Petition Set for Hearing
CLUB CAVALIER: Oct 29 Winding Up Hearing Scheduled
CMC MAGNETICS: S&P Assigns US$145M Bonds Due 2008 'BB-' Rating
DONVAN DEVELOPMENT: Winding Up Petition Pending

FUJIAN GROUP: Hires DHSL as Independent Financial Adviser
NAM FONG: No Apparent Reason for Shares Price Decrease
STAR WISE: Winding Up Sought by Chan Yu


I N D O N E S I A

BUMI SERPONG: PEFINDO Assigns `idBBB-' Rating to Rp300B Bond
INDONESIAN SATELLITE: Conducting US$500M Bond Road Show


J A P A N

EBARA CORPORATION: S&P Downgrades Rating to 'BB+pi'
NIPPON TELEGRAPH: Unveils Purchase of Own Shares
RESONA HOLDINGS: Aims to Reduce Future Costs
RESONA HOLDINGS: FSA Issues Business Reform Order
RESONA HOLDINGS: Implements Financial Reform Plan

RESONA HOLDINGS: Unit Cuts 30% of Workforce
RESONA HOLDINGS: Units Issue New Shares


K O R E A

HANARO TELECOM: CommVerge, Force10 Supports 10GbE Services
SK CORPORATION: KSE Sells 4.07M Shares
SK GLOBAL AMERICA: Asks Judge Blackshear to Fix Claims Bar Date


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Clarifies JV News Articles
AUTOINDUSTRIES VENTURES: Proposes Employee Share Option Scheme
AVENUE ASSETS: Seeks Shareholders' Mandate Approval
BERJAYA SPORTS: Conversion Listing Granted Today
KIARA EMAS: Releases Investigative Report Findings

MANGIUM INDUSTRIES: Discloses Sept Production Figures
MANGIUM INDUSTRIES: Provides Additional Proposed Disposal Info
MOL.COM BERHAD: All Resolutions Duly Pass at EGM
NCK CORPORATION: Proposed Disposals Conditions Fulfilled
OLYMPIA INDUSTRIES: MoU Status Remains Unchanged

PWE INDUSTRIES: Revises Proposed Corporate Restructuring
SCK GROUP: MCD Securities Deposit Remains Despite KLSE Delisting
SIN HENG: Investigative Report Submission Extended to Nov 30
SOUTHERN PLASTIC: Faces Statutory Demand From OCBC Over Facility
SOUTHERN PLASTIC: Appoints KLCITY as Workout Scheme Adviser

SUNWAY HOLDINGS: Posts Unit's Deregistration Application Status
TAT SANG: KLSE Rejects Securities Delisting Appeal
TONGKAH HOLDINGS: Oct 22 Adjourned Warrant Holders Meeting Set
TONGKAH HOLDINGS: Quoted Securities Disposed
UCP RESOURCES: FIC OKs Revised Proposed Restructuring Scheme


P H I L I P P I N E S

MANILA ELECTRIC: ERC Clarifies Differential Billing of Utilities
MANILA ELECTRIC: Must Continue Refund Scheme, Says Perez
MANILA ELECTRIC: Seeking P0.1358/kwh Tariff Increase


S I N G A P O R E

APR COAL: Releases Winding Up Order Notice
ASAHIKASEI ASIA: Creditors to Submit Claims by November 10
BAXTER HEALTHCARE: Issues Debt Claim Notice to Creditors
DAIDO ENGINEERING: Creditors Must Submit Claims by November 1
DAIDO ENGINEERING: Unveils September 30 AGM Resolutions

LEUN WAH: Petition to Wind Up Pending
PROSPER INVESTMENTS: Winding Up Hearing Set For October 17
THAKRAL CORPORATION: Posts Changes in Shareholder's Interest
VAM CONSTRUCTION: Releases Dividend Notice
YEW HUAT: Issues Winding Up Order Notice


T H A I L A N D

ADVANCE PAINT: SET Grants Listed Securities
DATAMAT PUBLIC: Reports Rehabilitation Plan Progress
GENERAL ENGINEERING: Issues Restructuring Plan Status Update
PREMIER ENTERPRISE: Pays Bt22.7M to Creditors, Ups Capital
THAI ELECTRONIC: Discloses Rehabilitation Plan Status

THAI WAH: Posts Changes in Creditors List

     -  -  -  -  -  -  -  -

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


AMCO COMPANIES: ASIC Obtains Winding Up Court Orders
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained consent orders in the Federal Court of Australia
winding up United Investment Funds Pty Ltd, AMCO Insurance
Management Group Pty Ltd, AMCO Group Pty Ltd and ACC AMCO
Consortium Company Pty. Ltd. (the AMCO companies). The orders
were made on 9 October 2003.

The Federal Court appointed Mr Robert Michael Scales of Ernst &
Young as liquidator of each company.

The AMCO companies were involved in writing insurance business
on behalf of Bosnian-based insurer Grand Osiguranje AD Zvornik
(Grand). These policies covered a variety of risks, including
the insurance of high performance motor vehicles.

ASIC is concerned that Grand has not authorized any of the AMCO
companies or their representatives to act as a foreign insurance
agent on behalf of Grand. Grand continues to dispute that it
authorized the AMCO companies to write insurance policies on its
behalf.

These orders also follow urgent injunctive action taken by ASIC
on 27 May 2003:

   * stopping the AMCO companies from writing any additional
insurance business on behalf of Grand;

   * appointing Mr Scales as interim receiver over several bank
accounts operated by the AMCO companies; and

   * requiring Mr Nikola Banicevic, a director of two of the
AMCO companies, to deliver up his passport to the Federal Court.

Mr Banicevic's passport remains in the custody of the Federal
Court pending further orders.

ASIC has previously alerted consumers about the need for anyone
in Australia with insurance with Grand, obtained through an
insurance broker or any of the AMCO companies, to seek advice
about obtaining additional insurance cover immediately.
Consumers who require advice about alternate insurance options
should call the Insurance Enquiries and Complaints hotline on
1300 780 808.

ASIC's investigation is continuing.


AMP LIMITED: Clarifies Media Report on Proposed Writedowns
----------------------------------------------------------
AMP Limited wishes to clarify media reports on Tuesday about
proposed writedowns in the value of its UK operations as part
its demerger.

AMP first informed the market of the need for a possible
reduction in the carrying value of its UK operations, as a
consequence of its demerger, in its interim results announcement
on 20 August 2003.

A reduction would be needed to account for any difference
between the current book value of the UK operations, and the
expected market value of the operations at the time of listing
(December 2003).

It is not possible for AMP to quantify the exact size of the
expected reduction in the carrying value, as the market value is
yet to be determined. However on the basis of the Directors'
current valuation of the UK operations of œ1.3 billion, it is
expected that the reduction in carrying value is likely to be
around œ1 billion (A$2.4 billion).

The final reduction will be contained in AMP's accounts for the
year to 31 December 2003, to be announced in early 2004. If the
demerger does not proceed, the reduction in the carrying value
would not be necessary.

This reduction is a non-cash item and is required under
Australian accounting standards. The shareholder capital
resources of 'new' AMP of A$6.027 billion, as announced on 10
October 2003, are unaffected by the final reduction in carrying
value.

Any reduction will have no impact on the financial strength of
'new' AMP.


AMP LTD: Ratings Remain Despite Demerger Regulatory Approval
------------------------------------------------------------
Standard & Poor's Ratings Services noted AMP Limited's
announcement of the proposed capital structure for the
Australian and U.K.-based entities that will be created under
the demerger plan, and that AMP has now received in-principle
regulatory approval for its proposed demerger to proceed.

"Regulatory approval of the demerger is an important milestone
in the demerger process, and the likely issue of common equity
to repay the reset preferred securities (RPS) should result in a
stronger capital position for the Australian entities than
initially contemplated by AMP in May 2003," said Standard &
Poor's credit analyst, Kate Thomson, Financial Services Ratings.

However, AMP continues to face many challenges in successfully
completing the planned demerger, and life insurance and funds
management markets remain volatile and competitive across the
globe. "Although the repayment of the RPS will fundamentally
reduce the level of leverage and improve quality of capital,
credit will not be ascribed in advance of the execution risks
being resolved," added Ms. Thomson.

The outlook on the long-term ratings for AMP Life Ltd.
(A+/Negative/-), AMP Group Holdings Ltd. (BBB+/Negative/A-2),
AMP Bank Ltd. (BBB+/Negative/A-2), and the U.K. life entities
remains negative, reflecting the challenging period AMP faces.
Risks inherent in completing the demerger process, the difficult
operating environment, and the potential impact on AMP's
business and financial profile are key rating factors.


AUSTRALIAN MAGNESIUM: ASIC Investigation Finalized
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Monday that it has finalized its investigation into
Australian Magnesium Corporation's (AMC) market disclosure,
including its disclosures made, in April 2003.

ASIC's investigation followed a referral by the Australian Stock
Exchange (ASX) in relation to market announcements made by AMC
on 17 and 23 April 2003.

The investigation focused on AMC's disclosure of the fact and
extent of increased capital costs associated with its Stanwell
Magnesium Plant, as referred to in the announcements.

ASIC found there was no breach of the continuous disclosure
rules by AMC prior to the announcements on 17 and 23 April 2003.


GASNET AUSTRALIA: Ratings Unchanged After Telfer Pipeline
--------------------------------------------------------
Standard & Poor's Ratings Services said Monday that its 'BBB'
long-term and 'A-2' short-term ratings on GasNet Australia
(Operations) Pty. Ltd. remain unchanged following GasNet
Australia Ltd.'s (GasNet) announcement of its agreement to build
and operate the Telfer Gas Pipeline. The outlook on the ratings
remains stable. GasNet Australia Ltd. is the responsible entity
for GasNet Australia Trust, GasNet Australia Investment Trust,
and manager of GasNet Australia Investments Ltd.

The Telfer Gas Pipeline is a greenfield natural gas pipeline
project, extending from Port Hedland to the Telfer Gold-Copper
Mine in the north of Western Australia. The pipeline will
service the mine, which is owned by Newcrest Mining Ltd.
(unrated).

"Notwithstanding GasNet's publicly stated position that exposure
of GasNet Australia Trust assets will be limited to the initial
equity investment, this project indicates the company's
increased appetite for risk, which has a negative influence on
its creditworthiness," said Standard & Poor's credit analyst
Kevin Lewis, associate director of Corporate & Infrastructure
Finance Ratings. "While the Telfer Gas Pipeline will provide
some diversity to GasNet's earnings base, the economics of
the project are underpinned by exposure to a counterparty in the
higher risk mining industry. Further, should the project require
and receive further financial support from the core GasNet
group, it would have a negative ratings impact."

The core GasNet group is comprised of GasNet Australia Trust and
its controlled entities, which includes GasNet Australia
(Operations) Pty Ltd. All of the existing debt of the core
GasNet group is issued through GasNet Australia (Operations) Pty
Ltd.

