TCRAP_Public/031016.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Thursday, October 16, 2003, Vol. 6, No. 205

                         Headlines

A U S T R A L I A

AMP LIMITED: National Australia Bank Keeps Plan Under Wraps
SONS OF GWALIA: Plans to Raise AU$70 Million to Pay Debts
TRANZ RAIL: Guardian Rejects NZ$1.10 Offer, Keeps Toll at Bay


C H I N A  & H O N G K O N G

LUXE INVESTMENT: Court to Hear Winding up Petition Next Week
NANYA TECHNOLOGY: Low Prices for Chips Force Firm into Red
SHANGHAI LAND: Receivers Seek Ways to Skirt BOC Liability
TELECOM NETWORK: Winding up Hearing Set November 12
TUNG WING: Cogent Engineering Wants Firm Winded up


I N D O N E S I A

ASTRA INTERNATIONAL: September Car Sales Jump 28%
BANK INTERNASIONAL: Local Bidder Told to Look for Foreign Backer
GARUDA INDONESIA: Urged to Resume European Flights

* 64 Assets Under Indonesian's Restructuring Agency Up for Grabs


J A P A N

FURUKAWA CO.: JCR Lowers Bonds/CP to #BB+/#J-3
HIGASHISETOKEN KAIHATSU: Real Estate Firm Enters Bankruptcy
KOJIMA CO.: R&I Downgrades Rating to BBB-
NIPPON TELEGRAPH: Unveil Results of Shares Repurchase
RESONA HOLDINGS: S&P Keeps Rating Intact

SEIYU LIMITED: Narrows 1H03 Net Loss to Y8.43B
TDK CORPORATION: Dissolves Subsidiary
TOMY CO.: JCR Assigns BBB Rating


K O R E A

DAEWOO HEAVY: Terex May Acquire Firm
HANARO TELECOM: LG Sides With Carlyle to Acquire Telecom
HANARO TELECOM: Unveils September 2003 Subscriber Numbers
HANARO TELECOM: Issues Takeover Deal Update
HANBO IRON: AK Capital Attracting Foreign Funds to Buy Firm

KOOKMIN BANK: Hikes Mortgage Rate
SK GLOBAL: Has Until December 22 to Make Lease-Related Decision


M A L A Y S I A

AOKAM PERDANA: Board OKs Revision of Takeover Plan
GENERAL SOIL: Proposes Debt Restructuring Scheme
KUALA LUMPUR INDUSTRIES: Issue Rights Subscription Update
PANCARAN IKRAB: Enters Deal With Dceil
PARIT PERAK: SC OKs Regularization Plan Proposal

PAN PACIFIC: Defaults in Payment as of September 30
SRI HARTAMAS: Enters Sale & Purchase Agreement
SRI HARTAMAS: Voluntarily Winding Up Unit


P H I L I P P I N E S

FRANCISCO MOTOR: Claiming US$85M in Damages From Mazda, Ford
MANILA ELECTRIC: ERC Reviews Rate Hike Application
MANILA ELECTRIC: Offers Customer Refund Through Debt Papers
VICTORIAS MILLING: Issues Update of Alternative Rehab Plan


S I N G A P O R E

ASAHIKASEI ASIA: Releases Debt Claim Notice to Creditors
DEVELOPMENT TECHNOLOGIES: Issues Dividend Notice
LIANG HUAT: MBB OKs Restructuring of Banking Facilities
MK INTERNATIONAL: Creditors Must Submit Claims by November 13
MK INTERNATIONAL: Unveils October 3 EGM Resolutions

MP WORLD: Enters Voluntary Liquidation
OCEANIC FATS: Petition to Wind Up Pending
ONDEO NALCO: Issues Debt Claim Notice to Creditors
OVERSEA-CHINESE: Dissolves Two Bank Units


T H A I L A N D

BANGKOK LAND: TAMC Chips off Large Chunk of Debt from Books
COUNTRY (THAILAND): Posts Update on Business Rehabilitation
SAHAMITR PRESSURE: Posts Update on Debt Restructuring
THAI-GERMAN PRODUCTS: Creditors Still Not Amenable to Debt Plan
THAI HEAT: Court Approves Correction in Rehabilitation Plan

TPI POLENE: To Launch US$180 Million Public Offer in 4th Quarter
TPI POLENE: Cemex No Longer Interested in Thai Counterpart

     -  -  -  -  -  -  -  -

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


AMP LIMITED: National Australia Bank Keeps Plan Under Wraps
-----------------------------------------------------------
National Australia Bank CEO Frank Cicutto kept fund managers
guessing on the bank's plan for AMP Limited, which recently
received regulatory approval to split its U.K. and Australian
business.

In August, the bank increased its AMP stakes to a little over
5%, triggering wild speculation about its intentions.  But Mr.
Cicutto said the bank has no concrete plans yet, at least while
AMP's de-merger document is still under wraps.  The company
promises to release the document later this month.

"We have made it clear we have no interest in AMP's UK assets,"
Mr. Cicutto said in an address to 100 New York-based fund
managers and analysts at Merrill Lynch's 2003 Australasian
Investment Conference held in Manhattan.

"We have purchased a stake in AMP because we believe that
particular company could be subject of consolidation forces in
the near term.  We believe it was important the National has a
seat at the table and participate in any consolidation activity
that may happen in the Australian market place," The Age quoted
Mr. Cicutto saying.

"That approach is consistent with the strategic investment we
have had in St George in the past five years.  Can I say we are
not locked into any one particular course of action as we move
forward?  We'll wait for the de-merger documents and then
consider our options... the devil is in the detail," he said.

"We have a small strategic stake, we have a history of being
patient and very disciplined in terms of our strategy," he
added.


SONS OF GWALIA: Plans to Raise AU$70 Million to Pay Debts
---------------------------------------------------------
The surging stock market has attracted Sons of Gwalia, the
Australian gold and tantalum miner, which plans to raise AU$57
million out of 17 million shares, The West Australian said
yesterday.

The company is offering the shares at AU$3.35 a piece, the
report said.  Its shares traded at AU$3.99 Tuesday, a 12-month
high.  The new shares will be offered to Australian and overseas
institutions through Macquarie Equities and Goldman Sachs JB
Were, the report said.  Existing shareholders, on the other
hand, will be offered AU$5,000 worth of shares at the same
price.

Gwalia Chairman Peter Lalor told The West Australian there was
usually a 20 percent to 25 percent take-up by shareholders of
share purchase plans and the company.  He expects to raise
between AU$10 million and AU$20 million from them.  The company
will use the proceeds to pay down debts.


TRANZ RAIL: Guardian Rejects NZ$1.10 Offer, Keeps Toll at Bay
-------------------------------------------------------------
Funds manager Guardian Trust Funds Management continues to hold
off Toll Holding's takeover assault on New Zealand's Tranz Rail,
Reuters said.

On Wednesday, the country's top five funds manager, rebuffed
Toll's NZ$1.10 offer for its 3% stake in Tranz Rail, keeping the
Australian bidder from reaching the 90% threshold needed to
compulsorily acquire minorities.  Toll currently holds 83% of
Tranz Rail and it has until November 7 to seal the bid.

"We have no doubts (sic) at all that Toll will turn Tranz Rail
around, as they have an excellent record of creating wealth from
underperforming companies," Guardian's joint domestic equity
manager, Ricky Ward, told Reuters.

"Remaining an investor in Tranz Rail in the medium term will be
good for our investors as they will share in the value created
by Toll," he added.

"Tranz Rail shares last traded up one cent at NZ$1.17 in a
generally firmer market, having risen strongly in the past few
sessions as investors looked to have the best of both worlds
while Toll remained short of being able to take total control,"
says Reuters. "Brokers have said investors are looking to take
advantage of having Toll's offer of NZ$1.10 a share to underpin
them while banking on the stock benefiting from Toll's
assumption of control of the company."


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


LUXE INVESTMENT: Court to Hear Winding up Petition Next Week
------------------------------------------------------------
The High Court of Hong Kong will hear on October 22, 2003 at
9:30 a.m. the petition seeking the winding up of Luxe Investment
Limited.

Oldham, Li & Nie, Solicitors, whose principal place of business
is located at Suite 503, St. George's Building, 2 Ice House
Street, Central, Hong Kong filed the petition on August 20,
2003.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Oldham, Li &
Nie, which holds office at Suite 503, St. George's Building, 2
Ice House Street, Central Hong Kong.


NANYA TECHNOLOGY: Low Prices for Chips Force Firm into Red
----------------------------------------------------------
For the third straight quarter, Taiwanese chips maker, Nanya
Technology Corp., posted a net loss, which it blamed on
increased testing costs and a weaker-than-expected selling price
for its semiconductor products.

According to Dow Jones, the company reported a NT$169 million
net loss of the third-quarter, a sharp contrast to last year's
NT$590 million profit.  Revenues, however, jumped 3.8% to
NT$8.18 billion from NT$7.88 billion a year earlier.

The company's assertion that the loss was partly due to the
lower-than-expected selling price of semiconductor surprised
several analysts, who noted that the company sells most of its
chips by contract.  According to them, contract prices for
dynamic random access memory chips have remained stable, in
contrast to spot prices, which have fallen.

The other reason for the loss, according to the company, was the
return of chips shipped to Dell Inc., the world's No. 1 maker of
personal computers.  This forced the company to spend more on
chip testing to avoid a repeat of the problem, Nanya Executive
Vice President Charles Kau told Dow Jones.

"[T]he weaker-than-expected average selling price hurt Nanya the
most.  For the third-quarter, Nanya sold its products at an
average price of US$4.56 a chip, compared with its forecast
average price of about US$5 a chip," Dow Jones said citing Mr.
Kau.

Mr. Kau said Nanya will have to revise its forecast as a result
of the third quarter losses: "We are off our forecast and we are
re-evaluating the numbers."

Nanya, however, expects fourth-quarter shipments to rise 16%
from a year earlier as the company increases output.


SHANGHAI LAND: Receivers Seek Ways to Skirt BOC Liability
---------------------------------------------------------
Receivers of Shanghai Land Holdings Ltd. are considering two
options to best return the value on shareholders' investments,
Dow Jones Newswires said yesterday.

Due to a loan taken by New Nongkai Global Investments Ltd,
receivers are concerned the majority stake in Shanghai Land
might be taken over by BOC Hong Kong (Holdings) Ltd. to the
prejudice of existing shareholders.  Shanghai Land owes BOC
HK$746 million in principal and interest as a result of the
loan, which is secured by New Nongkai's 75% stake in the
property developer.  Penalty interest on this loan is accruing
at an annual rate of six percentage points over the prime
lending rate.

Dow Jones said receivers are considering taking an assignment of
the loan and registering the pledged shares with a nominee
company.

"Following [this] step, the receivers would have two choices:
selling the shares with a view to maximizing any general offer
for the benefit of shareholders; or carrying out a capital
reorganization to effect a special cash distribution to all
shareholders and then selling a controlling stake in the
company," Dow Jones said.

Following either of this steps, Dow Jones said the receivers
"would effect a mechanism under which New Nongkai would apply
its share of proceeds... to the repayment of the loan and a debt
of US$34.2 million owed by Chinese tycoon Zhou Zhengyi, the
owner of New Nongkai, to Shanghai Land."

Receivers are now consulting the Securities and Futures
Commission to see whether these transactions are allowed by the
listing rules of the Hong Kong stock exchange.

Shanghai Land says its cash and bank balances on hand currently
total HK$1.22 billion (US$157.5 million).  Trading on its shares
has been suspended since June 2 and will remain suspended until
further notice.


TELECOM NETWORK: Winding up Hearing Set November 12
---------------------------------------------------
The High Court of Hong Kong will hear the petition seeking the
winding up of Telecom Network Limited on November 12, 2003 at
9:30 a.m.

Cheung Kan Keung of Room 1309, Wah Cheong House, Wah Fu Estate,
Hong Kong filed the petition on September 17, 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 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


TUNG WING: Cogent Engineering Wants Firm Winded up
--------------------------------------------------
A petition seeking the winding up Tung Wing Engineering Company
Limited will be heard by the High Court of Hong Kong on November
12, 2003 at 10:00 a.m.

Cogent Engineering Limited whose registered office is located at
Room 2202, 22/F., Billion Trade Centre, 321 Hung To Road, Kwun
Tong, Kowloon, Hong Kong filed the petition on September 18,
2003.  Messrs. Huen & Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Huen &
Partners, which holds office at Unit 3309-3311, 33/F., West
Tower, Shun Tak Centre, 168-200 Connaught Road Central Hong
Kong.


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


ASTRA INTERNATIONAL: September Car Sales Jump 28%
-------------------------------------------------
Car sales of Astra International in September soared, surpassing
the industry average, Dow Jones said Wednesday.

Astra sold a total of 17,084 units in September, according to
the report, representing an increase of 28%.  Sale of the
members of the Association of Indonesian Automotive Industries
totaled 37,617 units, or just 27%.

Astra, which is 35.1% owned by Singapore's Cycle and Carriage
Ltd., said domestic car sales totaled 13,941 units, up 24% from
11,230 units a year earlier.  Exports jumped 45% to 3,143,
according to Dow Jones.


BANK INTERNASIONAL: Local Bidder Told to Look for Foreign Backer
----------------------------------------------------------------
The Indonesian Bank Restructuring Agency has asked PT Bank Panin
to partner with a foreign investor or else it will be dropped
from the list of bidders for the 51% stake in PT Bank
Internasional Indonesia, Dow Jones said.

There are currently two consortia bidding with foreign backers.
One group is led by Temasek Holdings Pte. Ltd., the Singapore
government's investment arm, which is jointly bidding with
Kookmin Bank of South Korea.  Singapore's second-largest lender,
United Overseas Bank Ltd., leads the other group.  Only PT Bank
Panin submitted a bid without a foreign partner.  It is
partnering with local finance and securities companies.

"The Indonesian consortium led by Bank Panin is still not
allowed to do due diligence (on BII) because I asked them to
strengthen the consortium," Syafruddin Temenggung, the agency's
chairman, told Dow Jones on the sidelines of the World Economic
Forum in Singapore.

Bank Panin must find a partner bank with a double-B credit
rating, Mr. Syafruddin said.  Indonesia's sovereign rating is
only single-B, meaning no local banks fit the criterion.  The
agency, which plans to shut down by year's end, has made it
clear that it would rather retain assets than accept below-par
bids, Dow Jones said.


GARUDA INDONESIA: Urged to Resume European Flights
--------------------------------------------------
Travel agencies are asking Garuda Indonesia to resume Denpasar-
Europe flights, anticipating the return of European tourists to
Bali a year after a terrorist bomb killed hundreds of foreign
visitors to the island.

According to Asia Pulse, many travel agencies are beginning to
notice a gradual increase in bookings for the Indonesian tourist
spot, a number of whom are experiencing difficulties securing
flights to Denpasar.

The news agency failed to contact Garuda for comments, but was
able to talk to Untjok Mangara TS, sales manager of Merpati
Nusantara, a local carrier.  He said the airline has no
intention to serve the Denpasar-Europe route due to inherent
difficulties in serving international schedules.

"Once this is done, it has to be continued for at least six
months, irrespective of whether it is lucrative or not," he told
Asia Pulse.


* 64 Assets Under Indonesian's Restructuring Agency Up for Grabs
----------------------------------------------------------------
The Indonesian Bank Restructuring Agency will sell another block
of properties consisting of 64 new assets, Jakarta Post said
Wednesday.

Bidders have until October 20 to tender offers, the agency said
in a statement.  They have to bid above the floor price set by
the agency.  The new assets add to the 1,206 assets already
offered by the agency in the past.


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


FURUKAWA CO.: JCR Lowers Bonds/CP to #BB+/#J-3
----------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the bonds and CP program of Furukawa Co. Limited from #BBB- and
#J-2 to #BB+ and #J-3, respectively.

Issue / Amount (bn) / Issue Date / Due Date / Coupon
Convertible bonds no.1/Y25/Dec. 11, 1996/Mar. 31, 2006/0.90
percent

CP:
Maximum: Y10 billion
Backup Line: 0 percent

RATIONALE:

Loss from discontinued operation of its Australian copper-
smelting subsidiary, Port Kembla Copper Pty. Ltd. (PKC),
resulted in larger than first estimated, and increasing to 39.3
billion yen. Additional loss to be incurred in case of failure
to sell off the unit will be limited. However, it is unlikely
that the loss would be reduced sharply, even if the sell-off
goes well.

Although Furukawa acquired fully the consolidated real estate
subsidiary and sold the hydroelectric power business after
spinning off this business to boost the amount of owners'
equity, the shareholders' equity is estimated to have dropped to
20 billion yen as of the end of September 2003 due to the loss
with respect to PKC.

JCR downgraded the rating for Furukawa, given the more-than-
expected large impact of the loss on the financials. JCR will
pay attention to the future developments as to the going of the
measures to enhance the equity capital, placing the rating under
Credit Monitor continually.


HIGASHISETOKEN KAIHATSU: Real Estate Firm Enters Bankruptcy
-----------------------------------------------------------
Higashisetoken Kaihatsu K.K. has been declared bankrupt,
according to Tokyo Shoko Research Limited. The real estate firm
located at Okayama-shi, Okayama, Japan has 40 million yen in
capital against total liabilities of 6.07 billion yen.


KOJIMA CO.: R&I Downgrades Rating to BBB-
-----------------------------------------
Rating and Investment Information Inc. (R&I), has downgraded the
senior long-term credit rating of Kojima Co. Ltd. to BBB- from
BBB.

ISSUER: Kojima Co., Ltd. (Sec. Code: 7513)
Senior Long-term Credit Rating: BBB- (Downgraded from BBB)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Dec 20, 2000 Mar 31, 2005 Yen 10,000

RATIONALE:

Based in the northern Kanto area, Kojima Co., Ltd. is a major
mass retailer of home electronics with stores throughout Japan.
A notable characteristic of the Company is its ability to
maintain low prices through strategically planned large volume
orders. With a slump in consumption, however, demand for
computers continues to be flat and there are no comparable
products in the home electronics retail market to replace them
in generating volume sales. As a result, competition between
major mass home electronics retailers is heating up. In this
austere operational environment, Kojima's sales are not
increasing and a rise in fixed costs is putting pressure on
profits.

Since the Company is continuing aggressive investment in retail
outlets, interest-bearing debt is increasing and financial
composition is deteriorating. In view of these factors, R&I has
downgraded the rating from BBB to BBB-. To counter the fall in
results, Kojima is undertaking various measures including a
reduction in personnel costs through a review of human resource
management and the introduction of a new warehouse management
system. R&I is now focusing its attention on the Company's
ability to put a halt to the deterioration in its profit and
loss account and financial composition through these measures
and whether it can set the business on the path to recovery.


NIPPON TELEGRAPH: Unveil Results of Shares Repurchase
-----------------------------------------------------
Further to the announcement made on October 14, 2003, Nippon
Telegraph and Telephone Corporation (NTT) on Wednesday purchased
its own shares under Article 210 of the Japanese Commercial
Code. The details of the repurchase are as follows:

1. Class of repurchased shares:           Common stock
2. Number of repurchased shares:          72,381 shares
3. Price of repurchased shares:           539,000 yen per share
4. Date of repurchase:                    October 15, 2003

5. Method of repurchase: Acquisition at the closing price
trading on the Tokyo Stock Exchange Trading Network System
(i.e., ToSTNeT-2).

(Further Information)

1. 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)

2. The progress of repurchase to date

(1) Total number of repurchased shares: 72,381 shares

(2) Total value of repurchased shares: 39,013,359,000 yen

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: S&P Keeps Rating Intact
----------------------------------------
Standard & Poor's Ratings Services said Tuesday that Resona
group's downward revision of its earnings forecast for the first
half of fiscal 2003 to a 1.76 trillion yen loss from a 22
billion yen profit has already been incorporated in its
assessment and would not affect its ratings on Resona Bank Ltd.
(BBB-/Stable/A-3).