GasNet intends to invest about A$15 million of the core GasNet
group's existing assets into the estimated A$114 million
project. New equity funding will be raised by issuing about A$20
million of stapled-securities identical to those currently on
issue, made up of one unit in GasNet Australia Trust, one unit
in GasNet Australia Investment Trust, and one share in GasNet
Australia Investments Ltd. GasNet's total equity investment of
about A$35 million total equity investment in the Telfer
pipeline project will be invested through GasNet Australia
Investments Ltd. The balance of the funding will require up to
A$80 million of debt, which will be structured on a project-
finance basis and will be non-recourse to the core GasNet group.

The ratings on GasNet Australia (Operations) Pty Ltd. reflect
the creditworthiness of the core GasNet group, underpinned by
its dominant position in the Victorian gas transmission market;
the transmission network's reliable operating performance; and a
transparent and stable regulatory regime. These strengths are
offset by the company's aggressive financial profile and its
exposure to competition from other gas transmission pipeline
builders/owners for new pipeline projects in Victoria.


WATTLE GROUP: Sourcing Agents Sentenced
---------------------------------------
Four men associated with the Gold Coast-based Australasian
Management Consultants Pty Ltd (AMC) were sentenced on Monday in
the Brisbane District Court, following an investigation by the
Australian Securities and Investments Commission (ASIC).

Mr Robert Murray Cooper and Mr Brian Michael Wood, both
directors of AMC, were sentenced to 18 months imprisonment to be
released immediately on a $5000 good behavior bond for two
years, after previously pleading guilty to 21 counts of being
knowingly concerned in the promotion of prescribed interests, in
contravention of the Corporations Act.

Mr Lloyd Reginald Ross, a management consultant to AMC, was
sentenced to a $4000 good behavior bond for two years, with no
conviction being recorded, after also previously pleading guilty
to three counts of the same charges.

Mr Kevin Thomas Browne,a management consultant to AMC, was
sentenced to a $2000 good behavior bond for two years, with no
conviction being recorded, after also previously pleading guilty
to two counts of the same charges.

The defendants were charged following ASIC's investigation into
the failed Wattle Group investment scheme, which raised more
than $160 million from over 2,700 investors across Australia.

The charges against Messrs Cooper and Wood relate to fourteen
investors who lost approximately $652,795 invested in the Wattle
scheme. AMC entered into an agreement to receive commissions
from the Wattle Group, through administrator Anscor Pty Ltd
(Anscor), of up to 25 per cent per annum on investor funds it
sourced for Anscor.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

BACKGROUND

The Wattle Group was an unlicensed investment scheme operated by
Mr Geoffrey Robert Dexter, which raised more than $160 million
from over 2,700 Australian investors. The scheme involved Mr
Dexter obtaining unsecured loan funds from investors on the
promise of high rates of return, generally 50 per cent per
annum.

ASIC took action to close down the scheme, and on 7 May 2001, Mr
Dexter was convicted of multiple fraud charges and jailed for 10
years.

In addition to Messrs Cooper, Wood, Ross and Browne, other
promoters of the scheme have also been charged with similar
breaches of the Corporations Act.

In April 2002, Mr Marshall John Cobb of Tax Invest Australia Pty
Ltd was sentenced in the Canberra Magistrates Court to a two-
year, $2,000 good behavior bond and ordered to pay a penalty to
the Commonwealth of $10,000 within a two-year period.

ASIC also banned Mr Cobb from being a representative of either a
dealer in securities or an investment adviser for one year, in
November 1999.

In July 2002, Mr Howard Jeffrey Owen of Fin Invest Pty Ltd was
sentenced in the Sydney Downing Center District Court to 300
hours community service and a 12-month, $1,000 good behavior
bond.

In July 2003, Mr Bruce Raymond Walden of Australian Secured
Mortgages Pty Ltd was sentenced in the Brisbane District Court
to a $2,000, three-year good behavior bond.

On 25 July 2003, Mr Kenneth Edwin Parker, the General Manager of
Anscor Pty Ltd, was sentenced in the Brisbane District Court to
a $1,000, three-year good behavior bond.

On 8 August and 20 August 2003 respectively, Mr Robert Edward
Corbett and Mrs Anne Shirley Corbett of Anscor Pty Ltd pleaded
guilty in the Brisbane District Court and were both sentenced to
20 months jail, fully suspended, upon entering into a $5,000
recognizance to be of good behavior for three years.

On 9 September 2003, Mr Rodney James Mackay and Mr John Andrew
Allen, directors of the Brisbane-based Mackay & Allen Pty Ltd
(Mackay & Allen), were sentenced in the Brisbane District Court
to 18 months jail, fully suspended upon entering into a $5000
recognizance to be of good behavior for two years.

On 2 October 2003, Mr Ian William Snook of Golconda Resources
was sentenced in the District Court in Adelaide to two years
jail, fully suspended upon entering into a $1,000 recognizance
to be of good behavior for two years.


WESTERN METALS: CEO Wedlock Resigns, Remains Director
-----------------------------------------------------
Western Metals Limited ACN 009 150 618 (Receivers and Managers
Appointed) (Administrator Appointed) announced that Mr Geoff
Wedlock has resigned as the Chief Executive Officer, effective
15th October 2003. He will remain a Director of the Company.


WESTERN METALS: Receiver Sells Zinc, Lead Mine to Teck Cominco
--------------------------------------------------------------
David McEvoy of PricewaterhouseCoopers, Receiver and Manager of
the Western Metals group of companies, announced Monday that the
assets of the Lennard Shelf mining operations in the Kimberley
region of Western Australia had been sold for A$26 million to
Teck Cominco Limited, a Canadian based mining corporation.

The transaction is subject to completion of an orderly
suspension program placing operations at the Pillara and Kapok
mines on care and maintenance. The suspension program is
expected to take approximately six weeks and completion should
occur on or before the end of November.

Mr McEvoy commented: "Despite interest from several leading
players in the mining industry, we were not able to obtain an
offer for the Lennard Shelf operations as a going concern within
the available timeframe. As a result, the majority of the
current workforce will be made redundant by the end of the
suspension program. We hope that the purchaser will be able to
use the suspension period to place the mine on a more solid long
term footing and eventually re-employ a significant number of
staff. In the meantime, we have at least been able to assure
employees that their entitlements will be paid in full upon
satisfactory completion."

Once the Lennard Shelf mines have been placed on care and
maintenance, it is understood that the purchaser will commence a
redevelopment plan and any decision to restart the mines at
Pillara and Kapok will depend on the outcome of this work
program, as well as zinc market conditions and exchange rates.
There are currently 229 employees and a further 160 or so
contractors working at the mines.

Mr McEvoy and his partner Stephen Longley of
PricewaterhouseCoopers were appointed receivers and managers to
the Western Metal group of companies on 22 July 2003 and have
spent the last 12 weeks canvassing both the domestic and
international market looking for a purchaser for the Lennard
Shelf operations.

The sale of the Lennard Shelf operations comes only three weeks
after Mr McEvoy announced the sale of the Mt Gordon copper mine
in Queensland to the Birla Goup. Discussions with potential
purchasers are still continuing for the sale of the Group's
remaining Hellyer and Niwest assets.

Teck Cominco is a diversified mining corporation with
headquarters in Vancouver, Canada with total assets in excess of
$5 billion. It is a world leader in the production of zinc and
metallurgical coal and its diversified operations also produce
significant quantities of copper and gold.


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


CHEONG FAT: Faces Winding Up Petition
-------------------------------------
The petition to wind up Cheong Fat Enterprises Limited is set
for hearing before the High Court of Hong Kong on October 29,
2003 at 10:00 in the morning.

Lai Yuk Ling of Flat filed the petition with the court on
September 8, 2003 A, 18/F., Koway Court, 111 Chai Wan Road, Hong
Kong.


CHEUNG CHAU: Winding Up Petition Set for Hearing
------------------------------------------------
The petition to wind up Cheung Chau Eastern Court Seafood
Restaurant Co. Limited is scheduled for hearing before the High
Court of Hong Kong on October 29, 2003 at 9:30 on the morning.

The petition was filed with the court on September 3, 2003 by
Yip Wai Kei of Room 3808, Heng Cheuk House, Tin Heng Estate, Tin
Shui Wai, New Territories, Hong Kong.


CLUB CAVALIER: Oct 29 Winding Up Hearing Scheduled
--------------------------------------------------
The High Court of Hong Kong will hear on October 29, 2003 at
10:00 in the morning the petition seeking the winding up of Club
Cavalier Limited.

Chan Yuk Pang of Room 1017, Kai Shing House, Kai Yip Estate,
Kowloon Bay, Kowloon, Hong Kong filed the petition on September
8, 2003.  Tam Lee Po Lin, Nina represents the petitioner.

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


CMC MAGNETICS: S&P Assigns US$145M Bonds Due 2008 'BB-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it had
assigned its 'BB-' corporate credit rating to Taiwan-based CMC
Magnetics Corp. (CMC) and its US$145 million zero coupon
convertible bond issue due October 2008.

The issue carries a greenshoe option allowing it to be increased
by a further US$23 million. Bondholders have an option to sell
the bonds back to the company on October 3, 2005. The outlook on
the corporate credit rating is stable.

CMC is one of the world's largest compact disk-recordable (CD-R)
producers. The non-investment grade ratings reflect CMC's
exposure to a highly competitive industry, and its relatively
volatile operating performance. These weaknesses are tempered by
the company's leading market position in the optical storage
media sector and low cost position.

CMC reported a net loss of Taiwan dollar (NT$) 185 million in
2002. Demand for CD-Rs has grown rapidly but this has been
offset by a rapid decline in prices, as a result of strong
competition and oversupply. However, prospects are now improving
steadily with prices starting to pick up. Operating margins
improved to 37.4% in the first half of 2003 from 24.7% in 2002,
and EBITDA interest coverage was 6.8x compared with 3.6x
over the same period.


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

The petition was filed on September 8, 2003 by Lau Lung Sang of
Room 4009, Sheung Lai House, Sheung Tak Estate, Tseung Kwan O,
New Territories, Hong Kong.


FUJIAN GROUP: Hires DHSL as Independent Financial Adviser
---------------------------------------------------------
The Provisional Liquidators of Fujian Group Limited announced
the appointment of Dao Heng Securities Limited (DHSL) as the
independent financial adviser to the Independent Shareholders in
respect of the Proposed Restructuring and the Whitewash Waiver.

The Composite Document was dispatched to the Shareholders on 10
October 2003. The pro forma statement of unaudited adjusted
consolidated net tangible assets of the Group contained in the
Composite Document.

The Provisional Liquidators propose that the name of the Company
will be changed to "Fujian Holdings Limited".

To see full copy of the disclosure, click
http://bankrupt.com/misc/TCRAP_Fujian1015.pdf.


NAM FONG: No Apparent Reason for Shares Price Decrease
------------------------------------------------------
Nam Fong International Holdings Limited has noted the recent
decrease in the price of the shares of the Company and wish to
state that it is not aware of any reasons for such decrease save
as disclosed below.

Save as the announcement made by the Company on 8th October 2003
regarding the development of winding-up petition against the
Company, the Company also confirmed that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of
the Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


STAR WISE: Winding Up Sought by Chan Yu
---------------------------------------
Chan Yu Tin is seeking the winding up of Star Wise Enterprises
Limited. The petition was filed on September 3, 2003, and will
be heard before the High Court of Hong Kong on October 29, 2003.