Standard & Poor's raised its long-term and short-term ratings on
Resona Bank to 'BBB-' from 'BB+' and 'A-3' from 'B',
respectively, on Sept. 22, 2003.

Resona's revised forecast stemmed mainly from a 1.19 trillion
yen increase in credit costs from its previous forecasts,
reflecting the group's revised plans to accelerate the disposal
of non-performing loans, including exposure to several major
customers and affiliated entities with asset quality or
profitability problems. In addition, the group tightened its
assessment of deferred tax assets, which decreased by Y420
billion from the level in fiscal 2002.

As a result of the net loss, the capitalization of the Resona
group is expected to have fallen to slightly above 6 percent at
the end of the first half of fiscal 2003 (Sept. 30, 2003).
However, substantial losses and a subsequent further
deterioration in the bank's capitalization in the next few
fiscal years are unlikely, given its more stringent reserve
policy against non-performing loans.


SEIYU LIMITED: Narrows 1H03 Net Loss to Y8.43B
----------------------------------------------
Seiyu Limited posted a first half net loss of 8.43 billion yen,
reports the Japan Times. The supermarket chain's struggles
continued during the six-month period, however, with group
operating profit plunging 80.4 percent on a year-on-year basis
to 2.5 billion yen.

Seiyu is the Japanese unit of U.S. retail giant Wal-Mart Stores
Inc., the world's largest retailer.


TDK CORPORATION: Dissolves Subsidiary
-------------------------------------
TDK Corporation announced that at the meeting of the Board of
Directors held on September 24, 2003, it was resolved that Toso
TDK Corporation (Toso), the Company's consolidated subsidiary,
will be dissolved as follows:

REASON FOR DISSOLUTION:

Manufacturing bases for mass-produced products have been already
shifted to overseas in line with the fluctuations of the global
demand trends. Certain manufacturing facilities left in Toso
will be transferred to Narita Plant, enabling more efficient
operation of manufacturing bases.

OUTLINE OF TOSO TDK CORPORATION

(1) Headquarters:     Midori Daira 10, Yokaichiba-shi, Chiba
Prefecture, Japan

(2) Date of incorporation: September 11, 1984
(3) Paid-in capital:       480 million yen
(4) Representative:        Tadashi Fukuda
(5) Principal business     Manufacture of high-frequency
component (dielectric filters) and ferrite & magnet product
(isolators for mobiles)

(6) Shareholding ratio:    100 percent owned by TDK Corporation
Schedule of dissolution:

October 31, 2003           Expiry of manufacture (transferred to
Narita Plant)

March 31, 2004             Dissolution and liquidation of Toso
Any impact arising from the expiry of manufacture and the
dissolution as stated above that might affect the consolidated
and non-consolidated business results of the Company is
negligible.


TOMY CO.: JCR Assigns BBB Rating
--------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB rating to
senior debts of Tomy Co. Limited.

RATIONALE:

Tomy has been making efforts to strengthen toys while reducing
the jobs in the face of deterioration in performance. It will be
able to put brake on deterioration in performance through
increase in sales of Disney's character goods and its Micro Pet
overseas as well as cutback in fixed expenses. JCR considers
that Tomy should not only reduce the manufacturing and SG & A
expenses but also develop new products that can contribute to
boosting the earnings in addition to the conventional products
including Disney's products in order to improve the performance.
JCR will pay attention to the future developments as to the
development of new products and the sales of those products.


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


DAEWOO HEAVY: Terex May Acquire Firm
------------------------------------
U.S.-based truck maker Terex Corporation is in talks to acquire
Daewoo Heavy Industries & Machinery Company for an unspecified
amount, the Maeil Business Newspaper reported on Wednesday.
Terex is in negotiations to acquire three businesses of Daewoo
Heavy, excluding its military division. Terex said it will
develop the ongoing talks as KAMCO, main creditor of Daewoo, is
about to announce plans of selling off the Company's stake at
the end of this month.

Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2002 revenues of $2.8 billion. Terex
is involved in a broad range of construction, infrastructure,
recycling and mining-related capital equipment under the brand
names of Advance, American, Amida, Atlas, Bartell, Bendini,
Benford, Bid-Well, B.L. Pegson, Canica, Cedarapids, Cifali, CMI,
Coleman Engineering, Comedil, CPV, Demag, Fermec, Finlay,
Franna, Fuchs, Genie, Grayhound, Hi-Ranger, Italmacchine,
Jaques, Johnson-Ross, Koehring, Lectra Haul, Load King, Lorain,
Marklift, Matbro, Morrison, Muller, O&K, Payhauler, Peiner,
Powerscreen, PPM, Re-Tech, RO, Royer, Schaeff, Simplicity,
Square Shooter, Telelect, Terex, and Unit Rig. Terex offers a
complete line of financial products and services to assist in
the acquisition of Terex equipment through Terex Financial
Services.

According to Wright's Investor Service, the Company has not paid
dividends during the last 12 months. The Company has not paid
any dividends during the previous three fiscal years.


HANARO TELECOM: LG Sides With Carlyle to Acquire Telecom
--------------------------------------------------------
U.S.-based Carlyle Group and its South Korean partner LG Group
will jointly invest US$600 million to help turn around troubled
broadband service operator Hanaro Telecom, Asia Pulse reported
on Wednesday. Jung Hong-shik, President of LG Corp., said
Carlyle is to invest US$350 million in Hanaro, with LG planning
to pump in US$200 million to US$250 million.


HANARO TELECOM: Unveils September 2003 Subscriber Numbers
---------------------------------------------------------
Hanaro Telecom Inc. announced its subscriber numbers for
September 2003, filed with the Korea Securities Dealers
Association Automated Quotation Market (KOSDAQ) on October 9,
2003.

September 2003 Subscriber Numbers

1. BROADBAND

         Products                             September
         --------                             ----------

Residential             ADSL                  1,138,972
                        Cable Modem           1,617,468
                        SUB-TOTAL             2,756,440
Corporate               ADSL                  19,567
                        Cable Modem           2,417
                        SUB-TOTAL             21,984

VDSL                                          144,363
LMDS                                          32,822
Wireless LAN (Note 1))                        19,729
                                              ----------
                        TOTAL                 2,975,338
                                              ----------
                        NET ADDS              3,209
                                              ----------

2. VOICE


      Products                                September
      --------                                ----------
Residential                                   718,305
Corporate                                     271,741
VoIP                                          27,882
                                              ----------
                        TOTAL                 1,017,928
                                              ----------
                        NET ADDS              1,542
                                              ----------
3. LEASED LINE



      Products                                Sept
      --------                                ----------
Leased line                                   3,272
Internet dedicated                            3,328
LMDS(I/D)                                     11
Wireless Internet Dedicated                   267
International Leased Line                     44
                                              ----------
                        TOTAL                 6,922
                                              ----------
                        NET ADDS              -106
                                              ----------

4. GRAND TOTAL

                                              Sept
                                              ----------
TOTAL                                         4,000,188
                                              ----------
NET ADDS                                      4,645
                                              ----------

Note 1): Based on number of IDs, Wireless LAN has 37,331
subscribers


HANARO TELECOM: Issues Takeover Deal Update
-------------------------------------------
Hanaro Telecom Inc. issued a disclosure on inquiry regarding a
possible further acquisition of Dreamline's broadband Internet
access business, for which no definitive decision has yet been
made, filed with the Korea Securities Dealers Association
Automated Quotation Market (KOSDAQ) on October 8, 2003.

Acquisition of Dreamline's Broadband Internet Access Business
With respect to the acquisition of Dreamline's broadband
Internet access business, Hanaro Telecom, Inc. (Hanaro) entered
into a business transfer agreement with Dreamline on September
26, 2003 for certain areas including Suwon, Osan, Byungjum and
Kunpo and a disclosure was filed with the Kosdaq and the
Financial Supervisory Commission of Korea regarding thereto. For
areas other than the abovementioned areas, Hanaro is studying
the feasibility of a possible acquisition but no definitive
decision has yet been made. Hanaro plans to disclose any
development on future progress going forward.

* Date of relevant local filing : June 9, 2003, July 9, 2003,
August 8, 2003, September 8, 2003, September 26, 2003


HANBO IRON: AK Capital Attracting Foreign Funds to Buy Firm
-----------------------------------------------------------
AK Capital, a local consortium in the process of buying Hanbo
Iron & Steel Co., is now seeking foreign capital in its bid to
acquire the ailing Company, Yonhap News reports. The consortium
is in talks with two or three unnamed foreign funding companies
to enable it to purchase the nation's second-largest steel mill,
the report said, adding the money will be put into one of the
firm's two sections.


KOOKMIN BANK: Hikes Mortgage Rate
---------------------------------
Kookmin Bank had decided to sharply raise its interest rate on
mortgage loans taken out for houses and apartments in Seoul's
posh Gangnam region in a bid to contribute to the government's
fight against real estate speculation, according to a report
from Digital Chosun.

Its risk premium rates on mortgage loans for borrowers whose
debt ratio (the total loan amount divided by annual income) is
over 200 percent or who do not submit certificates of their
annual income would be raised from the current 0.25 percentage
point to 1 percentage point. The bank said the higher premium
rates would apply to new mortgages and to extensions of existing
ones.


SK GLOBAL: Has Until December 22 to Make Lease-Related Decision
---------------------------------------------------------------
SK Global America, Inc., a unit of South Korea's SK Networks
Co., is currently a party to four unexpired non-residential real
property leases that have neither been assumed nor rejected.
Some of these Leases may be valuable assets of the Debtor's
Chapter 11 estate or may be integral to the continued operation
of its business.