Chan Yu holds its registered address at Room 329, Tai Wo House,
Wo Che Estate, Shatin, New Territories, Hong Kong.


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


BUMI SERPONG: PEFINDO Assigns `idBBB-' Rating to Rp300B Bond
------------------------------------------------------------
PT Pemeringkat Efek Indonesia (PEFINDO) assigned `idBBB-'
ratings for both general obligation of PT Bumi Serpong Damai and
its proposed 5-year Bond I of Rp300 billion. The ratings reflect
the Company's relatively strong market position on self -
sufficient city development, favorable asset quality and strong
capital structure.

The ratings, however, are mitigated by BSDI's low margin and
concentration assets. The Company was established by 10 real
estate companies, who have expertise on property development.
BSDI is the first company who designed and planned an integrated
self -sufficient city called `Kota Bumi Serpong Damai' (BSD
city).

Currently, Sinar Mas Group (SMG) owns the Company through its
subsidiaries (57.43%), Holdiko Perkasa (30.18%), Ciputra
(4.88%), Salim Group (0.66%) and SMG-Salim Group (6.87%).


INDONESIAN SATELLITE: Conducting US$500M Bond Road Show
-------------------------------------------------------
PT Indonesian Satellite Corporation Tbk (Indosat) would start
its international road show this week to offer its US$500
million bonds, Bisnis Indonesia reports.

"The bonds will not only generate as much as US$300 million but
US$500 million including the green-shoe. The bonds will have the
tenor of seven years," an unnamed company source said, adding
that the fund would be used for expansion on its cellular
business.

The company would get some Rp5.6 trillion from the issuance of
bonds (Rp2.5 trillion) and from some banks (syndicated loans of
Rp3.1 trillion). The company would use the fund to refinance the
debts of PT Satellite Palapa Indonesia (Satelindo) and PT
Indosat Multi Media Mobile (IM3).

Even though the company got some huge loans, the source said,
Indosat still needed some fund to finance its business
expansion, especially on its cellular business.

"The cellular operator has to expand its network. Otherwise it
would be left behind its competitors," he said.


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


EBARA CORPORATION: S&P Downgrades Rating to 'BB+pi'
---------------------------------------------------
Standard & Poor's Ratings Services on Tuesday lowered its rating
on Ebara Corporation to 'BB+pi' from 'BBB-pi', based on the
expectation that the Company's financial profile, which has
deteriorated substantially during Japan's prolonged economic
slump, will not improve in the next few years.

Ebara, an integrated environmental engineering service Company
and Japan's largest pump manufacturer, posted net losses in
fiscal years 2001 and 2002 (ended March 31, 2003). In its
engineering operations, the Company posted extraordinary losses
of Y16 billion in each of the two years and operating losses of
Y6.7 billion in fiscal 2002 due to a 13% fall in revenue.

"The operating environment in the engineering sector remains
difficult. In particular, recovery in the environmental plant
market is likely to be delayed amid constraints in public
investment, and government orders may be postponed till after
fiscal 2003," said Standard & Poor's credit analyst Chizuko
Satsukawa. Price competition has also intensified. Although
Ebara has made some efforts to reduce fixed costs and increase
profitability in the environmental plant business, it is
unlikely that the Company can ensure sound earnings in a tough
business environment. In fiscal 2002, Ebara's ratio of total
debt to capital increased significantly to 67% from 58% a year
earlier, and a recovery in the Company's weakened financial
profile is unlikely in the short term.


NIPPON TELEGRAPH: Unveils Purchase of Own Shares
------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) has decided the
following specific method of repurchase of its own shares
pursuant to Article 210 of the Japanese Commercial Code:

1.   Method of repurchase

NTT will place purchase orders for its own shares through
brokerages at the closing price trading on the Tokyo Stock
Exchange Trading Network System (i.e., ToSTNeT-2) in the 8:45 am
session on October 15, 2003 with the closing price of its common
stock traded on the first section of the Tokyo Stock Exchange
market on October 14, 2003 (539,000 yen) (it will not change the
method of trading or the proposed trading time). The purchase
orders will be placed only in this trading time.

2. Details of repurchase

(1) Class of shares to be repurchased: Common stock

(2) Number of shares to be repurchased: 185,528 shares

(Note 1) The number of shares to be repurchased will not change.
Depending on the market conditions, however, there may not be
any order or only partial orders to be met by NTT.

(Note 2) The purchase will be conducted by the use of the
equivalent number of sell orders to the planned purchase orders.

3.   Announcement of repurchase

NTT will announce results of the purchase of its own shares
after repurchase on October 15, 2003.

(Further Information)

The resolutions on repurchase of NTT shares decided by the
shareholders at the 18th ordinary general meeting on June 27,
2003 were as follows:

(1) Class of shares: Common stock

(2) Number of shares to be repurchased: 200,000 shares (maximum)

(3) Total value of shares to be repurchased: 100 billion yen
(maximum)

For inquiries, please contact:
Investor Relations Group
Department IV
Nippon Telegraph and Telephone Corporation
Attn: Ogata (Mr.) or Hanai(Mr.)
Tel: 03-5205-5581
E-mail: investors@hco.ntt.co.jp


RESONA HOLDINGS: Aims to Reduce Future Costs
--------------------------------------------
Resona Holdings Inc. aims to reduce future costs as follows:

1) Elimination of transactions with "closely-related borrowers"
and thoroughly withdrawing from non-bank business

Formulated new policies for disposal of "closely-related
borrowers" and non-bank affiliates on the basis of such options
as "liquidation," "withdrawal from certain business fields" and
"transfer to third parties," rather on formerly applied "going
concern" assumption.

             Resona Bank       Kinki Osaka Bank   Total of Two
Banks
Related Loss Approx. Y330B    Approx. Y90B        Approx. Y420B
Expected

Presented figures are on a non-consolidated basis and inclusive
of such losses arising from impairment of loans to these
companies and losses in relation to write-downs of subsidiaries'
stocks, etc.


RESONA HOLDINGS: FSA Issues Business Reform Order
-------------------------------------------------
On October 10, 2003, Resona Holdings, Inc. (Resona HD) received
Business Reform Order from the Financial Service Agency (FSA)
under Article 52, Section 33-1 of Japanese Banking Law. In
addition, its banking subsidiaries, The Kinki Osaka Bank, Ltd.
(Kinki Osaka Bank," President: Kunitsugu Hara) and The Nara
Bank, Ltd. (Nara Bank," President: Masao Nomura), also received
Prompt Corrective Action Orders, respectively, under Article 26,
Section 1 of Japanese Banking Law.

To these orders, Resona HD and its two banking subsidiaries
submitted the plans for capital increase and management reforms
of the two banks to the FSA immediately on the same date.

The content of the Business Reform Orders is summarized below.
We regard the receipt of these orders with the utmost
seriousness and are committed to taking the steps needed for
improvement in the Resona Group's activities.

1. Content of Business Reform Order and Prompt Corrective Action
Orders

(1) Resona HD must prepare a reform plan recognized as
reasonable and effective for restoring sound management
(including measures related to the increase in capital) of its
subsidiaries and submit such plans by October 24, 2003.

(2) The plans described in (1) must be implemented immediately.

(3) Reports regarding the progress in the plan described in (1)
must be submitted.

2. Reasons for the Issuance of Business Reform Order and Prompt
Corrective Action Orders

(1) Owing to the revision by Kinki Osaka Bank of its earnings
estimates which was reported to the FSA on October 10, 2003 by
Resona HD and Kinki Osaka Bank based on Article 52 Section 31-1,
and Article 24 Section 1 of the Banking Law of Japan, the
capital adequacy ratio of Kinki Osaka Bank in accordance with
the domestic criteria as of the end of September 2003 declined
to below the minimum requirement.

(2) Owing to the revision by Nara Bank of its earnings estimates
which was reported to the FSA on October 10, 2003 by Resona HD
and Nara Bank based on Article 52 Section 31-1, and Article 24
Section 1 of the Banking Law of Japan, the capital adequacy
ratio of Nara Bank in accordance with the domestic criteria as
of the end of September 2003 declined to below the minimum
requirement.

3. Content of the Plans presented to the Financial Services
Agency

(1) Kinki Osaka Bank and Nara Bank will issue and allocate their
new shares to Resona HD.

(Capital increase through allotment to existing shareholders)

(2) Kinki Osaka Bank and Nara Bank formulated their plans for
business reforms, respectively.


RESONA HOLDINGS: Implements Financial Reform Plan
-------------------------------------------------
Resona Group has decided to implement financial reform for the
purpose of establishing solid financial strength with a view to
maximizing its corporate value. As a result, Resona Holdings
Inc. revised its earnings forecasts for the interim period ended
September 30, 2003 and its dividend forecasts for the fiscal
year ending March 31, 2004. Details were announced as follows:

I. Outline of the Ongoing Reforms Aimed at Maximization of
Corporate Value

New management is strenuously implementing a number of reforms
aimed at maximizing corporate value of Resona. Outline of the
ongoing reforms can be accessed at http://www.resona-hd.co.jp/e-
ir/pdf/i_01/031010_1a.pdf

II. Outline of the Financial Reform

The goal for the financial reform is to attain "transformation
for sustainable profits" by recognizing as much front-end costs
as possible.


RESONA HOLDINGS: Unit Cuts 30% of Workforce
-------------------------------------------
Kinki Osaka Bank, a unit of Resona Holdings Inc., submitted a
management improvement plan to the Financial Services Agency
(FSA) on Friday that includes a 30 percent personnel cut, Kyodo
News reports. The move follows the FSA's order earlier in the
day for the bank to improve its operations.


RESONA HOLDINGS: Units Issue New Shares
---------------------------------------
The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank) and The Nara Bank,
Ltd. (Nara Bank), both of which are banking subsidiaries of
Resona Holdings, Inc. (Resona HD), passed corporate resolutions
on October 10, 2003 concerning the issuance of new shares
through allotment to its existing shareholder. The content of
the resolutions outlined below will become effective after the
notification required under the Securities and Exchange Law of
Japan takes effect.

1. Kinki Osaka Bank

(1) Outline of the New Issue

1. Number of shares to be issued) 6,000,000 shares
2. Form of Issue: All shares allotted to its parent Company
Resona HD
3. Issue price per share 50,000 yen
4. Aggregate issue price 300,000,000,000 yen
5. Amount to be capitalized (per share) 25,000 yen
6. Date of allotment October 26, 2003
7. Date of payment November 19, 2003
8. Issue Date of New Shares November 20, 2003

(2) The Number of Shares Issued and Amount of Capital Before and
After the New Issue

                        Before the new issue After the new issue

Number of shares 1,461,196,574 shares 1,467,196,574 shares
Common stock     1,341,196,574 shares 1,347,196,574 shares
Preferred stock  120,000,000 shares   120,000,000 shares
Capital amount   73,105,310,994 yen   223,105,310,994 yen

(3) Reason for Issuance of New Shares and Utilization of Raised
Fund, etc Reason for Issuance of

New Shares

Kinki Osaka Bank intends to strengthen its capital by raising
new capital through allotment of new shares to its existing
shareholder.

Utilization of raised fund:

To be utilized as operating fund.