At the Debtor's behest, Judge Blackshear extends its deadline to
assume or reject the Leases to December 22, 2003, without
prejudice to the rights of each of the lessors under the Leases
to seek, for cause shown, an earlier date upon which the Debtor
must assume or reject a specific Lease. (SK Global Bankruptcy
News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


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


AOKAM PERDANA: Board OKs Revision of Takeover Plan
--------------------------------------------------
The Board of Directors of Aokam Perdana Bhd (Board) on 19
September 2003 in relation to the Proposals.

On behalf of the Board, Southern Investment Bank Berhad (SIBB)
announced that Aokam had, in its letter dated 14 October 2003 to
the vendors of Key Heights Sdn Bhd (KHSB), namely Amalan Menang
Sdn Bhd (AMSB), Ong Sok Hean and Samudera Sentosa Sdn Bhd
(Samudera), mutually agreed to revise the mode of settlement in
relation to the proposed acquisition of the entire issued and
paid-up share capital of KHSB comprising 6,000,002 ordinary
shares of RM1.00 each (Shares) (Proposed Acquisition). The
proposed revision is as follows:

                           As announced on 19 Sep  As Revised
                            RM                    RM

Purchase consideration for the proposed
acquisition of RM94,536,000 is to be
satisfied as follows:

New Aokam Shares at par     69,536,000            71,036,000

1.5% 3-year Irredeemable    25,000,000            23,500,000
Convertible Unsecured Loan
Stocks with free detachable
warrants (Warrants)

                            ------------         -----------
TOTAL                       94,536,000            94,536,000

On behalf of the Board, SIBB announced that AMSB, Ong Sok Hean
and Samudera via letter dated 14 October 2003 to Aokam, will not
be providing any undertaking to subscribe for any un-subscribed
new Aokam Shares to be issued pursuant to the proposed
renounceable rights issue of 14,597,646 new Aokam Shares (Rights
Shares) together with 14,597,646 free detachable Warrants
(Proposed Rights Issue) pursuant to the Proposed Rescue Scheme.

Instead, Credit Suisse First Boston (Hong Kong) Limited, a
substantial shareholder of Aokam who holds 26.79 percent equity
interest in Aokam as at 30 June 2003, will undertake to
subscribe for any un-subscribed Rights Shares to be issued
pursuant to the Proposed Rights Issue.


GENERAL SOIL: Proposes Debt Restructuring Scheme
------------------------------------------------
The proposed debt-restructuring scheme of General Soil
Engineering Holdings Berhad entails the following:

Category A - Financial Institution (FI) Creditors

As at 31 December 2002 (taking into account subsequent
repayments, if any), the amount owing by the Company to the FI
creditors (FI Creditors) (including contingent liabilities)
amounted to RM12,810,802. The proposed compromise and settlement
with the FI Creditors shall be based on the following principal
terms:-

(a) All interest, penalty and all other charges are to be
accrued up to 31 December 2002. All interest, penalty and all
other charges after 31 December 2002 is to be waived;

(b) Settlement of RM0.70 for every RM1.00 of the amount owing as
at 31 December 2002 (taking into account subsequent repayments,
if any) via the issuance of 8,967,561 new Newco Shares at an
issue price of RM1.00 per Newco Share; and

(c) Waiver at the rate of RM0.30 for every RM1.00 of the amount
owing as at 31 December 2002 (taking into account subsequent
repayments, if any) together with all interest, penalty and all
other charges in accordance with paragraph (a) above.

Category B - Preferential Creditors

As at 31 December 2002 (taking into account subsequent
repayments, if any), the amount owing by the Company to
statutory organizations which includes amongst others, Inland
Revenue Board and Employees' Provident Fund (Preferential
Creditors) amounted to RM252,769. The proposed compromise and
settlement with the Preferential Creditors shall be based on the
following principal terms:-

(a) Settlement of RM1.00 for every RM1.00 of the amount owing as
at 31 December 2002 (taking into account subsequent repayments,
if any) by way of cash payable 30 days after the listing of and
quotation for the Newco Shares on the Second Board of the KLSE;

(b) Any amount owing to the Preferential Creditors subsequent to
31 December 2002 shall be settled from the cash proceeds
recovered from the amount owing to Gensoil by its subsidiaries
in full; and

(c) Certain of the KTI Vendors will undertake to provide a cash
advance of RM252,769 to effect the settlement envisaged in
paragraph (a) above. As settlement of the said advance, Newco
will issue to the said KTI Vendors 252,769 Newco Shares at an
issue price of RM1.00 per Newco Share.

Category C - Unsecured General Creditors

As at 31 December 2002 (taking into account subsequent
repayments, if any and the disposal of the hire purchase
assets), the amount owing by the Company to unsecured general
creditors (Unsecured General Creditors) amounted to RM1,582,452.
The proposed compromise and settlement with the Unsecured
General Creditors shall be based on the following principal
terms:-

(a) All interest, penalty and all other charges are to be
accrued up to 31 December 2002. All interest, penalty and all
other charges after 31 December 2002 is to be waived;

(b) All proceeds from the disposal of hire purchase assets of
Gensoil will be distributed to the respective hire purchase
creditors. The hire purchase assets comprise of 6 units of motor
vehicles. The shortfall arising from the disposal of the hire
purchase assets estimated at RM253,889 shall be settled by way
of issuance of Newco Shares to the hire purchase creditors as
set out in paragraph (c) below;

(c) Settlement of RM0.70 for every RM1.00 of the amount owing as
at 31 December 2002 (taking into account subsequent repayments,
if any and the disposal of the hire purchase assets as set out
in paragraph (b) above) via the issuance of 1,107,716 new Newco
Shares at an issue price of RM1.00 per Newco Share;

(d) Waiver at the rate of RM0.30 for every RM1.00 of the amount
owing as at 31 December 2002 (taking into account subsequent
repayments, if any and the disposal of the hire purchase assets)
together with all interest, penalty and all other charges in
accordance with paragraph (a) above; and

(e) Upon the issuance of the Newco Shares to the hire purchase
creditors, the debt outstanding to the hire purchase creditors
shall be reduced in accordance with the settlement terms as set
out in paragraph (c) above (Reduced Debt Outstanding). In the
event the disposal of the hire purchase assets exceed the
Reduced Debt Outstanding, the surplus proceeds shall be utilized
as settlement to the FI Creditors and Unsecured General
Creditors (excluding hire purchase creditors) by way of
equitable distribution.

Category D - Dividend Creditors

As at the book closure date of 9 July 1998, the dividend payable
and owing by the Company to the shareholders of Gensoil
(Dividend Creditors) amounted to RM1,440,000. The proposed
compromise and settlement with the Dividend Creditors shall be
based on the following principal terms:-

(a) Settlement of RM1.00 for every RM1.00 of the amount owing as
at 9 July 1998 by way of cash payable 30 days after the listing
of and quotation for the Newco Shares on the Second Board of the
KLSE;

(b) The substantial shareholders of Gensoil who owns
approximately 60 percent of the issued and paid-up share capital
of Gensoil as at the book closure date for the dividends on 9
July 1998 shall waive their rights to the dividend entitlement.
The amount owing to the minority shareholders of Gensoil
representing approximately 40 percent of the issued and paid-up
share capital of Gensoil as at the book closure date for the
dividends on 9 July 1998 is RM576,000, less tax of 28 percent.
However, in view that the Company has insufficient tax credit
under Section 108 of the Income Tax Act to be paid to the Inland
Revenue Board for the declaration and payment of dividend to the
minority shareholders of Gensoil, the liability due to the
Inland Revenue Board of RM224,000 being 28 percent of the gross
dividend of RM800,000 declared to the minority shareholders of
Gensoil, shall be settled in full by way of cash;

(c) Certain of the KTI Vendors will undertake to provide a cash
advance of RM800,000 to effect the settlement envisaged in
paragraphs (a) and (b) above. As settlement of the said advance,
Newco will issue to the said KTI Vendors 800,000 Newco shares at
an issue price of RM1.00 per Newco Share; and

(d) In the event that the waiver of dividend entitlement by the
substantial shareholders of Gensoil as envisaged in paragraph
(b) above exceeds 60 percent of the dividend owing, the dividend
owing and payable to the minority shareholders of Gensoil shall
be reduced accordingly (Reduced Dividend Payable). In this
respect, the surplus proceeds arising from the cash payment of
the Reduced Dividend Payable shall be utilized as settlement to
the FI Creditors and Unsecured General Creditors by way of
equitable distribution.

The new Newco Shares to be issued pursuant to the Proposed Debt
Restructuring shall rank pari passu in all respects with the
existing Newco Shares except that they will not be entitled to
any rights, dividends, allotment and/or other distributions for
which the relevant entitlement date precedes the relevant issue
date of the said shares.

CONDITIONS OF THE PROPOSED RESTRUCTURING SCHEME

The Proposed Restructuring Scheme is subject to and conditional
upon approvals from, amongst others, the following:-

(a) the SC;

(b) the FIC;

(c) the KLSE, for the admission to the Official List and the
listing of and quotation for the entire enlarged issued and
paid-up share capital of Newco as well as other securities to be
issued pursuant to the Proposed Restructuring Scheme and the
delisting of Gensoil;

(d) the shareholders of Gensoil;

(e) the sanction of the High Court of Malaya; and

(f) other relevant authorities.
The Proposed Capital Reduction and Consolidation, Proposed Debt
Restructuring, Proposed KTI Acquisition, Proposed DJM
Acquisition, Proposed Exemption, Proposed Newco Share Placement,
Proposed Private Placement and Proposed Listing Transfer are
inter-conditional upon one another.


KUALA LUMPUR INDUSTRIES: Issue Rights Subscription Update
---------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad (Klih) (Special
Administrators Appointed) refers to the Prospectus of Equine
Capital Berhad (ECB) dated 23 eptember 2003 in relation to the
following:

(i) renounceable rights issue of up to 27,338,319 new ordinary
shares of RM1.00 each at an issue price of RM1.00 per ordinary
share (Rights Shares) to the entitled shareholders, on the basis
of nine (9) new ordinary shares for every one (1) existing
ordinary share held in ECB payable in full on application
(Rights Issue); and

(ii) offer for sale by Anuarul Azizan Chew Consulting Sdn Bhd,
the agent for the unsecured creditors of KLIH of up to
24,962,409 ordinary shares of RM1.00 each (Offer Shares) to the
Malaysian public at an offer price of RM1.00 per ordinary share
payable in full on application (Offer for Sale).