Impact of the new issue on forecasted earnings:

The new issue will not affect the consolidated earnings forecast
of Resona HD.

2. Nara Bank

(1) Outline of the New Issue

1. Number of shares to be issued 80,000 shares
2. Form of Issue Full amount allotted to its parent Company
Resona HD
3. Issue price per share 50,000 yen
4. Aggregate issue price 4,000,000,000 yen
5. Amount to be capitalized (per share) 25,000 yen
6. Date of allotment October 26, 2003
7. Date of payment November 19, 2003
8. Issue Date of New Shares November 20, 2003

(2) The Number of Shares Issued and Capital Amounts Before and
After the New Issue

                        Before the new issue   After the new
issue

Number of shares issued    3,007,700 shares    3,087,700 shares
Common stock               3,007,700 shares    3,087,700 shares
Preferred stock                    ---               ---
Capital amount             3,862,274,500 yen   5,862,274,500 yen

(3) Reason for Issuance of New Shares and Utilization of Raised
Fund, etc

Reason for Issuance of New Shares:

Nara Bank intends to strengthen its capital by raising new
capital through allotment of new shares to its existing
shareholder.

Utilization of raised fund:

To be utilized as operating fund.

Impact of the new issue on forecasted earnings:

The new issue will not affect the consolidated earnings forecast
of Resona HD.

[Reference]

Estimated capital adequacy ratios of Kinki Osaka Bank and Nara
Bank after the capital increase

Kinki Osaka Bank (Consolidated capital adequacy ratio): In the
former half of 7% range

Nara Bank (Non-consolidated capital adequacy ratio):
Approximately 7%


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


HANARO TELECOM: CommVerge, Force10 Supports 10GbE Services
----------------------------------------------------------
CommVerge Solutions, a leading network integrator serving
telecommunications service providers throughout Asia, announced
that it has been awarded a contract by Hanaro Telecom of Korea,
for the purchase, integration and support of Force10's E- Series
switch/routers to provide 10 Gigabit Ethernet (10GbE) routing
and Gigabit Ethernet (GbE) aggregation services.  Hanaro
Telecom's expansion, which includes high-capacity connectivity
for a wide range of broadband services, drove the need for
Force10's resilient and fault-tolerant 10 Gigabit routing
solution, backed by CommVerge Solutions' superior network
integration and support services.

"Hanaro Telecom needed a platform that offered reliable,
dependable, and proven IP routing and switching functionality
with support for wire-rate non-blocking Gigabit and 10 Gigabit
Ethernet performance levels,'' said Mr. Park, Chan-Woong, team
manager of Network Planning Team for Hanaro Telecom. ''CommVerge
Solutions was again able to provide the best solution to address
our Company's requirements.  Their solution and design to
integrate Force10's E-Series will enhance our core routing
infrastructure, enabling us to extend our IP service offerings
to include native GbE and 10GbE connectivity.  Their track
record for on-time delivery, professional project management and
superior technical support gives us the confidence that this
project will enable us to meet our customers' current demands,
and allows us to address future capacity needs as our customer
base grows."

"Hanaro Telecom's investment in the E-Series for 10GbE core
routing services demonstrates that carriers around the world
demand a new breed of routers and switches that offer advanced
reliability and resiliency in combination with next generation
performance,'' said Andrew Feldman, Vice President Marketing at
Force10 Networks Inc. ''With state-of-the-art products and a
world-class network integrator like CommVerge Solutions, Hanaro
could not have made a better choice. CommVerge's reputation as a
total services Company supercedes them, and Force10 is
privileged to work with them on this important project.  Their
team clearly understands our product and has the technical
capabilities to deploy this project to meet Hanaro's
requirements and objectives."

"Our value proposition in Korea and around Asia is centered
around our ability to bring advanced technology solutions to
help service providers grow their business and give them an
added advantage to compete in today's dynamic telecom
environment," said JK Lee, CommVerge Solutions Korea Country
President.  "This award by Hanaro Telecom is an endorsement of
Force10's technical superiority and CommVerge Solutions' ability
to design, build and support next-generation telecom networks."

Force10 E-Series -- the E1200 and E600, is a new generation of
switch/routers providing resilient, reliable line rate IP
routing and switching at Gigabit and 10 Gigabit speeds.  Built
around the EtherScale(TM) ASICs, the E-Series offers the
industry's first fully distributed hardware architecture.  This,
in combination with the fully modular FTOS software, enables the
E-Series to provide best in class resiliency and redundancy at
line rate 10 Gigabit speeds.

Meanwhile, Reuters reported that Hanaro Telecom Inc. increased
nearly six percent in early trade on Tuesday, fanned by growing
hope that a critical US$500 million foreign investment plan
could proceed with support from minority shareholders. The stock
jumped 5.7 percent to 3,520 won at 0032 GMT, outperforming a
1.13 percent gain in the broader stock index.

About CommVerge Solutions

CommVerge Solutions is a unique services Company and a leading
integrator of technology and business solutions, serving
Telecommunications Service Providers throughout Asia.  Since its
inception in 1999, CommVerge has undertaken countless projects
to design, implement and maintain converged voice and data
networks, mobile network infrastructure, as well as 2.5G and 3G
application platforms.  CommVerge's mission is to assist
customers maximize value and reduce risk by offering superior
professional services and network solutions designed to realize
their business, technical and operational objectives.
Headquartered in Hong Kong, CommVerge has established offices in
Beijing, Shanghai, Singapore, Taipei, Seoul, Kuala Lumpur,
Manila, Bangkok, Brunei Darussalam, and San Jose, California.
For more information, please visit http://www.commverge.com.

About Force10 Networks

Force10 Networks is the only provider of next-generation, high
performance Ethernet switch/routers with true 10-Gigabit
Ethernet for the emerging Data Center network segment.  The
Force10 E-Series platforms use its EtherScale ASIC-based
architecture and FTOS switching/routing software to deliver
unmatched capacity, line-rate throughput, and full L2 switching
and L3 routing functionality for high performance Ethernet
applications.  For more information, visit Force10 at
http://www.force10networks.com.

About Hanaro Telecom

Hanaro Telecom, Inc. is a provider of high-speed Internet
access, local telephony, multimedia, data, and Internet data
center services in Korea.  The Company offers its subscribers
always-on, high-speed Internet access at speeds up to 10 Mbps
(megabits per second) over its own and leased networks.  It also
offers local telephony services as one of only two companies
licensed to own and operate a local telephony network in Korea.
In addition, Hanaro Telecom provides leased line services and
IDC services to its corporate clients.  As of August 31, 2003,
the Company provided high-speed Internet access services
to over three million subscribers in 98 districts through owned
and leased cable lines, to 35,477 subscribers through local
multipoint distribution system connections and to 20,843
subscribers through wireless local area networks connections.
For more information, visit Hanaro Telecom at
http://www.hanaro.com.


SK CORPORATION: KSE Sells 4.07M Shares
--------------------------------------
About 4.07 million shares of SK Corporation the flagship of the
SK group have been sold through an extra-session trade at the
Korea Stock Exchange (KSE) on Friday, according to Digital
Chosun.

SK Networks Co., formerly known as SK Global Co., sold off part
of its stake in SK Corporation, which had been deposited
overseas, to SK subsidiaries and other friendly shareholders in
order to protect the firm's managerial rights.

SK Networks and its creditors announced earlier that they would
sell the SK Networks-held 1 million shares, equal to a 7.8-
percent stake in SK Corp., to other SK subsidiaries. The SK
Corporation shares were sold at W17,800 per share, for a total
of W72.4 billion.


SK GLOBAL AMERICA: Asks Judge Blackshear to Fix Claims Bar Date
---------------------------------------------------------------
To facilitate the formulation of a Chapter 11 plan, SK Global
America Inc., a unit of South Korea's SK Networks Co., asks the
Court to establish a bar date for filing proofs of claim and
interests by entities asserting claims against its estate,
pursuant to Rule 3003(c)(3) of the Federal Rules of Bankruptcy
Procedure.

Furthermore, the Debtor wants Judge Blackshear to approve:

-- the proof of claim form;

-- the procedure for the filing of proofs of claim and
interest; and

-- the form and method of the Bar Date Notice.

According to Scott E. Ratner, Esq., at Togut, Segal & Segal LLP,
in New York, Bankruptcy Rule 3003(c)(3) provides that "the Court
will fix and for cause shown may extend the time within which
proofs of claim or interest may be filed."

Additionally, Bankruptcy Rule 2002(a)(7) requires that creditors
be given at least 20 days' notice by mail of the time fixed for
filing proofs of claim. SK Global proposes to give not less than
35 days' notice of the Bar Date to its creditors and other
parties-in-interest.

Mr. Ratner explains that the fixing of a Bar Date will assist
the Debtor in identifying each of its creditors and fixing the
amounts and classifications of their claims, all of which is
absolutely essential to the Debtor's efforts to promulgate and
confirm a Chapter 11 plan.

A Bar Date Notice will be mailed, not later than 35 days
preceding the Bar Date, to:

(a) all of the Debtor's known creditors and interest holders
identified in its Schedules of Assets and Liabilities;

(b) all parties to executory contracts and unexpired leases
with the Debtor;

(c) all parties to litigation with the Debtor;

(d) the Internal Revenue Service;

(e) all parties who have filed a notice of appearance and
demand for service of papers in SK Global's case; and

(f) the U.S. Trustee.

The Debtor also intends to also publish the Notice at least once
in each of these newspapers or trade publications not later than
25 days preceding the Bar Date:

-- the national edition of The Wall Street Journal;

-- the international edition of The Wall Street Journal; and

-- Chosun Ilbo, the largest newspaper in Korea. (SK Global
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


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


AUTOINDUSTRIES VENTURES: Clarifies JV News Articles
---------------------------------------------------
Autoindustries Ventures Berhad, in reply to query to the KLSE's
Query Letter reference ID : NM-031008-41384, provided
clarification to the articles appearing in Nanyang Siang Pau and
The Star respectively.

Nanyang Siang Pau

At present, the Company has no knowledge that it may become the
listing vehicle for the second oil and gas consortium.

The Star

The Company intends to strengthen its existing core business and
diversify, inter alia, into high margin or specialized
industries including but not limited to high-tech businesses. At
this moment, the Company has not ventured into the high-tech
business.

The Company has not had any talks with South Korean
multinational companies to set up high-tech operations in
Malaysia at this point in time.

KLSE's Query Letter content:

We refer to the above news articles appearing in Sin Chew Daily,
Sin Chew Business Section, page 3, Nanyang Siang Pau, Nanyang
Business Section, page C3 and The Star, Star Biz, Page 3, all on
Wednesday, 8 October 2003, a copy each of which is enclosed for
your reference.

In particular, we would like to draw your attention to the
underlined sentences, which state as follows:

Sin Chew Daily:

"...Autoindustries Ventures Berhad is in negotiations for a
joint venture with Korea's Samsung."

Nanyang Siang Pau:

"...Autoindustries Ventures Berhad may become the listing
vehicle for the second oil and gas consortium."

The Star:

"...Autoindustries Ventures Bhd..could be a takeover target of
Jawala Corp Sdn Bhd,.."