On behalf of KLIH/ECB, Commerce International Merchant Bankers
Berhad is pleased to announce that as at the closing date on 9
October 2003, the Rights Issue and Offer for Sale have been
subscribed by 1.02 times and 2.57 times respectively.

Details of the level of subscription for the Rights Issue and
Offer for Sale are disclosed in Table 1 and 2 respectively.

TABLE 1 - SUBSCRIPTION LEVEL FOR THE RIGHTS ISSUE

                    No. of Rights Shares  percent

Acceptances         8,305,404      30.38
Excess applications 19,537,955      71.47
Total subscription 27,843,359      101.85
Over subscription  (505,040)      (1.85)
Total offered         27,338,319      100.00


TABLE 2 - SUBSCRIPTION LEVEL FOR THE OFFER FOR SALE

                 No. of Offer Shares  percent

Total subscription 64,117,500       256.86
Over subscription  (39,155,091)      (156.86)
Total offered         24,962,409       100.00


PANCARAN IKRAB: Enters Deal With Dceil
--------------------------------------
Further to the announcements dated 20 August 2003 and 28 August
2003, Public Merchant Bank Berhad, on behalf of the Board of
Pancaran Ikrab Berhad (PIB), announced that PIB, Dceil
International (formerly known as Capital Abound Sdn Bhd) and the
following parties had on 9 October 2003, entered into the
following supplemental agreements:

(i) On the Proposed Acquisition of Dceil with Dato' Dr Tan Seng
An and Datin Tan Bee Lian;

(ii) On the Proposed Acquisition of Imex with Dato' Dr Tan Seng
An and Datin Tan Bee Lian; and

(iii) On the Proposed Acquisition of Bueno with Dato' Dr Tan
Seng An and Khor Swee Chew,

to amend and vary the following terms and conditions as set out
in the original share sale agreements dated 15 October 2002 for
the Proposed Acquisitions of Dceil and Imex and the original
share sale agreement dated 30 October 2002 for the Proposed
Acquisition of Bueno. The variations are as follows:-

(a) Variations to certain of the proposals pursuant to the
Proposed Restructuring Scheme as follows:-

(i) Proposed Acquisitions but with variation made to the mode of
settlement, as set out in (b);

(ii) Proposed Share Exchange shall now be on the basis of one
(1) new Dceil International Shares for every ten (10) existing
PIB Shares held; and

(iii) The Proposed Capital Reduction and Consolidation, the
Proposed Set-Off of Share Premium Account and the Proposed
Acquisition of Land will not be undertaken;

(b) To vary the purchase consideration for the Proposed
Acquisitions:

(i) The purchase consideration for the Proposed Acquisition of
Dceil shall now be via the issuance of 42,000,000 Dceil
International Shares and RM18,000,000 nominal value of RCULS;

(ii) The purchase consideration for the Proposed Acquisition of
Imex shall now be via the issuance of 26,000,000 Dceil
International Shares and RM12,000,000 nominal value of RCULS;
and

(iii) The purchase consideration for the Proposed Acquisition of
Bueno shall now be via the issuance of 9,000,000 Dceil
International Shares and RM6,000,000 nominal value of RCULS;

(c) To extend the completion for the Proposed Restructuring
Scheme for another 9 months from 15 July 2003 to 15 April 2004;
and

(d) The cumulative profit guarantee to be provided by the
Vendors for the three financial years ended/ending from 30 June
2003 to 30 June 2005 of RM36,000,000 shall now be secured by
RM36,000,000 nominal value of RCULS instead of RM18,000,000
nominal value of RCULS.

The abovementioned variations to the Proposed Restructuring
Scheme had been approved by the SC via its letter dated 12
August 2003.


PARIT PERAK: SC OKs Regularization Plan Proposal
------------------------------------------------
On 18 November 2002, Alliance Merchant Bank Berhad (Alliance),
on behalf of Parit Perak Holdings Berhad (Pphb) (Special
Administrators Appointed), announced that PPHB had formulated a
plan to regularize its financial condition involving:

- Proposed PPHB Acquisition;
- Proposed Liqua Acquisition;
- Proposed Buyback;
- Proposed Put and Call;
- Proposed Restricted Offer for Sale;
- Proposed Debt Settlement;
- Proposed Disposal;
- Proposed Placement;
- Proposed Transfer of Listing Status; and
- Proposed Waiver

The regularization plan (hereinafter referred to as the
Proposals) has since been approved by the Securities Commission
via its letters dated 10 March 2003, 14 April 2003, 22 April
2003 and 5 September 2003, the Foreign Investment Committee via
its letter dated 30 December 2002 and Pengurusan Danaharta
Nasional Berhad via its letter dated 14 April 2003.

The creditors' agent for PPHB (Creditors' Agent) and the
promoters of the "white knight" for PPHB, Liqua Health Marketing
(M) Sdn Bhd (Liqua), namely Align Matrix Sdn Bhd and Liqua
Health (M) Sdn Bhd (collectively, the Promoters) have also on 11
September 2003 entered into the following agreements:

(i) A Sale of Shares and Warrants Agreement for the Promoters to
purchase from the Creditors' Agent 18,000,000 ordinary shares of
RM0.50 in Liqua Health Corporation Berhad (formerly known as
Joycity Holdings Sdn Bhd) (LHCB) (LHCB Shares) at the purchase
price of RM0.75 per LHCB Share and 3,600,000 5-year detachable
warrants 2003/2008 (Warrants) at the purchase price of RM0.10
per Warrant (Proposed Buyback). Under the terms of the Sale of
Shares and Warrants Agreement, the Proposed Buyback is to be
completed within three (3) market days from the date of
completion of the Proposed PPHB Acquisition.

(ii) A Put and Call Agreement whereby the Creditors' Agent
grants the Promoters an option to purchase from the Creditors'
Agent 18,000,000 LHCB Shares and 3,600,000 Warrants at an
exercise price of RM0.75 per LHCB Share and RM0.10 per Warrant
during the Call Option Period and the Creditors' Agent shall put
to the Promoters to purchase the above 18,000,000 LHCB Shares
and 3,600,000 Warrants at the same exercise prices during the
Put Option Period (Proposed Put and Call).

The Call Option Period is the period commencing seven (7) market
days immediately prior to the date of listing of LHCB on the
Main Board of the KLSE and ending six (6) months after the date
of listing of LHCB while the Put Option Period is for the period
of twenty (20) market days commencing on the day immediately
after the day of expiry of the Call Option Period.
Further, as security for the Promoters' obligations under the
Put and Call Agreement, the Promoters agree to procure the
release of a deposit sum amounting to RM13,860,000 by Alliance
acting as placement agent for the Proposed Placement to the
Creditors' Agent upon the issuance of the notices of allotment
of such LHCB Shares.

On behalf of PPHB, Alliance is pleased to announce that LHCB had
on 13 October 2003 completed the acquisition of the entire
issued and paid-up share capital of PPHB (Proposed PPHB
Acquisition). Further, the Promoters and the Creditors' Agent
had also on 14 October 2003 completed the Proposed Buyback and
placed a deposit sum of RM13,860,000 from Alliance acting as
placement agent to the Creditors' Agent as security for the
Promoters' obligations under the Put and Call Agreement.


PAN PACIFIC: Defaults in Payment as of September 30
---------------------------------------------------
Pan Pacific Asia Berhad (PPAB) defaulted in payments as of 30
September 2003 and its subsidiaries in accordance with the
Practice Note No. 1/2001. There are no material changes in
PPAB's status of default from the date of the last announcement
until 30 September 2003.

Summary of Borrowings of Pan Pacific Asia Bhd (PPAB) and its
subsidiaries in Default as at 30 September 2003

RC - Revolving Credit Facility
BA - Bankers' Acceptance
OD - Overdraft Facility
PC - Packing Credit
HP - Hire Purchase
AF - Advance Facility
TL - Term Loan

Pan Pacific Asia Bhd (PPAB)

Name of creditor/ Type/Alleged amount in default  Current status
             (as at commencement of suit)
                  RM

Bank Utama (Malaysia) Bhd/RC/10,581,440.13/ Litigation
commenced. Plaintiff claim is disputed.

RHB Bank Bhd/ RC 5,267,952.36/Litigation commenced. Plaintiff
claim is disputed.

Public Bank Bhd/OD/ 10,996,922.03  Litigation commenced.
Plaintiff claim is disputed.

                         Total  26,846,314.52

Subsidiaries
Jafuong Plywood Corporation Sdn Bhd (JPC)
(in liquidation)

Name of creditor  Type/Alleged amount in default/ Current status
          (as at commencement of suit)

Standard Chartered Bank Bhd/PC and OD/ 3,959,813.43 Litigation
commenced. Plaintiff claim is disputed.

Bank Utama (Malaysia) Bhd/BA and OD/ 11,003,648.45  Litigation
commenced. Plaintiff claim is disputed.

RHB Bank Bhd /BA and OD/ 12,803,374.35  Litigation commenced.
Plaintiff claim is disputed.

Hong Kong Bank Malaysia Bhd PC   7,225,729.09
Hong Kong Bank Malaysia Bhd BA and OD 5,521,987.36
Hong Kong Bank Malaysia Bhd TL   45,604,007.40

                                          58,351,723.85  Filed
suits against Kawood Sdn Bhd and PPAB.  Claim is disputed.

EON Bank Bhd TL  561,013.69
EON Bank Bhd OD  3,708,875.02
EON Bank Bhd BA  3,316,034.51

                7,585,923.22  Litigation commenced.
Plaintiff claim is disputed.

Leaderade Sdn Bhd
Name of creditor   Type  Alleged amount in default Current
status
             (as at commencement of suit)
                          RM

Standard Chartered Bank Bhd/OD/  13,319,764.69/ Litigation
commenced. Plaintiff claim is disputed.

Kawood Sdn Bhd
Name of creditor/Type/ Alleged amount in default/Current status
   (as at commencement of suit)
           RM

Hong Kong Bank Malaysia Bhd/OD/ 1,387,059.85/The bank has
recalled the facility.

Standard Chartered Bank Bhd/OD/ 4,069,346.67  Litigation
commenced. Plaintiff claim is disputed.

RHB Bank Bhd (RHB)/OD & PC/ 5,188,405.78  Litigation commenced.
Plaintiff claim is disputed.

RHB Bank Bhd/HP/3,368,732.68  Litigation commenced. Plaintiff
claim is disputed.

        8,557,138.46

Total  14,013,544.98

PPAB International Ltd

Name of creditor /Type/ Alleged amount in default Current status
   (as at commencement of suit)
          USD

Commerzbank  AF  25,597,115.75  PPAB has entered into
negotiations to restructure the facility.

Aktiengesellschaft

JB Prestige Sdn Bhd

Name of creditor/Type/Alleged amount in default/ Current status
           (as at commencement of suit)

            RM
RHB Bank Bhd/RC / 13,096,008.97/Litigation commenced.
Plaintiff claim is disputed.

Measures taken by the Group to address the alleged payments in
default

The proposed debt restructuring was approved by the Securities
Commission and is now awaiting the approval from the respective
lenders.


SRI HARTAMAS: Enters Sale & Purchase Agreement
----------------------------------------------
The Special Administrators of Sri Hartamas Berhad (SHB)
announced that the Liquidators of its wholly-owned subsidiary,
Mawar Tiara Sdn Bhd - In Liquidation (Vendor) had on 14 October
2003 entered into a Sale and Purchase Agreement (S&P) with Rapid
Construction Contractor Sdn Bhd (Purchaser), for the sale of one
(1) parcel of freehold land for a total cash consideration of
RM3,880,000.00.

DETAILS OF THE DISPOSAL OF THE LAND

The Vendor had carried out an open tender exercise for the sale
of its assets from 26 June 2003 to 18 July 2003. Pursuant to the
said tender exercise, the Vendor acting through its Liquidators
had on 14 October 2003, entered into a S&P with the Purchaser,
for the sale of one (1) parcel of freehold land held under G.M.
57 Lot No. 449 in Mukim Batu, Tempat Segambut, Daerah Wilayah
Persekutuan (Land) measuring a total provisional land title area
of approximately 22,737.53 square meters for a total cash
consideration of RM3,880,000.00.

Other than the land acquisitions and the declaration of intended
land acquisition for a total land area of approximately 4,418
square meters as at the date of the execution of the S&P, there
are no other acquisitions or, intended acquisitions of the Land
or any part thereof.

The Land is being disposed free from all lien, charges and other
encumbrances with legal possession and the Land will be
transferred in its present state and condition on an "as is
where is" basis (subject to all existing conditions of title and
category of land use in respect of the Land) to the Purchaser.

The purchase consideration will be paid in the following manner:

a) Prior to the execution of the S&P, the Purchaser had paid to
the Vendor the earnest money amounting to RM50,000.00;

b) Upon the execution of the S&P, the Purchaser had paid the
balance deposit amounting to RM338,000.00 to the Vendor;

c) The balance of the purchase price amounting to RM3,492,000.00
shall be payable to the Vendor within three (3) months from the
date of the S&P or fourteen (14) days from the date of
notification to the Purchaser's solicitor by the Vendor that the
S&P has become unconditional, whichever is the later.

CONDITION PRECEDENT

Based on the terms of the S&P, the sale of the Land is
conditional upon and subject to compliance with guidelines,
regulations and/or rules issued by regulatory and/or statutory
authorities or bodies (the "Guidelines) in respect of the
disposal of the Land by the Vendor in view that the Vendor is a
subsidiary of SHB or otherwise waived or deemed unnecessary in
the sole and absolute discretion of the Vendor within a period
of not later than 3 months from the date of the S&P.

If the above condition precedent is not fulfilled within 3
months from the date of the S&P, the period will be extended for
another 3 months. In the event the Vendor does not issue such
confirmation by the expiry of the extended period, the S&P shall
terminate and cease to be of any effect and neither party shall
have any claims against the other save for any antecedent breach
provided always that the parties may mutually agree to extend
the extended period for such further period.

BASIS OF ARRIVING AT THE CONSIDERATION

The total purchase consideration of RM3,880,000.00 for the
disposal of the Land was arrived at based on the open tender
exercise conducted by the Liquidators of the Vendor. The total
purchase consideration was arrived at on a willing-buyer
willing-seller basis.


DESCRIPTION OF THE LAND

The Vendor is the registered owner of the Land. The Land was
acquired by the Vendor on 6 December 1993 at the cost of
investment of approximately RM533,000. The net book value of the
Land as at 30 June 2002 was nil.

The Land is presently free from all lien, charges and
encumbrances.

The Land is pending future development.

INFORMATION ON THE VENDOR

The Vendor was incorporated in Malaysia under the Companies Act,
1965 on 26 August 1993.

The Vendor's present authorized share capital is RM500,000
divided into 500,000 ordinary shares of RM1.00 each of which
250,000 ordinary shares of RM1.00 each have been issued and
fully-paid.

The principal activity of the Vendor is in property development
(including dealing in land).

Liquidators have been appointed over the Vendor on 28 May 2003
pursuant to the Extraordinary General Meeting and creditors'
meeting held on the same date.

INFORMATION ON THE PURCHASER

The Purchaser was incorporated in Malaysia under the Companies
Act, 1965 as a private limited Company on 12 December 1987,
under the name of Rapid Metal and Plastic Products (M) Sdn Bhd.
On 26 September 2002, it changed to its present name. The
Purchaser is a subsidiary of Rapid Synergy Berhad, a public
Company listed on the Second Board of the Kuala Lumpur Stock
Exchange.

The Purchaser's present authorized share capital is RM200,000
divided into 200,000 ordinary shares of RM1.00 each of which
163,150 ordinary shares of RM1.00 each have been issued and
fully-paid.

The principal activity of the Purchaser is plastic injection
moulding.

RATIONALE OF THE DISPOSAL OF THE LAND

The Vendor has been placed under creditors' voluntary winding-up
on 28 May 2003 in accordance with the Vendor's Workout Proposal
dated 30 November 2001 and the Modified Workout Proposal dated
28 June 2002.

In the course of liquidation, the Liquidators of the Vendors
shall utilize the net sales proceed of the disposal of the Land
to settle the creditors of the Vendor in accordance with the
Companies Act, 1965.

FINANCIAL EFFECTS OF THE DISPOSAL OF THE LAND

There are no financial effects of the disposal of the Land on
the share capital, substantial shareholder's shareholding,
earnings per share, net tangible assets per share of the SHB
Group as the Vendor's financial statements was deconsolidated
from the SHB Group as at 30 June 2003.

LIQUIDATORS OF THE VENDOR, SPECIAL ADMINISTRATORS OF SHB,
DIRECTORS OF SHB AND SUBSTANTIAL SHAREHOLDERS OF SHB'S INTERESTS

The Board of Directors of SHB as at 30 September 2003 is as
follows:

(i) Tan Sri Dato' Elyas Bin Omar;
(ii) Dato' Abdul Rahman Bin Dato' Mohammed Hashim;
(iii) Gopala Krishnan s/o Sanguni Nair; and
(iv) Nirmaljit Singh a/l Surjit Singh.

None of the Directors held any share in SHB as at 30 September
2003.

None of the shareholders of SHB as at 30 September 2003 held
more than 5 percent of the paid-up capital of SHB.

Neither the Liquidators of the Vendor, the Special
Administrators of SHB, Board of Directors of SHB, Major
Shareholders of SHB (if any) and/or persons connected with them
have any interest, direct or indirect, in the disposal of the
Land.

SPECIAL ADMINISTRATORS OF SHB'S OPINION

The Special Administrators of SHB upon the advice of the
Liquidators of the Vendor are of the view that the disposal is
in the interest of the stakeholders of the Vendor and the terms
and conditions thereof are fair and reasonable in the
circumstances.

DOCUMENTS AVAILABLE FOR INSPECTION

The S&P and the valuation report are available for inspection at
Suite 33.01, Level 33, Bangunan AmFinance, 8 Jalan Yap Kwan
Seng, 50450 Kuala Lumpur on Monday to Friday (except public
holidays) between 9:00  in the morning to 5:00 in the afternoon
up to 27 October 2003.

Ooi Woon Chee
Special Administrator


SRI HARTAMAS: Voluntarily Winding Up Unit
-----------------------------------------
The Special Administrators of Sri Hartamas Berhad (Special
Administrators Appointed), being the ultimate holding Company of
Sri Hartamas Marketing Sdn Bhd (SHM), informed the Singapore
Stock Exchange that the Directors of SHM had on 14 October 2003
resolved:

- That the Company cannot by reason of its liabilities continue
its business and that it be wound up voluntarily; that pursuant
to Section 255 of the Companies Act, 1965, Tam Kok Meng c/o Tam
& Associates Corporate Services Sdn Bhd, D-8-3 Level 10 Block D,
Menara Uncang Emas, 85 Jalan Loke Yew, 55200 Kuala Lumpur, be
and is hereby appointed as Provisional Liquidator for the
purpose of the winding up; and

- That separate meeting of members and creditors of the Company
be convened on 6 November 2003 pursuant to Section 255(1)(b) of
the Companies Act, 1965.

As at 30 June 2002 the shareholder's deficit of SHM was
RM61,485,173 and the Company suffered a loss of RM3,432,959 for
the year then ended. The aforesaid liquidation will not have any
material operational impact on Sri Hartamas Group of Companies.