"...the company was venturing into the hi-tech business to
diversify its earnings base..."

"...Autoven was in talks with a South Korean multinational
company to set up a hi-tech operation in Malaysia..."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
articles and in particular the underlined sentences after due
and diligent enquiry with all the directors, major shareholders
and all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the
above articles, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentences or any other part of the above
articles, you are required to set forth facts sufficient to
support the same.

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

Yours faithfully,
TAN YEW ENG
Sector Head, Issues & Listing
TYE/NMA Copy to: Securities Commission (via fax)


AUTOINDUSTRIES VENTURES: Proposes Employee Share Option Scheme
--------------------------------------------------------------
Autoindustries Ventures Berhad refers to the announcement dated
30 May 2003 in relation to the Proposed Employee Share Option
Scheme.

OSK Securities Berhad, on behalf of the Board of Directors of
AIV, is pleased to announce that the Securities Commission (SC)
has vide its letter dated 7 October 2003, approved the Company's
Proposed ESOS.

The SC's approval was subjected to the following conditions:

   (i) A copy of the ESOS Bye-Laws is to be submitted to the SC
for their record purposes;

   (ii) The Company is to furnish the following confirmation
letters indicating that:

     (a) all conditions on the SC's approval have been met, and
the ESOS Bye-Laws do not contravene the requirements of the SC's
ESOS Guidelines; and

     (b) the Proposed ESOS has been approved by all other
relevant parties, and has complied with all conditions imposed
thereon; and

   (iii) The Company is to fully comply with the other
requirements in relation to the implementation of the Proposed
ESOS, as set out under the SC's Policies and Guidelines on
Issue/Offer of Securities.


AVENUE ASSETS: Seeks Shareholders' Mandate Approval
---------------------------------------------------
The Board of Directors of Avenue Assets Berhad announced that
the Company proposes to seek approval from its shareholders at
the forthcoming Extraordinary General Meeting for a general
shareholders' mandate for recurrent related party transactions
of a revenue or trading nature which are necessary for the
Avenue Group's day-to-day operations (Recurrent Transaction).

A Circular to Shareholders setting out the details pertaining to
the Recurrent Transaction together with the Notice of Meeting
will be dispatched to the shareholders in due course.


BERJAYA SPORTS: Conversion Listing Granted Today
------------------------------------------------
Kindly be advised that Berjaya Sports Toto Berhad's additional
7,203,400 new ordinary shares of RM1.00 each arising from the
Conversion of RM7,203,400 Nominal Amount of 8% Irredeemable
Convertible Unsecured Loan Stock 2002/2012 into 7,203,400 New
Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, 15 October 2003.

As the said new ordinary shares shall not be entitled to the
final dividend of RM0.28 per share less 28% income tax for the
financial year ended 30 April 2003, they will be quoted as
"BJTOTO-OB".

COMPANY PROFILE

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

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

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

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


KIARA EMAS: Releases Investigative Report Findings
--------------------------------------------------
On 20 June 2003, AmMerchant Bank Berhad (AmMerchant Bank) had
announced the following on behalf of Kiara Emas Asia Industries
Berhad:

1. AmMerchant Bank had submitted two (2) copies of the
investigative due diligence report on the past losses of Kiara
Emas (Report) to the Securities Commission (SC) on 3 June 2003
pursuant to the requirement set out in paragraph 4(iii)(a) of
the SC's approval letter dated 24 December 2002 (Approval
Letter); and

2. AmMerchant Bank had, on behalf of Kiara Emas, sought the
approval of the SC to vary the requirement of the Approval
Letter to announce the results of the Report, so as to replace
it with a requirement to announce that the Report has been
completed and furnished to the SC.

The Board of Directors of Kiara Emas wishes to announce that the
SC has via its letter dated 10 October 2003 declined the
approval sought pursuant to paragraph 2 above.

As such, in compliance with paragraph 4(iii)(a) of the Approval
Letter, the Company hereby announces the findings of the Report,
which was prepared by Anuarul Azizan Chew Consulting Sdn Bhd
(AAC) based on the management financial statements of the Kiara
Emas Group (Group) for the financial period ended 30 September
2001.

At the Group level, the findings of the Report are summarized as
follows:

1. Sales, Debtors' Turnover, Gearing and Provision for Doubtful
Debts

   (a) The Group suffered substantial losses as a result of the
management's decision to allow corporate purchasers to take
delivery of coaches with only deposits paid. The Group continued
to sell coaches on credit terms to customers who have defaulted
on their payment obligations. The Group relied mainly on short-
term trade lines from banks to finance its trade debtors. This
resulted in an increase in gearing and losses suffered from
substantial provisions for doubtful debts;

   (b) Significant discrepancies between the trade debtors
listing and the trade debtors ageing reports;

   (c) The Group did not conduct any formal, documented
creditworthiness check on potential customers, and did not have
clearly defined procedures on maintaining customer credit
information to enable the monitoring of creditworthiness, or
formal procedures to assign credit limits to customers;

   (d) Discovery of six (6) trade debtors amounting to RM6.59
million in respect of which searches conducted did not show any
records of these companies at the Companies Commission of
Malaysia (CCM); and

   (e) Amounts owing by certain trade debtors had been provided
as doubtful debts despite their healthy financial positions as
reported in the company search results at the CCM. Two (2) of
the trade debtors are connected parties.

2. Land Titles

   (a) Two (2) landed properties owned by the Group had been
pledged to banks as security for facilities but was not
disclosed in the audited accounts.

   (b) One (1) of the above landed properties had been pledged
to a bank in 1995 for facilities granted to a company, which is
a connected party. The said company has been a tenant since 1997
but the tenancy was not disclosed.

3. Factoring Facilities

Certain factoring facilities remained outstanding although the
debtors' ageing report showed that the debtors had fully settled
their obligations in 1998. All the three (3) trade debtors are
connected parties.

4. Service Contract

A discrepancy in the confirmations on the existence of a service
contract involving the use of one of the company's motor
vehicles by a senior management personnel who is connected to a
former substantial shareholder and former directors of Kiara
Emas. There is also an outstanding loan of RM150,000.00 owing by
the said person.

5. Lost Accounting Records

   (a) All the accounting records (i.e. trial balance, general
ledger, bank statements and reconciliation, bank correspondence,
cash book, debtors' ledgers and ageing, creditors' ledgers,
fixed assets register, stock listing etc.) prior to 2001 were
not made available for review.

   (b) Furthermore, some of the other difficulties encountered
were as follows:

     (i) Land titles and certain motor vehicles' registration
cards were not made available for review;

     (ii) Kiara Emas did not prepare any bank reconciliation;

     (iii) Previous years' audit journal entries were not
properly booked into the management accounts;

     (iv) There was no proper reconciliation of differences in
the inter-company balances;

     (v) Stock listings had not been prepared for any of the
companies in the Group except for HLCSB; and

     (vi) Failure to prepare quarterly group accounts for the
purpose of the KLSE announcements.

Subsequent to the above findings, the new management team has
carried out further investigations and filed several reports to
the Securities Commission, Kuala Lumpur Stock Exchange and
police. Several legal suits have been commenced against several
parties. Further details of the suits by Kiara Emas are set out
on pages 22, 27, 28 and 87 of the Prospectus of Major Team
Holdings Berhad dated 28 August 2003.


MANGIUM INDUSTRIES: Discloses Sept Production Figures
-----------------------------------------------------
The Board of Directors of Mangium Industries Bhd. (formerly
known as Serisar Industries Bhd.) and Subsidiaries (the Group)
announces the following monthly production figure for the month
of September 2003 in compliance with Paragraph 9.29 of the
Chapter 9 of the Kuala Lumpur Stock Exchange Listing
Requirements for your kind attention:

                                                   M3
Kilang Papan Dasatu Sdn. Bhd.

1. Production of sawn timber                      379.63
2. Production of finger joint timber               58.73
                                       ------------------
KILANG PAPAN DASATU SDN. BHD.                     438.36

Serisar Forest Plantation & Products Sdn. Bhd.

1. Production of logs                          14,558.29
                                       ------------------
                                         Total 14,996.65
                                       ------------------

Early this month, the Troubled Company Reporter - Asia Pacific
reported that Mangium Industries said that its wholly owned
subsidiary, Kilang Papan Dasatu Sdn Bhd (KPD) has not paid, and
is deemed to have defaulted in its repayments on facilities
granted by Standard Chartered Bank Malaysia Berhad and Southern
Bank Berhad, which are unsecured. The details of the facilities
currently in default can be found at
http://bankrupt.com/misc/TCRAP_Mangium1002.doc.


MANGIUM INDUSTRIES: Provides Additional Proposed Disposal Info
--------------------------------------------------------------
Mangium Industries Bhd, in reply to Query Letter by Kuala Lumpur
Stock Exchange reference ID: MN-031006-38010 on the Proposed
Disposal by Kilang Papan Dasatu Sdn Bhd (KPD) of a piece of
Vacant Industrial Leasehold Land [Proposed Disposal], provided
the additional information as requested:

1. Net book value of the Land based on KPD's latest audited
accounts.

The Net Book Value (NBV) of the Land based on KPD's latest
audited accounts for the financial year ended 31 December 2002
is RM3,009,544.00 (Ringgit Malaysia Three Million Nine Thousand
Five Hundred Forty Four Only).

2. Particulars of all liabilities to be assumed by Malaysian
Assurance Alliance Berhad (Purchaser) arising from the Proposed
Disposal.

None.

3. Names of the Directors and substantial shareholders of the
Purchaser.

Directors: Y. Bhg. Major General (Rtd) Lai Chung Wah
    Y.M. Tunku Dato' Seri Iskandar bin Tunku Abdullah
    Y.M. Tunku Dato' Ya'acob bin Tunku Abdullah
    Encik Razman Hafidz bin Abu Zarim
    Y. Bhg. Dato' Iskandar Michael bin Abdullah
    Encik Ramlan bin Abdul Rashid

Substantial shareholders: MAA Holdings Bhd. Malaysian Assurance
Alliance Berhad (Purchaser) is the wholly owned subsidiary of
MAA Holdings Bhd

4. Whether the Proposed Disposal is subject to the approval of
shareholders and the relevant government authorities.

The Proposed Disposal is not subject to the approval of
shareholders of Mangium Industries Bhd (formerly known as
Serisar Industries Bhd).

The Proposed Disposal is not subject to the approval of any
other relevant government authorities.

5. A description of the Land.

(a) the expiry date of the lease

99 years leasehold as per the Valuers Report dated 15.10.2002
and will expire on 29.4.2096.

(b) the date and method of valuation

The valuation report was dated 15.10.2002 and the valuers
adopted the Comparison Method of valuation.

(c) the encumbrances

None.


MOL.COM BERHAD: All Resolutions Duly Pass at EGM
------------------------------------------------
The Board of Directors of Mol.Com Berhad announced that all the
following resolutions proposed at the Company's Extraordinary
General Meeting held on Monday, 13 October 2003 have been duly
passed:

Resolution 1: Proposed Listing of MOL Accessportal Berhad
(MOLAccess) on the MESDAQ Market of Kuala Lumpur Stock Exchange.

Resolution 2: Proposed issue of MOLAccess shares to Tan Sri
Dato' Seri Vincent Tan Chee Yioun.