Ooi Woon Chee
Special Administrator



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


FRANCISCO MOTOR: Claiming US$85M in Damages From Mazda, Ford
------------------------------------------------------------
Francisco Motor Corporation (FMC) is claiming US$85 million in
damages from foreign car makers Mazda Corporation of Japan and
its U.S.-based partner, Ford Motor Co., for allegedly making it
bankrupt, Business World reports, citing FMC lawyer Perfecto
Yasay Junior. FMC claims Mazda and Ford reneged on their
contract for it to continue assembling Mazda pickup trucks and
vans locally, which resulted in its financial losses.

"We have filed a petition with the rehabilitation court to
compel Ford and Mazda to answer Francisco Motor's charges. The
court has already granted that, but both firms have not
submitted their reply yet," FMC lawyer Perfecto Yasay Jr. told
BusinessWorld on Monday.

Francisco Motor was the licensed local assembler of Mazda cars
since 1973. Ford owns 30 percent of Mazda.


MANILA ELECTRIC: ERC Reviews Rate Hike Application
--------------------------------------------------
Energy Regulatory Commission (ERC) Chairman Manuel R. Sanchez
assured the public "that the Commission will carefully review
the application of Meralco for a 13.58 centavo increase in its
charges to consumers."

Sanchez issued this statement in the light of Meralco's recent
petition filed with ERC for a 2.3 percent increase over its
present overall average rate of P5.9893/kWh.

The ERC Chief said that "there is no cause for alarm among
consumers.

"A series of public hearings have yet to be conducted to provide
sufficient basis for the evaluation of the rate hike petition
and guarantee its fair handling. We will come up with a just and
reasonable decision once we have evaluated all the facts
presented before the Commission," he added.

"We urge consumer groups and other interested parties to
participate in the forthcoming public hearings to make it easier
for us to decide," Sanchez further said.

ERC has been mandated by the Electric Power Industry Reform Act
(EPIRA) to regulate the rates and charges to be imposed by
Distribution Utilities (DUs) on their captive market.

In deciding the rate cases, ERC ensures that only expenses which
are just and reasonable are included in the revenue calculation.
However, the Commission does not lose sight of the fact that a
utility is entitled to a fair return on their investment.


MANILA ELECTRIC: Offers Customer Refund Through Debt Papers
-----------------------------------------------------------
Manila Electric Co. (Meralco) will ask regulators to approve a
plan to issue debt papers to refund customers with large
electricity consumption, instead of paying them in cash, AFX
Asia reported Wednesday. Meralco Senior Assistant Vice President
and Utility Economics Head Ivanna dela Pena said the power firm
needs "regulatory approvals" for the plan, adding that it has
yet to determine which government agencies it would need to
consult.

Meralco is refunding 30.5 billion pesos in overcharges to
customers after the Supreme Court ordered it to stop including
income taxes as part of its operational costs charged to
customers. Meralco has so far paid out 2.75 bln pesos either in
cash or bill rebates to customers with electricity consumption
of no more than 300 kilowatthours monthly, Leo Mabale, head of
the Company's refund management task force, said.


VICTORIAS MILLING: Issues Update of Alternative Rehab Plan
----------------------------------------------------------
In compliance with the Alternative Rehabilitation Plan of
Victorias Milling Company, Incorporated (VMC), which was
approved by the Securities and Exchange Commission (SEC) on 29
November 2000, the following events were and will be undertaken:

1. September 8, 2003 (on-going)    -    Start of signing of
restructuring agreements

2. October 1, 2003                 - Will Start payment of
interest

For more information, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_3294_VMC.pdf


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


ASAHIKASEI ASIA: Releases Debt Claim Notice to Creditors
--------------------------------------------------------
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.


DEVELOPMENT TECHNOLOGIES: Issues Dividend Notice
------------------------------------------------
Development Technologies Pte Ltd. issued a notice of
preferential dividend as follows:

Address of Registered Office: Formerly of 12 Loyang Drive
Singapore 508966.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 22 of 1998.

Amount Per Centum: 14.99 percent.

First and Final or otherwise: First & Final Dividend.

When Payable: 23rd September 2003.

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

Dated: 3rd October 2003.
TOH HWEE LIAN
Assistant Official Receiver.


LIANG HUAT: MBB OKs Restructuring of Banking Facilities
-------------------------------------------------------
Following the successful restructuring of certain banking
facilities, granted by Malayan Banking Berhad (MBB) Singapore
and United Overseas Bank Limited (UOB) Singapore, amounting to
approximately S$110 million with a proposed issue of S$30
million of convertible bonds, as announced on 12th, 16th and
18th December 2002, 29th August 2003, 22nd September 2003 and
7th October 2003, the Company announced that MBB, Malaysia has
approved the restructuring of the banking facilities of its
wholly-owned subsidiary in Malaysia, Glaspec (M) Sdn Bhd
(Glaspec).

The approved restructuring of Glaspec's banking facilities
involves, inter alia:

1. the restructuring of the existing Term Loan (TL) outstanding
of RM12,350,000 into two Term Loans as follows:-

- TL 1 of RM 6,000,000 with bullet repayment on 30th September
2006. Interest is to be serviced monthly.

- TL 2 of RM 6,350,000 with repayment in four annual
installments of RM 1,000,000 each, commencing on 31st December
2004 and a final installment of RM 2,350,000. Interest is to be
serviced monthly.

2. the restructuring of the working capital line of RM 7,233,000
in the following manner:-

- an Overdraft facility of RM 3,000,000.

- an Overdraft/Trade facility of RM 4,233,000.

3. the interest rates for the Term Loans, Overdraft and Trade
Facilities will be revised downward to BLR + 1 percent per
annum.

Glaspec is one of the key subsidiaries in the Manufacturing
Division of the Liang Huat Group. It was set up in 1995 and
operates a glass processing plant in Malaysia, producing
tempered, laminated, double-glazed and decorative glass. When
the restructuring exercise is completed, Glaspec's banking
facilities will be normalized and this will enhance its
operations.


MK INTERNATIONAL: Creditors Must Submit Claims by November 13
-------------------------------------------------------------
Notice is hereby given that the creditors of MK International
Project Management Pte Ltd (Members' Voluntary Winding Up),
which is being wound up voluntarily, are required on or before
13th November 2003 send in their names and addresses and the
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators, c/o
47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365, and if so required are to come in
and prove their debts or claims as shall be specified or in
default will be excluded from the benefits of any distribution
made before such proof.

KON YIN TONG
WONG KIAN KOK
WILLIAM CAVEN HUTCHISON
Joint Liquidators.


MK INTERNATIONAL: Unveils October 3 EGM Resolutions
---------------------------------------------------
At an Extraordinary General Meeting (EGM) of MK International
Project Management Pte Ltd (Members' Voluntary Winding Up) duly
convened and held at Reading International Business Park,
Reading on 3rd October 2003 at 11.00 in the morning, the
following resolutions were duly passed:

SPECIAL RESOLUTION

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

ORDINARY RESOLUTIONS RESOLVED:

(b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Mr William Caven
Hutchison of Foo Kon Tan Grant Thornton be and are hereby
appointed liquidators, jointly and severally, for the purpose of
the winding up.

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

SPECIAL RESOLUTION

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

CHAMBERS ROBERT DENNIS
Director.
Dated: 13th October 2003.


MP WORLD: Enters Voluntary Liquidation
--------------------------------------
The Board of Directors of Rotary Engineering Limited (Rotary)
announced that its associate Company, MP World Corporation
(MPWC) has been put into Voluntary Liquidation by its
shareholders.

MPWC has effected a specie distribution of its asset comprising
10,902,473 share of S$1.00 each fully in Jasinusa Automobile Pte
Ltd (JAPL) to MPWC's shareholders in proportion to their
holdings in MPWC. As the Company has a 25 percent interest in
MPWC, it has received 2,725,618 shares of S$1.00 each fully paid
in JAPL in entitlement to the capital distribution of MPWC.

The transaction is not expected to have any significant impact
on the Net Profits, Net Tangible Asset and Earnings per Share
values of the Company and the Group for the financial year
ending 31 December 2003.

None of the directors or, controlling shareholders of Rotary,
has any interest, direct or indirect, in the above transaction.


OCEANIC FATS: Petition to Wind Up Pending
-----------------------------------------
The petition to wind up Oceanic Fats & Oils Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
October 31, 2003 at 10 o'clock in the morning. Joseph walker and
Company LLC (Fed Id. No. 57-0267070), a Company incorporated
Columbia, a creditor, whose address is situated at 809 Huger
Street, Columbia, South Carolina 29201, filed the petition with
the court on October 6, 2003.

The petitioners' solicitors are Messrs Mok & Tan of No. 3
Shenton Way, #12-08 Shenton House, Singapore 068805. Any person
who intends to appear on the hearing of the petition must serve
on or send by post to Messrs Messrs Mok & Tan 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).


ONDEO NALCO: Issues Debt Claim Notice to Creditors
--------------------------------------------------
The creditors of Ondeo Nalco Energy Services Singapore 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 and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidators of the
said Company and, if so required by notice in writing by the
said liquidators are, by their solicitors or personally, to come
in and prove their 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.

NEO BAN CHUAN
YEAP LAM KHENG
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581.


OVERSEA-CHINESE: Dissolves Two Bank Units
-----------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank)
announced that General & Commercial Holdings Private Limited (in
Members' Voluntary Liquidation), a wholly-owned dormant
subsidiary of OCBC Bank, is dissolved on 10 October 2003.

General & Commercial Holdings Private Limited ceased to be a
wholly-owned subsidiary of OCBC Bank with immediate effect.

Dissolution of Tat Lee Finance Nominees Pte Ltd

Oversea-Chinese Banking Corporation Limited (OCBC Bank) wishes
to inform that Tat Lee Finance Nominees Pte Ltd (in Members'
Voluntary Liquidation), a dormant subsidiary of OCBC Bank, which
is held through KTF Limited (formerly known as Keppel TatLee
Finance Limited), is dissolved on 10 October 2003.

Tat Lee Finance Nominees Pte Ltd ceased to be a subsidiary of
OCBC Bank with immediate effect.