Resolution 3: Proposed issue of MOLAccess shares to Hong Len
Shun.

Resolution 4: Proposed issue of MOL Access shares to Tay Thiam
Siew.

Resolution 5: Proposed issue of MOLAccess shares to Chang Yit
Fei.

Resolution 6: Proposed issue of MOL Access shares to Dato' Mohd
Farid Bin Ariffin.

Resolution 7: Proposed issue of MOLAccess shares to Ho Yik.

Resolution 8: Proposed issue of MOLAccess shares to Freddie Pang
Hock Cheng.

COMPANY PROFILE

Originally involved in lighting apparatus, wires and cables, the
Group began to invest in Internet companies in 2000, with the
objective to become a major Internet incubator.

In line with the Group's on-going internal restructuring
exercise, embarked upon in 2001, certain subsidiaries have
either ceased operations, or were divested, or both.
Accordingly, since the third quarter of 2002, the Group has
regrouped its main business segments as follows: electrical
products, IT and Internet-related business, and investments.

Due to losses incurred by the Group up to 31.12.01, the Company
is undertaking a rights issue of two for one at par, which would
result in the issue of approx. 150,674,600 shares and would
raise funds amounting to RM150.674m.

The major controlling shareholder of the Company, Tan Sri Dato'
Tan Chee Yioun (TSVT), had advanced RM125.05m to the Group,
indicating that the whole of these advances would be applied
towards subscription of his entitlement to the rights issue.
TSVT intends to subscribe for any remaining rights shares that
are not taken up by other shareholders.

Subsequent to this, the Board of Directors has announced that
the Company's financial condition has been regularized with the
completion of its plan in relation to the proposed rights issue
on 28.4.03.

Products and services: Electrical products; one-stop Web address
registration, Web design, hosting and online marketing; complete
financial information and online share trading services; trade
and barter exchange services; online educational and e-learning;
Digital Nervous Systems Solutions provider and consultancy and
development of e-commerce solution; sales and marketing products
through alliances with cyber cafes.

CONTACT INFORMATION: 11th Floor Menara Berjaya, KL Plaza
        179 Jalan Bukit Bintang
        55100 Kuala Lumpur
        Tel. No.: 03-29358888
        Fax. No.:03-29358043
        e-mail address: cosec@berjaya.com.my


NCK CORPORATION: Proposed Disposals Conditions Fulfilled
--------------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed) (NCK
or Company) refers to the announcement made on 12 May 2003 in
relation to the Proposed disposal of the entire equity interest
comprising 5,568,750 ordinary shares of RM1.00 each in Ken Rimba
Jaya Sdn Bhd (formerly known as Hock Hup Developments
(Sendirian) Berhad), a wholly-owned subsidiary of NCK, to Ken
Projects Sdn Bhd (KPSB), a wholly-owned subsidiary of Ken
Holdings Berhad, for a cash consideration of RM14,170,000
(Proposed Disposal).

On behalf of the Special Administrators of NCK (SA), Southern
Investment Bank Berhad wishes to announce that the SA had on 7
October 2003, received notification from the solicitors of KPSB
that the Foreign Investment Committee (FIC) had on 26 September
2003 approved the proposed acquisition of Ken Rimba Jaya Sdn Bhd
by KPSB. Pursuant to the approval of the FIC, all conditions
precedent in relation to the Proposed Disposal have been
fulfilled.


OLYMPIA INDUSTRIES: MoU Status Remains Unchanged
------------------------------------------------
Subsequent to the last announcement on 14 July 2003 pertaining
to the Memorandum of Understanding (MOU) between Olympia
Industries Berhad (OIB), Vinci Construction Grand Projects and
Invescor-Dumez Jaya-Woh JV dated 17 October 2002, the Board of
OIB wishes to announce that there has been no material
development on the MOU apart from the requirement for OIB to
fulfill its financial obligations in respect of the revised
allocation of 35 units upon completion of its restructuring
scheme.


PWE INDUSTRIES: Revises Proposed Corporate Restructuring
--------------------------------------------------------
PWE Industries Berhad refers to the requisite announcement of
PWE dated 16 July 2003 (RA) in relation to the Proposed
Corporate Restructuring.

Following the RA, on behalf of the Board of Directors of PWE, PM
Securities Sdn Bhd (PM Securities) wishes to announce certain
revisions relating to the Proposed Corporate Restructuring of
PWE as follows:

   i) the Proposed Acquisition of BBMSB (as defined in the RA)
shall be revised to involve the acquisition of the entire issued
and paid-up share capital of BBMSB for a consideration of
RM95,117,949 to be satisfied by way of issuance of 168,235,898
new ordinary shares of RM0.50 each in Bintang Mover Berhad (BMB)
(BMB Shares) at par with RM11,000,000 nominal value of
Redeemable Cummulative Unsecured Loan Stock (RCULS), as compared
to 104,235,898 new BMB Shares at par with, 64,000,000
Irredeemable Convertible Preference Shares of RM0.10 each in BMB
(ICPS) at RM0.50 per ICPS and RM11,000,000 nominal value of
RCULS, as announced earlier (Revised Proposed Acquisition of
BBMSB);

   ii) the proposed special issue of 27,000,000 new BMB Shares
at par to Encik Ahmad Shalimin bin Ahmad Shafie (Encik Shalimin)
being an additional proposal to be included as part of the
Proposed Corporate Restructuring of PWE (Proposed Special
Issue);

   iii) the Proposed Exemption (as defined in the RA) shall be
revised to involve an exemption to Mr Yap Hock Sing (YHS), Mr
Yap Hock Tian (YHT), Encik Shalimin and the other vendors of the
acquiree companies pursuant to the Proposed Acquisitions (as
defined in the RA), (collectively referred to as the "Parties
Acting In Concert"), from the obligation to undertake a
mandatory offer for the remaining shares not already held by
them upon completion of both the Proposed Acquisitions and
Proposed Special Issue, as compared to upon completion of the
Proposed Acquisitions, as announced earlier (Revised Proposed
Exemption);

   iv) the Proposed Share Exchange (as defined in the RA) shall
be revised to involve the exchange of 42,000,000 ordinary shares
of RM1.00 each in PWE held by the existing shareholders of PWE
with 19,849,286 new BMB Shares, as compared to 19,764,000 new
BMB Shares, as announced earlier (Revised Proposed Share
Exchange);

   v) the Proposed Settlement (as defined in the RA) shall be
revised to involve the proposed settlement and compromise of the
shortfall in the profit guaranteed by Equatorial Timber
Marketing Sdn Bhd (ETM) of RM6,978,359 by way of issuance of
34,712,688 new Warrants in BMB (Warrants) to the shareholders of
BMB after the Proposed Share Exchange (who are previously
minority shareholders of PWE), as compared to 34,563,536
Warrants, as announced earlier (Revised Proposed Settlement);
and

   vi) the Proposed Placement (as defined in the RA) shall be
revised to involve up to 32,000,000 BMB Shares by YHS and YHT as
compared to 20,000,000 BMB Shares, as announced earlier (Revised
Proposed Placement).

Pursuant to the abovementioned revisions, PWE and the respective
vendors of the BBMSB Group had on 10 October 2003 entered into
four (4) Supplemental Agreements which are supplemental to the
conditional Sale and Purchase Agreements dated 16 July 2003 as
announced on 16 July 2003.

For details of the Revised Proposed Acquisition of BBMSB,
Proposed Special Issue, Revised Proposed Exemption, Revised
Proposed Share Exchange, Revised Proposed Settlement and Revised
Proposed Placement, click
http://bankrupt.com/misc/TCRAP_PWE1015.doc.


SCK GROUP: MCD Securities Deposit Remains Despite KLSE Delisting
----------------------------------------------------------------
The Board of Directors of SCK Group Berhad wishes to inform that
the Kuala Lumpur Stock Exchange has informed on 10 October 2003
that after having considered all facts and circumstances of the
matter and upon consultation with the Securities Commission, the
Committee of the Exchange resolved that the Company's appeal
against the Exchange's decision to de-list the securities of SCK
from the official list of the Exchange be disallowed and decided
to de-list the securities of SCK.

The Exchange has also rejected the Company's request for an oral
representation before the Committee of the Exchange.

The securities of the Company will be removed from the official
list of the Exchange at 9.00 a.m. Monday, 27 October 2003.

The securities of the Company may remain deposited with the
Malaysian Central Depository Sdn Bhd ("MCD") not withstanding
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 withdraw 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 Helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


SIN HENG: Investigative Report Submission Extended to Nov 30
------------------------------------------------------------
Sin Heng Chan (Malaya) Berhad (Special Administrators Appointed)
refers to the announcement made on 24 September 2003 in relation
to the application made to the Securities Commission (SC) for an
extension of time to complete the investigative audit to be
conducted on the Company pursuant to the conditions imposed by
the SC in its approval letter dated 27 December 2002.

On behalf of the Special Administrators of SHCM, Southern
Investment Bank Berhad wishes to announce that the SC, via its
letter dated 8 October 2003, received on 9 October 2003,
approved the Company's application for an extension of time
until 30 November 2003 for the submission of the investigative
audit report to the SC. However, the SC stated that it will not
consider any further application for extension of time for the
submission of the investigative audit report to the SC.


SOUTHERN PLASTIC: Faces Statutory Demand From OCBC Over Facility
----------------------------------------------------------------
The Board of Directors of Southern Plastic Holdings Bhd would
like to announce that OCBC Bank (Malaysia) Berhad have sent a
Statutory Demand under Section 218 of the Companies Act 1965
pursuant to a Judgment and Order both dated 31 October 2002
obtained by OCBC Bank against the Company in the Penang High
Court. Messrs Cheong Wai Meng & Van Buerle served the notice
from the Bank on the Company on 9 October 2003.

OCBC Bank (Malaysia) Berhad is claiming for an outstanding
banking facility granted to the Company amounting to
RM4,281,045.02 as at 30 April 2001 with further interest
accruing from 1 May 2001 until full settlement.

The directors are confident that the matter will resolved
promptly. The Statutory Demand is not expected to have any major
disruption on the normal operations of the Group.


SOUTHERN PLASTIC: Appoints KLCITY as Workout Scheme Adviser
-----------------------------------------------------------
Southern Plastic Holdings Berhad refers to the announcement
dated 25th and 26th September 2003 on the Proposed Restructuring
Scheme, involving:

   * Proposed Restricted Issue
   * Proposed Special Bumiputera Issue
   * Proposed Acquisitions
   * Proposed Debt Restructuring
   * Proposed Exemption Under the Malaysian Code of Take-Overs
     and Mergers 1998 and
   * Proposed Increase in the Authorized Capital.

The Board of Directors of the Company is pleased to announce the
appointment of Kuala Lumpur City Securities Sdn Bhd (KLCITY) as
adviser for the proposed restructuring scheme. KLCITY is
presently evaluating the proposed restructuring scheme and
options available to the Company. An announcement will be made
in due course on the proposed course of action.


SUNWAY HOLDINGS: Posts Unit's Deregistration Application Status
---------------------------------------------------------------
Reference is made to the announcement on 18 July 2003 in
relation to the deregistration of Sungei Way Nusantara Pte Ltd
(SWN), a wholly-owned subsidiary of Sunway
Marketing (S) Pte Ltd, which in turn is a wholly-owned
subsidiary of Suninc.

Sunway Holdings Incorporated Berhad informed that the Registrar
of Companies of Singapore had replied via its letter dated 1
October 2003 informing that at the expiration of three months
from the date of notice dated 30 September 2003, SWN will,
unless cause to the contrary is shown, be struck off the
register. SWN is presently dormant.

SunInc will make a subsequent announcement to the Exchange upon
receipt of the notice of deregistration from the Registrar of
Companies of Singapore.

For further details of the SWN's deregistration application,
refer to the Troubled Company Reporter - Asia Pacific Tuesday,
July 22 2003, Vol. 6, No. 143 issue.


TAT SANG: KLSE Rejects Securities Delisting Appeal
--------------------------------------------------
Tat Sang Holdings Berhad refers to the Appeal against De-listing
of its Securities from the Official List of the Kuala Lumpur
Stock Exchange.

The Kuala Lumpur Stock Exchange after having considered all the
facts and circumstances of the matter and upon consultation with
the Securities Commission, the Committee of the Exchange resolve
that the Appeal be disallowed and decided to de-list the
securities of TATSANG from the Official List of the Exchange as
TATSANG does not have an adequate level of financial condition
to warrant continued listing on the Official List of the
Exchange.

The Committee of the Exchange is of the view that the matters
raised by TATSANG in its submission both to the Listing Sub-
Committee (LSC) and the Committee of the Exchange do not justify
any reason to depart from the decision of the LSC.

In arriving at this decision, the Committee of the Exchange had
regard to all the issues including, in particular the following
factors:

   (a) TATSANG has not as at 13 August 2003 made its Requisite
Announcement;

   (b) A total of 21.5 months have lapsed since TATSANG
triggered Paragraph 2.1 (b) of Practice Note No. 4/2001 (PN4) on
23 October 2001;

   (c) The steps taken by TATSANG to regularize its financial
condition including the representation that the Memorandum of
Understanding entered on 25 April 2003 with Cooldec Group of
Companies had lapsed, that there was a change of composition of
directors of TATSANG on 21July 2003 and that TATSANG had entered
into a Sale and Purchase cum Restructuring Agreement on 7 August
2003 with its new white knight, Kien Tat (Construction) Sdn.
Bhd. However, as at 13 August 2003, TATSANG has yet to make the
Requisite Announcement;

   (d) All PN4 companies are required to regularize their
financial condition within the prescribed time frames. The
belated reconstitution of the Board of TATSANG does not justify
the non-regularization of its financial condition;

   (e) TATSANG has failed to make its Requisite Announcement
within the time frame prescribed in Paragraph 8.14 of the
Listing Requirements and PN4 and no further extension of time
has been granted to TATSANG by the KLSE;

   (f) The requirement for companies to have an adequate level
of financial condition serves to ensure that companies listed on
the Official List are of a certain minimum quality. Companies
that have a certain minimum level of financial condition serve
to preserve and sustain market integrity and investors'
confidence; and

   (g) In the opinion of the KLSE, adequate time and opportunity
has been accorded to TATSANG to regularize its financial
condition.

Please be informed that the securities of the Company will be
removed from the Official List of the Exchange at 9:00 a.m. 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 may 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 certificate can withdraw these
securities from their CDS 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 the
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.


TONGKAH HOLDINGS: Oct 22 Adjourned Warrant Holders Meeting Set
--------------------------------------------------------------
On behalf of the Board of Tongkah Holdings Berhad, Public
Merchant Bank Berhad is pleased to announce that:

   (i) the Adjourned Warrant Holders Meeting will be held at THB
Satu, Level 2, West Wing, 8, Jalan Damansara Endah, Damansara
Heights, 50490 Kuala Lumpur on 22 October 2003 at 3:30 p.m. for
the purpose of considering and if thought fit;

   (ii) the Adjourned EGM will be held at THB Satu, Level 2,
West Wing, 8, Jalan Damansara Endah, Damansara Heights, 50490
Kuala Lumpur on 27 October 2003 at 9:30 a.m. for the purpose of
considering and if thought fit (with or without modifications);

   (iii) the Adjourned ICULS Holders Meeting will be held at THB
Satu, Level 2, West Wing, 8, Jalan Damansara Endah, Damansara
Heights, 50490 Kuala Lumpur on 13 November 2003 at 9:00 a.m. for
the purpose of considering and if thought fit (with or without
modifications;

   (iv) the ICULS Holders Meeting will be held at THB Satu,
Level 2, West Wing, 8, Jalan Damansara Endah, Damansara Heights,
50490 Kuala Lumpur on 13 November 2003 at 9:30 a.m. for the
purposes of considering and if thought fit (with or without
modifications);

   (v) the Bond A Holders Meeting will be held at THB Satu,
Level 2, West Wing, 8, Jalan Damansara Endah, Damansara Heights,
50490 Kuala Lumpur on 13 November 2003 at 10:00 a.m. or
immediately after the conclusion or adjournment of the ICULS
Holders Meeting for the purposes of considering and if thought
fit (with or without modifications;

   (vi) the Bond B Holders Meeting will be held at THB Satu,
Level 2, West Wing, 8, Jalan Damansara Endah, Damansara Heights,
50490 Kuala Lumpur on 13 November 2003 at 10:30 a.m. or
immediately after the conclusion or adjournment of the Bond A
Holders Meeting for the purposes of considering and if thought
fit (with or without modifications),

the resolutions of the above-mentioned meeting are set out at
http://bankrupt.com/misc/TCRAP_Tongkah1015a.doc.


TONGKAH HOLDINGS: Quoted Securities Disposed
--------------------------------------------
Tongkah Holdings Berhad informed that it had on 10 October 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively "Bonds")) that they
have on 6 October 2003, disposed of some of the Company's
securities held in public listed companies, which are pledged
with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Go to http://bankrupt.com/misc/TCRAP_Tongkah1015.doc
for information on the securities disposed.


UCP RESOURCES: FIC OKs Revised Proposed Restructuring Scheme
------------------------------------------------------------
Reference is made to UCP Resources Berhad's announcement dated
15 August 2003 on the Proposed Corporate and Debt Restructuring
Scheme, comprising:

   ú Proposed Share Exchange;
   ú Proposed Debt Settlement;
   ú Proposed Acquisitions;
   ú Proposed Capitalization of GRSB Advances;
   ú Proposed Disposal of GRSB Shares to SHSB;
   ú Proposed Rights Issue;
   ú Proposed Placements;
   ú Proposed Transfer of Listing;
   ú Proposed Liquidation; and
   ú Proposed Exemption

Public Merchant Bank Berhad (PMBB), on behalf of UCP, is pleased
to announce that the Foreign Investment Committee had, vide its
letter dated 1 October 2003 (which was received by PMBB on 10
October 2003), approved the revisions to the Proposed Corporate
and Debt Restructuring Scheme as announced on 15 August 2003.


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


MANILA ELECTRIC: ERC Clarifies Differential Billing of Utilities
----------------------------------------------------------------
The Energy Regulatory Commission (ERC) issued a clarification on
the Implementing Rules and Regulations of R.A. 7832, otherwise
known as the "Anti-Electricity and Electric Transmission
Lines/Materials Pilferage Act of 1994."

The Commission clarified, in particular, pertinent provisions on
differential billing as cited in Section 5 of Rule VII of the
IRR of the said Act.

Differential billing is the amount to be charged to the person
concerned for the unbilled electricity illegally consumed by
him.

The clarification was made in the light of complaints filed with
the Commission's Consumer Affairs Service (CAS) on the manner by
which MERALCO computes the complainant's differential billing
for the alleged violation of RA 7832, particularly with respect
to the period of recovery by the said distribution utility.

ERC explained that, if prior to the date of discovery and within
a one (1) year period, there was a change of meter, change of
seal or reconnection, or replacement of parts, or it can be
determined that there was an abrupt or abnormal drop in
consumption, the period to be recovered for purposes of the
differential billing should be reckoned from the time when the
said changes, inspection or reconnection occurred. This may
result in a less than a year period of recovery.

The regulator further said that if the concerned consumer
presents indubitable and adequate proof that the occurrence of
the illegal use of electricity occurred less than a year, then
for purposes of calculating the differential billing, the
recoverable period should start from the occurrence of the
illegal use up to the time of apprehension.

"To allow the recovery of a period of one (1) year when there is
sufficient evidence to show that the illegal use of electricity
is less than one (1) year is tantamount to unjust enrichment on
the part of Meralco," ERC Chairman Manuel R. Sanchez said.
"Equity and fair play dictate that an aggrieved party may be
allowed to recover only his actual loss," he added.

ERC also cited the rule of statutory construction that a statute
should be construed in such a way as to avoid absurdity. If the
words of a statute are susceptible to more than one meaning, the
absurdity of the result of one construction is a strong argument
against its adoption and in favor of such sensible
interpretation as will avoid such result (Chartered Bank of
India vs. Imperial, 48 Phil. 931; People vs. Revilla, 59 Phil.
236).


MANILA ELECTRIC: Must Continue Refund Scheme, Says Perez
--------------------------------------------------------
The Manila Electric Co. (Meralco) should continue its refund
process despite the Company's current financial bind, the
Philippine Star said on Tuesday, citing Energy Secretary Vincent
S. Perez. The phase II of refund started last month and is
expected to be completed by end-December this year to benefit
2.25 million customers.

At present, Meralco has refunded P1.75 billion to active
residential customers using 0-100 kilowatt hours (kWh) under
Phase I of the refund. Phase II involves customers consuming
101-300 kWh per month. Meralco has an estimated gross refund
amount of P4.56 billion under Phase II.

Perez said the Department of Energy (DOE) through the Consumer
Welfare Promotion Office (CWPO) is ready to entertain queries
from consumers about the Meralco refund by calling 840-2267.


MANILA ELECTRIC: Seeking P0.1358/kwh Tariff Increase
----------------------------------------------------
Manila Electric Co (Meralco) has asked the Energy Regulatory
Commission (ERC) to "provisionally approve" its latest petition
for a tariff increase, citing pressures on its cash flow, BPI
Securities reports. Meralco filed a petition with the ERC Friday
seeking approval for a tariff increase of an average
P0.1358/kwh, an increase of 2.3 percent over the present overall
average charge of P5.9893/kwh.

Although the Company has just received approval from the
government in May for a recent rate increase, the increase was
based on the value of assets that were appraised in 1999, while
the revenue requirement was based on 2000 financial statements.

Meralco's return on rate base is projected to only be at 7.9
percent this year, even with the latest rate increase, and to
decline further to 7.1 percent in 2004 due to the continued
investments the Company is making.


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


APR COAL: Releases Winding Up Order Notice
------------------------------------------
APR Coal & Energy (S) Pte Ltd also known as Sino Energy (S) Pte
Ltd. issued a winding up order notice made on the 3rd day of
October 2003.

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

ASCENTSIA LAW CORPORATION
Solicitors for the Petitioner.