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


BANGKOK LAND: TAMC Chips off Large Chunk of Debt from Books
-----------------------------------------------------------
The debt-restructuring of Bangkok Land Plc could be completed as
soon as March next year, thanks to creditors' acquiescence to
reduce the company's debt to THB2.45 billion from THB13.81
billion.

Major creditor Thai Asset Management Corporation has agreed to
accept THB6 billion worth of assets from the company in exchange
for debts.  Commercial banks have also agreed to accept assets
worth THB3.98 billion as payment for the company's debts,
Bangkok Land Chairman Anand Kanchanapas told Business Day
recently.

To guarantee the success of the restructuring, the board on
October 3 also approved a capital hike through the issuance of
THB4 billion worth of shares via a private placement.  The
company will also offer existing shareholders THB3.6 billion
worth of warrants.  The company will also list its exhibition
center, Impact Arena, on the local stock exchange sometime in
the future, Business Day said.

The country's largest property company, Bangkok Land is listed
on the Stock Exchange of Thailand with a total of 600 million
ordinary-registered shares having a par value of 10 baht a
piece.


COUNTRY (THAILAND): Posts Update on Business Rehabilitation
-----------------------------------------------------------
Subject : Disclosures on the Progress of Business Reorganization
          Country (Thailand) Public Company Limited.
To      : Directors and Managers, The Stock Exchange of Thailand

Ref     : Bor. Jor 309/2546 dated April 21, 2003 Letter No.
          PP.049/2546 dated April 28,2003

According to the referred letter above, the Stock Exchange of
Thailand have requested the company to report any progress and
improvement in business operations every six months.  Thus, the
report is to include any progress in improving financial
positions & operations, and procedures taken in according to
company's reorganization plan.

The company would like to submit progress report attached with
this letter.

Please be informed accordingly,

Sincerely yours,

Mr. Khumsup Lochaya
Director
Property Planner Co, Ltd.
Plan Administrator for Country (Thailand) Public Co., Ltd.

[Attachment]

The Progress Report in according with Business Reorganization
Plan

1.  Equity Restructuring

The Company has filed a petition to register the increase in
capital from THB1,212,500 to THB6,452,309,760 on April 8, 2003
and April 22, 2003, by increasing the capital in the amount of
THB6,451,097,260, divided into 6,45,109,726 shares, par value of
10 Baht, and share allotment to creditors in accordance with the
rehabilitation plan for conversion of debt to equity.

The Company has filed a petition for permission to register and
distribute new capital (form 35-1) with The Securities &
Exchange (SEC). On October 8,2003, Ref. No. Letter Kor.Lor.Tor
Jor.2680/2546, the SEC has approved the petition and allow the
company to register such capital and distribute the capital
accordingly. Commission have approved of the new shares offered
for sale.

2.  The transfer of collateral assets

The Company has transferred to Creditor Group 1 the following
collateral assets:
May 21, 2003     The Company has transferred the undeveloped
                 lands at Mae Sign, Chiang Rai, 3 title deeds
                 (No. 2470, 2500, 3790)

Jun. 20, 2003    The Company has transferred the undeveloped
                 lands at Mae Rim, Chiang Mai, 26 title deeds
                 and Nor.Sor 3 Kor. (No.23, 80)

In addition, the following remaining collateral assets are in
the process of being transferred:

(1) The Country Village Suwintawong project

(2) The Country Marina City project

(3) The Royal Beach Condominium project (Royal Beach Condominium
    Co., Ltd. Ownership)

(4) Land at Bang-Pa-Kong, Cha Cheng Chow (Villa Holding Co.,
    Ltd. Ownership)

3.  Updating information about the Projects

* Country Complex Project

The Company is in the process of selecting professional
auctioneer to manage the auction of Country Complex A, B, C.
The Company has contacted the following companies to submit
proposal for this project:

     (i) Harrison Realty Co., Ltd.

    (ii) CB Richard Elle Co., Ltd.

   (iii) Knight Frank (Thailand) Co., Ltd.

    (iv) Asset Auction Center Co., Ltd.

     (v) Professionals Asia Network Co., Ltd.

    (vi) Candor Consultant Co., Ltd.

At the present time, the following 3 companies have submitted
proposal to take on the project:

     (i) Harrison Realty Co., Ltd.

    (ii) Professionals Asia Network  Co., Ltd.

   (iii) Candor Consultant Co., Ltd.

The remaining 3 companies, which are Knight Frank Chartered Co.
Ltd., CB Richard Elle Co., Ltd., and Asset Auction Center Co.,
Ltd. have declined the submit proposal for this project.

* Country Village Teparak Project

The Company has hired Right Move Co., Ltd. to prepare assessment
report on the project by comparing different market prices of
similar project on Taparak Road - Srinakarin Road and Bangna -
Trad area.

The Company is in the process of procuring and selecting
contractor for the project.   The four companies that have
submitted tender bids for the project are as follows:

     (i) MES PRO (1989) Co., Ltd.

    (ii) D2B Co., Ltd.

   (iii) TENG Construction Co., Ltd.

    (iv) SANKS Engineering Co., Ltd.

* Country Marina City Project

The Company has hired Tri Construction Management Co., Ltd. to
do survey and assessment report for the budgeting report for the
sale of the project.  The Company has also hired Knight Frank
Chartered (Thailand) Co., Ltd. to do the Market and Price Survey
report for the project.

* Other Project

On Mar 6, 2003, The Company has transferred Collateral assets at
Plaguesa, Samutpakran from S.P.V. land and Development Co., Ltd.
to the Creditor Group 1.

Then, the Company has exercised the right to buy back this
collateral asset by using third party to purchase such asset
from the Creditor Group 1 as specified in the rehabilitation
plan No. 6.3.1(4), and the asset has been transferred on
September 19,2003.


SAHAMITR PRESSURE: Posts Update on Debt Restructuring
-----------------------------------------------------
TO    : Director and Manager, The Stock Exchange of Thailand

Re    : Progress Report of Sahamitr Pressure Container Public
        Company Limited

In order to comply with rules and regulations of the Stock
Exchange of Thailand, the company would like to report the
progress of its performance including rehabilitation in the past
6 months (April 1- September 30, 2003) as follows:

The company has been paying debts and following all conditions
stated in the debt-restructuring plan.  As to the part of being
guarantor to Sahamitr Steel, they are still in the process of
negotiating the debt-restructuring plan and seeking sources of
funds to be able to rerun the business as normal and pay its own
debts.  The company expects quite a period of time before the
aforesaid situation will take place due to the fact that
Sahamitr Steel is in the business which most of investors have
less confidence.

However, the management team foresees the trend of steel
industry in positive direction and investors could regain their
confidence in the very near future.  The company, as a
guarantor, is also pursuing all the possible means to resolve
the situation in a way that impacts will be kept at minimum for
the highest interest of its shareholders.

The company shall further report its performance every 6 months
on a regular basis so the board of directors of the SET may
continuously evaluate the matter.

Yours sincerely,

Sutham  Ekahitanond
Chairman of the Board and Managing Director


THAI-GERMAN PRODUCTS: Creditors Still Not Amenable to Debt Plan
---------------------------------------------------------------
Subject     :  Second progress report on improving the process
               of business management of Thai-German Products
               Public Company Limited

To          :  President of the Stock Exchange of Thailand (SET)

References  : 1. The Stock Exchange of Thailand's letter No.
                 307/2546 dated 21 April 2003

              2. The result about the main point of the first
                 rehabilitation program of the company

According to the second above reference, Thai-German Products'
financial budget has to match with the real economic situation.
It is for improving the planned rehabilitation of the company.
After the discussion between the board of creditors and the
planner, the agreement to launch the rehabilitation plan was
made (refer to the minutes of the meeting No.6/2546, September
23, 2003) by submitting the petition to the central bankruptcy
court under Thai government law of insolvency (1940) and to the
receiver as soon as possible.

The board of creditors does not agree with some main points of
the plan so they are still under discussion based on the
different viewpoint of the Thai law.

The planner will report the progress of the main point of the
plan immediately when the company submits the petition to the
receiver within October 2003

Yours sincerely,

Mr. Apinun Ratchatasombat
Executive Planner


THAI HEAT: Court Approves Correction in Rehabilitation Plan
-----------------------------------------------------------
To: The Director and Manager, The Stock Exchange of Thailand

Re: Outcome of the Court hearing to consider the rehabilitation
plan of Thai Heat Exchange Public Company Limited

On October 13, 2003 The Central Bankruptcy Court judge approved
the correction of the company's rehabilitation plan.

Mr. Surin Wanpensakul
Director

Thai Heat Revival Company Limited
As the reorganization planner of Thai Heat Exchange PCL


TPI POLENE: To Launch US$180 Million Public Offer in 4th Quarter
----------------------------------------------------------------
TPI Polene is tentatively scheduling its public offering in the
fourth quarter, believing it is the most auspicious time to
raise US$180 million from the market, Bangkok Post said.

"Economic conditions in the fourth quarter will be the most
appropriate period for a share offering. Several companies are
planning to float shares in the stock market in the fourth
quarter," TPI Polene plan administrator, Prachai Leophairatana,
told Bangkok Post.

TPI's finances have seen improvements in the past nine months.
According to Bangkok Post, net profit for the period reached
THB3.8 billion, or 7.77 baht a share, compared to last year's
net loss of THB1.1 billion.  Revenues also improved to THB17.2
billion baht from THB11.7 billion.


TPI POLENE: Cemex No Longer Interested in Thai Counterpart
----------------------------------------------------------
Mexican cement company, Cemex S.A. de C.V. denies it is courting
TPI Polene PCL, contrary to reports in local papers.

In a statement Tuesday, the Mexican company, which already
operates a unit in Thailand, said it is not interested in
additional assets in the country.

In August, Thailand's bankruptcy court allowed TPI Polene to
proceed with a planned share offering in November, the proceeds
of which are to be used to repay a portion of the Thai cement
maker's US$1.1 billion debt.  The development sparked rumors
that Cemex would revive a plan two years ago to acquire a
substantial stake in the TPI Polene.


                         *********


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

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

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