ASAHIKASEI ASIA: Creditors to Submit Claims by November 10
----------------------------------------------------------
Notice is hereby given that the creditors of Asahikasei Asia Pte
Ltd (In Members' Voluntary Liquidation), which is being wound up
voluntarily, are required on or before the 10th day of November
2003 to send in their names and addresses, with particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidator of the
said Company, and, if so required by notice in writing by the
said Liquidator, are by their solicitors, or personally, to come
in and prove their said debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


BAXTER HEALTHCARE: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
The creditors of Baxter Healthcare Pte Ltd (In Members'
Voluntary Liquidation), which is being wound up voluntarily, are
required on or before the 12th day of November 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the said Company, and, if
so required by notice in writing by the said Liquidator, are by
their solicitors, or personally, to come in and prove their said
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

LIM SIEW HOON
Liquidator.
c/o 2 Woodlands Industrial Park D
Singapore 738750.


DAIDO ENGINEERING: Creditors Must Submit Claims by November 1
-------------------------------------------------------------
Notice is hereby given that the Creditors of Daido Engineering
(Singapore) Pte Ltd (In Members' Voluntary Winding-Up), which is
being wound up voluntarily, are required on or before 1 November
2003 to send in their names and addresses and the particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to the undersigned, the Joint Liquidators
of the said Company, and if so required by notice in writing
from the said Joint Liquidators or by their Solicitors or
personally to come in and prove their said debts or claims at
such time and place as shall be specified in such notice or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

STEVEN TAN CHEE CHUAN and
DOUGLAS TAN KAY YEOW
Joint Liquidators
138 Cecil Street
#15-00 Cecil Court
Singapore 069538.


DAIDO ENGINEERING: Unveils September 30 AGM Resolutions
-------------------------------------------------------
At a Annual General Meeting (AGM) of Daido Engineering
(Singapore) Pte Ltd duly convened and held at 138 Cecil Street
#15-00 Cecil Court, Singapore 069538 on 30 September 2003, the
following resolutions set out below were duly passed:

SPECIAL RESOLUTIONS:

(a) ``That the Company be wound up voluntarily pursuant to
Section 290(1)(b) of the Companies Act, Cap. 50, and that Messrs
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street #15-00 Cecil Court, Singapore 069538, be and are hereby
appointed joint and several Liquidators for the purpose of such
winding-up.

(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests.

(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by Section
272(1)(b), (c), (d) and (e), of the Singapore Companies Act,
Cap. 50.''

ORDINARY RESOLUTION:

``That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up the
Company on their normal scale of fees and that the Liquidators
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in execution and discharge of their duties in relation
thereto.''

YOSHIHARU WATANABE
Director.


LEUN WAH: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Leun Wah Electric Company (Private)
Limited is set for hearing before the High Court of the Republic
of Singapore on October 31, 2003 at 10 o'clock in the morning.
Cummins Power Generation Pte Ltd., a creditor, whose address is
situated at 77 Robinson Road, #10-03 SIA Building, Singapore
068869, filed the petition with the court on October 2, 2003.

The petitioners' solicitors are Messrs Robert W H Wang & Woo,
Advocates and Solicitors, of No. 9 Temasek Boulevard, #36-02
Suntec Tower 2, Singapore 038989. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs Robert W H Wang & Woo a notice in writing not
later than twelve o'clock noon of the 30th day of October 2003
(the day before the day appointed for the hearing of the
Petition).


PROSPER INVESTMENTS: Winding Up Hearing Set For October 17
----------------------------------------------------------
The petition to wind up Prosper Investments Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
October 17, 2003 at 10 o'clock in the morning. Ng Liang Poh, a
creditor, whose address is situated at 133 New Bridge Road, #10-
02 Chinatown Point, Singapore 059413, filed the petition with
the court on September 24, 2003.

The petitioners' solicitors are Messrs Ganesh & Colin of No. 51B
Temple Street, Singapore 058596. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs Ganesh & Colin a notice in writing not later than
twelve o'clock noon of the 16th day of October 2003 (the day
before the day appointed for the hearing of the Petition).


THAKRAL CORPORATION: Posts Changes in Shareholder's Interest
------------------------------------------------------------
Thakral Corporation Ltd. issued a notice of changes in
substantial shareholder/Director Kartar Singh Thakral's
interests as follows:

Date of notice to Company: 13/10/2003
Date of change of deemed interest: Please refer to Table A
Name of registered holder: G K Goh Stockbrokers Pte Ltd

Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by a financial
institution to meet obligation of Thakral Investments Limited.

Information relating to shares held in the name of the
registered holder:

No. of shares which are the subject of the transaction: Please
refer to Table A
% of issued share capital: Please refer to Table A
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: Please refer to Table A
No. of shares held before the transaction: 15,566,862
% of issued share capital: 1.041
No. of shares held after the transaction: 5,566,862
% of issued share capital: 0.372

Holdings of Substantial Shareholder/Director, including direct
and deemed interest: -  Deemed Direct
No. of shares held before the transaction: 304,199,654 0
% of issued share capital: 20.335 0
No. of shares held after the transaction: 294,199,654 0
% of issued share capital: 19.666 0
Total shares: 294,199,654 0


VAM CONSTRUCTION: Releases Dividend Notice
------------------------------------------
Vam Construction Pte Ltd. issued a notice of intended dividend
as follows:

Address of Registered Office: Formerly of 3 Upper Pickering St
#08-27
Singapore 051003.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 201 of 1991.

Last Day for Receiving Proofs: 17th October 2003.

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

KAREN LOH PEI HSIEN
Assistant Official Receiver.


YEW HUAT: Issues Winding Up Order Notice
----------------------------------------
Yew Huat (S) Trading Company Private Limited issued a notice of
winding up order made on the 26th day of September 2003.

Names and address of Liquidators: The Official Receiver
Insolvency & Public Trustee's Office

The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118.
Messrs SHOOK LIN & BOK
Solicitors for the Petitioner.


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


ADVANCE PAINT: SET Grants Listed Securities
-------------------------------------------
Starting from October 15, 2003, the Stock Exchange of Thailand
(SET) allowed the securities of Advance Paint & Chemical
(Thailand) Public Company Limited (APC) to be traded on the SET
after finishing capital increase procedures.

     Name       : APC
     Issued and Paid up Capital
        Old     : Bt1,674,800,250
        New     : Bt1,693,370,750
     Allocate to:
         - 602,380 warrants of existing shareholders
           (APC-W1) exercise to 602,380 common shares
         - 1,254,700 warrants of existing shareholders (APC-W2)
           exercise to 1,254,700 common shares (par value Bt10
           per share)
    Ratio       : 1:1
    Exercise Price: Bt1
    Exercise Date : September 30,2003


DATAMAT PUBLIC: Reports Rehabilitation Plan Progress
----------------------------------------------------
Datamat Public Company Limited, in reference is made to the
Stock Exchange of Thailand letter Ref. No. BorJor. (Wor) 13/2546
dated March 28, 2003, would like to report the progress of the
rehabilitation plan as follows:

1. The newly restructured organization has produced a strong
growth of the Company's revenues during the first half of 2003,
amounting to Bt562 million, an increase of 343 percent in
comparison with the same period of the year 2002.

The Company's businesses are segmented into the following three
groups:

   a. System Integration and Outsourcing Services;
   b. Software Development and Software Services; and
   c. Communication Infrastructure Development.

2. Four financial institutions lenders, whose debts equivalent
to 51 percent of the total debts, have agreed to the Company's
proposal of one time cash repayment at 40 percent discount of
the current principals. The discount is approximately Bt115
million.

This repayment will help reduce the Company's liabilities of
another Bt72 million in interests accrued.  The repayment of the
total of Bt172.4 million will be made within October 2003.

3. The Company is in the process of increasing its capital of
Bt407 million by rights offering of 407 million shares to
existing shareholders at Bt1.00 per share.  The Shareholder's
meeting for the approval of the capital increase was scheduled
on October6, 2003, and the subscription period was scheduled
during October 7 - October 13, 2003.


GENERAL ENGINEERING: Issues Restructuring Plan Status Update
------------------------------------------------------------
General Engineering Public Company Limited provided an update on
the progress of its rehabilitation plan, as follows:

1.  Successful restructuring of all finance debt under CDRAC as
of June 6, 2003:

   Financial Creditors   : 6
   Principal Loans       : 222,817
   Accrued  Interest     : 26,959
   CD                    : 119,700
   Cash                  : 300
   Payment - 26/12/2005  : 11,000
           - 26/12/2006  : 91,817

2.  Net profit for core business in three consecutive Quarters

The company has operation profit for

   Q4/2002: Amounted to Bt9.913 million
   Q1/2003: Amounted to Bt4.052 million
   Q2/2003: Amounted to Bt3.364 million

3.  Increase in Capital

   3.1 Increase Registered Capital

         From                        To
      18,000,000 Shares      95,925,000 Shares
      45,000,000 Baht       239,812,500 Baht

   3.2 New investor paid up for new share Bt120 million, 48
million shares par value Bt2.50 on 25 September, 2003 and
company has complete the registration of change of the paid-up
capital as submitted to the Department of Business Development,
Ministry of Commerce on 26 September 2003.

       From                         To
     18,000,000 Shares      66,000,000 Shares
     45,000,000 Baht        165,000,000 Baht

4.  Change the securities trading name on 2 September from GEL
to GEN.

5.  Request for trading Resumption of the company's share on 26
September and the SET transfer      GEN to resume normal trading
on the Building and furnishing Material sector on 9 October
2003.


PREMIER ENTERPRISE: Pays Bt22.7M to Creditors; Ups Capital
----------------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, informed the
following information regarding the operation under the
Rehabilitation Plan for the period of 6 months from 1st April
2003 to 30th September 2003.

1. The Company has arranged for payment of debt to various
groups of creditors in the amount of Bt22,688,230

2. The Company has arranged for the registration for increase of
paid up capital from Bt2,981,725,550 to Bt3,439,251,230 for
purpose of the conversion of debt to equity under the
Rehabilitation Plan on the 30th June 2003.


THAI ELECTRONIC: Discloses Rehabilitation Plan Status
-----------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Thai Electronic Industry Public Company Limited, would like to
inform the following information regarding the operation under
the Rehabilitation Plan for the period of 6 months from 1st
April 2003 to 30th September 2003.

1. The Company has arranged for payment of debt to various
groups of creditors in the amount of Bt5,299,026.51

2. The Company has increased the registered capital from
Bt23,310,380 to Bt370,295,900 On 28th April 2003

3. The Company has already arranged for the registration of
increase of registered capital from Bt23,310,380 to
Bt365,335,720 by conversion of debt to equity and exchanging
the shares according to the Rehabilitation Plan on the 10th July
2003.


THAI WAH: Posts Changes in Creditors List
-----------------------------------------
Reference is made to the letter and Form of Report sent to the
Stock Exchange of Thailand by Thai Wah Group Planner Company
Limited, the Plan Administrator of Thai Wah Public Company
Limited (Company), dated 1 October 2003 relating to conversion
of debt to equity in accordance with the Amended Business
Reorganization Plan.

Please be informed that Creditor No. 16 requested for its name
to be revised from "Bank of China, BIBF" to `Bank of China,
Bangkok Branch & BIBF".


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

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